Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

SECURITIES PURCHASE AGREEMENT
(this “Agreement”), dated as of January 28, 2013, by and between Champions Oncology, Inc., a Delaware corporation
(the “Company”), Battery Ventures IX, L.P., a Delaware limited partnership (“Ventures”),
Battery Investment Partners IX, LLC, a Delaware limited liability company (together with Ventures, “Battery”),
PAR Investment Partners, L.P., a Delaware limited partnership (“PAR”) and the parties listed on the Schedule
of Investors attached hereto (the “Schedule of Investors”) (each hereinafter individually referred to as an
“Investor” and collectively, together with Battery and PAR unless otherwise indicated, referred to as the “Investors”).

 

A.           The
Company wishes to sell to each Investor, and each Investor wishes to purchase, on the terms and subject to the conditions set forth
in this Agreement, (i) shares (the “Shares”) of the Company’s common stock, $0.001 par value per share
(the “Common Stock”), and (ii) a Warrant in the form attached hereto as Exhibit A (each, a “Warrant”
and, collectively with the other Warrants issued hereunder, the “Warrants”). The shares of Common Stock into
which the Warrants are exercisable are referred to herein as the “Warrant Shares”, and the Shares, the Warrants,
the Warrant Shares, and the Put Option Shares (as defined below) are collectively referred to herein as the “Securities”.

 

B.           Each
Warrant will entitle an Investor to purchase a number of Warrant Shares equal to the number of Shares being purchased by such Investor
pursuant to this Agreement times ten percent (10%), will have an exercise price equal to $0.66 (subject to adjustment as provided
therein), and will expire on the fifth (5th) anniversary of the Closing Date.

 

C.           The
Company has agreed, on demand by Battery or PAR, to effect the registration of the Shares and the Warrant Shares for resale by
the holders thereof under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to an Amended
and Restated Registration Rights Agreement in the form attached hereto as Exhibit B (the “Amended and Restated
Registration Rights Agreement”).

 

D.           The
sale of the Shares and the Warrants by the Company to the Investors will be effected in reliance upon the exemption from securities
registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the Commission (as
defined below) under the Securities Act.

 

In consideration of the
mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and each Investor hereby agree as follows:

 

1.            Purchase
and Sale of Shares and Warrants.

 

1.1.          Closing
of Purchase and Sale; Purchase Price. Upon the terms and subject to the satisfaction or waiver of the conditions set forth
herein, the Company agrees to sell and each Investor agrees to purchase (i) the number of Shares set forth below such Investor’s
name on the signature pages hereof, and (ii) a Warrant. The date on which the closing of the purchase and sale pursuant to the
terms of this Agreement occurs (the “Closing”) is hereinafter referred to as the “Closing Date”.
The Closing will be deemed to occur at the offices of Epstein Becker & Green, P.C., 250 Park Avenue, New York, NY 10177, within
two (2) business days following the satisfaction or waiver of the conditions to the Closing set forth in Section 5 hereof. At
the Closing, the Escrow Agent shall (i) release the aggregate Purchase Price to the Company, (ii) deliver the Warrants to the Investors
and (iii) deliver the Transfer Agent Instruction Letter to the Company’s transfer agent.

 

    	 

    	 

    

 

1.2.          Exercise
of Investor Put Option.

 

(a)          Upon
the occurrence of a Put Option Trigger Event (as defined below), each of Battery and PAR shall have the right to elect to require
the Company to acquire, severally and not jointly, from such Investor the Shares held by such Investor (the “Put Shares”)
for an amount equal to the number of Put Shares times the Per Share Price (the “Put Right”). Battery and PAR
may exercise their Put Right by delivering written notice to the Company (the “Put Option Exercise Notice”),
which shall indicate (x) the total number of Put Shares to be acquired from the exercising Investor and (y) the Business Day on
which the closing of the purchase of the Put Shares subject to the Put Option Exercise Notice shall occur (the “Put Option
Closing”); provided, however, that the Put Option Closing shall be not less than five (5) Business Days nor greater
than ninety (90) Business Days after the receipt of such Put Option Exercise Notice by the Company. Battery shall send PAR written
notice of Battery’s election to exercise its Put Right concurrently with Battery sending the Put Option Exercise Notice to
the Company. PAR shall send Battery written notice of PAR’s election to exercise its Put Right concurrently with PAR sending
the Put Option Exercise Notice to the Company. If either Battery or PAR exercise their respective Put Rights following receipt
of written notice from the other of the election to exercise its Put Right, all Investors shall be bound by such Put Right exercise.

 

(b)          The
Put Right shall terminate for all Investors if one of the following events has occurred:

 

(i)          the
daily VWAP of the Common Stock is greater than or equal to three hundred and seventy-five percent (375%) of the Per Share Price
for any consecutive forty trading-day period (the “Measurement Period”) and (y) the daily volume traded in Common
Stock has averaged at least 250,000 shares during such Measurement Period, provided that such daily volume shall be adjusted proportionately
to account for any stock splits or reverse stock splits of the Common Stock;

 

(ii)         (x)
the Company completes an offering of its Common Stock registered under the Securities Act with gross proceeds to the Company of
at least fifteen million dollars ($15,000,000) at a price per share that equals or exceeds three hundred and seventy-five percent
(375%) of the Per Share Price and (y) the resale of the Shares held by the Investors at such time is registered on an effective
registration statement under the Securities Act;

 

(iii)        a
sale by one of the Investors of twenty-five percent (25%) of the Shares held by such Investor, provided, however, that a
sale by such Investor will only affect such Investor and will not affect the Put Right of any other Investor;

 

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(iv)        each
of Battery (unless Battery’s Put Right has terminated), PAR (unless PAR’s Put Right has terminated) and the Company
consent in writing to terminate the Put Right; or

 

(v)         if
Battery’s and PAR’s Put Right have terminated, the Investors, other than Battery and PAR, holding a majority of the
Shares held by all such non-Battery and non-PAR Investors and the Company consent in writing to terminate the Put Right.

 

(c)          Battery’s
Put Right shall terminate if both Battery and the Company consent in writing to terminate Battery’s Put Right.

 

(d)          PAR’s
Put Right shall terminate if both PAR and the Company consent in writing to terminate PAR’s Put Right.

 

(e)          Put
Option Closing. Upon the terms and subject to the satisfaction or waiver of the conditions set forth herein, the Company shall
purchase from each Investor subject to a Put Option Exercise Notice, severally, but not jointly, at the Put Option Closing, the
number of Put Shares to be purchased from such Investor in accordance with Section 1.2(a). Each Put Option Closing shall occur
at 10:00 a.m., New York City time, on the date specified in the Put Option Exercise Notice (or such later date as is mutually agreed
to by the Company and each Investor) after notification of satisfaction (or waiver) of the conditions to such Closing set forth
in Section 5 below at the offices of Epstein Becker & Green, P.C., 250 Park Avenue, New York, NY 10177, or such other place
as the Company and the affected Investor may agree. The date on which any such Closing occurs is hereinafter referred to herein
as a “Put Option Closing Date.”

 

1.3.          Certain
Definitions. When used herein, the following terms shall have the respective meanings indicated:

 

“Affiliate”
means, as to any Person (the “subject Person”), any other Person (a) that directly or indirectly through one
or more intermediaries controls or is controlled by, or is under direct or indirect common control with, the subject Person, (b)
that directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting equity of the subject Person,
or (c) ten percent (10%) or more of the voting equity of which is directly or indirectly beneficially owned or held by the subject
Person. For the purposes of this definition, “control” when used with respect to any Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
through representation on such Person’s board of directors or other management committee or group, by contract or otherwise.

 

“Agreement”
has the meaning specified in the preamble to this Agreement.

 

“Amended and
Restated Registration Rights Agreement” has the meaning specified in the recitals to this Agreement.

 

“Battery”
has the meaning specified in the preamble to this Agreement.

 

“Battery Member”
has the meaning specified in Section 4.3 hereof.

 

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“Board of Directors”
means the Company’s board of directors.

 

“Business”
means the consolidated business, properties, assets, operations, results of operations or financial condition of the Company and
its Subsidiaries taken as a whole.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which the New York Stock Exchange is closed or on which banks in the
City of New York are required or authorized by law to be closed.

 

“Change of Control”
means the occurrence of any one or more of the following events: (i) the direct or indirect acquisition of ownership, holding or
power to vote more than 50% of the Company’s voting stock; (ii) the acquisition by any person or by persons acting as a “group”
(within the meaning of Section 13(d) of the Securities Exchange Act of 1934) of the ability to control the election of a majority
of the Company’s directors; (iii) the sale or other disposition to an unrelated party of all or substantially all of the
assets of the Company in one transaction or a series of transactions (other than financing arrangements); (iv) a merger, consolidation
or share exchange involving the Company and any other person or entity (other than for purposes of reincorporation), in which the
Company or one of its subsidiaries is not the surviving entity.

 

“Closing”
has the meaning specified in Section 1.1 hereof.

 

“Closing Date”
has the meaning specified in Section 1.1 hereof.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
has the meaning specified in the recitals to this Agreement.

 

“Company”
has the meaning specified in the preamble to this Agreement.

 

“Company Party”
has the meaning specified in Section 4.13 hereof.

 

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

 

“Current Violation”
has the meaning specified in Section 3.7 hereof.

 

“Debt”
means, as to any Person at any time: (a) all indebtedness, liabilities and obligations of such Person for borrowed money; (b) all
indebtedness, liabilities and obligations of such Person to pay the deferred purchase price of Property or services (except trade
accounts payable, accrued compensation, accrued expenses, and unearned revenue and customer deposits of such Person that, in any
such case, arise in the ordinary course of business and are not more than sixty (60) days past due); (c) all capital lease obligations
of such Person; (d) all indebtedness, liabilities and obligations of others guaranteed by such Person; (e) all indebtedness, liabilities
and obligations secured by a Lien existing on Property owned by such Person, whether or not the indebtedness, liabilities or obligations
secured thereby have been assumed by such Person or are non-recourse to such Person; (f) all reimbursement obligations of such
Person (whether contingent or otherwise) in respect of letters of credit, bankers’ acceptances, surety or other bonds and
similar instruments; and (g) all indebtedness, liabilities and obligations of such Person to redeem or retire shares of capital
stock of such Person.

 

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“Disclosure
Documents” means all SEC Documents filed by the Company at least two (2) Business Days prior to the date of this Agreement
via the Commission’s Electronic Data Gathering, Analysis and Retrieval system (EDGAR) in accordance with the requirements
of Regulation S-T under the Exchange Act.

 

“Disclosure
Schedule” has the meaning specified in the introduction to the Disclosure Schedule attached hereto.

 

“Effective Date”
has the meaning specified in the Amended and Restated Registration Rights Agreement.

 

“Embargoed Person”
has the meaning specified in Section 3.26 hereof.

 

“Environmental
Law” means any federal, state, provincial, local or foreign law, statute, code or ordinance, principle of common law,
rule or regulation, as well as any Permit, order, decree, judgment or injunction issued, promulgated, approved or entered thereunder,
relating to pollution or the protection, cleanup or restoration of the environment or natural resources, or to the public health
or safety, or otherwise governing the generation, use, handling, collection, treatment, storage, transportation, recovery, recycling,
discharge or disposal of hazardous materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.

 

“Escrow Agreement”
means the Escrow Agreement dated as of the date hereof between the Company, each Investor and the Escrow Agent.

 

“Escrow Agent”
means Epstein Becker & Green, P.C.

 

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

 

“Execution Date”
means the date of this Agreement.

 

“FINRA”
means Financial Industry Regulatory Authority.

 

“GAAP”
means generally accepted accounting principles, applied on a consistent basis, as set forth in (i) opinions of the Accounting Principles
Board of the American Institute of Certified Public Accountants, (ii) statements of the Financial Accounting Standards Board and
(iii) interpretations of the Commission and the staff of the Commission. Accounting principles are applied on a “consistent
basis” when the accounting principles applied in a current period are comparable in all material respects to those accounting
principles applied in a preceding period.

 

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“Governmental
Authority” means any nation or government, any state, provincial or political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including without limitation
any stock exchange, securities market or self-regulatory organization.

 

“Governmental
Requirement” means any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, franchise,
license or other directive or requirement of any federal, state, county, municipal, parish, provincial or other Governmental Authority
or any department, commission, board, court, agency or any other instrumentality of any of them.

 

“Harris &
Harris” means Harris & Harris Group, Inc.

 

“Health Authorities”
has the meaning specified in Section 3.30(a) hereof.

 

“Intellectual
Property” means any U.S. or foreign patents, patent rights, patent applications, trademarks, trade names, service marks,
brand names, logos and other trade designations (including unregistered names and marks), trademark and service mark registrations
and applications, copyrights and copyright registrations and applications, inventions, invention disclosures, protected formulae,
formulations, processes, methods, trade secrets, computer software, computer programs and source codes, manufacturing research
and similar technical information, engineering know-how, customer and supplier information, assembly and test data drawings or
royalty rights.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended.

 

“Investor”
and “Investors” have the meanings specified in the preamble to this Agreement.

 

“Investor Party”
has the meaning specified in Section 4.12 hereof.

 

“Key Employee”
has the meaning specified in Section 3.15 hereof.

 

“Lien”
means, with respect to any Property, any mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, tax
lien, financing statement, pledge, charge, or other lien, charge, easement, encumbrance, preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such Property (including, without
limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the
foregoing).

 

“Material Adverse
Effect” means an effect that is material and adverse to (i) the Business, (ii) the ability of the Company to perform
its obligations under this Agreement or the other Transaction Documents (as defined below) or (iii) the rights and benefits to
which an Investor is entitled under this Agreement and the other Transaction Documents.

 

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“Material Contracts”
means, as to the Company, any agreement required pursuant to Item 601 of Regulation S-B or Item 601 of Regulation S-K, as applicable,
promulgated under the Securities Act to be filed as an exhibit to any report, schedule, registration statement or definitive proxy
statement filed or required to be filed by the Company with the Commission under the Exchange Act or any rule or regulation promulgated
thereunder, and any and all amendments, modifications, supplements, renewals or restatements thereof.

 

“Measurement
Period” has the meaning specified in Section 1.2(b) hereof.

 

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

 

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

 

“OTCBB”
has the meaning specified in Section 3.22 hereof.

 

“PAR”
has the meaning specified in the preamble to this Agreement.

 

“PAR Member”
has the meaning specified in Section 4.3 hereof.

 

“Pension Plan”
means an employee benefit plan (as defined in ERISA) maintained by the Company for employees of the Company or any of its Affiliates.

 

“Permitted Liens”
means the following:

 

(h)          encumbrances
consisting of easements, rights-of-way, zoning restrictions or other restrictions on the use of Real Property or imperfections
to title that do not (individually or in the aggregate) materially impair the ability of the Company to use such Property in its
businesses, and none of which is violated in any material respect by existing or proposed structures or land use;

 

(i)          Liens
for taxes, assessments or other governmental charges (including without limitation in connection with workers’ compensation
and unemployment insurance) that are not delinquent or which are being contested in good faith by appropriate proceedings, which
proceedings have the effect of preventing the forfeiture or sale of the Property subject to such Liens, and for which adequate
reserves (as determined in accordance with GAAP) have been established; and

 

(j)          Liens
of mechanics, materialmen, warehousemen, carriers, landlords or other similar statutory Liens securing obligations that are not
yet due and are incurred in the ordinary course of business or which are being contested in good faith by appropriate proceedings,
which proceedings have the effect of preventing the forfeiture or sale of the Property subject to such Liens, for which adequate
reserves (as determined in accordance with GAAP) have been established.

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“Per Share Price”
shall mean $0.50 per Share, as adjusted for any dividend, stock split, reverse stock split, split-up or other distribution on shares
of Common Stock.

 

“Person”
means any individual, corporation, trust, association, company, partnership, joint venture, limited liability company, joint stock
company, Governmental Authority or other entity.

 

“Pre-Notice”
has the meaning specified in Section 4.4(a) hereof.

 

“Principal Market”
means the principal exchange or market on which the Common Stock is listed or traded.

 

“Property”
means property and/or assets of all kinds, whether real, personal or mixed, tangible or intangible (including, without limitation,
all rights relating thereto).

 

“Pro Rata Share”
means, with respect to an Investor, the ratio determined by dividing (i) the number of Shares purchased hereunder by such Investor
by (ii) the aggregate number of Shares purchased hereunder by all of the Investors.

 

“Purchase Price”
means, with respect to an Investor, the number of Shares purchased by such Investor at the Closing times the Per Share Price.

 

“Put Option
Closing” has the meaning specified in Section 1.2(a) hereof.

 

“Put Option
Closing Date” has the meaning specified in Section 1.2(c) hereof.

 

“Put Option
Exercise Notice” has the meaning specified in Section 1.2(a) hereof.

 

“Put Option
Trigger Event” shall mean the occurrence of any of the following events: (i) any Change of Control of the Company, or
(ii) the sale or exclusive license of substantially all of the Company’s assets, or similar transaction, involving all or
substantially all of the Company’s assets.

 

“Put Right”
has the meaning specified in Section 1.2(a) hereof.

 

“Put Shares”
has the meaning specified in Section 1.2(a) hereof.

 

“Real Property”
has the meaning specified in Section 3.22 hereof.

 

“2013 Registrable
Securities” has the meaning specified in the Amended and Restated Registration Rights Agreement.

 

“Regulation
D” has the meaning specified in the recitals to this Agreement.

 

“Reserved Amount”
has the meaning specified in Section 4.5 hereof.

 

“Rule 144”
means Rule 144 under the Securities Act or any successor provision.

 

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“SEC Documents”
has the meaning specified in Section 3.4 hereof.

 

“Securities”
has the meaning specified in the recitals to this Agreement.

 

“Securities
Act” has the meaning specified in the recitals to this Agreement.

 

“Shares”
has the meaning specified in the recitals to this Agreement.

 

“Specified Employee”
has the meaning specified in Section 4.1(k) hereof.

 

“Subsequent
Financing” means any planned issuance by the Company or any of its Subsidiaries of Common Stock, common stock equivalents,
indebtedness or a combination of units thereof for cash consideration, except for offerings of Common Stock or other securities
of the Company that are registered under the Securities Act.

 

“Subsequent
Financing Notice” has the meaning specified in Section 4.4(a) hereof.

 

“Subsequent
Financing Share” means a fraction, the numerator of which is the number of Shares purchased by such Investor pursuant
to this Agreement held by such Investor on the date of a Pre-Notice, and the denominator of which is the total number of Shares
issued to all Investors pursuant to the terms of this Agreement outstanding on the date of such Pre-Notice.

 

“Subsidiary”
means, with respect to the Company, any corporation or other entity (other than an entity having no material operations or business
during the twelve month period immediately preceding the Execution Date) of which at least a majority of the outstanding shares
of stock or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors
(or Persons performing similar functions) of such corporation or entity (regardless of whether or not at the time, in the case
of a corporation, stock of any other class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time directly or indirectly owned or controlled by the Company or one or more of its Affiliates.

 

“Termination
Date” means the first date on which there are no Warrants outstanding.

 

“Threshold Amount”
means, with respect to each Investor, such Investor has (i) sold greater than or equal to twenty-five percent (25%) of the Shares
it purchases on the Closing Date or (ii) owns less than 10% of the Company’s outstanding Common Stock.

 

“Trading Day”
means any day on which the Common Stock may be purchased and sold on the Principal Market.

 

“Transaction
Documents” means, collectively, this Agreement, the Amended and Restated Registration Rights Agreement, the Warrants,
the Escrow Agreement and all other agreements, documents and other instruments executed and delivered by or on behalf of the Company
or any of its officers at the Closing.

 

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“Transfer Agent
Instruction Letter” means an irrevocable instruction letter by the Company to the Company’s transfer agent instructing
it to issue certificates representing the Shares to the Investors.

 

“Ventures”
has the meaning specified in the preamble to this Agreement.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a stock exchange, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the stock exchange on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted
for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Investors of a majority in interest of the Shares then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrant”
and “Warrants” have the meanings specified in the recitals to this Agreement.

 

“2011 Investors”
means the parties to the 2011 Securities Purchase Agreement other than the Company.

 

“2011 Securities
Purchase Agreement” means the Securities Purchase Agreement dated as of March 24, 2011 by and between the Company, Battery
and the other parties thereto.

 

“2011 Warrants”
means the warrants issued to some of the 2011 Investors pursuant to the 2011 Securities Purchase Agreement.

 

1.4.          Other
Definitional Provisions. All definitions contained in this Agreement are equally applicable to the singular and plural forms
of the terms defined. The words “hereof’, “herein” and “hereunder” and words of similar import
referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

2.            Representations
and Warranties of Each Investor. Each Investor (with respect to itself only) hereby represents and warrants to the Company
and agrees with the Company that, as of the Execution Date and as of the Closing Date:

 

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2.1.          Authorization;
Enforceability. Such Investor (if an entity) is duly and validly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or organization as set forth below such Investor’s name on the signature page
hereof with the requisite power and authority to purchase the Shares and Warrant to be purchased by it hereunder and to execute
and deliver this Agreement and the other Transaction Documents to which it is a party. This Agreement constitutes, and upon execution
and delivery thereof, each other Transaction Document to which such Investor is a party will constitute, such Investor’s
valid and legally binding obligation, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other similar laws of general application relating to or affecting the enforcement
of creditors’ rights generally and (ii) general principles of equity.

 

2.2.          Accredited
Investor. Such Investor (i) is an “accredited investor” as that term is defined in Rule 501 of Regulation D and
(ii) is acquiring the Securities in the ordinary course of its business, solely for its own account, and not with a view to the
public resale or distribution of all or any part thereof, except pursuant to sales that are registered under the Securities Act
or are exempt from the registration requirements of, the Securities Act and does not have any agreement or understanding with any
person to distribute any of the Securities; provided, however, that, in making such representation, such Investor does not
agree to hold the Securities for any minimum or specific term and reserves the right to sell, transfer or otherwise dispose of
the Securities at any time in accordance with the provisions of this Agreement and with Federal and state securities laws applicable
to such sale, transfer or disposition.

 

2.3.          Information.
The Company has, prior to the Execution Date, provided such Investor with information regarding the business, operations and financial
condition of the Company and has, prior to the Execution Date, granted to such Investor the opportunity to ask questions of and
receive satisfactory answers from representatives of the Company, its officers, directors, employees and agents concerning the
Company and materials relating to the terms and conditions of the purchase and sale of the Securities hereunder, as such Investor
deems relevant in making an informed decision with respect to its investment in the Securities. Such Investor, either alone or
together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to
be capable of evaluating the risks of the proposed investment in the Securities, and has so evaluated the merits and risks of such
investment. Such Investor is able to bear the economic risk of an investment in the Securities and, at the present time, is able
to afford a complete loss of such investment. Neither such information nor any other investigation conducted by such Investor or
any of its representatives shall modify, amend or otherwise affect such Investor’s right to rely on the Company’s representations
and warranties contained in this Agreement.

 

2.4.          Limitations
on Disposition. Such Investor acknowledges that, except as provided in the Amended and Restated Registration Rights Agreement,
the Securities have not been and are not being registered under the Securities Act and may not be transferred or resold without
registration under the Securities Act or unless pursuant to an exemption therefrom.

 

2.5.          Legend.
Such Investor understands that the certificates representing the Securities may bear at issuance a restrictive legend in substantially
the following form:

 

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“The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
or the securities laws of any state, and may not be offered, transferred, pledged, hypothecated, sold or otherwise disposed of
unless a registration statement under the Securities Act and applicable state securities laws shall have become effective with
regard thereto, or an exemption from registration under the Securities Act and applicable state securities laws is available in
connection with such offer or sale.”

 

2.6.          Reliance
on Exemptions. Such Investor understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying upon the truth and
accuracy of the representations and warranties of such Investor set forth in this Section 2 in order to determine the availability
of such exemptions and the eligibility of such Investor to acquire the Securities.

 

2.7.          Non-Affiliate
Status; Common Stock Ownership. Other than Battery, PAR, Joel Ackerman and Ronnie Morris, such Investor is not an Affiliate
of the Company or of any other Investor and is not acting in association or concert with any other Person in regard to its purchase
of the Securities or otherwise in respect of the Company. Except for the Investors identified in the sentence above, such Investor’s
investment in the Securities is not for the purpose of acquiring, directly or indirectly, control of, and it has no intent to acquire
or exercise control of, the Company or to influence the decisions or policies of the Board of Directors.

 

3.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Investor that, except as expressly set forth
on the Disclosure Schedule to this Agreement, as of the Execution Date and as of the Closing Date:

 

3.1.          Organization,
Good Standing and Qualification. The Company and each of its Subsidiaries is an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction under which it is incorporated, and has all requisite corporate power and authority
to conduct its business as currently conducted and to execute, deliver and perform all of its obligations under this Agreement
and to consummate the transactions contemplated hereby. The Company and each of its subsidiaries is qualified to do business as
a foreign corporation in each jurisdiction where failure to be so qualified could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

3.2.          Authorization;
Consents. The Company has the requisite corporate power and authority to enter into and perform its obligations under the Transaction
Documents, including, without limitation, its obligations to issue and sell the Securities to the Investors in accordance with
the terms hereof and thereof, and to issue the Warrant Shares upon exercise of the Warrants. All corporate action on the part of
the Company by its officers, directors and stockholders necessary for the authorization, execution and delivery of, and the performance
by the Company of its obligations under, the Transaction Documents has been taken, and no further consent or authorization of the
Company, its Board of Directors, stockholders, any Governmental Authority or organization (other than such approval as may be required
under the Securities Act and applicable state securities laws in respect of the Amended and Restated Registration Rights Agreement),
or any other person or entity is required (pursuant to any rule of FINRA or otherwise).

 

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3.3.          Due
Execution; Enforceability. This Agreement has been and, at or prior to the Closing, each other Transaction Document to be delivered
at the Closing will be, duly executed and delivered by the Company. This Agreement constitutes and, upon the execution and delivery
thereof by the Company, each other Transaction Document will constitute the valid and legally binding obligation of the Company,
enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, moratorium,
reorganization or other similar laws of general application relating to or affecting the enforcement of creditors’ rights
generally and (ii) general principles of equity.

 

3.4.          Disclosure
Documents; Agreements; Financial Statements; Other Information. The Company is subject to the reporting requirements of the
Exchange Act and has filed with the Commission all reports, schedules, registration statements and definitive proxy statements
that the Company was required to file with the Commission during the preceding twelve calendar months (collectively, the “SEC
Documents”). The Company is not aware of any event occurring or expected to occur on or prior to the Closing Date (other
than the transactions effected hereby and quarterly releases of financial results) that would require the filing of, or with respect
to which the Company intends to file, a Form 8-K after the Closing. Each SEC Document, as of the date of the filing thereof with
the Commission (or if amended or superseded by a filing prior to the Execution Date, then on the date of such amending or superseding
filing), complied in all material respects with the requirements of the Securities Act or Exchange Act, as applicable, and the
rules and regulations promulgated thereunder and, as of the date of such filing (or if amended or superseded by a filing prior
to the Execution Date, then on the date of such filing), such SEC Document (including all exhibits and schedules thereto and documents
incorporated by reference therein) did not contain an untrue statement of 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. All documents required to be filed as exhibits to the SEC Documents have been filed as required. Except as set forth
in the Disclosure Documents, the Company has no liabilities, contingent or otherwise, other than liabilities incurred in the ordinary
course of business which, under GAAP, are not required to be reflected in the financial statements included in the Disclosure Documents
and which, individually or in the aggregate, are not material to the business or financial condition of the Company. As of their
respective dates, the financial statements of the Company included in the SEC Documents have been prepared in accordance with GAAP
(except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material
respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal year-end adjustments).

 

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3.5.          Capitalization;
Debt Schedule. The capitalization of the Company as of the date hereof, including its authorized capital stock, the number
of shares issued and outstanding, the number of shares issuable and reserved for issuance pursuant to the Company’s stock
option plans and agreements, the number of shares issuable and reserved for issuance pursuant to securities (other than the Warrants)
exercisable for, or convertible into or exchangeable for any shares of Common Stock and the number of shares initially to be reserved
for issuance upon exercise of the Warrants, is set forth on Schedule 3.5 hereto. All issued and outstanding shares of capital stock
of the Company have been, or upon issuance will be, validly issued, fully paid and non-assessable. No shares of the capital stock
of the Company were issued in violation of preemptive rights or any other similar rights of security holders of the Company or
any Liens created by or through the Company. Except as disclosed on Schedule 3.5 or as contemplated herein, there are no outstanding
preemptive rights, rights of first refusal, shareholder rights, options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into or exercisable or exchangeable for, any shares
of capital stock of the Company, or arrangements by which the Company is or may become (as a result of the transactions contemplated
hereby or the other Transaction Documents or otherwise) bound to issue additional shares of capital stock of the Company (whether
pursuant to anti-dilution, “reset” or other similar provisions). Except as described on Schedule 3.5 hereto, the Company
has no material Debt outstanding as of the date hereof.

 

3.6.          Due Authorization; Valid Issuance. The Shares and Warrants are duly authorized
and, when issued, sold and delivered in accordance with the terms hereof, (i) the Shares and Warrants will be duly and validly
issued, and the Shares will be fully paid and nonassessable; in each case, free and clear of any Liens imposed by or through the
Company, and (ii) assuming the accuracy of each Investor’s representations in this Agreement, the Shares and Warrants will
be issued, sold and delivered in compliance with all applicable Federal and state securities laws. The Warrant Shares are duly
authorized and reserved for issuance and, when issued in accordance with the terms of the Warrants, will be duly and validly issued,
fully paid and nonassessable, free and clear of any Liens imposed by or through the Company and, assuming the accuracy of each
Investor’s representations in this Agreement at the time of exercise, will be issued, sold and delivered in compliance with
all applicable Federal and state securities laws.

 

3.7.          No
Conflict with Other Instruments. The Company is not in violation of any provisions of its charter, bylaws or any other governing
document or in default (and no event has occurred which, with notice or lapse of time or both, would constitute a default) under
any provision of any instrument or contract to which it is a party or by which it or any of its Property is bound, or in violation
of any provision of any Governmental Requirement applicable to it, except for any violation or default under any such instrument
or contract or any violation of any provision of a Governmental Requirement that, in either such case, has not had or would not
reasonably be expected to have a Material Adverse Effect (any such violation or default being referred to herein as a “Current
Violation”). The (i) execution, delivery and performance of this Agreement and the other Transaction Documents, and (ii)
consummation of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Shares and
the Warrants and the reservation for issuance and issuance of the Warrant Shares) will not result in any violation of any provisions
of the Company’s charter, Bylaws or any other governing document or in a default under any provision of any instrument or
contract to which it is a party or by which it or any of its Property is bound, or in violation of any provision of any Governmental
Requirement applicable to the Company or be in conflict with or constitute, with or without the passage of time and giving of notice,
either a default under any such provision, instrument or contract or an event which results in the creation of any Lien upon any
assets of the Company.

 

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3.8.          Financial
Condition; Taxes; Litigation.

 

(a)          The
Company’s financial condition is, in all material respects, as described in the Disclosure Documents, except for changes
in the ordinary course of business and normal year-end adjustments that are not, in the aggregate, materially adverse to the business
or financial condition of the Company. Except as disclosed in the Disclosure Documents, there has been no (i) material adverse
change to the Company’s business, operations, properties, financial condition, or results of operations since the date of
the Company’s most recent audited financial statements contained in the Disclosure Documents or (ii) change by the Company
in its accounting principles, policies and methods except as required by changes in GAAP or applicable law.

 

(b)          The
Company (i) has prepared in good faith and duly and timely filed all tax returns required to be filed by it and such returns are
complete and accurate in all material
respects and (ii) has paid all taxes required to have been paid by it, except for taxes which it reasonably disputes in good faith
or the failure of which to pay has not had or would not reasonably be expected to have a Material Adverse Effect, and has no liability
with respect to accrued taxes in excess of the amounts that are described as accrued in the most recent financial statements included
in the Disclosure Documents.

 

(c)          Except
as described in Schedule 3.8(c), the Company is not the subject of any pending or, to the Company’s knowledge, threatened
inquiry, investigation or administrative or legal proceeding by the Internal Revenue Service, the taxing authorities of any state
or local jurisdiction (other than with respect to taxes which it reasonably disputes in good faith or the failure of which to pay
has not had or would not reasonably be expected to have a Material Adverse Effect), the Commission, FINRA, any state securities
commission or other Governmental Authority.

 

(d)          Except
as described in Schedule 3.8(d), there is no material claim, litigation or administrative proceeding pending or, to the Company’s
knowledge, threatened or contemplated, against the Company or, to the Company’s knowledge, against any officer, director
or employee of the Company in connection with such person’s employment therewith. The Company is not a party to or subject
to the provisions of, any order, writ, injunction, judgment or decree of any court or Governmental Authority which has had or would
reasonably be expected to have a Material Adverse Effect.

 

3.9.          Acknowledgement
of Dilution. The Company acknowledges that the issuance of Warrant Shares upon exercise of the Warrants may result in dilution
of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further
acknowledges that its obligation to issue Warrant Shares upon exercise of the Warrants in accordance with the terms of the Warrants,
is unconditional (other than with respect to the conditions set forth in the Warrants) regardless of the effect of any such dilution.

 

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3.10.         Intellectual
Property. Except as set forth in Schedule 3.10:

 

(a)          The
Company owns, free and clear of claims or rights or any other Person, with full right to use, sell, license, sublicense, dispose
of, and bring actions for infringement of, or, to the knowledge of the Company, has acquired licenses or other rights to use, all
Intellectual Property necessary for the conduct of its business as presently conducted (other than with respect to software which
is generally commercially available and not used or incorporated into the Company’s products and open source software which
may be subject to one or more “general public” licenses). All works that are used or incorporated into the Company’s
services, products or services or products actively under development and which is proprietary to the Company was developed by
or for the Company by the current or former employees, consultants or independent contractors of the Company or its predecessors
in interest or purchased or licensed by the Company or its predecessors in interest.

 

(b)          The
business of the Company as presently conducted and the production, marketing, licensing, use and servicing of any products or services
of the Company do not, to the knowledge of the Company, infringe or conflict with any patent, trademark, copyright, or trade secret rights of any third parties or any other
Intellectual Property of any third parties in any material respect. The Company has not received written notice from any third
party asserting that any Intellectual Property owned or licensed by the Company, or which the Company otherwise has the right to
use, is invalid or unenforceable by the Company and, to the Company’s knowledge, there is no valid basis for any such claim
(whether or not pending or threatened).

 

(c)          No
claim is pending or, to the Company’s knowledge, threatened against the Company nor has the Company received any written
notice or other written claim from any Person asserting that any of the Company’s present or contemplated activities infringe
or may infringe in any material respect any Intellectual Property of such Person and the Company is not aware of any infringement
by any other Person of any material rights of the Company under any Intellectual Property Rights.

 

(d)          All
licenses or other agreements under which the Company is granted Intellectual Property (excluding licenses to use software utilized
in the Company’s internal operations and which is generally commercially available) are in full force and effect and, to
the Company’s knowledge, there is no material default by any party thereto. The Company has no reason to believe that the
licensors under such licenses and other agreements do not have and did not have all requisite power and authority to grant the
rights to the Intellectual Property purported to be granted thereby.

 

(e)          All
licenses or other agreements under which the Company has granted rights to Intellectual Property to others (including all end-user
agreements) since January 1, 2009, are in full force and effect, unless otherwise terminated in accordance with the terms of such
licenses or arrangements, there has been no material default by the Company thereunder and, to the Company’s knowledge, there
is no material default by any other party thereto.

 

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(f)          The
Company has taken all steps required in accordance with commercially reasonable business practice to establish and preserve its
ownership in its owned Intellectual Property and to keep confidential all material technical information developed by or belonging
to the Company which has not been patented or copyrighted. The Company is not making any material unlawful use of any Intellectual
Property of any other Person, including, without limitation, any former employer of any past or present employees of the Company.
To the Company’s knowledge, neither the Company nor any of its employees has any agreements or arrangements with former employers
of such employees relating to any Intellectual Property of such employers, which materially interfere or conflict with the performance
of such employee’s duties for the Company or result in any former employers of such employees having any rights in, or claims
on, the Company’s Intellectual Property. Each current employee of the Company and each former employee of the Company who
was hired after January 1, 2011 has executed agreements regarding confidentiality, proprietary information and assignment of inventions
and copyrights to the Company, each independent contractor or consultant of the Company has executed agreements regarding confidentiality
and proprietary information, and the Company has not received written notice that any employee, consultant or independent contractor
is in violation of any agreement or in breach of any agreement or arrangement with former or present employers relating to proprietary
information or assignment of inventions. Without limiting the foregoing: (i) the Company has taken reasonable security measures
to guard against unauthorized disclosure or use of any of its Intellectual Property; and (ii) the Company has no reason to believe that any Person (including,
without limitation, any former employee or consultant of the Company) has unauthorized possession of any of its Intellectual Property,
or any part thereof, or that any Person has obtained unauthorized access to any of its Intellectual Property. The Company is in
compliance in all material respects with its obligations pursuant to all agreements relating to Intellectual Property rights that
are the subject of licenses granted by third parties, except for any non-compliance that has not had or would not reasonably be
expected to have a Material Adverse Effect.

 

3.11.         Registration
Rights. Except as described on Schedule 3.11 hereto, the Company has not granted or agreed to grant to any person or entity
any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission
or any other governmental authority which has not been satisfied in full prior or waived to the date hereof.

 

3.12.         Fees.
Except as contemplated by Section 7.11 hereof and as set forth on Schedule 3.12 or disclosed in writing to the Investor by the
Company, the Company is not obligated to pay any compensation or other fee, cost or related expenditure to any underwriter, broker,
agent or other representative in connection with the transactions contemplated hereby. The Company will indemnify and hold harmless
each Investor from and against any claim by any person or entity alleging that, as a result of any agreement or arrangement between
such Person and the Company, such Investor is obligated to pay any such compensation, fee, cost or related expenditure in connection
with the transactions contemplated hereby or the other Transaction Documents.

 

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3.13.         Solicitation;
Other Issuances of Securities. Neither the Company nor any of its Subsidiaries or Affiliates, nor any person acting on its
or their behalf, (i) has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D)
in connection with the offer or sale of the Securities, or (ii) has, directly or indirectly, made any offers or sales of any security
or the right to purchase any security, or solicited any offers to buy any security or any such right, under circumstances that
would require registration of the Securities under the Securities Act.

 

3.14.         Foreign
Corrupt Practices. Neither the Company, nor to the Company’s knowledge any director, officer, agent, employee or other
person acting on behalf of the Company, has (i) used any corporate funds for any unlawful contribution, gift, entertainment or
other unlawful expenses relating to political activity, (ii) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee (including without limitation any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment), or (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

3.15.         Key
Employees. Each of the Company’s executive officers (as defined in Rule 501(f) of the Securities Act) (each, a “Key
Employee”) is currently serving in the capacity described in the Disclosure Documents. The Company has no knowledge of
any fact or circumstance (including without limitation (i) the terms of any agreement to which such person is a party or any litigation
in which such person is or may become involved and (ii) any illness or medical condition that could reasonably be expected to result
in the disability or incapacity of such person) that would limit or prevent any such person from serving in such capacity on a
full-time basis in
the foreseeable future, or of any intention on the part of any such person to limit or terminate his or her employment with the
Company.

 

3.16.         Employee
Matters. There is no strike, labor dispute or union organization activities pending or, to the knowledge of the Company, threatened
between it and its employees. No employees of the Company belong to any union or collective bargaining unit. The Company has complied
in all material respects with all applicable federal and state equal opportunity and other laws related to employment.

 

3.17.         Environment.
To the Company’s knowledge, the Company does not have any current liability under any Environmental Law, nor, to the knowledge
of the Company, do any factors exist that are reasonably likely to give rise to any such liability that, individually or in the
aggregate, has had or would reasonably be expected to have a Material Adverse Effect. To the Company’s knowledge, the Company
has not violated any Environmental Law applicable to it now or previously in effect, other than such violations or infringements
that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect.

 

3.18.         ERISA.
Except as described on Schedule 3.18, the Company does not maintain or contribute to, or have any obligation under, any Pension
Plan. The Company is in compliance in all material respects with the presently applicable provisions of ERISA and the United States
Internal Revenue Code of 1986, as amended, with respect to each Pension Plan except in any such case for any such matters that,
individually or in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect.

 

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3.19.         Insurance.
The Company maintains insurance in such amounts and covering such losses and risks as the Company believes to be reasonably prudent
in relation to the businesses in which the Company is engaged. No notice of cancellation has been received for any of such policies
and the Company reasonably believes that is in compliance with all of the terms and conditions thereof The Company has no reason
to believe that it will not be able to renew any existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue doing business as currently conducted without a significant increase
in cost, other than normal increases in the industry. Without limiting the generality of the foregoing, the Company maintains Director’s
and Officer’s insurance in an amount deemed to be reasonable and appropriate by the Company’s Board of Directors.

 

3.20.         Property.
The Company does not own any real property. The Company has good and marketable title to all personal Property owned by it which,
in each such case free and clear of all Liens except for Permitted Liens and except for such Liens which, individually and together
with all other Liens (including without limitation Permitted Liens) do not have, and cannot reasonably be expected to have, a Material
Adverse Effect. Any Property held under lease by the Company is held by it under valid, subsisting and enforceable leases with
such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such Property by
the Company.

 

3.21.         Regulatory Permits. The Company possesses all material certificates, authorizations
and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct its businesses other
than where the failure to possess such certificates, authorizations or permits, individually or in the aggregate, has not had and
would not reasonably be expected to have a Material Adverse Effect. The Company has not received any notice or otherwise become
aware of any proceedings, inquiries or investigations relating to the revocation or modification of any such certificate, authorization
or permit.

 

3.22.         Exchange
Act Registration; Listing. Exchange Act Registration; Listing. The Company files supplementary and periodic information, documents,
and reports pursuant to Section 15(d) of the Exchange Act. The Company’s Common Stock is registered pursuant to Section 12(g)
of the Exchange Act and is traded over-the-counter and quoted on the over-the-counter Bulletin Board QB or QX Markets (collectively,
“OTCBB”). The Company has taken no action designed to, or which, to the knowledge of the Company, would reasonably
be expected to have the effect of, terminating the registration of the Common Stock under the Exchange Act or ceasing the trading
of the Common Stock or its quoting on the OTCBB

 

3.23.         Investment
Company Status. The Company is not, and immediately after receipt of payment for the Shares and the Warrants issued under this
Agreement will not be, an “investment company” or an entity “controlled” by an “investment
company” within the meaning of the Investment Company Act, and shall conduct its business in a manner so that it will
not become subject to the Investment Company Act.

 

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3.24.         Transfer
Taxes. No stock transfer or other taxes (other than income taxes) are required to be paid in connection with the issuance and
sale of any of the Securities, other than such taxes for which the Company has established appropriate reserves and intends to
pay in full on or before the Closing.

 

3.25.         Sarbanes-Oxley
Act; Internal Controls and Procedures. The Company is in material compliance with any and all applicable requirements of the
Sarbanes-Oxley Act of 2002 and any and all applicable rules and regulations promulgated by the SEC thereunder that are effective
as of the date hereof. The Company maintains internal accounting controls, policies and procedures, and such books and records
as are reasonably designed to provide reasonable assurance that (i) all transactions to which the Company is a party or by which
its properties are bound are effected by a duly authorized employee or agent of the Company, supervised by and acting within the
scope of the authority granted by the Company’s senior management; (ii) the recorded accounting of the Company’s consolidated
assets is compared with existing assets at regular intervals; and (iii) all transactions to which the Company is a party, or by
which its properties are bound, are recorded (and such records maintained) in accordance with all Governmental Requirements and
as may be necessary or appropriate to ensure that the financial statements of the Company are prepared in accordance with GAAP.

 

3.26.         Embargoed
Person. None of the funds or other assets of the Company shall constitute property of, or shall be beneficially owned, directly
or indirectly, by any person subject to trade restrictions under United States law, including, but not limited to, the International
Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq., the Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations
promulgated under any such United States laws (each, an “Embargoed Person”), with the result that the investments
evidenced by the Securities are or would be in violation of law. No Embargoed Person shall have any interest of any nature whatsoever
in the Company with the result that the investments evidenced by the Securities are or would be in violation of law. None of the
funds or other assets of the Company shall be derived from any unlawful activity with the result that the investments evidenced
by the Securities are or would be in violation of law.

 

3.27.         Solvency.
As of the Execution Date and as of the Closing Date, (i) the fair saleable value of the Company’s assets exceeds the amount
that will be required to be paid on or in respect of the Company’s existing Debt as such Debt matures or is otherwise payable;
(ii) the Company’s assets do not constitute unreasonably small capital to carry on its business for the current fiscal year
as now conducted and as proposed to be conducted taking into account the current and projected capital requirements of the business
conducted by the Company and projected capital availability; and (iii) the current cash flow of the Company, together with the
proceeds the Company would receive upon liquidation of its assets, after taking into account all anticipated uses of such amounts,
would be sufficient to pay all Debt when such Debt is required to be paid. The Company has no knowledge of any facts or circumstances
which lead it to believe that it will be required to file for reorganization or liquidation under the bankruptcy or reorganization
laws of any jurisdiction, and has no present intention to so file.

 

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3.28.         Transactions
with Interested Persons. Except as set forth in the Disclosure Documents, no officer, director or employee of the Company is
or has made any arrangements with the Company to become a party to any transaction with the Company (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee or partner.

 

3.29.         Customers
and Suppliers. Except as set forth in the Disclosure Documents, the relationships of the Company with its customers and suppliers
are maintained on commercially reasonable terms. To the Company’s knowledge, no customer or supplier of the Company has any
plan or intention to terminate its agreement with the Company, which termination would reasonably be expected to have a Material
Adverse Effect.

 

3.30.         FDA
Matters and Clinical Trials.

 

 (a)          The
Company has not received any notices or correspondence from any federal, state, local or foreign regulatory body that regulates
the types of matters subject to the jurisdiction of the U.S. Food and Drug Administration (“Health Authorities”)
which have not been resolved requiring or threatening the termination, suspension or modification of any animal studies, preclinical
tests or clinical trials conducted by or on behalf of the Company or in which the Company has participated that are described in
the Disclosure Documents or the results of which are referred to in the Disclosure Documents. To the knowledge of the Company,
the currently pending clinical trials, studies and other preclinical tests conducted by or on behalf of the Company and that are
described in the Disclosure
Documents or the results of which are referred to in the Disclosure Documents, are being conducted in accordance with experimental
protocols, procedures and controls generally used by qualified experts in the preclinical or clinical study of new drugs.

 

 (b)          The
Company has no knowledge of any adverse event that has resulted from any of such studies, tests or trials that was not disclosed
as required to any Health Authority.

 

3.31.         Full
Disclosure. The representations, warranties and written statements contained in this Agreement and the other Transaction Documents
and in the certificates, exhibits and schedules delivered to such Investor by the Company pursuant to this Agreement and the other
Transaction Documents and in connection with such Investor’s due diligence investigation of the Company, do not contain any
untrue statement of a material fact, and do not omit to state a material fact required to be stated therein or necessary in order
to make such representations, warranties or statements not misleading in light of the circumstances under which they were made.
Neither the Company nor any Person acting on its behalf or at its direction has provided such Investor with material non-public
information. Following the filing of the Current Report on Form 8-K in accordance with Section 4.1(c) hereof, to the Company’s
knowledge, such Investor will not possess any material non-public information concerning the Company. The Company acknowledges
that such Investor is relying on the representations, acknowledgments and agreements made by the Company in this Section 3.31 and
elsewhere in this Agreement in making trading and other decisions concerning the Company’s securities.

 

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3.32.         No
Other Agreements. The Company has not, directly or indirectly, entered into any agreement with or granted any right to any
Investor relating to the terms or conditions of the transactions contemplated by the Transaction Documents, except as expressly
set forth in the Transaction Documents.

 

4.            Covenants
of the Company and Each Investor.

 

4.1.          The
Company agrees with each Investor that the Company will:

 

(a)          file
a Form D with respect to the Securities issued at the Closing as and when required under Regulation D and provide a copy thereof
to such Investor promptly after such filing;

 

(b)          take
such action as the Company reasonably determines upon the advice of counsel is necessary to qualify the Shares and Warrants for
sale under applicable state or “blue-sky” laws or obtain an exemption therefrom, and shall promptly provide evidence
of any such action to such Investor at such Investor’s request; and

 

(c)          on
or prior to 5:00 p.m. (eastern time) on the fourth Business Day following the Execution Date, file with the Commission a Current
Report on Form 8-K disclosing the material terms of this Agreement and the other Transaction Documents and the transactions contemplated
hereby and thereby, including as exhibits this Agreement and the other Transaction Documents; provided, however, that each
Investor shall have a reasonable opportunity to review and comment on any such Form 8-K prior to the issuance or filing thereof. Thereafter, the Company shall timely file any filings and notices
required by the Commission or applicable law with respect to the transactions contemplated hereby;

 

(d)          maintain
its corporate existence in good standing;

 

(e)          maintain,
keep and preserve all of its Properties necessary in the proper conduct of its businesses in good repair, working order and condition
(ordinary wear and tear excepted) and make all necessary repairs, renewals and replacements and improvements thereto, except where
the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(f)          pay
or discharge before becoming delinquent (i) all taxes, levies, assessments and governmental charges imposed on it or its income
or profits or any of its Property and (ii) all lawful claims for labor, material and supplies, which, if unpaid, might become a
Lien upon any of its Property, except where the failure to do so would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect; provided, however, that the Company shall not be required to pay or discharge any
tax, levy, assessment or governmental charge, or claim for labor, material or supplies, whose amount, applicability or validity
is being contested in good faith by appropriate proceedings being diligently pursued and for which appropriate reserves have been
established under GAAP;

 

    	22

    	 

    

 

(g)          comply
with all Governmental Requirements applicable to the operation of its business, except for instances of noncompliance that would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;,

 

(h)          comply
with all agreements, documents and instruments binding on it or affecting its Properties or business, including, without limitation,
all Material Contracts, except for instances of noncompliance that would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect;

 

(i)          provide
each Investor with copies of all materials sent to its stockholders, in each such case at the same time as delivered to such stockholders;

 

(j)          timely
file with the Commission all reports required to be filed pursuant to the Exchange Act and refrain from terminating its status
as an issuer required by the Exchange Act to file reports thereunder even if the Exchange Act or the rules or regulations thereunder
would permit such termination;

 

(k)          until
the earlier of (i) Effective Date of the Registration Statement and (ii) the date upon which all Investors are able to sell all
Shares in a 90 day period without volume or manner of sale limitations under Rule 144, take commercially reasonable steps to restrict
each of the Company’s Chief Executive Officer and President (each, a “Specified Employee”) from selling
shares of Common Stock; and

 

(l)          use
commercially reasonable efforts to maintain adequate insurance coverage (including D&O insurance) for the Company and each
Subsidiary.

 

4.2.          Voting Rights. 

 

(a)          The
Company agrees that it shall not approve of or give effect to any of the actions listed below (by amendment, merger, consolidation
or otherwise) without the written consent of Battery and PAR. Notwithstanding the foregoing: (1) in
the event that Battery meets the Threshold Amount, Battery’s consent is not required pursuant to this Section 4.2(a), however,
PAR’s consent is still required; and (2) in the event that PAR meets the Threshold Amount, PAR’s consent is not required
pursuant to this Section 4.2(a), however Battery’s consent is still required.

 

(i)          alter
or change the rights, preferences or privileges of the Put Option; or

 

(ii)         liquidate,
dissolve or wind-up the business and affairs of the Company or consent to any of the foregoing; and

 

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(b)          The
Company agrees that it shall not approve of or give effect to any of the actions listed below (by amendment, merger, consolidation
or otherwise) without the written consent of Battery and either PAR or Harris & Harris. Notwithstanding the foregoing: (1)
in the event that Battery meets the Threshold Amount, Battery’s consent is not required pursuant to this Section 4.2(b),
however the consent of either PAR or Harris & Harris is still required; (2) in the event that PAR meets the Threshold Amount,
PAR’s consent is not required pursuant to this Section 4.2(b), however the consent of Battery and Harris & Harris is
still required; and (3) in the event that Harris & Harris has sold equal to or greater than twenty-five percent (25%) of the
Shares it purchases on the Closing Date, the consent of Harris & Harris is not required pursuant to this Section 4.2(b), however
the consent of Battery and PAR is still required.

 

(i)          purchase,
redeem or otherwise acquire any of (A) the Company’s equity securities (including warrants, options and other rights to acquire
equity securities) or (B) the Securities, other than (1) a repurchase by the Company at the lower of cost or the fair market value
pursuant to existing agreements, (2) the purchase of capital stock from certain stockholders approved by each of the Investors,
(3) pursuant to an exercise of the Put Right or (4) pursuant to an exercise of the put right granted under the 2011 Securities
Purchase Agreement;

 

(ii)         merge
or consolidate with another corporation or entity in which the holders of the Company’s voting equity securities immediately
prior to the transaction own, directly or indirectly, fifty percent (50%) or less of the voting securities of the surviving corporation
unless (A) the consideration for the merger or consolidation is in the form of a cash offer or marketable securities that are registered,
saleable and listed on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange and (B) the purchase price per share is equal to or greater than three hundred and seventy-five percent (375%) of the
Per Share Price.

 

4.3.          Board
Representation. The Company shall be obligated to present one nominee nominated by each of Battery (the “Battery Member”)
and PAR (the “PAR Member”) to become a member of the Company’s Board for election by the Company’s
stockholders; provided, however, that the Company shall no longer be obligated to nominate the Battery Member in the event
that Battery has sold or no longer holds the Threshold Amount with respect to Battery and the Company shall no longer be obligated
to nominate the PAR Member in the event that PAR has sold or no longer holds the Threshold Amount with respect to PAR. Battery’s
right to nominate the Battery Member for election to the Company’s Board above is cumulative with its existing right to nominate
a person for election to the Company’s Board pursuant to the 2011 Securities Purchase Agreement; e.g., Battery shall have
a right to nominate only one person for election to the Company’s Board. Upon the election of each of the Battery Member
and the PAR Member to the Company’s Board, the Company shall execute an indemnification agreement with the Battery Member
and the PAR Member, in a form satisfactory to Battery and PAR, as applicable and shall include the Battery Member and the PAR Member
on the Company’s director and officer insurance policy.

 

4.4.          Participation
Rights. Each Investor shall have the right to participate in a Subsequent Financing provided that such Investor does not meet
the Threshold Amount, as follows:

 

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(a)          At
least ten (10) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Investor a written
notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Investor
if it wants to review the details of such Subsequent Financing.
Upon the request of an Investor who is eligible to participate in such Subsequent Financing, and only upon a request by such Investor,
for a Subsequent Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver
each Investor a notice which shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of
proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed
to be effected and shall include a term sheet or similar document relating thereto as an attachment (a “Subsequent Financing
Notice”). Each Investor shall have the right to participate in such Subsequent Financing, on the same terms, conditions
and price provided for in the Subsequent Financing, up to an amount equal to the full amount of such Subsequent Financing multiplied
by the Subsequent Financing Share.

 

(b)          Any
Investor desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30
p.m. (New York City time) on the fifth (5th) Trading Day after such Investor has received the Pre-Notice that such Investor
is willing to participate in the Subsequent Financing, the amount of such Investor’s participation, and representing and
warranting that such Investor has such funds ready, willing, and available for investment on the terms set forth in the Subsequent
Financing Notice. If the Company does not receive such notice from an Investor as of such fifth (5th) Trading Day, such
Investor shall be deemed to have notified the Company that it does not elect to participate.

 

(c)          The
Company must provide the Investors with a second Subsequent Financing Notice, and the Investors will again have the right of participation
set forth above in this Section 4.4, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated
for any reason on the terms set forth in such Subsequent Financing Notice within ninety (90) Trading Days after the date of the
initial Subsequent Financing Notice.

 

(d)          The
Company and each Investor agree that if any Investor elects to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision whereby such Investor shall be required to agree to
any restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or termination
of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of
such Investor. The right of first offer set forth in this Section 4.4 shall terminate with respect to any Investor who fails to
purchase, in any transaction subject to this Section 4.4, all of such Investor’s Subsequent Financing Share of the New Securities
allocated (or, if less than such Investor’s Subsequent Financing Share is offered by the Company, such lesser amount so offered)
to such Investor pursuant to this Section 4.4. Following any such termination, such Investor shall no longer be deemed an “Investor”
for any purpose of this Section 4.4.

 

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4.5.          Reservation
of Common Stock. The Company shall, on the Closing Date, have authorized and reserved for issuance to the Investors free from
any preemptive rights, and shall keep available at all times during which any Warrants are outstanding, a number of shares of Common
Stock (the “Reserved Amount”) that, on the Closing Date, is not less than one hundred percent (100%) of the number of Warrant Shares issuable upon exercise of all
of the Warrants issued at the Closing, without regard to any limitation or restriction on such conversion or exercise that may
be set forth in the Warrants. The Reserved Amount shall be allocated in accordance with each Investor’s Pro Rata Share. In
the event that an Investor shall sell or otherwise transfer any of such Investor’s Warrants, each transferee shall be allocated
a pro rata portion of such transferor’s Reserved Amount. Any portion of the Reserved Amount allocated to any Investor
or other Person which no longer holds any Warrants shall be reallocated to the remaining Investors pro rata based on the
number of 2013 Registrable Securities held by such Investors at such time. In the event that the Reserved Amount is insufficient
at any time to cover one hundred percent 100% of the 2013 Registrable Securities issuable upon the exercise of the Warrants (without
regard to any restriction on such conversion or exercise), the Company shall take such action (including without limitation holding
a meeting of its stockholders) to increase the Reserved Amount to cover 100% of the 2013 Registrable Securities issuable upon such
conversion and exercise, such increase to be effective not later than the thirtieth (30th) day (or sixtieth (60th) day, in the
event stockholder approval is required for such increase) following the Company’s receipt of written notice of such deficiency.
While any Warrants are outstanding, the Company shall not reduce the Reserved Amount without obtaining the prior written consent
of each Investor then holding Warrants.

 

4.6.          Use
of Proceeds. The Company shall use the proceeds from the sale of the Shares and Warrants for general business purposes; provided,
that the Company shall not use any of such proceeds (i) to pay any dividend or make any distribution on any of its securities,
or (ii) to repay any loan made to or incurred by any Key Employee or any other officer or director or Affiliate of the Company.

 

4.7.          Use
of Investor Name. Except as may be required by applicable law and/or this Agreement, the Company shall not use, directly or
indirectly, any Investor’s name or the name of any of its Affiliates in any advertisement, announcement, press release or
other similar communication unless it has received the prior written consent of any Investor for the specific use contemplated
or as otherwise required by applicable law or regulation.

 

4.8.          Company’s
Instructions to Transfer Agent. The Company shall cause its transfer agent to remove the restrictive legend set forth in Section
2.5 from certificates evidencing the Shares and Warrant Shares (i) in connection with any sale of such Shares or Warrant Shares
pursuant to a registration statement (including a Registration Statement) covering the resale of such security that is effective
under the Securities Act, (ii) in connection with any sale of such Shares or Warrant Shares pursuant to Rule 144, or (iii) if such
legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission), as set forth below. If all or any part of a Warrant is exercised in connection with an
immediate resale of the exercised Warrant Shares pursuant to an effective registration statement, or in connection with an immediate
resale of the exercised Warrant Shares pursuant to Rule 144, the Company shall cause its transfer agent to remove the restrictive
legend from certificates issued representing the exercised Warrant Shares, as set forth below.

 

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(a)          The
Company shall issue an instruction letter to its transfer agent to remove the restrictive legend in connection with any sale of
the Shares or Warrant Shares pursuant to a registration statement, and shall cause its counsel, if required by the transfer agent,
to issue a legal opinion authorizing the removal of restrictive legend in connection with a sale of the Shares or Warrant Shares
pursuant Rule 144, provided that the relevant Investor shall have delivered to the Company, its counsel and its transfer agent
a certification of such facts as the Company and its counsel may reasonably require in connection with providing such instruction
letter or legal opinion.

 

(b)          The
Company shall instruct its transfer agent to remove the restrictive legend as permitted by this Section 4.8 promptly after delivery
by the Investor to the Company or its transfer agent of the certificate representing the Shares or Warrant Shares being sold by
the Investor.

 

(c)          The
Company may not make any notation on its records or give instructions to its transfer agent that enlarge the restrictions on transfer
set forth in this Section 4.8.

 

(d)          Certificates
for Shares or Warrant Shares subject to legend removal hereunder shall be transmitted by the Company’s transfer agent to
the purchaser of such Shares or Warrant Shares by crediting the account of such purchaser’s prime broker with the Depository
Trust Company System, if so directed by the selling Investor.

 

4.9.          Limitations
on Disposition. No Investor shall sell, transfer, assign or dispose of any Securities, unless:

 

(a)          there
is then in effect an effective registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or

 

(b)          such
Investor has notified the Company in writing of any such disposition, and furnished the Company with an opinion of counsel, reasonably
satisfactory to the Company, that such disposition will not require registration of such Securities under the Securities Act; provided,
however, that no such opinion of counsel will be required (A) if the sale, transfer or assignment complies with federal and
state securities laws and is made to a fund or other institutional investor that is an Affiliate of such Investor and which is
also an “accredited investor” as that term is defined in Rule 501 of Regulation D; provided, that such Affiliate
provides the Company with customary accredited investor and investment representations (comparable with those set forth in Section
2.2 hereof), and agrees to be bound by the terms and conditions of this Agreement, (B) if the sale, transfer or assignment is made
pursuant to Rule 144 and such Investor has complied with the obligations set forth in Section 4.8(a) above or (C) in connection
with a bona fide pledge or hypothecation of any Securities under a margin arrangement with a broker-dealer or other financial
institution or the sale of any such Securities by such broker-dealer or other financial institution following such Investor’s
default under such margin arrangement.

 

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4.10.         Disclosure
of Non-public Information. The Company agrees that it will not at any time following the Execution Date disclose material non-public
information to any Investor without first obtaining such Investor’s written consent to such disclosure, except to the extent
required by any Transaction Documents. For the avoidance of doubt, any information provided to the Battery Member or PAR Member
in its capacity as a member of the Board of Directors shall not be deemed a disclosure of information pursuant to this Section.

 

4.11.         Listing.
Provided the Company is eligible for trading or listing, as the case may be, the Company (i) has, or promptly following the Closing
shall, use its best efforts to include
all of the Warrant Shares issuable upon exercise of the Warrants (without regard to any limitation on such exercise) for trading
on the OTCBB, and (ii) shall use its best efforts to attain designation and quotation, or listing, of the Common Stock and Warrant
Shares on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange for
a minimum of five (5) years following the Closing Date or, in the event the Company is unable to attain such designation and quotation
or listing on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange,
to maintain the trading of the Common Stock on the OTCBB or any successor interdealer trading system for a minimum of five (5)
years following the Closing Date.

 

4.12.         Indemnification
of Investors. The Company will indemnify and hold each Investor and its directors, managers, officers, shareholders, members,
partners, employees and agents (each, an “Investor Party”) harmless from any and all losses, liabilities, obligations,
claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Investor Party may suffer or incur as a result of or relating to
(a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the
other Transaction Documents or (b) any action instituted against an Investor, or any of them or their respective Affiliates, by
any stockholder of the Company who is not an Affiliate of such Investor, with respect to any of the transactions contemplated by
the Transaction Documents (unless such action is based upon a breach of such Investor’s representations, warranties or covenants
under the Transaction Documents or any agreements or understandings such Investor may have with any such stockholder or any violations
by such Investor of state or federal securities laws or any conduct by such Investor which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Investor Party in respect of which indemnity may
be sought pursuant to this Agreement, such Investor Party shall promptly notify the Company in writing, and the Company shall have
the right to assume the defense thereof with counsel of its own choosing. Any Investor Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Investor Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in
writing, (ii) the Company has failed after a reasonable period of time following such Investor Party’s written request that
it do so, to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate
counsel, a material conflict on any material issue between the position of the Company and the position of such Investor Party.
The Company will not be liable to any Investor Party under this Agreement (i) for any settlement by an Investor Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (ii) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to such Investor Party’s wrongful actions
or omissions, or gross negligence or to such Investor Party’s breach of any of the representations, warranties, covenants
or agreements made by such Investor in this Agreement or in the other Transaction Documents.

 

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4.13.         Indemnification
of the Company. Each Investor, severally and not jointly and only to the extent of such Investor’s Purchase Price, will
indemnify and hold the Company and its directors, manager, officers, shareholders, employees and agents (each, a “Company
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Company
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by or on behalf of such Investor in this Agreement or in the other Transaction Documents or (b) any violations
by such Investor of state or federal securities laws or any conduct by such Investor which constitutes fraud, gross negligence,
willful misconduct or malfeasance. If any action shall be brought against any Company Party in respect of which indemnity may be
sought pursuant to this Agreement, such Company Party shall promptly notify the Investor in writing, and the Investor shall have
the right to assume the defense thereof with counsel of its own choosing. Any Company Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Company Party except to the extent that (i) the employment thereof has been specifically authorized by such Investor in
writing, (ii) the Investor has failed after a reasonable period of time following such Company Party’s written request that
it do so, to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate
counsel, a material conflict on any material issue between the position of such Investor and the position of such Company Party.
Such Investor will not be liable to any Company Party under this Agreement for any settlement by a Company Party effected without
such Investor’s prior written consent, which shall not be unreasonably withheld or delayed.

 

5.            Conditions
to Closing.

 

5.1.          Conditions
to Investors’ Obligations at the Closing. Each Investor’s obligations to effect the Closing, including without
limitation its obligation to purchase Shares and Warrants at the Closing, are conditioned upon the fulfillment (or waiver by such
Investor in its sole and absolute discretion) of each of the following events as of the Closing Date, and the Company shall use
commercially reasonable efforts to cause each of such conditions to be satisfied:

 

(a)          the
representations and warranties of the Company set forth in this Agreement and in the other Transaction Documents shall be true
and correct in all material respects as of such date as if made on such date (except that to the extent that any such representation
or warranty relates to a particular date, such representation or warranty shall be true and correct in all material respects as
of that particular date);

 

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(b)          the
Company shall have complied with or performed in all material respects all of the agreements, obligations and conditions set forth
in this Agreement that are required to be complied with or performed by the Company on or before the Closing;

 

(c)          the
Company shall have delivered to such Investor a certificate, signed by the Chief Executive Officer and Chief Financial Officer
of the Company, certifying that the conditions specified in Section 5.1(a), 5.1(b), 5.1(i), 5.1(j), 5.1(k) and 5.1(l) have been
fulfilled
as of the Closing, it being understood that such Investor may rely on such certificate as though it were a representation and warranty
of the Company made herein;

 

(d)          the
Company shall have delivered to such Investor an opinion of counsel for the Company, dated as of the Closing Date, in form and
substance reasonably satisfactory to such Investor;

 

(e)          the
Company shall have delivered to the Escrow Agent the duly executed Warrant being purchased by such Investor and the duly executed
Transfer Agent Instruction Letter;

 

(f)          the
Company shall have executed and delivered to the Investor the Amended and Restated Registration Rights Agreement;

 

(g)          the
Company shall have delivered to such Investor a certificate, signed by the Secretary or an Assistant Secretary of the Company,
attaching (i) the charter and By-Laws of the Company, and (ii) resolutions passed by its Board of Directors to authorize the transactions
contemplated hereby and by the other Transaction Documents, and certifying that such documents are true and complete copies of
the originals and that such resolutions have not been amended or superseded, it being understood that such Investor may rely on
such certificate as a representation and warranty of the Company made herein;

 

(h)          the
Company shall have obtained the written agreement of each Specified Employee of the Company to refrain from selling shares of Common
Stock for the period specified in, and in accordance with, Section 4.1(k) hereof;

 

(i)          there
shall have occurred no material adverse change in the Company’s consolidated business or financial condition since the date
of the Company’s most recent financial statements contained in the Disclosure Documents;

 

(j)          the
Common Stock shall be traded on the OTCBB or listed on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market or the New York Stock Exchange;

 

(k)          the
Company shall have authorized and reserved for issuance the aggregate number of shares of Common Stock issuable upon exercise of
all of the Warrants to be issued at the Closing (such number to be determined without regard to any restriction on such exercise);

 

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(l)          there
shall be no injunction, restraining order or decree of any nature of any court or Government Authority of competent jurisdiction
that is in effect that restrains or prohibits the consummation of the transactions contemplated hereby and by the other Transaction
Documents;

 

(m)          the Company shall have waived any applicable anti-takeover measures
under Delaware law or the Company’s charter documents that may be triggered by the actions set forth in the Transaction Documents;

 

(n)          the
Company and the Investors shall have made filings, if any, required by the Hart-Scott-Rodino Anti-Trust Improvements Act, as amended;
and

 

(o)          the
Company shall have executed the Escrow Agreement.

 

5.2.          Conditions
to Company’s Obligations at the Closing. The Company’s obligations to effect the Closing with each Investor are
conditioned upon the fulfillment (or waiver by the Company in its sole and absolute discretion) of each of the following events
as of the Closing Date:

 

(a)          the
representations and warranties of such Investor set forth in this Agreement and in the other Transaction Documents shall be true
and correct in all material respects as of such date as if made on such date (except that to the extent that any such representation
or warranty relates to a particular date, such representation or warranty shall be true and correct in all material respects as
of that date);

 

(b)          such
Investor shall have complied with or performed all of the agreements, obligations and conditions set forth in this Agreement that
are required to be complied with or performed by such Investor on or before the Closing;

 

(c)          there
shall be no injunction, restraining order or decree of any nature of any court or Government Authority of competent jurisdiction
that is in effect that restrains or prohibits the consummation of the transactions contemplated hereby and by the other Transaction
Documents;

 

(d)          such
Investor shall have executed each Transaction Document to which it is a party and shall have delivered the same to the Company;
and

 

(e)          such
Investor shall have tendered to the Escrow Agent the Purchase Price for the Shares and the Warrant being purchased by it at the
Closing by wire transfer of immediately available funds.

 

6.            Miscellaneous.

 

6.1.          Survival;
Severability. The representations, warranties, covenants and indemnities made by the parties herein and in the other Transaction
Documents shall survive the Closing notwithstanding any due diligence investigation made by or on behalf of the party seeking to
rely thereon. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to
be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that
in such case the parties shall negotiate in good faith to replace such provision with a new provision which is not illegal, unenforceable or void, as long as such new provision does not materially change the
economic benefits of this Agreement to the parties.

 

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6.2.          Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement. After the Closing, the Investors may assign their
respective rights and obligations hereunder, in connection with any private sale or transfer of the Shares or Warrants in accordance
with the terms hereof, as long as, as a condition precedent to such transfer, the transferee executes an acknowledgment agreeing
to be bound by the applicable provisions of this Agreement, in which case the term “Investor” shall be deemed to refer
to such transferee as though such transferee were an original signatory hereto. The Company may not assign its rights or obligations
under this Agreement.

 

6.3.          No
Reliance. Each party acknowledges that (i) it has such knowledge in business and financial matters as to be fully capable of
evaluating this Agreement, the other Transaction Documents, and the transactions contemplated hereby and thereby, (ii) it is not
relying on any advice or representation or warranty of any other party in connection with entering into this Agreement, the other
Transaction Documents, or such transactions (other than the representations and warranties made in this Agreement or the other
Transaction Documents), (iii) it has not received from any party any assurance or guarantee as to the merits (whether legal, regulatory,
tax, financial or otherwise) of entering into this Agreement or the other Transaction Documents or the performance of its obligations
hereunder and thereunder, and (iv) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting
advisors to the extent that it has deemed necessary, and has entered into this Agreement and the other Transaction Documents based
on its own independent judgment and on the advice of its advisors as it has deemed necessary, and not on any view (whether written
or oral) expressed by any party.

 

6.4.          Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor hereunder are several and not joint with
the obligations of the other Investors hereunder, and no Investor shall be responsible in any way for the performance of the obligations
of any other Investor hereunder. The Company acknowledges and agrees that nothing contained herein or in any other agreement or
document delivered at Closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the
Investors as a partnership, an association, a joint venture or any other kind of entity, or a “group” as described
in Section 13(d) of the Exchange Act, or create a presumption that the Investors are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement. Each Investor has been represented by its own separate
counsel in connection with the transactions contemplated hereby, shall be entitled to protect and enforce its rights, including
without limitation rights arising out of this Agreement or the other Transaction Documents, individually, and shall not be required
to be join any other Investor as an additional party in any proceeding for such purpose.

 

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6.5.          Injunctive
Relief. The parties hereto acknowledge and agree that a breach by either of their obligations hereunder will cause irreparable
harm the other party and that the remedy or remedies at law for any such breach will be inadequate and agrees, in the event of
any such breach, in addition to all other available remedies, the non-breaching party shall be entitled to an injunction restraining
any breach and requiring immediate and specific performance of such obligations.

 

6.6.          Investors’
Trading Activity. The Company acknowledges that, following the filing of the Current Report on Form 8-K described in paragraph
4.1 above, each Investor shall have the right to purchase or sell, long or short, Common Stock and instruments or contracts whose
value is derived from the market value of the Common Stock, and that sales of or certain derivative transactions relating to the
Common Stock may have a negative impact on the market price of the Common Stock.

 

6.7.          Governing
Law; Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of New York applicable to
contracts made and to be performed entirely within the State of New York. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts sitting 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 and hereby irrevocably waives, and agrees not to assert in
any such 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 in effect for 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. In any action, suit or proceeding in any
jurisdiction brought by any party against any other party, the parties each knowingly and intentionally, to the greatest extent
permitted by applicable law, hereby absolutely, unconditionally, irrevocably and expressly waives forever trial by jury.

 

6.8.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together
shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission.

 

6.9.          Headings.
The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement.

 

    	33

    	 

    

 

6.10.         Notices.
Any notice, demand or request required or permitted to be given by the Company or the Investor pursuant to the terms of this Agreement
shall be in writing and shall be deemed delivered (i) when delivered personally or by verifiable facsimile transmission, unless
such delivery is made on a day that is not a Business Day, in which case such delivery will be deemed to be made on the next succeeding
Business Day, (ii) on the next Business Day after timely delivery to an overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), addressed as
follows:

 

	If to the Company:	Joel Ackerman, Chief Executive Officer
	 	Champions Oncology, Inc.
	 	One University Plaza
		Suite 307
	 	Hackensack, NJ 07601
	 	Tel (201) 808-8400
	 	Fax (201) 357-5216
	 	jackerman@championsoncology.com
	with a copy	 
	(which shall not constitute notice)to:	Adam D. So, Esq.
	 	Epstein Becker & Green, P.C.
	 	250 Park Avenue
	 	New York, NY 10177
	 	Tel (212) 351-3788
	 	Fax (212) 878-8693
	 	ASo@ebglaw.com 

 

and if to any Investor, to such address
for such Investor as shall appear on the signature page hereof executed by such Investor, or as shall be designated by such Investor
in writing to the Company in accordance with this Section 6.10.

 

6.11.         Expenses.
The Company and each Investor shall pay all costs and expenses that it incurs in connection with the negotiation, execution, delivery
and performance of this Agreement or the other Transaction Documents, provided, however, that that the Company shall, at
the Closing, pay up to $50,000 to Battery and $25,000 to PAR in immediately available funds for all reasonable, documented out-of-pocket
expenses (including without limitation reasonable legal fees and expenses) incurred or to be incurred by Battery and PAR, as applicable
in connection with their due diligence investigation of the Company and the negotiation, preparation, execution, delivery and performance
of this Agreement and the other Transaction Documents.

 

6.12.         Entire
Agreement; Amendments.  This Agreement and the other Transaction Documents constitute the entire agreement between the parties
with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral,
between or among the parties. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended except
pursuant to a written instrument executed by the Company and the holders of at least a majority of the Shares and Warrant Shares
into which all of the Warrants then outstanding are exercisable (without regard to any limitation on such exercise), and no provision
hereof may be waived other than by a written instrument signed by the party against whom enforcement of any such waiver is sought.
Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

[Signature Pages to Follow]

 

    	34

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Securities Purchase Agreement as of the date first-above written.

 

	 	CHAMPIONS ONCOLOGY, INC.
	 	 	 
	 	By:	/s/ Joel Ackerman
	 	 	Joel Ackerman
	 	 	Chief Executive Officer

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	Battery Ventures IX, L.P.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	Battery Partners IX, LLC	 
	 	General Partner	 

 

	By:	/s/ Scott Tobin	 
	Name:	Scott Tobin	 
	Title:	Member Manager	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:        6,930,700

 

Number of Warrants to be Purchased:    693,070

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	Battery Investment Partners IX, LLC	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	Battery Partners IX, LLC	 
	 	Managing Member	 

 

	By:	/s/ Scott Tobin	 
	Name:	Scott Tobin	 
	Title:	Member Manager	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:          69,300

 

Number of Warrants to be Purchased:     6,930

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	PAR Investment Partners, L.P.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	PAR Group, L.P., Its general partner	 
	 	By:	PAR Capital Management, Inc., its general partner	 

 

	By:	/s/ Steven M. Smith	 
	Name:	Steven M. Smith	 
	Title:	Chief Operating Officer and General Counsel	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:        10,000,000

 

Number of Warrants to be Purchased:   1,000,000

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	Harris & Harris Group, Inc.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	/s/ Sandra M. Forman	 
	Name:	Sandra M. Forman	 
	Title:	General Counsel	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:       400,000

 

Number of Warrants to be Purchased:  40,000

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	 	 	Signature:	/s/ Joel Ackerman
	[Name of Entity]	 	Name:	Joel Ackerman

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:        500,000

 

Number of Warrants to be Purchased:   50,000

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	 	 	Signature:	/s/ Ronnie Morris
	[Name of Entity]	 	Name:	Ronnie Morris

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:
       500,000

 

Number of Warrants to be Purchased:   50,000

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:

 

	 	 	Signature:	/s/ Bernard Kaminetsky
	[Name of Entity]	 	Name:	Bernard Kaminetsky

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

_____________________________

_____________________________

Attention:

Tel:__________________________

Fax:__________________________

E-mail:________________________

Taxpayer ID#:__________________

 

With a copy to:

 

_____________________________

_____________________________

_____________________________

Attention:______________________

Tel___________________________

Fax

E-mail____________________

 

Number of Shares to be Purchased:        200,000

 

Number of Warrants to be Purchased:   20,000

 

    	 

    	 

    

 

SCHEDULE OF INVESTORS

 

 

	Name	 	Purchase 
 Price	 	Number of 
 Shares	 	Number of 

Warrants
	Battery Ventures IX, L.P.	 	$	3,465,350	 	 	 	6,930,700	 	 	 	693,070	 
	Battery Investment Partners IX, LLC	 	$	34,650	 	 	 	69,300	 	 	 	6,930	 
	PAR Investment Partners, L.P.	 	$	5,000,000.00	 	 	 	10,000,000	 	 	 	1,000,000	 
	Harris & Harris Group, Inc.	 	$	200,000.00	 	 	 	400,000	 	 	 	40,000	 
	Ronnie Morris, M.D.	 	$	250,000.00	 	 	 	500,000	 	 	 	50,000	 
	Joel Ackerman	 	$	250,000.00	 	 	 	500,000	 	 	 	50,000	 
	Bernard Kaminetsky 
	 	$	100,000.00	 	 	 	200,000	 	 	 	20,000	 
	TOTAL	 	$	9,300,000	 	 	 	18,600,000	 	 	 	1,860,000	 

 

    	 

    	 

    

  

DISCLOSURE SCHEDULE

 

TO

 

SECURITIES PURCHASE AGREEMENT

 

AMONG

 

CHAMPIONS ONCOLOGY, INC.

 

AND

 

BATTERY VENTURES IX, L.P.

BATTERY INVESTMENT PARTNERS IX, LLC

PAR INVESTMENT PARTNERS L.P.

AND

THE PARTIES LISTED ON THE SCHEDULE OF INVESTORS ATTACHED

THERETO

 

Dated as of January 28, 2013

 

    	 

    	 

    

 

INTRODUCTION

 

This Disclosure Schedule
(the “Disclosure Schedule”) is attached to and forms a part of the Securities Purchase Agreement, dated as of
January 28, 2013 (the “Agreement”), by and among Champions Oncology, Inc., a Delaware corporation (the
“Company”), Battery Ventures IX, L.P., PAR Investment Partners, L.P. and certain other parties listed
on the Schedule of Investors attached to the Agreement. Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to such terms in the Agreement.

 

The representations
and warranties of the Company in the Agreement are qualified by, and made subject to, the disclosures in this Disclosure Schedule.
Notwithstanding the foregoing, inclusion of information in this Disclosure Schedule shall not be construed as an admission that
such information is material to the business, assets, liabilities, financial condition, results of operations or prospects of the
Company or any Subsidiary, or otherwise material, or that such information is required to be included in the Disclosure Schedule,
and inclusion of information in connection with disclosure of matters that are not in the ordinary course of business shall not
be construed as an admission that the included items or actions are not in the ordinary course of business.

 

The numbers in the
Disclosure Schedule correspond to the Section numbers in the Agreement; however, any information disclosed herein under any Section
number shall be deemed to be disclosed and incorporated into any other paragraph under the Agreement where it is reasonably clear
on its face to a reader with no independent knowledge of the matters disclosed herein based on the description of the matter contained
in such Section that the disclosure relates to that Section.

 

    	 

    	 

    

 

SECTION 3.5

 

CAPITALIZATION AND DEBT OF COMPANY

 

Capitalization:

 

The authorized capital of the Company consists
of 125,000,000 shares of Common Stock, of which 50,423,678 shares are issued and 47,187,442 shares are outstanding immediately
prior to the issuance of the Shares to the Investors pursuant to the Agreement. Upon the consummation of the sale of the Shares
contemplated by the Agreement, the Company will issue 1,064,660 additional shares of Common Stock for no consideration to the 2011
Investors among the Company and such investors as part of certain anti-dilution rights such 2011 Investors have pursuant to the
2011 Securities Purchase Agreement.

 

Options to acquire 15,043,954 shares of
Common Stock have been granted and are outstanding pursuant to the Company’s stock option and equity incentive plans, and
15,043,954 shares of Common Stock have been reserved for issuance upon exercise of such options. 150,000 restricted shares of Common
Stock have been issued pursuant to the Company’s stock option and equity incentive plans, and are included in the number
of shares of Common Stock issued and outstanding set forth above.

 

Warrants to purchase 1,416,667 shares of
Common Stock (not including the Warrants issued pursuant to the Agreement) are outstanding, and 1,416,667 shares of Common Stock
have been reserved for issuance upon exercise of such warrants.

 

The Company has reserved 1,860,000 shares
of Common Stock for issuance upon exercise of the Warrants purchased pursuant to the Agreement.

 

As disclosed above, the 2011 Investors
have certain anti-dilution rights with respect to their shares of Common Stock pursuant to the 2011 Securities Purchase Agreement,
which will require the Company to issue additional shares of Common Stock to such 2011 Investors without consideration upon consummation
of the sale of the Shares contemplated by the Agreement, and may require the Company to issue additional shares of Common Stock
to such 2011 Investors without consideration under certain circumstances. The 2011 Warrants issued to the 2011 Investors also have
anti-dilution rights that will result in the revision of the exercise price of such 2011 Warrants upon the issuance of the Shares
and the Warrants pursuant to the Agreement, and may result in further revision to the exercise price of such 2011 Warrants under
certain circumstances. Such 2011 Investors also have certain put rights requiring the Company to repurchase their shares of Common
Stock under certain circumstances, and pre-emptive rights to participate in future financings, including the sale of the Shares
and the Warrants contemplated by the Agreement, both as set forth in the 2011 Securities Purchase Agreement.

 

Debt:

 

Other than as disclosed in the Company’s financial statements,
the Company has no material debt outstanding.

 

    	 

    	 

    

 

SECTION 3.8 (c)

 

TAX AND ADMINISTRATIVE PROCEEDINGS

 

None.

 

    	 

    	 

    

 

SECTION 3.8 (d)

 

DIRECTOR, OFFICER AND EMPLOYEE LEGAL
PROCEEDINGS

 

None.

 

    	 

    	 

    

 

SECTION 3.10

 

INTELLECTUAL PROPERTY EXCEPTIONS

 

None.

 

    	 

    	 

    

 

SECTION 3.11

 

REGISTRATION RIGHTS

 

The parties to the Registration Rights Agreement dated April
4, 2011 have registration rights with respect to shares of Common Stock and shares of Common Stock issuable upon exercise of warrants
purchased by such parties, including certain piggyback registration rights. This agreement will be amended and restated in its
entirety upon the effectiveness of the Amended and Restated Registration Rights Agreement.

 

    	 

    	 

    

 

SECTION 3.12

 

TRANSACTION AND BROKERAGE FEES

 

The Company has agreed to pay, at the Closing, up to $50,000
to Battery and $25,000 to PAR in immediately available funds for all reasonable, documented out-of-pocket expenses (including without
limitation reasonable legal fees and expenses) incurred or to be incurred by Battery and PAR, as applicable, in connection their
due diligence investigation of the Company and the negotiation, preparation, execution, delivery and performance of the Agreement
and the other Transaction Documents.

 

    	 

    	 

    

 

SECTION 3.18

 

COMPANY PENSION PLANS

 

2008 Equity Incentive Plan

 

2010 Equity Incentive PlaneXHIBIT
10.2

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of January 28, 2013 is by and between Champions Oncology, Inc., a Delaware
corporation (the “Company”), and each of the persons and entities (each referred to herein as an “Investor”
and, collectively, as the “Investors”) who are signatories to the 2011 Securities Purchase Agreement (as defined
below) and the 2013 Securities Purchase Agreement (as defined below), including those persons and entities whose names appear on
the signature pages hereof.

 

1.          The
Company sold to certain of the Investors (the “2011 Investors”) (i) shares (the “2011 Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and, to some of the 2011
Investors, Warrants (the “2011 Warrants”) to purchase additional shares of Common Stock (the “2011
Warrant Shares”), pursuant to a Securities Purchase Agreement dated as of March 24, 2011 (the “2011 Securities
Purchase Agreement”);

 

2.          In
connection with the 2011 Securities Purchase Agreement, the Company and the 2011 Investors entered into a Registration Rights Agreement
dated as of April 4, 2011 (the “2011 Registration Rights Agreement”), whereby the Company granted the 2011 Investors
certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”) with respect
to their 2011 Shares and 2011 Warrant Shares;

 

3.          The
Company has agreed, on the terms and subject to the conditions set forth in a Securities Purchase Agreement dated as of January
28, 2013 (the “2013 Securities Purchase Agreement”), to issue and sell to certain of the Investors (the “2013
Investors”) (i) shares (the “2013 Shares”) of Common Stock, and (ii) Warrants (the “2013
Warrants”) to purchase additional shares of Common Stock (the “2013 Warrant Shares”);

 

4.          In
order to induce the 2013 Investors to enter into the 2013 Securities Purchase Agreement, the Company has agreed to grant the 2013
Investors certain registration rights under the Securities Act with respect to their 2013 Shares and 2013 Warrant Shares; and

 

5.          The
2011 Investors who hold a majority of the 2011 Registrable Securities (as defined below) have agreed to amend and restate the 2011
Registration Rights Agreement in its entirety in accordance with Section 9(b) of the 2011 Registration Rights Agreement to document
the respective registration rights of the 2011 Investors and the 2013 Investors;

 

In consideration of the
2011 Investors entering into the 2011 Securities Purchase Agreement and the 2013 Investors entering into the 2013 Securities Purchase
Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree to and hereby amend and restate the 2011 Registration Rights Agreement as follows:

 

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

 

    	 

    	 

    

  

“Agreement”
has the meaning specified in the preamble.

 

“Battery”
means Battery Ventures IX, L.P.

 

“Black-out Period”
has the meaning specified in Section 5(a) of this Agreement.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which the Commission is closed or on which banks in the City of New York
are authorized by law to be closed.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
has the meaning specified in the recitals to this Agreement.

 

“Demand Date”
means a 2011 Demand Date or a 2013 Demand Date.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Effective Date”
means the date on which a Registration Statement is declared effective by the Commission.

 

“Filing Deadline”
means the forty-fifth (45th) calendar day following a Demand Date in the event the Company is eligible to register securities
on Form S-3 or the sixtieth (60th) calendar following a Demand Date in the event the Company is only eligible to register
securities on Form S-1.

 

“Holder”
means any person owning or having the right to acquire, through exercise of the 2011 Warrants, 2013 Warrants or otherwise, 2011
Registrable Securities or 2013 Registrable Securities, including initially each Investor and thereafter any permitted assignee
thereof.

 

“Investor”
and “Investors” have the meanings specified in the preamble to this Agreement.

 

“Losses”
has the meaning specified in Section 7(a) of this Agreement.

 

“PAR”
means PAR Investment Partners, L.P.

 

“Proposed Registration”
has the meaning specified in Section 3 of this Agreement.

 

“Registrable
Securities” means the 2011 Registrable Securities and the 2013 Registrable Securities.

 

“Registration
Deadline” means the earlier to occur of (i) the one hundred twentieth (120th) calendar day following a Demand
Date and (ii) the tenth (10th) Business Day following the day on which the Commission informs the Company that no review
of a Registration Statement will be made by the staff of the Commission or that the staff of the Commission has no further comments
on a Registration Statement.

 

    	2

    	 

    

 

“Registration
Period” means, with respect to a particular Registration Statement, the period beginning on the Closing Date (as defined
in the 2013 Securities Purchase Agreement) and ending on the earlier to occur of (i) the date on which all of the Registrable Securities
eligible for resale under such Registration Statement have been publicly sold pursuant to either such Registration Statement or
Rule 144 or (ii) the date on which any and all of the Registrable Securities remaining to be sold under such Registration Statement
(in the reasonable opinion of legal counsel to the Company) may be sold to the public under Rule 144 under the Securities Act or
any successor provision in a 90 day period without volume limitations.

 

“Registration
Statement” means a 2011 Registration Statement or 2013 Registration Statement, prepared in compliance with the Securities
Act.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Securities
Act” has the meaning specified in the recitals to this Agreement.

 

“2011 Demand
Date” means the date upon which Battery submits notice to the Company requesting registration of the 2011 Registrable
Securities.

 

“2011 Investors”
has the meaning specified in the recitals to this Agreement.

 

“2011 Registrable
Securities” means (i) the 2011 Shares and the 2011 Warrant Shares and any other shares of Common Stock issuable pursuant
to the terms of the 2011 Securities Purchase Agreement or the 2011 Warrants and (ii) any shares of capital stock issued or issuable
from time to time (with any adjustments) in replacement of, in exchange for or otherwise with respect of the 2011 Shares or the
2011 Warrant Shares.

 

“2011 Registration
Rights Agreement” has the meaning specified in the recitals to this Agreement.

 

“2011 Registration
Statement” means a registration statement filed by demand of Battery pursuant to Section 2(a).

 

“2011 Securities
Purchase Agreement” has the meaning specified in the recitals to this Agreement.

 

“2011 Shares”
has the meaning specified in the recitals to this Agreement.

 

“2011 Warrants”
has the meaning specified in the recitals to this Agreement.

 

“2011 Warrant
Shares” has the meaning specified in the recitals to this Agreement.

 

“2013 Demand
Date” means the date upon which Battery or PAR submits notice to the Company requesting registration of the 2013 Registrable
Securities.

 

    	3

    	 

    

 

“2013 Investors”
has the meaning specified in the recitals to this Agreement.

 

“2013 Registrable
Securities” means (i) the 2013 Shares and the 2013 Warrant Shares and any other shares of Common Stock issuable pursuant
to the terms of the 2013 Securities Purchase Agreement or the 2013 Warrants and (ii) any shares of capital stock issued or issuable
from time to time (with any adjustments) in replacement of, in exchange for or otherwise with respect of the 2013 Shares or the
2013 Warrant Shares.

 

“2013 Registration
Statement” means a registration statement filed by demand of Battery or PAR pursuant to Section 2(b).

 

“2013 Securities
Purchase Agreement” has the meaning specified in the recitals to this Agreement.

 

“2013 Shares”
has the meaning specified in the recitals to this Agreement.

 

“2013 Warrants”
has the meaning specified in the recitals to this Agreement.

 

“2013 Warrant
Shares” has the meaning specified in the recitals to this Agreement.

 

Capitalized terms used
herein and not otherwise defined shall have the respective meanings specified in the 2013 Securities Purchase Agreement.

 

2.          Registration.

 

2.1           2011
Registrable Securities Demand Registration Rights.

 

(a)          Form
S-1 Demand. If at any time after the date of this Agreement, (A) the Company does not qualify to register the resale of the
Registrable Securities on a continuous basis pursuant to Rule 415 on Form S-3 and (B) the Company receives a request from Battery
that the Company file a Form S-1 registration statement with respect to the 2011 Registrable Securities, then the Company shall
as soon as practicable, and in any event by the Filing Deadline, file a Form S-1 registration statement under the Securities Act
covering the resale on a continuous basis pursuant to Rule 415 of all 2011 Registrable Securities that Battery requested to be
registered, and in each case, subject to the limitations set forth herein; provided, however, that Battery shall
only have the right to make two demands for registration of the 2011 Registrable Securities on Form S-1 for so long as the Company
does not qualify to register the resale of the Registrable Securities on a continuous basis pursuant to Rule 415 on Form S-3.

 

(b)          Form
S-3 Demand. If at any time after the date of this Agreement, (A) the Company qualifies to register the resale of the Registrable
Securities on a continuous basis pursuant to Rule 415 on Form S-3 and (B) the Company receives a request from Battery that the
Company file a Form S-3 registration statement with respect to 2011 Registrable Securities, then the Company shall as soon as practicable,
and in any event by the Filing Deadline, file a Form S-3 registration statement under the Securities Act covering the resale on
a continuous basis pursuant to Rule 415 of all 2011 Registrable Securities that Battery requested to be registered, and in each
case, subject to the limitations set forth herein; provided, however, that Battery shall only have the right to make
two demands for registration on Form S-3 per year.

 

    	4

    	 

    

 

(c)          Participation
Right. In the event a registration demand is made pursuant to Section 2(a)(i) or Section 2(a)(ii) above, the Company shall
promptly, but in any event no later than two (2) Business Days following the 2011 Demand Date send a written notice to each of
the Holders of 2013 Registrable Securities indicating that such registration demand has been made and in reasonable detail any
material information relating to the desired offering known to the Company at such time. Each Holder of 2013 Registrable Securities
shall have ten (10) Business Days from its receipt of such notice to deliver to the Company a written request specifying the amount
of Registrable Securities that such Holder intends to sell and such Holder’s intended method of distribution. Upon receipt
of such request, the Company shall use its best efforts to cause all Registrable Securities which the Company has been requested
to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance
with the intended methods of distribution specified in the request of such Holder. If, in connection with any underwritten public
offering for the account of the Holders of 2011 Registrable Securities, the managing underwriter(s) thereof shall impose in writing
a limitation on the number of shares of Common Stock which may be included in a registration statement because, in the good faith
judgment of such underwriter(s), marketing or other factors dictate such limitation is necessary to facilitate such offering, then
the Company shall be obligated to include in the registration statement only such limited portion of the Registrable Securities
with respect to which each Holder has requested inclusion hereunder as such underwriter(s) shall permit. Any exclusion of Registrable
Securities shall be made first, to the 2013 Registrable Securities pro rata amongst the Holders thereof seeking to include 2013
Registrable Securities in such registration statement, in proportion to the number of 2013 Registrable Securities sought to be
included by such Holders of 2013 Registrable Securities and second, to the 2011 Registrable Securities pro rata amongst the Holders
thereof seeking to include 2011 Registrable Securities in such registration statement, in proportion to the number of 2011 Registrable
Securities sought to be included by such Holders of 2011 Registrable Securities; provided, however, that the Company shall
not exclude any Registrable Securities unless the Company has first excluded all securities sought to be offered on account of
the Company and any non-Registrable Securities.

 

2.2           2013
Registrable Securities Demand Registration Rights.

 

(a)          Form
S-1 Demand. If at any time after December 31, 2013, (A) the Company does not qualify to register the resale of the Registrable
Securities on a continuous basis pursuant to Rule 415 on Form S-3 and (B) the Company receives a request from Battery or PAR that
the Company file a Form S-1 registration statement with respect to the 2013 Registrable Securities, then the Company shall as soon
as practicable, and in any event by the Filing Deadline, file a Form S-1 registration statement under the Securities Act covering
the resale on a continuous basis pursuant to Rule 415 of all 2013 Registrable Securities that Battery or PAR requested to be registered,
and in each case, subject to the limitations set forth herein; provided, however, that each of Battery and PAR shall
only have the right to make two demands for registration on Form S-1 for so long as the Company does not qualify to register the
resale of the Registrable Securities on a continuous basis pursuant to Rule 415 on Form S-3.

 

    	5

    	 

    

 

(b)          Form
S-3 Demand. If at any time after December 31, 2013, (A) the Company qualifies to register the resale of the Registrable Securities
on a continuous basis pursuant to Rule 415 on Form S-3 and (B) the Company receives a request from Battery or PAR that the Company
file a Form S-3 registration statement with respect to the 2013 Registrable Securities, then the Company shall as soon as practicable,
and in any event by the Filing Deadline, file a Form S-3 registration statement under the Securities Act covering the resale on
a continuous basis pursuant to Rule 415 of all 2013 Registrable Securities that Battery or PAR requested to be registered, and
in each case, subject to the limitations set forth herein; provided, however, that each of Battery and PAR shall
only have the right to make two demands for registration on Form S-3 per year.

 

(c)          Participation
Right. In the event a registration demand is made pursuant to Section 2(b)(i) or Section 2(b)(ii) above, the Company shall
promptly, but in any event no later than two (2) Business Days following the 2011 Demand Date send a written notice to each of
the Holders of 2011 Registrable Securities indicating that such registration demand has been made and in reasonable detail any
material information relating to the desired offering known to the Company at such time. Each Holder of 2011 Registrable Securities
shall have ten (10) Business Days from its receipt of such notice to deliver to the Company a written request specifying the amount
of Registrable Securities that such Holder intends to sell and such Holder’s intended method of distribution. Upon receipt
of such request, the Company shall use its best efforts to cause all Registrable Securities which the Company has been requested
to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance
with the intended methods of distribution specified in the request of such Holder. If, in connection with any underwritten public
offering for the account of the Holders of 2011 Registrable Securities, the managing underwriter(s) thereof shall impose in writing
a limitation on the number of shares of Common Stock which may be included in a registration statement because, in the good faith
judgment of such underwriter(s), marketing or other factors dictate such limitation is necessary to facilitate such offering, then
the Company shall be obligated to include in the registration statement only such limited portion of the Registrable Securities
with respect to which each Holder has requested inclusion hereunder as such underwriter(s) shall permit. Any exclusion of Registrable
Securities shall be made first, to the 2011 Registrable Securities pro rata amongst the Holders thereof seeking to include 2011
Registrable Securities in such registration statement, in proportion to the number of 2011 Registrable Securities sought to be
included by such Holders of 2011 Registrable Securities and second, to the 2013 Registrable Securities pro rata amongst the Holders
thereof seeking to include 2013 Registrable Securities in such registration statement, in proportion to the number of 2013 Registrable
Securities sought to be included by such Holders of 2013 Registrable Securities; provided, however, that the Company shall
not exclude any Registrable Securities unless the Company has first excluded all securities sought to be offered on account of
the Company and any non-Registrable Securities.

 

2.3           Effectiveness.
The Company shall use its best efforts to cause each Registration Statement to become effective as soon as practicable following
the filing thereof, but in no event later than the Registration Deadline. The Company shall respond promptly to any and all comments
made by the staff of the Commission with respect to a Registration Statement. The Company will maintain the effectiveness of each
Registration Statement filed pursuant to this Agreement for the Registration Period.

 

    	6

    	 

    

 

2.4           Registration
Default. If (i) a Registration Statement is not filed on or before the Filing Deadline or declared effective by the Commission
on or before the Registration Deadline, (ii) after the Registration Statement has been declared effective by the Commission, sales
of Registrable Securities (other than such Registrable Securities as are then freely saleable pursuant to Rule 144) cannot be made
by Battery (in the case of a 2011 Registration Statement), or Battery or PAR (in the case of a 2013 Registration Statement) under
such Registration Statement for any reason not within the exclusive control of Battery or PAR, as applicable, and for a reason
that is under the control of the Company (other than during a Black-out Period (as defined below)), (iii) the Common Stock ceases
to be traded on the electronic Bulletin Board or listed on the Nasdaq Stock Market or the New York Stock Exchange, or (iv) an amendment
or supplement to a Registration Statement, or a new registration statement, required to be filed pursuant to the terms of Section
4(j) below, is not filed on or before the date required by such Section (each of the foregoing clauses (i), (ii), (iii) or (iv)
being referred to herein as a “Registration Default”), the Company shall make cash payments to Battery or PAR,
as applicable, equal to one percent (1%) of the aggregate Purchase Price paid by Battery or PAR, as applicable, for its Registrable
Securities requested to be included in such Registration Statement, for each thirty (30) day period in which a Registration Default
exists, such payment to be pro rated for any portion of any such thirty (30) day period; provided that such payment
may not exceed 10% of the aggregate Purchase Price paid by Battery or PAR, as applicable, for its Registrable Securities requested
to be included in such Registration Statement. Each such payment required to be made under this Section 2(d) shall be made within
five (5) Business Days following the last day of each calendar month in which a Registration Default exists. The foregoing represents
the sole monetary remedy to Battery or PAR, as applicable, for a Registration Default. In no event shall the Company be required
to pay cash payments in excess of the applicable amount set forth above, regardless of whether one or multiple Registration Defaults
exist.

 

2.5           Registration
of Other Securities. During the period beginning on the date hereof and ending on the Effective Date for the first Registration
Statement filed hereunder, the Company shall refrain from filing any registration statement registering the resale of shares other
than (i) a Registration Statement filed hereunder or (ii) a registration statement on Form S-8 with respect to stock option plans
and agreements and stock plans currently in effect and disclosed in the 2013 Securities Purchase Agreement or the schedules thereto.
In no event shall the Company include any securities other than Registrable Securities on any Registration Statement filed by the
Company on behalf of Battery or PAR pursuant to the terms hereof without the consent of such requesting Investor.

 

    	7

    	 

    

 

3.          Piggyback
Registration. If, at any time prior to the termination of the Registration Period, (i) the Company proposes to register shares
of Common Stock under the Securities Act in connection with the public offering of such shares for cash (a “Proposed Registration”)
other than a registration statement on Form S-8 or Form S-4 or any successor or other forms promulgated for similar purposes and
(ii) a Registration Statement covering the sale of all of the Registrable Securities is not then effective and available for sales
thereof by the Holders, the Company shall, at such time, promptly give each Holder written notice of such Proposed Registration.
Each Holder shall have ten (10) Business Days from its receipt of such notice to deliver to the Company a written request specifying
the amount of Registrable Securities that such Holder intends to sell and such Holder’s intended method of distribution.
Upon receipt of such request, the Company shall use its best efforts to cause all Registrable Securities which the Company has
been requested to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition
in accordance with the intended methods of distribution specified in the request of such Holder; provided, however,
that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 3 without obligation
to the Holders. If, in connection with any underwritten public offering for the account of the Company or for stockholders of the
Company that have contractual rights to require the Company to register shares of Common Stock, the managing underwriter(s) thereof
shall impose in writing a limitation on the number of shares of Common Stock which may be included in a registration statement
because, in the good faith judgment of such underwriter(s), marketing or other factors dictate such limitation is necessary to
facilitate such offering, then the Company shall be obligated to include in the registration statement only such limited portion
of the Registrable Securities with respect to which each Holder has requested inclusion hereunder as such underwriter(s) shall
permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable
Securities in a registration statement, in proportion to the number of Registrable Securities sought to be included by such Holders;
provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded
all outstanding securities that are not entitled to inclusion in the registration statement or are not entitled to pro rata
inclusion with the Registrable Securities; and provided, further, that, after giving effect to the immediately preceding
proviso, any exclusion of Registrable Securities shall be made pro rata with Holders of other securities having the right
to include such securities in the registration statement.

 

4.          Obligations
of the Company. In addition to performing its obligations hereunder, including without limitation those pursuant to Sections
2 and 3 above, the Company shall, with respect to each Registration Statement:

 

4.1           prepare
and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection
with such Registration Statement as may be necessary to comply with the provisions of the Securities Act or to maintain the effectiveness
of such Registration Statement during the Registration Period, or as may be reasonably requested by a Holder in order to incorporate
information concerning such Holder or such Holder’s intended method of distribution;

 

4.2           promptly
following the Closing if the Company is so eligible, use its best efforts to secure the listing on the Nasdaq Capital Market, the
Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange or quotation on the over-the-counter Bulletin
Board of the Registrable Securities, and provide each Holder with reasonable evidence thereof;

 

4.3           so
long as a Registration Statement is effective covering the resale of the applicable Registrable Securities owned by a Holder, furnish
to each Holder such number of copies of the prospectus included in such Registration Statement, including a preliminary prospectus,
in conformity with the requirements of the Securities Act, and such other documents as such Holder may reasonably request in order
to facilitate the disposition of such Holder’s Registrable Securities;

 

    	8

    	 

    

 

4.4           use
commercially reasonable efforts to register or qualify the Registrable Securities under the securities or “blue sky”
laws of such jurisdictions within the United States as shall be reasonably requested from time to time by a Holder, and do any
and all other acts or things which may reasonably be necessary or advisable to enable such Holder to consummate the public sale
or other disposition of the Registrable Securities in such jurisdictions; provided that the Company shall not be required
in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such jurisdiction;

 

4.5           notify
each Holder immediately after becoming aware of the occurrence of any event (but shall not, without the prior written consent of
such Holder, disclose to such Holder any facts or circumstances constituting material non-public information) as a result of which
the prospectus included in such Registration Statement, as then in effect, contains an untrue statement of material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing, and as promptly as practicable prepare and file with the Commission and furnish to each Holder a reasonable
number of copies of a supplement or an amendment to such prospectus as may be necessary so that such prospectus does not contain
an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing;

 

4.6           use
commercially reasonable efforts to prevent the issuance of any stop order or other order suspending the effectiveness of such Registration
Statement and, if such an order is issued, to use commercially reasonable efforts to obtain the withdrawal thereof at the earliest
possible time and to notify each Holder in writing of the issuance of such order and the resolution thereof;

 

4.7           furnish
to each Holder, on the date that such Registration Statement, or any successor registration statement, becomes effective, a letter,
dated such date, signed by an officer of the Company or of outside counsel to the Company (and reasonably acceptable to such Holder)
addressed to such Holder, confirming such effectiveness and, to the knowledge of such officer or counsel, the absence of any stop
order;

 

4.8           provide
to each Holder and its representatives the reasonable opportunity to conduct, subject to confidentiality agreements reasonably
acceptable to the Company, a reasonable inquiry of the Company’s financial and other records during normal business hours
and make available during normal business hours and with reasonable advance notice its officers, directors and employees for questions
regarding information which such Holder may reasonably request in order to fulfill any due diligence obligation on its part;

 

4.9           permit
counsel for Battery (if such Registration Statement is pursuant to a demand by Battery) or PAR (if such Registration Statement
is pursuant to a demand by PAR) to review such Registration Statement and all amendments and supplements thereto, and any comments
made by the staff of the Commission concerning such Holder and/or the transactions contemplated by the Transaction Documents and
the Company’s responses thereto, within a reasonable period of time prior to the filing thereof with the Commission (or,
in the case of comments made by the staff of the Commission, within a reasonable period of time following the receipt thereof by
the Company); and

 

    	9

    	 

    

 

4.10         in
the event that, at any time, the number of shares available under the Registration Statement is insufficient to cover the Registrable
Securities, the Company shall promptly amend such Registration Statement or file a new registration statement, in any event as
soon as practicable, but not later than the tenth (10th) day following notice from a Holder
of the occurrence of such event, so that such Registration Statement or such new registration statement, or both, covers no less
than the total number of Registrable Shares. The Company shall use its best efforts to cause such amendment and/or new Registration
Statement to become effective as soon as practicable following the filing thereof. Unless and until such amendment or new
Registration Statement becomes effective, each Holder shall have the rights described in Section 2(d) above.

 

5.          Permitted
Suspension.

 

5.1           Black-Out
Period. Notwithstanding the Company’s obligations under this Agreement, if in the good faith judgment of the Company,
following consultation with legal counsel, it would be detrimental to the Company or its stockholders for resales of Registrable
Securities to be made pursuant to the Registration Statement due to the existence of a material development involving the Company
which the Company would be obligated to disclose in the Registration Statement, which disclosure would be premature or otherwise
inadvisable at such time or would have a Material Adverse Effect upon the Company and its stockholders, the Company shall have
the right to suspend the use of the Registration Statement for a period of not more than thirty (30) days (the “Black-out
Period”); provided, however, that the Company may so defer or suspend the use of the Registration Statement
for no more than thirty (30) days in any twelve-month period and not within 30 days of the end of any prior Black-out Period.

 

5.2           Suspension.
Notwithstanding anything to the contrary contained herein or in the 2011 Securities Purchase Agreement or 2013 Securities Purchase
Agreement, if the use of the Registration Statement is suspended by the Company, the Company shall promptly give written notice
of the suspension to the Holders and shall promptly notify the Holders in writing as soon as the use of the Registration Statement
may be resumed.

 

6.          Obligations
of Each Holder. In connection with the registration of Registrable Securities pursuant to a Registration Statement, and as
a condition to the Company’s obligations under Section 2 hereof, each Holder shall:

 

6.1           timely
furnish to the Company in writing (i) a completed selling securityholder questionnaire and (ii) such information in writing regarding
itself and the intended method of disposition of such Registrable Securities as the Company shall reasonably request in order to
effect the registration thereof;

 

6.2           upon
receipt of any notice from the Company of the happening of any event of the kind described in Sections 4(e) or 4(f) or of the commencement
of a Black-out Period, immediately discontinue any sale or other disposition of such Registrable Securities pursuant to such Registration
Statement until the filing of an amendment or supplement as described in Section 4(e) or withdrawal of the stop order referred
to in Section 4(f), or the termination of the Black-out Period, as the case may be, and use commercially reasonable efforts to
maintain the confidentiality of such notice and its contents;

 

    	10

    	 

    

 

6.3           to
the extent required by applicable law, deliver a prospectus to the purchaser of such Registrable Securities;

 

6.4           notify
the Company when it has sold all of the Registrable Securities held by it; and

 

6.5           notify
the Company in the event that any information supplied by such Holder in writing for inclusion in such Registration Statement or
related prospectus is untrue or omits to state a material fact required to be stated therein or necessary to make such information
not misleading in light of the circumstances then existing; immediately discontinue any sale or other disposition of such Registrable
Securities pursuant to such Registration Statement until the filing of an amendment or supplement to such prospectus as may be
necessary so that such prospectus does not contain an untrue statement of material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and
use commercially reasonable efforts to assist the Company as may be appropriate to make such amendment or supplement effective
for such purpose.

 

7.          Indemnification.
In the event that any Holder’s Registrable Securities are included in a Registration Statement under this Agreement:

 

7.1           To
the extent permitted by law, the Company shall indemnify and hold harmless such Holder, the officers, directors, employees, agents
and representatives of such Holder, and each person, if any, who controls such Holder within the meaning of the Securities Act
or the Exchange Act, against any losses, claims, damages, liabilities or reasonable out-of-pocket expenses (whether joint or several)
(collectively, including reasonable legal expenses or other expenses reasonably incurred in connection with investigating or defending
same, “Losses”), insofar as any such Losses arise out of or are based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in such Registration Statement under which such Registrable Securities were registered,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or (ii) the
omission or alleged omission to state therein 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. Subject to the provisions of Section 7(c) below,
the Company will reimburse such Holder, and each such officer, director, employee, agent, representative or controlling person,
for any reasonable legal expenses or other out-of-pocket expenses as reasonably incurred by any such entity or person in connection
with investigating or defending any Loss; provided, however, that the foregoing indemnity shall not apply to amounts paid
in settlement of any Loss if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld), nor shall the Company be obligated to indemnify any person for any Loss to the extent that such Loss is (i) based upon
and is in conformity with written information furnished by a Holder expressly for use in such Registration Statement or (ii) based
on a failure of such person to deliver or cause to be delivered the final prospectus contained in the Registration Statement and
made available by the Company, if such delivery is required by applicable law. The Company shall not enter into any settlement
of a Loss that does not provide for the unconditional release of such Holder from all liabilities and obligations relating to such
Loss.

 

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7.2           To
the extent permitted by law, each Holder who is named in such Registration Statement as a selling stockholder, acting severally
and not jointly, shall indemnify and hold harmless the Company, the officers, directors, employees, agents and representatives
of the Company, and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act,
against any Losses to the extent (and only to the extent) that any such Losses are based upon and in conformity with written information
furnished by such Holder expressly for use in such Registration Statement. Subject to the provisions of Section 7(c) below, such
Holder will reimburse any legal or other expenses as reasonably incurred by the Company and any such officer, director, employee,
agent, representative, or controlling person, in connection with investigating or defending any such Loss; provided, however,
that the foregoing indemnity shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without
the consent of such Holder (which consent shall not be unreasonably withheld); and provided, further, that, in no event
shall any indemnity under this Section 7(b) exceed the net proceeds resulting from the sale of the Registrable Securities sold
by such Holder under such Registration Statement.

 

7.3           Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section
7, promptly 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 assume the defense thereof with counsel selected by the indemnifying party and reasonably acceptable
to the indemnified party; provided, however, that an indemnified party shall have the right to retain its own counsel,
with the reasonably incurred fees and expenses of one such counsel for all indemnified parties to be paid by the indemnifying party,
if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate under applicable
standards of professional conduct due to actual or potential conflicting interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action, to the extent prejudicial to its ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this Section 7 with respect to such action, but the omission
so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 7 or with respect to any other action unless the indemnifying party is materially prejudiced
as a result of not receiving such notice.

 

    	12

    	 

    

 

7.4           In
the event that the indemnity provided in paragraph (a) or (b) of this Section 7 is unavailable or insufficient to hold harmless
an indemnified party for any reason, the Company and each Holder agree, severally and not jointly, to contribute to the aggregate
Losses to which the Company or such Holder may be subject in such proportion as is appropriate to reflect the relative fault of
the Company and such Holder in connection with the statements or omissions which resulted in such Losses; provided, however,
that in no case shall such Holder be responsible for any amount in excess of the net proceeds resulting from the sale of the Registrable
Securities sold by it under the Registration Statement. Relative fault shall be determined by reference to whether any alleged
untrue statement or omission relates to information provided by the Company or by such Holder. The Company and each Holder agree
that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation
which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph
(d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who is not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each person
who controls a Holder within the meaning of either the Securities Act or the Exchange Act and each officer, director, employee,
agent or representative of such Holder shall have the same rights to contribution as such Holder, and each person who controls
the Company within the meaning of either the Securities Act or the Exchange Act and each officer, director, employee, agent or
representative of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable
terms and conditions of this paragraph (d).

 

7.5           The
obligations of the Company and each Holder under this Section 7 shall survive the exercise of the 2011 Warrants or 2013 Warrants
(to the degree held by such Holder) in full, the completion of any offering or sale of Registrable Securities pursuant to a Registration
Statement under this Agreement, or otherwise.

 

8.          Reports.
With a view to making available to each Holder the benefits of Rule 144 and any other similar rule or regulation of the Commission
that may at any time permit such Holder to sell securities of the Company to the public without registration, the Company agrees
(until all of the Registrable Securities have been sold under a Registration Statement or pursuant to Rule 144) to:

 

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

 

8.2           file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act; and

 

8.3           furnish
to such Holder, so long as such Holder owns any Registrable Securities, promptly upon written request (i) a written statement by
the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(ii) to the extent not publicly available through the Commission’s EDGAR database, a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company with the Commission, and (iii) such other information
as may be reasonably requested by such Holder in connection with such Holder’s compliance with any rule or regulation of
the Commission which permits the selling of any such securities without registration.

 

9.          Miscellaneous.

 

9.1           Expenses
of Registration. Except as otherwise provided in the 2011 Securities Purchase Agreement and the 2013 Securities Purchase Agreement,
all reasonable expenses, other than underwriting discounts and commissions and fees and expenses of counsel and other advisors
to each Holder, incurred in connection with the registrations, filings or qualifications described herein, including (without limitation)
all registration, filing and qualification fees, printers’ and accounting fees, the fees and disbursements of counsel for
the Company, and the fees and disbursements incurred in connection with the opinion or letter described in Section 4(g) hereof,
shall be borne by the Company.

 

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9.2           Amendment;
Waiver. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended or waived except pursuant
to a written instrument executed by the Company and the Holders of a majority of the Registrable Securities that are either then
outstanding or are issuable on exercise of the 2011 Warrants or the 2013 Warrants then outstanding (without regard to any limitation
on such exercise); provided that (i) any amendment or waiver that adversely affects the 2011 Registrable Securities or the
Holders thereof must be approved by the Holders of a majority of the 2011 Registrable Securities that are either then outstanding
or are issuable on exercise of the 2011 Warrants then outstanding (without regard to any limitation on such exercise) and (ii)
any amendment or waiver that adversely affects the 2013 Registrable Securities or the Holders thereof must be approved by the Holders
of a majority of the 2013 Registrable Securities that are either then outstanding or are issuable on exercise of the 2013 Warrants
then outstanding (without regard to any limitation on such exercise). Any amendment or waiver effected in accordance with this
paragraph shall be binding upon each Holder, each future Holder and the Company. The failure of any party to exercise any right
or remedy under this Agreement or otherwise, or the delay by any party in exercising such right or remedy, shall not operate as
a waiver thereof.

 

9.3           Notices.
Any notice, demand or request required or permitted to be given by the Company or a Holder pursuant to the terms of this Agreement
shall be in writing and shall be deemed delivered (i) when delivered personally or by verifiable facsimile transmission, unless
such delivery is made on a day that is not a Business Day, in which case such delivery will be deemed to be made on the next succeeding
Business Day, (ii) on the next Business Day after timely delivery to a reputable overnight courier and (iii) on the Business Day
actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), addressed
as follows:

 

If to the Company:

 

Joel Ackerman, Chief Executive
Officer

Champions Oncology, Inc.

One University Plaza

Suite 307

Hackensack, NJ 07601

Tel (201) 808-8400

Fax (201) 357-5216

jackerman@championsoncology.com

 

with a copy (which shall not
constitute notice) to:

 

Adam D. So, Esquire

Epstein Becker & Green,
P.C.

250 Park Avenue

New York, NY 10177-1211

Tel (212) 351-8600

Fax (212) 878-8693

aso@ebglaw.com

 

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and if to a Holder, to such address as
set forth in the 2011 Securities Purchase Agreement or the 2013 Securities Purchase Agreement (as applicable) or as otherwise shall
be designated by such Holder in writing to the Company.

 

9.4           Assignment.
Upon the transfer of any Registrable Securities by a Holder, the rights of such Holder hereunder with respect to such securities
so transferred shall be assigned automatically to the transferee thereof, and such transferee shall thereupon be deemed to be a
“Holder” for purposes of this Agreement, as long as: (i) the Company is, within a reasonable period of time following
such transfer, furnished with written notice of the name and address of such transferee, (ii) the transferee agrees in writing
with the Company to be bound by all of the provisions hereof, and (iii) such transfer is made in accordance with the applicable
requirements of the 2011 Securities Purchase Agreement or the 2013 Securities Purchase Agreement, as applicable.

 

9.5           Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall be deemed
one and the same instrument. This Agreement, once executed by a party, may be delivered to any other party hereto by facsimile
transmission.

 

9.6           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within the State of New York.

 

9.7           Holder
of Record. A person is deemed to be an Holder whenever such person owns or is deemed to own of record 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 record owner of such Registrable
Securities.

 

9.8           Entire
Agreement. This Agreement and the other Transaction Documents referenced in the 2011 Securities Purchase Agreement or the 2013
Securities Purchase Agreement, as applicable, 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, other than those set forth or referred
to herein and therein. This Agreement and the other Transaction Documents referenced in the 2011 Securities Purchase Agreement
or the 2013 Securities Purchase Agreement, as applicable, supersede all prior agreements and understandings among the parties hereto
with respect to the subject matter hereof and thereof. In particular, this Agreement amends and restates the 2011 Registration
Rights Agreement in its entirety.

 

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

 

    	15

    	 

    

 

9.10         Third
Party Beneficiaries. 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.

[Signature Pages to Follow]

 

    	16

    	 

    

 

IN WITNESS WHEREOF, the
undersigned have executed this Amended and Restated Registration Rights Agreement as of the date first-above written.

 

	CHAMPIONS ONCOLOGY, INC.
	 
	By:	/s/ Joel Ackerman	 
	 	Joel Ackerman	 
	 	Chief Executive Officer	 

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

 

AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT

 

CHAMPIONS ONCOLOGY, INC.

SECURITIES PURCHASE AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	Battery Ventures IX, L.P.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	Battery Partners IX, LLC	 
	 	General Partner	 
	 	 	 
	By:	/s/ Scott Tobin	 
	Name:	Scott Tobin	 
	Title:	Member Manager	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax: ___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	Battery Investment Partners IX, LLC	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	Battery Partners IX, LLC	 
	 	Managing Member	 
	 	 	 
	By:	/s/ Scott Tobin	 
	Name:	Scott Tobin	 
	Title:	Member Manager	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	PAR Investment Partners, L.P.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	PAR Group, L.P., Its general partner	 
	 	By:        PAR Capital Management, Inc., its general partner
	 	 	 
	By:	/s/ Steven M. Smith	 
	Name:	Steven M. Smith	 
	Title:	Chief Operating Officer and General Counsel	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

 

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	Harris & Harris Group, Inc.	 	Signature:	 
	[Name of Entity]	 	Name:	 

 

	By:	/s/ Sandra M. Forman	 
	Name:	Sandra M. Forman	 
	Title:	General Counsel	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

  

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	 	 	Signature:	/s/ Joel Ackerman
	[Name of Entity]	 	Name:	Joel Ackerman

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

  

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	 	 	Signature:	/s/ Ronnie Morris
	[Name of Entity]	 	Name:	Ronnie Morris

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

 

    	 

    	 

    

  

CHAMPIONS ONCOLOGY, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

Counterpart Signature Page

 

	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
	 	 	 
	 	 	Signature:	/s/ Bernard Kaminetsky
	[Name of Entity]	 	Name:	Bernard Kaminetsky

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

ADDRESS:

______________________________

______________________________

Attention:

Tel:___________________________

Fax:___________________________

E-mail:_________________________

Taxpayer ID#:___________________

 

With a copy to: 

______________________________

______________________________

______________________________

Attention:______________________

Tel____________________________

Fax

E-mail_________________________

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