Document:

Exhibit 10.2

  

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of June 7, 2022, is made by and between EVAXION BIOTECH A/S,
a company incorporated under the laws of the Kingdom of Denmark (the “Company”), and LINCOLN PARK 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 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:

 

The Company has the right,
upon the terms and subject to the conditions of the Purchase Agreement, to sell and issue to the Buyer up to Forty Million Dollars ($40,000,000)
of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration
rights with respect to the American Depositary Shares of the Company representing the Purchase Shares, under the Securities Act of 1933,
as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities 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.            “Depositary”
means the depositary bank for the American Depositary Shares, which as of the date hereof is The Bank of New York Mellon, or such other
Person who is then serving as the depositary bank for the Company with respect to the American Depositary Shares.

 

b.            “Investor”
means the Buyer, any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement in accordance with Section 9
and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee or
assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions
of this Agreement.

 

c.            “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an exempted company, an association,
a partnership, an exempted limited partnership, an organization, a business, an individual, a governmental or political subdivision thereof
or a governmental agency.

 

d.           “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 Securities Act and pursuant to Rule 415 under the Securities
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 United States Securities and Exchange Commission
(the “SEC”).

 

     

     

    

 

e.            “Registrable
Securities” means all of the Ordinary Shares in the form of American Depositary Shares issued or issuable with respect to the
Commitment Shares and all of the Ordinary Shares in the form of American Depositary Shares issued or issuable with respect to the Purchase
Shares that may, from time to time, be issued or become issuable to the Investor under the Purchase Agreement (without regard to any
limitation or restriction on purchases), and any and all Ordinary Shares in the form of American Depositary Shares issued or issuable
with respect to the Purchase Shares or the Commitment Shares as a result of any share split, share dividend, recapitalization, exchange
or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

f.            “Registration
Statement” means one or more registration statements of the Company covering only the resale of the Registrable Securities.

 

2.            REGISTRATION.

 

a.            Mandatory
Registration. The Company shall, on or before July 7, 2022, file with the SEC an initial Registration Statement on
Form F-3 covering the maximum number of Registrable Securities as the Company shall be permitted to be included thereon in
accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by
the Investor under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually
determined by both the Company and the Investor in consultation with their respective legal counsel (in any case including all of
the Commitment Shares), subject to the aggregate number of authorized Purchase Shares of the Company then available for issuance in
the Company’s articles of association. The Company shall cause such initial Registration Statement to be declared effective on
or before September 5, 2022. The initial Registration Statement shall register only the Registrable Securities. The Investor
and its counsel shall have a reasonable opportunity to review and comment upon such initial Registration Statement and any amendment
or supplement to such initial Registration Statement and any related prospectus prior to its filing with the SEC, and the Company
shall give due consideration to all comments. The Investor acknowledges that it will be identified in the initial Registration
Statement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act and shall furnish all information
reasonably requested by the Company for inclusion therein. The Company shall use commercially reasonable efforts to have the
Registration Statement and any amendment declared effective by the SEC as soon as practicable. The Company shall use commercially
reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act
and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the date on
which the Investor shall have resold all the Registrable Securities covered thereby and no Available Amount remains under the
Purchase Agreement (the “Registration Period”). The 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 in 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 Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with
resales of the Registrable Securities by the Buyer under the Registration Statement. The Investor and its counsel shall have a reasonable
opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration
to all comments. The Investor shall use its reasonable best efforts to provide any such comments within one (1) Business Day from
the date the Investor receives the final pre-filing version of such prospectus.

 

c.           Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover
all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(a))
as soon as practicable, but in any event not later than thirty (30) days after the necessity arises, subject to any limits that may be
imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its commercially reasonable efforts to cause
such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

 

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d.           Offering. If the
staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement
filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become
effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if
after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required
by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company
shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent, which
shall not be unreasonably withheld, delayed or conditioned, of the Investor and its legal counsel as to the specific Registrable Securities
to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and
be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one
or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have
been included in Registration Statements that have been declared effective and the prospectus contained therein is available for use
by the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to
register Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport
with any requirement of the SEC or the Staff as addressed in this Section 2(d).

 

3.            RELATED
OBLIGATIONS.

 

With respect to the initial
Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2, including on any
New Registration Statement, the Company shall use its commercially reasonable 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 and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective
at all times during the Registration Period, and, during such period, comply with the provisions of the Securities 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 Investor as set forth in such Registration Statement.

 

b.           The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments
and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to
which Investor reasonably objects. The Investor shall use its commercially reasonable 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 Investor
receives the substantially complete draft thereof. The Company shall furnish to the Investor, 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.

 

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c.            Upon
request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC,
at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all
documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any 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 Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus,
as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by
the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed
 “furnished to the Investor” hereunder.

 

d.            The
Company shall use commercially reasonable efforts to (i) register and qualify the resale by the Investor of 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 Investor 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 Investor who holds Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or
 “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or
threatening of any proceeding for such purpose.

 

e.            As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor of the happening of any event
or existence of such facts as a result of which 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 (provided that in no event shall such notice contain
any material, non-public information regarding the Company), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number
of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor 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 Investor by email or facsimile on the same day of
such effectiveness or by overnight mail), (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 commercially reasonable 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 possible moment and to
notify the Investor 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.

 

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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 on the Principal Market.
The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(g).

 

h.            The
Company shall comply with Section 6(b) of the Purchase Agreement with respect to the issuance of Registrable Securities.

 

i.            The
Company shall at all times provide a Depositary with respect to its American Depositary Shares.

 

j.            The
Company shall cooperate with the Investor to facilitate the timely preparation and delivery of American Depositary Shares (not bearing
any restrictive legend) representing the Registrable Securities to be offered pursuant to the Registration Statement or any New Registration
Statement and enable such American Depositary Shares to be in such denominations or amounts as the Investor may reasonably request and
registered in such names as the Investor may request.

 

k.            If
reasonably requested by the Investor, the Company shall (i) as soon as practicable after receipt of written notice from the Investor,
incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes necessary to
be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with
respect to the number of Registrable Securities being 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 soon
as practicable after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and
(iii) supplement or make amendments to any Registration Statement.

 

l.            The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such
Registrable Securities.

 

m.           Within
one (1) Business Day after any Registration Statement which includes the Registrable Securities is declared effective by the SEC,
the Company shall deliver, and shall cause its legal counsel for the Company to deliver, to the transfer agent and the Depositary for
such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by
the SEC in a form acceptable to the transfer agent. Thereafter, if reasonably requested by the Buyer at any time, the Company (acting
directly or through its counsel) shall deliver to the Buyer, which may be via e-mail, a written confirmation 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 by
the SEC) and whether or not the Registration Statement is available to the Buyer for sale of all of the Registrable Securities.

 

n.            Company
agrees to take all other reasonable actions as necessary and reasonably requested in writing by the Investor to expedite and facilitate
disposition by the Investor of the Registrable Securities pursuant to any Registration Statement.

 

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o.            The
Investor agrees that, upon receipt of any notice from the Company of the existence of any suspension or stop order as set forth in Section 3(f),
the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such
Registrable Securities until the Investor's receipt of the copies of a notice regarding the resolution or withdrawal of the suspension
or stop order as contemplated by Section 3(f).. Notwithstanding anything to the contrary, the Company shall cause
its Depositary to promptly deliver to the Investor American Depository Shares without any restrictive legend in accordance with the terms
of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a
contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described
in Section 3(f), and for which the Investor has not yet settled.

 

4.            OBLIGATIONS
OF THE INVESTOR.

 

a.            The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with
any Registration Statement hereunder. The Investor shall as soon as practicable furnish to the Company such information regarding itself,
the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably
required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

 

b.            The
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of
any Registration Statement hereunder and any amendments and supplements thereto.

 

c.            The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described
in Section 3(f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition
of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s
receipt of the copies of a notice regarding the resolution or withdrawal of the stop order or suspension as contemplated by Section 3(f) or
the supplemented or amended prospectus as contemplated by the first sentence of Section 3(e). Notwithstanding anything to
the contrary, the Company shall cause the Depositary to promptly deliver American Depositary Shares without any restrictive legend in
accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company to the Investor of the happening
of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which
the Investor has not yet settled.

 

5.            EXPENSES
OF REGISTRATION.

 

All reasonable expenses, other
than sales or brokerage commissions 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.

 

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6.            INDEMNIFICATION.

 

a.            To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person,
if any, who controls the Investor, the members, directors, officers, partners, employees, agents, managers, and representatives of the
Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of
1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or reasonable
expenses, joint or several, (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, 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, 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 (as amended or supplemented, if the Company files any amendment thereof or supplement
thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein,
in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange 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 or (iv) any material violation by the Company of this Agreement (the matters in the foregoing
clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim; provided, however, that such Indemnified Person
shall be required to repay any and all amounts advanced or paid by the Company pursuant to this Section 6(a) (without
interest) to the extent that it is ultimately determined that such Indemnified Person was not entitled to be indemnified by the Company.
Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a):
(i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and
in conformity with information about the Investor 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 or any such amendment thereof or supplement
thereto or prospectus contained therein, if such Registration Statement, New Registration Statement or amendment thereof or supplement
thereto or prospectus was timely made available to the Investor by the Company pursuant to Section 3(c) or Section 3(e);
(ii) with respect to any superseded prospectus, shall not inure to the benefit of any Indemnified Person from whom the Indemnified
Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling
such 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 and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be
available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available
by the Company, if such prospectus was timely made available to the Investor by the Company pursuant to Section 3(c) or
Section 3(e); and (iv) 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, delayed or conditioned. 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 rights and obligations hereunder pursuant to Section 9.

 

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b.            In
connection with the Registration Statement or any New Registration Statement, the Investor 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 signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange 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 Securities Act, the Exchange
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 Investor set
forth on Exhibit A attached hereto and furnished to the Company by the Investor expressly for use in connection with such
Registration Statement (as such information about the Investor may be updated and furnished to the Company by the Investor expressly
for use in connection with any New Registration Statement or prospectus); and, subject to Section 6(d), the Investor will
reimburse any legal or other expenses reasonably incurred by any Indemnified Party 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 Investor, which consent shall not be unreasonably withheld, delayed or conditioned; provided,
further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Investor 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;
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 fully 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 at all times as to the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its 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.

 

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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 applicable 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 Securities 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.            REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACT.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the
SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, so long as the Investor owns Registrable Securities:

 

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

 

b.            file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144;

 

c.            furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such
other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration;
and

 

d.            take
such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate
with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

    9 

     

    

 

The Company agrees that damages
may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether
or not it is pursuing any remedies at law, be entitled to seek equitable relief in the form of a preliminary or permanent injunction,
without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

 9.             ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the Investor; provided, however, that any
transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the
surviving entity immediately after such transaction shall not be deemed an assignment. The Investor may not assign its rights under this
Agreement without the written consent of the Company, other than to an affiliate of the Investor controlled by Jonathan Cope or Josh
Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of this Agreement.

 

10.            AMENDMENT
OF REGISTRATION RIGHTS.

 

No provision of this Agreement
may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the initial filing
of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended
other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the
party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or
otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11.            MISCELLANEOUS.

 

a.            A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable
Securities.

 

b.            Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
or email (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 for such communications shall be:

 

If to the Company:

 

	 	Evaxion Biotech A/S

Dr. Neergaards Vej 5f

DK-2970 Hoersholm, Denmark

Telephone: + 45 53 53 18 50

E-mail: jnn@evaxion-biotech.com

Attention: Jesper
Nyegaard Nissen

 

    10 

     

    

 

With a copy to (which shall
not constitute notice or service of process):

 

	 	Duane Morris LLP

230 Park Avenue, Suite 1130

New York, New York 10169

	 	Telephone:	212.818.9200
	 	Facsimile:	212.818.9606
	 	E-mail:	DAKinsey@duanemorris.com
	 	Attention:	Dwight A. Kinsey, Esq.

 

If to the Investor:

 

	 	Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

	 	Telephone:	312.822.9300
	 	Facsimile:	312.822.9301
	 	E-mail:	jscheinfeld@lpcfunds.com
or jcope@lpcfunds.com
	 	Attention:	Josh
Scheinfeld or Jonathan Cope

 

With a copy to (which shall
not constitute notice or service of process):

 

	 	K&L Gates,
LLP

200 S. Biscayne
Blvd., Ste. 3900

Miami, Florida
33131

	 	Telephone:	305.539.3306
	 	Facsimile:	305.358.7095
	 	E-mail:	 clayton.parker@klgates.com
	 	Attention:	Clayton
E. Parker, Esq.

 

If to the Transfer Agent:

 

	 	Computershare A/S

Lottenborgvej 26
D, 1.

DK- 2800 Kgs. Lyngby, Denmark

	 	Telephone:	 +45 45 46 09 98
	 	E-mail:	  info@computershare.dk
	 	Attention:	 Jeppe Michael Christensen

 

If to the Depositary:

 

	 	The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

	 	Telephone:	  212-495-1784
	 	Attention:	  Depositary Receipt Administration

 

or at such other address, email 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 at least three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s
facsimile machine or email account containing the time, date, recipient facsimile number or email address, as applicable, or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile, email
or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    11 

     

    

 

c.            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.

 

d.            The
corporate laws of the Kingdom of Denmark shall govern all issues concerning the relative rights of the Company and its shareholders.

 

e.            All
other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of and venue in the U.S. District Court
for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the
City and County of New York, 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.

 

f.            This
Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof
and thereof. There are no restrictions, promises, warranties or undertakings among the parties hereto, other than those set forth or
referred to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the
parties hereto with respect to the subject matter hereof and thereof.

 

g.            Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties hereto.

 

h.            The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    12 

     

    

 

i.            This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this
Agreement.

 

j.            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.

 

k.            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.

 

l.            This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

 

12.            TERMINATION.

 

The obligations of the Company
contained in Sections 2, 3, 5 and 8 of this Agreement shall terminate in their entirety upon the earlier of (i) the date on which
the Investor shall have sold all the Securities and no Available Amount remains under the Purchase Agreement and (ii) 180 days following
the earlier of (A) the Maturity Date and (B) the date of termination of the Purchase Agreement; provided that as long as any
Securities remain unsold by the Investor, the Company must make available “current public information” pursuant to Rule 144
promulgated under the Securities Act until the Investor may sell the Securities thereunder without any restrictions (including any restrictions
under Rule 144(c) or Rule 144(i)).

 

* * * * * *

 

    13 

     

    

 

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

 

	 	THE COMPANY:
	 	 
	 	EVAXION BIOTECH A/S
	 	 

	 	By:	 

	 	Name: Lars Staal Wegner
	 	Title: Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	INVESTOR:
	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC

	 	By:	 

	 	Name:	 

	 	Title:	 

 

    14 

     

    

 

EXHIBIT A

 

Information About The Investor Furnished To
The Company By The Investor

Expressly For Use In Connection With The Registration
Statement

 

Information With Respect to Lincoln Park Capital

 

As of the date of the Purchase
Agreement, Lincoln Park Capital Fund, LLC, beneficially owned zero American Depositary Shares of the Company. Josh Scheinfeld and Jonathan
Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners
of all of the American Depositary Shares owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting
and investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated
under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.Exhibit
10.1

 

LINE
OF CREDIT NOTE

 

	$5,000,000.00	Dated
    as of June 5, 2022 

 

FOR
VALUE RECEIVED, BRIGHT GREEN CORPORATION, a Delaware corporation (the “Borrower”), promises to pay to LDS Capital LLC
(the “Lender”), the principal amount of each loan made by the Lender to the Borrower or, if less, the total unpaid principal
amount of all loans (each, a “Loan” and, collectively, the “Loans”) made to the Borrower by the Lender under
this Line of Credit Note (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the
“Note”), up to an aggregate principal amount of Five Million and 00/100 Dollars ($5,000,000.00), on the Maturity Date (as
defined below), together with interest at such rates and payable on such dates as set forth below. The Maturity Date may not be later
than the Expiry Date as set forth below.

 

The
Borrower acknowledges and agrees that, notwithstanding any provision of this Note, or any other Facility Document that may be entered
into from time to time, the Lender has no obligation to make a Loan under the line of credit evidenced by this Note (the “Line
of Credit”) and this Note does not create any contractual or other commitment to lend by the Lender. Any Loan made by the Lender
hereunder shall mature and become due on the Maturity Date and the Lender has no commitment to convert or renew any such Loan or make
a new Loan. This Note is executed and delivered by the Borrower to the Lender to evidence any Loans that the Lender may extend to the
Borrower in the Lender’s sole discretion.

 

Requests
for Loans shall be made in accordance with the procedures outlined in Section 2. The initial Loan made under this Note shall be in the
principal amount of Three Million and 00/100 Dollars ($3,000,000.00). The Base Rate applicable to each Loan shall be as described in
the definition of Base Rate below. Each Loan, if made, shall bear interest at the Interest Rate as described below. If the Base Rate
becomes temporarily or permanently unavailable, it will be replaced in accordance with the provisions of Section 6.

 

Section
1. Definitions. As used in this Note, the following terms have the meaning specified below:

 

“$”,
“USD” and “dollars” denote lawful money of the United States of America.

 

“Applicable
Margin” shall mean two percent (2%).

 

“Base
Rate” shall mean the Prime Rate as defined below.

 

“Borrower”
has the meaning set forth in the first paragraph of this Note.

 

“Business
Day” means a day on which commercial banks are authorized to be open for business in the City of New York.

 

    	 

     

    

 

“Default
Rate” means, with respect to any Loan, (i) at the time of the Event of Default until the Maturity Date of such Loan, and from and
after the Maturity Date of such Loan, a rate per annum equal to 2% above the Interest Rate for such Loan.

 

“Interest
Rate” shall mean the Base Rate plus two percent (2%).

 

“Lender”
is defined in the first paragraph of this Note.

 

“Electronic
Note” is defined in Section 16.

 

“Event
of Default” means an event described in Section 8.

 

“Facility
Documents” means this Note and any other documents or instruments executed as security or collateral for, or a guarantee of, the
Loans, or in connection with or as support of, any of the foregoing, whether by the Borrower or a Third Party, and any updates or renewals
thereof.

 

“Governing
Law” means the law of the State of New York.

 

“Interest
Payment Date” means the Maturity Date.

 

“Line
Amount” means $5,000,000.00.

 

“Line
of Credit” is defined in the second paragraph of this Note.

 

“Loan”
and “Loans” are defined in the first paragraph of this Note.

 

“Maturity
Date” means the date that is three (3) years from the date hereof, or the Business Day immediately preceding such 3-year anniversary
date if such date is not a Business Day.

 

“Minimum
Initial Loan Amount” means $3,000,000.00, as set forth above.

 

“Paper-Based
Note” is defined in Section 16.

 

“Prime
Rate” means the rate of interest per annum announced from time to time by JPMorgan Chase Bank as its prime rate. Each change in
the Prime Rate shall be effective from and including the date the change is announced as being effective. The Prime Rate is a reference
rate and may not be JPMorgan Chase’s lowest rate. If the Prime Rate shall be less than zero, such rate shall be deemed to be zero
for purposes of this Note.

 

“Replacement
Base Rate” means a replacement for the Base Rate as determined by the Lender in consultation with the Borrower, and any overnight
rate, forward-looking term rate, and/or compounded rate that is based on or derived therefrom; or

 

If
the Replacement Base Rate would be less than zero, the Replacement Base Rate will be deemed to be zero for purposes of this Note.

 

“Replacement
Base Rate Changes” is defined in Section 6(b).

 

“Replacement
Event” is defined in Section 6(b).

 

“Third
Party” means any party liable with respect to, or otherwise granting support for, this Note, whether by guarantee, subordination,
grant of security or otherwise, including, without limitation, any party that is identified as a “Pledgor” or “Guarantor”
in the Loan Terms Statement.

 

    	 

     

    

 

Section
2. Requests for Loans, Conversions and Renewals.

 

(a)
Requests for a Loan must be received not later than noon, New York City time, no less than 10 Business Days prior to the date
of the proposed borrowing. Proceeds of any Loan extended under this Note shall be credited to an account as directed by the Borrower
to the extent permitted by the Lender and subject to such conditions as the Lender may require in its sole discretion; provided, that
the Lender is entitled to rely on information provided by the Borrower without investigation.

 

(b)
Subject to such conditions and procedures as the Lender may require in its sole discretion, requests described above can be made by telephone,
in writing, electronically or through an Internet portal provided by the Lender. Any request shall be irrevocable and specify: (i) in
the case of a Loan request, the amount requested and the borrowing date of such requested Loan, which shall be a Business Day.

 

(e)
The Borrower acknowledges that the Lender will use reasonable procedures to determine that a request described in this Section 2 was
provided by the Borrower or someone the Borrower authorized. The Borrower agrees that it shall be bound by any such request or notice
that the Lender, in good faith, believes was provided by the Borrower or someone the Borrower authorized, regardless of how such request
or notice was transmitted to the Lender and the Lender will not be liable for any loss, cost or expense for acting on such request or
notice.

 

Section
3. Interest; Repayment of Loans.

 

(a)
The principal amount of each Loan outstanding under this Note, together with all accrued interest thereon, shall be due and payable on
the Maturity Date.

 

(b)
The Borrower promises to pay interest on the Maturity Date on the unpaid balance of the principal amount of each Loan that accrues from
the date such Loan is made until such Loan, together with accrued interest thereon, is repaid in full. After the occurrence of an Event
of Default, the Lender may, at its option, by notice to the Borrower (which notice may be revoked at the option of the Lender), declare
that all Loans shall bear interest at the Default Rate from and including the date of such Event of Default until such Loans are paid
in full, such interest to be payable on demand.

 

(c)
All interest hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and, in each case, shall be
payable for the actual number of days elapsed (including the first day, but excluding the last day).

 

(d)
All payments (including any prepayments) hereunder shall be made in lawful money of the United States and in immediately available funds.
Any extension of time for the payment of the principal of this Note resulting from the due date falling on a non-Business Day shall be
included in the computation of interest.

 

Section
4. Prepayments.

 

(a)
The Borrower shall have the right at any time and from time to time to prepay any Loan, in whole or in part, subject to prior notice
in accordance with clause (b) of this Section and, if applicable, payment of any break funding expenses under clause (c) of this Section.

 

    	 

     

    

 

(b)
The Borrower shall notify the Lender of any prepayment under this Section, (i) not later than noon, New York City time, not less than
three (3) Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, which
shall be a Business Day, and the principal amount of each Loan or portion thereof to be prepaid. Subject to such conditions and procedures
as the Lender may require from time to time in its sole discretion, notices can be provided by telephone, in writing, electronically
or through an Internet portal provided by the Lender. Each prepayment of a Loan shall be accompanied by accrued interest and, if applicable,
break funding payments pursuant to clause (c).

 

Section
5. Reserved.

 

Section
6. Base Rate Unavailability.

 

The
Lender will have the right, from time to time, by notice to the Borrower, to make any technical, administrative, or operational changes
(including, without limitation, (I) changes to the definitions of Business Day and Interest Payment Date, (II) timing and frequency of
determining rates and making payments of interest, (III) inclusion of compounding methodologies and conventions if applicable, and (IV)
other administrative matters (collectively, “Replacement Base Rate Changes”)) that the Lender decides in its reasonable discretion
may be appropriate to reflect the adoption and implementation of a Replacement Base Rate. The Replacement Base Rate, together with all
such Replacement Base Rate Changes as specified in any notice, shall become effective on the date specified by the Lender in the notice,
without any further action or consent of the Borrower.

 

Any
determination, decision, or election that may be made by the Lender, including any conclusion that it is not possible to determine an
interest rate, any determination with respect to a rate or adjustment or the occurrence or non-occurrence of an event, circumstance or
date, and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made
in its sole discretion and without consent from the Borrower.

 

Section
7. Representations and Warranties. The Borrower represents and warrants as of the date of this Note, and as of the date of any
request for a Loan, that:

 

(a)
the Facility Documents constitute valid, enforceable and binding agreements, except as may be limited by bankruptcy, insolvency, or other
similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity;

 

(b)
the execution, delivery and performance by the Borrower of the Facility Documents, and the use of the proceeds of any of the Loans, do
not (i) conflict with any agreement by which it is bound or result in the creation of any lien, charge or encumbrance upon the property
or assets of the Borrower thereunder (other than pursuant to any Facility Documents) to which the Borrower is a party or is bound or
by which its properties may be bound or affected, (ii) violate any provision of any law, rule, regulation (including, without limitation,
Regulation U of the Federal Reserve Board), order, writ, judgment or injunction presently in effect having applicability to the Borrower,
or (iii) require the consent or approval of any individual, business, governmental authority or other entity; and

 

(c)
no litigation, claim, investigation, administrative proceeding or similar action is pending or, to the best of the Borrower’s knowledge,
threatened (i) involving or affecting any material part of the Borrower’s assets, any of the Facility Document collateral, or the
transactions contemplated in the Facility Documents or (ii) against the Borrower that, if adversely determined, is likely to have a material
adverse effect on the condition of the Borrower. There are currently no material judgments entered against the Borrower and the Borrower
is not in default with respect to any judgment, writ, injunction or order of any court or other judicial authority, which default is
likely to have or has had a material adverse effect on the condition of the Borrower.

 

    	 

     

    

 

Section
8. Events of Default. If any one or more of the following events shall occur (each an “Event of Default”):

 

(a)
the Borrower fails to pay the principal of, or interest on, this Note, or any other amount payable under this Note, as and when due and
payable;

 

(b)
the Borrower or any Third Party (i) fails to observe or perform any other term or agreement of any of the Facility Documents; (ii) makes
any materially incorrect or misleading representation to the Lender; (iii) fails to pay when due (whether by scheduled maturity, acceleration,
demand or otherwise, and after giving effect to any applicable notice and/or cure periods) any of its indebtedness (including, but not
limited to, indebtedness for borrowed money) in excess of $250,000 owing to parties other than the Lender or its affiliates or any interest
or premium thereon when due; or (iv) fails to comply with, or perform under any agreement (other than the Facility Documents), now or
hereafter in effect, with the Lender or any affiliate of the Lender;

 

(c)
the Borrower or any Third Party: (i) becomes insolvent or unable to pay its debts as they become due, (ii) makes an assignment for the
benefit of creditors, (iii) commences any proceeding under any bankruptcy, reorganization, liquidation, insolvency or similar laws, (iv)
has had any such petition filed, or any such proceeding has been commenced against it, in which an adjudication is made or order for
relief is entered or which remains undismissed for a period of sixty (60) days, (v) has had a receiver, custodian or trustee appointed
for all or a substantial part of its property, or (vi) takes any action effectuating, approving or consenting to any of the events described
in clauses (i) through (v);

 

(d)
the Borrower or any Third Party dissolves or for any reason ceases to be in existence or merges or consolidates, or if there is a change
in the direct or indirect beneficial ownership of the Borrower or any Third Party;

 

(f)
the Borrower or any Third Party is involved in a proceeding which is likely to result in a forfeiture of all or a substantial part of
its assets or a judgment in excess of $5,000,000 is entered against the Borrower or any Third Party;

 

(g)
there is, in the opinion of the Lender, a material adverse change in the business or financial condition of the Borrower or any Third
Party;

 

(h)
the validity or enforceability of any Facility Document is contested by any party to the Facility Document, or such signatory to the
Facility Document denies it has any further liability or obligation under the Facility Document; or

 

(i)
the Borrower fails to furnish any financial information that the Lender may reasonably request from time to time promptly upon the Lender’s
request;

 

THEN,
the Lender may, by notice to the Borrower, declare this Note to be due and payable, without presentment, demand, protest, notice of acceleration
or intention to accelerate or further notice of any kind, all of which are expressly waived, provided that in the case of an Event of
Default described in clause (c) above, this Note shall be immediately due and payable without notice.

 

Section
9. Expenses. The Borrower will pay to the Lender all reasonable costs and expenses (including reasonable attorneys’ fees
and legal expenses) incurred by the Lender in connection with the preparation or modification of the Facility Documents and performance
thereof and the exercise of any of the Lender’s rights, remedies or obligations under the Facility Documents.

 

    	 

     

    

 

Section
10. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York, without
regard to conflict of laws principles, and with the laws of the United States of America as applicable.

 

Section
11. Jurisdiction. To the extent not prohibited, the Borrower: (i) agrees that all claims related to this Note may be adjudicated
by a state or federal court sitting in New York County, (ii) agrees that any proceeding brought against the Lender shall be brought only
in a state or federal court in New York County, and (iii) agrees that the Lender may comply with service of process requirements in any
such proceeding by mailing (via prepaid registered or certified U.S. mail) documents to be served in accordance with the notice provisions
of Section 13. The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
any other jurisdiction and waives any defense on the basis of an inconvenient forum. Nothing herein shall affect the right of the Lender
to serve legal process in any other manner permitted by law or affect the right of the Lender to bring any action or proceeding against
the Borrower or its property in the courts of any other jurisdiction.

 

Section
12. WAIVER OF JURY TRIAL. THE BORROWER AND THE LENDER EACH WAIVE ANY RIGHT TO JURY TRIAL.

 

Section
13. Miscellaneous.

 

(a)
The provisions of this Note are intended to be severable. If any provision of this Note is held invalid or unenforceable in whole or
in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability
without affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions thereof in any jurisdiction.

 

(b)
Except for changes the parties have agreed may be made by the Lender in the Lender’s discretion without consultation with the Borrower,
no amendment or modification of any provision of this Note shall be effective unless the same shall be executed by the Borrower and the
Lender. A waiver by the Lender of a provision of this Note shall not constitute a waiver of the Lender’s right to otherwise demand
strict compliance with that provision or any other provision of this Note. Whenever the consent of the Lender is required under this
Note, the granting of such consent shall not constitute continuing consent to subsequent instances where such consent is required and
in all cases such consent may be granted or withheld in the Lender’s sole discretion. The Lender shall not be deemed to have waived
any rights under this Note unless such waiver is in writing and signed by the Lender.

 

(c)
No delay on the part of the Lender in the exercise of any right or remedy waives that right or remedy. No single or partial exercise
by the Lender of any right or remedy precludes any other future exercise of it or the exercise of any other right or remedy. The rights
and remedies in this Note are cumulative and not exclusive of any rights and remedies which the Lender may have under law or under other
agreements or arrangements with the Borrower. The Borrower waives presentment, notice of dishonor, protest and any other notice or formality
with respect to this Note except for any notices expressly required by this Note.

 

(d)
If the term “Borrower” is or becomes defined to include more than one party, then the obligations, representations and warranties
of the Borrower hereunder shall be joint and several regardless of any change in business relations, divorce, legal separation or other
legal proceedings and regardless of any agreement that may affect liabilities between or among such parties, and the Lender shall be
entitled to act on notices and requests from any one of the parties without the consent of the other party(ies).

 

    	 

     

    

 

(e)
The obligations of the Borrower under this Note shall be subject to the limitation that payments of interest shall not be required to
the extent that receipt thereof would be contrary to provisions of law applicable to the Lender limiting rates of interest which may
be charged or collected by the Lender.

 

(f)
Except as otherwise permitted in this Note, notices (including, without limitation, interest statements) shall be addressed to the Lender
as set forth in the Lender’s signature block below, and to the Borrower addressed as set forth in the Borrower’s signature
block below, or any email address that the Borrower has provided to the Lender as the Borrower’s email address (or at such other
number or address as shall be designated by one party to the other by telephone or in the manner provided for in this Section) and either
given electronically or in writing by hand, overnight courier, certified or registered mail, or regular mail. Notices sent by hand, overnight
courier, certified or registered mail, or regular mail shall be deemed to have been given when delivered. Notices sent to an email address
shall be deemed received when sent, provided, that, if such notice is not sent during normal business hours, such notice shall be deemed
to have been sent and received at the opening of business on the next Business Day. All notices by the Lender properly addressed to the
Borrower shall be deemed to have been personally delivered to the Borrower whether actually received or not.

 

(g)
Reserved.

 

(h)
Each reference to the Lender shall be deemed to include its successors, endorsees and assigns, in whose favor the provisions hereof shall
inure. Each reference to the Borrower shall be deemed to include its successors and assigns, all of whom shall be bound by the provisions
hereof. This Note shall be binding on the Borrower and shall inure to the benefit of the Lender, except that the Borrower may not delegate
or assign any of its rights or obligations hereunder without the prior written consent of the Lender.

 

(i)
This Note, any amendment to this Note and any agreement, notice or other communication required by this Note to be “written”
or “in writing” may be executed in any number of counterparts, including counterparts that are executed on paper and counterparts
that are electronic records and are executed using electronic signatures generated through the electronic execution process provided
by the Lender or such other electronic execution process acceptable to the Lender in its sole discretion. Each counterpart of such document,
when so executed, shall be deemed an original but all such counterparts shall constitute one and the same document. Delivery of a manually
executed counterpart of a signature page of such document by emailed PDF or JPEG from the Borrower’s e-mail address on file with
the Lender, or any other electronic means acceptable to the Lender in its sole discretion that reproduces an image of such manually executed
signature page, shall each be effective as delivery of a manually executed counterpart of such document; provided, that, the Lender,
in its sole discretion, can require subsequent delivery of the manually executed counterpart of a signature page.

 

(j)
The date, amount, Base Rate of, Maturity Date of, Applicable Margin of, and the Interest Rate with respect to, each Loan evidenced hereby,
and all payments of principal and/or interest thereof shall, in each case, be evidenced by records maintained by the Lender in the ordinary
course of business and such records shall be presumptively correct absent manifest error and any failure to so record or any error in
doing so shall not limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to any Loan
made hereunder.

 

Section
14. Use of Proceeds. The Borrower agrees that it will not, directly or indirectly, use the proceeds of any Loan under this Note
or make available such proceeds to any person or entity: (i) to fund any activities or business of or with any person or entity, or in
any country or territory, that, at the time of such funding is the subject of any economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by the U.S. government, including the U.S. Department of the Treasury’s Office
of Foreign Assets Control or the U.S. Department of State or (ii) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money or anything else of value, to any person in violation of any applicable laws, rules, or regulations
relating to bribery or corruption.

 

    	 

     

    

 

Section
15. Reserved.

 

Section
16. Conversion From Electronic Note to Paper-Based Note. If this Note is executed electronically (“Electronic Note”),
the Lender and any person to whom this Electronic Note is later transferred shall have the right to convert this Electronic Note at any
time into a paper-based Note (“Paper-Based Note”). In the event this Electronic Note is converted into a Paper-Based Note:

 

(a)
the Paper-Based Note will be an effective, enforceable and valid instrument;

 

(b)
the execution of this Electronic Note will be deemed issuance and delivery of the Paper-Based Note;

 

(c)
the printing of the representation of the electronic signature for the Borrower upon the Paper-Based Note from the system in which the
Electronic Note is stored will be deemed the original signature for the Borrower on the Paper-Based Note and will serve to indicate the
Borrower’s present intention to authenticate the Paper-Based Note;

 

(d)
the Paper-Based Note will be a valid original writing for all legal purposes; and

 

(e)
upon conversion to a Paper-Based Note, the Borrower’s obligations in the Electronic Note shall automatically transfer to, and be
contained in, the Paper-Based Note, and the Borrower intends to be bound by such obligations.

 

Section
17. Execution and Use of Electronic Records and Signatures. If the Borrower has received and reviewed this Note electronically,
then the Borrower agrees that this Note may be in the form of an electronic record and may be executed using electronic signatures generated
through the electronic execution process provided by the Lender or such other electronic execution process acceptable to the Lender in
its sole discretion. Any electronic signature on or associated with this Note and accepted by the Lender shall be valid and binding on
the signer to the same extent as a manual signature and upon application thereof, this Note will constitute a legal, valid, and binding
obligation enforceable in accordance with its terms to the same extent as if manually executed. Notwithstanding any other provision of
this Note, at the Lender’s option and in the Lender’s sole discretion, any agreement, amendment, notice or other communication
required by this Note to be “written” or “in writing” may be in the form of an electronic record and may be executed
using electronic signatures generated through the electronic execution process provided by the Lender or such other electronic execution
process acceptable to the Lender in its sole discretion.

 

[NO
FURTHER TEXT; SIGNATURE PAGE FOLLOWS]

 

    	 

     

    

 

BRIGHT
GREEN CORPORATION, BORROWER

 

	By:	/s/
    Edward Robinson	 
	Name: 	Edward
    Robinson	 
	Title:	Chief
    Executive Officer	 

 

Borrower’s
Address:

 

401
East Las Olas Blvd Suite 1400

Fort
Lauderdale, FL 33301

United
States

 

LDS
CAPITAL LLC, LENDER

 

	By:	/s/
    Lynn Stockwell	 
	Name: 	Lynn
    Stockwell	 
	Title:	Managing
    Member	 

 

Lender’s
Address:

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