Document:

Exhibit
10.01

 

Collaboration
Agreement between the Company

and BioPharmaWorks LLC

 

THIS
COLLABORATION AGREEMENT (this “Agreement”) is made and entered into as of September __, 2015 (the “Effective
Date”), by and between Lixte Biotechnology Holdings, Inc., a Delaware corporation (“Lixte”) and BioPharmaWorks
LLC, a Connecticut limited liability company (“BioPharma”) with reference to the following:

 

Lixte
wishes to engage BioPharma to work with Lixte in a collaborative mode to maximize the value of Lixte’s intellectual property,
and, in connection therewith, to provide certain services, as hereinafter defined, and BioPharma has agreed to provide the services
in accordance with the terms and conditions of this Agreement.

 

NOW
THEREFORE, for good and valuable consideration, including the herein promises, covenants, agreements, representations and warranties,
the receipt and legal sufficiency of which is hereby acknowledged, accepted and agreed to, Lixte and BioPharma, intending to be
legally bound, hereby agree as follows:

 

1.BioPharma
hereby agrees to perform the services (the “Services”) as set forth on Schedule A. This Agreement shall
apply to any and all Services performed pursuant hereto. BioPharma shall take all reasonable steps to become knowledgeable with
Lixte’s patent portfolio (currently consisting of 22 issued or pending applications) and additional existing and to be developed
preclinical data on potential drug candidates.

 

2.Unless
sooner terminated pursuant to Section 7 hereof, this Agreement shall be deemed effective as of the Effective Date, and shall continue
in full force and effect for an initial period of two (2) years from such Date and shall automatically renew for subsequent annual
periods unless terminated by a party pursuant to written notice delivered to the other party not less than 60 days prior to the
expiration of the applicable annual period.

 

3.In
consideration of the Services to be rendered hereunder, the following shall apply:

 

(a)Lixte
hereby grants and shall promptly issue to BioPharma 1,000,000 shares of Lixte Common Stock (the “Shares”) vesting
on the Effective Date, it being understood that BioPharma shall have the right to designate up to six employees of BioPharma to
receive up to an aggregate of 60,000 Shares subject to such employees executing a representation letter in form and substance
satisfactory to Lixte.

 

(b)Lixte
hereby grants BioPharma five-year warrants to purchase 1,000,000 Shares (the “Warrants”) in the form of Exhibit
A and Exhibit B attached hereto divided into two tranches:

 

(i)Warrants
to purchase 500,000 shares at $1.00/share vesting on the first anniversary of the Effective Date, provided the Agreement is then
still in force and effect.

 

(ii)Warrants
to purchase 500,000 shares at $2.00/share vesting on the second anniversary of the Effective Date, provided the Agreement is then
still in force and effect.

 

(c)Lixte
shall pay BioPharma a monthly fee of $10,000 payable within fifteen business days after receipt of an invoice from BioPharma,
provided that Lixte shall have the right to cancel the monthly payment plan and negotiate an hourly rate for individual tasks
mutually agreed upon by BioPharma and Lixte.

 

    	 	Exhibit 10.01 - Page 1	 

     

    

 

4.BioPharma
shall keep in strictest confidence and shall not, without the prior written authorization of Lixte, publish, disclose, disseminate
or use for any purpose other than as contemplated by this Agreement any and all information disclosed to or developed by BioPharma
in connection with this Agreement or with providing any Services performed hereunder (collectively the “Information”).
This obligation of non-disclosure and non-use shall not apply to Information which: (i) is, at the time of disclosure or thereafter,
becomes publicly available through no fault of BioPharma; (ii) BioPharma can demonstrate through competent written records was
in its possession before receipt; (iii) is disclosed to BioPharma by a third party with the legal right to do so; or (iv) is required
to be disclosed pursuant to judicial process, court order or administrative request, provided that BioPharma shall so notify Lixte
sufficiently prior to disclosing such Information as to permit Lixte to seek a protective order. BioPharma shall ensure that each
of its employees, subcontractors, consultants, and agents who have access to Information understand the confidential nature thereof
and agree to be bound by the obligations set forth in this Section 4. BioPharma shall not have any publication rights and all
of the same shall belong to Lixte.

 

5.All
information, data, reports, writings, ideas, inventions and other work product, in any form whatsoever, both tangible and intangible,
developed as a result of BioPharma’s performance of the Services (collectively, the “Works”), shall be
the sole and exclusive property of Lixte. BioPharma hereby assigns, and to the extent any such assignment cannot be made at present
hereby agrees to timely assign to Lixte and further agrees to cause its employees to assign to Lixte all rights, title and interest
in and to any such Works. All such assignments now and in the future shall be immediately made when requested by Lixte and shall
be made without any additional consideration or fee. During the term of this Agreement or at any time after the termination thereof,
at the request of Lixte, BioPharma shall make, or cause its employees to make promptly, or cooperate in the making thereof, an
application for United States letters patent and foreign letters patent or for copyright registration on any materials BioPharma
may develop in the course of performing the Services and developing the Works contemplated by this Agreement. Furthermore, BioPharma
shall assign, or shall cause its employees and all others involved with or who participated in providing the Services, to assign,
to Lixte or its designee: (i) any such application for copyright registration or for letters patent and patents issuing thereon;
(ii) any other rights arising out of the Works; and (iii) any other intellectual property rights arising out of or related to
this Agreement.

 

For
avoidance of doubt, BioPharma agrees that any theory, discovery, invention, formulation, know-how, method, technology, development,
confidential information, enhancement, modification, improvement or trade secret owned by or licensed to Lixte as of the Effective
Date or at any time during the Term of this Agreement, shall remain exclusively owned or licensed by Lixte (the “Lixte
Background Intellectual Property”). In addition, any and all discoveries, inventions or improvements thereto, together
with any enhancements, additions, trade secrets or know-how created, developed, conceived or reduced to practice by BioPharma
(whether patentable or not), during the term of this Agreement and in the performance, directly or indirectly, of the Services
(the “Services IP”) shall be solely owned by Lixte, and BioPharma shall execute or cause the execution of any
agreement reasonably requested by Lixte to evidence the foregoing, including, without limitation, obtaining from BioPharma’s
employees or consultants appropriate assignments of Services IP.

 

6.BioPharma
shall be identified on Lixte’s web site and as appropriate in Lixte’s press releases (subject to the reasonable approval
by BioPharma) as a participant and collaborator of Lixte in Lixte’s drug discovery, development and commercialization.

 

7.This
Agreement may be terminated by a party in the event that: (i) the other party becomes insolvent or is unable to pay its debts
as they become due, or a petition in bankruptcy or for reorganization is filed by or against it, or a receiver is appointed of
the whole or any substantial portion of its property; or (ii) the other party is in material breach of its obligations hereunder,
which breach remains uncured for ten (10) business days following receipt of written notice from the other specifying the breach,
then the other party shall have the right to immediately terminate this Agreement, without prejudice to its other rights or remedies,
by written notice of such election.

 

    	 	Exhibit 10.01 - Page 2	 

     

    

 

8.BioPharma
shall perform the Services: (i) in a first class professional manner in accordance with the terms and conditions of this Agreement,
(ii) in conformance with that level of care and skill ordinarily exercised in similar circumstances by providers of the same or
similar services and (iii) in compliance with all applicable federal, state and local laws, rules, regulations, orders, ordinances
and binding obligations. BioPharma warrants that BioPharma is presently, and will remain, for the term of this Agreement and any
extension thereof, free from any commitments or conflicts of interest that would impair BioPharma from rendering its undivided
loyalty to Lixte or providing the Services in an accurate and timely manner as directed by Lixte and shall devote such time and
effort as reasonably required to provide the Services hereunder. BioPharma shall require any subcontractors or consultants retained
to assist BioPharma in the performance of this Agreement to agree to maintain itself free from conflicts of interest pursuant
to terms substantially similar to those set forth in this Section 8.

 

9.BioPharma
shall not subcontract this Agreement or any portion thereof, without the prior written approval of Lixte. Any such approval shall
not relieve BioPharma of its obligations under this Agreement. Further, BioPharma may not assign, delegate or transfer any of
its rights or obligations under this Agreement without the written consent of Lixte. Any attempted assignment, delegation or transfer
in breach of this Section 9 shall be null and void.

 

10.Any
Services performed by BioPharma for Lixte under this Agreement are to be performed by BioPharma in BioPharma’s capacity
as an independent contractor. Neither BioPharma nor its employees, agents or representatives are employees of Lixte, and BioPharma
shall have no right to enter into any agreement which binds or otherwise commits Lixte to any obligation. BioPharma retains the
sole right to hire, discipline, evaluate and terminate its own employees and to set their hours, wages and terms and conditions
of employment in accordance with law and BioPharma’s obligations herein. All income, employment and other similar taxes
required to be withheld and/or paid with respect to all services provided hereunder will be timely paid by BioPharma directly
to the appropriate governmental agency. The employees, representatives or agents of BioPharma are not entitled to and will not
receive from Lixte in connection with the Services, any benefits normally provided by Lixte to its employees. BioPharma agrees
to defend, indemnify and hold Lixte harmless against any claim that Lixte is jointly or severally liable or obligated to BioPharma’s
employees, agents, employees’ representative, a benefit plan or any governmental fund or entity on the basis of a statute,
regulation or common law duty relating to employment.

 

11.Except
as set forth in Schedule A or as otherwise approved by Lixte, BioPharma shall be responsible for all expenses and costs in providing
the Services hereunder.

 

12.All
notices required or permitted hereunder shall be given in writing and sent by facsimile transmission, or mailed postage prepaid
by certified or registered mail, or sent by a nationally recognized express courier service, or hand delivered at the following
addresses:

 

	 	To
    Lixte:	Lixte Biotechnology Holdings,
        Inc.

        248 Route 25A, No. 2

        East Setauket, New York 11733

        Attention: President

        Email: JKovach@Lixte.com

	 	 	 
	 	With
    a copy to:	TroyGould PC

        1801 Century Park East, Suite
        1600

        Los Angeles, California 90067

        Attention: David L. Ficksman,
        Esq.

        Email: DFicksman@TroyGould.com

	 	 	 
	 	To
    BioPharma:	BioPharmaWorks LLC

        1084 Shennecossett Road

        Groton, Connecticut 06340

        Attention: Robert Volkmann

        Email: ravolkmann@gmail.com

 

Any notice, if
mailed properly addressed, postage prepaid, shall be deemed made three (3) days after the date of mailing as indicated on the
certified or registered mail receipt, or on the next business day if sent by express courier service or on the date of delivery
or transmission if hand delivered or sent by electronic transmission.

 

    	 	Exhibit 10.01 - Page 3	 

     

    

 

13.BioPharma
hereby confirms, that the Shares, the Warrants and any shares of Common Stock issuable upon exercise of the Warrants (the “Warrant
Shares”) to be issued by BioPharma hereunder will be acquired for investment for BioPharma’s own account, not
as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that BioPharma has no present
intention of selling, granting any participation in, or otherwise distributing the same. BioPharma further represents that BioPharma
does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations
to such person or to any third person, with respect to any of the Shares, the Warrants or the Warrant Shares (collectively, the
“Securities”). BioPharma understands that the Securities have not been, and will not be, registered under the
Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of BioPharma’s representations as expressed herein. BioPharma understands that the Securities are “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, BioPharma must hold
the Securities indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. BioPharma acknowledges that Lixte has no obligation
to register or qualify the Securities for resale. BioPharma further acknowledges that if an exemption from registration or qualification
is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding
period for the Securities, and on requirements relating to Lixte which are outside of BioPharma’s control, and which Lixte
is under no obligation and may not be able to satisfy. BioPharma understands that the Securities may bear a restricted legend
.. BioPharma is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

14.No Shares,
including any Shares issued to employees of BioPharma pursuant to Section 3(a) or transferred pursuant to the provisions of this
Section 14 and the Warrant Shares, may be sold, exchanged, assigned, pledged or otherwise disposed of for a period of two years
from the Effective Date except in connection with estate planning purposes. Notwithstanding the foregoing or the provisions of
Section 13, a portion of the Securities may be transferred by BioPharma to its employees, consultants or members subject to any
such transferee executing a representation letter in form and substance satisfactory to Lixte.

 

15.Any controversy
or dispute arising during under this Agreement, which is not settled between the parties within 30 days, shall be settled by binding
arbitration in New York, New York, according to the commercial arbitration rules of the American Arbitration Association. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without regard to principles
of conflicts of law. In the event of litigation relating to the subject matter of this Agreement (whether in contract, tort, or
otherwise), the non-prevailing party shall reimburse the prevailing party for all reasonable attorney fees and costs resulting
therefrom.

 

16.This Agreement
represents the entire understanding of the parties with respect to the subject matter hereof and merge and supersedes all prior
and contemporaneous agreements or understandings, oral or written, with respect thereto. This Agreement shall not be modified
except by a written agreement signed by the parties hereto specifying that it is a modification to the Agreement. The failure
of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive
that party of the right to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in
writing and signed by the party making the waiver. The invalidity or unenforceability of any term or provision of this Agreement
shall not affect the validity or enforceability of any other term or provision hereof. 

 

17.The provisions
of Sections 4, 5, 7, 10, 13, 14 and 15 shall survive the expiration or termination of this Agreement.

 

[Remainder of
Page Intentionally Left Blank]

 

    	 	Exhibit 10.01 - Page 4	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their respective duly authorized representatives as of the day
and year first above written, This Agreement may be executed in multiple counterparts which shall be deemed to be an original
and collectively shall constitute one Agreement.

 

	 	Lixte Biotechnology Holdings, Inc.
	 	 	 
	 	By:	 
	 	 	John
    Kovach, M.D.
	 	 	President
    and Chief Executive Officer
	 	 	 
	 	BioPharmaWorks LLC
	 	 	 
	 	By:	 
	 	Name:	Robert
    Volkmann
	 	Title:	Manager

 

    	 	Exhibit 10.01 - Page 5	 

     

    

 

SCHEDULE
A

 

	(1)	Assist
    Lixte with prioritization of steps to commercialize its products.
	 	 
	(2)	Advise
    Lixte as to steps to strengthen its present and future patent portfolio.
	 	 
	(3)	Be
    available for consultation in drug discovery and development ranging from chemical and biochemical characterization to patent
    review as needed by Lixte
	 	 
	(4)	Identify
    providers and oversee the quality and accomplishment of specific tasks needed for meeting the requirements of the FDA and
    the pharmaceutical industry for clinical use and commercialization of new compounds. BioPharma will manage specific projects
    such as the synthesis and evaluation of new compounds by outside experts. The costs of specific physical tasks-drug synthesis
    and biochemical and biological characterization are the responsibility of Lixte.
	 	 
	(5)	Assist
    Lixte in identifying and gaining entrée to large pharmaceutical companies with potential interest in Lixte products.
	 	 
	(6)	Assist
    Lixte in preparing and, as appropriate, delivering presentations concerning Lixte’s products to regulatory agencies,
    pharmaceutical companies, and other interested parties including potential investors. 
	 	 
	(7)	Assist
    in advising the Board of Directors of Lixte with respect to Lixte’s scientific program for a period of up to 3 months
    in the event that the CEO and scientific leader of Lixte is unable to carry out this duty.
	 	 
	(8)	Provide
    a monthly report to Lixte of its activities under this Agreement.

 

    	 	Schedule A to Collaboration Agreement
 Page 1	 

     

    

 

EXHIBIT
A

 

THE WARRANT EVIDENCED OR CONSTITUTED
HEREBY, AND ALL SHARES OF COMMON STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED
OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION
OR (ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SEC RULE 144.

 

WARRANT
TO PURCHASE COMMON STOCK

 

OF

 

LIXTE BIOTECHNOLOGY
HOLDINGS, INC.

 

September
14, 2015

 

THIS CERTIFIES THAT, for value received
BioPharmaWorks LLC (“Holder”) is entitled, subject to the terms and conditions of this Warrant, at any time
or from time to time after the first anniversary of the issuance date of this Warrant (the “Effective Date”),
and before 5:00 p.m., Eastern Time, on the fifth (5th) anniversary of the date hereof (the “Expiration Date”),
to purchase from the Company, 500,000 shares of Common Stock of Lixte Biotechnology Holdings, Inc. (the “Company”)
at a price per share equal to $1.00 (the “Purchase Price”). Both the number of shares of Common Stock purchasable
upon exercise of this Warrant and the Purchase Price are subject to adjustment and change as provided herein.

 

1.CERTAIN
DEFINITIONS. As used in this Warrant the following terms shall have the following respective meanings:

 

1.1“Fair
Market Value” of a share of Common Stock as of a particular date shall mean:

 

(a)If traded
on a securities exchange or the Nasdaq National Market, the Fair Market Value shall be deemed to be the average of the closing
prices of the Common Stock of the Company on such exchange or market over the five (5) trading days ending immediately prior to
the applicable date of valuation;

 

(b)If actively
traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid prices over the thirty (30)-day
period ending immediately prior to the applicable date of valuation; and

 

(c)If there
is no active public market, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided,
however, that if the Company and the Holder cannot agree on such value, such value shall be determined by an independent valuation
firm experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees
and expenses of the valuation firm shall be paid for by the Company.

 

1.2“Registered
Holder” shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the
Company.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 1	 

     

    

 

1.3“Warrant”
as used herein, shall include this Warrant and any warrant delivered in substitution or exchange therefor as provided herein.

 

1.4“Common
Stock” shall mean the Common Stock of the Company and any other securities at any time receivable or issuable upon exercise
of this Warrant.

 

2.EXERCISE
OF WARRANT.

 

2.1Payment.
Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised,
in whole or in part at any time or from time to time, on or before the Expiration Date by (a) the delivery (including, without
limitation, delivery by facsimile) of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice
of Exercise”), duly executed by the Holder, at the principal office of the Company, and (b) as soon as practicable after
such date, surrendering

 

(a)this Warrant
at the principal office of the Company, and

 

(b)payment,
in cash (by check) or by wire transfer, of an amount equal to the product obtained by multiplying the number of shares of Common
Stock being purchased upon such exercise by the then effective Purchase Price (the “Exercise Amount”).

 

2.2Net Issue
Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all or
some of this Warrant for shares of Common Stock equal to the value of the amount of the Warrant being exchanged on the date of
exchange. If Holder elects to exchange this Warrant as provided in this Section 2.2, Holder shall tender to the Company the Warrant
for the amount being exchanged, along with written notice of Holder’s election to exchange some or all of the Warrant, and
the Company shall issue to Holder the number of shares of the Common Stock computed using the following formula:

 

	 	X =	Y (A-B)	 
	 	 	A	 

   

	Where:  	X =	the
    number of shares of Common Stock to be issued to Holder.
	 	 	 
	 	Y
    =	the
    number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such
    calculation).
	 	 	 
	 	A
    =	the
    Fair Market Value of one share of the Common Stock.
	 	 	 
	 	B
    =	Purchase
    Price (as adjusted to the date of such calculation).

 

2.3“Easy
Sale” Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, when permitted by law and applicable
regulations (including Nasdaq and NASD rules), the Holder may pay the Purchase Price through a “same day sale” commitment
from the Holder (and if applicable a broker-dealer (a “Dealer”)), whereby the Holder irrevocably elects to
exercise this Warrant and to sell a portion of the shares so purchased to pay the Purchase Price and the Holder (or, if applicable,
a Dealer) commits upon sale (or, in the case of a Dealer, upon receipt) of such shares to forward the Purchase Price directly
to the Company.

 

2.4Stock
Certificates; Fractional Shares. As soon as practicable on or after the date of any exercise of this Warrant, the Company
shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of
whole shares of Common Stock issuable upon such exercise. No fractional shares or scrip representing fractional shares shall be
issued upon an exercise of this Warrant.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 2	 

     

    

 

2.5Partial
Exercise; Effective Date of Exercise. In case of any partial exercise of this Warrant, the Company shall cancel this Warrant
upon surrender hereof and shall execute and deliver a new Warrant of like tenor and date for the balance of the shares of Common
Stock purchasable hereunder. This Warrant shall be deemed to have been exercised immediately prior to the close of business on
the date of its surrender for exercise as provided above. The person entitled to receive the shares of Common Stock issuable upon
exercise of this Warrant shall be treated for all purposes as the holder of record of such shares as of the close of business
on the date the Holder is deemed to have exercised this Warrant.

 

2.6Vesting.
This Warrant shall vest fully upon the first anniversary of the date of issuance.

 

3.VALID
ISSUANCE: TAXES. All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and
nonassessable, and the Company shall pay all taxes and other governmental charges that may be imposed in respect of the issue
or delivery thereof. The Company shall not be required to pay any tax or other charge imposed in connection with any transfer
involved in the issuance of any certificate for shares of Common Stock in any name other than that of the Registered Holder of
this Warrant, and in such case the Company shall not be required to issue or deliver any stock certificate or security until such
tax or other charge has been paid, or it has been established to the Company’s reasonable satisfaction that no tax or other
charge is due.

 

4.ADJUSTMENT
OF PURCHASE PRICE AND NUMBER OF SHARES. The number of shares of Common Stock issuable upon exercise of this Warrant (or any
shares of stock or other securities or property receivable or issuable upon exercise of this Warrant) and the Purchase Price are
subject to adjustment upon occurrence of the following events:

 

4.1Adjustment
for Stock Splits, Stock Subdivisions or Combinations of Shares. The Purchase Price of this Warrant shall be proportionally
decreased and the number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally increased to reflect any stock split or subdivision
of the Company’s Common Stock. The Purchase Price of this Warrant shall be proportionally increased and the number of shares
of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally decreased to reflect any combination of the Company’s Common Stock.

 

4.2Adjustment
for Dividends or Distributions of Stock or Other Securities or Property. In case the Company shall make or issue, or shall
fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect
to the Common Stock (or any shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in
(a) securities of the Company or (b) assets (excluding cash dividends paid or payable solely out of retained earnings), then,
in each such case, the Holder of this Warrant on exercise hereof at any time after the consummation, effective date or record
date of such dividend or other distribution, shall receive, in addition to the shares of Common Stock (or such other stock or
securities) issuable on such exercise prior to such date, and without the payment of additional consideration therefor, the securities
or such other assets of the Company to which such Holder would have been entitled upon such date if such Holder had exercised
this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise,
retained such shares and all such additional securities or other assets distributed with respect to such shares as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 3	 

     

    

 

4.3Reclassification.
If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights
under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided
in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of
the Common Stock, which is the subject of Section 4.5.

 

4.4Adjustment
for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company
(other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or
consolidation of the Company with or into another corporation, or the sale of all or substantially all the assets of the Company
then, and in each such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period
specified herein and upon payment of the Purchase Price then in effect, the number of shares of stock or other securities or property
of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the
shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger,
sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer,
all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4.4 shall
similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable
to the Holder hereof for shares in connection with any such transaction is in a form other than cash or marketable securities,
then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events,
appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application
of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that
the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this Warrant.

 

4.5Conversion
of Common Stock. In case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed
or converted or reclassified into other securities or property pursuant to the Company’s Certificate of Incorporation or
otherwise, or the Common Stock otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon exercise hereof
at any time after the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination
Date”), shall receive, in lieu of the number of shares of Common Stock that would have been issuable upon such exercise
immediately prior to the Termination Date, the securities or property that would have been received if this Warrant had been exercised
in full and the Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all
subject to further adjustment as provided in this Warrant. Additionally, the Purchase Price shall be immediately adjusted to equal
the quotient obtained by dividing (x) the aggregate Purchase Price of the maximum number of shares of Common Stock for which this
Warrant was exercisable immediately prior to the Termination Date by (y) the number of shares of Common Stock of the Company for
which this Warrant is exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 4	 

     

    

 

5.CERTIFICATE
AS TO ADJUSTMENTS. In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise
of this Warrant, the Chief Financial Officer or Controller of the Company shall compute such adjustment in accordance with the
terms of this Warrant and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such
adjustment is based, including a statement of the adjusted Purchase Price. The Company shall promptly send (by facsimile and by
either first class mail, postage prepaid or overnight delivery) a copy of each such certificate to the Holder.

 

6.LOSS
OR MUTILATION. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction
or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost,
stolen, destroyed or mutilated Warrant.

 

7.RESERVATION
OF COMMON STOCK. The Company hereby covenants that at all times there shall be reserved for issuance and delivery upon exercise
of this Warrant such number of shares of Common Stock or other shares of capital stock of the Company as are from time to time
issuable upon exercise of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of Incorporation
to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. All such shares shall be duly
authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable, free and clear of all
liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights,
except encumbrances or restrictions arising under federal or state securities laws. Issuance of this Warrant shall constitute
full authority to the Company’s Officers who are charged with the duty of executing stock certificates to execute and issue
the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

 

8.TRANSFER
AND EXCHANGE. Subject to the terms and conditions of this Warrant and compliance with all applicable securities laws, this
Warrant and all rights hereunder may be transferred to any Registered Holder’s parent, subsidiary or affiliate, in whole
or in part, on the books of the Company maintained for such purpose at the principal office of the Company referred to above,
by the Registered Holder hereof in person, or by duly authorized attorney, upon surrender of this Warrant properly endorsed and
upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. Upon any permitted partial
transfer, the Company will issue and deliver to the Registered Holder a new Warrant or Warrants with respect to the shares of
Common Stock not so transferred. Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that
when this Warrant shall have been so endorsed, the person in possession of this Warrant may be treated by the Company, and all
other persons dealing with this Warrant, as the absolute owner hereof for any purpose and as the person entitled to exercise the
rights represented hereby, any notice to the contrary notwithstanding; provided, however, that until a transfer of this
Warrant is duly registered on the books of the Company, the Company may treat the Registered Holder hereof as the owner for all
purposes. Any other transfer shall require the approval of the Company in its sole discretion.

 

9.RESTRICTIONS
ON TRANSFER. The Holder, by acceptance hereof, agrees that, absent an effective registration statement filed with the Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities
Act”) covering the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof,
as the case may be, and registration or qualification under applicable state securities laws, such Holder will not sell, transfer,
pledge, or hypothecate any or all of this Warrant or such Common Stock, as the case may be, unless either (i) the Company has
received an opinion of counsel, in form and substance reasonably satisfactory to the Company, to the effect that such registration
is not required in connection with such disposition or (ii) the sale of such securities is made pursuant to SEC Rule 144. Notwithstanding
the foregoing, it is understood that the Holder may transfer a portion of this Warrant to employees or consultants of Holder.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 5	 

     

    

 

10.COMPLIANCE
WITH SECURITIES LAWS. By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that any shares
of stock purchased upon exercise of this Warrant shall be acquired for investment only and not with a view to, or for sale in
connection with, any distribution thereof; that the Holder has had such opportunity as such Holder has deemed adequate to obtain
from representatives of the Company such information as is necessary to permit the Holder to evaluate the merits and risks of
its investment in the Company; that the Holder is able to bear the economic risk of holding such shares as may be acquired pursuant
to the exercise of this Warrant for an indefinite period; that the Holder understands that the shares of stock acquired pursuant
to the exercise of this Warrant will not be registered under the Securities Act (unless otherwise required pursuant to exercise
by the Holder of the registration rights, if any, granted to the Registered Holder) and will be “restricted securities”
within the meaning of Rule 144 under the Securities Act and that the exemption from registration under Rule 144 will not be available
for at least one (1) year from the date of exercise of this Warrant, subject to any special treatment by the SEC for exercise
of this Warrant pursuant to Section 2.2, and even then will not be available unless a public market then exists for the stock,
adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied
with; and that all stock certificates representing shares of stock issued to the Holder upon exercise of this Warrant or upon
conversion of such shares may have affixed thereto a legend substantially in the following form:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT
ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

11.NO
RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company. In the absence of affirmative action by such Holder to purchase Common Stock by exercise of this Warrant
or Common Stock upon conversion thereof, no provisions of this Warrant, and no enumeration herein of the rights or privileges
of the Holder hereof shall cause such Holder hereof to be a stockholder of the Company for any purpose.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 6	 

     

    

 

12.REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to Holder that:

 

12.1Due
Authorization; Consents. All corporate action on the part of the Company, its officers, directors and stockholders necessary
for (a) the authorization, execution and delivery of, and the performance of all obligations of the Company under, this Warrant,
and (b) the authorization, issuance, reservation for issuance and delivery of all of the Common Stock issuable upon exercise of
this Warrant, has been duly taken. This Warrant constitutes a valid and binding obligation of the Company enforceable in accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar
laws affecting creditors’ rights generally and to general equitable principles. All consents, approvals and authorizations
of, and registrations, qualifications and filings with, any federal or state governmental agency, authority or body, or any third
party, required in connection with the execution, delivery and performance of this Warrant and the consummation of the transactions
contemplated hereby and thereby have been obtained.

 

12.2Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
has all requisite corporate power to own, lease and operate its property and to carry on its business as now being conducted and
as currently proposed to be conducted.

 

12.3Valid
Issuance of Stock. The outstanding shares of the capital stock of the Company are duly and validly issued, fully paid and
nonassessable, and such shares, and all outstanding options and other securities of the Company, have been issued in full compliance
with the registration and prospectus delivery requirements of the Securities Act and the registration and qualification requirements
of all applicable state securities laws, or in compliance with applicable exemptions therefrom, and all other provisions of applicable
federal and state securities laws, including without limitation, anti-fraud provisions.

 

12.4Governmental
Consents. All consents, approvals, orders, authorizations or registrations, qualifications, declarations or filings with any
federal or state governmental authority on the part of the Company required in connection with the consummation of the transactions
contemplated herein shall have been obtained prior to and be effective as of the Effective Date.

 

13.NOTICES.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement
shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when
received when sent by facsimile at the address and number set forth below; (c) three business days after deposit in the U.S. mail
with first class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d)
the next business day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set
forth below with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from
the delivery service provider.

 

	To
    the Company:	To
    the Holder:
	 	 
	Lixte
    Biotechnology Holdings, Inc.	The
    address on the signature page hereto
	248
    Route 25A, No. 2	 
	East
    Setauket, New York 11733	 
	Attn:
    John S. Kovach	 

 

Each person making a communication
hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication
made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication.
A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section
13 by giving the other party written notice of the new address in the manner set forth above.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 7	 

     

    

 

14.HEADINGS.
The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.

 

15.LAW
GOVERNING. This Warrant shall be construed and enforced in accordance with, and governed by, the laws of the State of Delaware,
with regard to conflict of law principles of such state.

 

16.NO
IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization, consolidation,
merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered
Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will not increase
the par value of any shares of stock issuable upon the exercise of this Warrant above the amount payable therefor upon such exercise,
and (b) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable shares of Common Stock upon exercise of this Warrant.

 

17.NOTICES
OF RECORD DATE. In case:

 

17.1the Company
shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise
of this Warrant), for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for
or purchase any shares of stock of any class or any other securities or to receive any other right; or

 

17.2of any
consolidation or merger of the Company with or into another corporation, any capital reorganization of the Company, any reclassification
of the capital stock of the Company, or any conveyance of all or substantially all of the assets of the Company to another corporation
in which holders of the Company’s stock are to receive stock, securities or property of another corporation; or

 

17.3of any
voluntary dissolution, liquidation or winding-up of the Company; or

 

17.4of any
redemption or conversion of all outstanding Common Stock;

 

then, and in each such case, the
Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend, distribution or right, or (ii) the date on which such
reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation, winding-up, redemption or conversion
is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or (such stock or securities
as at the time are receivable upon the exercise of this Warrant), shall be entitled to exchange their shares of Common Stock (or
such other stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding-up. The Company shall use all reasonable efforts to ensure such notice
shall be delivered at least thirty (30) days prior to the date therein specified.

 

18.SEVERABILITY.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

    		 Exhibit A to
 Collaboration Agreement
 Page 8	 

     

    

 

19.COUNTERPARTS.
For the convenience of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each
such executed counterpart shall be, and shall be deemed to be, an original instrument.

 

20.NO
INCONSISTENT AGREEMENTS. The Company will not on or after the date of this Warrant enter into any agreement with respect to
its securities which is inconsistent with the rights granted to the Holders of this Warrant or otherwise conflicts with the provisions
hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted
to holders of the Company’s securities under any other agreements, except rights that have been waived.

 

21.SATURDAYS,
SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically
be extended until 5:00 p.m. the next business day.

 

22.ENTIRE
AGREEMENT. This Warrant contains the sole and entire agreement and understanding of the parties with respect to the entire
subject matter of this Warrant, and any and all prior discussions, negotiations, commitments and understandings, whether oral
or otherwise, related to the subject matter of this Warrant are hereby merged herein.

 

[Signatures
appear on following page.]

 

    		 Exhibit A to
 Collaboration Agreement
 Page 9	 

     

    

 

IN WITNESS
WHEREOF, the parties hereto have executed this Warrant as of the Effective Date.

 

	Holder:		 	Lixte Biotechnology Holdings,
    Inc. 
	 	 	 	 	 
	BioPharmaWorks LLC	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	Robert
    Volkmann	 	 	John
    S. Kovach
	 	Manager	 	 	President

 

	Address:	1084
    Shennecossett Road
	 	Groton,
    Connecticut 06340

 

SIGNATURE PAGE
TO WARRANT TO PURCHASE COMMON STOCK

 

    		 Exhibit A to
 Collaboration Agreement
 Page 10	 

     

    

 

Exhibit
A

 

NOTICE OF
EXERCISE

 

(To be executed
upon exercise of Warrant)

 

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

 

The undersigned hereby irrevocably
elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder, the securities
of the Company, as provided for therein, and (check the applicable box):

 

	[  ]	tenders herewith payment
    of the exercise price in full in the form of cash or a certified or official bank check in same-day funds in the amount of
    $____________ for _________ such securities.
	 	 
	[  ]	elects the [Net Issue
    Exercise][Easy Sale Exercise] option pursuant to Section 2.2 or 2.3 of the Warrant, and accordingly requests delivery of a
    net of ______________ of such securities.

 

Please issue a certificate or certificates
for such securities in the name of, and pay any cash for any fractional share to (please print name, address and social security
number):

 

	Name:	 
	 	 
	Address:	 
	 	 
	Signature:	 

 

Note: The above signature should
correspond exactly with the name on the first page of this Warrant Certificate or with the name of the assignee appearing in the
assignment form below.

 

If said number of shares shall not
be all the shares purchasable under the within Warrant Certificate, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder rounded up to the next higher whole number of shares.

 

    		 Exhibit A to
 EXHIBIT A to
 Collaboration Agreement
 Page 1	 

     

    

 

Exhibit
B

 

ASSIGNMENT

 

(To be executed
only upon assignment of Warrant Certificate)

 

For value received, hereby sells,
assigns and transfers unto ____________________________ the within Warrant Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint ____________________________ attorney, to transfer said Warrant Certificate
on the books of the within-named Company with respect to the number of Warrants set forth below, with full power of substitution
in the premises:

  

	Name(s) of Assignee(s)	 	Address	 	# of Warrants
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

And if said number of Warrants shall
not be all the Warrants represented by the Warrant Certificate, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the Warrants registered by said Warrant Certificate.

 

	Dated:	 
	 	 
	Signature:	 

 

Notice: The signature to the foregoing
Assignment must correspond to the name as written upon the face of this security in every particular, without alteration or any
change whatsoever; signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and
Exchange Commission Rule 17Ad-15.

 

    		 Exhibit B to
 EXHIBIT A to
 Collaboration Agreement
 Page 1	 

     

    

 

EXHIBIT
B

 

THE WARRANT EVIDENCED OR CONSTITUTED
HEREBY, AND ALL SHARES OF COMMON STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED
OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION
OR (ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SEC RULE 144.

 

WARRANT
TO PURCHASE COMMON STOCK

 

OF

 

LIXTE BIOTECHNOLOGY
HOLDINGS, INC.

September 14, 2015

 

THIS CERTIFIES THAT, for value received
BioPharmaWorks LLC (“Holder”) is entitled, subject to the terms and conditions of this Warrant, at any time
or from time to time after the second anniversary of the issuance date of this Warrant (the “Effective Date”),
and before 5:00 p.m., Eastern Time, on the fifth (5th) anniversary of the date hereof (the “Expiration Date”),
to purchase from the Company, 500,000 shares of Common Stock of Lixte Biotechnology Holdings, Inc. (the “Company”)
at a price per share equal to $2.00 (the “Purchase Price”). Both the number of shares of Common Stock purchasable
upon exercise of this Warrant and the Purchase Price are subject to adjustment and change as provided herein.

 

1.CERTAIN
DEFINITIONS. As used in this Warrant the following terms shall have the following respective meanings:

 

1.1“Fair
Market Value” of a share of Common Stock as of a particular date shall mean:

 

(a)If traded
on a securities exchange or the Nasdaq National Market, the Fair Market Value shall be deemed to be the average of the closing
prices of the Common Stock of the Company on such exchange or market over the five (5) trading days ending immediately prior to
the applicable date of valuation;

 

(b)If actively
traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid prices over the thirty (30)-day
period ending immediately prior to the applicable date of valuation; and

 

(c)If there
is no active public market, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided,
however, that if the Company and the Holder cannot agree on such value, such value shall be determined by an independent valuation
firm experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees
and expenses of the valuation firm shall be paid for by the Company.

 

1.2“Registered
Holder” shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the
Company.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 1	 

     

    

 

1.3“Warrant”
as used herein, shall include this Warrant and any warrant delivered in substitution or exchange therefor as provided herein.

 

1.4“Common
Stock” shall mean the Common Stock of the Company and any other securities at any time receivable or issuable upon exercise
of this Warrant.

 

2.EXERCISE
OF WARRANT.

 

2.1Payment.
Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised,
in whole or in part at any time or from time to time, on or before the Expiration Date by (a) the delivery (including, without
limitation, delivery by facsimile) of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice
of Exercise”), duly executed by the Holder, at the principal office of the Company, and (b) as soon as practicable after
such date, surrendering

 

(a)this Warrant
at the principal office of the Company, and

 

(b)payment,
in cash (by check) or by wire transfer, of an amount equal to the product obtained by multiplying the number of shares of Common
Stock being purchased upon such exercise by the then effective Purchase Price (the “Exercise Amount”).

 

2.2Net Issue
Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all or
some of this Warrant for shares of Common Stock equal to the value of the amount of the Warrant being exchanged on the date of
exchange. If Holder elects to exchange this Warrant as provided in this Section 2.2, Holder shall tender to the Company the Warrant
for the amount being exchanged, along with written notice of Holder’s election to exchange some or all of the Warrant, and
the Company shall issue to Holder the number of shares of the Common Stock computed using the following formula:

 

	 	X =	Y (A-B)	 
	 	 	A	 

  

	Where:  	 X =	the number of shares of Common Stock to be issued to Holder.
	 	 	 
	 	Y =	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	 	 
	 	A =	the Fair Market Value of one share of the Common Stock.
	 	 	 
	 	B =	Purchase Price (as adjusted to the date of such calculation).

  

2.3“Easy
Sale” Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, when permitted by law and applicable
regulations (including Nasdaq and NASD rules), the Holder may pay the Purchase Price through a “same day sale” commitment
from the Holder (and if applicable a broker-dealer (a “Dealer”)), whereby the Holder irrevocably elects to
exercise this Warrant and to sell a portion of the shares so purchased to pay the Purchase Price and the Holder (or, if applicable,
a Dealer) commits upon sale (or, in the case of a Dealer, upon receipt) of such shares to forward the Purchase Price directly
to the Company.

 

2.4Stock
Certificates; Fractional Shares. As soon as practicable on or after the date of any exercise of this Warrant, the Company
shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of
whole shares of Common Stock issuable upon such exercise. No fractional shares or scrip representing fractional shares shall be
issued upon an exercise of this Warrant.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 2	 

     

    

 

2.5Partial
Exercise; Effective Date of Exercise. In case of any partial exercise of this Warrant, the Company shall cancel this Warrant
upon surrender hereof and shall execute and deliver a new Warrant of like tenor and date for the balance of the shares of Common
Stock purchasable hereunder. This Warrant shall be deemed to have been exercised immediately prior to the close of business on
the date of its surrender for exercise as provided above. The person entitled to receive the shares of Common Stock issuable upon
exercise of this Warrant shall be treated for all purposes as the holder of record of such shares as of the close of business
on the date the Holder is deemed to have exercised this Warrant.

 

2.6Vesting.
This Warrant shall vest fully upon the second anniversary of the date of issuance, provided the Collaboration Agreement dated
as of the date hereof between the Company and Holder is then in full force and effect.

 

3.VALID
ISSUANCE: TAXES. All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and
nonassessable, and the Company shall pay all taxes and other governmental charges that may be imposed in respect of the issue
or delivery thereof. The Company shall not be required to pay any tax or other charge imposed in connection with any transfer
involved in the issuance of any certificate for shares of Common Stock in any name other than that of the Registered Holder of
this Warrant, and in such case the Company shall not be required to issue or deliver any stock certificate or security until such
tax or other charge has been paid, or it has been established to the Company’s reasonable satisfaction that no tax or other
charge is due.

 

4.ADJUSTMENT
OF PURCHASE PRICE AND NUMBER OF SHARES. The number of shares of Common Stock issuable upon exercise of this Warrant (or any
shares of stock or other securities or property receivable or issuable upon exercise of this Warrant) and the Purchase Price are
subject to adjustment upon occurrence of the following events:

 

4.1Adjustment
for Stock Splits, Stock Subdivisions or Combinations of Shares. The Purchase Price of this Warrant shall be proportionally
decreased and the number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally increased to reflect any stock split or subdivision
of the Company’s Common Stock. The Purchase Price of this Warrant shall be proportionally increased and the number of shares
of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally decreased to reflect any combination of the Company’s Common Stock.

 

4.2Adjustment
for Dividends or Distributions of Stock or Other Securities or Property. In case the Company shall make or issue, or shall
fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect
to the Common Stock (or any shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in
(a) securities of the Company or (b) assets (excluding cash dividends paid or payable solely out of retained earnings), then,
in each such case, the Holder of this Warrant on exercise hereof at any time after the consummation, effective date or record
date of such dividend or other distribution, shall receive, in addition to the shares of Common Stock (or such other stock or
securities) issuable on such exercise prior to such date, and without the payment of additional consideration therefor, the securities
or such other assets of the Company to which such Holder would have been entitled upon such date if such Holder had exercised
this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise,
retained such shares and all such additional securities or other assets distributed with respect to such shares as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 3	 

     

    

 

4.3Reclassification.
If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights
under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided
in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of
the Common Stock, which is the subject of Section 4.5.

 

4.4Adjustment
for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company
(other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or
consolidation of the Company with or into another corporation, or the sale of all or substantially all the assets of the Company
then, and in each such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period
specified herein and upon payment of the Purchase Price then in effect, the number of shares of stock or other securities or property
of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the
shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger,
sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer,
all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4.4 shall
similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable
to the Holder hereof for shares in connection with any such transaction is in a form other than cash or marketable securities,
then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events,
appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application
of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that
the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this Warrant.

 

4.5Conversion
of Common Stock. In case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed
or converted or reclassified into other securities or property pursuant to the Company’s Certificate of Incorporation or
otherwise, or the Common Stock otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon exercise hereof
at any time after the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination
Date”), shall receive, in lieu of the number of shares of Common Stock that would have been issuable upon such exercise
immediately prior to the Termination Date, the securities or property that would have been received if this Warrant had been exercised
in full and the Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all
subject to further adjustment as provided in this Warrant. Additionally, the Purchase Price shall be immediately adjusted to equal
the quotient obtained by dividing (x) the aggregate Purchase Price of the maximum number of shares of Common Stock for which this
Warrant was exercisable immediately prior to the Termination Date by (y) the number of shares of Common Stock of the Company for
which this Warrant is exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 4	 

     

    

 

5.CERTIFICATE
AS TO ADJUSTMENTS. In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise
of this Warrant, the Chief Financial Officer or Controller of the Company shall compute such adjustment in accordance with the
terms of this Warrant and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such
adjustment is based, including a statement of the adjusted Purchase Price. The Company shall promptly send (by facsimile and by
either first class mail, postage prepaid or overnight delivery) a copy of each such certificate to the Holder.

 

6.LOSS
OR MUTILATION. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction
or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost,
stolen, destroyed or mutilated Warrant.

 

7.RESERVATION
OF COMMON STOCK. The Company hereby covenants that at all times there shall be reserved for issuance and delivery upon exercise
of this Warrant such number of shares of Common Stock or other shares of capital stock of the Company as are from time to time
issuable upon exercise of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of Incorporation
to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. All such shares shall be duly
authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable, free and clear of all
liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights,
except encumbrances or restrictions arising under federal or state securities laws. Issuance of this Warrant shall constitute
full authority to the Company’s Officers who are charged with the duty of executing stock certificates to execute and issue
the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

 

8.TRANSFER
AND EXCHANGE. Subject to the terms and conditions of this Warrant and compliance with all applicable securities laws, this
Warrant and all rights hereunder may be transferred to any Registered Holder’s parent, subsidiary or affiliate, in whole
or in part, on the books of the Company maintained for such purpose at the principal office of the Company referred to above,
by the Registered Holder hereof in person, or by duly authorized attorney, upon surrender of this Warrant properly endorsed and
upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. Upon any permitted partial
transfer, the Company will issue and deliver to the Registered Holder a new Warrant or Warrants with respect to the shares of
Common Stock not so transferred. Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that
when this Warrant shall have been so endorsed, the person in possession of this Warrant may be treated by the Company, and all
other persons dealing with this Warrant, as the absolute owner hereof for any purpose and as the person entitled to exercise the
rights represented hereby, any notice to the contrary notwithstanding; provided, however, that until a transfer of this
Warrant is duly registered on the books of the Company, the Company may treat the Registered Holder hereof as the owner for all
purposes. Any other transfer shall require the approval of the Company in its sole discretion.

 

9.RESTRICTIONS
ON TRANSFER. The Holder, by acceptance hereof, agrees that, absent an effective registration statement filed with the Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities
Act”) covering the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof,
as the case may be, and registration or qualification under applicable state securities laws, such Holder will not sell, transfer,
pledge, or hypothecate any or all of this Warrant or such Common Stock, as the case may be, unless either (i) the Company has
received an opinion of counsel, in form and substance reasonably satisfactory to the Company, to the effect that such registration
is not required in connection with such disposition or (ii) the sale of such securities is made pursuant to SEC Rule 144. Notwithstanding
the foregoing, it is understood that the Holder may transfer a portion of this Warrant to employees or consultants of Holder.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 5	 

     

    

 

10.COMPLIANCE
WITH SECURITIES LAWS. By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that any shares
of stock purchased upon exercise of this Warrant shall be acquired for investment only and not with a view to, or for sale in
connection with, any distribution thereof; that the Holder has had such opportunity as such Holder has deemed adequate to obtain
from representatives of the Company such information as is necessary to permit the Holder to evaluate the merits and risks of
its investment in the Company; that the Holder is able to bear the economic risk of holding such shares as may be acquired pursuant
to the exercise of this Warrant for an indefinite period; that the Holder understands that the shares of stock acquired pursuant
to the exercise of this Warrant will not be registered under the Securities Act (unless otherwise required pursuant to exercise
by the Holder of the registration rights, if any, granted to the Registered Holder) and will be “restricted securities”
within the meaning of Rule 144 under the Securities Act and that the exemption from registration under Rule 144 will not be available
for at least one (1) year from the date of exercise of this Warrant, subject to any special treatment by the SEC for exercise
of this Warrant pursuant to Section 2.2, and even then will not be available unless a public market then exists for the stock,
adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied
with; and that all stock certificates representing shares of stock issued to the Holder upon exercise of this Warrant or upon
conversion of such shares may have affixed thereto a legend substantially in the following form:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT
ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

11.NO
RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company. In the absence of affirmative action by such Holder to purchase Common Stock by exercise of this Warrant
or Common Stock upon conversion thereof, no provisions of this Warrant, and no enumeration herein of the rights or privileges
of the Holder hereof shall cause such Holder hereof to be a stockholder of the Company for any purpose.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 6	 

     

    

 

12.REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to Holder that:

 

12.1Due
Authorization; Consents. All corporate action on the part of the Company, its officers, directors and stockholders necessary
for (a) the authorization, execution and delivery of, and the performance of all obligations of the Company under, this Warrant,
and (b) the authorization, issuance, reservation for issuance and delivery of all of the Common Stock issuable upon exercise of
this Warrant, has been duly taken. This Warrant constitutes a valid and binding obligation of the Company enforceable in accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar
laws affecting creditors’ rights generally and to general equitable principles. All consents, approvals and authorizations
of, and registrations, qualifications and filings with, any federal or state governmental agency, authority or body, or any third
party, required in connection with the execution, delivery and performance of this Warrant and the consummation of the transactions
contemplated hereby and thereby have been obtained.

 

12.2Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
has all requisite corporate power to own, lease and operate its property and to carry on its business as now being conducted and
as currently proposed to be conducted.

 

12.3Valid
Issuance of Stock. The outstanding shares of the capital stock of the Company are duly and validly issued, fully paid and
nonassessable, and such shares, and all outstanding options and other securities of the Company, have been issued in full compliance
with the registration and prospectus delivery requirements of the Securities Act and the registration and qualification requirements
of all applicable state securities laws, or in compliance with applicable exemptions therefrom, and all other provisions of applicable
federal and state securities laws, including without limitation, anti-fraud provisions.

 

12.4Governmental
Consents. All consents, approvals, orders, authorizations or registrations, qualifications, declarations or filings with any
federal or state governmental authority on the part of the Company required in connection with the consummation of the transactions
contemplated herein shall have been obtained prior to and be effective as of the Effective Date.

 

13.NOTICES.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement
shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when
received when sent by facsimile at the address and number set forth below; (c) three business days after deposit in the U.S. mail
with first class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d)
the next business day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set
forth below with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from
the delivery service provider.

 

	To
    the Company:	To
    the Holder:
	 	 
	Lixte Biotechnology
    Holdings, Inc.	The address on
    the signature page hereto
	248 Route 25A,
    No. 2	 
	East Setauket,
    New York 11733	 
	Attn: John S.
    Kovach	 

 

Each person making a communication
hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication
made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication.
A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section
13 by giving the other party written notice of the new address in the manner set forth above.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 7	 

     

    

 

14.HEADINGS.
The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.

 

15.LAW
GOVERNING. This Warrant shall be construed and enforced in accordance with, and governed by, the laws of the State of Delaware,
with regard to conflict of law principles of such state.

 

16.NO
IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization, consolidation,
merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered
Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will not increase
the par value of any shares of stock issuable upon the exercise of this Warrant above the amount payable therefor upon such exercise,
and (b) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable shares of Common Stock upon exercise of this Warrant.

 

17.NOTICES
OF RECORD DATE. In case:

 

17.1the Company
shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise
of this Warrant), for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for
or purchase any shares of stock of any class or any other securities or to receive any other right; or

 

17.2of any
consolidation or merger of the Company with or into another corporation, any capital reorganization of the Company, any reclassification
of the capital stock of the Company, or any conveyance of all or substantially all of the assets of the Company to another corporation
in which holders of the Company’s stock are to receive stock, securities or property of another corporation; or

 

17.3of any
voluntary dissolution, liquidation or winding-up of the Company; or

 

17.4of any
redemption or conversion of all outstanding Common Stock;

 

then, and in each such case, the
Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend, distribution or right, or (ii) the date on which such
reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation, winding-up, redemption or conversion
is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or (such stock or securities
as at the time are receivable upon the exercise of this Warrant), shall be entitled to exchange their shares of Common Stock (or
such other stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding-up. The Company shall use all reasonable efforts to ensure such notice
shall be delivered at least thirty (30) days prior to the date therein specified.

 

18.SEVERABILITY.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

    		 Exhibit B to
 Collaboration Agreement
 Page 8	 

     

    

 

19.COUNTERPARTS.
For the convenience of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each
such executed counterpart shall be, and shall be deemed to be, an original instrument.

 

20.NO
INCONSISTENT AGREEMENTS. The Company will not on or after the date of this Warrant enter into any agreement with respect to
its securities which is inconsistent with the rights granted to the Holders of this Warrant or otherwise conflicts with the provisions
hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted
to holders of the Company’s securities under any other agreements, except rights that have been waived.

 

21.SATURDAYS,
SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically
be extended until 5:00 p.m. the next business day.

 

22.ENTIRE
AGREEMENT. This Warrant contains the sole and entire agreement and understanding of the parties with respect to the entire
subject matter of this Warrant, and any and all prior discussions, negotiations, commitments and understandings, whether oral
or otherwise, related to the subject matter of this Warrant are hereby merged herein.

 

[Signatures
appear on following page.]

 

    		 Exhibit B to
 Collaboration Agreement
 Page 9	 

     

    

 

IN WITNESS
WHEREOF, the parties hereto have executed this Warrant as of the Effective Date.

  

	Holder:	 	Lixte Biotechnology Holdings, Inc.
	 	 	 
	BioPharmaWorks LLC	 	 
	 	 	 
	By:	 	 	By:	 
	 	Robert Volkmann	 	 	John S. Kovach
	 	Manager	 	 	President

 

	Address:	1084 Shennecossett Road
	 	Groton, Connecticut 06340

 

SIGNATURE PAGE
TO WARRANT TO PURCHASE COMMON STOCK

 

    		 Exhibit B to
 Collaboration Agreement
 Page 10	 

     

    

 

Exhibit
A

 

NOTICE OF
EXERCISE

 

(To be executed
upon exercise of Warrant)

 

LIXTE BIOTECHNOLOGY HOLDINGS, INC.

 

The undersigned hereby irrevocably
elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder, the securities
of the Company, as provided for therein, and (check the applicable box):

 

	[  ]	tenders herewith payment
    of the exercise price in full in the form of cash or a certified or official bank check in same-day funds in the amount of
    $____________ for _________ such securities.
	 	 
	[  ]	elects the [Net Issue
    Exercise][Easy Sale Exercise] option pursuant to Section 2.2 or 2.3 of the Warrant, and accordingly requests delivery of a
    net of ______________ of such securities.

 

Please issue a certificate or certificates
for such securities in the name of, and pay any cash for any fractional share to (please print name, address and social security
number):

 

	Name:	 
	 	 
	Address:	 
	 	 
	Signature:	 

 

Note: The above signature should
correspond exactly with the name on the first page of this Warrant Certificate or with the name of the assignee appearing in the
assignment form below.

 

If said number of shares shall not
be all the shares purchasable under the within Warrant Certificate, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder rounded up to the next higher whole number of shares.

 

    		 Exhibit A to
 EXHIBIT B to
 Collaboration Agreement
 Page 1	 

     

    

 

Exhibit
B

 

ASSIGNMENT

 

(To be executed
only upon assignment of Warrant Certificate)

 

For value received, hereby sells,
assigns and transfers unto ____________________________ the within Warrant Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint ____________________________ attorney, to transfer said Warrant Certificate
on the books of the within-named Company with respect to the number of Warrants set forth below, with full power of substitution
in the premises:

 

	Name(s) of Assignee(s)	 	Address	 	# of Warrants
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

And if said number of Warrants shall
not be all the Warrants represented by the Warrant Certificate, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the Warrants registered by said Warrant Certificate.

 

	Dated:	 
	 	 
	Signature:	 

 

Notice: The signature
to the foregoing Assignment must correspond to the name as written upon the face of this security in every particular, without
alteration or any change whatsoever; signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant
to Securities and Exchange Commission Rule 17Ad-15.

 

    		 Exhibit B to
 EXHIBIT B to
 Collaboration Agreement
 Page 1mcft_Ex10_1

		
			 
		

		
			Exhibit 10.1
		

		
			 
		

		
			REGISTRATION RIGHTS AGREEMENT
		

		
			 
		

		
			This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of July     22, 2015 by and among MCBC Holdings, Inc., a Delaware corporation (the “Corporation”), Wayzata Opportunities Fund II, L.P., a Delaware limited partnership (“Wayzata Opportunities”),  Wayzata Opportunities Fund Offshore II, L.P., a Cayman Islands limited partnership (“Wayzata Offshore”), Wayzata Recovery Fund, LLC (“Wayzata Recovery”  and, together with Wayzata Opportunities and Wayzata Offshore,  collectively referred to as “Wayzata”), and each other Person identified on the Schedule of Investors attached hereto as of the date hereof under the caption “Other Holders” (such other Persons, collectively, the “Other Holders”).
		

		
			 
		

		
			Recitals
		

		
			 
		

		
			WHEREAS, the Corporation is contemplating an offer and sale of its shares of common stock, par value $0.01 per share (the “Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”); and 
		

		
			 
		

		
			WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:
		

		
			 
		

		
			Section 1.  Definitions.  For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1:
		

		
			 
		

		
			“Acquired Common” has the meaning set forth in Section 9.
		

		
			 
		

		
			“Additional Investor” has the meaning set forth in Section 9, and shall be deemed to include each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.
		

		
			 
		

		
			“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person; provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder.  As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).
		

		
			 
		

		
			“Agreement” has the meaning set forth in the preamble.
		

		
			 
		

		
			“Automatic Shelf Registration Statement” has the meaning set forth in Section 2(a).
		

		
			 
		

		
			“Business Day” means any day of the year on which national banking institutions in New York are open to the public for conducting business and are not required or authorized to close.
		

		
			 
		

		
			 
		

		

		

		 

 

		“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation, individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of the issuing Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any security described in the clause (i) or (ii) above.
		

		
			 
		

		
			“Common Stock”  has the meaning set forth in the recitals.
		

		
			 
		

		
			“Corporation” has the meaning set forth in the preamble.
		

		
			 
		

		
			“Demand Registrations” has the meaning set forth in Section 2(a).
		

		
			 
		

		
			“End of Suspension Notice” has the meaning set forth in Section 2(f)(ii).
		

		
			 
		

		
			“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.
		

		
			 
		

		
			“FINRA” means the Financial Industry Regulatory Authority.
		

		
			 
		

		
			“Follow-On Holdback Period” has the meaning set forth in Section 4(a)(ii).
		

		
			 
		

		
			“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.
		

		
			 
		

		
			“Holdback Extension” has the meaning set forth in Section 4(a)(iii).
		

		
			 
		

		
			“Holdback Period” has the meaning set forth in Section 4(a)(i).
		

		
			 
		

		
			“Holder” means Wayzata and the Other Holders who are the registered holder of Registrable Securities.
		

		
			 
		

		
			“Indemnified Parties” has the meaning set forth in Section 7(a).
		

		
			 
		

		
			“IPO” has the meaning set forth in the recitals.
		

		
			 
		

		
			“Joinder” has the meaning set forth in Section 9.
		

		
			 
		

		
			“Other Holders” has the meaning set forth in the preamble, and shall be deemed to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.
		

		
			 
		

		
			“Long-Form Registrations” has the meaning set forth in Section 2(a).
		

		
			 
		

		
			“Majority Holders” means Holders representing a majority of the Registrable Securities then outstanding.
		

		

		

		 

		

			2

		

 

		
		

		
			“MNPI” means material non-public information within the meaning of Regulation FD promulgated under the Exchange Act.
		

		
			 
		

		
			“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.
		

		
			 
		

		
			“Piggyback Registrations” has the meaning set forth in Section 3(a).
		

		
			 
		

		
			“Public Offering” means any sale or distribution to the public of Capital Stock of the Corporation pursuant to an offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock.
		

		
			 
		

		
			“Registrable Securities” means (i)  Common Stock, (ii) any common Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and (iii) any other Shares owned by Persons that are the registered holders of securities described in clauses (i) or (ii) above.  As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date such securities have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 following the consummation of the IPO,  or (c) repurchased by the Corporation or a Subsidiary of the Corporation.  For purposes of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Securities shall be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class under Section 12 of the Exchange Act be registered pursuant to this Agreement.    Notwithstanding the foregoing, with the consent of the Corporation and the Majority Holders, any Registrable Securities held by any Person (other than Wayzata) that may be sold under Rule 144(b)(1)(i) without limitation under any other of the requirements of Rule 144 shall not be deemed to be Registrable Securities upon notice from the Corporation to such Person and the Corporation shall, at such Person’s request, remove the legend provided for in Section 12.
		

		
			 
		

		
			“Registration Expenses” has the meaning set forth in Section 6(a).
		

		
			 
		

		
			“Rule 144,” “Rule 158,” “Rule 405,” “Rule 415” and “Rule 462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from time to time, or any successor rule then in force.
		

		
			 
		

		
			“Sale Transaction” has the meaning set forth in Section 4(a)(i).
		

		

		

		 

		

			3

		

 

		
		

		
			“Schedule of Investors” means the schedule attached to this Agreement entitled “Schedule of Investors”, which shall reflect each Holder from time to time party to this Agreement.
		

		
			 
		

		
			“Securities” has the meaning set forth in Section 4(a)(i).
		

		
			 
		

		
			“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.
		

		
			 
		

		
			“Shares” has the meaning set forth in the recitals.
		

		
			 
		

		
			“Shelf Offering” has the meaning set forth in Section 2(d)(ii).
		

		
			 
		

		
			“Shelf Offering Notice” has the meaning set forth in Section 2(d)(ii).
		

		
			 
		

		
			“Shelf Offering Request” has the meaning set forth in Section 2(d)(ii).
		

		
			 
		

		
			“Shelf Registration” has the meaning set forth in Section 2(a).
		

		
			 
		

		
			“Shelf Registrable Securities” has the meaning set forth in Section 2(d)(ii).
		

		
			 
		

		
			“Shelf Registration Statement” has the meaning set forth in Section 2(d)(i).
		

		
			 
		

		
			“Short-Form Registrations” has the meaning set forth in Section 2(a).
		

		
			 
		

		
			“Subsidiary” means, with respect to the Corporation, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly or indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person.
		

		
			 
		

		
			“Suspension Event” has the meaning set forth in Section 2(f)(ii).
		

		
			 
		

		
			“Suspension Notice” has the meaning set forth in Section 2(f)(ii).
		

		
			 
		

		
			“Suspension Period” has the meaning set forth in Section 2(f)(i).
		

		
			 
		

		
			“Underwritten Takedown” has the meaning set forth in Section 2(d)(ii).
		

		
			 
		

		
			“Violation” has the meaning set forth in Section 7(a).
		

		
			 
		

		
			“Wayzata” has the meaning set forth in the preamble.
		

		

		

		 

		

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			 “Wayzata Opportunities” has the meaning set forth in the preamble, and shall be construed to include its Affiliates that may succeed to such Person as a Holder hereunder.
		

		
			 
		

		
			 “Wayzata Offshore” has the meaning set forth in the preamble, and shall be construed to include its Affiliates that may succeed to such Person as a Holder hereunder.
		

		
			 
		

		
			“Wayzata Recovery” has the meaning set forth in the preamble, and shall be construed to include its Affiliates that may succeed to such Person as a Holder hereunder.
		

		
			 
		

		
			“WKSI” means a “well-known seasoned issuer” as defined under Rule 405.
		

		
			 
		

		
			Section 2.   Demand Registrations.
		

		
			 
		

		
			(a)   Requests for Registration.  Subject to the terms and conditions of this Agreement, the Majority Holders may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”), and the Majority Holders may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-3 or any similar short-form registration (“Short-Form Registrations”) if available.  All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand Registrations.”    The Majority Holders making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Corporation is a WKSI at the time any request for a Demand Registration is submitted to the Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”).  Except to the extent that Section 2(d) applies, within ten days after the filing of the registration statement relating to the Demand Registration, the Corporation shall give written notice of the Demand Registration to all other Holders and, subject to the terms of Section 2(e), shall include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 15 days after the receipt of the Corporation’s notice; provided that, with the consent of Holders representing at least a majority of the Registrable Securities requesting such registration, the Corporation may provide notice of the Demand Registration to all other Holders prior to the non-confidential filing of the registration statement with respect to the Demand Registration.  Each Holder agrees that (1) such notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the notice of Demand Registration and shall not disclose or use the information contained in such notice of Demand Registration without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement.
		

		
			 
		

		
			(b)   Long-Form Registrations.  Holders shall be entitled to request an unlimited number of Long-Form Registrations in which the Corporation shall pay all Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated.  All Long-Form Registrations shall be underwritten registrations 
		

		

		

		 

		

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			unless otherwise approved by Holders representing a majority of the Registrable Securities requesting registration.
		

		
			 
		

		
			(c)   Short-Form Registrations.  In addition to the Long-Form Registrations described in Section 2(b), Holders shall be entitled to request an unlimited number of Short-Form Registrations in which the Corporation shall pay all Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated.  Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form Registration.  After the Corporation has become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities.
		

		
			 
		

		
			(d)   Shelf Registrations.  
		

		
			 
		

		
			(i)   Subject to the availability of required financial information, as promptly as practicable after the Corporation receives written notice of a request for a Shelf Registration, the Corporation shall file with the Securities and Exchange Commission a registration statement under the Securities Act for the Shelf Registration (a “Shelf Registration Statement”).  The Corporation shall use its reasonable best efforts to cause any Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to remain continuously effective for such time period as is specified in the request by the Holders, but for no time period longer than the period ending on the earliest of (A) the third anniversary of the initial effective date of such Shelf Registration Statement, (B) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to the Shelf Registration, and (C) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence.  Without limiting the generality of the foregoing, the Corporation shall use its reasonable best efforts to prepare a Shelf Registration Statement with respect to all of the Registrable Securities owned by Wayzata and/or the Other Holders (or, with respect to Wayzata or any Other Holder, such lower number of Registrable Securities specified in writing by such Holder with respect to the Registrable Securities owned by such Holder) to enable and to cause such Shelf Registration Statement to be filed and maintained with the Securities and Exchange Commission as soon as practicable after the later to occur of (i) the expiration of the Holdback Period and (ii) the Corporation becoming eligible to file a  Shelf Registration Statement for a Short-Form Registration;  provided that any of Wayzata and any of the Other Holders may, in each case with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by such Wayzata Fund or such Other Holder.  In order for any of Wayzata or any Other Holder to be named as a selling securityholder in such Shelf Registration Statement, the Company may require such Holder to deliver all information about such Holder that is required to be included in such Shelf Registration Statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto. Notwithstanding anything to the contrary in Section 2(d)(ii), any Holder that is 
		

		

		

		 

		

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			named as a selling securityholder in such Shelf Registration Statement may make a secondary resale under such Shelf Registration Statement without the consent of the Holders representing a majority of the Registrable Securities or any other Holder if such resale does not require a supplement to the Shelf Registration Statement.
		

		
			 
		

		
			(ii)   In the event that a Shelf Registration Statement is effective, Holders representing a majority of the Registrable Securities covered by such Shelf Registration Statement shall have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an “Underwritten Takedown”)) Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect, and the Corporation shall pay all Registration Expenses in connection therewith.  Holders representing a majority of the Registrable Securities covered by such Shelf Registration Statement shall make such election by delivering to the Corporation a written request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf Offering”).  As promptly as practicable, but no later than two Business Days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other holders of Shelf Registrable Securities.  The Corporation, subject to Sections 2(e) and 8 hereof, shall include in such Shelf Offering the Shelf Registrable Securities of any other Holder that shall have made a written request to the Corporation for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be sold by such Holder) within seven days after the receipt of the Shelf Offering Notice.  The Corporation shall, as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering Request), use its reasonable best efforts to facilitate such Shelf Offering.  Each Holder agrees that (1) such notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the Shelf Offering Notice and shall not disclose or use the information contained in such Shelf Offering Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement.
		

		
			 
		

		
			(iii)   Notwithstanding the foregoing, if the Majority Holders wish to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the foregoing time periods, such Holders only need to notify the Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period is agreed to by Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to participate by the next Business Day (i.e., one Business Day prior to the day such offering is to commence) (unless a longer period 
		

		

		

		 

		

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			is agreed to by Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously as possible use its reasonable best efforts to facilitate such offering (which may close as early as three Business Days after the date it commences); provided that Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade shall use commercially reasonable efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten block trade.
		

		
			 
		

		
			(iv)   The Corporation shall, at the request of Holders representing a majority of the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering.
		

		
			 
		

		
			(e)   Priority on Demand Registrations and Shelf Offerings.  The Corporation shall not include in any Demand Registration or Shelf Offering any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering.  If a Demand Registration or a Shelf Offering is an underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such registration or offering, as applicable, prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested by Holders to be included that, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder.    Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder.
		

		
			 
		

		
			(f)   Restrictions on Demand Registration and Shelf Offerings.
		

		
			 
		

		
			(i)   The Corporation shall not be obligated to effect any Demand Registration within 90 days after the effective date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to Section 3 and in which there was no reduction in the number of Registrable Securities requested to be included.  The Corporation may, with the consent of Holders representing a majority of the Registrable Securities, postpone, for up to 60 days from the date of the request, the filing or the effectiveness of a registration statement for a Demand Registration or 
		

		

		

		 

		

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			suspend the use of a prospectus that is part of a Shelf Registration Statement for up to 60 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period, the “Suspension Period”) by providing written notice to the Holders if (A) the Corporation’s board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Corporation or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction involving the Corporation or any Subsidiary, (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, and (C) either (x) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction or (y) disclosure of such MNPI would have a material adverse effect on the Corporation or the Corporation’s ability to consummate such transaction; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all Registration Expenses in connection with such Demand Registration or Shelf Offering.  The Corporation may delay a Demand Registration hereunder only once in any twelve-month period, except with the consent of Majority Holders.  The Corporation also may extend the Suspension Period for an additional consecutive 60 days with the consent of the Majority Holders, which consent shall not be unreasonably withheld.  
		

		
			 
		

		
			(ii)   In the case of an event that causes the Corporation to suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a “Suspension Event”), the Corporation shall give a notice to the Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing.  If the basis of such suspension is nondisclosure of MNPI, the Corporation shall not be required to disclose the subject matter of such MNPI to Holders.  A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Corporation and prior to receipt of an End of Suspension Notice (as defined below).  Each Holder agrees that (1) such notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement.  Holders may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders and their counsel, if any, promptly following the conclusion of any Suspension Event.
		

		

		

		 

		

			9

		

 

		
		

		
			(iii)   Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any Shelf Registration Statement pursuant to this Section 2(f), the Corporation agrees that it shall (A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf Registration Statement.
		

		
			 
		

		
			(g)   Selection of Underwriters.  Holders representing a majority of the Registrable Securities included in any Demand Registration shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed.  If any Shelf Offering is an Underwritten Offering, the Holders representing a majority of the Registrable Securities participating in such Underwritten Offering shall have the right to select the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed.
		

		
			 
		

		
			(h)   Other Registration Rights.  The Corporation represents and warrants that it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation.  Except as provided in this Agreement, the Corporation shall not grant to any Persons the right to request the Corporation or any Subsidiary to register any Capital Stock of the Corporation or of any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the Majority Holders.
		

		
			 
		

		
			Section 3.   Piggyback Registrations.
		

		
			 
		

		
			(a)   Right to Piggyback.  Following the IPO, whenever the Corporation proposes to register any of its securities under the Securities Act (other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt written notice (in any event within three Business Days after its receipt of notice of any exercise of demand registration rights other than under this Agreement) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 20 days after delivery of the Corporation’s notice.
		

		

		

		 

		

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			(b)   Piggyback Expenses.  The Registration Expenses of the Holders shall be paid by the Corporation in all Piggyback Registrations, whether or not any such registration became effective.
		

		
			 
		

		
			(c)   Priority on Primary Registrations.  If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation, and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the Holders on the basis of the number of Registrable Securities owned by each such Holder, and (iii) third, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.
		

		
			 
		

		
			(d)   Priority on Secondary Registrations.  If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Corporation’s securities (other than the Holders), and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such registration (i) first, the securities requested to be included therein by the initial holders requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, (ii) second, the Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iii) third, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.
		

		
			 
		

		
			(e)   Selection of Underwriters.  If any Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of other Corporation securities requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or more investment banker(s) or manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities).
		

		
			 
		

		
			(f)   Right to Terminate Registration.  The Corporation shall have the right to terminate or withdraw any registration initiated by it under this Section 3 whether or not any Holder has elected to include securities in such registration.  The Registration Expenses of such withdrawn registration shall be borne by the Corporation in accordance with Section 6.
		

		
			 
		

		
			Section 4.   Holdback Agreements.
		

		

		

		 

		

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			(a)   Holders of Registrable Securities.  If requested by the Corporation, each Holder participating in an underwritten Public Offering shall enter into customary lock-up agreements with the managing underwriter(s) of such Public Offering.  In the absence of any such lock-up agreement, each Holder agrees as follows:
		

		
			 
		

		
			(i)   in connection with the IPO, such Holder shall not (A) offer, sell, pledge, contract to sell or grant any option to purchase, or otherwise transfer or dispose of (including sales pursuant to Rule 144), directly or indirectly, any shares of Capital Stock of the Corporation (including Capital Stock of the Corporation that may be deemed to be owned beneficially by such Holder in accordance with the rules and regulations of the Securities and Exchange Commission) (collectively, “Securities”), (B) enter into a transaction which would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Securities, whether such transaction is to be settled by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or (D) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of the date on which the Corporation gives notice to the Holders that a preliminary prospectus has been circulated for the IPO or the “pricing” of such offering and continuing to the date that is 180 days following the date of the final prospectus for the IPO (the “Holdback Period”), unless the underwriters managing the IPO otherwise agree in writing; provided, however, that if the Holdback Period is shortened or terminated early for any Holder that together with its Affiliates holds two percent (2%) or more of the outstanding Registrable Securities, the Holdback period for each other Holder also shall be shortened or terminated to the same extent;
		

		
			 
		

		
			(ii)   in connection with all underwritten Public Offerings (including the IPO), such Holder shall not effect any Sale Transaction commencing on the earlier of the date on which the Corporation gives notice to the Holders of the circulation of a preliminary or final prospectus for such Public Offering or the “pricing” of such offering and continuing to the date that is 90 days following the date of the final prospectus for such Public Offering (a “Follow-On Holdback Period”), unless, if an underwritten Public Offering, the underwriters managing the Public Offering otherwise agree in writing;
		

		
			 
		

		
			(iii)   in the event that (A) the Corporation issues an earnings release or discloses other material information or a material event relating to the Corporation and its Subsidiaries occurs during the last 17 days of the Holdback Period or any Follow-On Holdback Period (as applicable) or (B) prior to the expiration of the Holdback Period or any Follow-On Holdback Period (as applicable), the Corporation announces that it will release earnings results during the 16‐day period beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing underwriter of a registered offering hereunder to comply with FINRA Rule 2711(f)(4), if agreed to by the Holders representing a majority of the Registrable Securities included in such Underwritten Offering, the Holdback Period or the Follow-On Holdback Period (as applicable) shall be extended until 18 days after the earnings release or disclosure of other material information or the occurrence of the material event, as the case may be (a “Holdback Extension”); and
		

		

		

		 

		

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			(iv)   The foregoing clauses (i) through (iii) shall not apply to (A) the sale of Capital Stock pursuant to the terms of the underwriting agreement entered into in connection with such underwritten Public Offering, or (B) transactions relating to shares of Capital Stock or other securities acquired in open market transactions after the completion of the Public Offering, provided that no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made in connection with transfers or dispositions of such shares of Capital Stock or other securities acquired in such open market transactions (other than a filing on Form 5 made after the expiration of the Holdback Period), or (C) transfers of Capital Stock or any security convertible into Capital Stock to the spouse, domestic partner, parent, sibling, child or grandchild (each an “immediate family member”) of such holder or to a trust formed for the benefit of such holder or of an immediate family member of the undersigned, or (D) transfers of Capital Stock or any security convertible into Capital Stock as a bona fide gift, or (E) distributions of shares of Capital Stock or any security convertible into Capital Stock to limited partners, members, stockholders or affiliates of the undersigned or to any investment fund or other entity controlled or managed by, or under common control or management with, such holder, or (F) as a distribution by a trust to its beneficiaries, provided that in the case of any transfer or distribution pursuant to clause (C), (D), (E) or (F), (1) each donee or distributee shall sign and deliver a lock-up agreement substantially in the form of the lock-up agreement entered into by such holder and (2) no such transfer or distribution in (C), (D), (E) or (F) shall be permitted if it shall require a filing under Section 16(a) or Section 13(d) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Capital Stock, and no such filing under Section 16(a) or Section 13(d) of the Exchange Act shall be voluntarily made during the Holdback Period, or (G) the receipt by the undersigned from the Corporation of Capital Stock upon a vesting event of Capital Stock or rights to acquire Capital stock pursuant to the Corporation’s equity incentive plans or the exercise by such holder of options to purchase Capital Stock issued pursuant to the Corporation’s equity incentive plans (including, in each case, by way of net exercise, but for the avoidance of doubt, excluding all manners of exercise that would involve a sale of any securities relating to such options, whether to cover the applicable aggregate exercise price, withholding tax obligations or otherwise), provided that (1) any securities received upon such vesting event or exercise will also be subject to the terms of such holder’s lock-up agreement and (2) no such vesting event or exercise shall be permitted if it shall require a filing under Section 16(a) or Section 13(d) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Capital Stock, and no such filing under Section 16(a) or Section 13(d) of the Exchange Act shall be voluntarily made during the Holdback Period in connection with such vesting event or exercise, or (H) transfers of Capital Stock or any securities convertible into or exercisable or exchangeable for Capital Stock to the Corporation, pursuant to agreements under which the Corporation has the option to repurchase such shares or securities or a right of first refusal with respect to transfers of such shares or securities, provided that unless such transfers are pursuant to the Corporation’s option to repurchase in the event such holder is terminated or resigns as an employee of the Corporation, no transfer shall be permitted if it shall require a filing under Section 16(a) or Section 13(d) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Capital Stock, and no such filing under Section 16(a) or Section 13(d) of the Exchange Act shall be voluntarily made 
		

		

		

		 

		

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			during the Holdback Period in connection with such transfer (other than a filing on Form 5 pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Capital Stock, provided that (1) such plan does not provide for the transfer of Capital Stock during the Holdback Period and (2) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of such holder or the Corporation regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Capital Stock may be made under such plan during the Holdback Period.
		

		
			 
		

		
			The Corporation may impose stop-transfer instructions with respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in this Section 4(a) until the end of such period, including any Holdback Extension.
		

		
			 
		

		
			(b)   The Corporation.   The Corporation (i) shall not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during any Holdback Period or Follow-On Holdback Period (as extended during any Holdback Extension), and (ii) shall use its reasonable best efforts to cause (A) each holder of at least one percent (1%) (on a fully-diluted basis) of its Common Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, purchased from the Corporation or the Company, as applicable, at any time after the date of this Agreement (other than in a Public Offering) and (B) each of its directors and executive officers to agree not to effect any Sale Transaction during any Holdback Period or Follow-On Holdback Period (as extended during any Holdback Extension), except as part of such underwritten registration, if otherwise permitted, unless the underwriters managing the Public Offering otherwise agree in writing.
		

		
			 
		

		
			(c)   Exceptions.  The foregoing holdback agreements in Section 4(a) and (b) shall not apply to a registration in connection with an employee benefit plan or in connection with any registration on form S-4 or similar form in connection with any type of acquisition transaction or exchange offer.
		

		
			 
		

		
			Section 5.   Registration Procedures.
		

		
			 
		

		
			(a)   Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf Offering, the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Corporation shall as expeditiously as possible:
		

		
			 
		

		
			(i)   in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Corporation shall furnish to the counsel selected by the Holders representing a  
		

		

		

		 

		

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			majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel);
		

		
			 
		

		
			(ii)   notify each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each registration statement filed hereunder;
		

		
			 
		

		
			(iii)   prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;
		

		
			 
		

		
			(iv)   furnish to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller;
		

		
			 
		

		
			(v)   use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction);
		

		
			 
		

		
			(vi)   notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any 
		

		

		

		 

		

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			registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 2(f), at the request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading;
		

		
			 
		

		
			(vii)   use reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA;
		

		
			 
		

		
			(viii)   use reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;
		

		
			 
		

		
			(ix)   enter into and perform such customary agreements (including underwriting agreements in customary form) and take all such other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split, combination of shares, recapitalization or reorganization);
		

		
			 
		

		
			(x)   make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement;
		

		
			 
		

		
			(xi)   take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
		

		

		

		 

		

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			(xii)   otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Corporation’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158;
		

		
			 
		

		
			(xiii)   to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an underwriter of any Registrable Securities or a controlling person of the Corporation,  permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included;
		

		
			 
		

		
			(xiv)   in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such registration statement for sale in any jurisdiction use reasonable best efforts promptly to obtain the withdrawal of such order;
		

		
			 
		

		
			(xv)   use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;
		

		
			 
		

		
			(xvi)   cooperate with the Holders of Registrable Securities covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;
		

		
			 
		

		
			(xvii)   cooperate with each Holder of Registrable Securities covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;
		

		
			 
		

		
			(xviii)   use its reasonable best efforts to make available the executive officers of the Corporation to participate with the Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods of distribution for the Registrable Securities;
		

		
			 
		

		
			(xix)   in the case of any underwritten Public Offering, use its reasonable best efforts to obtain one or more cold comfort letters from the Corporation’s independent public accountants in customary form and covering such matters of the type customarily 
		

		

		

		 

		

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			covered by cold comfort letters as the Holders representing a majority of the Registrable Securities being sold reasonably request;
		

		
			 
		

		
			(xx)   in the case of any underwritten Public Offering, use its reasonable best efforts to provide a legal opinion of the Corporation’s outside counsel, dated the effective date of such registration statement and the date of the closing under the underwriting agreement, the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the underwriters and the Holders of such Registrable Securities being sold;
		

		
			 
		

		
			(xxi)   if the Corporation files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective;
		

		
			 
		

		
			(xxii)   if the Corporation does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and
		

		
			 
		

		
			(xxiii)   if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Corporation is required to re-evaluate its WKSI status the Corporation determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective.
		

		
			 
		

		
			(b)   Any officer of the Corporation who is a Holder agrees that if and for so long as he or she is employed by the Corporation or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons in like positions and consistent with his or her other duties with the Corporation and in accordance with applicable law, including the preparation of the registration statement and the preparation and presentation of any road shows.
		

		
			 
		

		
			(c)   The Corporation may require each Holder requesting, or electing to participate in, any registration to furnish the Corporation such information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing.
		

		
			 
		

		
			(d)   If Wayzata or any of their respective Affiliates seek to effectuate an in-kind distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable lock-ups, work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably requested.
		

		

		

		 

		

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			Section 6.   Registration Expenses.
		

		
			 
		

		
			(a)   The Corporation’s Obligation.  All expenses incident to the Corporation’s performance of or compliance with this Agreement (including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation) (all such expenses being herein called “Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Corporation are then listed.  Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities sold for such Person’s account.
		

		
			 
		

		
			(b)   Counsel Fees and Disbursements.  In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering that is an underwritten Public Offering, the Corporation shall reimburse the Holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel chosen by the Holders representing a majority of the Registrable Securities included in such registration or participating in such Shelf Offering and disbursements of each additional counsel retained by any Holder for the purpose of rendering a legal opinion on behalf of such Holder in connection with any underwritten Demand Registration, Piggyback Registration or Shelf Offering.
		

		
			 
		

		
			Section 7.   Indemnification and Contribution.
		

		
			 
		

		
			(a)   By the Corporation.  The Corporation shall indemnify and hold harmless, to the extent permitted by law, each Holder, such Holder’s officers, directors, managers, employees, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Corporation: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder 
		

		

		

		 

		

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			applicable to the Corporation and relating to action or inaction required of the Corporation in connection with any such registration, qualification or compliance.  In addition, the Corporation will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such losses.  Notwithstanding the foregoing, the Corporation shall not be liable in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Indemnified Party expressly for use therein or by such Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Corporation has furnished such Indemnified Party with a sufficient number of copies of the same.  In connection with an underwritten offering, the Corporation shall indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties.
		

		
			 
		

		
			(b)   By Each Holder.  In connection with any registration statement in which a Holder is participating, each such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.
		

		
			 
		

		
			(c)   Claim Procedure.  Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed).  An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a 
		

		

		

		 

		

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			conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.  In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the Registrable Securities included in the registration if such Holders are indemnified parties, at the expense of the indemnifying party.
		

		
			 
		

		
			(d)   Contribution.  If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations.  The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.
		

		
			 
		

		
			(e)   Release.  No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.  Notwithstanding anything to the contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the indemnifying party, such consent not to be unreasonably withheld, conditioned or delayed.
		

		
			 
		

		
			(f)   Non-exclusive Remedy; Survival.  The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination or expiration of this Agreement.  
		

		

		

		 

		

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

		
			 
		

		
			Section 8.   Underwritten Registrations.
		

		
			 
		

		
			(a)   Participation.  No Person may participate in any Public Offering hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or “green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.    Each Holder shall execute and deliver such other agreements as may be reasonably requested by the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under Section 4, Section 5 and this Section 8(a) or that are necessary to give further effect thereto.  To the extent that any such agreement is entered into pursuant to, and consistent with, Section 4 and this Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the Holders, the Corporation and the underwriters created pursuant to this Section 8(a).
		

		
			 
		

		
			(b)   Price and Underwriting Discounts.  In the case of an underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering.
		

		
			 
		

		
			(c)   Suspended Distributions.  Each Person that is participating in any registration under this Agreement, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 5(a)(vi).  In the event the Corporation has given any such notice, the applicable time period set forth in Section 5(a)(iii) during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi).
		

		
			 
		

		
			Section 9.   Additional Parties; Joinder.  Subject to the prior written consent of the Majority Holders, the Corporation may require any Person who acquires Common Stock or rights to acquire Common Stock  from the Corporation after the date hereof to become a party to this Agreement (each such Person, an “Additional Investor”) and to succeed to all of the rights and obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Additional Investor in the form of Exhibit A attached hereto (a “Joinder”).  
		

		

		

		 

		

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			Upon the execution and delivery of a Joinder by such Additional Investor, the Common Stock of the Corporation acquired by such Additional Investor (the “Acquired Common”) shall be Registrable Securities to the extent provided herein, such Additional Investor shall be a Holder under this Agreement with respect to the Acquired Common, and the Corporation shall add such Additional Investor’s name and address to the Schedule of Investors and circulate such information to the parties to this Agreement.
		

		
			 
		

		
			Section 10.   Current Public Information.  At all times after the Corporation has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Corporation shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any Holder may reasonably request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144.  Upon request, the Corporation shall deliver to any Holder a written statement as to whether it has complied with such requirements.
		

		
			 
		

		
			Section 11.   Subsidiary Public Offering.  If, after an initial Public Offering of the Capital Stock of one of its Subsidiaries, the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement.
		

		
			 
		

		
			Section 12.   Transfer of Registrable Securities.
		

		
			 
		

		
			(a)   Restrictions on Transfers.  Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to the Corporation, (ii) a transfer by any of Wayzata Opportunities, Wayzata Offshore, Wayzata Recovery or any of its Affiliates to its respective equityholders, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in connection with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to execute and deliver to the Corporation a Joinder agreeing to be bound by the terms of this Agreement.  Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose.
		

		
			 
		

		
			(b)   Legend.  Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form:
		

		
			 
		

		
			“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF JULY 22, 2015, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “CORPORATION”) AND CERTAIN OF THE CORPORATION’S STOCKHOLDERS, AS AMENDED FROM TIME TO TIME.  A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT 
		

		

		

		 

		

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			WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”
		

		
			 
		

		
			The Corporation shall imprint such legend on certificates evidencing Registrable Securities outstanding prior to the date hereof.  The legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities.
		

		
			 
		

		
			Section 13.   MNPI Provisions.
		

		
			 
		

		
			(a)   Each Holder acknowledges that (i) the provisions of this Agreement that require communications by the Corporation or other Holders to such Holder may result in such Holder and its Representatives acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or the number of Corporation securities or the identity of the selling Holders), and (ii) there is no limitation on the duration of time that such Holder and its Representatives may be in possession of MNPI and no requirement that the Company or other Holders make any public disclosure to cause such information to cease to be MNPI; provided that the Corporation will use commercially reasonable efforts to promptly notify each Holder if any proposed Registration or offering for which a notice has been delivered pursuant to this Agreement has been terminated or aborted.
		

		
			 
		

		
			(b)   Each Holder agrees that it will maintain the confidentiality of such MNPI and, to the extent such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder (“Policies”);  provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the “Representatives”), but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with the subject of the notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any subpoena or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially consistent with the terms of Section 13 and that in the case of clauses (ii) through (v), such disclosure is required by law and you promptly notify the Corporation of such disclosure to the extent such Holder is legally permitted to give such notice.
		

		
			 
		

		
			(c)   Each Holder, by its execution of a counterpart to this agreement or of a Joinder, hereby (i) acknowledges that it is aware that the U.S. securities laws prohibit any person who has MNPI about a company from purchasing or selling, directly or indirectly, securities of such company (including entering into hedge transactions involving such securities), or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (ii) agrees that it will not use or permit any third party to use, and that it will use its reasonable best efforts to assure that none of its representatives will use or permit any third party to use, any MNPI the Corporation provides in contravention of the U.S. securities laws and you will cease trading in the Company’s securities while in possession of material non-public information.
		

		

		

		 

		

			24

		

 

		
		

		
			(d)   Each Holder shall have the right, at any time and from time to time, to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written statement signed by such Holder that it does not want to receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement the Corporation and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring MNPI.  An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely.  A Holder who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests; provided that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests.
		

		
			 
		

		
			Section 14.   General Provisions.
		

		
			 
		

		
			(a)   Amendments and Waivers.  Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Corporation and the Majority Holders;  provided that no such amendment, modification or waiver that would materially and adversely affect a Holder in a manner materially different than any other Holder (provided that the accession by Additional Investors to this Agreement pursuant to Section 9 shall not be deemed to adversely affect any Holder), shall be effective against such Holder without the consent of such Holder that is materially and adversely affected thereby.  The failure or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms.  A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.
		

		
			 
		

		
			(b)   Remedies.  The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor.  The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.
		

		
			 
		

		
			(c)   Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of 
		

		

		

		 

		

			25

		

 

		
		

		
			this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein.
		

		
			 
		

		
			(d)   Entire Agreement.  Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.
		

		
			 
		

		
			(e)   Successors and Assigns.  This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not).  In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder.
		

		
			 
		

		
			(f)   Notices.  Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient but; if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested.  Such notices, demands and other communications shall be sent to the Corporation at the address specified below and to any Holder or to any other party subject to this Agreement at such address as indicated on the Schedule of Investors (or in the case of any Other Holder, at the address of such Person on file with the Company), or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party.  Any party may change such party’s address for receipt of notice by providing prior written notice of the change to the sending party as provided herein.  The Corporation’s address is:
		

		
			 
		

		
			MCBC Holdings, Inc.
100 Cherokee Cove Drive
		

		
			Vonore, TN 37885
Attn: Chief Financial Officer
Facsimile: (423) 884-2222
		

		
			 
		

		
			With a copy to:
		

		
			 
		

		
			Latham & Watkins LLP
885 Third Avenue
New York, New York 10022
Attn: Dennis D. Lamont, Esq.
Facsimile: (212) 751-4864
		

		
			 
		

		
			or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party.
		

		

		

		 

		

			26

		

 

		
		

		
			(g)   Business Days.  If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the business day immediately following Business Day.
		

		
			 
		

		
			(h)   Governing Law.  The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the Corporation and its stockholders.  All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.
		

		
			 
		

		
			(i)   MUTUAL WAIVER OF JURY TRIAL.  AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.
		

		
			 
		

		
			(j)   CONSENT TO JURISDICTION AND SERVICE OF PROCESS.  EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.  EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S.  REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH.  EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
		

		
			 
		

		
			(k)   No Recourse.  Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member of any Holder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or 
		

		

		

		 

		

			27

		

 

		
		

		
			by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.
		

		
			 
		

		
			(l)   Descriptive Headings; Interpretation.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.  The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
		

		
			 
		

		
			(m)   No Strict Construction.  The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.
		

		
			 
		

		
			(n)   Counterparts.  This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement.
		

		
			 
		

		
			(o)   Electronic Delivery.  This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.  No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.
		

		
			 
		

		
			(p)   Further Assurances.  In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.
		

		
			 
		

		
			(q)   No Inconsistent Agreements.  The Corporation shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the Holders in this Agreement.
		

		
			 
		

		
			* * * * *
		

		

		

		 

		

			28

		

 

		
		

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

		
			 
		

			
					
						 

					
					
						MCBC HOLDINGS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Terry McNew

				
	
					
						 

					
					
						Name:

					
					
						Terry McNew

				
	
					
						 

					
					
						Its:

					
					
						President/CEO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						WAYZATA OPPORTUNITIES FUND II, L.P.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						WOF II GP, LP, its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						WOF II GP, LLC, its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Mary I. Burns

				
	
					
						 

					
					
						Name:

					
					
						Mary I. Burns

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Address:

				
	
					
						 

					
					
						c/o Wayzata Investment Partners 

				
	
					
						 

					
					
						LLC701 East Lake Street Suite 300

				
	
					
						 

					
					
						Wayzata, Minnesota 55391

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						WAYZATA OPPORTUNITIES FUND OFFSHORE II, L.P.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Wayzata Offshore GP II, LLC, its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Mary I. Burns

				
	
					
						 

					
					
						Name:

					
					
						Mary I. Burns

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Address:

				
	
					
						 

					
					
						c/o Wayzata Investment Partners LLC

				
	
					
						 

					
					
						701 East Lake Street Suite 300

				
	
					
						 

					
					
						Wayzata, Minnesota 55391

				

		
			 
		

		

		

		 

		

			29

		

 

		
		

			
					
						 

					
					
						WAYZATA RECOVERY FUND, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Wayzata Investment Partners LLC, its Manager

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Mary I. Burns

				
	
					
						 

					
					
						Name:

					
					
						Mary I. Burns

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Address:

				
	
					
						 

					
					
						c/o Wayzata Investment Partners LLC

				
	
					
						 

					
					
						701 East Lake Street Suite 300

				
	
					
						 

					
					
						Wayzata, Minnesota 55391

				

		
			 
		

		

		

		 

		

			30

		

 

		
		

			
					
						 

					
					
						Terry McNew

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Terry McNew

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Timothy M. Oxley

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Timothy M. Oxley

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Shane Chittum

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Shane Chittum

				

		

		

		 

		

			31

		

 

		
		

		
			SCHEDULE OF INVESTORS
		

		
			 
		

		
			Wayzata Funds
		

		
			 
		

		
			Wayzata Opportunities Fund II, L.P.
		

		
			c/o Wayzata Investment Partners LLC
		

		
			701 East Lake Street, Suite 300
		

		
			Wayzata, Minnesota 55391
		

		
			Attn: Ray Wallander
		

		
			Fax: (952) 345-8901
		

		
			 
		

		
			Wayzata Opportunities Fund Offshore II, L.P.
		

		
			c/o Wayzata Investment Partners LLC
		

		
			701 East Lake Street, Suite 300
		

		
			Wayzata, Minnesota 55391
		

		
			Attn: Ray Wallander
		

		
			Fax: (952) 345-8901
		

		
			 
		

		
			Wayzata Recovery Fund, LLC
		

		
			c/o Wayzata Investment Partners LLC
		

		
			701 East Lake Street, Suite 300
		

		
			Wayzata, Minnesota 55391
		

		
			Attn: Ray Wallander
		

		
			Fax: (952) 345-8901
		

		
			 
		

		
			Other Holders
		

		
			 
		

		
			Terry McNew
		

		
			 
		

		
			Timothy M. Oxley
		

		
			 
		

		
			Shane Chittum
		

		
			 
		

		
			* * *
		

		

		

		 

		

			32

		

 

		
		

		
			EXHIBIT A
		

		
			 
		

		
			REGISTRATION RIGHTS AGREEMENT JOINDER
		

		
			 
		

		
			The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of            , 2015 (as the same may hereafter be amended, the “Registration Rights Agreement”), among MCBC Holdings, Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein.
		

		
			 
		

		
			By executing and delivering this Joinder to the Corporation,  and upon acceptance hereof by the Corporation upon the execution of a counterpart hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein.  The Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Investors attached to the Registration Rights Agreement.
		

		
			 
		

		
			Accordingly, the undersigned has executed and delivered this Joinder as of the __________ day of __________, 20__.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						Signature of Stockholder

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Name of Stockholder

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Its:

				

		
			 
		

		
			 
		

			
					
						 

					
					
						Address:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			Agreed and Accepted as of
____________, 20__
		

		
			 
		

		
			MCBC Holdings, Inc.
		

		
			 
		

			
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

				
	
					
						Its:

					
					
						 

				

		
			 
		

		 

		

			33

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