Document:

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (the “Agreement’) is made effective as of August 31, 2012, by and among Repros Therapeutics
Inc., a Delaware corporation (the “Company”), and each of the persons executing a copy of this Agreement
(each an “Investor” and, collectively, the “Investors”).

 

The parties hereby
agree as follows:

 

1.         Certain
Definitions.

 

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

 

“Affiliate”
shall mean, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common
control with, such person.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, on which banks in Texas are open for the general transaction
of business.

 

“Common
Stock” shall mean the Company’s common stock, par value $0.001 per share, and any securities into which such
shares may hereinafter be reclassified.

 

“Investor”
or “Investors” shall mean a person or the persons executing a copy of this Agreement and the Purchase
Agreement and any Affiliate of any Investor who is a subsequent holder of any Registrable Securities.

 

“Prospectus”
shall mean (i) the prospectus included in any Registration Statement, with respect to the terms of the offering of any portion
of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus,
including post-effective amendments and all material incorporated by reference in such prospectus, and (ii) any “free writing
prospectus” as defined in Rule 405 under the 1933 Act.

 

“Purchase
Agreement” shall mean that certain Securities Purchase Agreement by and among the Company and the Investors entered
into contemporaneously with this Agreement.

 

“Purchased
Shares” shall mean the shares of Common Stock issued pursuant to the Purchase Agreement.

 

“Register,”
“registered” and “registration” refer to a registration made by preparing and
filing a Registration Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or
ordering of effectiveness of such Registration Statement or document.

 

    	 

    	 

    

 

“Registrable
Securities” shall mean (i) the Purchased Shares and (ii) any other securities issued or issuable with respect to
or in exchange for Registrable Securities; provided, that, a security shall cease to be a Registrable Security upon (a) a Registration
Statement with respect to the sale of such securities becoming effective under the 1933 Act and such securities having been sold,
transferred, disposed of or exchanged pursuant to such Registration Statement, (b) such securities having been otherwise transferred,
new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company, and subsequent
public distribution of them not requiring registration under the 1933 Act, (c) such securities having ceased to be outstanding,
or (d) such securities being saleable under Rule 144 of the 1933 Act without regard to any volume limitation requirements under
Rule 144 of the 1933 Act.

 

“Registration
Statement” shall mean any registration statement of the Company filed under the 1933 Act that covers the resale of
any of the Registrable Securities pursuant to the provisions of this Agreement, as well as amendments and supplements to such Registration
Statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such Registration
Statement.

 

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

 

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

 

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

 

2.           Registration.

 

(a)         Registration
Statement. The Company shall prepare and file a Registration Statement on Form S-3, including the prospectus to be used in
connection therewith, covering the resale of the Registrable Securities by the Investors (or, if Form S-3 is not then available
to the Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable
Securities, subject to the prior written consent of the Investors) as promptly as practicable, but not later than sixty (60) days
after the date of this Agreement (the “Filing Deadline”). Subject to any SEC comments, such Registration
Statement shall include the plan of distribution in substantially the form attached hereto as Exhibit A (the “Plan
of Distribution”). Such Registration Statement also shall cover, to the extent allowable under the 1933 Act (including
Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar
transactions with respect to the Registrable Securities. Such Registration Statement shall not include any shares of Common Stock
or other securities for the account of any other holder without the prior written consent of the Investors. The Registration Statement
(and each amendment or supplement thereto, and any request for acceleration of effectiveness thereof) shall be provided in accordance
with Section 2(c) to the Investors and their counsel prior to its filing or other submission. If a Registration Statement
covering the Registrable Securities is not filed with the SEC on or prior to the Filing Deadline, the Company will make pro rata
payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1.0% of the aggregate amount invested
by such Investor for each 30-day period or pro rata for any portion thereof following the Filing Deadline for which no Registration
Statement is filed with respect to the Registrable Securities. Provided, however, in no event shall such liquidated damages exceed
10% of the aggregate amount invested by the Investor. Such payments shall constitute the Investors’ exclusive monetary remedy
for such events, but shall not affect the right of the Investors to seek injunctive relief. Such payments shall he made to each
Investor in cash and shall be paid monthly within three (3) Business Days of the end of the month for which such payment is accrued.

 

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(b)         Expenses.
The Company will pay all expenses associated with the registration, including filing and printing fees, the Company’s counsel
and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities
laws, listing fees, reasonable fees and expenses of one counsel to the Investors and the Investors’ reasonable expenses in
connection with the registration, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers
or similar securities industry professionals with respect to the Registrable Securities being sold.

 

(c)         Effectiveness.

 

(i)         The
Company shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective under the 1933
Act as promptly as reasonably practicable after the filing thereof. Any request for acceleration of the Registration Statement
shall seek effectiveness at 5:00 p.m., New York time, or as soon thereafter as practicable. The Company shall notify the Investors
by facsimile or e-mail as promptly as practicable, and in any event, prior to 9:00 a.m., New York time, on the first Business Day
after any Registration Statement is declared effective, shall file with the SEC under Rule 424 a final Prospectus as promptly as
practicable, and in any event, prior to 9:00 a.m., New York time, on the first Business Day after any Registration Statement is
declared effective, and shall advise the Investors in writing that either (A) it has complied with the requirements of Rule 172
or (B) it is unable to satisfy the conditions of Rule 172 and, as a result, Investors are required to deliver a copy of the Prospectus
in connection with any sales of Registrable Securities (in which case, the Company shall deliver to the Investors a copy of the
Prospectus to be used in connection with the sale or other disposition of the securities covered thereby). Notwithstanding the
foregoing, there shall be no monetary penalty or liquidated damages imposed upon the Company if the Registration Statement is not
declared effective by the SEC.

 

(ii)         For
not more than ninety (90) consecutive days the Company may delay the disclosure of material non-public information concerning the
Company, by suspending the use of any Prospectus included in any registration contemplated by this Section containing such information,
the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company (an
“Allowed Delay”); provided, that the Company shall promptly notify the Investors in writing of the existence
of (but in no event, without the prior written consent of an Investor, shall the Company disclose to such Investor any of the facts
or circumstances regarding) material non-public information giving rise to an Allowed Delay, advise the Investors in writing to
cease all sales under the Registration Statement until the end of the Allowed Delay and use reasonable best efforts to terminate
an Allowed Delay as promptly as practicable.

 

3.         Company
Obligations. The Company will use its commercially reasonable efforts to effect the registration of the Registrable Securities
in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

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(a)         use
its commercially reasonable efforts to (i) cause such Registration Statement to become effective as provided herein and to remain
continuously effective for a period that will terminate upon the earlier of (A) the date on which all Registrable Securities covered
by such Registration Statement as amended from time to time, have been sold, and (B) the date on which all Registrable Securities
covered by such Registration Statement may be sold pursuant to Rule 144 of the 1933 Act without regard to any volume limitation
requirements under Rule 144 of the 1933 Act (the “Effectiveness Period”) and (ii) advise the Investors
in writing when the Effectiveness Period has expired;

 

(b)         prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be
necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933
Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

(c)         furnish
to each of the Investors and their single designated legal counsel (i) promptly after the same is prepared and publicly distributed,
filed with the SEC, or received by the Company (but not later than two (2) Business Day’s after the filing date, receipt
date or sending date, as the case may be) one (1) copy of the Registration Statement and any amendment thereto, the preliminary
prospectus and Prospectus and any amendment or supplement thereto, and each letter written by or on behalf of the Company to the
SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such
Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential
treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements
thereto and such other documents as each Investor may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Investor that are covered by the Registration Statement;

 

(d)         use
commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if
such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

(e)         prior
to any public offering of Registrable Securities, use commercially reasonable efforts to (i) register or qualify or cooperate with
the Investors and their counsel in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or blue sky laws of such jurisdictions requested by the Investors and (ii) do any and all other acts
or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the
Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto
to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e),
(y) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(e),
or (z) file a general consent to service of process in any such jurisdiction;

 

(f)         use
commercially reasonable efforts to cause all Registrable Securities covered by the Registration Statement to be listed on each
securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;

 

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(g)         immediately
notify the Investors, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any
event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus as may be
necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and

 

(h)         otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934
Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment
thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing if, at any time during
the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investors
are required to deliver a Prospectus in connection with any disposition of Registrable Securities, and take such other actions
as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and make available to its
security holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement
covering a period of at least twelve (12) months, beginning after the effective date of each Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158 promulgated thereunder (for the purpose
of this subsection 3(h), “Availability Date” means the 45th day following the end of
the fourth fiscal quarter that includes the effective date of such Registration Statement, except that, if such fourth fiscal quarter
is the last quarter of the Company’s fiscal year, “Availability Date” means the 90th
day after the end of such fourth fiscal quarter).

 

(i)         With
a view to making available to the Investors the benefits of Rule 144 of the 1933 Act (or its successor rule) and any other rule
or regulation of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration,
the Company covenants and agrees to: (i) use its commercially reasonable efforts to make and keep public information available,
as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable
Securities may be resold pursuant to Rule 144 without regard to any volume limitation requirements under Rule 144 or (B) such date
as all of the Registrable Securities shall have been resold; (ii) use its commercially reasonable efforts to file with the SEC
in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each Investor
upon request, as long as such Investor owns any Registrable Securities, (A) a written statement by the Company that it has complied
with the reporting requirements of the 1934 Act, (B) a copy of the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, and (C) such other information as may be reasonably requested in order to avail such Investor of any rule
or regulation of the SEC that permits the selling of any such Registrable Securities without registration.

 

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4.           Due
Diligence Review; Information. The Company shall make available, during normal business hours, for inspection and review by
the Investors, advisors to and representatives of the Investors (who may or may not be affiliated with the Investors and who are
reasonably acceptable to the Company), all financial and other records, all SEC Filings (as defined in the Purchase Agreement)
and other filings with the SEC, and all other corporate documents and properties of the Company as may be reasonably necessary
for the purpose of such review, and cause the Company’s officers, directors and employees, within a reasonable time period,
to supply all such information reasonably requested by the Investors or any such representative, advisor or underwriter in connection
with such Registration Statement (including, without limitation, in response to all questions and other inquiries reasonably made
or submitted by any of them), prior to and from time to time after the filing and effectiveness of the Registration Statement for
the sole purpose of enabling the Investors and such representatives, advisors and underwriters and their respective accountants
and attorneys to conduct initial and ongoing due diligence with respect to the Company and the accuracy of such Registration Statement.

 

The Company shall not
disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless prior to
disclosure of such information the Company identifies such information as being material nonpublic information and provides the
Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information
for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company
with respect thereto.

 

5.           Obligations
of the Investors.

 

(a)         Each
Investor shall use its commercially reasonable efforts to furnish in writing to the Company such information regarding itself,
the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall
be reasonably required by the provisions of this Agreement to effect the registration of such Registrable Securities and shall
execute such documents in connection with such registration as the Company may reasonably request, including a completed questionnaire
in the form attached hereto as Exhibit B. At least ten (10) Business Days prior to the first anticipated filing date of
any Registration Statement, the Company shall notify each Investor of the information the Company requires from such Investor if
such Investor elects to have any of the Registrable Securities included in the Registration Statement. An Investor shall provide
such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such Registration
Statement if such Investor elects to have any of the Registrable Securities included in the Registration Statement.

 

(b)         Each
Investor, by its acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company
in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

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(c)         Each
Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to
Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(g) hereof, such Investor will immediately
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities,
until the Investor is advised by the Company that such dispositions may again be made.

 

6.           Indemnification.

 

(a)         Indemnification
by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, owners, employees,
successors and assigns, and each other person. if any, who controls such Investor within the meaning of the 1933 Act, against any
losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary Prospectus or final Prospectus,
or any amendment or supplement thereof; (ii) any blue sky application or other document executed by the Company specifically for
that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify
any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein
called a “Blue Sky Application”); (iii) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any violation by the Company
or its agents of any rule or regulation promulgated under the 1933 Act applicable to the Company or its agents and relating to
action or inaction required of the Company in connection with such registration; or (v) any failure to register or qualify the
Registrable Securities included in any such Registration in any state where the Company or its agents has affirmatively undertaken
or agreed in writing that the Company will undertake such registration or qualification on an Investor’s behalf and will
reimburse such Investor, and each such officer, director, owner, employee, successor and assign, and each such controlling person
for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent that
any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission so made in conformity with information furnished by an Investor or any controlling person of an Investor in
writing specifically for use in such Registration Statement or Prospectus.

 

(b)         Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning
of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from
any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement
or Prospectus or preliminary Prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading,
to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished in writing
by such Investor or any controlling person of such Investor to the Company specifically for inclusion in such Registration Statement
or Prospectus or amendment or supplement thereto. In no event shall the liability of an Investor be greater in amount than the
dollar amount of the proceeds received by such Investor upon the sale of the Registrable Securities included in the Registration
Statement giving rise to such indemnification obligation. In addition, an Investor shall not be liable hereunder to the extent
that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of the Company’s,
or any underwriter’s, or their representatives’ failure to send or give a copy of a final Prospectus, as the same may
be then supplemented or amended, to the person or entity asserting an untrue statement or alleged untrue statement or omission
or alleged omission at or prior to the written confirmation of the sale of securities to such person or entity if such statement
or omission was corrected in such final Prospectus.

 

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(c)         Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses,
(b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to
such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest
exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying
party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying
party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further,
that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the
defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding
in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified
parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect of such claim or litigation.

 

(d)         Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds received by it upon
the sale of the Registrable Securities giving rise to such contribution obligation.

 

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7.           Miscellaneous.

 

(a)         Amendments
and Waivers. This Agreement may be amended or waived only by a writing signed by (i) the Company and (ii) the Investors holding
two thirds (66-2/3%) of the Purchased Shares. The Company may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission
to act, of the Investors holding two thirds (66-2/3%) of the Purchased Shares.

 

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

 

(c)         Assignments
and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors
and their respective successors and assigns. An Investor may transfer or assign, in whole or from time to time in part, to one
or more persons its rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person,
provided that such transferee or assignee shall execute a copy of this Agreement and that such Investor complies with all laws
applicable thereto and provides written notice of assignment to the Company promptly after such assignment is effected.

 

(d)         Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise)
without the prior written consent of the Investors holding two thirds (66-2/3%) of the Purchased Shares, provided, however, that
the Company may assign its rights and delegate its duties hereunder to any surviving or successor corporation in connection with
a merger or consolidation of the Company with another corporation, or a sale, transfer or other disposition of all or substantially
all of the Company’s assets to another corporation, without the prior written consent of the Investors holding two thirds
(66-2/3%) of the Purchased Shares, after notice duly given by the Company to each Investor.

 

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

 

(f)         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority,
effect and enforceability as an original signature.

 

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

 

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

 

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

 

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

 

(k)         Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of Texas without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of Texas located in Harris County and the United States District
Court for the Southern District of Texas for the purpose of any suit, action, proceeding or judgment relating to or arising out
of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding
may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this
Agreement. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought
in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT
TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

[signature pages follow]

 

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

 

	 	THE COMPANY:
	 	 
	 	REPROS THERAPEUTICS INC.
	 	 	 
	 	By:	 
	 	Name:	Joseph Podolski
	 	Title:	President and Chief Executive Officer

 

[Signature Page to Registration Rights
Agreement]

 

    	 

    	 

    

 

 

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

 

	 	THE INVESTORS:
	 	 
	 	By:	 

	 	Printed Name:	 
	 	Title (if	 
	 	applicable):	 
	 	Entity Name	 
	 	(if applicable):	 

 

[Signature Page to Registration Rights
Agreement]

  

    	 

    	 

    

 

Exhibit
A

 

Plan of Distribution

 

The selling stockholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests
in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership
distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common
stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or
in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices
related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders
may use any one or more of the following methods when disposing of shares or interests therein:

 

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

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

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

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

		·	privately negotiated transactions;

		·	short sales effected after the date the registration statement of which this prospectus is a part
is declared effective by the SEC;

		·	through the writing or settlement of options or other hedging transactions, whether through an
options exchange or otherwise;

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

		·	a combination of any such methods of sale; and

		·	any other method permitted by law.

 

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

 

    	Exhibit A – Page i

    	 

    

 

In connection with
the sale of our common stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions
they assume. The selling stockholders may also sell shares of our common stock short and deliver these securities to close out
their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling
stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation
of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares
offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction).

 

The aggregate proceeds
to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less
discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents.
We will not receive any of the proceeds from this offering.

 

The selling stockholders
also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of
1933, provided that they meet the criteria and conform to the requirements of that rule.

 

The selling stockholders
and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters”
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders will be subject to the
prospectus delivery requirements of the Securities Act, unless an exemption therefrom is available.

 

To the extent required,
the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering
prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.

 

In order to comply
with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified
for sale or an exemption from registration or qualification requirements is available and is complied with.

 

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

 

    	Exhibit A – Page ii

    	 

    

 

We have advised the
selling stockholders that the anti-manipulation rules of Regulation M under the Securities Exchange Act of 1934 may apply
to sales of shares in the market and to the activities of the selling stockholders and their affiliates. In addition, to the extent
applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling
stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders
may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities,
including liabilities arising under the Securities Act of 1933.

 

We have agreed to indemnify
the selling stockholders against liabilities, including liabilities under the Securities Act of 1933and state securities laws,
relating to the registration of the shares offered by this prospectus.

 

We will pay all expenses
of the registration of the shares of common stock pursuant to the registration rights agreement, estimated to be $[_______________]
in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities
or “blue sky” laws and the selling stockholders’ expenses; provided, however, that a selling shareholder will
pay all underwriting discounts and selling commissions, if any.

 

We have agreed with
the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration
statement or (2) the date on which the shares may be sold pursuant to Rule 144 of the Securities Act of 1933 without regard to
any volume limitation requirements under Rule 144 of the Securities Act of 1933.

 

    	Exhibit A – Page iii

    	 

    

 

Exhibit
B

 

SELLING SHAREHOLDERS QUESTIONNAIRE

 

In connection with
the preparation of the Registration Statement on Form S-3 of Repros Therapeutics Inc. (the “Company”), it is necessary
that the Company obtain from you (“Selling Shareholder”) written verification of certain information required to be
disclosed in the Registration Statement.

 

Please use the utmost
care in responding to this Questionnaire. You should be aware that if the Registration Statement contains any false or misleading
statements which are material, under certain circumstances the Company and those in control of the Company, including officers
and directors, could be subject to liability. If the answer to any of the questions is “no,” “none”
or “not applicable,” please so indicate. Please do not leave any questions unanswered.

 

As used herein, “Fiscal
Year” refers to the Company’s fiscal year ended December 31, 2011, and for previous fiscal years. Other, italicized
terms are defined in Appendix A to this Questionnaire.

 

If at any time prior
to the effectiveness of the Registration Statement you discover that your answer to any question was inaccurate, or if any event
occurring subsequent to your completion hereof and prior to the effectiveness of the Registration Statement would require a change
in your answers to any questions, please contact Joseph Podolski by telephone at (281) 719-3400 immediately.

 

I hereby acknowledge,
by my execution and dating of this Questionnaire in the places indicated below, that my answers to the following questions are
true and correct to the best of my information and belief.

 

	THE INVESTORS:	 	Dated:	 

 

	By:	 	 	 

	Printed Name:	 	 
	Title (if	 	 
	applicable):	 	 
	Entity Name	 	 
	(if applicable):	 	 

 

   

    	Exhibit B – Page i

    	 

    

 

I.

GENERAL INFORMATION

 

Question 1(a)

 

Name: Please set forth the full
name of the Selling Shareholder.

 

Answer:

 

Question 1(b):

 

If the Selling Shareholder is not a natural
person, please indicate whether the Selling Shareholder is one of the following (and circle as appropriate):

 

		·	a reporting company under the Exchange Act

		·	a majority owned subsidiary of a reporting company under the Exchange Act,

		·	a registered investment fund under the 1940 Act.

 

Question 1(c):

 

If the Selling Shareholder is not one of
the three above, identify those persons that have voting and investment control over the Company.

 

Question 1(d):

 

Is the Selling Shareholder an executive
officer or director of the Company or 5% or more holder of Company shares of common stock.

 

Question 2:

 

Family Relationships. If you have
any family relationship, by blood, marriage or adoption not more remote than first cousin, with any director, executive officer,
or nominee to become a director or executive officer of the Company, its parent, any of its subsidiaries, or other affiliates,
or any individual who has been employed by the Company in the past three years as an executive officer, please identify
such relative and describe the nature of the relationship.

 

Question 3:

 

Is the Selling Shareholder a broker dealer
and/or member of the Financial Industry Regulatory Authority (“FINRA”) or a broker dealer’s affiliate
and/or member of FINRA?

 

	Yes	 	 	No	 	 

 

If a Selling Shareholder is a broker dealer
and/or member of the FINRA, please indicate whether the Selling Shareholder acquired its securities as compensation for underwriting
activities or investment purposes.

 

	Yes	 	 	No	 	 

 

    	Exhibit B – Page ii

    	 

    

 

If a Selling Shareholder is an affiliate
of a broker dealer and/or member of the FINRA, please indicate whether this broker dealer’s affiliate (and circle as appropriate):

 

		·	purchased the securities to be resold in the ordinary
course of business; and

		·	had no agreements or understandings, directly or indirectly,
with any person to distribute the securities at the time of their purchase.

 

	Yes	 	 	No	 	 

 

Is any member of your Immediate Family
(by blood, marriage or adoption) a member of the FINRA.

 

	Yes	 	 	No	 	 

 

If you marked “Yes” to any
of the questions above, please briefly describe the facts below, giving the names of the broker dealer and/or member of the FINRA
to which your answer refers (including, for example, percentage of ownership, amount of loan and interest payable, applicable dates,
names of Affiliates, family, etc).

 

	 
	 
	 
	 

 

Question 4:

 

State whether you provide any consulting
or other services to the Company.

 

	Yes	 	 	No	 	 

 

(a)         If
you marked “Yes”, please briefly describe such services, including cash and non-cash compensation received and attach
copies of written agreements or correspondence describing such services.

 

	 
	 
	 
	 

 

(b)         Please
identify any of the following relationships you have with any Member of the FINRA.

 

	 	None	 ̈
	 	Advisor	 ̈
	 	Officer	 ̈
	 	Director	 ̈
	 	Trustee	 ̈
	 	Founder	 ̈

 

    	Exhibit B – Page iii

    	 

    

 

	 	Registered Representative	 ̈
	 	5% Stockholder	 ̈
	 	Employee	 ̈
	 	Immediate Family	 ̈
	 	Broker/Dealer	 ̈
	 	Promoter	 ̈
	 	Consultant	 ̈
	 	Finder	 ̈
	 	Bridge Lender	 ̈
	 	General Partner	 ̈
	 	Limited Partner	 ̈
	 	Equity Investor	 ̈
	 	Client or Customer	 ̈
	 	Subordinated Debt Holder	 ̈
	 	Other	 ̈

 

(c)         Please
describe the nature of any relationship identified above. For example, if you are an advisor, promoter, consultant or finder, describe
the compensation you received; if you are an equity investor, state the class of securities and percentage interest you hold; and
if you are an Immediate Family Member, describe the exact relationship, including the name of the person to whom you are related
and the position such person holds with any Member of the FINRA. Identify the Member of the FINRA:

 

	 
	 
	 
	 

 

(d)         State
whether you have any oral and/or written agreements with any Member of the FINRA or person associated with a Member of FINRA concerning
the disposition of your securities of the Company.

 

	Yes	 	 	No	 	 

 

(e)         If
you marked “Yes,” please briefly describe such agreement and attach copies of written agreements or correspondence
describing such arrangement.

 

	 
	 
	 
	 

 

Question 5:

 

Involvement in Certain
Legal Proceedings. Have any of the following events occurred during the last five years:

 

    	Exhibit B – Page iv

    	 

    

 

(a)         Were
you the subject of any order, judgment or decree of any court (not subsequently reversed, suspended or vacated by any court) permanently
or temporarily enjoining you (i) from acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity
pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission
(“CFTC’), or an associated person of any of the foregoing; or as an investment advisor, underwriter,
broker or dealer in securities; or as an affiliated person, director or employee of any investment company, bank, savings and loan
association or insurance company; or from engaging in or continuing any conduct or practice in connection with such activity; or
(ii) from engaging in any type of business practice; or (iii) from engaging in any activity in connection with the purchase or
sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities
laws?

 

	Yes	 	 	No	 	 

 

(b)         Were
you the subject of any order, judgment or decree of any federal or state authority barring, suspending or otherwise limiting for
more than 60 days your right to engage in any activity described in subparagraph (a) above, or to be associated with persons engaged
in any such activity?

 

	Yes	 	 	No	 	 

 

(c)         Has
any court, the SEC, CFTC, FINRA or any securities exchange or commodity exchange imposed a sanction against you or found you to
have violated any federal or state securities or commodities laws?

 

	Yes	 	 	No	 	 

 

(d)         Do
you or any of your associates have any claims against the Company or any of its subsidiaries; or are you or any of your associates
a party adverse to the Company or any of its subsidiaries in any legal proceeding; or do you or any of your associates have a material
interest adverse to the Company or any of its subsidiaries in any legal proceeding?

 

	Yes	 	 	No	 	 

 

II.

SECURITY OWNERSHIP

 

Question 6:
Your Securities Holdings.

 

(a)         As
to each class of equity securities of the Company, its parent or any subsidiary, state the total number of shares or other
units beneficially owned by you as of the date hereof.

 

	Title of Equity Security (include

    warrants, options and convertible debt)	 	Number of Shares
 Beneficially Owned
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Exhibit B – Page v

    	 

    

 

If you listed any warrants, options. convertible
debt or other derivative securities that are not fully vested, please set forth the vesting schedule below.

 

Vesting Schedule(s):

 

(b)         If,
as a result of applying the rules regarding beneficial ownership summarized in the Appendix to this Questionnaire, you have
included in the amount stated in answer to Question 6(a) above under “Number of Shares Beneficially Owned” shares
not issued in your name, please provide details as to the nature of such beneficial ownership of such shares or other units and
state the amount of shares or units so owned;

 

Answer:

 

(c)         If,
as a result of applying the rules regarding beneficial ownership summarized in the Appendix to this Questionnaire, you have excluded
from the amount stated in the answer to Question 6(a) above under “Number of Shares Beneficially Owned” shares
or units which are issued in your name, please state the amount so excluded and explain why you are not the beneficial owner of
such shares or units.

 

Answer:

 

(d)         Of
the total number of shares or units beneficially owned by you, as reported in answer to Question 6(a), indicate below
the amounts as to which you have sole or shared voting or investment power.

 

	 	Common Stock	 	Other
 (i.e., warrants, options or

    convertible debt)
	Sole voting power	 	 	 
	Shared voting power	 	 	 
	Sole investment power	 	 	 
	Shared investment power	 	 	 

 

(e)         Does
the Selling Shareholder have a registration rights agreement with the Company other than as described in the Purchase Agreement
entered into in connection with this questionnaire?

 

	Yes	 	 	No	 	 

 

If so, attach a copy.

 

    	Exhibit B – Page vi

    	 

    

 

Question 7: Disclaimer
of Beneficial Ownership.

 

(a)         If
you wish to disclaim beneficial ownership of any securities referred to above, please set forth the number of such shares
or units, the circumstances upon which the disclaimer of beneficial ownership is based, the name of the person or persons
who should be shown as the beneficial owner(s) of such shares or units, and your relationship to that person or those persons.

 

(b)         Do
you or any of your affiliates or associates participate in investment decisions made by any nonprofit entity that
owns Company securities? If yes, please provide details and indicate whether you disclaim beneficial ownership of such Company
securities.

 

	Yes	 	 	No	 	 

 

Question 8:

 

Securities Holdings
of Your Relatives. If any equity securities of the Company, its parent or any subsidiary are beneficially owned by any relative
of yours (by blood, marriage or adoption) who shares your home, please indicate below the name of each such relative, your relationship
with him or her, and the amount of shares so owned.

 

III.

CERTAIN TRANSACTIONS AND RELATIONSHIPS

 

Question 9:

 

Transactions with
Management. In the table on the following page, describe any transaction (or series of similar transactions),
during the Company’s last three Fiscal Years, or any currently proposed transaction (or series of similar transactions),
to which the Company or any of its subsidiaries was or is to be a party, and in which you had or anyone in your immediate family
has, a material direct or indirect financial interest. Identify the person(s) involved and state the nature of your or their interest
in the transaction, the amount of the transaction and the amount of your or their interest in the transaction.
(Attach a supplemental page if necessary.)

 

	Description of
 Transaction	 	Persons
 Involved	 	Nature of
 Interest	 	Amount of
 Transaction	 	Amount of
 Interest
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Question 10:

 

Indebtedness of
Management. If you or any associate of yours has been indebted to the Company or any of its subsidiaries at any time
during the Company’s last three Fiscal Years, state: (a) the name of the indebted person; (b) if the indebted person
is an associate, the nature of your relationship to that person; (c) the largest aggregate amount of indebtedness
outstanding at any time during the Company’s last three Fiscal Years; (d) the nature of the indebtedness and of the transaction
in which it was incurred; (e) the amount of indebtedness outstanding as of the latest practicable date (indicating that date);
and (f) the rate of interest paid or charged thereon, if any.

 

    	Exhibit B – Page vii

    	 

    

 

Include (with respect
to yourself only) any instances where the Company, either directly or indirectly (including through a subsidiary), extended or
maintained credit for you, arranged for the extension of credit, or renewed any extension of credit, in the form of a personal
loan to or for you.

 

Answer:

 

    	Exhibit B – Page viii

    	 

    

 

APPENDIX
A

 

DEFINITIONS OF CERTAIN TERMS

IN SELLING SHAREHOLDERS QUESTIONNAIRE

(Arranged alphabetically)

 

1.         “Affiliate.”
An “affiliate” of any entity is a person that, directly or indirectly, through one or more intermediaries, controls,
is controlled by or is under common control with such person (for example, a parent subsidiary or sister corporation).

 

2.         “Associate.”
“Associate” for the purpose of Question 4 means (1) any corporation or organization (other than the Company or a majority-owned
subsidiary of the Company) of which you are an officer or partner or are, directly or indirectly, the beneficial
owner of 10% or more of any class of equity securities; (2) any trust or other estate in which you have a substantial beneficial
interest or as to which you serve as a trustee or in a similar fiduciary capacity; and (3) any member of your immediate family.
“Associate” for the purpose of Question 13 means the same as the foregoing, except that subsection (1) shall state
“any corporation or organization of which you are an executive officer ...”

 

3.         “Beneficially
Owned” or “Beneficial Ownership.”

 

(a)         General
Rule. Under the rules of the SEC, you are deemed to “beneficially own” or be the “beneficial owner”
of any security with respect to which you have or share, directly or indirectly, through any contract, arrangement, understanding,
relationship, agreement or otherwise: (1) Voting Power (which includes the power to vote, or to direct the voting of, such security);
and/or (2) Investment Power (which includes the power to dispose, or to direct the disposition of, such security). You are also
the beneficial owner of a security if you, directly or indirectly, create or use a trust, proxy, power of attorney, pooling arrangement
or any other contract, arrangement, or device with the purpose or effect of divesting yourself of beneficial ownership of a security
or preventing the vesting of such beneficial ownership.

 

Some specific applications
of the above definition of beneficial ownership are:

 

(i)         Family
situations. Although the determination of beneficial ownership of securities is necessarily a question to be determined in light
of the facts of each particular case, family relationships may result in your having, or sharing, the power to vote, or direct
the voting of, or dispose, or direct the disposition of, shares held by your family members. In view of the broad definition of
“Beneficial Ownership,” it may be prudent to include such shares in your beneficial ownership disclosure and then disclaim
beneficial ownership of such securities pursuant to Question 6.

 

(ii)         Shares
held by others for your benefit. There are numerous instances in which you may have, or share, voting or investment power (as defined
above) over securities, although the securities are held by another person or entity. For example, you may have or share such power
in securities held for you or your family members living with you by custodians, brokers, relatives, executors, administrators
or trustees; securities held for your account by pledgees; securities owned by a partnership in which you are a member; and securities
owned by a corporation which is or should be regarded as a personal holding company of yours or is controlled by you.

 

    	Appendix A – Page i

    	 

    

 

(iii)         Shares
held by you for the benefit of others. Beneficial ownership of securities also includes securities held in your name as a trustee,
custodian or other fiduciary where you have, or share, voting or investment power with respect to such securities.

 

(b)         Options
and other rights to acquire securities. In addition to being beneficial owner of securities over which you have, or share,
voting or investment power, the SEC has determined that you are deemed to be the beneficial owner of a security if you have a right
to acquire beneficial ownership of (i.e., the right to obtain or share voting or investment power over) such security at any time
within sixty days. Examples of such rights would include the right to acquire: (i) through the exercise of any option, warrant
or similar right; (ii) through conversion of any security; or (iii) pursuant to the power to revoke, or the provision for automatic
termination of, a trust, discretionary account or similar arrangement. Also, if you have acquired or hold any options, convertible
securities or power to revoke such a trust with the “purpose or effect” of changing or influencing control of the Company,
you are deemed the beneficial owner of the underlying securities upon such acquisition, without regard to the sixty-day rule stated
above.

 

4.         “Control”
or “Controlled.” The term “control” means the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of the Company, whether through the ownership of voting securities,
by contract or otherwise. An executive officer or director of a company generally is considered to control that company.
It is suggested that, if you are in doubt as to the meaning of “control” in a particular context, you communicate with
counsel.

 

5.         “Equity
Security.” The definition of “equity security” encompasses more than common and preferred stock. It includes
for instance convertible debt instruments as well as warrants and options to acquire stock or similar securities. If you have a
question as to the proper characterization of your holdings you should consult with the Company’s legal counsel.

 

6.         “Executive
Officer.” “Executive officer” for the purpose of this Questionnaire means the president of a company,
any vice president of it in charge of a principal business unit, division or function (such as sales, administration or finance),
any other officer who performs a policy-making function or any other person who performs similar policy-making functions for the
company. Executive officers of subsidiaries may be deemed executive officers of a company if they perform such policy-making functions
for the company.

 

7.         “Immediate
Family.” “Immediate family” for the purpose of this Questionnaire includes your spouse, parents, children,
siblings, mothers-and fathers-in-law, sons- and daughters-in-law, and brothers- and sisters-in-law.

 

8.         “Officer.”
“Officer” means a president, vice president, secretary, treasurer or principal financial officer, comptroller or principal
accounting officer, and any person routinely performing corresponding functions with respect to any organization whether incorporated
or unincorporated.

 

    	Appendix A – Page ii

    	 

    

 

9.         “Person.”
“Person” for the purpose of this Questionnaire means an individual, a corporation, a partnership, an association, a
joint-stock company, a business trust, an unincorporated organization, or any other entity.

 

10.         “Transaction”
or “Transactions.” “Transaction” or “transactions” is to be understood in its
broadest sense, and includes the direct or indirect receipt of anything of value. No transaction or interest therein need be disclosed
where: (a) the rates or charges involved in the transaction are determined by competitive bids, or the transaction involves the
rendering of services as a common or contract carrier or public utility at rates or charges fixed in conformity with law or governmental
authority; (b) the transaction involves services as a bank depository of funds, transfer agent, registrar, trustee under a trust
indenture or similar services: or (c) the interest in question arises solely from the ownership of securities of the Company and
the interested party receives no extra or special benefit not shared on a pro-rata basis by all shareholders.

 

    	Appendix A – Page iiiMember FINRA, SIPC

 

September 4, 2012

 

PERSONAL & CONFIDENTIAL

 

Kathi
Anderson

Chief
Financial Officer

Repros
Therapeutics Inc.

2408
Timberloch Place, B-7

The
Woodlands, TX 77380

 

Dear Kathi,

 

Wheras, Trout Capital LLC (“Trout”)
provides consulting services (“Services”) to Repros Therapeutics Inc. (the “Company”) in connection with
the private placement offering of shares of the Company (“Private Placement”) to certain accredited or institutional
investors (pursuant to a Securities Purchase Agreement among the Company and the Purchasers dated August 31, 2012);

 

Whereas, the Company agreed to indemnify
Trout twith respect to the Private Placement and any Services provided by Trout pursuant to the indemnity agreement among the Company
and Trout dated August 23, 2012;

 

This letter (the “Agreement”)
confirms the compensation to Trout for Trout’s services as follows:

 

1.          Services.

 

2.          The
Company hereby engages Trout to render consulting services (“Services”) to the Company in connection with the Private
Placement, as defined above; also referred to herein as the “Transaction”.

 

(a)          The
Company shall make available to Trout all information concerning the business, assets, liabilities, operations and financial condition
of the Company which Trout reasonably requests in connection with its performance of the Services. All such information provided
by or on behalf of the Company shall be complete, accurate and not misleading. Trout will not independently verify such information
and will rely upon the accuracy and completeness of the information provided by the Company. The Company shall be solely responsible
for the accuracy and completeness of the information memorandum and all other descriptive material prepared by the Company (with
or without Trout’s assistance) concerning the Company and the proposed Transaction. Trout will not independently verify information
contained in such material. No descriptive material shall be distributed without the Company’s prior consent.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

 

    	 

    	 

    

 

Repros Therapeutics Inc.

Page 2 of 8

 

(b)          The
Company agrees that it will be solely responsible for ensuring that any Transaction complies with applicable law. The Company understands
that Trout is not undertaking to provide any legal, regulatory, accounting, insurance, tax or other similar professional advice
and the Company confirms that it is relying on its own counsel, accountants and similar advisors for such advice.

 

3.           Conduct
of Potential Transaction Services. In order for Trout to effectively coordinate the Transaction process, Trout shall have the
sole authority to initiate and conduct discussions or negotiations with all potential targets that have been approved by the Company.
The Company shall identify to Trout (a) all potential targets that Company has been in contact with prior to Trout’s engagement,
and (b) all potential targets that make inquiries to the Company during Trout’s engagement.

 

4.           
Best Efforts. Subject to the performance by the Company of its obligations under this Agreement and to the terms and conditions
of this Agreement, Trout agrees to use its reasonable best efforts, in accordance with customary practice, to arrange the proposed
Transaction. The Company expressly acknowledges and agrees that Trout’s obligations under this Agreement are on a reasonable
best efforts basis only and that Trout cannot ensure the successful arrangement or completion of the proposed Transaction.

 

5.           Fees
and Expenses.

 

(a)          Trout
shall receive a transaction fee with respect to any actual Transaction arising from this Agreement.  Upon the closing of the
sale of any debt or equity securities in a Transaction or any part of a Transaction, the Company shall pay Trout a fee equal to
$300,000.00 (the “Fee”). 

 

(b)          All
Fees associated with the Transaction are due within ten (10) business days after the closing of a Transaction.

 

6.           Term.
This Agreement may be terminated at any time by either Trout or the Company, with or without cause, upon written notice to the
other. Upon termination of this Agreement, the Company shall pay Trout for all out-of-pocket expenses which it has incurred in
connection with the performance of the Services under this Agreement and which have not been reimbursed pursuant to Section 5(b).

 

7.           Nature
of Relationship. Trout will act under this Agreement as an independent contractor with duties solely to the Company. Nothing
in this Agreement shall be deemed to create a fiduciary, agency, employment or joint venture relationship between Trout and the
Company. Nothing in this Agreement shall be deemed to confer on any person or entity other than Trout and the Company or their
respective successors and assigns and, to the extent expressly set forth herein, the Indemnified Parties (as defined in the indemnity
letter agreement referenced in Section 9 below), any relationship, rights or remedies under or by reason of this Agreement or of
the Services to be rendered by Trout.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

 

    	 

    	 

    

 

Repros Therapeutics Inc.

Page 3 of 8

 

8.          Confidentiality.

 

(a)          Trout
will not disclose to any other person or entity, or use for any purpose, any information pertaining to the Company or any subsidiary
of the Company which is either non-public, confidential or proprietary (“Information”) that Trout obtains or is given
access to by the Company or one of its subsidiaries or any of their respective officers, directors, employees, advisors or other
agents (“Representatives”) during the term of this Agreement. “Information” does not include information
which (i) is now, or hereafter becomes, through no act or failure to act on the part of Trout, generally known or available to
the public; (ii) was acquired by Trout before receiving such information from the Company (or any of its subsidiaries or Representatives)
and without restriction as to use or disclosure; (iii) is hereafter rightfully furnished to Trout by a third party, without restriction
as to use or disclosure; (iv) is information which was independently developed by Trout without breach of any obligation of confidentiality;
(v) is required to be disclosed pursuant to law, provided that Trout (A) gives the Company reasonable advance notice of such required
disclosure so that the Company may seek an appropriate protective order or other remedy; (B) will not oppose, and will cooperate
with, the Company at the Company’s expense in seeking such order or remedy and (C) will disclose only that portion of the
Information which it is legally compelled to disclose; or (vi) is disclosed with the prior written consent of the Company. The
provisions of this Section 8(a) shall survive the termination of this Agreement for a period of three years.

 

(b)          Notwithstanding
the foregoing, Trout may disclose any Information to its affiliates and to its or their respective Representatives in connection
with the performance of the Services or if necessary in order to protect or enforce its rights under this Agreement.

 

(c)          All
advice (written or oral) given by Trout to the Company or any of its subsidiaries is intended solely for the benefit and use of
the Company and its subsidiaries (limited to their respective management and Board of Directors). Except as required by law, the
Company shall not use, reproduce, disseminate or quote such advice at any time in any manner, nor shall any public references to
Trout be made by the Company, in each case, without Trout’s prior written consent. Any descriptive material prepared with
Trout’s assistance shall not be used, reproduced, disseminated, quoted or referred to by the Company, any subsidiaries of
the Company nor any of their respective Representatives at any time or in any matter, except (i) with regard to assisting potential
investors or lenders under the terms of separate confidentiality agreements; or (ii) with the prior written consent of Trout, unless
the Company is required by law to disclose such information, provided that the Company (A) gives Trout reasonable advance notice
of such required disclosure so that Trout may seek an appropriate protective order or other remedy; (B) will not oppose, and will
cooperate with, Trout, at its own expense, in seeking such order or remedy and (C) will disclose only that portion of the Information
which it is legally compelled to disclose. The provisions of this Section 8(c) shall survive the termination of this Agreement
for a period of three years.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

 

    	 

    	 

    

 

Repros Therapeutics Inc.

Page 4 of 8

 

9.          Indemnification.

 

The indemnity is set forth separately pursuant
to the indemnity agreement among the Company and Trout dated August 23, 2012 as stated in the whereas clause above and such indemnity
is incorporated by reference into this agreement.

 

10.          Governing
Law; Jurisdiction.

 

(a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of New York with respect to contracts made
and to be performed entirely therein and without regard to choice of law principles thereof.

 

(b)          Any
dispute, controversy or claim arising out of, relating to or in connection with this Agreement or the breach, validity or termination
thereof shall be fully and finally settled in accordance with the rules of the FINRA, under procedures administered by FINRA Dispute
Resolution, Inc., and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.
The place of arbitration shall be New York City, New York. A request for interim measures by a party to a court shall not be deemed
incompatible with, or a waiver of, this agreement to arbitrate.

 

(c)          The
parties (A) consent to the exclusive jurisdiction of the state and federal courts located in the County of New York, State of New
York for all purposes in connection with dispute resolution, including the entry of judgment on any award; (B) waive any objection
to laying venue in any such court; (C) waive any objection that any such court is an inconvenient forum or does not have jurisdiction
over any party; and (D) consent that any process, notice of motion or other application to such courts, and any papers in connection
with arbitration, may be served by registered or certified mail, return receipt requested, by personal service, or in such other
manner as may be permissible under the rules of the applicable court or arbitration tribunal, provided a reasonable time for appearance
is allowed.

 

If the foregoing terms
meet with your approval, please sign and return the enclosed copy of this Agreement.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

    	 

    	 

    

Repros Therapeutics Inc.

Page 5 of 8

 

We look forward to working
with you.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

    	 

    	 

    

Repros Therapeutics Inc.

Page 6 of 8

 

Acknowledged and Agreed to:

 

Trout
Capital LLC

 

	By:	Jonathan Fassberg	 	 	 
	 	 	 	 	 
	Its:	CEO	Dated:	Sept. 4, 2012	 

 

Repros Therapeutics Inc.

 

	By:	Kathi Anderson	 	 	 
	 	 	 	 	 
	Its:	Chief Financial Officer	Dated:	Sept. 4, 2012	 

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

 

    	 

    	 

    

 

Member FINRA, SIPC

 

PERSONAL & CONFIDENTIAL

 

August 23, 2012

 

Kathi
Anderson

Chief
Financial Officer

Repros
Therapeutics Inc.

2408
Timberloch Place, B-7

The
Woodlands, TX 77380

 

Dear Kathi,

 

Wheras, Trout Capital LLC (“Trout”)
provided Financial Advisory services (“Services”) to Repros Therapeutics Inc. (the “Company”) in connection
with the private placement offering of shares of the Company (“Private Placement”) to certain accredited or institutional
investors, the Company agrees hereby to give to Trout the following indemnity with respect to the Services.

 

The following is the indemnity the Company agrees to give to Trout:

 

          (a)          In
connection with Trout’s Financial Advisory services, the Company hereby agrees to defend, indemnify and hold harmless Trout
and its members, managers, employees, agents, other representatives and each other person who controls Trout within the meaning
of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and their respective heirs, successors,
assigns and affiliates (each an “Indemnified Party” and together, the “Indemnified Parties”)
from and against any and all losses, deficiencies, claims, actions, liabilities, costs and expenses (collectively, “Damages”)
caused by, based upon, resulting from or arising out of the Private Placement and/or the Services rendered with respect to such
Private Placement, except for Damages that result primarily from the negligence or willful misconduct of any such indemnified Party.

 

          (b)          Promptly
after receipt by an Indemnified Party of notice of the commencement of any claim, action or other proceeding against it (collectively,
an “Indemnified Claim”), such Indemnified Party shall provide the Company with written notice of the commencement thereof
and describing the Indemnification Claim in reasonable detail; provided, that no failure or delay by the Indemnified Party
in giving such notice will relieve the Company from any obligation or liability under this indemnity provision, unless the Company
is materially and adversely affected in its ability to defend the Indemnified Party by such failure or delay.

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

 

    	 

    	 

    

Repros Therapeutics Inc.

Page 8 of 8

 

	
        

 

Governing Law and Jurisdiction

 

This agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to be fully performed therein.
Any disputes which arise under this agreement will be heard only in the state of or federal courts located in the City of New York,
State of New York. The parties hereto expressly agree to submit themselves to the jurisdiction of the foregoing courts in the City
of New York, State of New York.

 

Acknowledged and Agreed to:

 

Trout
Capital LLC

 

	By:	Jonathan Fassberg	 	 	 
	 	 	 	 	 
	Its:	CEO	Dated:	8/24/2012	 

 

Repros Therapeutics Inc.

 

	By:	Kathi Anderson	 	 	 
	 	 	 	 	 
	Its:	Chief Financial Officer	Dated:	8/24/2012	 

 

740 Broadway / 9th Floor / New
York, NY 10003

Phone / 646-378-2900 Fax / 646-378-2901

www.troutcapital.com

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