Document:

exv10w2

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of July 30, 2010, is by and
among Aradigm Corporation, a California corporation with offices located at 3929 Point Eden Way,
Hayward, CA 94545 (the “Company”), Novo Nordisk A/S, a company organized and existing under the
laws of Denmark (the “Purchaser”).

RECITALS

     A. In connection with the Stock Purchase Agreement by and among the Company and the Purchaser,
dated as of July 30, 2010 (the “Stock Purchase Agreement”), the Company has agreed, upon the terms
and subject to the conditions of the Stock Purchase Agreement, to issue to the Purchaser the New
Securities (as defined below).

     B. To induce the Purchaser to consummate the transactions contemplated by the Stock Purchase
Agreement, the Company has agreed to provide certain registration rights under the Securities Act
of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “1933 Act”), and applicable state securities laws.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Purchaser hereby agree as follows:

     Section 1 . Definitions. Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings set forth in the Stock Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

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

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

     (c) “Common Stock” means the shares of common stock, no par value, of the Company.

     (d) Effective Date” means the date that the applicable Registration Statement has been
declared effective by the SEC.

 

 

     (e) “Effectiveness Deadline” means (i) with respect to the initial Registration Statement
required to be filed pursuant to Section 2(a), the earlier of the (A) 60th
calendar day after the Closing Date (or the 120th calendar day after the
Closing Date in the event that such Registration Statement is subject to a full review by the SEC)
and (B) 2nd Business Day after the date the Company is notified (orally or in
writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or
will not be subject to further review and (ii) with respect to any additional Registration
Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier
of the (A) 60th calendar day following the date on which the Company was required to
file such additional Registration Statement (or the 120th calendar day after such date
in the event that such Registration Statement is subject to full review by the SEC) and (B)
2nd Business Day after the date the Company is notified (orally or in writing, whichever
is earlier) by the SEC that such additional Registration Statement will not be reviewed or will not
be subject to further review.

     (f) “Filing Deadline” means (i) with respect to the initial Registration Statement required to
be filed pursuant to Section 2(a), the 30th calendar day after the date hereof and (ii)
with respect to any additional Registration Statements that may be required to be filed by the
Company pursuant to this Agreement, the date on which the Company was required to file such
additional Registration Statement pursuant to the terms of this Agreement.

     (g) “Investor” means the Purchaser or any of its transferees or assignees of any Registrable
Securities, as applicable, to whom such Person assigns its rights in accordance with this Agreement
and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and
any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities
assigns its rights under this Agreement and who agrees to become bound by the provisions of this
Agreement in accordance with Section 9.

     (h) “New Securities” mean the 26,000,000 shares of Common Stock purchased by the Purchaser
pursuant to the Stock Purchase Agreement.

     (i) “Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization or a government or any department or agency
thereof.

     (j) “register,” “registered,” and “registration” refer to a registration effected by preparing
and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule
415 and the declaration of effectiveness of such Registration Statement(s) by the SEC.

     (k) “Registrable Securities” mean, at any time, the New Securities and any other securities
issued or issuable by the Company or any of its successors or assigns in respect of such New
Securities by way of conversion, exchange, exercise, dividend, split, reverse split, combination,
recapitalization,

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reclassification, merger, amalgamation, consolidation, sale of assets, other reorganization or
otherwise until (i) a registration statement covering such New Securities or such other securities
has been declared effective by the SEC and such New Securities or such other securities have been
disposed of pursuant to such effective registration statement, or (ii) such New Securities or such
other securities are sold under circumstances in which all of the applicable conditions of Rule 144
are met.

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

     (m) “Rule 144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be
amended from time to time, or any other similar or successor rule or regulation of the SEC that may
at any time permit the Investors to sell securities of the Company to the public without
registration.

     (n) “Rule 415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be
amended from time to time, or any other similar or successor rule or regulation of the SEC
providing for offering securities on a continuous or delayed basis.

     (o) “SEC” means the United States Securities and Exchange Commission or any successor thereto.

     Section 2 . Registration. (a) Mandatory Registration.The Company shall prepare
and, as soon as practicable, but in no event later than the Filing Deadline, file with the SEC an
initial Registration Statement on Form S-1 covering the resale of the Registrable Securities. The
Company shall use its reasonable best efforts to have such initial Registration Statement, and each
other Registration Statement required to be filed pursuant to the terms of this Agreement, declared
effective by the SEC as soon as practicable, but in no event later than the applicable
Effectiveness Deadline for such Registration Statement. Notwithstanding anything to the contrary
in this Agreement, the Company may, at its option, satisfy any of its registration obligations
under this Agreement by including the Restrigable Securities in the same registration statement
covering the securities identified in that certain Registration Rights Agreement, dated as of June
21, 2010, by and among the Company and the buyers party thereto (the “June 2010 Registration Rights
Agreement”).

     (b) Legal Counsel. Subject to Section 5 hereof, the Purchaser shall have the right to
select one (1) legal counsel to review and oversee, solely on its behalf, any registration pursuant
to this Section 2 (“Legal Counsel”).

     (c) Use Form S-3. The Company shall undertake to register the resale of the
Registrable Securities on Form S-3 as soon as such form is available, provided that the Company
shall maintain the effectiveness of all Registration Statements

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then in effect until such time as a Registration Statement on Form S-3 covering the resale of
all the Registrable Securities has been declared effective by the SEC.

     (d) Effect of Failure to File and Obtain and Maintain Effectiveness of any Registration
Statement. If (i) a Registration Statement covering the resale of all of the Registrable
Securities required to be covered thereby and required to be filed by the Company pursuant to this
Agreement is (A) not filed with the SEC on or before the Filing Deadline for such Registration
Statement (a “Filing Failure”) (it being understood that if the Company files a Registration
Statement without affording each Investor the opportunity to review and comment on the same as
required by Section 3(c) hereof, the Company shall be deemed to not have satisfied this clause
(i)(A) and such event shall be deemed to be a Filing Failure) or (B) not declared effective by the
SEC on or before the Effectiveness Deadline for such Registration Statement (an “Effectiveness
Failure”) (it being understood that if on the Business Day immediately following the Effective Date
for such Registration Statement the Company shall not have filed a “final” prospectus for such
Registration Statement with the SEC under Rule 424(b) in accordance with Section 3(b) (whether or
not such a prospectus is technically required by such rule), the Company shall be deemed to not
have satisfied this clause (i)(B) and such event shall be deemed to be an Effectiveness Failure),
(ii) other than during an Allowable Grace Period (as defined below), on any day after the Effective
Date of a Registration Statement sales of all of the Registrable Securities required to be included
on such Registration Statement cannot be made pursuant to such Registration Statement (including,
without limitation, because of a failure to keep such Registration Statement effective, a failure
to disclose such information as is necessary for sales to be made pursuant to such Registration
Statement, a suspension or delisting of (or a failure to timely list) the shares of Common Stock on
the Principal Market (as defined in the Stock Purchase Agreement), or a failure to register a
sufficient number of shares of Common Stock or by reason of a stop order) or the prospectus
contained therein is not available for use for any reason (a “Maintenance Failure”), or (iii) if a
Registration Statement is not effective for any reason or the prospectus contained therein is not
available for use for any reason, the Company fails to file with the SEC any required reports under
Section 13 or 15(d) of the 1934 Act such that it is not in compliance with Rule 144(c)(1) (or Rule
144(i)(2), if applicable) (a “Current Public Information Failure”) as a result of which any of the
Investors are unable to sell Registrable Securities without restriction under Rule 144 (including,
without limitation, volume restrictions), then, as partial relief for the damages to any holder by
reason of any such delay in, or reduction of, its ability to sell the underlying shares of Common
Stock (which remedy shall not be exclusive of any other remedies available at law or in equity),
the Company shall pay to the holders of Registrable Securities relating to such Registration
Statement an aggregate amount in cash equal to one and one half percent (1.5%) of the product of
26,000,000 shares, multiplied by the per share closing price of the Common Stock on the OTC
Bulletin Board on the date preceding the date of this Agreement, on each of the following dates:
(1) on the date of such Filing Failure, Effectiveness Failure, Maintenance Failure or Current
Public Information Failure, as applicable,

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and (2) on every thirty (30) day
anniversary of (I) a Filing Failure until such Filing Failure is cured; (II) an Effectiveness
Failure until such Effectiveness Failure is cured; (III) a Maintenance Failure until such
Maintenance Failure is cured; and (IV) a Current Public Information Failure until the earlier of
(i) the date such Current Public Information Failure is cured and (ii) such time that such public
information is no longer required pursuant to Rule 144 (in each case, pro rated for periods
totaling less than thirty (30) days); provided, however, that the Company shall not
be liable for any Registration Delay Payments (as defined below) under this Agreement as to any
Registrable Securities which are not permitted by the Staff or the SEC to be included in a
Registration Statement due solely to the Staff or the SEC seeking to characterize any offering
pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering
of securities by, or on behalf of, the Company from the time that it is determined that such
Registrable Securities are not permitted to be registered until such time as the registration
statements contemplated by the last sentence of Section 2(e) are required to be filed hereunder, in
which case the provisions of this Section 2 shall once again apply, subject to this proviso, with
respect to such Registrable Securities; and provided, further that the maximum
amount of all Registration Delay Payments (as defined below) payable to the Investors, in the
aggregate, under this Agreement shall be ten percent (10%) of the product of 26,000,000, multiplied
by the per share closing price of the Common Stock on the OTC Bulletin Board on the date preceding
the date of this Agreement; and provided, further that the Company shall not be
liable for any Registration Delay Payments unless and until the Shareholder Approval shall have
been obtained and the Closing shall have occurred. The payments to which a holder of Registrable
Securities shall be entitled pursuant to this Section 2(d) are referred to herein as “Registration
Delay Payments.” Following the initial Registration Delay Payment for any particular event or
failure (which shall be paid on the date of such event or failure, as set forth above), without
limiting the foregoing, if an event or failure giving rise to the Registration Delay Payments is
cured prior to any thirty (30) day anniversary of such event or failure, then such Registration
Delay Payment shall be made on the third (3rd) Business Day after such cure.
In the event the Company fails to make Registration Delay Payments in a timely manner in accordance
with the foregoing, such Registration Delay Payments shall bear interest at the rate of one percent
(1%) per month (prorated for partial months) until paid in full. Notwithstanding the foregoing, no
Registration Delay Payments shall be owed to an Investor (other than with respect to a Maintenance
Failure resulting from a suspension or delisting of (or a failure to timely list) the shares of
Common Stock on the Principal Market) with respect to any period during which all of such
Investor’s Registrable Securities may be sold by such Investor without restriction under Rule 144
(including, without limitation, volume restrictions) and without the need for current public
information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable).

     (e) Offering. Notwithstanding anything to the contrary contained in this Agreement,
but subject to the payment of the Registration Delay Payments pursuant to Section 2(d), in the
event the staff of the SEC (the “Staff”) or the SEC

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seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this
Agreement as constituting an offering of securities by, or on behalf of, the Company, or in any
other manner, such that the Staff or the SEC do not permit such Registration Statement to become
effective and used for resales in a manner that does not constitute such an offering and that
permits the continuous resale at the market by the Investors participating therein (or as otherwise
may be acceptable to each Investor) without being named therein as an “underwriter,” then the
Company shall reduce the number of shares to be included in such Registration Statement by all
Investors until such time as the Staff and the SEC shall so permit such Registration Statement to
become effective as aforesaid. In making such reduction, the Company shall reduce the number of
shares to be included by all Investors on a pro rata basis (based upon the number of Registrable
Securities otherwise required to be included for each Investor) unless the inclusion of shares by a
particular Investor or a particular set of Investors are resulting in the Staff or the SEC’s “by or
on behalf of the Company” offering position, in which event the shares held by such Investor or set
of Investors shall be the only shares subject to reduction (and if by a set of Investors on a pro
rata basis by such Investors or on such other basis as would result in the exclusion of the least
number of shares by all such Investors). In addition, in the event that the Staff or the SEC
requires any Investor seeking to sell securities under a Registration Statement filed pursuant to
this Agreement to be specifically identified as an “underwriter” in order to permit such
Registration Statement to become effective, and such Investor does not consent to being so named as
an underwriter in such Registration Statement, then, in each such case, the Company shall reduce
the total number of Registrable Securities to be registered on behalf of such Investor, until such
time as the Staff or the SEC does not require such identification or until such Investor accepts
such identification and the manner thereof. Any reduction pursuant to this paragraph will first
reduce all Registrable Securities other than those issued pursuant to the Stock Purchase Agreement.
In the event of any reduction in Registrable Securities pursuant to this paragraph, an affected
Investor shall have the right to require, upon delivery of a written request to the Company signed
by such Investor, the Company to file a registration statement within thirty (30) days of such
request (subject to any restrictions imposed by Rule 415 or required by the Staff or the SEC) for
resale by such Investor in a manner acceptable to such Investor, and the Company shall following
such request use its reasonable best efforts to cause to be declared effective and to keep
effective such registration statement in the same manner as otherwise contemplated in this
Agreement for registration statements hereunder, in each case until such time as: (i) all
Registrable Securities held by such Investor have been registered and sold pursuant to an effective
Registration Statement in a manner acceptable to such Investor or (ii) all Registrable Securities
may be resold by such Investor without restriction (including, without limitation, volume
limitations) pursuant to Rule 144 (taking account of any Staff position with respect to “affiliate”
status) and without the need for current public information required by Rule 144(c)(1) (or Rule
144(i)(2), if applicable) or (iii) such Investor agrees to be named as an underwriter in any such
Registration Statement in a

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manner acceptable to such Investor as to all Registrable Securities held by such Investor and
that have not theretofore been included in a Registration Statement under this Agreement.

     (f) Piggyback Registrations. Without limiting any obligation of the Company hereunder
or under the Stock Purchase Agreement, if there is not an effective Registration Statement covering
all of the Registrable Securities or the prospectus contained therein is not available for use and
the Company shall determine to prepare and file with the SEC a registration statement relating to
an offering for its own account or the account of others under the 1933 Act of any of its equity
securities (other than on Form S-4 or Form S-8 (each as promulgated under the 1933 Act) or their
then equivalents relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in connection with the
Company’s equity compensation or other employee benefit plans), then the Company shall deliver to
each Investor a written notice of such determination and, if within fifteen (15) days after the
date of the delivery of such notice, any such Investor shall so request in writing, the Company
shall include in such registration statement all or any part of such Registrable Securities such
Investor requests to be registered; provided, however, the Company shall not be required to
register any Registrable Securities pursuant to this Section 2(f) that are eligible for resale
pursuant to Rule 144 without restriction (including, without limitation, volume restrictions) and
without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if
applicable) or that are the subject of a then-effective Registration Statement.

     (g) Allocation of Registrable Securities. The initial number of Registrable Securities
included in any Registration Statement and any increase in the number of Registrable Securities
included therein shall be allocated pro rata among the Investors based on the number of Registrable
Securities held by each Investor at the time such Registration Statement covering such initial
number of Registrable Securities or increase thereof is declared effective by the SEC. In the event
that an Investor sells or otherwise transfers any of such Investor’s Registrable Securities, each
transferee or assignee (as the case may be) that becomes an Investor shall be allocated a pro rata
portion of the then-remaining number of Registrable Securities included in such Registration
Statement for such transferor or assignee (as the case may be). Any shares of Common Stock included
in a Registration Statement and which remain allocated to any Person which ceases to hold any
Registrable Securities covered by such Registration Statement shall be allocated to the remaining
Investors, pro rata based on the number of Registrable Securities then held by such Investors which
are covered by such Registration Statement.

     (h) No Inclusion of Other Securities. In no event shall the Company include any
securities other than Registrable Securities and the securities identified in the June 2010
Registration Rights Agreement on any Registration Statement without the prior written consent of
the Purchaser.

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     Section 3 . Related Obligations. The Company shall use its reasonable best efforts to effect
the registration of the Registrable Securities in accordance with the intended method of
disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

     (a) The Company shall promptly prepare and file with the SEC a Registration Statement with
respect to all the Registrable Securities (but in no event later than the applicable Filing
Deadline) and use its reasonable best efforts to cause such Registration Statement to become
effective as soon as practicable after such filing (but in no event later than the Effectiveness
Deadline). Subject to Allowable Grace Periods, the Company shall keep each Registration Statement
effective (and the prospectus contained therein available for use) pursuant to Rule 415 for resales
by the Investors on a delayed or continuous basis at then-prevailing market prices (and not fixed
prices) at all times until the earlier of (i) the date as of which all of the Investors may sell
all of the Registrable Securities required to be covered by such Registration Statement without
restriction pursuant to Rule 144 (including, without limitation, volume restrictions) and without
the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if
applicable) or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding
anything to the contrary contained in this Agreement, the Company shall ensure that, when filed and
at all times while effective, each Registration Statement (including, without limitation, all
amendments and supplements thereto) and the prospectus (including, without limitation, all
amendments and supplements thereto) used in connection with such Registration Statement (1) shall
not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein, or necessary to make the statements therein (in the case of prospectuses, in the
light of the circumstances in which they were made) not misleading and (2) will disclose (whether
directly or through incorporation by reference to other SEC filings to the extent permitted) all
material information regarding the Company and its securities. The Company shall submit to the SEC,
within one (1) Business Day after the later of the date that (i) the Company learns that no review
of a particular Registration Statement will be made by the Staff or that the Staff has no further
comments on a particular Registration Statement (as the case may be) and (ii) the consent of Legal
Counsel is obtained pursuant to Section 3(c) (which consent shall be immediately sought), a request
for acceleration of effectiveness of such Registration Statement to a time and date not later than
forty-eight (48) hours after the submission of such request.

     (b) Subject to Section 3(r) of this Agreement, the Company shall prepare and file with the SEC
such amendments (including, without limitation, post-effective amendments) and supplements to each
Registration Statement and the prospectus used in connection with each such Registration Statement,
which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be
necessary to keep each such Registration Statement effective at all times during the Registration
Period for such Registration Statement, and, during such period, comply with the provisions of the
1933 Act with respect to the disposition

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of all Registrable Securities of the Company required to be covered by such Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in
accordance with the intended methods of disposition by the seller or sellers thereof as set forth
in such Registration Statement; provided, however, by 8:30 a.m. (New York time) on the Business Day
immediately following each Effective Date, the Company shall file with the SEC in accordance with
Rule 424(b) under the 1933 Act the final prospectus to be used in connection with sales pursuant to
the applicable Registration Statement (whether or not such a prospectus is technically required by
such rule). In the case of amendments and supplements to any Registration Statement which are
required to be filed pursuant to this Agreement (including, without limitation, pursuant to this
Section 3(b)) by reason of the Company filing a report on Form 10-Q or Form 10-K or any analogous
report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall
have incorporated such report by reference into such Registration Statement, if applicable, or
shall file such amendments or supplements with the SEC within two Business Days of the day on which
the 1934 Act report is filed which created the requirement for the Company to amend or supplement
such Registration Statement.

     (c) The Company shall (A) permit Legal Counsel and legal counsel for each other Investor to
review and comment upon (i) each Registration Statement at least five (5) Business Days prior to
its filing with the SEC and (ii) all amendments and supplements to each Registration Statement
(including, without limitation, the prospectus contained therein) (except for Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or
successor reports) within a reasonable number of days prior to their filing with the SEC, and (B)
not file any Registration Statement or amendment or supplement thereto in a form to which Legal
Counsel or any legal counsel for any other Investor reasonably objects. The Company shall not
submit a request for acceleration of the effectiveness of a Registration Statement or any amendment
or supplement thereto or to any prospectus contained therein without the prior consent of Legal
Counsel, which consent shall not be unreasonably withheld. The Company shall promptly furnish to
Legal Counsel and legal counsel for each other Investor, without charge, (i) copies of any
correspondence from the SEC or the Staff to the Company or its representatives relating to each
Registration Statement, provided that such correspondence shall not contain any material,
non-public information regarding the Company or any of its Subsidiaries (as defined in the Stock
Purchase Agreement), (ii) after the same is prepared and filed with the SEC, one (1) copy of each
Registration Statement and any amendment(s) and supplement(s) thereto, including, without
limitation, financial statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, and all exhibits and (iii) upon the effectiveness of each Registration
Statement, one (1) copy of the prospectus included in such Registration Statement and all
amendments and supplements thereto. The Company shall reasonably cooperate with Legal Counsel and
legal counsel for each other Investor in performing the Company’s obligations pursuant to this
Section 3.

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     (d) The Company shall promptly furnish to each Investor whose Registrable Securities are
included in any Registration Statement, without charge, to the extent that such documents are not
available on the SEC’s EDGAR system, (i) after the same is prepared and filed with the SEC, at
least one (1) copy of each Registration Statement and any amendment(s) and supplement(s) thereto,
including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, if requested by an Investor, all exhibits and each preliminary prospectus,
(ii) upon the effectiveness of each Registration Statement, ten (10) copies of the prospectus
included in such Registration Statement and all amendments and supplements thereto (or such other
number of copies as such Investor may reasonably request from time to time) and (iii) such other
documents, including, without limitation, copies of any preliminary or final prospectus, as such
Investor may reasonably request from time to time in order to facilitate the disposition of the
Registrable Securities owned by such Investor.

     (e) The Company shall use its reasonable best efforts to (i) register and qualify, unless an
exemption from registration and qualification applies, the resale by Investors of the Registrable
Securities covered by a Registration Statement under such other securities or “blue sky” laws of
all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions,
such amendments (including, without limitation, post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the effectiveness thereof during
the Registration Period, (iii) take such other actions as may be necessary to maintain such
registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for
sale in such jurisdictions; provided, however, the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify Legal Counsel, legal counsel for each other
Investor and each Investor who holds Registrable Securities of the receipt by the Company of any
notification with respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the
United States or its receipt of actual notice of the initiation or threatening of any proceeding
for such purpose.

     (f) The Company shall notify Legal Counsel, legal counsel for each other Investor and each
Investor in writing or e-mail of the happening of any event, as promptly as practicable after
becoming aware of such event, as a result of which the prospectus included in a Registration
Statement, as then in effect, includes an untrue statement of a material fact or omission to state
a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading (provided that in no event
shall such notice contain any material, non-public information regarding the Company or any of its
Subsidiaries), and, subject to Section 3(r),

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promptly prepare a supplement or amendment to such Registration Statement and such prospectus
contained therein to correct such untrue statement or omission and deliver ten (10) copies of such
supplement or amendment to Legal Counsel, legal counsel for each other Investor and each Investor
(or such other number of copies as Legal Counsel, legal counsel for each other Investor or such
Investor may reasonably request). The Company shall also promptly notify Legal Counsel, legal
counsel for each other Investor and each Investor in writing or e-mail (i) when a prospectus or any
prospectus supplement or post-effective amendment has been filed, when a Registration Statement or
any post-effective amendment has become effective (notification of such effectiveness shall be
delivered to Legal Counsel, legal counsel for each other Investor and each Investor by facsimile or
e-mail on the same day of such effectiveness and by overnight mail), and when the Company receives
written notice from the SEC that a Registration Statement or any post-effective amendment will be
reviewed by the SEC, (ii) of any request by the SEC for amendments or supplements to a Registration
Statement or related prospectus or related information, (iii) of the Company’s reasonable
determination that a post-effective amendment to a Registration Statement would be appropriate; and
(iv) of the receipt of any request by the SEC or any other federal or state governmental authority
for any additional information relating to the Registration Statement or any amendment or
supplement thereto or any related prospectus. The Company shall respond as promptly as practicable
to any comments received from the SEC with respect to each Registration Statement or any amendment
thereto, but in no event later than twenty (20) Business Days after the Company’s receipt of such
comments.

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

     (h) If any Investor may be required under applicable securities law to be described in any
Registration Statement as an underwriter and such Investor consents to so being named an
underwriter, at the request of any Investor, the Company shall furnish to such Investor, on the
date of the effectiveness of such Registration Statement and thereafter from time to time on such
dates as an Investor may reasonably request (i) a letter, dated such date, from the Company’s
independent certified public accountants in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering,
addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the
Company for purposes of such

11

 

Registration Statement, in form, scope and substance as is customarily given in an
underwritten public offering, addressed to the Investors.

     (i) If any Investor may be required under applicable securities law to be described in any
Registration Statement as an underwriter and such Investor consents to so being named an
underwriter, upon the written request of such Investor, the Company shall make available for
inspection by (i) such Investor, (ii) legal counsel for such Investor and (iii) one (1) firm of
accountants or other agents retained by such Investor (collectively, the “Inspectors”), all
pertinent financial and other records, and pertinent corporate documents and properties of the
Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector,
and cause the Company’s officers, directors and employees to supply all information which any
Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold
in strict confidence and not to make any disclosure (except to such Investor) or use of any Record
or other information which the Company’s board of directors determines in good faith to be
confidential, and of which determination the Inspectors are so notified, unless (1) the disclosure
of such Records is necessary to avoid or correct a misstatement or omission in any Registration
Statement or is otherwise required under the 1933 Act, (2) the release of such Records is ordered
pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (3) the information in such Records has been made generally available to the
public other than by disclosure in violation of this Agreement or any other Transaction Document
(as defined in the Stock Purchase Agreement). Such Investor agrees that it shall, upon learning
that disclosure of such Records is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Company and allow the Company, at
its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential. Nothing herein (or in any other confidentiality
agreement between the Company and such Investor, if any) shall be deemed to limit any Investor’s
ability to sell Registrable Securities in a manner which is otherwise consistent with applicable
laws and regulations.

     (j) The Company shall hold in confidence and not make any disclosure of information concerning
an Investor provided to the Company unless (i) disclosure of such information is necessary to
comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement or is otherwise
required to be disclosed in such Registration Statement pursuant to the 1933 Act, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a
court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any
other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such
information concerning an Investor is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt written notice to such Investor and allow such
Investor, at such Investor’s expense,

12

 

to undertake appropriate action to prevent disclosure of, or to obtain a protective order for,
such information.

     (k) Without limiting any obligation of the Company under the Stock Purchase Agreement, the
Company shall use its reasonable best efforts either to (i) cause all of the Registrable Securities
covered by each Registration Statement to be listed on each securities exchange on which securities
of the same class or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, (ii) secure designation
and quotation of all of the Registrable Securities covered by each Registration Statement on an
Eligible Market (as defined in the Stock Purchase Agreement), or (iii) if, despite the Company’s
reasonable best efforts to satisfy the preceding clauses (i) or (ii) the Company is unsuccessful in
satisfying the preceding clauses (i) or (ii), without limiting the generality of the foregoing, to
use its reasonable best efforts to arrange for at least two market makers to register with the
Financial Industry Regulatory Authority (“FINRA”) as such with respect to such Registrable
Securities. In addition, the Company shall cooperate with each Investor and any broker or dealer
through which any such Investor proposes to sell its Registrable Securities in effecting a filing
with FINRA pursuant to FINRA Rule 5110 as requested by such Investor. The Company shall pay all
fees and expenses in connection with satisfying its obligations under this Section 3(k).

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

     (m) If requested by an Investor, the Company shall as soon as practicable after receipt of
notice from such Investor and subject to Section 3(r) hereof, (i) incorporate in a prospectus
supplement or post-effective amendment such information as an Investor reasonably requests to be
included therein relating to the sale and distribution of Registrable Securities, including,
without limitation, information with respect to the number of Registrable Securities being offered
or sold, the purchase price being paid therefor and any other terms of the offering of the
Registrable Securities to be sold in such offering; (ii) make all required filings of such
prospectus supplement or post-effective amendment after being notified of the matters to be
incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or
make amendments to any Registration Statement or prospectus contained therein if reasonably
requested by an Investor holding any Registrable Securities.

     (n) The Company shall use its reasonable best efforts to cause the Registrable Securities
covered by a Registration Statement to be registered with

13

 

or approved by such other governmental agencies or authorities as may be necessary to
consummate the disposition of such Registrable Securities.

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

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

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

     (r) Notwithstanding anything to the contrary herein (but subject to the last sentence of this
Section 3(r)), at any time after the Effective Date of a particular Registration Statement, the
Company may delay the disclosure of material, non-public information concerning the Company or any
of its Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the
board of directors of the Company, in the best interest of the Company and, upon the advice of
counsel to the Company, otherwise required (a “Grace Period”), provided that the Company shall
promptly notify the Investors in writing or e-mail of the (i) existence of material, non-public
information giving rise to a Grace Period (provided that in each such notice the Company shall not
disclose the content of such material, non-public information to any of the Investors) and the date
on which such Grace Period will begin and (ii) date on which such Grace Period ends, provided
further that (I) no Grace Period shall exceed ten (10) consecutive days and during any three
hundred sixty five (365) day period all such Grace Periods shall not exceed an aggregate of thirty
(30) days, (II) the first day of any Grace Period must be at least five (5) Business Days after the
last day of any prior Grace Period and (III) no Grace Period may exist during the sixty (60)
Business Day period immediately following the Effective Date of such Registration Statement
(provided that such sixty (60) Business Day period shall be extended by the number of Business Days
during such period and any extension thereof contemplated by this proviso during which such
Registration Statement is not effective or the prospectus contained therein is not available for
use) (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period
above, such Grace Period

14

 

shall begin on and include the date the Investors receive the notice referred to in clause (i) above and shall end on and
include the later of the date the Investors receive the notice referred to in clause (ii) above and
the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable
during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the Company
shall again be bound by the first sentence of Section 3(f) with respect to the information giving
rise thereto unless such material, non-public information is no longer applicable. Notwithstanding
anything to the contrary contained in this Section 3(r), the Company shall cause its transfer agent
to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the
terms of the Stock Purchase Agreement in connection with any sale of Registrable Securities with
respect to which such Investor has entered into a contract for sale, and delivered a copy of the
prospectus included as part of the particular Registration Statement to the extent applicable,
prior to such Investor’s receipt of the notice of a Grace Period and for which the Investor has not
yet settled.

     (s) The Company shall take all other reasonable actions necessary to expedite and facilitate
disposition by each Investors of its Registrable Securities pursuant to each Registration
Statement.

     Section 4 . Obligations of the Investors. (a) At least five (5) Business Days prior to the
first anticipated filing date of each Registration Statement, the Company shall notify each
Investor in writing or e-mail of the information the Company requires from each such Investor with
respect to such Registration Statement. It shall be a condition precedent to the obligations of the
Company to complete the registration pursuant to this Agreement with respect to the Registrable
Securities of a particular Investor that such Investor shall furnish to the Company such
information regarding itself, the Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it, as shall be reasonably required to effect and
maintain the effectiveness of the registration of such Registrable Securities and shall execute
such documents in connection with such registration as the Company may reasonably request.

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

     (c) Each Investor agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3(g) or the first sentence of 3(f), such Investor will
immediately discontinue disposition of Registrable Securities pursuant to any Registration
Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of
Section 3(f) or receipt of notice that no supplement or amendment is

15

 

required. Notwithstanding anything to the contrary in this Section 4(c), the Company shall
cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an
Investor in accordance with the terms of the Stock Purchase Agreement in connection with any sale
of Registrable Securities with respect to which such Investor has entered into a contract for sale
prior to the Investor’s receipt of a notice from the Company of the happening of any event of the
kind described in Section 3(g) or the first sentence of Section 3(f) and for which such Investor
has not yet settled.

     (d) Each Investor covenants and agrees that it will comply with the prospectus delivery
requirements of the 1933 Act as applicable to it in connection with sales of Registrable Securities
pursuant to a Registration Statement.

     Section 5 . Expenses of Registration. All reasonable expenses, other than underwriting
discounts and commissions, incurred in connection with registrations, filings or qualifications
pursuant to Section 2 and Section 3, including, without limitation, all registration, listing and
qualifications fees, printers and accounting fees, FINRA filing fees (if any) and fees and
disbursements of counsel for the Company shall be paid by the Company. The Company shall also
reimburse the fees and disbursements of Legal Counsel in connection with registration, filing or
qualification pursuant to Section 2 and Section 3 of this Agreement which amount shall be limited
to $10,000.

     Section 6 . Indemnification. (a) In the event any Registrable Securities are included in any
Registration Statement under this Agreement, to the fullest extent permitted by law, the Company
will, and hereby does, indemnify, hold harmless and defend each Investor and each of its directors,
officers, shareholders, members, partners, employees, agents, advisors, representatives (and any
other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
the lack of such title or any other title) and each Person, if any, who controls such Investor
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each of the
directors, officers, shareholders, members, partners, employees, agents, advisors, representatives
(and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding the lack of such title or any other title) of such controlling Persons (each, an
“Indemnified Person”), against any losses, obligations, claims, damages, liabilities,
contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court
costs, reasonable attorneys’ fees and costs of defense and investigation), amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating,
preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken
from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as
such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of or are based upon: (i) any untrue statement or alleged untrue statement of a material

16

 

fact in a Registration Statement or any post-effective amendment thereto or in any filing made
in connection with the qualification of the offering under the securities or other “blue sky” laws
of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the
omission or alleged omission to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement
of a material fact contained in any preliminary prospectus if used prior to the effective date of
such Registration Statement, or contained in the final prospectus (as amended or supplemented, if
the Company files any amendment thereof or supplement thereto with the SEC) or the omission or
alleged omission to state therein any material fact necessary to make the statements made therein,
in light of the circumstances under which the statements therein were made, not misleading or (iii)
any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject
to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are
incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them
in connection with investigating or defending any such Claim. Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall
not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs
in reliance upon and in conformity with information furnished in writing to the Company by such
Indemnified Person for such Indemnified Person expressly for use in connection with the preparation
of such Registration Statement or any such amendment thereof or supplement thereto and (ii) shall
not be available to a particular Investor to the extent such Claim is based on a failure of such
Investor to deliver or to cause to be delivered the prospectus made available by the Company (to
the extent applicable), including, without limitation, a corrected prospectus, if such prospectus
or corrected prospectus was timely made available by the Company pursuant to Section 3(d) and then
only if, and to the extent that, following the receipt of the corrected prospectus no grounds for
such Claim would have existed; and (iii) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of any of the Registrable Securities by any of the Investors pursuant to Section 9.

     (b) In connection with any Registration Statement in which an Investor is participating, such
Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same
extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors,
each of its officers who signs the Registration Statement and each Person, if any, who controls the
Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, an

17

 

“Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified
Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the
extent, that such Violation occurs in reliance upon and in conformity with written information
furnished to the Company by such Investor expressly for use in connection with such Registration
Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), such Investor
will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such Claim; provided, however,
the indemnity agreement contained in this Section 6(b) and the agreement with respect to
contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of such Investor, which consent shall
not be unreasonably withheld or delayed, provided further that such Investor shall be liable under
this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net
proceeds to such Investor as a result of the applicable sale of Registrable Securities pursuant to
such Registration Statement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Party and shall survive the transfer of any
of the Registrable Securities by any of the Investors pursuant to Section 9.

     (c) Promptly after receipt by an Indemnified Person or Indemnified Party (as the case may be)
under this Section 6 of notice of the commencement of any action or proceeding (including, without
limitation, any governmental action or proceeding) involving a Claim, such Indemnified Person or
Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against
any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of
the commencement thereof, and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to
the indemnifying party and the Indemnified Person or the Indemnified Party (as the case may be);
provided, however, an Indemnified Person or Indemnified Party (as the case may be) shall have the
right to retain its own counsel with the fees and expenses of such counsel to be paid by the
indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and
expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such
Claim and to employ counsel reasonably satisfactory to such Indemnified Person or Indemnified Party
(as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including,
without limitation, any impleaded parties) include both such Indemnified Person or Indemnified
Party (as the case may be) and the indemnifying party, and such Indemnified Person or such
Indemnified Party (as the case may be) shall have been advised by counsel that a conflict of
interest is likely to exist if the same counsel were to represent such Indemnified Person or such
Indemnified Party and the indemnifying party (in which case, if such Indemnified Person or such
Indemnified Party (as the case may be) notifies the

18

 

indemnifying party in writing that it elects to employ separate counsel at the expense of the
indemnifying party, then the indemnifying party shall not have the right to assume the defense
thereof and such counsel shall be at the expense of the Indemnifying Party, provided further that
in the case of clause (iii) above the indemnifying party shall not be responsible for the
reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnified
Person or Indemnified Party (as the case may be). The Indemnified Party or Indemnified Person (as
the case may be) shall reasonably cooperate with the indemnifying party in connection with any
negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to
the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person (as the case may be) which relates to such action or Claim. The indemnifying party shall
keep the Indemnified Party or Indemnified Person (as the case may be) reasonably apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected
without its prior written consent; provided, however, the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the prior written
consent of the Indemnified Party or Indemnified Person (as the case may be), consent to entry of
any judgment or enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or
Indemnified Person (as the case may be) of a release from all liability in respect to such Claim or
litigation, and such settlement shall not include any admission as to fault on the part of the
Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party
shall be subrogated to all rights of the Indemnified Party or Indemnified Person (as the case may
be) with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party (as the case may be) under
this Section 6, except to the extent that the indemnifying party is materially and adversely
prejudiced in its ability to defend such action.

     (d) No Person involved in the sale of Registrable Securities who is guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such
sale shall be entitled to indemnification from any Person involved in such sale of Registrable
Securities who is not guilty of fraudulent misrepresentation.

     (e) The indemnification required by this Section 6 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or
Indemnified Damages are incurred.

     (f) The indemnity and contribution agreements contained herein shall be in addition to (i) any
cause of action or similar right of the Indemnified Party

19

 

or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

     Section 7 . Contribution. To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with
respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however: (i) no contribution shall be made under circumstances where
the maker would not have been liable for indemnification under the fault standards set forth in
Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which
Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) in connection with such sale shall be entitled to contribution from any Person involved in
such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii)
contribution by any seller of Registrable Securities shall be limited in amount to the amount of
net proceeds received by such seller from the applicable sale of such Registrable Securities
pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, no
Investor shall be required to contribute, in the aggregate, any amount in excess of the amount by
which the net proceeds actually received by such Investor from the applicable sale of the
Registrable Securities subject to the Claim exceeds the amount of any damages that such Investor
has otherwise been required to pay, or would otherwise be required to pay under Section 6(b), by
reason of such untrue or alleged untrue statement or omission or alleged omission.

     Section 8 . Reports under the 1934 Act. With a view to making available to the Investors the
benefits of Rule 144, the Company agrees to:

     (a) make and keep public information available, as those terms are understood and defined in
Rule 144;

     (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such
requirements (it being understood and agreed that nothing herein shall limit any obligations of the
Company under the Stock Purchase Agreement) and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and

     (c) furnish to each Investor so long as such Investor owns Registrable Securities, promptly
upon request, (i) a written statement by the Company, if true, that it has complied with the
reporting, submission and posting requirements of Rule 144 and the 1934 Act, (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed
by the Company with the SEC if such reports are not publicly available via EDGAR, and (iii) such
other information as may be reasonably requested to permit the Investors to sell such securities
pursuant to Rule 144 without registration.

20

 

     Section 9 . Assignment of Registration Rights. All or any portion of the rights under this
Agreement shall be automatically assignable by each Investor to any transferee or assignee (as the
case may be) of all or any portion of such Investor’s Registrable Securities if: (i) such Investor
agrees in writing with such transferee or assignee (as the case may be) to assign all or any
portion of such rights, and a copy of such agreement is furnished to the Company within a
reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within
a reasonable time after such transfer or assignment (as the case may be), furnished with written
notice of (a) the name and address of such transferee or assignee (as the case may be), and (b) the
securities with respect to which such registration rights are being transferred or assigned (as the
case may be); (iii) immediately following such transfer or assignment (as the case may be) the
further disposition of such securities by such transferee or assignee (as the case may be) is
restricted under the 1933 Act or applicable state securities laws if so required; (iv) at or before
the time the Company receives the written notice contemplated by clause (ii) of this sentence such
transferee or assignee (as the case may be) agrees in writing with the Company to be bound by all
of the provisions contained herein; (v) such transfer or assignment (as the case may be) shall have
been made in accordance with the applicable requirements of the Stock Purchase Agreement; and (vi)
such transfer or assignment (as the case may be) shall have been conducted in accordance with all
applicable federal and state securities laws.

     Section 10 . Amendment of Registration Rights. Provisions of this Agreement may be amended
only with the written consent of the Company and the Purchaser. Any amendment effected in
accordance with this Section 10 shall be binding upon each Investor and the Company, provided that
no such amendment shall be effective to the extent that it (1) applies to less than all of the
holders of the holders of Registrable Securities, (2) imposes any obligation or liability on any
Investor without such Investor’s prior written consent (which may be granted or withheld in such
Investor’s sole discretion) or (3) applies retroactively. No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party. No consideration shall
be offered or paid to any Person to amend or consent to a waiver or modification of any provision
of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

     Section 11 . Miscellaneous. (a) Solely for purposes of this Agreement, a Person is deemed to
be a holder of Registrable Securities whenever such Person owns, or is deemed to own, of record
such Registrable Securities. If the Company receives conflicting instructions, notices or elections
from two or more Persons with respect to the same Registrable Securities, the Company shall act
upon the basis of instructions, notice or election received from such record owner of such
Registrable Securities.

     (b) Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and

21

 

will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); (iii) with respect to Section
3(c), by electronic mail (provided confirmation of transmission is electronically generated and
kept on file by the sending party); or (iv) one (1) Business Day after deposit with a nationally
recognized overnight delivery service with next day delivery specified, in each case, properly
addressed to the party to receive the same. The addresses and facsimile numbers for such
communications shall be:

If to the Company:

Aradigm Corporation

3929 Point Eden Way

Hayward, CA 94545

Telephone: (510) 265-9000

Facsimile: 510-265-0277

Attention: Chief Executive Officer

With a copy (for informational purposes only) to:

Morrison & Foerster LLP

425 Market Street

San Francisco, CA 94105

Telephone: (415) 268-7197

Facsimile: (415) 268-7522

Attention: John W. Campbell, Esq.

If to the Purchaser:

Novo Nordisk A/S

Novo Alle

DK-2880 Bagsvaerd

Denmark

Attention: General Counsel

Telephone: +45 44 44 88 88

Facsimile: +45 44 42 18 30

With a copy (for informational purposes only) to:

Davis Polk & Wardwell LLP|

99 Gresham Street

London

EC2V 7NG

Attention: Jeffrey R. O’Brien

Telephone: +44 207 418 1376

Facsimile: +44 207 710 4893

22

 

or to such other address and/or facsimile number and/or to the attention of such other Person as
the recipient party has specified by written notice given to each other party five (5) days prior
to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or electronically generated
by the sender’s facsimile machine or electronic mail transmission containing the time, date,
recipient facsimile number or electronic mail address and an image of the first page of such
transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence
of personal service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

     (c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. The
Company and each Investor acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by
any other party hereto and to enforce specifically the terms and provisions hereof (without the
necessity of showing economic loss and without any bond or other security being required), this
being in addition to any other remedy to which any party may be entitled by law or equity.

     (d) All questions concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other
than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in The City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the
validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of any

23

 

provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

     (e) This Agreement, the other Transaction Documents, the schedules and exhibits attached
hereto and thereto and the instruments referenced herein and therein constitute the entire
agreement among the parties hereto and thereto solely with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. This Agreement, the other Transaction Documents, the
schedules and exhibits attached hereto and thereto and the instruments referenced herein and
therein supersede all prior agreements and understandings among the parties hereto solely with
respect to the subject matter hereof and thereof; provided, however, nothing contained in this
Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect on
any agreements any Investor has entered into with the Company or any of its Subsidiaries prior to
the date hereof with respect to any prior investment made by such Investor in the Company, (ii)
waive, alter, modify or amend in any respect any obligations of the Company or any of its
Subsidiaries or any rights of or benefits to any Investor or any other Person in any agreement
entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries
and any Investor and all such agreements shall continue in full force and effect or (iii) limit any
obligations of the Company under any of the other Transaction Documents.

     (f) Subject to compliance with Section 9 (if applicable), this Agreement shall inure to the
benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.
This Agreement is not for the benefit of, nor may any provision hereof be enforced by, any Person,
other than the parties hereto, their respective permitted successors and assigns and the Persons
referred to in Section 6 and Section 7 hereof.

     (g) The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. Unless the context clearly indicates otherwise, each
pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural
forms thereof. The terms “including,” “includes,” “include” and words of like import shall be
construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the
provision in which they are found.

     (h) This Agreement may be executed in two or more identical counterparts, all of which shall
be considered one and the same agreement and shall become effective when counterparts have been
signed by each party and delivered to the other party. In the event that any signature is delivered
by

24

 

facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such signature page were an original thereof.

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

     (j) The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent and no rules of strict construction will be applied against
any party. Notwithstanding anything to the contrary set forth in Section 10, terms used in this
Agreement but defined in the other Transaction Documents shall have the meanings ascribed to such
terms on the Closing Date in such other Transaction Documents unless otherwise consented to in
writing by each Investor.

     (k) All consents and other determinations required to be made by the Investors pursuant to
this Agreement shall be made, unless otherwise specified in this Agreement, by the Purchaser.

     (l) The obligations of each Investor under this Agreement and the other Transaction Documents
are several and not joint with the obligations of any other Investor, and no Investor shall be
responsible in any way for the performance of the obligations of any other Investor under this
Agreement or any other Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to
constitute the Investors as, and the Company acknowledges that the Investors do not so constitute,
a partnership, an association, a joint venture or any other kind of group or entity, or create a
presumption that the Investors are in any way acting in concert or as a group or entity with
respect to such obligations or the transactions contemplated by the Transaction Documents or any
matters, and the Company acknowledges that the Investors are not acting in concert or as a group,
and the Company shall not assert any such claim, with respect to such obligations or the
transactions contemplated by this Agreement or any of the other the Transaction Documents. Each
Investor shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and
it shall not be
necessary for any other Investor to be joined as an additional party in any proceeding for
such purpose. The use of a single agreement with respect to the obligations of the Company
contained herein was solely in the control of the Company, not the action or decision of any
Investor, and was done solely for the convenience of the Company and not because it was required or
requested to do so by any Investor. It is expressly understood and agreed that each provision

25

 

contained in this Agreement and in each other Transaction Document is between the Company and an
Investor, solely, and not between the Company and the Investors collectively and not between and
among Investors.

[signature pages follow]

26

 

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

	 	 	 	 	 
	 	ARADIGM CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	NOVO NORDISK A/S

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT A

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

Attention:

Re: Aradigm Corporation

Ladies and Gentlemen:

     [We are][I am] counsel to Aradigm Corporation, a California corporation (the “Company”), and
have represented the Company in connection with that certain Stock Purchase Agreement (the “Stock
Purchase Agreement”) entered into between the Company and Novo Nordisk A/S, a company organized and
existing under the laws of Denmark (the “Purchaser”) pursuant to which the Company issued to the
Purchaser certain shares of common stock, no par value per share (the “New Securities”). Pursuant
to the Stock Purchase Agreement, the Company also has entered into a Registration Rights Agreement
with the Purchaser (the “Registration Rights Agreement”) pursuant to which the Company agreed,
among other things, to register the Registrable Securities (as defined in the Registration Rights
Agreement) under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the
Company’s obligations under the Registration Rights Agreement, on                           ,
20     , the Company filed a Registration Statement on Form S-3 (File
No. 333-                    ) (the “Registration Statement”) with the Securities and
Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the
Investors (as defined in the Registration Rights Agreement) as a selling shareholder thereunder.

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

     This letter shall serve as our standing opinion to you that the New Securities are freely
transferable by the Investors pursuant to the Registration Statement. You need not require further
letters from us to effect any future legend-free issuance or reissuance of such New Securities to
the Investors.

 

 

	 	 	 	 	 
	 	Very truly yours,

[ISSUER’S COUNSEL]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

     CC: [LIST NAMES OF INVESTORS]exv10w3

Exhibit 10.3

FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT

AND REGISTRATION RIGHTS AGREEMENT

     This FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT, dated
as of July 20, 2010 (this “First Amendment”), is by and among Aradigm Corporation, a California
corporation with offices located at 3929 Point Eden Way, Hayward, CA 94545 (the “Company”), and the
undersigned investors.

     WHEREAS, the Company and the undersigned investors are parties to (i) that certain Securities
Purchase Agreement, dated as of June 18, 2010 (the “Securities Purchase Agreement”), upon the terms
and subject to the conditions of which, among other things, the Company issued and sold in a
private placement an aggregate of 34,702,512 shares of the Company’s common stock and warrants to
purchase an aggregate of 7,527,214 shares of the Company’s common stock and (ii) that certain
Registration Rights Agreement, dated as of June 21, 2010 (the “Registration Rights Agreement”),
upon the terms and subject to the conditions of which, among other things, the Company agreed to
provide certain registration rights under the Securities Act of 1933, as amended;

     WHEREAS, Section 9(e) of the Securities Purchase Agreement provides that no provision thereof
may be amended or waived other than by an instrument in writing signed by the Company and the
holders of at least 81% of the Registrable Securities (as defined in the Registration Rights
Agreement) and Section 10 of the Registration Rights Agreement provides that provisions thereof may
be amended only with the written consent of the Company and the Required Holders, which is defined
to mean the holders of at least 81% of the Registrable Securities;

     WHEREAS, the undersigned investors hold at least 81% of the Registrable Securities; and

     WHEREAS, the Company and the undersigned investors have negotiated, agreed and consented to
amend certain provisions of the Securities Purchase Agreement and the Registration Rights Agreement
as set forth in this First Amendment.

     NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree and consent to the following:

     1. Defined Terms. Unless otherwise defined in this First Amendment, any capitalized
term used herein and not otherwise defined herein shall have the respective meaning ascribed to
such term set forth in the Securities Purchase Agreement.

     2. Amendment to Securities Purchase Agreement. Section 4(i) of the Securities
Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“(i) Additional Registration Statements. Until the Applicable Date (as
defined below) and at any time thereafter while any Registration Statement is not
effective or the prospectus contained therein is not available for use, the Company

 

 

shall not file a registration statement under the 1933 Act (other than any
registration statement on Form S-8) unless such registration statement relates to
the Registrable Securities (other than any registration statement on Form S-8);
provided, however that this Section 4(i) shall not in any
way prohibit the Company from (i) filing amendments to registration statements filed
prior to the date of this Agreement so long as any such amendment does not increase
the number of securities covered thereby or effect the issuance of any securities
thereunder (other than pursuant to any registration statement on Form S-8) or (ii)
including on any registration statement that relates to the Registrable Securities
up to 26,000,000 additional shares of common stock, no par value, of the Company
issued or issuable to Novo Nordisk A/S and/or its designee in connection with any
transaction contemplating the cancellation of that certain Promissory Note and
Security Agreement, dated as of July 3, 2006, by and between the Company and Novo
Nordisk A/S. “Applicable Date” means the earlier of (i) the first date on which the
resale by the Buyers of all Registrable Securities is covered by one or more
effective Registration Statements (as defined in the Registration Rights Agreement)
(and each prospectus contained therein is available for use on such date) and
(ii) the date on which the Buyers of all Registrable Securities can freely sell such
Registrable Securities under Rule 144.”

     3. Amendments to Registration Rights Agreement.

          (a) Section 1(d) of the Registration Rights Agreement is hereby amended and restated in its
entirety to read as follows:

“(d) “Effectiveness Deadline” means (i) with respect to the initial Registration
Statement required to be filed pursuant to Section 2(a), the earlier of the (A) 81st
calendar day after the Closing Date (or the 141st calendar day after the Closing
Date in the event that such Registration Statement is subject to a full review by
the SEC) and (B) 2nd Business Day after the date the Company is notified (orally or
in writing, whichever is earlier) by the SEC that such Registration Statement will
not be reviewed or will not be subject to further review and (ii) with respect to
any additional Registration Statements that may be required to be filed by the
Company pursuant to this Agreement, the earlier of the (A) 60th calendar day
following the date on which the Company was required to file such additional
Registration Statement (or the 120th calendar day after such date in the event that
such Registration Statement is subject to full review by the SEC) and (B) 2nd
Business Day after the date the Company is notified (orally or in writing, whichever
is earlier) by the SEC that such additional Registration Statement will not be
reviewed or will not be subject to further review.”

          (b) Section 1(e) of the Registration Rights Agreement is hereby amended and restated in its
entirety to read as follows:

“(e) “Filing Deadline” means (i) with respect to the initial Registration Statement
required to be filed pursuant to Section 2(a), the 51st calendar day after the
Closing Date and (ii) with respect to any additional Registration Statements that

2

 

may be required to be filed by the Company pursuant to this Agreement, the date on
which the Company was required to file such additional Registration Statement
pursuant to the terms of this Agreement.”

          (c) Section 2(i) of the Registration Rights Agreement is hereby amended and restated in its
entirety to read as follows:

“(i) No Inclusion of Other Securities. In no event shall the Company include
any securities other than Registrable Securities on any Registration Statement
without the prior written consent of the Required Holders, except that the Company
shall be permitted to include on any such Registration Statement up to 26,000,000
additional shares of common stock, no par value, of the Company issued or issuable
to Novo Nordisk A/S and/or its designee in connection with any transaction
contemplating the cancellation of that certain Promissory Note and Security
Agreement, dated as of July 3, 2006, by and between the Company and Novo Nordisk
A/S.”

     4. Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this First Amendment shall be governed by the internal laws of the State of
New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of New York.

     5. Effectiveness. The amendments set forth in this First Amendment shall be effective
on the date on which the Company and investors holding at least 81% of the Registrable Securities
shall have signed and delivered their respective counterparts to this First Amendment. Except as
expressly amended by this First Amendment, the Securities Purchase Agreement and the Registration
Rights Agreement shall each remain in full force and effect.

     6. Counterparts. This First Amendment may be executed in two or more identical
counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party. In
the event that any signature is delivered by facsimile transmission or by an e-mail which contains
a portable document format (.pdf) file of an executed signature page, such signature page shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such signature page were an original thereof.

     7. Headings. The headings of this First Amendment are for convenience of reference
and shall not form part of, or affect the interpretation of, this First Amendment.

[signature pages follow]

3

 

     IN WITNESS WHEREOF, the Company and each undersigned investor have caused their respective
signature pages to this First Amendment to be duly executed as of the date first written above.

COMPANY:

	 	 	 	 	 
	 	ARADIGM CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INVESTORS:

FIRST EAGLE VALUE IN BIOTECHNOLOGY MASTER FUND, LTD.

	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 

	DEF ASSOCIATES N.V.	 	 	 	21 APRIL FUND, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	21 APRIL FUND, LTD.	 	 	 	BISON TRADING, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE CONUS FUND, L.P.	 	 	 	THE CONUS FUND (QP), L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE CONUS FUND OFFSHORE 

       MASTER FUND LIMITED	 	 	 	LAURENCE LYTTON	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:

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