Document:

Exhibit 10.4

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”) NOR IS SUCH REGISTRATION CONTEMPLATED. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED AT ANY TIME WHATSOEVER UNLESS REGISTERED UNDER THE ACT AND APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE, EXCEPT UPON DELIVERY
TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR THE
SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO IT AND TO ITS COUNSEL TO THE EFFECT THAT ANY SUCH TRANSFER
WILL NOT BE IN VIOLATION OF THE ACT, OR APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION
PROMULGATED THEREUNDER.

 

Warrant No.   FA-I      

 

 

 

WARRANT TO PURCHASE COMMON
STOCK OF

 

AMERICAN SANDS ENERGY CORP.

 

This
is to certify that, for value received, Merriman Capital, Inc., 600 California Street, 9th Floor, San Francisco, Calif.,
94108, or its successors and assigns (in each case, the “Holder”), is entitled to purchase, subject to the
provisions of this warrant (the “Warrant”), from American Sands Energy Corp. (the “Company”), at any
time during the period from the date hereof (the “Commencement Date”) until 5:00 p.m., Pacific time on November
7, 2018 (the “Expiration Date”), at which time this Warrant shall expire and become void, 17,857 shares
(“Warrant Shares”) of the Company's Common Stock, no par value (the “Common Stock”) at a per share
price equal to $0.35 (the “Exercise Price”). The number of shares of Common Stock to be received upon exercise of
this Warrant shall be adjusted from time to time as set forth below. This Warrant also is subject to the following terms and
conditions:

 

1. Exercise
of Warrant; Cashless Exercise. This Warrant may be exercised in full at any lime from and after the date hereof and before
the Expiration Date, but if such date is a holiday on which federal or state chartered banking institutions located in the State
of Utah are authorized to close, then on the next succeeding day which shall not be such a holiday. Exercise shall be by presentation
and surrender to the Company at its principal office. or at the office of any transfer agent designated by the Company, of (i)
this Warrant, (ii) the attached exercise form properly executed, and (iii) a check for the Exercise Price for the number of Warrant
Shares specified in the exercise form. Notwithstanding any provisions herein to the contrary, if the Market Price Per Share (as
defined below) is greater than the Exercise Price (as adjusted to the last trading day prior to the exercise date), in lieu of
exercising this Warrant for cash. The Holder may elect to receive full shares equal to the value (as determined below) of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with
a written notice of such election in which event the Company shall issue to the Holder a number of shares of Common Stock computed
using the following formula:

 

X = Y (A-B)

A

 

Where: X - the number of shares of Common Stock
to be issued to the Holder

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Y - the number of shares of Common Stock purchasable
under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled

 

Athe Market Price Per Share (as defined below)

 

B =
Exercise Price (as adjusted to the last trading day prior to the exercise date)

 

If this Warrant
is exercised in part only, the Company or its transfer agent shall, upon surrender of the Warrant, execute and deliver a new Warrant
evidencing the rights of the Holder to purchase the remaining number of Warrant Shares purchasable hereunder. Upon receipt by the
Company of this Warrant in proper form for exercise, accompanied by payment as aforesaid, the Holder shall be deemed to be the
holder of record of the Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered to the Holder.

 

2. Reservation
of Shares. The Company shall, at all times until the expiration of this Warrant, reserve for issuance and delivery upon exercise
of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon exercise of this Warrant. The
Company covenants that the shares of Common Stock issuable on exercise of the Warrant shall be duly and validly issued and fully
paid and non-assessable and free of liens, charges and all taxes with respect to the issue thereof.

 

3. Fractional Interests. The Company shall not issue any fractional shares or scrip representing fractional shares upon the exercise
or exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company
the exercise price and the number of shares shall be reduced to the nearest whole share to be delivered upon exercise.

 

4. No
Rights as Stockholder. This Warrant shall not entitle the Holder to any rights as a stockholder of the Company, either at law
or in equity. The rights of the Holder are limited to those expressed in this Warrant.

 

5. Right
To Include (“Piggy-Back”) Registrable Securities. Provided that the Common Stock underlying the Warrants have not
been registered, if at any time after the date hereof the Company proposes to register any of its securities under the 1933 Act
(other than by a registration in connection with an acquisition in a manner which would not permit registration of the securities
for sale to the public, or a registration on Form S-8, or any successor form thereto, or a registration on Form S-4, or any successor
form thereto) then the Company will at such time give prompt written notice to the Holder of its intention to do so. Upon the written
request or request via electronic mail of the Holder. made within ten (I 0) days after the receipt of such notice, choosing to
include any of the Common Stock underlying the Warrants, the Company will, subject to the terms of this Agreement, use its commercially
reasonable best efforts to effect the registration under the 1933 Act of the Common Stock underlying the Warrants. If at any time
post Closing, the Company closes on any other financing that grants to such investors “demand” registration rights,
the Holder shall be entitled to the same '”demand” rights granted to such investors.

 

6. Adjustments.

 

6.1
Subdivision or Combination of Shares. If the Company is recapitalized through the subdivision or combination of its outstanding
shares of Common Stock into a larger or smaller number of shares, the number of Warrant Shares shall be increased or reduced, as
of the record date for such recapitalization, in the same proportion as the increase or decrease in the outstanding shares of Common
Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the
purchase of all of the Warrant Shares issuable hereunder immediately after the record date for such recapitalization shall equal
the aggregate amount so payable immediately before such record date.

 

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6.2 Dividends in Common
Stock or Securities Convertible into Common Stock. If the Company declares a dividend or distribution on Common Stock payable
in Common Stock or securities convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be
exercised shall be increased, as of the record date for determining which holders of Common Stock shall be entitled to receive
such dividend, in proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion
of all such securities convertible into Common Stock) of Common Stock as a result of such dividend or distribution, and the Exercise
Price shall be adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately
after the record date for such dividend or distribution shall equal the aggregate amount so payable immediately before such record
date.

 

6.3 Distributions of Other Securities or Property.

 

(a) Other Securities.
If the Company distributes to holders of its Common Stock, other than as part of its dissolution or liquidation or the winding
up of its affairs, any of its securities (other than Common Stock or securities convertible into Common Stock) or any evidence
of indebtedness, then in each case, the number of Warrant Shares thereafter purchasable upon exercise of this Warrant shall be
determined by multiplying the number of Warrant Shares theretofore purchasable by a fraction, of which the numerator shall be the
then Market Price Per Share of Common Stock (as determined pursuant to Section 3) on the record date mentioned below in this Section
5.3(a), and of which the denominator shall be the then Market Price Per Share of Common Stock on such record date, less the then
fair value (as determined pursuant to Section 3) of the portion of the shares of the Company's capital stock or evidences of indebtedness
distributable with respect to each share of Common Stock. Such adjustment shall be made whenever any such distribution is made,
and shall become effective retroactively as of the record date for the determination of stockholders entitled to receive such distribution.

 

(b) Property. If the
Company distributes to the holders of its Common Stock, other than as a part of its dissolution or liquidation or the winding up
of its affairs, any of its assets (including cash), the Exercise Price per Warrant Share shall be reduced, without any further
action by the parties hereto, by the Per Share Value (as hereinafter defined) of the dividend or distribution. For the purposes
of this Section 5.3(b), the “Per Share Value” of any dividend or distribution other than cash shall be equal to the fair
market value of such non-cash distribution on each share of Common Stock as determined in good faith by the Board of Directors
of the Company; for dividends or distributions of cash, the Per Share Value thereof shall be the cash distributed per share of
Common Stock.

 

6.4 Merger, Sale
of Assets. If at any time while this Warrant, or any portion thereof, is outstanding and unexpired there shall be (i) a
reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein),
(ii) a merger or consolidation of the Company with or into another corporation in which the Company is not the surviving
entity, or a reverse triangular merger in which the Company is the surviving entity but the shares of the Company's capital
stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in the
form of securities, cash, or otherwise, or (iii) a sale or transfer of the Company's properties and assets as, or
substantially as, an entirety to any other person, then, as a part of such reorganization, merger, consolidation, sale or
transfer, lawful provision shall be made so that the holder of this Warrant shall thereafter be entitled to receive upon
exercise of this Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the
number of shares of stock or other securities or property of the successor corporation resulting from such reorganization,
merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been
entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised
immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as
provided in this Section 5. The foregoing provisions of this Section 5.4 shall similarly apply to successive
reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any other corporation that
are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as determined in good
faith by the Company's Board of Directors) shall be made in the application of the provisions of this Warrant with respect to
the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be
applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that
event upon exercise of this Warrant.

 

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consolidation, sale or transfer that a holder
of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation,
merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale
or transfer, all subject to further adjustment as provided in this Section 5. The foregoing provisions of this Section 5.4 shall
similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any
other corporation that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment (as
determined in good faith by the Company's Board of Directors) shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall
be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that
event upon exercise of this Warrant.

 

6.5 Reclassification.
If the Company, at any time while this Warrant, or any portion thereof, remains outstanding and unexpired, shall change any of
the securities as to which purchase rights under this Warrant exist, by reclassification of securities or otherwise, into the same
or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire
such number and kind of securities as would have been issuable as the result of such change with respect to the securities that
were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 5.

 

6.6 Liquidation, etc.
If the Company shall, at any time before the expiration of tills Warrant, dissolve, liquidate or wind up its affairs, or otherwise
declare a dividend, or make a distribution to the holders of its Common Stock generally, whether in cash, property or assets of
any kind, including any dividend payable in stock or securities of any other issuer owned by the Company (excluding regularly payable
cash dividends declared from time to time by the Company’s Board of Directors or any dividend or distribution referred to in Section
5.2 or Section 5.3), the Exercise Price shall be reduced, without any further action by the parties hereto, by the Per Share Value
(as hereinafter defined) of the dividend. For purposes of this Section 5.6, the “Per Share Value” of a cash dividend
or other distribution shall be the dollar amount of the distribution on each share of Common Stock and the “Per Share Value”
of any dividend or distribution other than cash shall be equal to the fair market value of such non-cash distribution on each share
of Common Stock as determined in good faith by the Board of Directors of the Company.

 

6.7 Adjustment of Exercise
Price. Whenever the number of Warrant Shares purchasable upon the exercise of the Warrant is adjusted, the Exercise Price with
respect to the Warrant Shares shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Warrant Shares purchasable upon the exercise of the Warrant immediately prior to
such adjustment, and of which the denominator shall be the number of Warrant Shares so purchasable immediately thereafter.

 

6.8 Notice of Adjustment.
Whenever the number of Warrant Shares purchasable upon the exercise of the Warrant or the Exercise Price of the Warrant Shares
is adjusted as provided herein, the Company shall mail to the Holder a notice of such adjustment or adjustments, prepared and signed
by the President or Secretary of the Company, which sets forth the number of Warrant Shares purchasable upon the exercise of the
Warrant and the Exercise Price of such Warrant Shares after such adjustment, a brief statement of the facts requiring such adjustment,
and the computation by which such adjustment was made.

 

7. Transfer or Loss of Warrant.

 

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7.1 Transfer.
This Warrant may be transferred, exercised, exchanged or assigned (“Transfer” or “Transferred”), in
whole or in part, subject to the provisions of this Section 6.1. The Holder shall have the right to Transfer all or a part of
this Warrant and all or part of the Warrant Shares. The Company shall register on its books any Transfer of the Warrant, upon
surrender of same to the Company with a written instrument of Transfer duly executed by the registered Holder or by a duly
authorized attorney. Upon any such registration of a Transfer, new Warrant(s) shall be issued to the transferee(s) and the
surrendered Warrant shall be cancelled by the Company. A Warrant may also be exchanged, at the option of the Holder, for one
or more new Warrants representing the aggregate number of Warrant Shares evidenced by the Warrant surrendered. This Warrant
and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant or the
conversion of the Warrant Shares shall be subject to restrictions on transferability imposed by the Act, unless registered
under the Act, or unless an exemption from registration is available. Until this Warrant and the Warrant Shares are so
registered, this Warrant and any certificate for Warrant Shares issued or issuable upon exercise of this Warrant shall
contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, stating that this
Warrant or the Warrant Shares may not be Transferred unless, in the opinion of counsel satisfactory to the Company, which may
be counsel to the Company, that the Warrant or the Warrant Shares may be Transferred without such registration. This Warrant
and the Warrant Shares may also be subject to restrictions on transferability under applicable state securities or blue sky
laws.

 

7.2 Compliance with
Laws. Until this Warrant or the Warrant Shares are registered under the Act, the Company may require, as a condition of Transfer
of this Warrant or the Warrant Shares that the transferee (who may be the Holder in the case of an exchange) represent that the
securities being Transferred are being acquired for investment purposes and for the transferee's own account and not with a view
to or for sale in connection with any distribution of the security. The Company may also require that the transferee provide written
information adequate to establish that the transferee is an “accredited investor” within the meaning of Regulation D
issued under the Act, or otherwise meets all qualifications necessary to comply with exemptions to the Act, all as determined by
counsel to the Company.

 

7.3 Loss of Warrant.
Upon receipt by the Company of evidence reasonably satisfactory to it of loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon
surrender of this Warrant, the Company will execute and deliver, or instruct its transfer agent to execute and deliver, a new Warrant
of like tenor and date, any such lost, stolen or destroyed Warrant thereupon shall become void.

 

8. No Impairment.
The Company will not, by amendment of its Articles of incorporation or otherwise, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times, in good faith, take all such action as may be necessary or appropriate
in order to protect the rights of the Holder against impairment.

 

9. Restrictive Legend.
Unless and until otherwise permitted by this Section 10, each certificate for Warrants issued under this Agreement, each certificate
for any Warrants issued to any transferee of any such certificate, each certificate for any Warrant Shares issued upon exercise
of any Warrant and each certificate for any Warrant Shares issued to any transferee of any such certificate, shall be stamped or
otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT") NOR IS SUCH REGISTRATION CONTEMPLATED. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED AT ANY TIME WHATSOEVER UNLESS REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE, EXCEPT UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO
IT AND TO ITS COUNSEL TO THE EFFECT THAT ANY SUCH TRANSFER WILL NOT BE IN VIOLATION OF THE ACT, OR APPLICABLE STATE SECURITIES
LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER.”

 

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10. Holder's Representations
Regarding the Warrant. With regard to the Warrant Shares that may be issued to the Holder upon exercise of the Warrant, Holder
represents and warrants to the Company that:

 

10.1 Holder has had
the opportunity to be represented by such legal and tax counsel and others, each of whom has been personally selected by Holder,
as Holder has found important or necessary to consult concerning this transaction , and any representation has included an examination
of applicable documents, and analysis of all tax, financial, corporate law and securities law aspects. Holder, her counsel and
advisors, and such other persons with whom Holder has found it important or necessary to consult, has sufficient knowledge and
experience in business and financial matters to evaluate the above information, and the merits and risks of the terms and conditions
of the Warrant, and to make an informed investment decision with respect thereto.

 

10.2 The Company has made available to Holder,
and to Holder's counsel and advisors, prior to the date hereof:

 

(i) the opportunity
to ask questions of, and to receive answers from, the Company, its representatives, concerning the terms and conditions of the
Warrant; and

 

(ii) access to obtaining
information, documents, financial statements, records and books (A) relative to the Company, the business and investment in the
Company, and (B) necessary to verify the accuracy of any information furnished to the Holder. All materials and information requested
by Holder, and Holder's counsel and advisors, or others representing Holder, have been made available and examined.

 

10.3 Holder is acquiring
the Warrant for her own account and not as a fiduciary or any other person and for investment purposes only and not with a view
for the transfer, assignment, resale, or distribution thereof, in whole or in part. Holder understands the meaning and legal consequences
of the foregoing representations and warranties.

 

J 0.4 Holder qualifies as an "Accredited Investor,"
as defined in Rule 50 I of Regulation D under the Act.

 

11.
Notices. All notices and other communications provided for in this Warrant shall be in writing and delivered, telecopied
or mailed, first class postage prepaid, addressed:

 

(i) if to the Company:

 

American Sands Energy Corp.

4760 S. Highland Dr., Suite 341

Salt Lake City, UT 84117

 

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(ii) if to holder, at the address set forth herein or as may
be designated by notice to the Company; and

 

(iii) if to any subsequent holder of the Warrant or Warrant
Shares, to the address as may be hereafter specified by notice to the Company.

 

Any such notice or communication
shall be deemed to have been duly given when delivered, telecopied or mailed as aforesaid.

 

12. Counterparts.
This Warrant may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

13. Governing Law.
THIS WARRANT AND (UNLESS OTHERWISE PROVIDED) ALL AMENDMENTS, SUPPLEMENTS, WAIVERS AND CONSENTS RELATING HERETO SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

IN WITNESS WHEREOF, this Warrant is executed as of November 7,
2013.

 

 

	 	AMERICAN SANDS ENERGY CORP.
	 	A Delaware corporation
	 	 
	 	 
	 	By:       /s/ Daniel F. Carlson
		Name: Daniel F. Carlson
	 	Title: Chief Financial Officer

 

 

    	7Exhibit 4.1

 

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS
AGREEMENT (this "Agreement"), dated as of February 14, 2014, by and between NUVILEX, INC., a Nevada
corporation (the "Company"), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois
limited liability company (together with it permitted assigns, the “Buyer”). Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the parties
hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase
Agreement").

 

WHEREAS:

 

The Company has agreed,
upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer up to Twenty-Seven Million Dollars
($27,000,000) of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar
successor statute (collectively, the "Securities Act"), and applicable state securities laws.

 

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

 

1.          DEFINITIONS.

 

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

 

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

 

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

 

c.          "Register,"
"registered," and "registration" refer to a registration effected by preparing and filing one
or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities
Act or any successor rule providing for offering securities on a continuous basis ("Rule 415"), and the declaration
or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the "SEC").

 

d.          "Registrable
Securities" means (i) all of the Commitment Shares, (ii) all of the Initial Purchase Shares and (iii) all of the Purchase
Shares (other than the Initial Purchase Shares) that may, from time to time, be issued or become issuable to the Investor under
the Purchase Agreement (without regard to any limitation or restriction on purchases), and any and all shares of capital stock
issued or issuable with respect to the Commitment Shares, the Initial Purchase Shares, the Purchase Shares (other than the Initial
Purchase Shares), or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

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e.          "Registration
Statement" means one or more registration statements of the Company covering only the offer and sale of the Registrable
Securities.

 

2.          REGISTRATION.

 

a.          Mandatory Registration.
The Company shall, within forty-five (45) calendar days after the date hereof, file with the SEC an initial Registration Statement
covering the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable
SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule
415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company
and the Investor in consultation with their respective legal counsel, subject to the aggregate number of authorized shares of the
Company’s Common Stock then available for issuance in its Articles of Incorporation. The initial Registration Statement shall
register only the Registrable Securities. The Investor and its counsel shall have a reasonable opportunity to review and comment
upon such Registration Statement and any amendment or supplement to such Registration Statement and any related prospectus prior
to its filing with the SEC, and the Company shall give due consideration to all reasonable comments. The Investor shall furnish
all information reasonably requested by the Company for inclusion therein. The Company shall use its reasonable best efforts to
have the Registration Statement and any amendment declared effective by the SEC at the earliest possible date. The Company shall
use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities
Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the date
on which the Investor shall have sold all the Registrable Securities covered thereby and no Available Amount remains under the
Purchase Agreement (the "Registration Period"). The Registration Statement (including any amendments or supplements
thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading.

 

b.          Rule 424 Prospectus.
The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424
promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of
the Registrable Securities under the Registration Statement. The Investor and its counsel shall have a reasonable opportunity to
review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all reasonable
comments. The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1) Business Day from the
date the Investor receives the final pre-filing version of such prospectus.

 

c.          Sufficient Number of
Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover all
of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a ”New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in
Section 2(a)) as soon as practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises,
subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use it reasonable
best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the
filing thereof.

 

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

 

3.          RELATED OBLIGATIONS.

 

With respect to the Registration
Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on any New Registration
Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance
with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a.          The Company shall prepare
and file with the SEC such amendments (including post-effective amendments) and supplements to any registration statement and the
prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated
under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at
all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement
until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition
by the Investor as set forth in such registration statement.

 

b.          The Company shall permit
the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements
thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Investor
reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration
Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the final
version thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the
SEC to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

 

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

 

    	3

    	 

    

 

d.          The Company shall use
reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement under such other
securities or "blue sky" laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare
and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The
Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities
or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening
of any proceeding for such purpose.

 

e.          As promptly as practicable
after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening of any event or
existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement
or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement
or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly
notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and
when a registration statement or any post-effective amendment has become effective (notification of such effectiveness shall be
delivered to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request
by the SEC for amendments or supplements to any registration statement or related prospectus or related information, and (iii)
of the Company's reasonable determination that a post-effective amendment to a registration statement would be appropriate.

 

f.          The Company shall use
its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration
statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order
or suspension is issued or otherwise occurs, to obtain the withdrawal of such order or resumption of such effectiveness at the
earliest possible moment and to notify the Investor of the issuance of such order or occurrence of such suspension and the resolution
thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

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

 

h.          The Company shall cooperate
with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing
the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be in such denominations
or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

 

    	4

    	 

    

 

i.          The Company shall at
all times provide a transfer agent and registrar with respect to its Common Stock.

 

j.          If reasonably requested
by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment such information
as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities, including,
without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement
or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement
or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

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

 

l.          Within one (1) Business
Day after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the Company shall
deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with
copies to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached
hereto as Exhibit A. Thereafter, if requested by the Buyer at any time, the Company shall require its counsel to deliver
to the Buyer a written confirmation whether or not the effectiveness of such registration statement has lapsed at any time for
any reason (including, without limitation, the issuance of a stop order) and whether or not the registration statement is current
and available to the Buyer for sale of all of the Registrable Securities.

 

m.          The Company shall take
all other reasonable actions reasonably requested by the Investor in connection with the disposition by the Investor of Registrable
Securities pursuant to any registration statement.

 

4.          OBLIGATIONS OF THE
INVESTOR.

 

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

 

b.          The Investor agrees
to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any registration
statement hereunder.

 

c.          The Investor agrees
that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in
Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant
to any registration statement(s) covering such Registrable Securities until the Investor's receipt of the copies of the supplemented
or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e). Notwithstanding anything to the contrary, the
Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance
with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

    	5

    	 

    

  

5.          EXPENSES OF REGISTRATION.

 

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

 

6.          INDEMNIFICATION.

 

a.          To the fullest extent
permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who
controls the Investor, the members, the directors, officers, partners, employees, agents, representatives of the Investor and each
Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended
(the "Exchange Act") (each, an "Indemnified Person"), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, attorneys' fees, amounts paid in settlement or expenses, joint or several, (collectively,
"Claims") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation
or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the
SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("Indemnified Damages"),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the
Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection
with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable
Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement
of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or
supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state
securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the
Registration Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters
in the foregoing clauses (i) through (iv) being, collectively, "Violations"). The Company shall reimburse each
Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor
furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure
to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the
subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact
contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised
prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly
advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person,
notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor
to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available
by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person
and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

    	6

    	 

    

 

b.          In connection with
the Registration Statement or any New Registration Statement, the Investor agrees to indemnify, hold harmless and defend, to the
same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who
signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an "Indemnified Party"),
against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent,
and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor
set forth on Exhibit B attached hereto and furnished to the Company by the Investor expressly for use in connection with
such registration statement; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained
in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement
of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably
withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant
to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section
9.

 

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

 

    	7

    	 

    

 

d.          The indemnification
required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred, subject to the delivery of an undertaking to reimburse such
advanced amounts if it is ultimately determined, either by mutual agreement of the Company and the Investor or by a court of competent
jurisdiction, that the applicable Indemnified Party was not entitled to indemnification or contribution hereunder.

 

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

 

7.          CONTRIBUTION.

 

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

 

8.          REPORTS AND DISCLOSURE
UNDER THE SECURITIES ACTS.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	8

    	 

    

 

 9.          ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor may not assign
its rights under this Agreement without the written consent of the Company, other than to an affiliate of the Investor controlled
by Jonathan Cope or Josh Scheinfeld.

 

10.          AMENDMENT OF
REGISTRATION RIGHTS.

 

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

 

11.          MISCELLANEOUS.

 

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

 

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

 

If to the Company:

Nuvilex, Inc.

12510 Prosperity Drive, Suite #310

Silver Springs, MD 20904

Telephone: (240) 696-6859

E-mail:

Attention: 

 

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

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Telephone: (212) 407-4159

Facsimile: (212) 504-3013

E-mail: mnussbaum@loeb.com

Attention: Mitchell S. Nussbaum,
Esq.

 

    	9

    	 

    

 

If to the Investor:

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

Telephone: 312-822-9300

Facsimile: 312-822-9301

E-mail:
jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

Attention: Josh
Scheinfeld/Jonathan Cope

 

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

Greenberg Traurig,
LLP

The MetLife Building

200 Park Avenue

New York, NY
10166

Telephone:
(212) 801-9200

Facsimile: (212)
801-6400

E-mail: marsicoa@gtlaw.com

Attention:
Anthony J. Marsico, Esq.

 

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

 

c.          The corporate laws
of the State of Nevada shall govern all issues concerning the relative rights of the Company and its stockholders. All other questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the State
of New York, County of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	10

    	 

    

 

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

 

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

 

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

 

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

 

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

 

i.          The language used in
this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction
will be applied against any party.

 

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

 

 

 

* * * * * *

 

 

 

 

 

 

 

    	11

    	 

    

 

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

 

 

 

THE COMPANY:

 

NUVILEX, INC.

 

By: /s/ Kenneth L. Waggoner               

Name: Kenneth L. Waggoner 

Title: Chief Executive Officer
 and President

 

 

BUYER:

 

LINCOLN PARK CAPITAL FUND, LLC

BY: LINCOLN PARK
CAPITAL, LLC

BY: ROCKLEDGE CAPITAL CORPORATION 

 

By: /s/ Josh Scheinfeld                 

Name: Josh Scheinfeld

Title: President

 

 

 

 

 

 

 

 

 

    	12

    	 

    

 

EXHIBIT A

 

TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[Date]

 

[TRANSFER AGENT]

Re: [__________]

 

Ladies and Gentlemen:

 

We are counsel to NUVILEX,
INC., a Nevada corporation (the “Company”), and have represented the Company in connection with that certain
Purchase Agreement, dated as of February __, 2014 (the “Purchase Agreement”), entered into by and between the
Company and Lincoln Park Capital Fund, LLC (the “Buyer”) pursuant to which the Company has agreed to issue to
the Buyer shares of the Company's Common Stock, par value $0.0001 per share (the “Common Stock”), in an amount
up to Twenty-Seven Million Dollars ($27,000,000) (the “Purchase Shares”), in accordance with the terms of the
Purchase Agreement. In connection with the transactions contemplated by the Purchase Agreement, the Company has registered
with the U.S. Securities & Exchange Commission the following shares of Common Stock:

 

		(1)	8,000,000 shares of Common Stock that have been issued to the Buyer upon purchase from the Company
by the Buyer on the date of the Purchase Agreement (the “Initial Purchase Shares”).

 

		(2)	5,062,500 shares of Common Stock that have been issued to the Buyer as a commitment fee on the
date of the Purchase Agreement (the “Initial Commitment Shares”).

 

		(3)	5,062,500 shares of Common Stock to be issued to the Buyer as a commitment fee from time to time
(the “Additional Commitment Shares” and, collectively with the Initial Commitment Shares, the “Commitment
Shares”).

 

		(4)	[___________] shares of Common Stock to be issued to the Buyer upon purchase from the Company by
the Buyer from time to time (the “Purchase Shares”).

 

Pursuant to the Purchase Agreement, the Company
also has entered into a Registration Rights Agreement, dated as of February __, 2014 with the Buyer (the “Registration
Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Initial Purchase Shares,
the Purchase Shares and the Commitment Shares under the Securities Act of 1933, as amended (the “Securities Act”).
In connection with the Company's obligations under the Purchase Agreement and the Registration Rights Agreement, on [_____________],
2014, the Company filed a Registration Statement (File No. 333-[_________]) (the “Registration Statement”) with
the Securities and Exchange Commission (the “SEC”) relating to the resale of the Initial Purchase Shares, the
Purchase Shares and the Commitment Shares.

 

In connection with the
foregoing, we advise you that the SEC has posted a notice of effectiveness on the SEC website (www.sec.gov) regarding the Registration
Statement indicating that the Registration Statement was declared effective under the Securities Act at [_____] [A.M./P.M.] on
[__________], 201[__] and we have no knowledge that any stop order suspending its effectiveness has been issued or that any proceedings
for that purpose are pending before, or threatened by, the SEC and the Initial Purchase Shares, the Purchase Shares and the Commitment
Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive
legend.

 

Very truly yours,

 

 

 

____________________

 

 

cc:     Lincoln Park Capital Fund, LLC

 

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EXHIBIT B

 

TO REGISTRATION RIGHTS AGREEMENT

 

Information About The Investor Furnished
To The Company By The Investor 

Expressly For Use In Connection With The
Registration Statement

 

 

Information With Respect to Lincoln Park
Capital

 

As of the date of the Purchase Agreement, Lincoln
Park Capital Fund, LLC, beneficially owned 13,062,500 shares of our common stock. Josh Scheinfeld and Jonathan Cope, the Managing
Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners of all
of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and investment
power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated under
the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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