Document:

SPECIALTY
RENAL PRODUCTS, INC.

 

VOTING
AGREEMENT

 

THIS
VOTING AGREEMENT (this “Agreement”), is made and entered into as of September 5, 2018, by and among Specialty
Renal Products, Inc., a Delaware corporation (the “Company”), each holder of the Company’s Series A Preferred
Stock, $0.0001 par value per share (“Series A Preferred Stock”) (referred to herein as the “Preferred
Stock”) listed on Schedule A (together with any subsequent investors, or transferees, who become parties hereto
as “Investors” pursuant to Subsections 7.1(a) or 7.2 below, the “Investors”), and
those certain stockholders of the Company listed on Schedule B (together with any subsequent stockholders, or any transferees,
who become parties hereto as “Key Holders” pursuant to Subsections 7.1(b) or 7.2 below, the “Key
Holders,” and together collectively with the Investors, the “Stockholders”).

 

RECITALS

 

A.
Concurrently with the execution of this Agreement, the Company and the Investors are entering into a Series A Preferred Stock
Purchase Agreement (the “Purchase Agreement”) providing for the sale of shares of the Company’s Series
A Preferred Stock, and in connection with that agreement the parties desire to provide the Investors with the right, among other
rights, to designate the election of certain members of the board of directors of the Company (the “Board”)
in accordance with the terms of this Agreement.

 

B.
The Amended and Restated Certificate of Incorporation of the Company (the “Restated Certificate”) provides
that (a) the holders of record of the shares of the Company’s Series A Preferred Stock, exclusively and as a separate class,
shall be entitled to elect two (2) director of the Company (the “Series A Directors”) and (b) the holders of
record of the shares of common stock of the Company, $0.0001 par value (“Common Stock”), exclusively and as
a separate class, shall be entitled to elect three (3) directors of the Company (the “Common Directors”).

 

C.
The parties also desire to enter into this Agreement to set forth their agreements and understandings with respect to how shares
of the Company’s capital stock held by them will be voted on, or tendered in connection with, an acquisition of the Company,
and an increase in the number of shares of Common Stock required to provide for the conversion of the Company’s Preferred
Stock.

 

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

 

1.
Voting Provisions Regarding Board of Directors.

 

1.1
Size of the Board. Each Stockholder agrees to vote, or cause to be voted, all Shares (as defined below) owned by such Stockholder,
or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary
to ensure that the size of the Board shall be set and remain at seven (7) directors. For purposes of this Agreement, the term
“Shares” shall mean and include any securities of the Company the holders of which are entitled to vote for
members of the Board, including without limitation, all shares of Common Stock and Series A Preferred Stock, by whatever name
called, now owned or subsequently acquired by a Stockholder, however acquired, whether through stock splits, stock dividends,
reclassifications, recapitalizations, similar events or otherwise.

 

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1.2
Board Composition.Each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over
which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure
that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent
of the stockholders, the following persons shall be elected to the Board:

 

(a)
with respect to the Series A Directors, two (2) individuals designated by the holders of a majority of the then issued and outstanding
shares of Preferred Stock, which individual shall initially be Paul Mieyal and Arthur Amron;

 

(b)
with respect to Common Directors, three (3) individuals designated by the holders of a majority of the then issued and outstanding
shares of Common Stock not issued upon conversion of Preferred Stock, which individuals shall initially be Daron Evans, Stephen
Ash and Moshe Pinto; and

 

(c)
with respect to the remaining two (2) seats on the Board, which shall initially remain vacant, such individuals as designated
by the affirmative vote of a majority of the members of the Board then in office, including at least one Series A Director if
then in office.

 

To
the extent that any of clauses (a) through (c) above shall not be applicable, any member of the Board who would otherwise have
been designated in accordance with the terms thereof shall instead be voted upon by all the stockholders of the Company entitled
to vote thereon in accordance with, and pursuant to, the Company’s Restated Certificate.

 

For
purposes of this Agreement, an individual, firm, corporation, partnership, association, limited liability company, trust or any
other entity (collectively, a “Person”) shall be deemed an “Affiliate” of another 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.

 

1.3
Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the right to designate
a director as specified above, the director previously designated by them and then serving shall be reelected if still eligible
to serve as provided herein. If such person is no longer eligible and resigns, or no such person was designated, then that directorship
shall remain vacant until such time as the Persons or groups with the right to designate the director to fill such directorship
act to designate such director, and no such directorship may be filled by Stockholders of the Company other than by the Persons
or groups entitled to designate such director hereunder.

 

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1.4
Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by such Stockholder,
or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary
to ensure that:

 

(a)
no director elected pursuant to Subsections 1.2 or 1.3 of this Agreement may be removed from office other than for
cause unless (i) such removal is directed or approved by the affirmative vote of the Person, or of the holders of that percentage
of the shares of stock (as applicable), entitled under Subsection 1.2 to designate that director; or (ii) the Person(s)
originally entitled to designate or approve such director or occupy such Board seat pursuant to Subsection 1.2 is no longer
so entitled to designate or approve such director or occupy such Board seat;

 

(b)
any vacancies created by the resignation, removal or death of a director elected pursuant to Subsections 1.2 or 1.3
shall be filled pursuant to the provisions of this Section 1; and

 

(c)
upon the request of any party entitled to designate a director as provided in Subsection 1.2(a) or 1.2(b) to remove
such director, such director shall be removed; and

 

(d)
notwithstanding anything to the contrary contained herein, with respect to any director appointed pursuant to Subsection 1.2(c),
such director shall only be removed with the written consent or affirmative vote of (i) a majority of the Board then in office,
including at least one Series A Director if then in office, (ii) the holders of a majority of the issued and outstanding shares
of Common Stock, voting exclusively and as one class, and (iii) the holders of a majority of the issued and outstanding shares
of Preferred Stock, voting exclusively and as one class.

 

All
Stockholders agree to execute any written consents required to perform the obligations of this Agreement, and the Company agrees
at the request of any party entitled to designate directors to call a special meeting of stockholders for the purpose of electing
directors.

 

1.5
No Liability for Election of Recommended Directors. No Stockholder, nor any Affiliate of any Stockholder, shall have any
liability as a result of designating a person for election as a director for any act or omission by such designated person in
his or her capacity as a director of the Company, nor shall any Stockholder have any liability as a result of voting for any such
designee in accordance with the provisions of this Agreement.

 

1.6
No “Bad Actor” Designees. Each Person with the right to designate or participate in the designation of a director
as specified above hereby represents and warrants to the Company that, to such Person’s knowledge, none of the “bad
actor” disqualifying events described in Rule 506(d)(1)(i)-(viii) promulgated under the Securities Act of 1933, as amended
(the “Securities Act”) (each, a “Disqualification Event”), is applicable to such Person’s
initial designee named above except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3)
is applicable. Any director designee to whom any Disqualification Event is applicable, except for a Disqualification Event as
to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable, is hereinafter referred to as a “Disqualified Designee”.
Each Person with the right to designate or participate in the designation of a director as specified above hereby covenants and
agrees (A) not to designate or participate in the designation of any director designee who, to such Person’s knowledge,
is a Disqualified Designee and (B) that in the event such Person becomes aware that any individual previously designated by any
such Person is or has become a Disqualified Designee, such Person shall as promptly as practicable take such actions as are necessary
to remove such Disqualified Designee from the Board and designate a replacement designee who is not a Disqualified Designee.

 

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2.
Vote to Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all Shares owned by such
Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall
be necessary to increase the number of authorized shares of Common Stock from time to time to ensure that there will be sufficient
shares of Common Stock available for conversion of all of the shares of Preferred Stock outstanding at any given time.

 

3.
Drag-Along Right.

 

3.1
Definitions. A “Sale of the Company” shall mean either: (a) a transaction or series of related transactions
in which a Person, or a group of related Persons, acquires from stockholders of the Company shares representing more than fifty
percent (50%) of the outstanding voting power of the Company (a “Stock Sale”); or (b) a transaction that qualifies
as a “Deemed Liquidation Event” as defined in the Restated Certificate.

 

3.2
Actions to be Taken. In the event that (i) the holders of at least a majority of the shares of Common Stock then issued
or issuable upon conversion of the shares of Series A Preferred Stock (the “Selling Investors”), and (ii) the
Board of Directors (including at least one Series A Director if then in office) approve a Sale of the Company in writing, specifying
that this Section 3 shall apply to such transaction, then each Stockholder and the Company hereby agree:

 

(a)
if such transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over which such Stockholder
otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favor
of, and adopt, such Sale of the Company (together with any related amendment to the Restated Certificate required in order to
implement such Sale of the Company) and to vote in opposition to any and all other proposals that could reasonably be expected
to delay or impair the ability of the Company to consummate such Sale of the Company;

 

(b)
if such transaction is a Stock Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by
such Stockholder as is being sold by the Selling Investors to the Person to whom the Selling Investors propose to sell their Shares,
and, except as permitted in Subsection 3.3 below, on the same terms and conditions as the Selling Investors;

 

(c)
to execute and deliver all related documentation and take such other action in support of the Sale of the Company as shall reasonably
be requested by the Company or the Selling Investors in order to carry out the terms and provision of this Section 3, including,
without limitation, executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement,
indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free
and clear of impermissible liens, claims and encumbrances), and any similar or related documents;

 

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(d)
not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the Company
owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting
of such Shares, unless specifically requested to do so by the acquiror in connection with the Sale of the Company;

 

(e)
to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to
such Sale of the Company;

 

(f)
if the consideration to be paid in exchange for the Shares pursuant to this Section 3 includes any securities and due receipt
thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any
person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Stockholder of any information
other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors”
as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Stockholder in lieu
thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to
the fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as
of the date of the issuance of such securities in exchange for the Shares; and

 

(g)
in the event that the Selling Investors, in connection with such Sale of the Company, appoint a stockholder representative (the
“Stockholder Representative”) with respect to matters affecting the Stockholders under the applicable definitive
transaction agreements following consummation of such Sale of the Company, (x) to consent to (i) the appointment of such Stockholder
Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification
or similar obligations, and (iii) the payment of such Stockholder’s pro rata portion (from the applicable escrow or expense
fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder
Representative’s services and duties in connection with such Sale of the Company and its related service as the representative
of the Stockholders, and (y) not to assert any claim or commence any suit against the Stockholder Representative or any other
Stockholder with respect to any action or inaction taken or failed to be taken by the Stockholder Representative in connection
with its service as the Stockholder Representative, absent fraud or willful misconduct.

 

3.3
Exceptions. Notwithstanding the foregoing, a Stockholder will not be required to comply with Subsection 3.2 above
in connection with any proposed Sale of the Company (the “Proposed Sale”), unless: 

 

(a)
any representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited to representations
and warranties related to authority, ownership and the ability to convey title to such Shares, including, but not limited to,
representations and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares such Stockholder
purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in connection with the
transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the Stockholder have been duly
executed by the Stockholder and delivered to the acquirer and are enforceable against the Stockholder in accordance with their
respective terms; and (iv) neither the execution and delivery of documents to be entered into in connection with the transaction,
nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement,
law or judgment, order or decree of any court or governmental agency;

 

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(b)
the Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other Person in connection
with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover
breach of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations,
warranties and covenants provided by all stockholders);

 

(c)
the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations
and warranties made by the Company or its Stockholders in connection with such Proposed Sale, is several and not joint with any
other Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties
and covenants of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants
provided by all stockholders), and subject to the provisions of the Restated Certificate related to the allocation of the escrow,
is pro rata in proportion to, and does not exceed, the amount of consideration paid to such Stockholder in connection with such
Proposed Sale;

 

(d)
liability shall be limited to such Stockholder’s applicable share (determined based on the respective proceeds payable to
each Stockholder in connection with such Proposed Sale in accordance with the provisions of the Restated Certificate) of a negotiated
aggregate indemnification amount that applies equally to all Stockholders but that in no event exceeds the amount of consideration
otherwise payable to such Stockholder in connection with such Proposed Sale, except with respect to claims related to fraud by
such Stockholder, the liability for which need not be limited as to such Stockholder;

 

(e)
upon the consummation of the Proposed Sale (i) each holder of each class or series of the Company’s stock will receive the
same form of consideration for their shares of such class or series as is received by other holders in respect of their shares
of such same class or series of stock, (ii) each holder of a series of Preferred Stock will receive the same amount of consideration
per share of such series of Preferred Stock as is received by other holders in respect of their shares of such same series, (iii)
each holder of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders
in respect of their shares of Common Stock, and (iv) unless the holders of at least a majority of the Series A Preferred Stock
elect to receive a lesser amount by written notice given to the Company at least ten (10) days prior to the effective date of
any such Proposed Sale, the aggregate consideration receivable by all holders of the Preferred Stock and Common Stock shall be
allocated among the holders of Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which
the holders of each respective series of Preferred Stock and the holders of Common Stock are entitled in a Deemed Liquidation
Event (assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Company’s
Certificate of Incorporation in effect immediately prior to the Proposed Sale; provided, however,
that, notwithstanding the foregoing, if the consideration to be paid in exchange for the Key Holder Shares, Stockholder Shares
or Investor Shares, as applicable, pursuant to this Subsection 3.3(e) includes any securities and due receipt thereof by
any Key Holder, Stockholder or Investor would require under applicable law (x) the registration or qualification of such securities
or of any person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Key Holder, Stockholder
or Investor of any information other than such information as a prudent issuer would generally furnish in an offering made solely
to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to
be paid to any such Key Holder or Investor in lieu thereof, against surrender of the Key Holder Shares, Stockholder Shares or
Investor Shares, as applicable, which would have otherwise been sold by such Key Holder, Stockholder Shares or Investor, an amount
in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Key Holder, Stockholder
or Investor would otherwise receive as of the date of the issuance of such securities in exchange for the Key Holder Shares, Stockholder
Shares or Investor Shares, as applicable; and

 

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(f)
subject to clause (e) above, requiring the same form of consideration to be available to the holders of any single class or series
of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration
to be received as a result of the Proposed Sale, all holders of such capital stock will be given the same option; provided,
however, that nothing in this Subsection 3.3(f) shall entitle any holder to receive any form of consideration
that such holder would be ineligible to receive as a result of such holder’s failure to satisfy any condition, requirement
or limitation that is generally applicable to the Company’s stockholders.

 

3.4
Restrictions on Sales of Control of the Company. No Stockholder shall be a party to any Stock Sale unless all holders of
Preferred Stock are allowed to participate in such transaction and the consideration received pursuant to such transaction is
allocated among the parties thereto in the manner specified in the Company’s Certificate of Incorporation in effect immediately
prior to the Stock Sale (as if such transaction were a Deemed Liquidation Event), unless the holders of at least a majority of
the Series A Preferred Stock elect otherwise by written notice given to the Company at least ten (10) days prior to the effective
date of any such transaction or series of related transactions. 

 

4.
Remedies.

 

4.1
Covenants of the Company. The Company agrees to use its best efforts, within the requirements of applicable law, to ensure
that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions
include, without limitation, the use of the Company’s best efforts to cause the nomination and election of the directors
as provided in this Agreement. 

 

4.1
Irrevocable Proxy and Power of Attorney. Each party to this Agreement hereby constitutes and appoints as the proxies of
the party and hereby grants a power of attorney to the President of the Company, and a designee of the Selling Investors, and
each of them, with full power of substitution, with respect to the matters set forth herein, including, without limitation, election
of persons as members of the Board in accordance with Section 1 hereto, votes to increase authorized shares pursuant to
Section 2 hereof and votes regarding any Sale of the Company pursuant to Section 3 hereof, and hereby authorizes
each of them to represent and vote, if and only if the party (i) fails to vote, or (ii) attempts to vote (whether by proxy, in
person or by written consent), in a manner which is inconsistent with the terms of this Agreement, all of such party’s Shares
in favor of the election of persons as members of the Board determined pursuant to and in accordance with the terms and provisions
of this Agreement or the increase of authorized shares or approval of any Sale of the Company pursuant to and in accordance with
the terms and provisions of Sections 2 and 3, respectively, of this Agreement or to take any action necessary to
effect Sections 2 and 3, respectively, of this Agreement. Each of the proxy and power of attorney granted pursuant
to the immediately preceding sentence is given in consideration of the agreements and covenants of the Company and the parties
in connection with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be
irrevocable unless and until this Agreement terminates or expires pursuant to Section 6 hereof. Each party hereto hereby
revokes any and all previous proxies or powers of attorney with respect to the Shares and shall not hereafter, unless and until
this Agreement terminates or expires pursuant to Section 6 hereof, purport to grant any other proxy or power of attorney
with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any agreement (other than this
Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions
with respect to the voting of any of the Shares, in each case, with respect to any of the matters set forth herein.

 

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4.3
Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event
any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise
breached. Accordingly, it is agreed that each of the Company and the Stockholders shall be entitled to an injunction to prevent
breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted
in any court of the United States or any state having subject matter jurisdiction.

 

4.4
Remedies Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

5.
“Bad Actor” Matters.

 

5.1
Representation. Each Person with the right to designate or participate in the designation of a director pursuant to this
Agreement hereby represents that none of the “bad actor” disqualifying events described in Rule 506(d)(1)(i)-(viii)
promulgated under the Securities Act (a “Disqualification Event”) is applicable to such Person or any of its
Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3)
is applicable. For purposes of this Agreement, “Rule 506(d) Related Party” shall mean with respect to any Person any
other Person that is a beneficial owner of such first Person’s securities for purposes of Rule 506(d) of the Securities
Act.

 

5.2
Covenant. Each Person with the right to designate or participate in the designation of a director pursuant to this Agreement
hereby agrees that it shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to
such Person or any of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii)
or (iii) or (d)(3) is applicable.

 

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6.
Term. This Agreement shall be effective as of the date hereof and shall continue in effect until and shall terminate upon
the earliest to occur of (a) the consummation of a Qualified Public Offering (as such term is defined in the Restated Certificate);
(b) the consummation of a Sale of the Company and distribution of proceeds to or escrow for the benefit of the Stockholders in
accordance with the Restated Certificate, provided that the provisions of Section 3 hereof will continue after the
closing of any Sale of the Company to the extent necessary to enforce the provisions of Section 3 with respect to such
Sale of the Company; (c) termination of this Agreement in accordance with Subsection 7.8 below.

 

7.
Miscellaneous.

 

7.1
Additional Parties.

 

(a)
Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Series A Preferred Stock
after the date hereof, as a condition to the issuance of such shares the Company shall require that any purchaser of shares of
Series A Preferred Stock become a party to this Agreement by executing and delivering (i) the Adoption Agreement attached to this
Agreement as Exhibit A, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of
this Agreement as an Investor and Stockholder hereunder. In either event, each such person shall thereafter be deemed an Investor
and Stockholder for all purposes under this Agreement.

 

(b)
In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue shares of capital
stock to such Person (other than to a purchaser of Preferred Stock described in Subsection 7.1(a) above) or otherwise issues
shares of capital stock of the Company to any Person, then, the Company shall cause such Person, as a condition precedent to issuing
such capital stock, to become a party to this Agreement by executing an Adoption Agreement in the form attached hereto as Exhibit
A, agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and thereafter such person shall be
deemed a Stockholder for all purposes under this Agreement.

 

7.2
Transfers. Each transferee or assignee of any Shares subject to this Agreement shall continue to be subject to the terms
hereof, and, as a condition precedent to the Company’s recognizing such transfer, each transferee or assignee shall agree
in writing to be subject to each of the terms of this Agreement by executing and delivering an Adoption Agreement substantially
in the form attached hereto as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee, such
transferee shall be deemed to be a party hereto as if such transferee were the transferor and such transferee’s signature
appeared on the signature pages of this Agreement and shall be deemed to be an Investor and Stockholder, or Key Holder and Stockholder,
or a Stockholder, as applicable. The Company shall not permit the transfer of the Shares subject to this Agreement on its books
or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of
this Subsection 7.2. Each certificate instrument, or book entry representing the Shares subject to this Agreement if issued
on or after the date of this Agreement shall be notated by the Company with the legend set forth in Subsection 7.12.

 

7.3
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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7.4
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.

 

7.5
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. 

 

7.6
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

7.7
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 (a) personal delivery to the party to be notified, (b) when sent,
if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business
hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally recognized
overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications
shall be sent to the respective parties at their address as set forth on Schedule A or Schedule B hereto, or to
such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection
7.7. 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. 

 

7.8
Consent Required to Amend, Terminate or Waive. This Agreement may be amended or terminated and the observance of any term
hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written
instrument executed by (a) the Company and (b) the holders of a majority of the shares of Common Stock issued or issuable upon
conversion of the shares of Series A Preferred Stock held by the Investors (voting as a single class and on an as-converted basis).
Notwithstanding the foregoing:

 

(a)
this Agreement may not be amended or terminated and the observance of any term of this Agreement may not be waived with respect
to any Investor or the Key Holder without the written consent of such Investor or the Key Holder unless such amendment, termination
or waiver applies to all of the Investors and the Key Holder, as the case may be, in the same fashion;

 

    	10

    	 

    

 

(b)
the consent of the Key Holder shall not be required for any amendment or waiver if such amendment or waiver either (A) is not
directly applicable to the rights of the Key Holder hereunder; or (B) does not adversely affect the rights of the Key Holder in
a manner that is different than the effect on the rights of the other parties hereto; provided, that such consent shall not be
required if the Key Holders do not then own Shares representing at least ten percent (10%) of the outstanding capital stock of
the Company on an fully-diluted basis;

 

(c)
Schedules A hereto may be amended by the Company from time to time in accordance with Subsection 1.3 of the Purchase
Agreement to add information regarding additional Purchasers (as defined in the Purchase Agreement) without the consent of the
other parties hereto; and

 

(d)
any provision hereof may be waived by the waiving party on such party’s own behalf, without the consent of any other party;
and

 

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 7.8, (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. The Company shall
give prompt written notice of any amendment, termination, or waiver hereunder to any party that did not consent in writing thereto.
Any amendment, termination, or waiver effected in accordance with this Subsection 7.8 shall be binding on each party and
all of such party’s successors and permitted assigns, whether or not any such party, successor or assignee entered into
or approved such amendment, termination or waiver. For purposes of this Subsection 7.8, the requirement of a written instrument
may be satisfied in the form of an action by written consent of the Stockholders circulated by the Company and executed by the
Stockholder parties specified, whether or not such action by written consent makes explicit reference to the terms of this Agreement.

 

7.9
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 non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in 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 previously or thereafter occurring. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative. 

 

7.10
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

 

7.11
Entire Agreement. This Agreement (including the Exhibits hereto), and the Restated Certificate and the other Transaction
Agreements (as defined in the Purchase Agreement) constitute the full and entire understanding and agreement between 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.

 

    	11

    	 

    

 

7.12
Share Certificate Legend. Each certificate, instrument, or book entry representing any Shares issued after the date hereof
shall be notated by the Company with a legend reading substantially as follows:

 

“The
Shares REPRESENTED hereby are subject to a Voting Agreement, AS MAY BE AMENDED FROM TIME TO TIME, (a copy of which may be obtained
upon written request from the Company), and by accepting any interest in such Shares the person accepting such interest shall
be deemed to agree to and shall become bound by all the provisions of that Voting Agreement, including certain restrictions on
transfer and ownership set forth therein.”

 

The
Company, by its execution of this Agreement, agrees that it will cause the certificates instruments, or book entry evidencing
the Shares issued after the date hereof to be notated with the legend required by this Subsection 7.12 of this Agreement,
and it shall supply, free of charge, a copy of this Agreement to any holder of such Shares upon written request from such holder
to the Company at its principal office. The parties to this Agreement do hereby agree that the failure to cause the certificates,
instruments, or book entry evidencing the Shares to be notated with the legend required by this Subsection 7.12 herein
and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not affect the
validity or enforcement of this Agreement.

 

7.13
Stock Splits, Stock Dividends, etc. In the event of any issuance of Shares of the Company’s voting securities hereafter
to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization,
reorganization, or the like), such Shares shall become subject to this Agreement and shall be notated with the legend set forth
in Subsection 7.12.

 

7.14
Manner of Voting. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law. For the avoidance of doubt, voting of the Shares pursuant to the Agreement
need not make explicit reference to the terms of this Agreement.

 

7.15
Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further
action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated
hereby and to otherwise carry out the intent of the parties hereunder.

 

    	12

    	 

    

 

7.16
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 and to the jurisdiction of 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.

 

7.17
Costs of Enforcement. If any party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings,
the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all
reasonable attorneys’ fees.

 

7.18
Aggregation of Stock. All Shares held or acquired by a Stockholder and/or its 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.

 

[Signature
Page Follows]

 

    	13

    	 

    

 

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

 

	 	SPECIALTY
    RENAL PRODUCTS, INC.:
	 	 	 
	 	By:
    	/s/
    Daron Evans
	 	Name:	Daron
    Evans
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Address:	380
    Lackawanna Place
	 	 	South
    Orange, NJ 07079

 

Signature
Page to Voting Agreement

 

    	 

    	 

    

 

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

 

	 	KEY
    HOLDER:
	 	 	 
	 	NEPHROS,
    INC.
	 	 	 
	 	By:	/s/
    Daron Evans
	 	 	Daron
    Evans
	 	 	Chief
    Executive Officer

 

SIGNATURE
PAGE TO VOTING AGREEMENT

 

    	 

    	 

    

 

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

 

	 	INVESTORS:
	 	 	 
	 	By:	         
	 	Name:
    	 
	 	Title:
    	 

 

SIGNATURE
PAGE TO VOTING AGREEMENT

 

    	 

    	 

    

 

SCHEDULE
A

INVESTORS

 

    	 

    	 

    

 

SCHEDULE
B

 

KEY
HOLDER

 

	Name
                                         of Key Holder

        

	 

        Nephros,
        Inc.

        

        

 

    	 

    	 

    

 

EXHIBIT
A

 

ADOPTION
AGREEMENT

 

This
Adoption Agreement (“Adoption Agreement”) is executed on ___________________, 20__, by the undersigned (the
“Holder”) pursuant to the terms of that certain Voting Agreement dated as of _______, 2018 (the “Agreement”),
by and among the Company and certain of its Stockholders, as such Agreement may be amended or amended and restated hereafter.
Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in
the Agreement. By the execution of this Adoption Agreement, the Holder agrees as follows.

 

1.1
Acknowledgement. Holder acknowledges that Holder is acquiring certain shares of the capital stock of the Company (the “Stock”)[
or options, warrants, or other rights to purchase such Stock (the “Options”)], for one of the following reasons
(Check the correct box):

 

	 	[  ]	As
    a transferee of Shares from a party in such party’s capacity as an “Investor” bound by the Agreement, and
    after such transfer, Holder shall be considered an “Investor” and a “Stockholder” for all purposes
    of the Agreement.
	 	 	 
	 	[  ]	As
    a transferee of Shares from a party in such party’s capacity as a “Key Holder” bound by the Agreement, and
    after such transfer, Holder shall be considered a “Key Holder” and a “Stockholder” for all purposes
    of the Agreement.
	 	 	 
	 	[  ]	As
    a new Investor in accordance with Subsection 7.1(a) of the Agreement, in which case Holder will be an “Investor”
    and a “Stockholder” for all purposes of the Agreement.
	 	 	 
	 	[  ]	In
    accordance with Subsection 7.1(b) of the Agreement, as a new party who is not a new Investor, in which case Holder
    will be a “Stockholder” for all purposes of the Agreement. 

 

1.2
Agreement. Holder hereby (a) agrees that the Stock [Options], and any other shares of capital stock or securities required
by the Agreement to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement
with the same force and effect as if Holder were originally a party thereto.

 

1.3
Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address or facsimile number listed
below Holder’s signature hereto.

 

		 	
	HOLDER:	 	 	ACCEPTED
    AND AGREED:
	 	 	 	 	 
	By:
    	  	 	SPECIALTY
    RENAL PRODUCTS, INC.
	Name
    and Title of Signatory	 	 	 
	 	 	 	 	 
	Address:
    	 	 	By:	              
	 	 	 	 	 
	 	 	 	Title:	 

 

	Facsimile
    Number:SPECIALTY
RENAL PRODUCTS, INC.

 

RIGHT
OF FIRST REFUSAL

AND CO-SALE AGREEMENT

 

THIS
RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this “Agreement”), is made as of September 5, 2018, by and among
Specialty Renal Products, Inc., a Delaware corporation (the “Company”), the Investors listed on Schedule
A and the Key Holders listed on Schedule B.

 

WHEREAS,
each Key Holder is the beneficial owner of shares of Capital Stock;

 

WHEREAS,
the Company and the Investors are parties to the Series A Preferred Stock Purchase Agreement, of even date herewith (the “Purchase
Agreement”), pursuant to which the Investors have agreed to purchase shares of the Series A Preferred Stock of the Company,
par value $0.0001 per share (“Series A Preferred Stock”); and

 

WHEREAS,
the Key Holders and the Company desire to further induce the Investors to purchase the Series A Preferred Stock;

 

NOW,
THEREFORE, the Company, the Key Holders and the Investors, intending to be legally bound, hereby agree as follows:

 

1.
Definitions.

 

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

 

1.2
“Capital Stock” means (a) shares of Common Stock and Preferred Stock (whether now outstanding or hereafter
issued in any context), (b) shares of Common Stock issued or issuable upon conversion of Preferred Stock, and (c) shares of Common
Stock issued or issuable upon exercise or conversion, as applicable, of stock options, warrants or other convertible securities
of the Company, in each case now owned or subsequently acquired by any Key Holder, any Investor, or their respective successors
or permitted transferees or assigns. For purposes of the number of shares of Capital Stock held by an Investor or Key Holder (or
any other calculation based thereon), all shares of Preferred Stock shall be deemed to have been converted into Common Stock at
the then-applicable conversion ratio.

 

1.3
“Change of Control” means a transaction or series of related transactions in which a person, or a group of
related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding
voting power of the Company.

 

    	 

    	 

    

 

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

 

1.5
“Company Notice” means written notice from the Company notifying the selling Key Holders that the Company intends
to exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Key Holder Transfer.

 

1.6
“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.

 

1.7
“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.

 

1.8
“Investor Notice” means written notice from an Investor notifying the Company and the selling Key Holder that
such Investor intends to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed
Key Holder Transfer and shall indicate how much of the Transfer Stock such Investor desires to purchase from the Key Holder.

 

1.9
“Investors” means the persons named on Schedule A hereto, each person to whom the rights of an Investor
are assigned pursuant to Subsection 6.9, each person who hereafter becomes a signatory to this Agreement pursuant to Subsection
6.11 and any one of them, as the context may require.

 

1.10
“IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 

1.11
“Key Holders” means the persons named on Schedule B hereto, each person to whom the rights of a Key
Holder are assigned pursuant to Subsection 3.1, each person who hereafter becomes a signatory to this Agreement pursuant
to Subsection 6.9 or 6.17 and any one of them, as the context may require.

 

1.12
“Nephros” means Nephros, Inc., a Delaware corporation.

 

1.13
“Person” shall mean an individual, firm, corporation, partnership, association, limited liability company,
trust or any other entity.

 

1.14
“Preferred Stock” means collectively, all shares of Series A Preferred Stock.

 

1.15
“Proposed Key Holder Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation,
encumbrance, disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed
by any of the Key Holders.

 

    	2

    	 

    

 

1.16
“Proposed Transfer Notice” means written notice from a Key Holder setting forth the terms and conditions of
a Proposed Key Holder Transfer.

 

1.17
“Prospective Transferee” means any person to whom a Key Holder proposes to make a Proposed Key Holder Transfer.

 

1.18
“Qualified Public Offering” shall have the meaning ascribed thereto in the Restated Certificate.

 

1.19
“Restated Certificate” means the Company’s Amended and Restated Certificate of Incorporation, as amended
from time to time.

 

1.20
“Right of Co-Sale” means the right, but not an obligation, of an Investor to participate in a Proposed Key
Holder Transfer on the terms and conditions specified in the Proposed Transfer Notice.

 

1.21
“Right of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees
or assigns, to purchase some or all of the Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms and conditions
specified in the Proposed Transfer Notice.

 

1.22
“SEC” means the U.S. Securities and Exchange Commission.

 

1.23
“Secondary Notice” means written notice from the Company notifying the Investors and the selling Key Holder
that the Company does not intend to exercise its Right of First Refusal as to all shares of Transfer Stock with respect to any
Proposed Key Holder Transfer.

 

1.24
“Secondary Refusal Right” means the right, but not an obligation, of each Investor to purchase up to its pro
rata portion (based upon the total number of shares of Capital Stock then held by all Investors) of any Transfer Stock not purchased
pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice.

 

1.25
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

1.26
“Series A Conversion Price” shall have the meaning ascribed thereto in the Restated Certificate.

 

1.27
“Series A Director” means any director of the Company that the holders
of the Series A Preferred Stock are entitled to elect pursuant to the Restated Certificate.

 

1.28
“Transfer Stock” means shares of Capital Stock owned by a Key Holder, or issued to a Key Holder after the date
hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or
the like), but does not include any shares of Preferred Stock or of Common Stock that are issued or issuable upon conversion of
Preferred Stock.

 

    	3

    	 

    

 

1.29
“Undersubscription Notice” means written notice from an Investor notifying the Company and the selling Key
Holder that such Investor intends to exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant
to the Right of First Refusal or the Secondary Refusal Right.

 

2.
Agreement Among the Company, the Investors and the Key Holders.

 

2.1
Right of First Refusal.

 

(a)
Grant. Subject to the terms of Section 3 below, each Key Holder hereby unconditionally and irrevocably grants to
the Company a Right of First Refusal to purchase all or any portion of Transfer Stock that such Key Holder may propose to transfer
in a Proposed Key Holder Transfer, at the same price and on the same terms and conditions as those offered to the Prospective
Transferee.

 

(b)
Notice. Each Key Holder proposing to make a Proposed Key Holder Transfer must deliver a Proposed Transfer Notice to the
Company and each Investor not later than forty-five (45) days prior to the consummation of such Proposed Key
Holder Transfer. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration)
of the Proposed Key Holder Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Key Holder
Transfer. To exercise its Right of First Refusal under this Section 2, the Company must deliver a Company Notice to the
selling Key Holder within fifteen (15) days after delivery of the Proposed Transfer Notice. In the event of a conflict between
this Agreement and any other agreement that may have been entered into by a Key Holder with the Company that contains a preexisting
right of first refusal, the Company and the Key Holder acknowledge and agree that the terms of this Agreement shall control and
the preexisting right of first refusal shall be deemed satisfied by compliance with Subsection 2.1(a) and this Subsection
2.1(b). In the event of a conflict between this Agreement and the Company’s Bylaws containing a preexisting right of
first refusal, the terms of this Agreement will control and compliance herewith shall be deemed compliance with the Bylaws in
full.

 

(c)
Grant of Secondary Refusal Right to Investors. Subject to the terms of Section 3 below, each Key Holder hereby unconditionally
and irrevocably grants to the Investors a Secondary Refusal Right to purchase all or any portion of the Transfer Stock not purchased
by the Company pursuant to the Right of First Refusal, as provided in this Subsection 2.1(c). If the Company does not intend
to exercise its Right of First Refusal with respect to all Transfer Stock subject to a Proposed Key Holder Transfer, the Company
must deliver a Secondary Notice to the selling Key Holder and to each Investor to that effect no later than fifteen (15) days
after the selling Key Holder delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an
Investor must deliver an Investor Notice to the selling Key Holder and the Company within ten (10) days after the Company’s
deadline for its delivery of the Secondary Notice as provided in the preceding sentence (each Investor which delivers a Secondary
Notice, an “Exercising Investor”). Each Investor may purchase up to an amount of Transfer Stock equal to the
product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed Key Holder Transfer
(excluding shares purchased by the Company pursuant to the Right of First Refusal) by (ii) a fraction, the numerator of which
is the number of shares of Capital Stock owned by such Investor immediately before consummation of the Proposed Key Holder Transfer
and the denominator of which is the total number of shares of Capital Stock owned, in the aggregate, by all Investors immediately
prior to the consummation of the Proposed Key Holder Transfer, plus the number of shares of Transfer Stock held by the selling
Key Holder.

 

    	4

    	 

    

 

(d)
Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company and the Exercising Investors
with respect to some but not all of the Transfer Stock by the end of the ten (10) day period specified in the last sentence of
Subsection 2.1(c) (the “Investor Notice Period”), then the Company shall, immediately after the expiration
of the Investor Notice Period, send written notice (the “Company Undersubscription Notice”) to those Exercising
Investors who fully exercised their Secondary Refusal Right within the Investor Notice Period (the “Fully Exercising
Investors”). Each Fully Exercising Investor shall, subject to the provisions of this Subsection 2.1(d), have
an additional option to purchase all or any part of the balance of any such remaining unsubscribed shares of Transfer Stock on
the terms and conditions set forth in the Proposed Transfer Notice. To exercise such option, a Fully Exercising Investor must
deliver an Undersubscription Notice to the selling Key Holder and the Company within ten (10) days after the expiration of the
Investor Notice Period. In the event there are two (2) or more such Fully Exercising Investors that choose to exercise the last-mentioned
option for a total number of remaining shares in excess of the number available, the remaining shares available for purchase under
this Subsection 2.1(d) shall be allocated to the Fully Exercising Investors pro rata such that each Fully Exercising Investor
may purchase up to an amount of Transfer Stock equal to the product obtained by multiplying (i) the aggregate number of shares
of Transfer Stock subject to the Proposed Key Holder Transfer (excluding shares purchased by the Company pursuant to the Right
of First Refusal) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by such Fully Exercising
Investor immediately before consummation of the Proposed Key Holder Transfer and the denominator of which is the total number
of shares of Capital Stock owned, in the aggregate, by all Fully Exercising Investors immediately prior to the consummation of
the Proposed Key Holder Transfer, plus the number of shares of Transfer Stock held by the selling Key Holder. If the options to
purchase the remaining shares are exercised in full by the Fully Exercising Investors, the Company shall immediately notify all
of the Fully Exercising Investors and the selling Key Holder of that fact.

 

(e)
Consideration; Closing. If the consideration proposed to be paid for the Transfer Stock is in property, services or other
non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Board (including
at least one Series A Director if then in office ) and as set forth in the Company Notice. If the Company or any Investor cannot
for any reason pay for the Transfer Stock in the same form of non-cash consideration, the Company or such Investor may pay the
cash value equivalent thereof, as determined in good faith by the Board (including at least one Series A Director if then in office)
and as set forth in the Company Notice. The closing of the purchase of Transfer Stock by the Company and the Investors shall take
place, and all payments from the Company and the Investors shall have been delivered to the selling Key Holder, by the later of
(i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and (ii) forty-five
(45) days after delivery of the Proposed Transfer Notice.

 

    	5

    	 

    

 

2.2
Right of Co-Sale.

 

(a)
Exercise of Right. If any Transfer Stock subject to a Proposed Key Holder Transfer is not purchased pursuant to Subsection
2.1 above and thereafter is to be sold to a Prospective Transferee, each respective Investor may elect to exercise its Right
of Co-Sale and participate on a pro rata basis in the Proposed Key Holder Transfer as set forth in Subsection 2.2(b)
below and, subject to Subsection 2.2(d), otherwise on the same terms and conditions specified in the Proposed Transfer
Notice. Each Investor who desires to exercise its Right of Co-Sale (each, a “Participating Investor”) must
give the selling Key Holder written notice to that effect within fifteen (15) days after the deadline for delivery of the Secondary
Notice described above, and upon giving such notice such Participating Investor shall be deemed to have effectively exercised
the Right of Co-Sale.

 

(b)
Shares Includable. Each Participating Investor which timely exercises its Right of Co-Sale by delivering the written notice
provided for above in Section 2.2(a) may include in the Proposed Key Holder Transfer all or any part of such Participating Investor’s
Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the
Proposed Key Holder Transfer (excluding shares purchased by the Company or the Participating Investors pursuant to the Right of
First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock
owned by such Participating Investor immediately before consummation of the Proposed Key Holder Transfer and the denominator of
which is the total number of shares of Capital Stock owned, in the aggregate, by all Participating Investors immediately prior
to the consummation of the Proposed Key Holder Transfer, plus the number of shares of Transfer Stock held by the selling Key Holder.
To the extent one (1) or more of the Participating Investors exercise such right of participation in accordance with the terms
and conditions set forth herein, the number of shares of Transfer Stock that the selling Key Holder may sell in the Proposed Key
Holder Transfer shall be correspondingly reduced.

 

(c)
Purchase and Sale Agreement. The Participating Investors and the selling Key Holder agree that the terms and conditions
of any Proposed Key Holder Transfer in accordance with Subsection 2.2 will be memorialized in, and governed by, a written
purchase and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary
terms and provisions for such a transaction, and the Participating Investors and the selling Key Holder further covenant and agree
to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this
Subsection 2.2.

 

(d)
Allocation of Consideration.

 

(i)
Subject to Subsection 2.2(d)(ii), the aggregate consideration payable to the Participating Investors and the selling Key
Holder shall be allocated based on the number of shares of Capital Stock sold to the Prospective Transferee by each Participating
Investor and the selling Key Holder as provided in Subsection 2.2(b), provided that if a Participating Investor
wishes to sell Preferred Stock, the price set forth in the Proposed Transfer Notice shall be appropriately adjusted based on conversion
of the Preferred Stock into Common Stock in accordance with the Series A Conversion Price.

 

    	6

    	 

    

 

(ii)
In the event that the Proposed Key Holder Transfer constitutes a Change of Control, the terms of the Purchase and Sale Agreement
shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Investors and the selling
Key Holder in accordance with Sections 2.1, 2.2 and 2.3 of Article IV(B) of the Restated Certificate as if (A) such transfer were
a Deemed Liquidation Event (as defined in the Restated Certificate), and (B) the Capital Stock sold in accordance with the Purchase
and Sale Agreement were the only Capital Stock outstanding. In the event that a portion of the aggregate consideration payable
to the Participating Investor(s) and selling Key Holder is placed into escrow, the Purchase and Sale Agreement shall provide that
(x) the portion of such consideration that is not placed in escrow (the “Initial Consideration”) shall be allocated
in accordance with Section 2.1, 2.2 and 2.3 of Article IV(B) of the Restated Certificate as if the Initial Consideration were
the only consideration payable in connection with such transfer, and (y) any additional consideration which becomes payable to
the Participating Investor(s) and selling Key Holder upon release from escrow shall be allocated in accordance with Section 2.1,
2.2 and 2.3 of Article IV(B) of the Restated Certificate after taking into account the previous payment of the Initial Consideration
as part of the same transfer.

 

(e)
Purchase by Selling Key Holder; Deliveries. Notwithstanding Subsection 2.2(c) above, if any Prospective Transferee
or Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from any Participating Investor or Investors or
upon the failure to negotiate a Purchase and Sale Agreement reasonably satisfactory to the Participating Investors, no Key Holder
may sell any Transfer Stock to such Prospective Transferee or Transferees unless and until, simultaneously with such sale, such
Key Holder purchases all securities subject to the Right of Co-Sale from such Participating Investor or Investors on the same
terms and conditions (including the proposed purchase price) as set forth in the Proposed Transfer Notice and as provided in Subsection
2.2(d)(i); provided, however, if such sale constitutes a Change of Control, the portion of the aggregate
consideration paid by the selling Key Holder to such Participating Investor or Investors shall be deemed part of the aggregate
consideration from such transfer and shall be allocated in accordance with the first sentence of Subsection 2.2(d)(ii).
In connection with such purchase by the selling Key Holder, such Participating Investor or Investors shall deliver to the selling
Key Holder any stock certificate or certificates, properly endorsed for transfer, representing the Capital Stock being purchased
by the selling Key Holder (or request that the Company effect such transfer in the name of the selling Key Holder). Any such shares
transferred to the selling Key Holder will be transferred to the Prospective Transferee against payment therefor in consummation
of the sale of the Transfer Stock pursuant to the terms and conditions specified in the Proposed Transfer Notice, and the selling
Key Holder shall concurrently therewith remit or direct payment to each such Participating Investor the portion of the aggregate
consideration to which each such Participating Investor is entitled by reason of its participation in such sale as provided in
this Subsection 2.2(e).

 

(f)
Additional Compliance. If any Proposed Key Holder Transfer is not consummated within forty-five (45) days after receipt
of the Proposed Transfer Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer
Stock unless they first comply in full with each provision of this Section 2. The exercise or election not to exercise
any right by any Investor hereunder shall not adversely affect its right to participate in any other sales of Transfer Stock subject
to this Subsection 2.2.

 

    	7

    	 

    

 

2.3
Effect of Failure to Comply.

 

(a)
Transfer Void; Equitable Relief. Any Proposed Key Holder Transfer not made in compliance with the requirements of this
Agreement shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall
not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this Agreement would result in
substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the
parties hereto unconditionally and irrevocably agree that any non-breaching party hereto shall be entitled to seek protective
orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance
or the rescission of purchases, sales and other transfers of Transfer Stock not made in strict compliance with this Agreement).

 

(b)
Violation of First Refusal Right. If any Key Holder becomes obligated to sell any Transfer Stock to the Company or any
Investor under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company
and/or such Investor may, at its option, in addition to all other remedies it may have, send to such Key Holder the purchase price
for such Transfer Stock as is herein specified and transfer to the name of the Company or such Investor (or request that the Company
effect such transfer in the name of an Investor) on the Company’s books any certificates, instruments, or book entry representing
the Transfer Stock to be sold.

 

(c)
Violation of Co-Sale Right. If any Key Holder purports to sell any Transfer Stock in contravention of the Right of Co-Sale
(a “Prohibited Transfer”), each Investor who desires to exercise its Right of Co-Sale under Subsection 2.2
may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to purchase
from such Investor the type and number of shares of Capital Stock that such Investor would have been entitled to sell to the Prospective
Transferee had the Prohibited Transfer been effected in compliance with the terms of Subsection 2.2. The sale will be made
on the same terms, including, without limitation, as provided in Subsection 2.2(d)(i) and the first sentence of Subsection
2.2(d)(ii), as applicable, and subject to the same conditions as would have applied had the Key Holder not made the Prohibited
Transfer, except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety
(90) days after the Investor learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Subsection 2.2.
Such Key Holder shall also reimburse each Investor for any and all reasonable and documented out-of-pocket fees and expenses,
including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Investor’s
rights under Subsection 2.2.

 

    	8

    	 

    

 

3.
Exempt Transfers.

 

3.1
Exempted Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Subsections
2.1 and 2.2 shall not apply (a) in the case of Nephros, upon a transfer to its stockholders, (b) to a repurchase of
Transfer Stock from a Key Holder by the Company at a price no greater than that originally paid by such Key Holder for such Transfer
Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after
the date hereof) and pursuant to an agreement containing vesting and/or repurchase provisions approved by a majority of the Board
(including at least one Series A Director if then in office), (c) to a pledge of Transfer Stock that creates a mere security interest
in the pledged Transfer Stock; provided that the pledgee thereof agrees in writing in advance to be bound by and comply
with all applicable provisions of this Agreement to the same extent as if it were the Key Holder making such pledge, or (d) in
the case of a Key Holder that is a natural person, upon a transfer of Transfer Stock by such Key Holder made for bona fide estate
planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or
adopted), or any other direct lineal descendant of such Key Holder (or his or her spouse) (all of the foregoing collectively referred
to as “family members”), or any other relative/person approved by the Board of the Company (including at least one
Series A Director if then in office), or any custodian or trustee of any trust, partnership or limited liability company for the
benefit of, or the ownership interests of which are owned wholly by such Key Holder or any such family members; provided
that in the case of clause(s) (a), (c), or (d), or, the Key Holder shall deliver prior written notice to the Investors of such
pledge, gift or transfer and such shares of Transfer Stock shall at all times remain subject to the terms and restrictions set
forth in this Agreement and such transferee shall, as a condition to such issuance, deliver a counterpart signature page to this
Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as a Key Holder
(but only with respect to the securities so transferred to the transferee), including the obligations of a Key Holder with respect
to Proposed Key Holder Transfers of such Transfer Stock pursuant to Section 2; and provided further in the case
of any transfer pursuant to clause (a) or (c) above, that such transfer is made pursuant to a transaction in which there is no
consideration actually paid for such transfer.

 

3.2
Exempted Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 2
shall not apply to the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement
under the Securities Act of 1933, as amended (a “Public Offering”); or (b) pursuant to a Deemed Liquidation
Event (as defined in the Company’s Certificate of Incorporation).

 

3.3
Prohibited Transferees. Notwithstanding the foregoing, no Key Holder shall transfer any Transfer Stock to (a) any entity
which, in the determination of the Company’s Board of Directors (the “Board”) (including at least one
Series A Director if then in office), directly or indirectly competes with the Company; or (b) any customer, distributor or supplier
of the Company, if the Board (including at least one Series A Director if then in office) should determine that such transfer
would result in such customer, distributor or supplier receiving information that would place the Company at a competitive disadvantage
with respect to such customer, distributor or supplier.

 

4. Legend.
Each certificate, instrument, or book entry representing shares of Transfer Stock held by the Key Holders or issued to any permitted
transferee in connection with a transfer permitted by Subsection 3.1 hereof shall be notated with the following legend:

 

    	9

    	 

    

 

THE
SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY,
THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION
AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY
OF THE CORPORATION.

 

Each
Key Holder agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares notated with
the legend referred to in this Section 4 above to enforce the provisions of this Agreement, and the Company agrees to promptly
do so. The legend shall be removed upon termination of this Agreement at the request of the holder.

 

5.
Market Standstill.

 

5.1
Lock Up. Each Key Holder and Investor hereby agrees that it will not, without the prior written consent of the managing
underwriter, during the period commencing on the date of the final prospectus relating to the registration
by the Company of shares of its Common Stock or any other equity securities under the Securities
Act on a registration statement on Form S-1 or Form S-3, and ending on the date specified
by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, which
period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional
period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen
(15) days of the expiration of the 180-day lockup period), lend; offer; pledge; sell; contract to sell; sell any option or contract
to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
(directly or indirectly) for Common Stock held immediately before the effective date
of the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of such securities, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in
cash, or otherwise. The foregoing provisions of this Subsection 5.1 shall apply only to the IPO, shall not apply to the sale of
any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares
to any Affiliate of the Investor or any Key Holder or any trust for the direct or indirect benefit of the Key Holder or the Investor
or the immediate family of the Key Holder or the Investor, provided that the trustee of the Affiliate or trust, as the
case may be, agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall
not involve a disposition for value, and shall be applicable to the Key Holders and the Investors only if all officers
and directors are subject to the same restrictions and the Company obtains a similar agreement from all directors and stockholders
individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion
into Common Stock of all outstanding Series A Preferred Stock). The underwriters in connection with such
registration are intended third-party beneficiaries of this Subsection 5.1 and shall have the right, power and authority
to enforce the provisions hereof as though they were a party hereto. Each Key Holder and Investor further agrees to execute such
agreements as may be reasonably requested by the underwriters in connection with such registration
that are consistent with this Subsection 5.1 or that are necessary to give further effect thereto. Any discretionary waiver
or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to
all Key Holders and all Investors subject to such agreements, based on the number of shares subject to such agreements.

 

    	10

    	 

    

 

5.2
Stop Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the shares of Capital Stock of each Key Holder (and transferees and assignees thereof) until the end of such restricted
period.

 

6.
Miscellaneous

 

6.1
Term. This Agreement shall automatically terminate upon the earlier of (a) immediately prior to the consummation of the
Company’s Qualified Public Offering; and (b) the consummation of a Deemed Liquidation Event (as defined in the Restated
Certificate); provided however that Sections 5 and 6 shall survive the termination of this Agreement.

 

6.2
Stock Split. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock
dividend, split, combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement.

 

6.3
Ownership. Each Key Holder represents and warrants that such Key Holder is the sole legal and beneficial owner of the shares
of Transfer Stock subject to this Agreement and that no other person or entity has any interest in such shares (other than a community
property interest as to which the holder thereof has acknowledged and agreed in writing to the restrictions and obligations hereunder).

 

6.4
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 and to the jurisdiction of 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.

 

    	11

    	 

    

 

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 (a) personal delivery to the party to be notified, (b) when sent,
if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business
hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent
to the respective parties at their address as set forth on Schedule A or Schedule B hereof, as the case may be, or to such email
address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 6.5. If
notice is given to the Company, it shall be sent to 380 Lackawanna Place, South Orange, NJ 07079, Attn: Chief Financial Officer,
email: andy@nephros.com; and a copy (which shall not constitute notice) shall also be sent to Fredrikson & Byron, P.A., 200
South Sixth Street, Suite 4000, Minneapolis, MN 55402-1425, Attn: Christopher J. Melsha, Esq., email: cmelsha@fredlaw.com.

 

6.6
Entire Agreement. This Agreement (including, the Exhibits and Schedules hereto) constitutes the full and entire understanding
and agreement between 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 are expressly canceled.

 

6.7
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 non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in 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. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

    	12

    	 

    

 

6.8
Amendment; Waiver and Termination. This Agreement may be amended, modified or terminated (other than pursuant to Section
6.1 above) and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively
or prospectively) only by a written instrument executed by (a) the Company, (b) the Key Holders holding at least a majority of
the shares of Transfer Stock then held by all of the Key Holders, and (c) the holders of a majority of the shares of Common Stock
issued or issuable upon conversion of the then outstanding shares of Preferred Stock held by the Investors (voting as a single
class and on an as-converted basis). Any amendment, modification, termination or waiver so effected shall be binding upon the
Company, the Investors, the Key Holders and all of their respective successors and permitted assigns whether or not such party,
assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. Notwithstanding the
foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereunder may not be waived
with respect to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, modification,
termination or waiver applies to all Investors and Key Holders, respectively, in the same fashion, and (ii) the consent of the
Key Holders shall not be required for any amendment, modification, termination or waiver if such amendment, modification, termination
or waiver does not apply to the Key Holders, and (iii) Schedule A hereto may be amended by the Company from time to time
in accordance with the Purchase Agreement to add information regarding Additional Purchasers (as defined in the Purchase Agreement)
without the consent of the other parties hereto. The Company shall give prompt written notice of any amendment, modification or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination
or waiver. 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 6.8, (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. 

 

6.9
Assignment of Rights.

 

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

 

(b)
Any successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares of Transfer Stock
in accordance with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or assignment,
a counterpart signature page hereto pursuant to which such successor or permitted assignee shall confirm their agreement to be
subject to and bound by all of the provisions set forth in this Agreement that were applicable to the predecessor or assignor
of such successor or permitted assignee.

 

    	13

    	 

    

 

(c)
The rights of the Investors hereunder are not assignable without the Company’s written consent (which shall not be unreasonably
withheld, delayed or conditioned), except (i) by an Investor to any Affiliate, or (ii) to an assignee or transferee who acquires
at least 250,000 shares of Capital Stock (as adjusted for any stock combination, stock split, stock dividend, recapitalization
or other similar transaction), it being acknowledged and agreed that any such assignment, including an assignment contemplated
by the preceding clauses (i) or (ii) shall be subject to and conditioned upon any such assignee’s delivery to the Company
and the other Investors of a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to
be subject to and bound by all of the provisions set forth in this Agreement that were applicable to the assignor of such assignee.

 

(d)
Except in connection with an assignment by the Company by operation of law to the acquirer of the Company, the rights and obligations
of the Company hereunder may not be assigned under any circumstances.

 

6.10
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

 

6.11
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, the Company shall cause any purchaser of such shares of
Series A Preferred Stock to become a party to this Agreement by causing such party to execute and deliver an additional counterpart
signature page to this Agreement and thereafter shall be deemed an “Investor” for all purposes hereunder.

 

6.12
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.

 

6.13
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

6.14
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. 

 

6.15
Aggregation of Stock. All shares of Capital Stock held or acquired by Affiliated entities or persons 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.

 

6.16
Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach
of this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company and
the Key Holders hereunder and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction.

 

    	14

    	 

    

 

6.17
Additional Key Holders . In the event that after the date of this Agreement, (i) the Company issues shares of Common
Stock, or options to purchase Common Stock, to any employee or consultant, (ii) or any Person otherwise becomes a holder of shares
of Common Stock, which shares or options would collectively constitute with respect to such employee or consultant (taking into
account all shares of Common Stock, options and other purchase rights held by such employee or consultant) one percent (1%) or
more of the Company’s then outstanding Common Stock (treating for this purpose all shares of Common Stock issuable upon
exercise of or conversion of outstanding options, warrants or convertible securities, as if exercised or converted), the Company
shall, as a condition to such issuance, cause such Person, employee or consultant to execute a counterpart signature page hereto
as a Key Holder, and such Person shall thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable
to a Key Holder. 

 

6.18
Consent of Spouse. If any Key Holder is married on the date of this Agreement, such holder’s spouse shall execute
and deliver to the Company a consent of spouse in the form of Exhibit A hereto (“Consent of Spouse”),
effective on the date hereof. Notwithstanding the execution and delivery thereof, such consent shall not be deemed to confer or
convey to the spouse any rights in such Key Holder’s shares of Transfer Stock that do not otherwise exist by operation of
law or the agreement of the parties. If any Key Holder should marry or remarry subsequent to the date of this Agreement, such
Key Holder shall within thirty (30) days thereafter obtain his/her new spouse’s acknowledgement of and consent to the existence
and binding effect of all restrictions contained in this Agreement by causing such spouse to execute and deliver a Consent of
Spouse acknowledging the restrictions and obligations contained in this Agreement and agreeing and consenting to the same.

 

[Remainder
of Page Intentionally Left Blank]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above.

 

	 	SPECIALTY
    RENAL PRODUCTS, INC.:
	 	 	 
	 	By:	/s/
    Andrew Astor
	 	Name:	Andrew
    Astor
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	Address:	380
    Lackawanna Place
	 	 	South
    Orange, NJ 07079

 

SIGNATURE
PAGE TO RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above.

 

	 	KEY
    HOLDERS:
	 	 
	 	NEPHROS,
    INC.
	 	 	 
	 	By:	/s/
    Andrew Astor
	 	 	Andrew
    Astor
	 	 	Chief
    Financial Officer

 

SIGNATURE
PAGE TO RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 	 
	 	By:	          
	 	Name:
    	 
	 	Title:
    	 

 

SIGNATURE
PAGE TO RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

 

    	 

    	 

    

 

SCHEDULE
A

INVESTORS

 

    	 

    	 

    

 

SCHEDULE
B

 

KEY
HOLDERS

 

	Name
of Key Holders

	 
	Nephros,
    Inc.

 

    	 

    	 

    

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I,
[____________________], spouse of [______________], acknowledge that I have read the Right of First Refusal and Co-Sale Agreement,
dated as of [_____ __, 201__], to which this Consent is attached as Exhibit A (the “Agreement”), and
that I know the contents of the Agreement. I am aware that the Agreement contains provisions regarding certain rights to certain
other holders of Capital Stock of the Company upon a Proposed Common Holder Transfer of shares of Transfer Stock of the Company
which my spouse may own including any interest I might have therein.

 

I
hereby agree that my interest, if any, in any shares of Transfer Stock of the Company subject to the Agreement shall be irrevocably
bound by the Agreement and further understand and agree that any community property interest I may have in such shares of Transfer
Stock of the Company shall be similarly bound by the Agreement.

 

I
am aware that the legal, financial and related matters contained in the Agreement are complex and that I am free to seek independent
professional guidance or counsel with respect to this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated
as of the [__] day of [__________, _____].

 

	 	 
	 	Signature
	 	 
	 	 
	 	Print
    Name

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]