Document:

Exhibit 4.2

 

Exhibit B
to

Securities
Purchase Agreement

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT
BE OFFERED FOR SALE, SOLD OR TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS SHALL BE EFFECTIVE WITH RESPECT
THERETO, OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER,
SALE OR TRANSFER. SUBJECT TO COMPLIANCE WITH THE REQUIREMENTS OF THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS, THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE PLEDGED OR HYPOTHECATED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY THIS
WARRANT OR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT.

 

WARRANT TO
PURCHASE COMMON STOCK

 

OF

 

LIPID SCIENCES, INC.

 

	
  Issue Date: September        ,
  2005

  	
   

  	
  Warrant
  No. B-       

  

 

THIS CERTIFIES that                            
(the “Holder”) of this Series B
Warrant (this “Warrant”), has the right to
purchase from LIPID SICENCES, INC., a Delaware corporation (the “Company”), up to             
fully paid and nonassessable shares of the Company’s common stock, par value
$0.001 per share (the “Common Stock”),
subject to adjustment as provided herein, at a price per share equal to the
Exercise Price (as defined below), at any time beginning on the date on which
this Warrant is issued (the “Issue Date”)
and ending at 5:00 p.m., New York City time, on the date that is ninety
(90) days after the Effective Date (the “Expiration Date”).  This Warrant is issued pursuant to a
Securities Purchase Agreement, dated as of September 28, 2005 (the “Securities Purchase Agreement”).  Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the
Securities Purchase Agreement.

 

 

1.             Exercise.

 

(a)           Right to Exercise;
Exercise Price.  Subject to the terms
and conditions set forth herein, the Holder shall have the right to exercise
this Warrant at any time and from time to time during the period beginning on
the Issue Date and ending on the Expiration Date as to all or any part of the
shares of Common Stock covered hereby (the “Warrant
Shares”).  The “Exercise Price” for each Warrant
Share purchased by the Holder upon the exercise of this Warrant shall be equal
to $3.73 (subject to adjustment for the events specified in Section 5
of this Warrant).

 

(b)           Exercise
Notice.  In order to exercise this
Warrant, the Holder shall deliver, at any time prior to 5:00 p.m. New York City
time on the Business Day on which the Holder wishes to effect such exercise
(the “Exercise Date”), to the
Company an executed copy of the notice of exercise in the form attached hereto
as Exhibit A (the “Exercise
Notice”), the original Warrant and the Exercise Price.  The Exercise Notice shall also state the name
or names (with address) in which the shares of Common Stock that are issuable
on such exercise shall be issued.  In the
case of a dispute as to the calculation of the Exercise Price or the number of
Warrant Shares issuable hereunder (including, without limitation, the
calculation of any adjustment pursuant to Section 5 of this Warrant),
the Company shall promptly issue to the Holder the number of Warrant Shares
that are not disputed and shall submit the disputed calculations to a certified
public accounting firm of national recognition (other than the Company’s
independent accountants) promptly following the date on which the Exercise
Notice is delivered to the Company.  The
Company shall cause such accountant to calculate the Exercise Price and/or the
number of Warrant Shares issuable hereunder and to notify the Company and the
Holder of the results in writing within no later than ten (10) Business Days
following the day on which such accountant received the disputed calculations
(the “Dispute Procedure”).  Such
accountant’s calculation shall be deemed conclusive absent manifest error.  The fees of any such accountant shall be
borne by the party whose calculations were most at variance with those of such
accountant.

 

(c)           Holder of Record.  The Holder shall, for all purposes, be deemed
to have become the holder of record of the Warrant Shares specified in an
Exercise Notice as of 5:00 p.m. New York City time on the Exercise Date,
irrespective of the date of delivery of such Warrant Shares.  Except as specifically provided herein,
nothing in this Warrant shall be construed as conferring upon the Holder hereof
any rights as a stockholder of the Company prior to the Exercise Date.

 

(d)           Cancellation of
Warrant.  This Warrant shall be
canceled upon its exercise and, if this Warrant is exercised in part, the Company
shall, at the time that it delivers Warrant Shares to the Holder pursuant to
such exercise as provided herein, issue a new warrant, and deliver to the
Holder a certificate representing such new warrant, with terms identical in all
respects to this Warrant (except that such new warrant shall be exercisable
into the number of shares of Common Stock with respect to which this Warrant
shall remain unexercised); provided, however, that the Holder shall be entitled to exercise all
or any portion of such new warrant at any time following the time at which this
Warrant is exercised, regardless of whether the Company has actually issued
such new warrant or delivered to the Holder a certificate therefor.

 

2.             Delivery of
Warrant Shares Upon Exercise.  Upon
exercise pursuant to Section 1 of this Warrant, the Company shall
deliver within a reasonable time, not exceeding (A) the close of

 

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business on the third (3rd) Business Day following the Exercise Date
and (B) with respect to Warrant Shares that are the subject of a Dispute
Procedure, the close of business on the third (3rd) Business Day following the
determination made pursuant to Section 1(b) of this Warrant
(each of the dates specified in (A) and (B) being referred to as a “Delivery Date”), issue and deliver
or caused to be delivered to the Holder the number of Warrant Shares as shall
be determined as provided herein.  The
Company shall effect delivery of Warrant Shares to the Holder by, as long as the
Transfer Agent participates in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer program (“FAST”), crediting the account
of the Holder or its nominee at DTC (as specified in the applicable Exercise
Notice) with the number of Warrant Shares required to be delivered, no later
than the close of business on such Delivery Date.  In the event that the Transfer Agent is not a
participant in FAST, or if the Warrant Shares are not otherwise eligible for
delivery through FAST, or if the Holder so specifies in an Exercise Notice or
otherwise in writing on or before the Exercise Date, the Company shall effect
delivery of Warrant Shares by delivering to the Holder or its nominee physical
certificates representing such Warrant Shares, no later than the close of
business on such Delivery Date.  The
certificates representing the Warrant Shares may bear legends in accordance
with the Securities Purchase Agreement or applicable law.

 

3.             Failure to Deliver
Warrant Shares.

 

(a)           In the event that the
Company fails for any reason to deliver to the Holder the number of Warrant
Shares specified in the applicable Exercise Notice on or before the Delivery
Date therefor (an “Exercise
Default”), the Company shall pay to the Holder payments (“Exercise Default Payments”)
in the amount of (i) (N/365) multiplied by (ii) the aggregate
Exercise Price of the Warrant Shares which are the subject of such Exercise
Default multiplied by (iii) the lower of twelve percent (12%) per annum
and the maximum rate permitted by applicable law (the “Default Interest Rate”),
where “N” equals the number of days elapsed between the original Delivery Date
of such Warrant Shares and the date on which all of such Warrant Shares are
issued and delivered to the Holder.  Cash
amounts payable hereunder shall be paid on or before the fifth (5th) Business
Day of each calendar month following the calendar month in which such amount
has accrued.  Notwithstanding anything in
this Warrant to the contrary, the Company is not obligated to issue any shares
in excess of the Holder’s Allocation Amount (as defined in Section 4(b) of
this Warrant), the failure to deliver such Warrant Shares shall not be an
Exercise Default, and no Exercise Default Payment shall be due with regards to
such Warrant Shares.

 

(b)           In the event that the
Holder has not received certificates representing the Warrant Shares on or
before the Delivery Date, the Holder may, upon written notice to the Company
(an “Exercise Default Notice”), regain on
the date of such notice the rights of the Holder under the exercised portion of
this Warrant that is the subject of such Exercise Default.  In such event, the Holder shall retain all of
the Holder’s rights and remedies with respect to the Company’s failure to
deliver such Warrant Shares (including without limitation the right to receive
the cash payments specified in Section 3(a) of this Warrant).

 

(c)           The Holder’s rights and
remedies hereunder are cumulative, and no right or remedy is exclusive of any
other.  In addition to the amounts
specified herein, the Holder shall have the right to pursue all other remedies
available to it at law or in equity (including, without limitation, a decree of
specific performance and/or injunctive relief). 
Nothing herein shall limit the Holder’s right to

 

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pursue actual damages for the Company’s failure to issue and deliver
Warrant Shares on the applicable Delivery Date.

 

4.             Exercise
Limitations.

 

(a)           In no event shall a
Holder be permitted to exercise this Warrant, or part hereof, if, upon such
exercise the number of shares of Common Stock beneficially owned by the Holder
(other than shares which would otherwise be deemed beneficially owned except
for being subject to a limitation on exercise analogous to the limitation contained
in this Section 4(a)), would exceed 4.99% of the number of
shares of Common Stock then issued and outstanding.  As used herein, beneficial ownership shall be
determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and the rules thereunder.  To the extent that the limitation contained
in this Section 4(a) applies, the submission of an Exercise
Notice by the Holder shall be deemed to be the Holder’s representation that
this Warrant is exercisable pursuant to the terms hereof and the Company shall
be entitled to rely on such representation without making any further inquiry
as to whether this Section 4(a) applies.  Nothing contained herein shall be deemed to
restrict the right of a Holder to exercise this Warrant, or part thereof, at
such time as such exercise will not violate the provisions of this Section 4(a).  This Section 4(a) may not be
amended unless such amendment is approved by the holders of a majority of the
Common Stock then outstanding; provided, however, that the limitations
contained in this Section 4(a) shall cease to apply (x) upon
thirty (30) days’ prior written notice from the Holder to the Company, or (y)
immediately upon written notice from the Holder to the Company at any time
after the public announcement or other disclosure of a Major Transaction (as
defined in Section 5(c) of this Warrant).

 

(b)           Notwithstanding
anything to the contrary in this Warrant, the Series A Warrant or the
Securities Purchase Agreement, no Holder shall be entitled to receive at any
time upon exercise of this Warrant a number of Warrant Shares that when added
to (i) the number of Warrant Shares previously received by such Holder
upon exercise of this Warrant plus (ii) the number of shares of Common
Stock previously purchased by such Holder pursuant to the Securities Purchase
Agreement plus (iii) the number of shares of Common Stock previously
received by such Holder upon exercise of its Series B Warrant, would
exceed the product of (A) the Cap Amount and (B) such Holder’s Pro
Rata Share (such product, the “Allocation Amount”).  In the event that any Investor to which this
Warrant was originally issued shall sell or otherwise transfer any part of this
Warrant, the remaining Warrant Shares allocable to such transferring Investor’s
Allocation Amount shall be allocated between the transferring Investor and the
transferee in proportion to amount of this Warrant being transferred.

 

5.             Anti-Dilution
Adjustments; Distributions; Other Events. 
The Exercise Price and the number of Warrant Shares issuable hereunder
shall be subject to adjustment from time to time as provided in this Section 5.

 

(a)           Subdivision
or Combination of Common Stock.  If
the Company, at any time after the Issue Date, subdivides (by any stock split,
stock dividend, recapitalization, reorganization, reclassification or
otherwise) its outstanding Common Stock or (ii) subdivides its outstanding
shares of Common Stock into a greater number of shares, then after the date of
record for effecting such subdivision, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced.  If the Company, at any time after the Issue
Date, combines (by reverse

 

4

 

stock split,
recapitalization, reorganization, reclassification or otherwise) its shares of
Common Stock into a smaller number of shares, then, after the date of record
for effecting such combination, the Exercise Price in effect immediately prior
to such combination will be proportionally increased.

 

(b)           Distributions.  If the Company shall declare or make any
distribution of its assets (or rights to acquire its assets) to holders of
Common Stock as a partial liquidating dividend or otherwise (including any
dividend or distribution to the Company’s stockholders in cash or shares (or
rights to acquire shares) of capital stock of a subsidiary) (a “Distribution”), the Company
shall deliver written notice of such Distribution (a “Distribution Notice”) to the Holder at least twenty (20)
Business Days prior to the earlier to occur of (i) the record date for
determining stockholders entitled to such Distribution (the “Record Date”) and (ii) the date
on which such Distribution is made (the “Distribution Date”).  The Holder shall be entitled to a reduction
in the Exercise Price as of the Record Date therefor, such reduction to be
effected by reducing the Exercise Price in effect on the Business Day
immediately preceding the Record Date by an amount equal to the fair market
value of the assets to be distributed divided by the number of shares of
Common Stock as to which such Distribution is to be made, such fair market
value to be reasonably determined in good faith by the independent members of
the Company’s Board of Directors.

 

(c)           Major Transactions.  In the event of a merger, consolidation,
business combination, tender offer, exchange of shares, recapitalization,
reorganization, redemption or other similar event, as a result of which shares
of Common Stock shall be changed into the same or a different number of shares
of the same or another class or classes of stock or securities or other assets
of the Company or another entity or the Company shall sell all or substantially
all of its assets (each of the foregoing being a “Major
Transaction”), the Company will give the Holder at least twenty
(20) Trading Days’ written notice prior to the earlier of (I) the closing or
effectiveness of such Major Transaction and (II) the record date for the
receipt of such shares of stock or securities or other assets, and the Holder
shall be permitted to exercise this Warrant in whole or in part at any time
prior to the record date for the receipt of such consideration and shall be
entitled to receive, for each share of Common Stock issuable to the Holder upon
such exercise, the same per share consideration payable to the other holders of
Common Stock in connection with such Major Transaction.  If and to the extent that the Holder retains
this Warrant or any portion hereof following such record date, the Company will
cause the surviving or, in the event of a sale of assets, purchasing entity, as
a condition precedent to such Major Transaction, to assume the obligations of
the Company with respect to this Warrant, with such adjustments to the Exercise
Price and the securities covered hereby as may be necessary in order to
preserve the economic benefits of this Warrant to the Holder.  The failure to give any notice required by
this Section 5(c) or any defect therein shall not affect the
legality or validity of any Major Transaction or the vote upon any such action.

 

(d)           Adjustments;
Additional Shares, Securities or Assets. 
In the event that at any time, as a result of an adjustment made
pursuant to this Section 5, the Holder of this Warrant shall, upon
exercise of this Warrant, become entitled to receive securities or assets
(other than Common Stock) then, wherever appropriate, all references herein to
shares of Common Stock shall be deemed to refer to and include such shares
and/or other securities or assets; and thereafter the number of such shares
and/or other securities or assets shall be subject to adjustment from time to
time in a manner and upon terms as nearly equivalent as practicable to the
provisions of this Section 5. 
Any adjustment made herein that results in a decrease in the Exercise
Price shall also effect a

 

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proportional increase in the number of shares of Common Stock into
which this Warrant is exercisable.

 

(e)           Board Discretion.  Notwithstanding any provision in this Warrant
to the contrary, subject to the prior written consent of the Holder, the Board
of Directors has the right to reduce the Exercise Price and/or increase the
number of Warrant Shares issuable under this Warrant at any time or from time
to time in its sole and absolute discretion.

 

6.             Fractional
Interests.

 

No fractional shares or scrip representing fractional shares shall be
issuable upon the exercise of this Warrant. 
If, on exercise of this Warrant, the Holder hereof would be entitled to
a fractional share of Common Stock or a right to acquire a fractional share of
Common Stock, the Company shall, in lieu of issuing any such fractional share,
pay to the Holder an amount in cash equal to the product resulting from
multiplying such fraction by the Market Price as of the Exercise Date.

 

7.             Transfer of this
Warrant.

 

The Holder may sell, transfer, assign, pledge or otherwise dispose of
this Warrant, in whole or in part, as long as such sale or other disposition is
made pursuant to an effective registration statement or an exemption from the
registration requirements of the Securities Act, and applicable state security
laws, and is otherwise made in accordance with the applicable provisions of the
Securities Purchase Agreement.  Upon such
transfer or other disposition, the Holder shall deliver this Warrant to the
Company together with a written notice to the Company, substantially in the
form of the Transfer Notice attached hereto as Exhibit B
(the “Transfer Notice”), indicating
the person or persons to whom this Warrant shall be transferred and, if less
than all of this Warrant is transferred, the number of Warrant Shares to be
covered by the part of this Warrant to be transferred to each such person.  Within three (3) Business Days of
receiving a Transfer Notice and the original of this Warrant, the Company shall
deliver to the transferee designated by the Holder a Warrant or Warrants of
like tenor and terms for the appropriate number of Warrant Shares and, if less
than all this Warrant is transferred, shall deliver to the Holder a Warrant for
the remaining number of Warrant Shares.

 

8.             Benefits of this
Warrant.

 

This Warrant shall be for the sole and exclusive benefit of the Holder
of this Warrant and nothing in this Warrant shall be construed to confer upon
any person other than the Holder of this Warrant any legal or equitable right,
remedy or claim hereunder.

 

9.             Loss, Theft,
Destruction or Mutilation of Warrant.

 

Upon receipt by the Company of evidence of the loss, theft, destruction
or mutilation of this Warrant, and (in the case of loss, theft or destruction)
of indemnity reasonably satisfactory to the Company, and upon surrender of this
Warrant, if mutilated, the Company shall execute and deliver a new Warrant of
like tenor and date.

 

6

 

10.           Notice or Demands.

 

Any notice, demand or request required or permitted to be given by the
Company or the Holder pursuant to the terms of this Warrant 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 and (ii) on the Business Day actually received
if deposited in the U.S. mail (certified or registered mail, return receipt
requested, postage prepaid) or sent via overnight courier, addressed as
follows:

 

If to the Company:

 

Lipid Sciences, Inc.
7068 Koll Center Parkway
Ste 401
Pleasanton, CA 94566
 
Attn:  Sandra Gardiner
Chief Financial Officer
Tel:  (925) 249-4000
Fax:  (925) 249-4080
 

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

 

Shearman & Sterling LLP
1080 Marsh Road
Menlo Park, CA 94025
 
Attn: James B. Bucher
Tel: (650) 838-3737
Fax: (650) 838-3699
 

and if to the Holder, to such address as shall be designated by the
Holder in writing to the Company.

 

11.           Applicable Law.

 

This Warrant is issued under
and shall for all purposes 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.

 

12.           Amendments.

 

No amendment, modification or
other change to, or waiver of any provision of, this Warrant may be made unless
such amendment, modification or change is (A) set forth in writing and is
signed by the Company and the Holder and (B) agreed to in writing by the
holders of at least

 

7

 

two-thirds
(2/3) of the number of shares into which the Warrants are exercisable (without
regard to any limitation contained herein on such exercise), it being
understood that upon the satisfaction of the conditions described in (A) and
(B) above, each Warrant (including any Warrant held by the Holder who did not
execute the agreement specified in (B) above) shall be deemed to
incorporate any amendment, modification, change or waiver effected thereby as
of the effective date thereof.

 

13.           Entire
Agreement.

 

This Warrant and the other Transaction
Documents constitute the entire agreement and supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter
hereof and thereof.

 

14.           Headings.

 

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

 

15.           Restrictions.

 

The Holder acknowledges that the shares acquired upon exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

 

16.           Successors and
Assigns.

 

Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon
the successors of the Company and the successors and permitted assigns of the
Holder.

 

[Signature Page to Follow]

 

8

 

IN WITNESS WHEREOF, the Company has duly executed and delivered this
Warrant as of the Issue Date.

 

 

	
   

  	
  LIPID SCIENCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  

 

 

EXHIBIT A to WARRANT

 

EXERCISE NOTICE

 

The undersigned Holder hereby irrevocably exercises the right to
purchase                    of
the shares of Common Stock (“Warrant Shares”) of LIPID SCIENCES, INC.
evidenced by the attached Warrant (the “Warrant”).  Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant.

 

	
  Number of Warrant Shares:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Exercise Price:

  	
  $

  	
   

  	
   

  
				

 

	
  Date:

  	
   

  	
   

  

 

 

	
   

  	
   

  
	
  Name of Registered Holder

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EXHIBIT B to WARRANT

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant
hereby sells, assigns and transfers unto the person or persons named below the
right to purchase                shares
of the Common Stock of LIPID SCIENCES, INC. evidenced by the attached
Warrant.  By signing this Transfer
Notice, the transferee agrees to be legally bound by the terms of the attached
Warrant and of the related Securities Purchase Agreement and Registration Rights
Agreement applicable to an Investor.

 

 

	
  Date: 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name of Registered Holder

  	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Accepted and Agreed:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Transferee Name

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Address:Exhibit 4.3

 

REGISTRATION RIGHTS
AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of September 28, 2005, is by and between LIPID SCIENCES, INC, a
Delaware corporation (the “Company”),
and each of the entities whose names appear on the signature pages hereof.  Such entities are each referred to herein as
an “Investor” and, collectively, as the “Investors.”

 

The Company
has agreed, on the terms and subject to the conditions set forth in the
Securities Purchase Agreement, dated as of September 28, 2005 (the “Securities Purchase Agreement”), to
issue and sell to each Investor named therein (1) shares (“Shares”) of the Company’s common
stock, par value $0.001 per share (the “Common Stock”),
(2) a Warrant in the form attached to the Securities Purchase Agreement as
Exhibit A thereto (each, a “Series A Warrant”
and, collectively with the other Series A Warrants issued thereunder, the “Series A Warrants”), and (3) a
Warrant in the form attached to the Securities Purchase Agreement as Exhibit B
thereto (each, a “Series B Warrant” and,
collectively with the other Series B Warrants issued thereunder, the “Series B Warrants”).  The Series A Warrants and the Series B
Warrants are collectively referred to herein as 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 and the Warrant Shares are
collectively referred to herein as the “Securities.”

 

In order to
induce each Investor to enter into the Securities Purchase Agreement, the
Company has agreed to provide certain registration rights under the Securities
Act of 1933, as amended (the “Securities Act”),
and under applicable state securities laws.

 

In
consideration of each Investor entering into the Securities Purchase Agreement,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

1.             DEFINITIONS.

 

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

 

“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.

 

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

 

“Filing Deadline”
means the thirtieth (30th) calendar day following the Closing Date.

 

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

 

 

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

 

“Registration Deadline”
means the earlier to occur of (i) the ninetieth (90th) calendar
day following the Closing Date and (ii) the fifth (5th)
Business Day following the day on which the Commission informs the Company that
no review of the Registration Statement will be made by the staff of the
Commission or that the staff of the Commission has no further comments on the
Registration Statement.

 

“Registration Period”
has the meaning set forth in Section 2(c) of this Agreement.

 

“Registration Statement”
means a registration statement or statements prepared in compliance with the
Securities Act and pursuant to Rule 415 under the Securities Act (“Rule 415”) or any successor rule providing
for the offering of securities on a continuous or delayed basis.

 

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

 

2.             REGISTRATION.

 

(a)           Filing of
Registration Statement.  On or before
the Filing Deadline, the Company shall prepare and file with the Commission a
Registration Statement on Form S-3 as a “shelf” registration statement
under Rule 415 covering the resale of a number of shares of Registrable
Securities equal to the Cap Amount.  Such
Registration Statement may also cover the resale of 233,834 shares of Common
Stock issuable pursuant to that certain Warrant and Shareholder Rights
Agreement issued by the Company to SRI on October 6, 2000 (the “SRI
Warrant”).  Such Registration Statement
shall state, to the extent permitted by Rule 416 under the Securities Act,
that it also covers such indeterminate number of additional shares of Common
Stock as may become issuable upon the exercise of the Warrants and the SRI
Warrant in order to prevent dilution resulting from stock splits, stock
dividends, recapitalization, reorganization reclassification or other event
that subdivides all of the outstanding shares of Common Stock.

 

(b)           Effectiveness.  The Company shall use reasonable best efforts
to cause the 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 the Registration Statement, and shall submit to the Commission,
within three (3) Business Days after the Company learns that no review of
the Registration Statement will be made by the staff of the Commission or that
the staff of the Commission has no further comments on the Registration
Statement, as the case may be, a request for acceleration of the effectiveness
of such Registration Statement to a time and date not later than two (2) Business
Days after the submission of such request. 
The Company will maintain the effectiveness of each Registration
Statement filed

 

2

 

pursuant to this Agreement until the earlier
to occur of (i) the date on which all of the Registrable Securities
eligible for resale thereunder have been publicly sold pursuant to either the
Registration Statement or Rule 144, and (ii) the date on which all of
the Registrable Securities remaining to be sold under such Registration
Statement may be immediately sold to the public under Rule 144(k) under
the Securities Act (“Rule 144(k)”)
or any successor provision (the period beginning on the Closing Date and ending
on the earlier to occur of (i) or (ii) above being referred to herein
as the “Registration
Period”).

 

(c)           For not a total of more
than twenty-five (25) Business Days in any twelve (12) month period, the
Company may, due to the existence of material non-public information concerning
the Company, suspend the use of any Prospectus included in any registration
statement contemplated by this Section if, in the good faith opinion of
the Company following consultation with legal counsel, such information would
be required to be disclosed in such Prospectus and the disclosure of such
information at such time would have a Material Adverse Effect upon the Company
(an “Allowed Delay”);
provided that the Company shall
promptly (a) notify the Holders in writing of the existence of (but in no
event, without the prior written consent of a Holder, shall the Company
disclose to such Investor any of the facts or circumstances regarding) material
non-public information giving rise to an Allowed Delay, (b) advise the
Investors in writing to cease all sales under the Registration Statement until
the end of the Allowed Delay and (c) use reasonable best efforts to
terminate an Allowed Delay as promptly as practicable.

 

(d)           Registration Default.  If (i) the 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, other than during an
Allowed Delay, sales of Registrable Securities (other than such Registrable
Securities as are then freely saleable pursuant to Rule 144(k)) cannot be
made by a Holder under a Registration Statement for any reason not within the
exclusive control of such Holder or (iii) other than during an Allowed
Delay, an amendment or supplement to a Registration Statement, or a new
registration statement, required to be filed pursuant to the terms of this
Agreement is not filed as required hereunder (each of the events described in
the foregoing clauses (i), (ii) and (iii) being referred to herein as
a “Registration Default”),
the Company shall make cash payments to each Holder equal to one and one-half
percent (1.5%) of the aggregate Purchase Price paid by such Holder for such
Holder’s Registrable Securities for each thirty (30) day period or part thereof
in which a Registration Default exists. Each such payment shall be paid
exclusively with respect to the Shares only, and for the avoidance of doubt,
not with respect to the Warrant Shares or any shares of Common Stock issuable
pursuant to the terms of the Warrants. 
Each such payment shall be 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.  Any such payment shall be in addition to any
other remedies available to each Holder at law or in equity, whether pursuant
to the terms hereof, the Securities Purchase Agreement or otherwise.

 

(e)           Allocation of
Warrant Shares. The initial number of Shares and Warrant Shares included in
any Registration Statement and each increase in the number thereof included therein
shall be allocated pro rata among
the Holders based on the aggregate number of Registrable Securities issued or
issuable to each Holder at the time the Registration Statement

 

3

 

covering such initial number of Registrable
Securities or increase thereof is declared effective by the Commission (such
number to be determined using the Exercise Price in effect at such time and
without regard to any restriction on the ability of a Holder to exercise such
Holder’s Warrant as of such date).  In
the event that a Holder sells or otherwise transfers any of such Holder’s
Registrable Securities, each transferee shall be allocated the portion of the
then remaining number of Registrable Securities included in such Registration
Statement allocable to the transferor.

 

(f)            Registration of
Other Securities.  During the period
beginning on the date hereof and ending on the Effective Date, the Company
shall refrain from filing any registration statement (other than (i) a
Registration Statement filed hereunder, (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 Securities Purchase Agreement or the schedules
thereto, or (iii) a registration statement on Form S-4 with respect
to an acquisition or other business combination involving the Company). In no
event shall the Company include any securities other than Registrable
Securities, 233,834 shares of Common Stock issuable upon exercise of the SRI
Warrant and such indeterminate number of additional shares of Common Stock as may
become issuable upon the exercise of the Warrants and the SRI Warrant in order
to prevent dilution resulting from stock splits, stock dividends,
recapitalization, reorganization reclassification or other event that
subdivides all of the outstanding shares of Common Stock on any Registration
Statement filed by the Company on behalf of the Holders pursuant to the terms
hereof

 

3.             OBLIGATIONS
OF THE COMPANY.

 

In addition to
performing its obligations hereunder, including, without limitation, those
pursuant to Section 2 of this Agreement, the Company shall, with
respect to each Registration Statement:

 

(a)           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;

 

(b)           promptly following the
Closing, secure the listing on the Principal Market of the Shares and all
Registrable Securities issuable upon exercise of the Warrants;

 

(c)           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;

 

(d)           use reasonable best
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

 

4

 

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;

 

(e)           notify each Holder
promptly 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;

 

(f)            use reasonable best
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,
use reasonable best efforts obtain the withdrawal thereof as promptly as
practicable and notify each Holder in writing of the issuance of such order and
the resolution thereof;

 

(g)           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 or counsel to the Company and addressed to such Holder, confirming such
effectiveness and, to the knowledge of such counsel, the absence of any stop
order;

 

(h)           provide to each Holder
and its representatives the reasonable opportunity to conduct 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; and

 

(i)            permit counsel for
each Holder 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).

 

4.             OBLIGATIONS
OF EACH HOLDER.

 

In connection
with the registration of Registrable Securities pursuant to a Registration
Statement, each Holder shall:

 

(a)           at least five (5) Business
Days prior to the first anticipated filing date of any Registration Statement,
furnish to the Company such information in writing regarding itself

 

5

 

(including a shareholder questionnaire) and
the intended method of disposition of such Registrable Securities as the
Company shall reasonably request in order to effect the registration thereof;

 

(b)           upon receipt of any
notice from the Company of the happening of any event of the kind described in Sections
2(c), 3(e) or 3(f) of this Agreement, immediately
discontinue any sale or other disposition of such Registrable Securities
pursuant to such Registration Statement until (i) in the case of any event
described in Section 2(c), notice from the Company that the Allowed
Delay has ended and sales under the Registration Statement may resume, (ii) the
filing of an amendment or supplement as described in Section 3(e) of
this Agreement or (iii) withdrawal of the stop order referred to in Section 3(f) of
this Agreement, and use reasonable best efforts to maintain the confidentiality
of such notice and its contents;

 

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

 

(d)           promptly notify the
Company when it has sold all of the Registrable Securities held by it; and

 

(e)           promptly 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 reasonable best efforts to assist the Company as may be appropriate to
make such amendment or supplement effective for such purpose.

 

5.             INDEMNIFICATION.

 

In the event
that any Registrable Securities are included in a Registration Statement under
this Agreement:

 

(a)           To the extent permitted
by law, the Company shall indemnify and hold harmless each Holder, the
officers, partners, managers, members, shareholders, 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 Securities
Exchange Act of 1934, as amended (the “Exchange Act”), against any and all losses,
claims, damages and other liabilities (whether joint or several) (collectively,
including reasonable legal expenses or other out-of-pocket 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

 

6

 

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.  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 arises out of or is based upon
(i) any disclosure or any omission or alleged omission (to state a material
fact required to be stated therein or necessary to make statements therein not
misleading) that is based upon or in conformity with written information
furnished (or not furnished, in the case of an omission) by such person
expressly for use in such Registration Statement or (ii) 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.

 

(b)           To the extent permitted
by law, each Holder who is named in such Registration Statement as a selling
shareholder, 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 and all Losses to the extent (and only to the extent) that any such Losses
arise out of or are based upon (i) any disclosure or any omission or
alleged omission (to state a material fact required to be stated therein or
necessary to make statements therein not misleading) that is based upon or in
conformity with written information furnished (or not furnished, in the case of
an omission) by such person expressly for use in such Registration Statement,
or (ii) a failure of such Holder 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 under applicable law.  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); provided, however, that, in no event shall any
indemnity under this Section 5(b) exceed the net proceeds
resulting from the sale of the Registrable Securities sold by such Holder under
such Registration Statement.

 

(c)           Promptly after receipt
by an indemnified party under this Section 5 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 5, 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 delivery of notice 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 5 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

 

7

 

otherwise than under this Section 5
or with respect to any other action unless the indemnifying party is materially
prejudiced as a result of not receiving such notice.

 

(d)           In the event that the
indemnity provided in Sections 5(a) or 5(b) of this
Agreement 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 Section 5(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 5,
each person who controls a Holder within the meaning of either the Securities
Act or the Exchange Act and each officer, partner, manager, member, shareholder,
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 Section 5(d).

 

(e)           The obligations of the
Company and each Holder under this Section 5 shall survive the
exercise of the Warrants in full, the completion of any offering or sale of
Registrable Securities pursuant to a Registration Statement under this
Agreement, or otherwise.

 

6.             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 to:

 

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

 

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

 

(c)           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 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

 

8

 

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.

 

7.             MISCELLANEOUS.

 

(a)           Expenses of Registration.  Except as otherwise provided in the
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 and letter described in Section 3(g) of
this Agreement, shall be borne by the Company.

 

(b)           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 at least
one-half (1/2) of the Registrable Securities that are either then outstanding
or are issuable on exercise of the Warrants then outstanding (without regard to
any limitation on such exercise). Any amendment or waiver effected in
accordance with this Section 7(b) 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.

 

(c)           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:

 

Lipid Sciences, Inc.

7068 Koll Center Parkway

Suite 401

Pleasanton, CA  94566

Attn:  Sandra Gardiner

Tel:  (925) 249-4000

Fax:  (925) 249-4080

 

9

 

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

 

James B. Bucher

Shearman & Sterling LLP

1080 Marsh Road

Menlo Park, CA  94025

Tel:  (650) 838-3737

Fax:  (650) 838-3699

 

and if to a Holder, to such address as shall be designated by such
Holder in writing to the Company.

 

(d)           Assignment.  Upon the transfer of any Warrant or
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
Securities Purchase Agreement or the Warrants, as applicable.

 

(e)           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.

 

(f)            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.

 

(g)           Holder of
Record.  A person is deemed
to be a Holder whenever such person owns or is deemed to own of record such
Registrable Securities.  If the Company
receives conflicting instructions, notices or elections from two or more
persons with respect to the same Registrable Securities, the Company shall act
upon the basis of instructions, notice or election received from the record
owner of such Registrable Securities.

 

(h)           Entire
Agreement. This Agreement and the other Transaction Documents
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 supersede all prior
agreements and understandings among the parties hereto with respect to the
subject matter hereof and thereof.

 

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

 

(j)            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]

 

10

 

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

 

LIPID SCIENCES, INC.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

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

 

	
   

  	
   

  	
  (INVESTOR NAME)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  (Name of General Partner/Manager, if applicable)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

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