Document:

AMENDED
AND RESTATED

CERTIFICATE OF INCORPORATION

OF

SPECIALTY RENAL PRODUCTS, INC.

 

(Pursuant
to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

 

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

 

DOES
HEREBY CERTIFY:

 

1.
That the name of this corporation is Specialty Renal Products, Inc. (the “Corporation”), and that this
corporation was originally incorporated pursuant to the General Corporation Law on July 2, 2018, under the name Specialty Renal
Products, Inc.

 

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

 

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

 

First:
The name of this corporation is Specialty
Renal Products, Inc.

 

Second:
The address of the registered office of the
Corporation in the State of Delaware is 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808. The name of its
registered agent at such address is The Company Corporation.

 

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

 

Fourth:
The total number of shares of all classes
of stock which the Corporation shall have authority to issue is (i) 5,000,000 shares of Common Stock, $0.0001 par value per share
(“Common Stock”) and (ii) 600,000 shares of Preferred Stock, $0.0001 par value per share (“Preferred
Stock”).

 

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

 

    	 

    	 

    

 

A.
COMMON STOCK

 

1.
General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by
the rights, powers and preferences of the holders of the Preferred Stock set forth herein.

 

2.
Voting. The holders of the Common Stock are entitled to one vote for each share of Common Stock held at all meetings of
stockholders (and written actions in lieu of meetings). The number of authorized shares of Common Stock may be increased or decreased
(but not below the number of shares thereof then outstanding) by (in addition to any vote of the holders of one or more series
of Preferred Stock that may be required by the terms of this Amended and Restated Certificate of the Corporation (this “Restated
Certificate”)) the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority
of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions
of Section 242(b)(2) of the General Corporation Law.

 

B.
PREFERRED STOCK

 

All
of the authorized and unissued shares of Preferred Stock of the Corporation are hereby designated “Series A Preferred
Stock” with the following rights, preferences, powers, privileges and restrictions, qualifications and limitations.
Unless otherwise indicated, references to “sections” or “subsections” in this Part B of this Article Fourth
refer to sections and subsections of Part B of this Article Fourth.

 

1.
Dividends. From and after the date of the issuance of any shares of Series A Preferred Stock, dividends at the rate per
annum of $0.40 per share shall accrue on such shares of Series A Preferred Stock (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock)
(the “Accruing Dividends”). Accruing Dividends shall accrue from day to day, whether or not declared, and shall
be cumulative; provided, however, that except as set forth in the following sentence of this Section 1 or
in Subsection 2.1 and, such Accruing Dividends shall be payable only when, as, and if declared by the Board (including
at least one Series A Director if then in office) and the Corporation shall be under no obligation to pay such Accruing Dividends.
The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the
Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) unless (in addition to the obtaining
of any consents required elsewhere in this Amended and Restated Certificate of Incorporation) the holders of the Series A Preferred
Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Series A Preferred
Stock in an amount at least equal to the greater of (i) the amount of the aggregate Accruing Dividends then accrued on such share
of Series A Preferred Stock and not previously paid and (ii) (A) in the case of a dividend on Common Stock or any class or series
that is convertible into Common Stock, that dividend per share of Series A Preferred Stock as would equal the product of (1) the
dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had
been converted into Common Stock and (2) the number of shares of Common Stock issuable upon conversion of a share of Series A
Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend or
(B) in the case of a dividend on any class or series that is not convertible into Common Stock, at a rate per share of Series
A Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital
stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (2)
multiplying such fraction by an amount equal to the Series A Original Issue Price (as defined below); provided that if
the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital
stock of the Corporation, the dividend payable to the holders of Series A Preferred Stock pursuant to this Section 1 shall
be calculated based upon the dividend on the class or series of capital stock that would result in the highest Series A Preferred
Stock dividend. The “Series A Original Issue Price” shall mean $5.00 per share, subject to appropriate adjustment
in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred
Stock.

 

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

 

2.1
Preferential Payments to Holders of Series A Preferred Stock. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation, the holders of shares of Series A Preferred Stock then outstanding shall be entitled
to be paid out of the assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation
Event (as defined below), out of the consideration payable to stockholders in such Deemed Liquidation Event or the Available Proceeds
(as defined below), before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount
per share equal to one times (1x) the Series A Original Issue Price, plus any Accruing Dividends accrued but unpaid thereon, whether
or not declared, together with any other dividends declared but unpaid thereon. If upon any such liquidation, dissolution or winding
up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders
shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be entitled
under this Section 2.1, the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the
assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares
held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

 

2.2
Payments to Holders of Common Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, after the payment in full of all Series A Liquidation Amounts required to be paid to the holders of shares
of Series A Preferred Stock the remaining assets of the Corporation available for distribution to its stockholders or, in the
case of a Deemed Liquidation Event, the consideration not payable to the holders of shares of Series A Preferred Stock pursuant
to Section 2.1 or the remaining Available Proceeds, as the case may be, shall be distributed among the holders of the shares
of Series A Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating
for this purpose all such securities as if they had been converted to Common Stock pursuant to the terms of this Amended and Restated
Certificate of Incorporation immediately prior to such liquidation, dissolution or winding up of the Corporation. The aggregate
amount which a holder of a share of Series A Preferred Stock is entitled to receive under Subsections 2.1 and 2.2
is hereinafter referred to as the “Series A Liquidation Amount.”

 

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2.3
Deemed Liquidation Events.

 

2.3.1
Definition. Each of the following events shall be considered a “Deemed Liquidation Event” unless the
holders of at least a majority of the outstanding shares of Series A Preferred Stock, voting together as a single class on an
as-if-converted to Common Stock basis (the “Requisite Preferred Majority”) elect otherwise by written notice
sent to the Corporation at least five (5) days prior to the effective date of any such event:

 

	 	(a)	a merger or consolidation in which

 

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

 

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

 

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

 

2.3.2
Effecting a Deemed Liquidation Event.

 

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

 

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(b)
In the event of a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(ii) or 2.3.1(b), if the Corporation
does not effect a dissolution of the Corporation under the General Corporation Law within sixty (60) days after such Deemed Liquidation
Event, then (i) the Corporation shall send a written notice to each holder of Series A Preferred Stock no later than the sixtieth
(60th) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met
to secure such right) pursuant to the terms of the following clause to require the redemption of such shares of Series A Preferred
Stock, and (ii) unless the Requisite Preferred Majority of the then outstanding shares of Series A Preferred Stock so request
in a written instrument delivered to the Corporation not later than ninety (90) days after such Deemed Liquidation Event, the
Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities
associated with the assets sold or technology licensed, as determined in good faith by the Board, including at least one Series
A Director if then in office), together with any other assets of the Corporation available for distribution to its stockholders,
all to the extent permitted by Delaware law governing distributions to stockholders (the “Available Proceeds”),
on the one hundred twentieth (120th) day after such Deemed Liquidation Event, to redeem all outstanding shares of Series
A Preferred Stock at a price per share equal to the Series A Liquidation Amount. Notwithstanding the foregoing, in the event of
a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares
of Series A Preferred Stock, the Corporation shall ratably redeem each holder’s shares of Series A Preferred Stock to the
fullest extent of such Available Proceeds, and shall redeem the remaining shares as soon as it may lawfully do so under Delaware
law governing distributions to stockholders and in a procedure determined by the Board (including at least one Series A Director
if then in office). Prior to the distribution or redemption provided for in this Subsection 2.3.2(b), the Corporation shall
not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in
connection with such Deemed Liquidation Event.

 

2.3.3
Amount Deemed Paid or Distributed. The amount deemed paid or distributed to the holders of capital stock of the Corporation
upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the
value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm
or other entity in connection with such Deemed Liquidation Event. The value of such property, rights or securities shall be determined
in good faith by the Board (including at least one Series A Director if then in office).

 

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

 

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3.
Voting.

 

3.1
General. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting
of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares
of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock
into which the shares of Series A Preferred Stock held by such holder are convertible as of the record date for determining stockholders
entitled to vote on such matter. Except as provided by law or by the other provisions of this Restated Certificate, holders of
Series A Preferred Stock shall vote together with the holders of Common Stock as a single class.

 

3.2
Election of Directors. The number of directors of the Corporation shall not be more than seven (7). The holders of record
of the shares of Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect two (2) directors of
the Corporation (the “Series A Director”). The holders of record of the shares of Common Stock, exclusively
and as a separate class, shall be entitled to elect three (3) directors of the Corporation. Any director elected as provided in
the preceding sentence may be removed without cause by, and only by, the affirmative vote of the holders of the outstanding shares
of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such
stockholders duly called for that purpose or pursuant to a written consent of stockholders. If the holders of shares of Series
A Preferred Stock or Common Stock, as the case may be, fail to elect a sufficient number of directors to fill all directorships
for which they are entitled to elect directors, voting exclusively and as a separate class, pursuant to the second sentence of
this Subsection 3.2, then any directorship not so filled shall remain vacant until such time as the holders of the Series
A Preferred Stock or Common Stock, as the case may be, elect a person to fill such directorship by vote or written consent in
lieu of a meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of
the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and as a separate class. The
holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Series A Preferred
Stock), exclusively and voting together as a single class, shall be entitled to elect the balance of the total number of directors
of the Corporation. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders
of a majority of the outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the
purpose of electing such director. Except as otherwise provided in this Subsection 3.2, a vacancy in any directorship filled
by the holders of any class or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such
class or series or by any remaining director or directors elected by the holders of such class or series pursuant to this Subsection
3.2. The rights of the holders of the Series A Preferred Stock under the first sentence of this Subsection 3.2 shall
terminate on the first date following the Series A Original Issue Date (as defined below) on which there are issued and outstanding
less than 150,000 shares of Series A Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock
split, combination, or other similar recapitalization with respect to the Series A Preferred Stock). No vacancy in the office
of any Series A Director may be filled by the Board, but may only be filled by the holders of the Series A Preferred Stock as
provided in this Section 3.2.

 

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3.3
Series A Preferred Stock Protective Provisions. At any time when at least 150,000 shares of Series A Preferred Stock (subject
to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with
respect to the Series A Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment,
merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate
of Incorporation) the written consent or affirmative vote of the Requisite Preferred Majority, given in writing or by vote at
a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without
such consent or vote shall be null and void ab initio, and of no force or effect:

 

3.3.1
liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any merger, consolidation, reorganization,
statutory plan of exchange, sale of all or substantially all of the assets or license substantially all of the key technology
or intellectual property of the Company or any subsidiary, or any other Deemed Liquidation Event, or consent to any of the foregoing;

 

3.3.2
amend, alter or repeal any provision of this Restated Certificate or the Bylaws of the Corporation;

 

3.3.3
create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital
stock unless the same ranks junior to the Series A Preferred Stock with respect to the distribution of assets on the liquidation,
dissolution or winding up of the Corporation, the payment of dividends and rights of redemption, or increase the authorized number
of shares of Series A Preferred Stock, Common Stock, or any additional class or series of capital stock;

 

3.3.4
(i) reclassify, alter or amend any existing security of the Corporation that is pari passu with the Series A Preferred
Stock in respect of the distribution of assets on the liquidation, dissolution or winding up of the Corporation, the payment of
dividends or rights of redemption, if such reclassification, alteration or amendment would render such other security senior to
the Series A Preferred Stock in respect of any such right, preference, or privilege or (ii) reclassify, alter or amend any existing
security of the Corporation that is junior to the Series A Preferred Stock in respect of the distribution of assets on the liquidation,
dissolution or winding up of the Corporation, the payment of dividends or rights of redemption, if such reclassification, alteration
or amendment would render such other security senior to or pari passu with the Series A Preferred Stock in respect of any
such right, preference or privilege;

 

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3.3.5
purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on,
any shares of capital stock of the Corporation other than (i) redemptions of or dividends or distributions on the Series A Preferred
Stock as expressly authorized herein, (ii) dividends or other distributions payable on the Common Stock solely in the form of
additional shares of Common Stock and (iii) repurchases of stock from former employees, officers, directors, consultants or other
persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service
at the lower of the original purchase price or the then-current fair market value thereof;

 

3.3.6
create, or hold capital stock in, any subsidiary that is not wholly owned (either directly or through one or more other subsidiaries)
by the Corporation, or permit any subsidiary to create, or authorize the creation of, or issue or obligate itself to issue, any
shares of any class or series of capital stock, or sell, transfer or otherwise dispose of any capital stock of any direct or indirect
subsidiary of the Corporation, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise
dispose (in a single transaction or series of related transactions) of all or substantially all of the assets of such subsidiary;

 

3.3.7
create, or authorize the creation of, or issue, or authorize the issuance of any debt security, or permit any subsidiary to take
any such action with respect to any debt security, if the aggregate indebtedness of the Corporation and its subsidiaries for borrowed
money following such action would exceed $250,000; create, or hold capital stock in, any subsidiary that is not wholly owned (either
directly or through one or more other subsidiaries) by the Corporation, or sell, transfer or otherwise dispose of any capital
stock of any direct or indirect subsidiary of the Corporation, or permit any direct or indirect subsidiary to sell, lease, transfer,
exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or substantially all
of the assets of such subsidiary;

 

3.3.8
increase or decrease the authorized number of directors constituting the Board;

 

3.3.9
engage in any new lines of business other than the development and commercialization of medical device products for patients with
renal disease; or

 

3.3.10
adopt or effect any material modification to any employee stock option plan, stock bonus plan, stock purchase plan or other management
equity plan.

 

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4.
Optional Conversion.

 

The
holders of the Series A Preferred Stock shall have conversion rights as follows (the “Conversion Rights”):

 

4.1
Right to Convert.

 

4.1.1
Conversion Ratio. Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at
any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of
fully paid and non-assessable shares of Common Stock as is determined by dividing the Series A Original Issue Price by the Series
A Conversion Price (as defined below) in effect at the time of conversion. The “Series A Conversion Price”
shall initially be equal to the Series A Original Issue Price. Such initial Series A Conversion Price, and the rate at which shares
of Series A Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below.

 

4.1.2
Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed
Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed
for the payment of any such amounts distributable on such event to the holders of Series A Preferred Stock. In the event that
such Deemed Liquidation Event is not consummated or if such Deemed Liquidation Event is consummated and such amounts distributable
on such event are not paid on such date with respect to any shares of Preferred Stock, the Conversion Rights with respect to such
shares shall remain in full force and effect.

 

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

 

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4.3
Mechanics of Conversion.

 

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

 

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

 

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

 

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

 

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

 

4.4
Adjustments to Series A Conversion Price for Diluting Issues.

 

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

 

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

 

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

 

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

 

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

 

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

 

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	 	(ii)	shares
    of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution
    on shares of Common Stock that is covered by Subsection 4.5, 4.6, 4.7 or 4.8; 
	 	 	 
	 	(iii)	shares
    of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its
    subsidiaries pursuant to a plan, agreement or arrangement approved by the Board (including at least one Series A Director
    if then in office) and the Requisite Preferred Majority pursuant to Section 3.3.10;
	 	 	 
	 	(iv)	shares
    of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock actually
    issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms
    of such Option or Convertible Security; 
	 	 	 
	 	(v)	shares
    of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or
    to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by
    the Board, including at least one Series A Director if then in office; 
	 	 	 
	 	(vi)	shares
    of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers in connection with
    the provision of goods or services pursuant to transactions approved by the Board, including
    at least one Series A Director if then in office; 
	 	 	 
	 	(vii)	shares
    of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of another company by the Corporation
    by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided
    that such issuances are approved by the Board, including at least one Series A Director
    if then in office; or

 

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	 	(viii)	shares
    of Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology
    license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the Board, including
    at least one Series A Director if then in office.

 

4.4.2
No Adjustment of Series A Conversion Price. No adjustment in the Series A Conversion Price shall be made as the result
of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite
Preferred Majority agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional
Shares of Common Stock.

 

4.4.3
Deemed Issue of Additional Shares of Common Stock.

 

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

 

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

 

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

 

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

 

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

 

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4.4.4
Adjustment of Series A Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation
shall at any time after the Series A Original Issue Date issue Additional Shares of Common Stock (including Additional Shares
of Common Stock deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share
less than the applicable Series A Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Series
A Conversion Price shall be reduced, concurrently with such issuance or deemed issuance, to the consideration per share received
by the Corporation for such issue or deemed issue of the Additional Shares of Common Stock; provided that if such issuance
or deemed issuance was without consideration, then the Corporation shall be deemed to have received an aggregate of $0.01 of consideration
for all such Additional Shares of Common Stock issued or deemed to be issued.

 

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

 

	 	(a)	Cash and Property: Such consideration shall:

 

	 	(i)	insofar
    as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or
    payable for accrued interest;
	 	 	 
	 	(ii)	insofar
    as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined
    in good faith by the Board (including at least one Series A Director if then in office); and
	 	 	 
	 	(iii)	in
    the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation
    for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses
    (i) and (ii) above, as determined in good faith by the Board (including at least one Series A Director if then in office).

 

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

 

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

 

4.4.6
Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock
that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Series A
Conversion Price pursuant to the terms of Subsection 4.4.4 then, upon the final such issuance, the Series A Conversion
Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and
without giving effect to any additional adjustments as a result of any such subsequent issuances within such period).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4.10
Notice of Record Date. In the event:

 

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

 

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

 

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

 

then,
and in each such case, the Corporation will send or cause to be sent to the holders of the Series A Preferred Stock a notice specifying,
as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders
of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Series A
Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities
or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation
or winding-up, and the amount per share and character of such exchange applicable to the Series A Preferred Stock and the Common
Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in
such notice.

 

5.
Mandatory Conversion.

 

5.1
Trigger Events. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least
$15.00 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended, resulting in at least $20,000,000 of proceeds, net of underwriting
discounts and commissions, to the Corporation (a “Qualified IPO”), or (b) the date and time, or the occurrence
of an event, specified by vote or written consent of the Requisite Preferred Majority (the time of such closing or the date and
time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory
Conversion Time”), then (i) all outstanding shares of Series A Preferred Stock shall automatically be converted into
shares of Common Stock, at the then effective conversion rate as calculated pursuant to Subsection 4.1.1. and (ii) such
shares may not be reissued by the Corporation.

 

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

 

5.3
Effect of Mandatory Conversion. All shares of Preferred Stock shall, from and after the Mandatory Conversion Time, no longer
be deemed to be outstanding and, notwithstanding the failure of the holder or holders thereof to surrender the certificates for
such shares on or prior to such time, all rights with respect to such shares shall immediately cease and terminate at the Mandatory
Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive
payment of any dividends declared but unpaid thereon. Such converted Preferred Stock shall be retired and cancelled and may not
be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder
action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

 

6.
Redeemed or Otherwise Acquired Shares. Any shares of Series A Preferred Stock that are redeemed or otherwise acquired by
the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued,
sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the
holders of Series A Preferred Stock following redemption.

 

7.
Waiver. Any of the rights, powers, preferences and other terms of the Series A Preferred Stock set forth herein may be
waived on behalf of all holders of Series A Preferred Stock by the affirmative written consent or vote of the holders of Requisite
Preferred Majority.

 

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8.
Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder of shares of
Series A Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation,
or given by electronic communication in compliance with the provisions of the General Corporation Law, and shall be deemed sent
upon such mailing or electronic transmission.

 

Fifth:
Subject to any additional vote required by
this Restated Certificate or the Bylaws of the Corporation, in furtherance and not in limitation of the powers conferred by statute,
the Board (including at least one Series A Director if then in office) is expressly authorized to make, repeal, alter, amend and
rescind any or all of the Bylaws of the Corporation.

 

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

 

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

 

Eighth:
Meetings of stockholders may be held within
or without the State of Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept outside
the State of Delaware at such place or places as may be designated from time to time by the Board (including at least one Series
A Director if then in office) or in the Bylaws of the Corporation.

 

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

 

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

 

Tenth:
The following indemnification provisions
shall apply to the persons enumerated below.

 

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A.
Right to Indemnification of Directors and Officers. The Corporation shall indemnify and hold harmless, to the fullest extent
permitted by applicable law as it presently exists or may hereafter be amended, any person (an “Indemnified Person”)
who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), by reason of the fact that such person, or a person
for whom such person is the legal representative, is or was a director or officer of the Corporation or, while a director or officer
of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation
or of a partnership, joint venture, limited liability company, trust, enterprise or nonprofit entity, including service with respect
to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred
by such Indemnified Person in such Proceeding. Notwithstanding the preceding sentence, except as otherwise provided in Section
C of this Article Tenth, the Corporation shall be required to indemnify an Indemnified Person in connection with a Proceeding
(or part thereof) commenced by such Indemnified Person only if the commencement of such Proceeding (or part thereof) by the Indemnified
Person was authorized in advance by the Board (including at least one Series A Director if then in office).

 

B.
Prepayment of Expenses of Directors and Officers. The Corporation shall pay the expenses (including attorneys’ fees)
incurred by an Indemnified Person in defending any Proceeding in advance of its final disposition, provided, however,
that, to the extent required by law, such payment of expenses in advance of the final disposition of the Proceeding shall be made
only upon receipt of an undertaking by the Indemnified Person to repay all amounts advanced if it should be ultimately determined
that the Indemnified Person is not entitled to be indemnified under this Article Tenth or otherwise.

 

C.
Claims by Directors and Officers. If a claim for indemnification or advancement of expenses under this Article Tenth is
not paid in full within 30 days after a written claim therefor by the Indemnified Person has been received by the Corporation,
the Indemnified Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall
be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation shall have the burden of proving
that the Indemnified Person is not entitled to the requested indemnification or advancement of expenses under applicable law.

 

D.
Indemnification of Employees and Agents. The Corporation may indemnify and advance expenses to any person who was or is
made or is threatened to be made or is otherwise involved in any Proceeding by reason of the fact that such person, or a person
for whom such person is the legal representative, is or was an employee or agent of the Corporation or, while an employee or agent
of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation
or of a partnership, joint venture, limited liability company, trust, enterprise or nonprofit entity, including service with respect
to employee benefit plans, against all liability and loss suffered and expenses (including attorney’s fees) reasonably incurred
by such person in connection with such Proceeding. The ultimate determination of entitlement to indemnification of persons who
are non-director or officer employees or agents shall be made in such manner as is determined by the Board (including at least
one Series A Director if then in office) in its sole discretion. Notwithstanding the foregoing sentence, the Corporation shall
not be required to indemnify a person in connection with a Proceeding initiated by such person if the Proceeding was not authorized
in advance by the Board (including at least one Series A Director if then in office).

 

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E.
Advancement of Expenses of Employees and Agents. The Corporation may pay the expenses (including attorney’s fees)
incurred by an employee or agent in defending any Proceeding in advance of its final disposition on such terms and conditions
as may be determined by the Board (including at least one Series A Director if then in office).

 

F.
Non-Exclusivity of Rights. The rights conferred on any person by this Article Tenth shall not be exclusive of any other
rights which such person may have or hereafter acquire under any statute, provision of the certificate of incorporation, these
by-laws, agreement, vote of stockholders or disinterested directors or otherwise.

 

G.
Other Indemnification. The Corporation’s obligation, if any, to indemnify any person who was or is serving at its
request as a director, officer or employee of another Corporation, partnership, limited liability company, joint venture, trust,
organization or other enterprise shall be reduced by any amount such person may collect as indemnification from such other Corporation,
partnership, limited liability company, joint venture, trust, organization or other enterprise.

 

H.
Insurance. The Board (including at least one Series A Director if then in office) may, to the full extent permitted by
applicable law as it presently exists, or may hereafter be amended from time to time, authorize an appropriate officer or officers
to purchase and maintain at the Corporation’s expense insurance: (a) to indemnify the Corporation for any obligation which
it incurs as a result of the indemnification of directors, officers and employees under the provisions of this Article Tenth;
and (b) to indemnify or insure directors, officers and employees against liability in instances in which they may not otherwise
be indemnified by the Corporation under the provisions of this Article Tenth.

 

I.
Amendment or Repeal. Any repeal or modification of the foregoing provisions of this Article Tenth shall not adversely affect
any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or
modification. The rights provided hereunder shall inure to the benefit of any Indemnified Person and such person’s heirs,
executors and administrators.

 

Eleventh:
The Corporation renounces, to the fullest
extent permitted by law, any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in,
any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction or interest that is presented
to, or acquired, created or developed by, or which otherwise comes into the possession of (i) any director of the Corporation
who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Series A Preferred Stock or any partner,
member, director, stockholder, employee or agent of any such holder, other than someone who is an employee of the Corporation
or any of its subsidiaries (collectively, “Covered Persons”), unless such matter, transaction or interest is
presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and
solely in such Covered Person’s capacity as a director of the Corporation.

 

    	23

    	 

    

 

Twelfth:
Unless the Corporation consents in writing
to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum
for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Corporation,
(ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation
to the Corporation or the Corporation’s stockholders, (iii) any action asserting a claim against the Corporation, its directors,
officers or employees arising pursuant to any provision of the Delaware General Corporation Law or the Restated Certificate or
the Bylaws of the Corporation or (iv) any action asserting a claim against the Corporation, its directors, officers or employees
governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of
Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable
party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which
is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery
does not have subject matter jurisdiction. If any provision or provisions of this Article Twelfth shall be held to be invalid,
illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent
permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining
provisions of this Article Twelfth (including, without limitation, each portion of any sentence of this Article Twelfth containing
any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable)
and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired
thereby.

 

*
* *

 

3.
That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of this corporation
in accordance with Section 228 of the General Corporation Law.

 

4.
That this Restated Certificate, which restates and integrates and further amends the provisions of this Corporation’s
Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

 

[Signature
Page Follows]

 

    	24

    	 

    

 

IN
WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this
corporation on this 5th day of September, 2018.

 

	 	By:	/s/
    Daron Evans
	 	Name:	Daron
    Evans
	 	Its:	Chief
    Executive Officer

 

[Signature
Page to Amended & Restated Certificate of Incorporation]Execution
Version

 

SPECIALTY
RENAL PRODUCTS, INC.

 

INVESTORS’
RIGHTS AGREEMENT

 

THIS
INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of September 5, 2018, by and among
Specialty Renal Products, Inc., a Delaware corporation (the “Company”), and each of the investors
listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and any
Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this
Agreement in accordance with Section 6.9 hereof.

 

RECITALS

 

WHEREAS,
the Company and the Investors are parties to the Series A Preferred Stock Purchase Agreement of even date herewith (the “Purchase
Agreement”); and

 

WHEREAS,
in order to induce the Company to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company
pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of
the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information
from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set
forth in this Agreement;

 

NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.
Definitions. For purposes of this Agreement:

 

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

 

1.2
“Board” or “Board of Directors” means the board of directors of the Company

 

1.3
“Certificate of Incorporation” shall mean the Company’s Amended and Restated Certificate of Incorporation,
as amended.

 

1.4
“Common Stock” means shares of the Company’s common stock, par value $0.0001 per share.

 

1.5
“Competitor” means a Person engaged, directly or indirectly (including through any partnership, limited liability
company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business of developing,
manufacturing, producing, distributing and selling medical device products for use in the treatment of patients with renal disease,
including hemodiafiltration systems for use in kidney dialysis, but shall not include any financial investment firm or collective
investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor
and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor.

 

    	 	 	 

    	 

    

 

1.6
“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability
(or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or
Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any state securities law.

 

1.7
“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for
(in each case, directly or indirectly), Common Stock, including options and warrants.

 

1.8
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

1.9
“Excluded Registration”
means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option,
stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form
that does not include substantially the same information as would be required to be included in a registration statement covering
the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being registered.

 

1.10
“FOIA Party” means a Person that, in the reasonable determination of the Board of Directors (including at least
one Series A Director if then in office), may be subject to, and thereby required to disclose non-public information furnished
by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public
records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory
or regulatory requirement.

 

1.11
“Form S-1” means such form under
the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted
by the SEC.

 

    	2

    	 

    

 

1.12
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form
under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to
other documents filed by the Company with the SEC.

 

1.13
“GAAP” means generally accepted accounting principles in the United States.

 

1.14
“Holder” means any holder of Registrable Securities who is a party to this Agreement.

 

1.15
“Immediate Family Member” means
a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including,
adoptive relationships, of a natural person referred to herein.

 

1.16
“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 

1.17
“IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 

1.18
“Key
Employee” means any executive-level employee (including, division director
and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs,
or designs any Company Intellectual Property (as defined in the Purchase Agreement).

 

1.19
“Lead Investor” means [Wexford Capital], for so as long as it also continued to be a Major Investor.

 

1.20
“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds
at least twenty percent (20%) of the then issued and outstanding shares of Series A Preferred Stock.

 

1.21
“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized,
as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or
may become, convertible or exchangeable into or exercisable for such equity securities.

 

1.22
“Parent”
means Nephros, Inc., a Delaware corporation, as well as any entity that hereafter acquires a majority of the outstanding capital
stock of Parent.

 

1.23
“Permitted Transfers”
shall mean in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration;
provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12.

 

    	3

    	 

    

 

1.24
“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

1.25
“Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock.

 

1.26
“Qualified Public Offering” has the same given such term in the Certificate of Incorporation.

 

1.27
“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Series
A Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion
and/or exercise of any other securities of the Company, acquired by a Major Investor after the date hereof; and (iii) any Common
Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend
or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and
(ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Section 6.1, and excluding for purposes of Section
2 any shares for which registration rights have terminated pursuant to Section 2.13 of this Agreement.

 

1.28
“Registrable Securities then outstanding” means the number of shares determined by adding the number
of shares of outstanding Common Stock that are Registrable Securities and the
number of shares of Common Stock issuable (directly
or indirectly) pursuant to then exercisable and/or convertible securities that
are Registrable Securities.

 

1.29
“Restricted Securities” means the securities of the Company required to be notated with the legend set forth
in Subsection 2.12(b) hereof.

 

1.30
“SEC” means the Securities and Exchange Commission.

 

1.31
“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

1.32
“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

1.33
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

1.34
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for
the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6.

 

    	4

    	 

    

 

1.35
“Series A Directors” means any director of the Company that the holders
of record of the Series A Preferred Stock are entitled to elect pursuant to the Certificate of Incorporation.

 

1.36
“Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001
per share.

 

1.37
“Transaction Documents” has the same meaning as in the Purchase Agreement.

 

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

 

2.1
Demand Registration.

 

(a)
Form S-1 Demand. If at any time one hundred eighty (180) days after the effective
date of the registration statement for the IPO, the Company receives a request from Holders of fifty percent (50%) of the Registrable
Securities then outstanding that the Company file a Form
S-1 registration statement with respect to the Registrable Securities then outstanding
with an anticipated aggregate offering price, net of Selling Expenses, of at least $2 million, then the Company shall (x) within
ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders
other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such
request is given by the Initiating Holders, file a Form S-1 registration statement under
the Securities Act covering all Registrable Securities that the Initiating Holders requested
to be registered and any additional Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days
of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and
2.3.

 

(b)
Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement,
the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that
the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an
anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall (i) within ten (10)
days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as
soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders,
file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days
of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.

 

    	5

    	 

    

 

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

 

(d)
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a)(i)
during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided
that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become
effective; (ii) after the Company has effected two (2) registrations pursuant to Subsection
2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1 (b).
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1 (b) (i) during the period that is thirty (30) days before the Company’s good faith
estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such
registration statement to become effective; or (ii) if the Company has effected two (2) registrations pursuant to Subsection
2.1 (b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted
as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement
has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not
to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection
2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection
2.1(d).

 

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

 

    	6

    	 

    

 

2.3
Underwriting Requirements.

 

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

 

(b)
In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection
2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless
the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.
If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering
exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine
is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine
will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion
(as nearly as practicable to) the number of Registrable Securities owned by each
selling Holder or in such other proportions as shall mutually be agreed to by
all such selling Holders. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred
(100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable
Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are
first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced
below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which
case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. For purposes of the provision in this Subsection 2.3 (b) concerning apportionment,
for any selling Holder that is a partnership, limited liability company, or corporation,
the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate
Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the
foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such
“selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included
in such “selling Holder,” as defined in this sentence.

 

    	7

    	 

    

 

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

 

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

 

(a)
prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to
cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier,
until the distribution contemplated in the registration statement has been completed; provided, however, that (i)
such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the
request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration,
and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous
or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended
for up to thirty (30) days, if necessary, to keep the registration statement effective until all such Registrable Securities are
sold;

 

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

 

    	8

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)
Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Subsection 2.8,
give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate
in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to
which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party (together with all other indemnified parties that may be represented without conflict
by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall
relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8,
to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The
failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Subsection 2.8.

 

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

 

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

 

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

 

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

 

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

 

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

 

2.10
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without
the prior written consent of the Holders of 60% of the Registrable Securities then outstanding, enter into any agreement with
any holder or prospective holder of any securities of the Company that (i) would allow such holder or prospective holder (i) to
include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include
such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of
the Registrable Securities of the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand
for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply
to any additional Investor who becomes a party to this Agreement in accordance with Subsection
6.9.

 

2.11
Restrictions on Transfer.

 

(a)
The Series A Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company
shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or
transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Series
A Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement.

 

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(b)
Each certificate, instrument, or book entry representing (i) the Series A Preferred Stock,
(ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i)
and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise
permitted by the provisions of Subsection 2.11 (c)) be notated with a legend substantially
in the following form:

 

THE
SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED
FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 

THE
SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF THE COMPANY.

 

The
Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted
Securities in order to implement the restrictions on transfer set forth in this Subsection 2.11.

 

(c)
The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions
of this Section 2. Except with respect to Permitted Transfees, before any proposed sale, pledge, or transfer of any Restricted
Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the
Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each
such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if
reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal
counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action”
letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration
will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence
reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted
Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall
be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder
to the Company. The Company will not require such a legal opinion or “no action” letter in any transaction in compliance
with SEC Rule 144. Each certificate, instrument, or
book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer
is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection
2.11 (b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in
the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any
provisions of the Securities Act.

 

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2.12
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities
in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest
to occur of the closing of a Deemed Liquidation Event, as such term is defined in Certificate of Incorporation. The right
of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Section 2.1
or Section 2.2 shall terminate on the fifth anniversary of the IPO; provided, however, the right of any Holder
under Section 2.1 or Section 2.2 shall continue beyond such fifth anniversary until such Holder is able to sell all of its Registrable
Securities without restriction in any 90-day period pursuant to SEC Rule 144 or any successor exemption under the Securities Act.

 

3.
Information Rights.

 

3.1
Delivery of Financial Statements. The Company shall deliver to each Major Investor:

 

(a)
as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company,
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement
of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public
accountants of at least locally recognized standing selected by the Company;

 

(b)
with the delivery of the financial statements called for in subsection (a) of this Section 3.1, a certificate executed
by the Chief Financial Officer of the Company certifying the Company’s continuing compliance with the terms and conditions
of the Transaction Documents nad the the Restated Charter (each as defined in the Purchase Agreement);

 

(c)
as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the
next fiscal year (collectively, the “Budget”), approved by the Board of Directors (including at least one Series
A Director if then in office) and prepared on a monthly basis, including balance sheets, income statements, and statements of
cash flow for such months, forecasts for the next three fiscal years, and, promptly after prepared, any other budgets or revised
budgets prepared by the Company;

 

(d)
as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance
sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP
(except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes
thereto that may be required in accordance with GAAP), and a management discussion and analysis describing material activities
and events that occurred in such quarter and discussing major variances from the budgets provided pursuant to Section 3.1(b);

 

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(e)
as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement and statement
of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such
month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit
adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);

 

(f)
with respect to the financial statements called for in Section 3.1(a), Section 3.1(d) and Section 3.1(e),
an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial
statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise
set forth in Section 3.1(d) and Section 3.1(e)) and fairly present the financial condition of the Company and its
results of operation for the periods specified therein;

 

(g)
such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major
Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under
this Section 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or
confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii)
the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

(h)
all communications with other stockholders or the financial community, including press releases;

 

(i)
all material reports prepared for the Company by outside consultants, lawyers, and auditors, excluding (i) information that if
delivered to the Major Investors could adversely affect the attorney-client privilege between the Company and its counsel with
respect to such information, and (ii) disclosure that would result in a conflict of interest, or the disclosure of trade secrets
or confidential patient information;

 

(j)
all material communications with and from federal or state regulatory agencies or other governmental authorities of any kind,
excluding (i) any and all material communications with the United States government that are deemed classified, (ii) material
communications with the Federal Drug Administration, the disclosure of which could adversely effect the Company, (iii) information
that if delivered to the Major Investors could adversely affect the attorney-client privilege between the Company and its counsel
with respect to such information, or (iv) any disclosure that would result in a conflict of interest or the disclosure of trade
secrets or confidential patient information;

 

(k)
notice of any material events, including any pending or threatened litigation;

 

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(l)
subject to applicable confidentiality obligations of the Company in connection therewith, written communications with and from
any companies interested in acquiring the Company (or any material portion thereof) or forming strategic relationships; and

 

(m)
prompt notice of any material defaults under any of the Company’s debt agreements, together with copies of any default notices
in connection therewith.

 

If,
for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such
period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial
statements of the Company and all such consolidated subsidiaries.

 

Notwithstanding
anything else in this Subsection 3.1 to the contrary, (i) the Company may cease providing the information set forth in
this Subsection 3.1 during the period starting with the date sixty (60) days before
the Company’s good-faith estimate of the date of filing of a registration statement if
it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering;
provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company
is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective;
and (ii) the Company’s covenants under this Subsection 3.1 shall be suspended during any period in which the Company’s
financial statements are publicly reported on a consolidated basis with the financial statements of Parent.

 

3.2
Inspection. The Company shall permit each Major Investor (provided that the Board of Directors (including at least one
Series A Director if then in office) has not reasonably determined that such Major Investor is a direct competitor of the Company),
at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and
records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the
Company as may be reasonably requested by such Major Investor; provided, however, that the Company shall not be obligated pursuant
to this Section 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret
or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or
the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

3.3
Termination of Information. The covenants set forth in Subsection 3.1 shall terminate and be of no further force
or effect (i) immediately before the consummation of a Qualified Public Offering; provided that if the Qualified Public
Offering never is consummated the covenants shall be reinstated, or (ii) when the Company
first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed
Liquidation Event, as such term is defined in Certificate of Incorporation, whichever event occurs first.

 

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3.4
Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use
for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant
to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such
confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection
3.3 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may
disclose confidential information (i) to its Affiliates and its and its Affiliates’ attorneys, accountants, consultants,
and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company;
(ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be
bound by the provisions of this Subsection 3.3; (iii) to any existing or prospective
Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business,
provided that such Investor informs such Person that such information is confidential
and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law,
provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the
extent of any such required disclosure.

 

4.
Rights to Future Stock Issuances.

 

4.1
Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws,
if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Investor.
An Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate,
among (i) itself and (ii) its Affiliates; provided that each such Affiliate (x) is not a Competitor or FOIA Party, unless
such party’s purchase of New Securities is otherwise consented to by the Board of Directors (including at least one Series
A Director if then in office), (y) agrees to enter into this Agremeent and each of the Voting Agreement and Right of First Refusal
and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor”
under each such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as an Investor
under Subsections 3.1, 3.2 and 4.1 hereof).

 

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

 

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(b)
By notification to the Company within twenty (20) days after the Offer Notice is given, each Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which
equals the proportion that the Common Stock then held by such Investor (including all shares of Common Stock then issuable (directly
or indirectly) upon conversion and/or exercise, as applicable, of the Preferred
Stock and any other Derivative Securities then held by such Investor) bears to the total Common Stock then outstanding (assuming
full conversion and/or exercise, as applicable,
of all Preferred Stock and other Derivative Securities). At the expiration of such twenty
(20) day period, the Company shall promptly notify each Investor that elects to purchase or acquire all the shares available to
it (each, a “Fully Exercising Investor”) of any other Investor’s failure to do likewise. During the ten
(10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the
Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities
for which Investors were entitled to subscribe but that were not subscribed for by the Investors which is equal to the proportion
that the Series A Preferred Stock then held by such Fully Exercising Investor bears to the Series
A Preferred Stock then held by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing
of any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty (120) days of the
date that the Offer Notice is given and the date of initial sale of New Securities pursuant
to Subsection 4.1(c).

 

(c)
If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection
4.1(b), the Company may, during the one hundred and twenty (120) day period following the expiration of the periods provided
in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons
at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company
does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated
within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities
shall not be offered unless first reoffered to the Investors in accordance with this Subsection 4.1.

 

(d)
The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted
Securities (as defined in Certificate of Incorporation); (ii) shares of Common
Stock issued in the IPO; and (iii) the issuance of shares of Series A Preferred Stock
pursuant to Subsection 1.3 of the Purchase Agreement.

 

4.2
Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i)
immediately before the consummation of a Qualified Public Offering, or (ii) upon a Deemed
Liquidation Event, as such term is defined in Certificate of Incorporation, whichever event occurs first.

 

5.
Additional Covenants.

 

5.1
Qualified Small Business Stock. The Company shall use commercially reasonable efforts to cause the shares of Series
A Preferred Stock issued pursuant to the Purchase Agreement, as well as any shares into which such shares are converted,
within the meaning of Section 1202(f) of the Internal Revenue Code (the “Code”), to constitute “qualified
small business stock” as defined in Section 1202(c) of the Code; provided, however, that such requirement
shall not be applicable if the Board of Directors (including at least one Series A Director if then in office) determines, in
its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company
shall submit to its stockholders (including the Investors) and to the Internal Revenue Service any reports that may be required
under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In addition, within twenty (20) business days
after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written
statement indicating whether (and what portion of) such Investor’s interest in the Company constitutes “qualified
small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information
in the Company’s possession as is reasonably necessary to enable such Investor to determine whether (and what portion of)
such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c)
of the Code.

 

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5.2
Employee Agreements. The Company will cause: (i) each person now or hereafter employed by it or by any subsidiary (or engaged
by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade
secrets to enter into a nondisclosure and proprietary rights assignment agreement, and (ii) each Key Employee to enter into a
confidentiality, non-solicitation and non-compete agreement in the form mutually agreed to by the Company and the Major Investors.
In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced
agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board, including
at least one Series A Director if then in office.

 

5.3
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other
Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary,
proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with
respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such
obligations are contained in the Company’s Bylaws, the Certificate of Incorporation, or elsewhere, as the case may be.

 

5.4
Employee Stock. All future employees and consultants of the Company who purchase, receive options to purchase, or receive
awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option
agreements, as applicable, providing that such options or awards shall vest and become exercisable in one or more installments
at such time or times and subject to such conditions as shall be determined by the Board of Directors of the Company, including
at least one Series A Director if then in office. In addition, unless otherwise approved by the Board of Directors, including
at least one Series A Director if then in office, the Company shall retain a “right of first refusal” on employee
transfers until the Company’s Qualified Public Offering and shall have the right to repurchase unvested shares at cost upon
termination of employment of a holder of restricted stock.

 

5.5
Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office (including at least
one Series A Director if then in office), the Board of Directors shall meet at least quarterly in accordance with an agreed-upon
schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with
the Company’s travel policy) in connection with attending meetings of the Board of Directors.

 

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5.6
Matters Requiring Lead Investor Approval. If at any time when (x) at least 150,000 shares of Series A Preferred Stock (subject
to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with
respect to the Series A Preferred Stock) are outstanding, and (y) the Lead Investor (or any of its Affiliates) continues to hold
shares of Series A Preferred Stock, then the Company shall not, either directly or indirectly by amendment, merger, consolidation
or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation)
the written consent of the Lead Investor:

 

(a)
issue or obligate itself to issue shares of any class or series of capital stock (i) to any bank, equipment lessor or other financial
institution, or to any real property lessor, pursuant to a debt financing, equipment leasing or real property leasing transaction,
(ii) to any supplier or third party service provider in connection with the provision of goods or services, (iii) pursuant to
the acquisition of another company by the Company by merger, purchase of substantially all of the assets or other reorganization
or to a joint venture agreement, or (iv) in connection with sponsored research, collaboration, technology license, development,
OEM, marketing or other similar agreements or strategic partnerships;

 

(b)
purchase or otherwise acquire any assets in a transaction or a series of related transactions that exceeds $250,000;

 

(c)
sell, license or otherwise dispose of any of the Company’s assets in a transaction or a series of related transactions that
exceeds $500,000, other than inventory of the Company in the ordinary course of business and consistent with past practice;

 

(d)
effect a filing for bankruptcy or insolvency, by or against the Company;

 

(e)
enter into, or permit any subsidiary of the Company to enter into, any material agreement, understanding or transaction with any
employee, director, officer, or stockholder of the Company or any person that directly or indirectly controls, or is controlled
by or under direct or indirect common control with the Company, other than: (i) ordinary course agreements negotiated at arm’s
length and incidental to an employment or consulting relationship, including employment, consulting, stock purchase, and indemnification
agreements with the Company’s employees and consultants, and (ii) agreements, understandings or transactions with any such
person involving more than $25,000 in any year;

 

(f)
pledge or otherwise allow the encumbrance of any material assets of the Company, in a single or series of transactions;

 

(g)
enter into any agreement or contract that by its terms restricts the Company’s ability to pay dividends on, or redeem securities
of, the Company;

 

(h)
license or otherwise transfer any material intellectual property of the Company on any basis that restricts the Company’s
use or licensing of such intellectual property;

 

    	21

    	 

    

 

(i)
approve any annual budget for the Company’s operations; or

 

(j)
hire or fire any executive officers of the Company.

 

5.7
Series A Director Indemnification Agreement. If for any reason any Series A Director shall cease to serve as a Director,
the Company shall execute and deliver to any subsequent director designated by the Series A Preferred Stock pursuant to the Voting
Agreement an indemnification agreement substantially in the form of Exhibit D to the Purchase Agreement.

 

5.8
Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the
Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement
of expenses and/or insurance provided by one or more of the Investors and certain of their Affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations
to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification
for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the
full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties,
fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required
by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without
regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes
and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other
recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on
behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company
shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of such Fund Director against the Company.

 

5.9
Termination of Covenants. The covenants set forth in this Section 5, except for Subsection 5.8, shall terminate
and be of no further force or effect (i) immediately before the consummation of a Qualified Public Offering, or (iii) upon a Deemed
Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first.

 

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6.
Miscellaneous.

 

6.1
Successors and Assigns. The rights under this Agreement may be
assigned (but only with all related obligations) by
a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder;
(ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; or (iii) after such transfer, holds at least 50,000 shares of Registrable Securities (subject
to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations);
provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee and the Registrable Securities with respect to which
such rights are being transferred; and (y) such transferee agrees in a written
instrument delivered to the Company to be bound by and
subject to the terms and conditions of this Agreement,
including the provisions of Subsection 2.11. For the purposes of determining the
number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder
of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder
or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided
 further that all transferees who would not qualify individually for assignment of rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement.
The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted
assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason
of this Agreement, except as expressly provided herein.

 

6.2
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

 

6.3
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be
delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.4
Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

6.5
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent,
if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the
business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery,
with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth
on Schedule A hereto, or to the principal office of the Company and to the attention
of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently
modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall
also be sent to Fredrikson & Byron, P.A., 200 South Sixth Street, Suite 4000, Minneapolis, MN 55402-1425, Attn: Christopher
J. Melsha, Esq.

 

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6.6
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only by written amendment
of the Company and the holders of a majority of the Registrable Securities then outstanding; provided that the Company
may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s
failure to object promptly in writing after notification of a proposed assignment allegedly
in violation of Subsection 2.12(c) shall be deemed to be a waiver);
and provided  further that any provision hereof may be waived by any waiving party on such party’s own
behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated
and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor,
unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the
provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same
fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with
the Company, purchase securities in such transaction). Further, this Agreement may not be amended, and no provision hereof may
be waived, in each case, in any way which would adversely affect the rights of the Major Investors hereunder in a manner disproportionate
to any adverse effect such amendment or waiver would have on the rights of the Major Investors hereunder, without also the written
consent of the holders of at least a majority of the Registrable Securities held by the Major Investors. The Company shall give
prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to
such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6
shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a
further or continuing waiver of any such term, condition, or provision. A waiver, modification or amendment of this Agreement
by a party shall only be effective if (a) it is in writing and signed by applicable party(ies), as set forth in this Section 6.6,
(b) it specifically refers to this Agreement, and (c) it specifically states that the party or parties, as the case may be, is
waiving, modifying or amending its rights hereunder. Any such amendment, modification or waiver shall be effective only in the
specific instance and for the specific purpose for which it was given.

 

6.7
Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision
of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law.

 

6.8
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together
for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such
rights as among themselves in any manner they deem appropriate.

 

    	24

    	 

    

 

6.9
Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares
of the Company’s Series A Preferred Stock after the date hereof, any purchaser of such shares of Series A Preferred Stock
may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and
thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be
required for such joinder to this Agreement by such additional Investor, so long as such
additional Investor has agreed in writing to be bound by all of the obligations as an
“Investor” hereunder.

 

6.10
Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding
and agreement among the parties with respect to the subject matter hereof, and any other
written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.

 

6.11
Dispute Resolution.

 

(a)
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or
based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District
of New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit,
action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that
the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced
in or by such court. The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements
in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal
jurisdiction for any equitable action sought in the United States District Court for the Southern District of New York or any
court of the state of new york having subject matter jurisdiction.

 

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

 

6.12
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to
any party, shall be cumulative and not alternative.

 

[Remainder
of Page Intentionally Left Blank]

 

    	25

    	 

    

 

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

 

	 	SPECIALTY
    RENAL PRODUCTS, INC.
	 	 	 
	 	By:	/s/
    Daron Evans
	 	Name:	Daron
    Evans
	 	Title:	President
    & Chief Executive Officer

 

	 	Address: 
	380
                                         Lackawanna Place

South
Orange, NJ 07079

 

[Signature
Page to SRP Investors’ Rights Agreement]

 

    	 	 	 

    	 

    

 

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

 

	 	INVESTORS:
	 	 	                 
	 	By:	 

 

[Signature
Page to SRP Investors’ Rights Agreement]

 

    	 	 	 

    	 

    

 

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

 

	 	INVESTORS:
	 	 	                 
	 	By:	 

 

[Signature
Page to SRP Investors’ Rights Agreement]

 

    	 	 	 

    	 

    

 

SCHEDULE
A

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