Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 12, 2014, by and between APRICUS
BIOSCIENCES, INC., a Nevada corporation (the “Company”), and ASPIRE CAPITAL FUND, LLC, an Illinois limited liability company (together with its permitted assigns, the “Buyer”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set forth in the Common Stock Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from
time to time, the “Purchase Agreement”). 
 WHEREAS: 

A. Upon the terms and subject to the conditions of the Purchase Agreement, (i) the Company has agreed to issue to the Buyer, and the
Buyer has agreed to purchase, up to Twenty-Two Million Dollars ($22,000,000) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), pursuant to Section 1 of the Purchase Agreement (such shares, the
“Purchase Shares”), and (ii) the Company has agreed to issue to the Buyer such number of shares of Common Stock as is required pursuant to Section 4(e) of the Purchase Agreement (the “Commitment Shares”);
and 
 B. To induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows: 
 1. DEFINITIONS. 

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

a. “Person” means any person or entity including any corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency. 
 b.
“Prospectus” means the base prospectus, including all documents incorporated therein by reference, included in any Registration Statement (as hereinafter defined), as it may be supplemented by a prospectus or the Prospectus
Supplement (as hereinafter defined), in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the SEC pursuant to Rule 424(b) under the 1933 Act, together with any then issued “issuer
free writing prospectus(es),” as defined in Rule 433 of the 1933 Act, relating to the Registrable Securities. 
 c.
“Register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the 1933

 
Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of
effectiveness of such registration statement(s) by the U.S. Securities and Exchange Commission (the “SEC”). 
 d.
“Registrable Securities” means the Purchase Shares that may from time to time be, issued or issuable to the Buyer upon purchases of the Available Amount under the Purchase Agreement (without regard to any limitation or restriction
on purchases) and the Commitment Shares issued or issuable to the Buyer and any shares of capital stock issued or issuable with respect to the Purchase Shares, the Commitment Shares or the Purchase Agreement as a result of any stock split, stock
dividend, recapitalization, exchange or similar event, without regard to any limitation on purchases under the Purchase Agreement. 
 e.
“Registration Statement” means any registration statement of the Company, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information
contained in a Prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the 1933 Act or deemed to be a part of such registration statement pursuant to Rule 430B or 462(b) of the 1933 Act, covering only the sale of the
Registrable Securities. 
 f. “Shelf Registration Statement” means the Company’s existing registration statement on
Form S-3 (File No. 333-178832). 
 2. REGISTRATION. 

a. Mandatory Registration. The Company shall within two (2) Business Days from the Commencement Date file with the SEC a
prospectus supplement to the Shelf Registration Statement specifically relating to the Registrable Securities (the “Prospectus Supplement”). The Buyer and its counsel have had a reasonable opportunity to review and comment upon such
Prospectus Supplement prior to its filing with the SEC. The Buyer shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use its reasonable best efforts to keep the Shelf Registration Statement
effective pursuant to Rule 415 promulgated under the 1933 Act and available for sales of all of the Registrable Securities at all times until the earlier of (i) the Company no longer qualifies to make sales under the Shelf Registration
Statement, (ii) the date on which the Company shall have sold all the Registrable Securities and no Available Amount remains under the Purchase Agreement, or (iii) the date on which the Purchase Agreement is terminated (the
“Registration Period”). The Shelf Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

b. Rule 424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the SEC,
pursuant to Rule 424 promulgated under the 1933 Act, a prospectus, including any amendments or prospectus supplements thereto, to be used in connection with sales of the Registrable Securities under the Registration Statement. The Buyer and its
counsel shall have two (2) Business Days to review and comment upon such prospectus prior to its filing with the SEC. The Buyer shall use its reasonable best efforts to comment upon such prospectus within two (2) Business Days from the
date the Buyer receives the final version of such prospectus. 

 c. Sufficient Number of Shares Registered. In the event the number of shares available
under the Shelf Registration Statement is insufficient to cover the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the Shelf Registration Statement or file a new registration statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities as soon as reasonably practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises. The Company shall use its
reasonable best efforts to have such amendment and/or New Registration Statement become effective as soon as reasonably practicable following the filing thereof. 

3. RELATED OBLIGATIONS. 
 With
respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Sections 2(a) and (c), including on the Shelf Registration Statement or on any New Registration Statement, the Company shall use its
reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations: 

a. The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration
Statement or any New Registration Statement and any Prospectus used in connection with such Registration Statement, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the
Registration Period, subject to Section 3(e) hereof and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any
New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. Should
the Company file a post-effective amendment to the Registration Statement or a New Registration Statement, the Company will use its reasonable best efforts to have such filing declared effective by the SEC within thirty (30) consecutive
Business Days as of the date of filing, which such period shall be extended for an additional thirty (30) Business Days if the Company receives a comment letter from the SEC in connection therewith. 

b. The Company shall submit to the Buyer for review and comment any disclosure in the Registration Statement, and all amendments and
supplements thereto (other than prospectus supplements that consist only of a copy of a filed Form 10-Q or Current Report on Form 8-K or any amendment as a result of the Company’s filing of a document that is incorporated by reference into the
Registration Statement), containing information provided by the Buyer for inclusion in such document and any descriptions or disclosure regarding the Buyer, the Purchase Agreement, including the transaction contemplated thereby, or this Agreement at
least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Buyer reasonably and timely objects. Upon request of the Buyer, the Company shall provide to the Buyer all disclosure in the
Registration Statement and all amendments and supplements thereto (other than prospectus supplements that consist only of a copy of a filed Form 10-Q or Current Report on Form 8-K or any amendment as a result
of the Company’s filing of a document that is incorporated by reference into the Registration Statement) at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Buyer reasonably and
timely objects. The Buyer shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Buyer receives
the final version 

 
thereof. The Company shall furnish to the Buyer, without charge, any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration
Statement or any New Registration Statement. 
 c. Upon request of the Buyer, the Company shall furnish to the Buyer, (i) promptly
after the same is prepared and filed with the SEC, at least one copy of the Registration Statement and any amendment(s) thereto, including all financial statements and schedules, all documents incorporated therein by reference and all exhibits,
(ii) upon the effectiveness of any amendment(s) to a Registration Statement, a copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Buyer may reasonably
request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Buyer may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Buyer.

 d. The Company shall use reasonable best efforts to (i) register and qualify, unless an exemption from registration and
qualification is available, the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Buyer reasonably requests, (ii) prepare and
file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable
Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Buyer who holds
Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any
jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 
 e. As
promptly as reasonably practicable after becoming aware of such event or facts, the Company shall notify the Buyer in writing if the Company has determined that the Prospectus included in any Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a
prospectus supplement or amendment to such Registration Statement to correct such untrue statement or omission, and, upon the Buyer’s request, deliver a copy of such prospectus supplement or amendment to the Buyer. In providing this notice to
the Buyer, the Company shall not include any other information about the facts underlying the Company’s determination and shall not in any way communicate any material nonpublic information about the Company or the Common Stock to the Buyer.
The Company shall also promptly notify the Buyer in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective
(notification of such effectiveness shall be delivered to the Buyer by facsimile or e-mail on the same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to any Registration Statement or related prospectus
or 

 
related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. 

f. The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any
Registration Statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest practical
time and to notify the Buyer of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 

g. The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same
class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities if the
Principal Market (as such term is defined in the Purchase Agreement) is an automated quotation system. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section. 

h. The Company shall cooperate with the Buyer to facilitate the timely preparation and delivery of certificates (not bearing any restrictive
legend) representing the Registrable Securities to be offered pursuant to any Registration Statement and enable such certificates to be in such denominations or amounts as the Buyer may reasonably request and registered in such names as the Buyer
may request. 
 i. The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock. 

j. If reasonably requested by the Buyer, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective
amendment to the Registration Statement such information as the Buyer believes should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of
Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as promptly as
practicable once notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement (including by means of any document incorporated
therein by reference). 
 k. The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any
Registration Statement to be registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate the disposition of such Registrable Securities. 

l. If reasonably requested by the Buyer at any time, the Company shall deliver to the Buyer a written confirmation from Company’s counsel
of whether or not the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement is currently effective and available
to the Company for sale of all of the Registrable Securities. 

 m. The Company agrees to take all other reasonable actions as necessary and reasonably requested
by the Buyer to expedite and facilitate disposition by the Buyer of Registrable Securities pursuant to any Registration Statement. 
 4.
OBLIGATIONS OF THE BUYER. 
 a. The Buyer has furnished to the Company in Exhibit A hereto such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as required to effect the registration of such Registrable Securities and shall execute such documents in connection with such
registration as the Company may reasonably request. The Company shall notify the Buyer in writing of any other information the Company reasonably requires from the Buyer in connection with any Registration Statement hereunder. The Buyer will as
promptly as practicable notify the Company of any material change in the information set forth in Exhibit A, other than changes in its ownership of the Common Stock. 

b. The Buyer agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any
amendments and supplements to any Registration Statement hereunder. 
 5. EXPENSES OF REGISTRATION. 

All reasonable expenses of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for the Buyer,
incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel
for the Company, shall be paid by the Company. 
 6. INDEMNIFICATION. 

a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Buyer, each Person, if
any, who controls the Buyer, the members, the directors, officers, partners, employees, agents, representatives of the Buyer and each Person, if any, who controls the Buyer within the meaning of the 1933 Act or the Securities Exchange Act of 1934,
as amended (the “1934 Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
(with the consent of the Company, such consent not to be unreasonably withheld) or reasonable expenses, (collectively, “Claims”) reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency or body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a
party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any
untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact 

 
contained in the final Prospectus or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively,
“Violations”). The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (A) shall not apply to a Claim by an Indemnified Person arising out of or
based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New
Registration Statement, the Prospectus or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company; (B) with respect to any superseded prospectus, shall not inure to the benefit of any such
person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any other Indemnified Person) if the untrue statement or omission of material fact contained in the
superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was
promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation; (C) shall not be available to the extent such Claim is based on a failure of the Buyer to deliver, or to cause to be delivered, the
prospectus made available by the Company, if such prospectus was theretofore made available by the Company pursuant to Section 3(c) or Section 3(e); and (D) shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and
shall survive the transfer of the Registrable Securities by the Buyer pursuant to Section 9. 
 b. In connection with the Registration
Statement any New Registration Statement or Prospectus, the Buyer agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers
who signed the Registration Statement or signs any New Registration Statement, each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (collectively and together with an Indemnified Person, an
“Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any
Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Buyer set forth on Exhibit A attached hereto or updated from time to time in
writing by the Buyer and furnished to the Company by the Buyer expressly for inclusion in the Shelf Registration Statement or Prospectus or any New Registration Statement or from the failure of the Buyer to deliver or to cause to be delivered the
prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Buyer will reimburse any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7
shall not apply to amounts paid in settlement of any Claim if such settlement is 

 
effected without the prior written consent of the Buyer, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect and shall survive the transfer of
the Registrable Securities by the Buyer pursuant to Section 9. 
 c. Promptly after receipt by an Indemnified Person or Indemnified
Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be
made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may
be, and upon such notice, the indemnifying party shall not be liable to the Indemnified Person or Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Person or Indemnified Party in connection with the defense
thereof; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the
indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate reasonably with the indemnifying party in connection with any negotiation or defense of any such action or claim by
the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent,
provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or
litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 

d. The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages are incurred. Any person receiving a payment pursuant to this Section 6 which person is later determined to not be entitled to such payment shall return such
payment to the person making it. 

 e. The indemnity agreements contained herein shall be in addition to (i) any cause of action
or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

7. CONTRIBUTION. 
 To the extent
any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest
extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any seller of
Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such
Registrable Securities. 
 8. ASSIGNMENT OF REGISTRATION RIGHTS. 

The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer. The Buyer
may not assign its rights under this Agreement without the prior written consent of the Company. 
 9. AMENDMENT OF REGISTRATION RIGHTS.

 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of the Company and the Buyer. 
 10. MISCELLANEOUS. 

a. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such
communications shall be: 
 If to the Company: 

Apricus Biosciences, Inc. 

11975 El Camino Real, Suite 300 

San Diego, CA 92130 

 Telephone: 858-222-8041 

Facsimile: 

Attention: Richard W. Pascoe, CEO 

Email: 
 With a
copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

12670 High Bluff Drive 

San Diego, CA 92130 

Telephone: 858-523-5435 

Facsimile: 858-523-5450 

Attention: Cheston J. Larson, Esq. 

Email: cheston.larson@lw.com 

If to the Buyer: 

Aspire Capital Fund, LLC 

155 North Wacker Drive, Suite 1600 

Chicago, IL 60606 

Telephone: 312-658-0400 

Facsimile: 312-658-4005 

Attention: Steven G. Martin 

Email: smartin@aspirecapital.com 

With a copy to (which shall not constitute delivery to the Buyer): 

Morrison & Foerster LLP 

2000 Pennsylvania Avenue, NW, Suite 6000 

Washington, DC 20006 

Telephone: 202-778-1611 

Facsimile: 202-887-0763 

Attention: Martin P. Dunn, Esq. 

Email : mdunn@mofo.com 

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to
each other party. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. Any party to this Agreement may give any notice or other communication hereunder using any other means (including messenger
service, ordinary mail or electronic mail), but no such notice or other communication shall be deemed to have been duly given unless it actually is received by the party for whom it is intended. 

b. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. 

 c. The corporate laws of the State of Nevada shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Illinois, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Illinois. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of Chicago for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 d. This
Agreement, the Purchase Agreement and the other Transaction Documents constitute the entire understanding among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This Agreement, the Purchase Agreement and the other Transaction Documents supersede all other prior oral or written agreements between the Buyer, the Company, their
affiliates and persons acting on their behalf with respect to the subject matter hereof and thereof. 
 e. Subject to the requirements of
Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. 

f. The headings in this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement. 
 g. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or pdf (or other electronic reproduction of a) signature shall be considered due execution and shall be
binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction of a) signature. 

h. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents as the other party may reasonably request in order to carry out the intent 

 
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

i. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party. 
 j. This Agreement is intended for the benefit of the parties hereto and their
respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

* * * * * * 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly
executed as of day and year first above written. 
  

			
	THE COMPANY:
	
	APRICUS BIOSCIENCES, INC.
		
	By:	 	/s/ Richard W. Pascoe
	Name:	 	Richard W. Pascoe
	Title:	 	Chief Executive Officer

  

			
	BUYER:
	
	ASPIRE CAPITAL FUND, LLC
	BY:	 	ASPIRE CAPITAL PARTNERS, LLC
	BY:	 	SGM HOLDINGS CORP.

  

			
	By:	 	/s/ Steven G. Martin
	Name:	 	Steven G. Martin
	Title:	 	President

 EXHIBIT A 

Information About The Buyer Furnished To The Company By The Buyer 

Expressly For Use In Connection With The Registration Statement and prospectus 

Aspire Capital Partners, LLC is the managing member of Aspire Capital Fund, LLC. SGM Holdings Corp. is the managing member of Aspire Capital Partners, LLC.
Steven G. Martin is the president and sole shareholder of SGM Holdings Corp. Erik J. Brown is a principal of Aspire Capital Partners, LLC. Christos Komissopoulos is a principal of Aspire Capital Partners, LLC. Each may be deemed to have shared
voting and investment power over shares owned by Aspire Capital Fund, LLC. Each of Aspire Capital Partners, LLC, SGM Holdings Corp., Mr. Martin, Mr. Brown and Mr. Komissopoulos disclaim beneficial ownership of the shares of common
stock held by Aspire Capital Fund, LLC. Aspire Capital is not a licensed broker dealer or an affiliate of a licensed broker dealer.140812 S8 Ex4.3 RSU

SILVER STANDARD RESOURCES INC. 

RESTRICTED SHARE UNIT PLAN

    

SILVER STANDARD RESOURCES INC.
RESTRICTED SHARE UNIT PLAN 

ARTICLE 1     
PREAMBLE AND DEFINITIONS
		
	1.1.
	Title

The Plan herein described shall be called the “Restricted Share Unit Plan”.
		
	1.2.
	Purpose

The Plan has been established:
		
	(a)
	to provide a greater alignment of interests between Designated Participants and shareholders of the Company;

		
	(b)
	to provide a compensation mechanism for Designated Participants that appropriately reflects the responsibility, commitment and risk accompanying their management roles;

		
	(c)
	to assist the Company to attract and retain employees with experience and ability; and

		
	(d)
	to allow Designated Participants to participate in the success of the Company.

		
	1.3.
	Definitions

As used in the Plan, the following terms have the following meanings:
		
	(a)
	“Acquiror” has the meaning ascribed thereto in Section 8.1.

		
	(b)
	“Affiliate” has the meaning ascribed thereto in the Business Corporations Act (British Columbia).

		
	(c)
	“Applicable Law” means any applicable provision of law, domestic or foreign, including, without limitation, applicable securities legislation, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder, and Stock Exchange Rules.

		
	(d)
	  “Board” means the Board of Directors of the Company.

		
	(e)
	“Cause” means any grounds at common law for which an employer is entitled to dismiss an employee summarily, and includes, without limitation, the following:

		
	(i)
	the breach by the Designated Participant of a material term of his employment agreement (if any) with the Company or a Related Entity of the Company;

1

		
	(ii)
	the repeated and demonstrated failure by the Designated Participant to perform the material duties of his position in a competent manner;

		
	(iii)
	the conviction of the Designated Participant for a criminal offence involving fraud or dishonesty, or which otherwise adversely impacts the reputation of the Company or a Related Entity of the Company;

		
	(iv)
	the failure by the Designated Participant to act honestly or in the best interests of the Company or a Related Entity of the Company;

		
	(v)
	the failure by the Designated Participant to comply with any Company rules or policies of a material nature;

		
	(vi)
	the failure by the Designated Participant to obey reasonable instructions provided to him in the course of employment, within five calendar days after receiving written notice of such disobedience from the Company or a Related Entity of the Company; or

		
	(vii)
	any actions or omissions on the part of the Designated Participant constituting gross misconduct or negligence resulting in material harm to the Company or a Related Entity of the Company.

		
	(f)
	“Change of Control” means the occurrence of one or more of the following events:

		
	(i)
	individuals who, as of the date on which Restricted Share Units are granted to the relevant Designated Participant, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after such date and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board, including by reason of any agreement intended to avoid or settle any Election Contest or proxy contest, shall be deemed an Incumbent Director;

		
	(ii)
	any change in the holding, direct or indirect, of shares in the capital of the Company as a result of which a person or group of persons acting jointly or in concert, or person associated or affiliated with any such person or group within the meaning of the Securities Act (British Columbia), becomes the beneficial owner, directly or indirectly, of shares and/or other securities in excess of the number which, directly or following conversion thereof, would entitle the holders thereof to cast more than 50% of the votes attaching to all shares of the Company which may be cast to elect directors of the Company (the “Company Voting Securities”); provided, however, that the event 

2

described in this paragraph (ii) shall not be deemed to be a Change of Control by virtue of any of the following acquisitions of Company Voting Securities: 
		
	A.
	by the Company or any subsidiary; 

		
	B.
	by any employee benefit plan sponsored or maintained by the Company or any subsidiary; 

		
	C.
	by any underwriter temporarily holding securities pursuant to an offering of such securities; 

		
	D.
	pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); or 

		
	E.
	from the Company pursuant to a transaction (other than one described in paragraph (iii)), if a majority of the Incumbent Directors approve a resolution providing expressly that the acquisition pursuant to this clause (E) shall not constitute a Change of Control under this paragraph (ii);

		
	(iii)
	the consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or any of its subsidiaries (a “Business Combination”), unless immediately following such Business Combination: 

		
	A.
	Company Voting Securities that were outstanding immediately prior to the consummation of such Business Combination (or, if applicable, securities into or for which such Company Voting Securities were converted or exchanged pursuant to such Business Combination) represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees (“voting power”) of (1) the entity resulting from such Business Combination (the “Surviving Entity”), or (2) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Entity (the “Parent Entity”);

		
	B.
	no person (other than any employee benefit plan sponsored or maintained by the Surviving Entity or the Parent Entity) is the beneficial owner, directly or indirectly, of 50% or more of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity); or 

		
	C.
	at least a majority of the members of the board of directors of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) were Incumbent Directors at the time of the Board’s approval of the 

3

execution of the initial agreement providing for such Business Combination;
(any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”);
		
	(iv)
	the approval by the Board or shareholders of the Company of a complete liquidation or dissolution of the Company;

		
	(v)
	a sale or other disposition of all or substantially all of the property or assets of the Company, other than to an affiliate within the meaning of the Securities Act (British Columbia) or pursuant to a Non-Qualifying Transaction; or

		
	(vi)
	any determination by the majority of Incumbent Directors of the Company that a Change of Control has occurred.

		
	(g)
	“Committee” means the Compensation Committee of the Board, or such other committee or persons (including the Board) as may be designated from time to time to administer the Plan.

		
	(h)
	“Company” means Silver Standard Resources Inc. and its successors and assigns.

		
	(i)
	“Designated Participant” means each employee of the Company or a Related Entity of the Company to whom Restricted Share Units are granted pursuant to Section 4.1.

		
	(j)
	“Disability” means, in the case of  a Designated Participant who is a member of a long-term disability plan of the Company or a Related Entity of the Company, the Designated Participant’s physical or mental long-term inability to substantially fulfill his duties and responsibilities on behalf of the Company or, if applicable, a Related Entity of the Company in respect of which the Designated Participant commences receiving, or is eligible to receive, long-term disability benefits under such long-term disability plan of the Company or a Related Entity of the Company and, in the case of a Designated Participant who is not a member of a long-term disability plan of the Company or a Related Entity of the Company, a physical or mental impairment that prevents the Designated Participant from engaging in any employment for which the Designated Participant is reasonably suited by virtue of the Designated Participant’s education, training or experience and that can reasonably be expected to last for the remainder of the Designated Participant’s lifetime, as determined by the Committee.

		
	(k)
	“Good Reason,” for Participants who are not U.S. Participants, means “Good Reason” as defined in the employment agreement, if any, between the relevant Designated Participant and the Company or a Related Entity of the Company and, if there is no such definition or agreement, “Good Reason” will arise within 12 months following a Change of Control where the Designated Participant was induced by the actions of the employer to resign or terminate his employment other than on a purely voluntary basis as a result of the occurrence of one or more of the following 

4

events without the Designated Participant’s written consent, such resignation to be effective only if the Designated Participant has provided 10 days’ written notice of such occurrence to the employer immediately upon occurrence of such an event and the employer has not corrected such occurrence within such 10-day period:
		
	(i)
	a materially adverse change in the Designated Participant’s position, duties, or responsibilities other than as a result of the Designated Participant’s physical or mental incapacity which impairs the Designated Participant’s ability to materially perform the Designated Participant’s duties or responsibilities as confirmed by a physician;

		
	(ii)
	a materially adverse change in the Designated Participant’s reporting relationship that is inconsistent with the Designated Participant’s title or position;

		
	(iii)
	a reduction by the employer of the base salary of the Designated Participant;

		
	(iv)
	a reduction by the employer in the aggregate level of benefits made available to the Designated Participant; or

		
	(v)
	the relocation by the employer of the Designated Participant’s principal office by more than 50 miles from the location where the Designated Participant worked when the Change of Control occurred.

For U.S. Participants, “Good Reason” has the meaning set forth in Appendix A hereto.
		
	(l)
	“Market Value” of a Vested Restricted Share Unit or a Share on any date means the volume weighted average trading price of the Shares on the Stock Exchange (or any other stock exchange on which the majority of the volume of trading of the Shares has occurred over the relevant period) over the five trading days on which a board lot of Shares was traded immediately preceding such date, calculated by dividing the total value of all such trades by the total volume of Shares so traded; provided that, if the Shares are not listed and posted for trading on any stock exchange at the time such calculation is to be made, the “Market Value” shall be the market value of a Vested Restricted Share Unit or a Share, as the case may be, as determined by the Committee in good faith.

		
	(m)
	“Plan” means this Restricted Share Unit Plan, including any schedules or appendices hereto, all as amended or amended and restated from time to time.

		
	(n)
	“Redemption Date” for a Vested Restricted Share Unit means the date which is five business days after the Vesting Date for such Vested Restricted Share Unit.

		
	(o)
	“Related Entity” means an Affiliate or a “subsidiary” of the Company as defined in the Business Corporations Act (British Columbia).  

		
	(p)
	“Restricted Share Unit” means an unfunded and unsecured right granted to a Designated Participant to receive one or more payments, subject to restrictions 

5

(including without limitation a requirement that the Designated Participant  remain continuously employed for a specified period of time), in accordance with the provisions of the Plan.
		
	(q)
	“Restricted Share Unit Account” has the meaning ascribed thereto in Section 5.1.

		
	(r)
	“Retirement” means the retirement of the Designated Participant from employment with the Company or a Related Entity of the Company on or after age 65, and “retires” shall have a corresponding meaning. The determination of whether a Designated Participant has retired shall be at the sole discretion of the Committee.

		
	(s)
	“Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the regulations and other interpretive guidance promulgated thereunder as in effect from time to time.

		
	(t)
	“Share” means a common share of the Company and includes any rights attached thereto which trade therewith.

		
	(u)
	“Stock Exchange” means the Toronto Stock Exchange.

		
	(v)
	“Stock Exchange Rules” means the applicable rules of the Stock Exchange.

		
	(w)
	“Termination Date” means:

		
	(i)
	in the case of the death of a Designated Participant, the date of death;

		
	(ii)
	in the case of the Retirement of a Designated Participant, the date on which the Designated Participant retires in accordance with the normal retirement policies of the Company or a Related Entity of the Company, as the case may be;

		
	(iii)
	in the case of the Disability of a Designated Participant, the date on which:

		
	A.
	the Designated Participant commences receiving, or is eligible to receive, long-term disability benefits under a long-term disability plan of the Company or a Related Entity of the Company, as the case may be; or

		
	B.
	if a Designated Participant is not a member of a long-term disability plan of the Company or a Related Entity of the Company, the date that the Designated Participant has suffered a physical or mental impairment that prevents the Designated Participant from engaging in any employment for which the Designated Participant is reasonably suited by virtue of the Designated Participant’s education, training or experience and that can reasonably be expected to last for the remainder of the Designated Participant’s lifetime, as determined by the Committee; and

6

		
	(iv)
	in the case of any other termination of employment of a Designated Participant, the date of termination; 

provided that, if any date determined in accordance with the foregoing provisions is not a Trading Day, the Termination Date shall be the Trading Day immediately preceding the date otherwise determined.
		
	(x)
	“Trading Day” means any date on which the Stock Exchange is open for the trading of Shares and on which at least a board lot of Shares is traded.

		
	(y)
	“U.S. Participant” means a Designated Participant who is a United States citizen or a United States resident alien as defined under United States Internal Revenue Code §7701(b). 

		
	(z)
	“Vested Restricted Share Units” means the Restricted Share Units that have so vested in accordance with the provisions of the Plan. [NTD: This term was previously undefined in the RSU Plan as Section 6.3 was not included.]

		
	(aa)
	“Vesting Date” means each date on which Restricted Share Units granted to a Designated Participant under Section 4.1, and dividend equivalent Restricted Share Units awarded to the Designated Participant in respect of such Restricted Share Units under Section 5.2, shall vest as determined by the Committee, in its sole discretion, in connection with such grant; provided, however, that except as the Committee may otherwise determine in its discretion either at the time of grant of any Restricted Share Units or thereafter, no Restricted Share Units shall vest on any date that would otherwise be a Vesting Date unless the relevant Designated Participant is an employee of the Company or a Related Entity of the Company on such date.  

ARTICLE2
CONSTRUCTION AND INTERPRETATION

		
	2.1.
	Gender, Singular, Plural

In the Plan, references to the masculine gender include the feminine gender and references to the singular include the plural and vice versa, as the context shall require.
		
	2.2.
	Severability

If any provision of the Plan is determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other provision or part of any provision thereof.
		
	2.3.
	Headings, Articles, Sections

Headings used in the Plan are for reference purposes only and do not limit or extend the meaning of the provisions of the Plan. A reference to an Article, Section or Schedule shall, except where expressly stated otherwise, mean an Article, Section or Schedule of the Plan, as applicable.

7

		
	2.4.
	Governing Law

The Plan shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein. Any actions, proceedings or claims in any way relating to the Plan shall be commenced in the courts of the Province of British Columbia and the courts of the Province of British Columbia will have exclusive jurisdiction to entertain any such action, proceeding or claim. The Company, each Designated Participant and his estate, if applicable,  hereby attorn to the jurisdiction of the courts of the Province of British Columbia.
		
	2.5.
	References to Statutes, etc.

Any reference to a statute, regulation, rule, instrument or policy statement shall refer to such statute, regulation, rule, instrument or policy statement as it may be amended, replaced or re-enacted from time to time.
ARTICLE 3
EFFECTIVE DATE
		
	3.1.
	Effective Date

The Plan, as amended from time to time, is adopted with effect from August 5, 2010.
ARTICLE 4
RESTRICTED SHARE UNIT GRANTS
		
	4.1.
	Grants of Restricted Share Units

The Committee may grant Restricted Share Units to such employees of the Company or a Related Entity of the Company in such numbers as may be determined by the Committee in its sole discretion with effect from such dates as the Committee may specify.
		
	4.2.
	Vesting Provisions

The Committee shall, in its sole discretion, determine the Vesting Dates and the proportion of Restricted Share Units to vest on each such Vesting Date applicable to each grant of Restricted Share Units under Section 4.1 at the time of such grant. Unless otherwise specified herein or determined by the Committee, Restricted Share Units granted to a Designated Participant under Section 4.1 shall vest, as to one-third of the number of such Restricted Share Units, on each of the first, second and third anniversaries of the date on which they were granted, subject to the Designated Participant’s continued employment with the Company or a Related Entity of the Company.  Dividend equivalent Restricted Share Units awarded to a Designated Participant under Section 5.2 shall vest with the Restricted Share Units in respect of which they were credited to the Designated Participant’s Restricted Share Unit Account.  
		
	4.3.
	Notice of Award; Acknowledgement

The Company shall provide each Designated Participant notice of an award of Restricted Share Units promptly after the Committee acts to award the Designated Participant any Restricted Share 

8

Units.  If required by the Company, the Designated Participant may be required to return an acknowledgement of such award in such form as required by the Company.
		
	4.4.
	No Certificates

No certificates shall be issued with respect to Restricted Share Units.  All records relating to the Restricted Share Units shall be maintained in the Company’s electronic compensation plan system.
ARTICLE 5
ACCOUNTS AND DIVIDEND EQUIVALENTS
		
	5.1.
	Restricted Share Unit Account

An account, to be known as a “Restricted Share Unit Account”, shall be maintained by the Company for each Designated Participant and shall be credited with such Restricted Share Units as are granted to the Designated Participant under Section 4.1 and such dividend equivalent Restricted Share Units as are awarded to the Designated Participant in respect of such Restricted Share Units under Section 5.2.
		
	5.2.
	Dividend Equivalent Restricted Share Units

Whenever cash dividends are paid on the Shares, additional Restricted Share Units will be credited to a Designated Participant's Restricted Share Unit Account in accordance with this Section 5.2. The number of such additional Restricted Share Units to be so credited will be calculated by dividing (a) the cash dividends that would have been paid to such Designated Participant if the Restricted Share Units recorded in the Designated Participant's Restricted Share Unit Account as at the record date for the dividend had been Shares by (b) the Market Value on the Trading Day immediately preceding the date on which the Shares began to trade on an ex-dividend basis, rounded down to the next whole number of Restricted Share Units. No fractional Restricted Share Units will thereby be created.
		
	5.3.
	Cancellation of Restricted Share Units that Fail to Vest or Are Redeemed

Restricted Share Units that fail to vest in accordance with Article 6 of the Plan, or that are redeemed in accordance with Article 7 of the Plan, shall be cancelled and shall cease to be recorded in the Restricted Share Unit Account of the relevant Designated Participant as of the date on which such Restricted Share Units are forfeited or redeemed, as the case may be, and the Designated Participant will have no further right, title or interest in or to such Restricted Share Units.

9

ARTICLE 6
VESTING OF RESTRICTED SHARE UNITS
		
	6.1.
	Vesting During Continued Employment

Subject to the remaining provisions of this Section 6 and Article 8, Restricted Share Units granted to a Designated Participant under Section 4.1, and dividend equivalent Restricted Share Units awarded to the Designated Participant in respect of such Restricted Share Units under Section 5.2, shall vest on the Vesting Dates in accordance with the provisions of Section 4.2 and this Article 6 provided the Designated Participant remains in continuous employment with the Company or a Related Entity of the Company on the applicable Vesting Date.
		
	6.2.
	Effect of Termination of Employment

		
	(a)
	General.  Unless otherwise determined by the Committee, in the event of a Designated Participant’s termination of employment for any reason, his unvested Restricted Share Units and any dividend equivalent Restricted Share Units awarded in respect of such unvested Restricted Share Units shall be forfeited and cancelled and cease to be recorded in the Restricted Share Unit Account of the relevant Designated Participant as of the Termination Date, and the Designated Participant will have no further right, title or interest in or to such Restricted Share Units.

		
	(b)
	Death, Retirement, or Disability.  If a Designated Participant dies, retires, or suffers a Disability prior to a Vesting Date, the Committee shall have the discretion to determine that any or all of the unvested Restricted Share Units granted to the Designated Participant under Section 4.1, and any or all of the dividend equivalent Restricted Share Units awarded to the Designated Participant in respect of such unvested Restricted Share Units under Section 5.2, may become vested as of the Designated Participant’s Termination Date, in which case such Termination Date will be the Vesting Date.  

ARTICLE 7
REDEMPTION OF RESTRICTED SHARE UNITS
		
	7.1.
	Redemption of Vested Restricted Share Units

		
	(c)
	General.  Except as provided in Section 7.1(b), on the Redemption Date for each Vested Restricted Share Unit, the Company shall redeem all such Vested Restricted Share Units by: 

		
	(i)
	subject to Section 14.5(a), paying to the relevant Designated Participant a cash amount equal to the Market Value of such Vested Restricted Share Units as of the Vesting Date; or

		
	(ii)
	subject to Section 14.5(b), purchasing the number of Shares equal to the number of such Vested Restricted Share Units as of the Vesting Date on the open market for delivery to the relevant Designated Participant. 

10

Whether a Vested Restricted Share Unit is redeemed in accordance with Sections 7.1(a)(i) or 7.1(a)(ii) shall be at the sole discretion of the Company.
		
	(d)
	Forfeiture upon Termination for Cause.  If the Designated Participant’s employment with the Company or a Related Entity of the Company is terminated for Cause prior to the Redemption Date, for any Vested Restricted Share Units, those Vested Restricted Share Units shall not be redeemed on the Redemption Date but shall instead be forfeited and cancelled and cease to be recorded in the Restricted Share Unit Account of the relevant Designated Participant as of the Termination Date, and the Designated Participant will have no further right, title or interest in or to such Restricted Share Units.

		
	7.2.
	No Interest

For greater certainty, no interest shall be payable to Designated Participants in respect of any amount payable under the Plan.
ARTICLE 8
Change of Control Vesting and Redemption
		
	8.1.
	Change of Control

Notwithstanding any other provision of the Plan, in the event of a Change of Control, the following provisions shall apply:
		
	(a)
	in the event of a Change of Control where the person or persons that acquire control (the “Acquiror”), an Affiliate thereof or the successor to the Company agrees to assume all of the obligations of the Company under the Plan and the Committee determines that such assumption is consistent with the objectives of the Plan, the Plan and all outstanding Restricted Share Units will continue on the same terms and conditions, subject to Section 8.1 (b), except that, if applicable, the terms and conditions of Restricted Share Units may be adjusted to reflect reference to shares of the Acquiror or an Affiliate thereof;

		
	(b)
	in the event of a Change of Control where the Plan is continued pursuant to Section 8.1(a) and the employment of a Designated Participant thereafter terminates for any reason other than resignation without Good Reason or termination for Cause, all unvested Restricted Share Units held by such Designated Participant shall immediately be deemed to be Vested Restricted Share Units as of the Termination Date and the Company shall redeem such Vested Restricted Share Units on the Redemption Date by paying to such Designated Participant a cash amount equal to the Market Value of such Vested Restricted Share Units as of the Termination Date; and

		
	(c)
	in the event of a Change of Control where the Acquiror or an Affiliate thereof or the successor to the Company does not agree to assume all of the obligations of the Company under the Plan, or the Committee determines that such assumption is not 

11

consistent with the objectives of the Plan, all unvested Restricted Share Units held by each Designated Participant shall immediately be deemed to be Vested Restricted Share Units as of the effective date of the Change of Control and the Company shall redeem such Vested Restricted Share Units on the Redemption Date by paying to each Designated Participant a cash amount equal to the Market Value of such Vested Restricted Share Units as of the effective date of the Change of Control. 
Notwithstanding the foregoing provisions of this Section 8.1, the Committee may, in its sole discretion, make such determinations as it considers appropriate in the circumstances upon a Change of Control to ensure the fair treatment of Designated Participants in such circumstances in light of the objectives of the Plan, including, without limitation, with respect to the vesting periods applicable to any Restricted Share Units, the amounts to be paid to Designated Participants on the redemption of any Restricted Share Units and/or the termination of the Plan (and, for greater certainty, such determinations may result in different vesting, redemption or payment terms than would result from the operation of Sections 8.1(a), (b) and (c) without such determinations).
		
	8.2.
	Final Payment

Notwithstanding any other provision of the Plan, every payment required to be made under the Plan to a Designated Participant in respect of Vested Restricted Share Units shall be made within three years after the end of the calendar year in which the Restricted Share Units were first granted to the Designated Participant under Section 4.1.
ARTICLE 9
ADJUSTMENTS
		
	9.1.
	Adjustments

In the event of any stock dividend, stock split, combination or exchange of shares, merger, amalgamation, arrangement or other scheme of reorganization, spin-off or other distribution of the Company's assets to shareholders (other than the payment of cash dividends in the ordinary course), or any other change in the capital of the Company affecting Shares, such adjustments, if any, as the Committee in its discretion may deem appropriate to preserve proportionately the interests of Designated Participants under the Plan as a result of such change shall be made with respect to the number of Restricted Share Units outstanding under the Plan.
ARTICLE 10
CURRENCY
		
	10.1.
	Currency

Except where expressly provided otherwise, all references in the Plan to currency refer to lawful Canadian currency.
 

12

ARTICLE 11
AMENDMENT OR DISCONTINUANCE OF THE PLAN
		
	11.1.
	Amendment or Discontinuance at Committee Discretion

The Committee may, in its sole discretion, at any time, amend (prospectively or retrospectively), suspend or discontinue the Plan, and amend (prospectively or retrospectively) any Restricted Share Units granted under the Plan provided that no action shall be taken with respect to granted Restricted Share Units without the consent of the relevant Designated Participants unless the Committee determines that such action does not materially adversely affect such Restricted Share Units. Without limiting the foregoing, the Committee is specifically authorized, in its sole discretion, to amend the terms of the Plan, and the terms of any Restricted Share Units granted under the Plan, to:
		
	(a)
	amend the vesting provisions;

		
	(b)
	amend the eligibility requirements of Designated Participants which would have the potential of broadening or increasing participation in the Plan; 

		
	(c)
	make other amendments of a grammatical, typographical or administrative nature or to comply with the requirements of Applicable Law; and

		
	(d)
	with respect to any U.S. Participant, notwithstanding any contrary provision in the Plan or a written acknowledgement of the Designated Participant’s Restricted Share Unit award, if any provision of the Plan or such written acknowledgment contravenes any regulations or guidance promulgated under Section 409A or would cause the redemption of the Restricted Share Unit to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, such provision of the Plan or written acknowledgement may be modified by the Committee without consent of the Designated Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A.

ARTICLE 12
ASSIGNMENT AND TRANSFERABILITY
		
	12.1.
	Assignability and Transfer Restrictions

The Plan shall enure to the benefit of and be binding upon the Company and its Related Entities and their respective successors and assigns. The interest of any Designated Participant under the Plan or in any Restricted Share Units shall not be assignable, transferable or negotiable (whether by operation of law or otherwise) and may not be assigned or transferred other than by will or the laws of descent and distribution.

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ARTICLE 13
NO SHARES OR SHAREHOLDER RIGHTS
		
	13.1.
	No Rights to Shares

No Shares or fractional interests therein are issuable under or in connection with the Plan. Restricted Share Units are not Shares and the grant of Restricted Share Units will not entitle a Designated Participant to any shareholder rights, including, without limitation, voting or dividend rights or rights on any liquidation of the Company.
ARTICLE 14
ADMINISTRATION
		
	14.1.
	Committee

Unless otherwise determined by the Board, the Plan shall be administered by the Committee. 
		
	14.2.
	Compliance with Laws and Policies

Each Designated Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed by participating in the Plan) that the Designated Participant will, at all times, act in strict compliance with Applicable Law and all policies of the Company applicable to the Designated Participant in connection with the Plan and provide to the Company all information and undertakings as may be required to permit compliance with Applicable Law and such policies. Such Applicable Law and policies shall include, without limitation, those governing “insiders” of “reporting issuers” as those terms are construed for the purposes of applicable securities laws.
		
	14.3.
	Delegation

The Committee may delegate to any director, committee of directors, officer or employee of the Company such duties and powers relating to the Plan as it may see fit.
		
	14.4.
	Subject to Law

The Company's granting of any Restricted Share Units and its obligation to make any payments in respect thereof are subject to compliance with Applicable Law.
		
	14.5.
	Withholdings

		
	(a)
	With respect to the redemption of Vested Restricted Share Units pursuant to Section 7.1(a)(i), the Company or a Related Entity of the Company, as applicable, may withhold or cause to be withheld from any amount payable to a Designated Participant or his estate, either under the Plan or otherwise, such amount as may be necessary so as to ensure that the Company or the Related Entity of the Company, as the case may be, will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding of tax or other required deductions.

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	(b)
	With respect to the redemption of Vested Restricted Share Units pursuant to Section 7.1(a)(ii), the Designated Participant or his estate may elect to satisfy the withholding of tax or other required deductions by any of the following methods so as to ensure that the Company or the Related Entity of the Company, as the case may be, will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding of tax or other required deductions:

		
	(i)
	the tendering by the Designated Participant of a bank draft, certified cheque, personal cheque or other manner acceptable to the Committee in an amount equal to the withholding tax or other required deductions; or

		
	(ii)
	the withholding by the Company or a Related Entity of the Company, as applicable, an amount from such Vested Restricted Share Units having an aggregate Market Value equal to the withholding of taxes or other required deductions, upon which the Company shall then purchase Shares equal to the number of the remaining Vested Restricted Share Units as of the Vesting Date.

Each Designated Participant or his estate, as the case may be, is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of such Designated Participant in connection with the Plan (including any taxes and penalties under Section 409A or any applicable law), and neither the Company nor any Related Entity of the Company shall have any obligation to indemnify or otherwise hold such Designated Participant or the Designated Participant's estate harmless from any or all of such taxes or penalties.
		
	14.6.
	No Employment or Additional Rights

Nothing herein contained shall be deemed to give any person the right to the continuation of employment by the Company or a Related Entity of the Company or interfere in any way with the right of the Company or a Related Entity of the Company to terminate such employment at any time or to increase or decrease the compensation of such person. For greater certainty, a period of notice, if any, or payment in lieu thereof, upon termination of employment, wrongful or otherwise, shall not be considered as extending the period of employment for the purposes of the Plan. 
		
	14.7.
	Administration Costs

The Company will be responsible for all costs relating to the administration of the Plan. 
		
	14.8.
	No Obligation to Fund or Secure

Unless otherwise determined by the Committee, the Plan, including any right of a Designated Participant hereunder, shall remain an unfunded and unsecured obligation of the Company and any applicable Related Entities of the Company.  Neither the establishment of the Plan nor the grant of Restricted Share Units (or any action taken in connection therewith) shall be deemed to create a trust.
		
	14.9.
	Rules for Administration and Interpretation

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The Committee may establish rules and regulations relating to the administration, application and interpretation of the Plan and may amend and rescind such rules and regulations from time to time. The Committee shall have the authority to decide conclusively all matters relating to the administration, application and interpretation of the Plan and all such decisions shall be binding on all parties concerned, including, without limitation, the Company and its Related Entities and Designated Participants and their respective Beneficiaries.
		
	14.10.
	Section 409A

		
	(a)
	Payments contemplated with respect to the Restricted Share Units granted to U.S. Participants are intended to comply with the short-term deferral exemption under Section 409A.  Notwithstanding the forgoing or any provisions of the Plan to the contrary, if the Company determines that such exemption is not applicable to the Restricted Share Units, or any provision of the Plan or the written acknowledgment to such U.S. Participant contravenes Section 409A or could cause the U.S. Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without any Designated Participant’s consent, modify such provision and any appropriate policies and procedures, including amendments and policies with retroactive effect, and take such other actions as the Committee determines necessary or appropriate (x) to comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of any taxes, interest and penalties under Section 409A, and/or (y) preserve, to the maximum extent practicable, the intended tax treatment of the benefits provided by the Plan and Restricted Share Units hereunder without materially increasing the cost to the Company or contravening the provisions of Section 409A. This Section 15.10(a) does not create an obligation on the part of the Company to modify the Plan and does not guarantee that Restricted Share Units will not be subject to taxes, interest and penalties under Section 409A. 

		
	(b)
	If a U.S. Participant becomes entitled to receive payment in respect of any Restricted Share Units as a result of his or her “separation from service” (within the meaning of Section 409A), and the U.S. Participant is a “specified employee” (within the meaning of Section 409A) at the time of his or her separation from service, and the Committee makes a good faith determination that (i) all or a portion of the Restricted Share Units constitute “deferred compensation” (within the meaning of Section 409A) and (ii) any such deferred compensation that would otherwise be payable during the six-month period following such separation from service is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then payment of such “deferred compensation” shall not be made to the U.S. Participant before the date which is six months after the date of his or her separation from service (and shall be paid in a single lump sum, without interest, on the first day of the seventh month following the date of such separation from service) or, if earlier, the U.S. Participant’s date of death.  In such event, the lump sum payment shall be equal to the number of Restricted Share Units credited to the U.S. Participant’s Performance Share Unit Account multiplied by the Market Value as of the expiration of such six-month period or the date of death.

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	14.11.
	No Salary Deferral Arrangement

Notwithstanding any other provision of the Plan, it is intended that the Plan and Restricted Share Units thereunder not be considered “salary deferral arrangements” under the Income Tax Act (Canada) and the Plan shall be administered in accordance with such intention.  Without limiting the generality of the foregoing, the Committee may make such amendments to the terms of outstanding Restricted Share Units (including, without limitation, changing the Vesting Dates and Redemption Dates thereof) as may be necessary or desirable, in the sole discretion of the Committee, so that the Plan and Restricted Share Units outstanding thereunder are not considered “salary deferral arrangements”.

17

    

APPENDIX A 
TO THE SILVER STANDARD RESOURCES INC.
RESTRICTED SHARE UNIT PLAN

DEFINITION OF “GOOD REASON” FOR U.S. PARTICIPANTS
“Good Reason,” for U.S. Participants, will arise within 12 months following a Change of Control where the Designated Participant was induced by the actions of the employer to resign or terminate his employment other than on a purely voluntary basis as a result of the occurrence of one or more of the following events without the Designated Participant’s written consent, such resignation to be effective only if the Designated Participant has provided 30 days’ written notice of such occurrence to the employer immediately upon occurrence of such an event and the employer has not corrected such occurrence within such 10 day period, and the Designated Participant’s separation from service occurs no later than 90 days following the initial existence of the event cited in the Designated Participant’s notice: 
		
	(i)
	a material diminution in the Designated Participant’s authority, duties, or responsibilities other than as a result of the Designated Participant’s physical or mental incapacity which impairs the Designated Participant’s ability to materially perform the Designated Participant’s duties or responsibilities as confirmed by a physician; 

		
	(ii)
	a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Designated Participant is required to report, including a requirement that a service provider report to a corporate officer or employee instead of reporting directly to the Board;

		
	(iii)
	a material reduction by the employer of the base salary of the Designated Participant; 

		
	(iv)
	the relocation by the employer of the Designated Participant’s principal office by more than 50 miles from the location where the Designated Participant worked when the Change of Control occurred; or 

		
	(v)
	any other action or inaction that constitutes a material breach by the Company or a Related Entity of the Company of the Designated Participant’s written employment agreement, if any.

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