Document:

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of June 30, 2015, by and among Transgenomic,
Inc., a Delaware corporation (the “Company”), and the several signatories hereto.

 

This Agreement is made
pursuant to the Securities Purchase Agreement (the “Purchase Agreement”), dated as of the date hereof,
by and among the Company and each purchaser signatory thereto (each a “Purchaser” and collectively, the
“Purchasers”).

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows:

 

1.            Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
has the meaning set forth in Section 6(d).

 

“Affiliate”
means, with respect to any Person, any other person which directly or indirectly controls, is controlled by, or is under common
control with, such Person; as such terms are used in and construed under Rule 405 of the Securities Act.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Business
Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
has the meaning set forth in the Purchase Agreement.

 

“Closing
Date” has the meaning set forth in the Purchase Agreement.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any securities into which such common
stock may hereinafter be reclassified.

 

“Company”
has the meaning set forth in the Preamble.

 

“Effective
Date” means each date that the Registration Statement filed pursuant to Section 2(a) and any post-effective amendment
thereto is declared effective by the Commission.

 

    	 

    	 

    

 

“Effectiveness
Deadline” means, with respect to the Initial Registration Statement or the New Registration Statement, the 90th
calendar day following the Closing Date; provided, however, that if the Company is notified by the Commission that the Initial
Registration Statement or the New Registration Statement will not be reviewed or is no longer subject to further review and comment,
the Effectiveness Deadline as to such Registration Statement shall be the 5th Trading Day following the date on which
the Company is so notified if such date precedes the dates otherwise required above; provided, further, that if the Effectiveness
Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall
be extended to the next Business Day on which the Commission is open for business.

 

“Effectiveness
Period” has the meaning set forth in Section 2(b).

 

“Event”
has the meaning set forth in Section 2(c).

 

“Event
Date” has the meaning set forth in Section 2(c).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Filing
Deadline” means, with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a),
the 15th calendar day following the Closing Date; provided, however, that if the Filing Deadline falls on a Saturday,
Sunday or other day that the Commission is closed for business, the Filing Deadline shall be extended to the next business day
on which the Commission is open for business.

 

“FINRA”
has the meaning set forth in Section 3(i).

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” has the meaning set forth in Section 5(c).

 

“Indemnifying
Party” has the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to Section 2(a) of this Agreement.

 

“Liquidated
Damages” has the meaning set forth in Section 2(c).

 

“Losses”
has the meaning set forth in Section 5(a).

 

“New Registration
Statement” has the meaning set forth in Section 2(a).

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Principal
Market” means the Trading Market on which the Common Stock is primarily listed and quoted for trading, which, as
of the Closing Date, shall be the NASDAQ Capital Market.

 

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“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

“Purchase
Agreement” has the meaning set forth in the Recitals.

 

“Purchaser”
or “Purchasers” has the meaning set forth in the Recitals.

 

“Registrable
Securities” means all of (a) the Shares, (b) the Warrant Shares, and (c) any securities issued or issuable upon any
stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided,
that the Holder has completed and delivered to the Company a Selling Stockholder Questionnaire; and provided, further, that
with respect to a particular Holder, such Holder’s Shares and Warrant Shares shall cease to be Registrable Securities upon
the earliest to occur of the following: (i) a sale pursuant to a Registration Statement or Rule 144 under the Securities Act (in
which case, only such security sold by the Holder shall cease to be a Registrable Security); or (ii) such securities becoming eligible
for resale by the Holder under Rule 144 without the requirement for the Company to be in compliance with the current public information
requirement thereunder and without volume or manner-of-sale restrictions, pursuant to a written opinion letter to such effect,
addressed, delivered and acceptable to the Transfer Agent.

 

“Registration
Statements” means any one or more registration statements of the Company filed under the Securities Act that covers
the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, the
Initial Registration Statement, the New Registration Statement and any Remainder Registration Statements), including (in each case)
the amendments and supplements to such Registration Statements, including pre- and post-effective amendments thereto, all exhibits
and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements.

 

“Remainder
Registration Statement” has the meaning set forth in Section 2(a).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule.

 

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

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule.

 

“SEC Guidance”
means (a) any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff, provided,
that any such oral guidance, comments, requirements or requests are reduced to writing by the Commission, and (b) the Securities
Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Selling
Stockholder Questionnaire” means a questionnaire in the form attached as Annex B hereto, or such other form
of questionnaire as may reasonably be adopted by the Company from time to time.

 

“Shares”
means the shares of Common Stock issued or issuable to the Purchasers pursuant to the Purchase Agreement.

 

“Special
Registration Statement” means a registration statement relating to any employee benefit plan on Form S-8 or similar
form or, with respect to any corporate reorganization or other transaction under Rule 145 of the Securities Act, a registration
statement on Form S-4 or similar form.

 

“Trading
Day” means (a) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market, or
(b) if the Common Stock is not listed on a Trading Market, a day on which the Common Stock is traded in the over-the-counter market,
as reported by the OTC Markets, Inc. (or any similar organization or agency succeeding to its functions of reporting prices); provided,
that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading Day shall mean
a Business Day.

 

“Trading
Market” means whichever of the NYSE MKT LLC, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ
Capital Market on which the Common Stock is listed or quoted for trading on the date in question.

 

“Warrants”
means the Warrants issued pursuant to the Purchase Agreement.

 

“Warrant
Shares” means the shares of Common Stock issued or issuable upon exercise of the Warrants.

 

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2.           Registration.

 

(a)          On
or prior to the Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities not already covered by an existing and effective Registration Statement for an offering to
be made on a continuous basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable Securities,
by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the “Initial Registration
Statement”). The Initial Registration Statement shall be on Form S-3 (or, if the Company is not then eligible to
register for resale the Registrable Securities on Form S-3, such other form available to register for resale the Registrable Securities
as a secondary offering) subject to the provisions of Section 2(e) and shall contain (except if otherwise required pursuant
to written comments received from the Commission upon a review of such Registration Statement) a “Plan of Distribution”
section substantially in the form attached hereto as Annex A (which may be modified to respond to comments, if any, provided
by the Commission). Notwithstanding the registration obligations set forth in this Section 2, in the event the Commission
informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for
resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each of the Holders
thereof and use its best efforts to file amendments to the Initial Registration Statement as required by the Commission, and/or
(ii) withdraw the Initial Registration Statement and file a new registration statement (a “New Registration Statement”),
in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3
or, if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, such other form available
to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such
amendment or New Registration Statement, the Company shall be obligated to use its best efforts to advocate with the Commission
for the registration of all of the Registrable Securities in accordance with SEC Guidance, including, without limitation, the Manual
of Publicly Available Telephone Interpretations D.29 and any applicable Compliance and Disclosure Interpretations. Notwithstanding
any other provision of this Agreement, and subject to the payment of liquidated damages in Section 2(c), if any SEC Guidance
sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement
as a secondary offering (and notwithstanding that the Company used best efforts to advocate with the Commission for the registration
of all or a greater number of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities,
the number of Registrable Securities to be registered on such Registration Statement will first be reduced by the Series A Warrant
Shares (applied, in the case that some Series A Warrant Shares may be registered, to the Holders on a pro rata basis based on the
total number of unregistered Series A Warrant Shares held by such Holders), and second by the Series B Warrant Shares (applied,
in the case that some Series B Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of
unregistered Series B Warrant Shares held by such Holders) and third by the Shares (applied, in the case that some Shares may be
registered, to the Holders on a pro rata basis based on the total number of unregistered Shares held by such Holders), subject
to a determination by the Commission that certain Holders must be reduced first based on the number of Registrable Securities held
by such Holders. In the event the Company amends the Initial Registration Statement or files a New Registration Statement, as the
case may be, under clauses (i) or (ii) above, the Company will use its best efforts to file with the Commission, as promptly as
allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form S-3 or, if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, such
other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration
Statement, as amended, or the New Registration Statement (the “Remainder Registration Statements”). No
Holder shall be named as an “underwriter” in any Registration Statement without such Holder’s prior written consent.

 

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(b)          The
Company shall use its best efforts to cause each Registration Statement or any post-effective amendment thereto to be declared
effective by the Commission as soon as practicable and, with respect to the Initial Registration Statement or the New Registration
Statement, as applicable, no later than the Effectiveness Deadline (including, with respect to the Initial Registration Statement
or the New Registration Statement, as applicable, filing with the Commission a request for acceleration of effectiveness in accordance
with Rule 461 promulgated under the Securities Act within five Business Days after the date that the Company is notified (orally
or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed,” or
will not be subject to further review and that the effectiveness of such Registration Statement may be accelerated), and, subject
to Section 2(e), shall use its best efforts to keep each Registration Statement continuously effective under the Securities
Act until the earlier of (i) such time as all of the Registrable Securities covered by such Registration Statement have been publicly
sold by the Holders or (ii) the date that is one year following the Closing Date (the “Effectiveness Period”).
The Company shall promptly notify the Holders via facsimile or electronic mail of the effectiveness of a Registration Statement
or any post-effective amendment thereto on or before the first Trading Day after the date that the Company telephonically confirms
effectiveness with the Commission. The Company shall, by 9:30 a.m. New York City time on the first Trading Day after the Effective
Date, file a final Prospectus with the Commission, as required by Rule 424(b).

 

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(c)          If:
(i) the Initial Registration Statement is not filed with the Commission on or prior to the Filing Deadline, (ii) the Initial Registration
Statement or the New Registration Statement, as applicable, is not declared effective by the Commission (or otherwise does not
become effective) for any reason on or prior to the Effectiveness Deadline, or (iii) after its Effective Date and except for the
reasons as set forth in Section 2(e) and Section 3(h), (A) such Registration Statement ceases for any reason (including,
without limitation, by reason of a stop order or the Company’s failure to update the Registration Statement), to remain continuously
effective as to all Registrable Securities included in such Registration Statement or (B) the Holders are not permitted to utilize
the Prospectus therein to resell such Registrable Securities for any reason (other than due to a change in the “Plan of Distribution”
or the inaccuracy of any information regarding the Holders), in each case, at any time prior to the expiration of the Effectiveness
Period and for more than an aggregate of 20 consecutive calendar days or 45 calendar days (which need not be consecutive days)
during any 12-month period (other than as a result of a breach of this Agreement by a Holder, due to such Holder’s failure
to return a Selling Stockholder Questionnaire within the time period provided by Section 2(d)) (any such failure or breach
in clauses (i) through (iii) above being referred to as an “Event”, and, for purposes of clauses (i)
or (ii), the date on which such Event occurs, or for purposes of clause (iii), the date on which such 20 or 45 calendar day period
is exceeded, being referred to as an “Event Date”), then in addition to any other rights the Holders
may have hereunder or under applicable law: (x) within five Business Days after an Event Date relating to a failure in clause (i)
only, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to 2.0% of the
aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any Registrable Securities held by such Holder
on such Event Date; and (y) on each 30-day anniversary (or pro rata portion thereof) following any Event Date (including, for the
avoidance of doubt, a failure in clause (i), in which case each 30-day anniversary shall be measured commencing on the 31st
day following such Event Date) until the date that the applicable Event is cured, the Company shall pay to each Holder an amount
in cash, as liquidated damages and not as a penalty, equal to 2.0% of the aggregate purchase price paid by such Holder pursuant
to the Purchase Agreement for any unregistered Registrable Securities then held by such Holder. The amounts payable pursuant to
the foregoing clauses (x) and (y) are referred to collectively as “Liquidated Damages”. The parties agree
that (1) the Company will not be liable for any Liquidated Damages under this Agreement with respect to any Registrable Securities
that are eligible for resale pursuant to Rule 144 without manner of sale or volume restrictions, (2) notwithstanding anything to
the contrary herein or in the Purchase Agreement, no Liquidated Damages shall be payable with respect to any period after the expiration
of the Effectiveness Period and in no event shall the aggregate amount of Liquidated Damages payable to a Holder exceed, in the
aggregate, 10.0% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement, and (3) in no event shall
the Company be liable in any 30-day period for Liquidated Damages under this Agreement in excess of 2.0% of the aggregate purchase
price paid by the Holders pursuant to the Purchase Agreement. If the Company fails to pay any Liquidated Damages pursuant to this
Section 2(c) in full within five Business Days after the date payable, the Company will pay interest thereon at a rate of
2.0% per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from
the date such Liquidated Damages are due until such amounts, plus all such interest thereon, are paid in full. Unless
otherwise specified in this Section 2(c), the Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata
basis for any portion of a month prior to the cure of an Event, except in the case of the first Event Date. Notwithstanding the
foregoing, nothing shall preclude any Holder from pursuing or obtaining any available remedies at law, specific performance or
other equitable relief with respect to this Section 2(c) in accordance with applicable law. The Company shall not be liable
for Liquidated Damages under this Agreement as to any Registrable Securities which are not permitted by the Commission to be included
in a Registration Statement due solely to SEC Guidance from the time that it is determined that such Registrable Securities are
not permitted to be registered until such time as the provisions of this Agreement as to the Remainder Registration Statements
required to be filed hereunder are triggered, in which case the provisions of this Section 2(c) shall once again apply,
if applicable. In such case, the Liquidated Damages shall be calculated to only apply to the percentage of Registrable Securities
which are permitted in accordance with SEC Guidance to be included in such Registration Statement. The Effectiveness Deadline for
a Registration Statement shall be extended without default or Liquidated Damages hereunder in the event that the Company’s
failure to obtain the effectiveness of the Registration Statement on a timely basis results from the failure of a Holder to timely
provide the Company with information requested by the Company and necessary to complete the Registration Statement in accordance
with the requirements of the Securities Act.

 

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(d)          Each
Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire not more than 10 Trading Days following the
date of this Agreement. At least 10 Trading Days prior to the first anticipated filing date of a Registration Statement for any
registration under this Agreement, the Company will notify each Holder of the information the Company requires from that Holder
other than the information contained in the Selling Stockholder Questionnaire, if any, which shall be completed and delivered to
the Company promptly upon request and, in any event, within three Trading Days prior to the applicable anticipated filing date.
Each Holder further agrees that it shall not be entitled to be named as a selling security holder in the Registration Statement
or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company
a completed and signed Selling Stockholder Questionnaire and a response to any requests for further information as described in
the previous sentence. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire or a request for further
information, in either case, after its respective deadline, the Company shall use its best efforts to take such actions as are
required to name such Holder as a selling security holder in the Registration Statement or any pre-effective or post-effective
amendment thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities
identified in such late Selling Stockholder Questionnaire or request for further information. Each Holder acknowledges and agrees
that the information in the Selling Stockholder Questionnaire or request for further information as described in this Section
2(d) will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such
information in the Registration Statement.

 

(e)          In
the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall
(i) register the resale of the Registrable Securities on Form S-1 and (ii) undertake to register the Registrable Securities on
Form S-3 promptly after such form is available, provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared
effective by the Commission.

 

3.           Registration
Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a)          Not
less than five Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to the filing
of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and any similar or successor reports), (i) furnish to the Holder copies of such Registration
Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which documents will be subject to the review
of such Holder (it being acknowledged and agreed that if a Holder does not object to or comment on the aforementioned documents
within such five Trading Day or one Trading Day period, as the case may be, then the Holder shall be deemed to have consented to
and approved the use of such documents) and (ii) use best efforts to cause its officers and directors, counsel and independent
registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of the respective counsel
to each Holder, to conduct such review. The Company shall not file any Registration Statement or Prospectus or any amendment or
supplement thereto in a form to which a Holder reasonably objects in good faith; provided that, the Company is notified
of such objection in writing within the five Trading Day or one Trading Day period described above, as applicable.

 

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(b)          (i)
Subject to Section 2(e) and Section 3(h), prepare and file with the Commission such amendments (including post-effective
amendments) and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary
to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period;
(ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of
this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably
practicable to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and,
as promptly as reasonably possible, provide the Holders true and complete copies of all correspondence from and to the Commission
relating to such Registration Statement that pertains to the Holders as “Selling Stockholders” but not any comments
that would result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply
with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered
by a Registration Statement until such time as all of such Registrable Securities cease to be Registrable Securities or shall have
been disposed of (subject to the terms of this Agreement) in accordance with the intended methods of disposition by the Holders
thereof as set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; provided, however,
that in the event the Company informs the Holders in writing that it does not satisfy the conditions specified in Rule 172 and,
as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities,
the Company shall deliver to the Holders a copy of the Prospectus in electronic format and each such Holder shall be responsible
for the delivery of the Prospectus to the Persons to whom such Holder sells any of the Registrable Securities, and each Holder
agrees to dispose of Registrable Securities in compliance with the “Plan of Distribution” described in the Registration
Statement and otherwise in compliance with applicable federal and state securities laws. In the case of amendments and supplements
to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b))
by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Exchange Act, the
Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments
or supplements with the Commission on the same day on which the Exchange Act report which created the requirement for the Company
to amend or supplement such Registration Statement was filed.

 

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(c)          Notify
the Holders (which notice shall, pursuant to clauses (iii) through (v) hereof, be accompanied by an instruction to suspend the
use of the Prospectus until the requisite changes have been made) as promptly as reasonably practicable via facsimile or electronic
mail (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and no later than one Trading Day
following the day: (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement
is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration
Statement or post-effective amendment and whenever the Commission comments in writing on any Registration Statement or any post-effective
amendment thereto (in which case the Company shall provide to each of the Holders true and complete copies of all comments that
pertain to the Holders as “Selling Stockholders” or to the “Plan of Distribution” and all written responses
thereto, but not information that the Company believes would constitute material and non-public information); and (C) with respect
to each Registration Statement or any post-effective amendment thereto, when the same has become effective; (ii) of any request
by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement
or Prospectus or for additional information that pertains to the Holders as “Selling Stockholders” or the “Plan
of Distribution”; (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation
of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation
or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the financial
statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement
or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration
Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of
prospectus or amendment or supplement thereto, in light of the circumstances under which they were made), not misleading.

 

(d)          Use
best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a
Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, as soon as practicable.

 

(e)          If
requested by a Holder, furnish to such Holder, without charge, at least one conformed copy of each Registration Statement and each
amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission; provided, that the Company shall have no
obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system.

 

(f)          Prior
to any resale of Registrable Securities by a Holder, use its best efforts to register or qualify or cooperate with the selling
Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable
Securities for resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any
Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions
of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax
in any such jurisdiction where it is not then so subject, or file a general consent to service of process in any such jurisdiction.

 

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(g)          If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement and under law, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holders may reasonably request.

 

(h)          Following
the occurrence of any event contemplated by Section 3(c), as promptly as reasonably practicable, prepare a supplement or
amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus
or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as
thereafter delivered, no Registration Statement nor any Prospectus will contain an 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 the case of any Prospectus,
form of prospectus or amendment or supplement thereto, in light of the circumstances under which they were made), not misleading.
If the Company notifies the Holders in accordance with clauses (iii) through (v) of Section 3(c) above to suspend the use
of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The
Company shall be entitled to exercise its right under this Section 3(h) to suspend the availability of a Registration Statement
and Prospectus for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period without
incurring liability for Liquidated Damages otherwise required pursuant to Section 2(c). For the avoidance of doubt, any
period of time for which the availability of a Registration Statement and Prospectus are suspended pursuant to Section 2(e)
shall be disregarded when determining the time period allotted under this Section 3(h).

 

(i)          The
Company may require each selling Holder to furnish to the Company a certified statement as to (i) the number of shares of Common
Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority, Inc. (“FINRA”)
affiliations, (iii) any natural persons who have the power to vote or dispose of the common stock, and (iv) any other information
as may be requested by the Commission, FINRA or any state securities commission. During any periods that the Company is unable
to meet its obligations hereunder with respect to the registration of Registrable Securities because any Holder fails to furnish
such information within five Trading Days of the Company’s request, any Liquidated Damages that are accruing at such time
as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as
to such Holder only, until such information is delivered to the Company; provided, however, if the failure of the Holder
to furnish the required information results in the occurrence of an Event under Section 2(c), any Liquidated Damages that
are accruing at such time shall be tolled and any such Event that occurs as a result thereof shall be suspended until such time
as the Holder furnishes such information.

 

(j)          The
Company shall cooperate with any registered broker through which a Holder proposes to resell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as reasonably requested by any such Holder, and the Company shall pay the filing
fee required for the first such filing within five Business Days of the request therefor.

 

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4.          Registration
Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts and selling commissions and all legal fees and expenses of legal counsel for any
Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.
The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing
fees, including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market
on which the Common Stock is then listed for trading, (B) with respect to compliance with applicable state securities or Blue Sky
laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under
the laws of such jurisdictions as requested by the Holders), and (C) if not previously paid by the Company pursuant to Section
3(j) hereof, with respect to any filing that may be required to be made by any broker through which a Holder intends to make
sales of Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary
brokerage commission in connection with such sale, (ii) printing expenses, including, without limitation, expenses of printing
certificates for the Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested
by the Holders of a majority of the Registrable Securities included in the Registration Statement, (iii) messenger, telephone and
delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses
incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit
and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required
hereunder. In no event shall the Company be responsible for any underwriting, broker or similar fees or commissions of any Holder
or any legal fees or other costs of the Holders. Expenses of any Registration Statement abandoned prior to the effectiveness thereof
at the request of the Holders shall be borne by the Holders.

 

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5.            Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each
Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each
Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person, to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, Prospectus, form of prospectus or amendment or supplement thereto (it
being understood that the Holder has approved Annex A hereto for this purpose), or arising out of or relating to any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of any Prospectus, form of prospectus or amendment or supplement thereto, in light of the circumstances under which they were
made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or 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 violation of this Agreement ; except to the extent, but only to the extent that (A) such untrue
statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished
in writing to the Company by such Holder, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and approved in writing by such Holder expressly for
use in the Registration Statement, Prospectus, form of prospectus or in any amendment or supplement thereto (it being understood
that each Holder has approved Annex A hereto for this purpose) or (B) in the case of an occurrence of an Event of the type
specified in Section 3(c)(iii)-(v), related to the use by a Holder of an outdated or defective Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the
Advice contemplated and defined in Section 6(d) below, following the receipt of the Advice the misstatement or omission
giving rise to such Loss would have been corrected, or (C) any such Losses arise out of the Holder’s (or any other indemnified
Person’s) failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented), if required pursuant
to Rule 172 under the Securities Act (or any successor rule), to the Persons asserting an untrue statement or alleged untrue statement
or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable
Securities to such Person, if such statement or omission was corrected in such Prospectus or supplement. The Company shall notify
the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of an Indemnified Party (as defined in Section 5(c)) and shall survive the transfer
of the Registrable Securities by the Holders.

 

(b)          Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents, stockholders, Affiliates and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest
extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based solely upon (i) such
Holder’s failure to comply with the prospectus delivery requirements of the Securities Act, or (ii) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, Prospectus, form of prospectus or amendment or supplement
thereto, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus, form of prospectus or amendment or supplement thereto,
in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that (A) such untrue
statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly
for use therein or (B) such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and approved in writing by such Holder expressly for use in any Registration Statement, Prospectus,
form of prospectus or amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for
this purpose), or (C) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(v), such Losses
are related to the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing
that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d).
In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

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(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
reasonable fees and expenses incurred in connection with defense thereof ; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement,
except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is
not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has
agreed in writing to pay such fees and expenses; (ii) the Indemnifying Party shall have failed promptly to assume the defense of
such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (iii) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that a conflict of interest would exist if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying
Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided,
that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time
for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without
its prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which
any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
on claims that are the subject matter of such Proceeding and such settlement does not include any non-monetary limitation on the
actions of any Indemnified Party or any of its affiliates or any admission of fault or liability on behalf of any such Indemnified
Party.

 

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Subject to the terms
of this Agreement, all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 5)
shall be paid to the Indemnified Party, as incurred, within 20 Trading Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification
hereunder. 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 Party under this Section 5, except
to the extent that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action.

 

(d)          Contribution.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions
that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or
relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section 5 was available
to such party in accordance with its terms.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), (A) no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from
the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission and (B) no contribution
will be made under circumstances where the maker of such contribution would not have been required to indemnify the Indemnified
Party under the fault standards set forth in this Section 5. 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 was not guilty of such fraudulent
misrepresentation.

 

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The indemnity and contribution
agreements contained in this Section 5 are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement.

 

6.           Miscellaneous.

 

(a)          Remedies.
Subject to the limitations set forth elsewhere in this Agreement, in the event of a breach by the Company or by a Holder of any
of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise
all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of
its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation
for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that,
in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law
would be adequate.

 

(b)          No
Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement
other than the Registrable Securities and the Company shall not, prior to the initial Effective Date of the Initial Registration
Statement, enter into any new agreement providing any such right to any of its security holders. After the Closing Date, the Company
shall not file with the Commission a registration statement relating to an offering for its own account under the Securities Act
of any of its equity securities other than a Special Registration Statement until the earlier of (i) 60 calendar days after the
date that the Initial Registration Statement or New Registration Statement, as the case may be, is declared effective or (ii) the
date that all Registrable Securities are eligible for resale by non-affiliates without volume or manner of sale restrictions under
Rule 144 and without the requirement for the Company to be in compliance with the current public information requirements under
Rule 144. For the avoidance of doubt, the Company shall not be prohibited from preparing and filing with the Commission a registration
statement relating to an offering of Common Stock by existing stockholders of the Company under the Securities Act pursuant to
the terms of registration rights held by such stockholders or from filing amendments to registration statements filed prior to
the date of this Agreement.

 

(c)          Compliance.
Each Holder covenants and agrees that, in the event the Company informs such Holder in writing that it does not satisfy the conditions
specified in Rule 172 and, as a result thereof, such Holder is required to deliver a Prospectus in connection with any disposition
of Registrable Securities, it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless
an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration Statement,
and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration Statement.

 

(d)          Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c)(iii)-(v), such Holder will forthwith discontinue disposition
of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph.

 

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(e)          Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on a Special Registration Statement, then the Company shall deliver to each Holder a written notice of such determination
and, if within seven days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company
shall include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered,
subject to customary underwriter cutbacks applicable to all holders of registration rights; provided, however, that
the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are (i) eligible
for resale pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information
required thereunder and without volume or manner-of-sale restrictions or (ii) the subject of a then-effective Registration Statement.

 

(f)          No
Inconsistent Agreements. The Company has not entered, as of the date hereof, nor shall the Company, on or after the date hereof,
enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders
in this Agreement or otherwise conflicts with the provisions hereof.

 

(g)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
or waived unless the same shall be in writing and signed by the Company and each Holder. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders
and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least 66 2/3% of the
Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence
may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(h)          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(i)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights (except
by merger or in connection with another entity acquiring all or substantially all of the Company’s assets) or obligations
hereunder without the prior written consent of all the Holders of the then outstanding Registrable Securities. Each Holder may
assign its respective rights with respect to any or all of its Shares and/or Warrant Shares hereunder in the manner and to the
Persons as permitted under the Purchase Agreement; provided in each case that (i) the Holder agrees in writing with the
transferee or assignee to assign such rights and related obligations under this Agreement, and for the transferee or assignee to
assume such obligations, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment,
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of the name and
address of such transferee or assignee and the securities with respect to which such registration rights are being transferred
or assigned, (iii) at or before the time the Company received the written notice contemplated by clause (ii) of this sentence,
the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein, and (iv) the
transferee is an “accredited investor,” as that term is defined in Rule 501 of Regulation D.

 

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(j)          Execution
and Counterparts. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed
to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature were the original thereof.

 

(k)          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Purchase Agreement.

 

(l)          Cumulative
Remedies. Except as provided herein, the remedies provided herein are cumulative and not exclusive of any other remedies provided
by law.

 

(m)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their good faith reasonable
efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

(n)          Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement,
unless the context clearly indicates to the contrary. 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. This Agreement
shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provisions of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

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

 

	 	TRANSGENOMIC, INC.
	 	 	 
	 	By:	 
	 	Name:	Paul Kinnon
	 	Title:	President and Chief Executive Officer

 

[Signature Page to Registration Rights
Agreement]

 

    	 

    	 

    

 

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

 

HOLDER:

 

AUTHORIZED SIGNATORY

 

______________________________________________

Name of Entity (if applicable)

 

By: ___________________________________________

Name:

Title:

 

Address for Notice of Authorized Signatory:

 

c/o____________________________________________

 

Street:_________________________________________

 

City/State/Zip: __________________________________

 

Attention: ______________________________________

 

Telephone No.: __________________________________

 

Facsimile No.: __________________________________

 

E-mail Address: _________________________________

 

[Signature Page to Registration Rights
Agreement]Exhibit 4.2

 

NEITHER THESE SECURITIES
NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

TRANSGENOMIC, INC.

 

SERIES B WARRANT TO PURCHASE COMMON STOCK

 

Warrant No. 2015-___

 

Original Issue Date: July 7, 2015

 

Transgenomic, Inc., a Delaware
corporation (the “Company”), hereby certifies that, for value received, ______________ or its permitted
registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of __________
shares of common stock, $0.01 par value per share (the “Common Stock”), of the Company (each such share,
a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise
price per share equal to $0.01 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise
Price”), at any time and from time to time on or after the Original Issue Date (the “Original Exercise
Date”) and through and including 5:30 p.m., New York City time, on January 7, 2021 (the “Expiration Date”),
and subject to the following terms and conditions:

 

This Series B Warrant (this
“Warrant”) is one of a series of similar warrants issued pursuant to that certain Securities Purchase
Agreement, dated June 30, 2015, by and among the Company and the Purchasers identified therein (the “Purchase Agreement”).
All such warrants are referred to herein, collectively, as the “Warrants.”

 

1.           Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement.

 

2.           Registration
of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which
may be a third-party transfer agent (the “Warrant Register”), in the name of the record Holder (which
shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned
hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof
for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the
contrary.

 

    	 

    	 

    

 

3.           Registration
of Transfers. Subject to the restrictions on transfer set forth in Section 4.1 of the Purchase Agreement and compliance
with all applicable securities laws, the Company shall register the transfer of all or any portion of this Warrant in the Warrant
Register, upon surrender of this Warrant, with an assignment, in the form attached as Schedule 2 hereto, duly completed
and signed, to the Company’s transfer agent or to the Company at its address specified in the Purchase Agreement and (a)
delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the
transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the
Securities Act and all applicable state securities or blue sky laws (other than in connection with any transfer (i) pursuant to
an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided that such Holder provides the Company
with reasonable assurances (in the form of seller and, if applicable, broker representation letters) that the securities may be
sold pursuant to such rule) or (iv) in connection with a bona fide pledge), and (b) delivery by the transferee of a written statement
to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities
Act and making the representations and certifications set forth in Sections 3.2(b), (c), (d), (f),
(j) and (n) of the Purchase Agreement, to the Company at its address specified in the Purchase Agreement. Upon any
such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant,
a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee,
and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of
the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare,
issue and deliver at its own expense any New Warrant under this Section 3.

 

4.           Exercise
and Duration of Warrant.

 

(a)          All
or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of this
Warrant at any time and from time to time on or after the Original Exercise Date and through and including 5:30 p.m., New York
City time, on the Expiration Date. After 5:30 p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant
not exercised prior thereto shall be and become void and of no value and this Warrant shall be automatically terminated and no
longer outstanding.

 

    	2

    	 

    

 

 

(b)          The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1
hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for
the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10
below) within one (1) Business Day following the Exercise Date (as defined herein). The date on which the Exercise Notice is delivered
to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise Date.”
No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Exercise Notice form be required. The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable
Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations contained
in Sections 3.2(b), (c), (d), (f), (j) and (n) of the Purchase Agreement are true and
correct as of the Exercise Date and as of the date on which the Holder pays the Company the Exercise Price as if remade in their
entirety (or, in the case of any transferee Holder that is not a party to the Purchase Agreement, such transferee Holder’s
certification to the Company that such representations are true and correct as to such transferee Holder as of the Exercise Date
and as of the date on which such transferee Holder pays the Company the Exercise Price). Notwithstanding anything herein to the
contrary, Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of
the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, Holder shall surrender this Warrant
to the Company for cancellation within three (3) Trading Days of the date the final Exercise Notice is delivered to the Company.
The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder, but if it is not so
delivered then such exercise shall constitute an agreement by the Holder to deliver the original Warrant to the Company as soon
as practicable thereafter. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original
Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

5.           Delivery
of Warrant Shares.

 

(a)          Upon
exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue
or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder
may designate (provided, that if a Registration Statement covering the resale of the Warrant Shares is not effective and the Holder
directs the Company to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of
the Holder, it shall deliver to the Company on the Exercise Date an opinion of counsel, at the expense of the Company, reasonably
satisfactory to the Company to the effect that the issuance of such Warrant Shares in such other name may be made pursuant to an
available exemption from the registration requirements of the Securities Act and all applicable state securities or blue sky laws),
(i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery
of the Warrant Shares to the Holder’s account at the Depository Trust Company (“DTC”) or a similar
organization; provided, that if a Registration Statement covering the resale of the Warrant Shares and naming the Holder
as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without restriction
under Rule 144 by Holders who are not Affiliates of the Company, such Holder shall receive a certificate for the Warrant Shares
issuable upon such exercise with appropriate restrictive legends. If the Company fails for any reason to deliver to the Holder
certificates evidencing the Warrant Shares or an electronic delivery of the Warrant Shares by the foregoing deadline, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, $2,000 per Trading Day for each Trading Day after
such delivery deadline until such Warrant Shares are delivered or Holder rescinds such exercise. The Holder, or any Person permissibly
so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares
as of the Exercise Date. Notwithstanding anything contained herein to the contrary, if the Holder fails to deliver the documents
required to register a transferee as set forth in Section 3 above or to provide the documents required under this Section
5(a) to issue a certificate or electronic delivery of the Warrant Shares to any Person(s) other than the Holder, then determination
of the three Trading Days shall be tolled until such documents have been delivered to the Company. If the Warrant Shares are to
be issued free of all restrictive legends, the Company shall, upon the written request of the Holder, use its reasonable best efforts
to deliver, or cause to be delivered, the Warrant Shares hereunder electronically through DTC or another established clearing corporation
performing similar functions, if available; provided, that the Company may, but will not be required to, change its transfer
agent if its current transfer agent cannot deliver the Warrant Shares electronically through such a clearing corporation. “Trading
Day” means (a) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market, or
(b) if the Common Stock is not listed on a Trading Market, a day on which the Common Stock is traded in the over-the-counter market,
as reported by the OTC Markets, Inc. (or any similar organization or agency succeeding to its functions of reporting prices); provided,
that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading Day shall mean
a Business Day; provided further, that “Trading Day” shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time).

 

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(b)          If
by the close of the third Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate Exercise
Price in any manner permitted by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate representing
the required number of Warrant Shares in the manner required pursuant to Section 5(a), and if after such third Trading Day
and prior to the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall, in its sole discretion, within three Trading
Days after the Holder’s request for payment, either (i) pay in cash to the Holder an amount equal to the Holder’s total
purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the number
of Warrant Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited and the
Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor
its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder
in an amount equal to the excess (if any) of the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased
in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall provide
the Company with written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company.

 

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(c)          To
the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject
to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company (other than breaches related
to this Warrant or the Purchase Agreement) or any violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with
the issuance of Warrant Shares. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

6.           Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that
the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of
any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

 

7.           Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.           Reservation
of Warrant Shares. The Company covenants that at all times while this Warrant is outstanding it will reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it
to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable
and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of
persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the original issuance thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue). The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for
the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company represents and warrants that the Warrant
Shares, when issued and paid for in accordance with the terms of the Transaction Documents and the Warrants, will be issued free
and clear of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities
laws. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.

 

    	5

    	 

    

 

9.           Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
its outstanding shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock split or otherwise)
its outstanding shares of Common Stock into a smaller number of shares (a “Stock Combination Event”),
or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each such case
the Exercise Price shall be adjusted to a price determined by multiplying the Exercise Price in effect immediately prior to the
effective date of such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on
such effective date immediately before giving effect to such event and the denominator of which shall be the number of shares of
Common Stock outstanding immediately after giving effect to such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii), (iii) or (iv) of this paragraph shall become effective immediately
after the effective date of such subdivision, combination or reclassification.

 

(b)          Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock
for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by
the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including
cash (in each case, “Distributed Property”), except for any distributions pursuant to a shareholders’
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.

 

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(c)          Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the Company with
(but not into) another Person, in which stockholders of the Company immediately prior to such transaction own less than a majority
of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant to which holders
of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities, cash or property,
or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”),
and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect
any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall
assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the
Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly
apply to subsequent transactions of an analogous type to any Fundamental Transaction.

 

(d)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) or (e) of this Section
9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares
shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)          Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable. The number
of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company.

 

(f)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will,
at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number
or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based. Upon written request,
the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)          Notice
of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of
cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction, or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) Business Days prior
to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote
with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall
not affect the validity of the corporate action required to be described in such notice.

 

    	7

    	 

    

 

10.         Payment
of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, that if,
on any Exercise Date there is not an effective Registration Statement registering, or no current prospectus available for, the
resale of the Warrant Shares by the Holder, or in case of automatic exercise, then the Holder may, in its sole discretion, satisfy
its obligation to pay the Exercise Price through a “cashless exercise”, in which event the Company shall issue to the
Holder the number of Warrant Shares determined as follows:

 

X = Y[(A-B)/A]

 

where:

 

X = the number of Warrant
Shares to be issued to the Holder.

 

Y = the total number of
Warrant Shares with respect to which this Warrant is being exercised.

 

A = the average of the
Closing Bid Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five consecutive Trading Days
ending on the date immediately preceding the Exercise Date.

 

B = the Exercise Price
then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this Warrant,
“Closing Bid Price” means, for any security as of any date, the last reported closing bid price for such
security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading
Market begins to operate on an extended hours basis and does not designate the closing bid price, then the last bid price of such
security prior to 4:00 p.m., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply,
the last closing price of such security in the over-the-counter market on the electronic bulletin board for such security as reported
by Bloomberg Financial Markets, or, if no closing bid price is reported for such security by Bloomberg Financial Markets, the average
of the bid prices of any market makers for such security as reported on OTC Pink (also known as the “pink sheets”)
by the OTC Markets, Inc. If the Closing Bid Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of
Directors of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination
shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

    	8

    	 

    

 

For purposes of Rule 144,
it is intended, understood and acknowledged that the provisions above permitting “cashless exercise” are intended,
in part, to ensure that a full or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within
the meaning of paragraph (d)(3)(ii) of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced
as to such original Holder, on the Original Issue Date.

 

Notwithstanding anything
herein to the contrary, on the Expiration Date, any remaining part of this Warrant shall be automatically exercised via cashless
exercise pursuant to this Section 10 without any action being required on the part of the Holder.  The Company shall promptly
deliver to the Holder the calculation made pursuant to the preceding sentence, together with any Warrant Shares to which such Holder
is entitled.

 

11.         Limitations
on Exercise; Issuance Restrictions. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares
that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent
necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially
owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with
the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of then issued
and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and its Affiliates
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination
of such sentence is being made, but shall exclude the number of shares of Common Stock which are issuable upon (a) exercise of
the remaining, unexercised portion of this Warrant beneficially owned by such Person and its Affiliates and (b) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its Affiliates
(including, without limitation, any convertible notes, convertible stock or warrants) that are subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, beneficial ownership shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to such Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by such Holder) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of
whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which portion of this Warrant
is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 11, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may
be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or its transfer agent setting forth
the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three Trading
Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to any actual conversion or exercise of securities
of the Company, including this Warrant, by the Holder and its Affiliates since the date as of which such number of outstanding
shares of Common Stock was last publicly reported or confirmed to the Holder. This provision shall not restrict the number of shares
of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration
that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant. This
provision shall automatically expire 61 calendar days prior to the Expiration Date. The Company shall provide the Holder with not
less than ten (10) calendar days’ prior notice of such impending expiration of this beneficial ownership blocker.

 

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12.         No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the
next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Bid Price) for any such
fractional shares.

 

13.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 5:00 p.m., New York City time,
on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 5:00 p.m., New York
City time, on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service with next day delivery specified, or (d) upon actual receipt by the Person to whom such notice is required to be
given. The address and facsimile number of a Person for such notices or communications shall be as set forth in the Purchase Agreement
unless changed by such Person by two Trading Days’ prior notice to the other Person(s) in accordance with this Section
13. The Company agrees to give the Holder not less than five (5) calendar days’ prior notice of the Expiration Date.

 

14.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 15 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

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15.         Miscellaneous.

 

(a)          No
Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

(b)          Authorized
Shares.

 

(i)          The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation or of any requirements of the Principal Trading Market upon which the Common
Stock may be listed.

 

(ii)         Except
and to the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance
or sale of securities or any other voluntary action, 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 assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of the Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (1) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (2) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant, and (3) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant.

 

(iii)        Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

    	11

    	 

    

  

(c)          Successors
and Assigns. Subject to the restrictions on transfer set forth in this Warrant and in Section 4.1 of the Purchase Agreement,
and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by
the Company without the written consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant
shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant.

 

(d)          Amendment
and Waiver. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder.

 

(e)          Acceptance.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

(f)          Governing
Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT
OF ANY OF THE TRANSACTION DOCUMENTS), 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. EACH OF THE COMPANY AND THE HOLDER 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 VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THE PURCHASE 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. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

(g)          Headings.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Warrant,
unless the context clearly indicates to the contrary.

 

    	12

    	 

    

  

(h)          Severability.
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and
the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely as possible reflects the
intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	13

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	TRANSGENOMIC, INC.
	 	 
	 	By:  	                    
	 	Name: Paul Kinnon
	 	Title: President and Chief Executive Officer

 

[Signature Page to Series B Common Stock
Warrant]

 

    	 

    	 

    

 

SCHEDULE 1

 

TRANSGENOMIC, INC.

 

FORM OF EXERCISE NOTICE

 

[To be executed by the Holder to purchase shares
of Common Stock under the Warrant]

 

Ladies and Gentlemen:

 

(1)          The
undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Transgenomic, Inc., a Delaware
corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the
respective meanings set forth in the Warrant.

 

(2)          The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)          The
Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	 ̈	Cash Exercise
	 	 	 
	 	 ̈	“Cashless Exercise” under Section 10 of the Warrant

 

(4)          If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)          Pursuant
to this Exercise Notice, the Company shall deliver to the Holder’s Warrant Shares determined in accordance with the terms
of the Warrant. Please issue (check applicable box):

 

	 	 ̈	A certificate of certificates representing the Holder’s Warrant Shares in the name of the undersigned or in such other name as is specified below:
	 	 	 
	 	 ̈	The Holder’s Warrant Shares in electronic form to the following account:
	 	 
	 	Name and Contact for Broker:
	 	 
	 	 
	 	Broker no:
	 	 
	 	 
	 	Account no:
	 	 
	 	 
	 	Account holder:
	 	 

 

    	 

    	 

    

  

(6)         By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant to
which this notice relates.

 

(7)         By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that its representations contained
in Sections 3.2(b), (c), (d), (f), (j) and (n) of the Purchase Agreement are true and correct as of the Exercise Date and as of
the date on which the Holder pays the Company the Exercise Price as if remade in their entirety (or, in the case of any transferee
Holder that is not a party to the Purchase Agreement, such transferee Holder represents and warrants to the Company that such representations
are true and correct as to such transferee Holder as of the Exercise Date and as of the date on which such transferee Holder pays
the Company the Exercise Price).

 

Dated: _______________, _____

 

	 	Name of Holder: 
	 	 	 	 
	 	 
	 	By:  	   
	 	Name:
	 	Title:

 

(Signature must conform in all respects to name
of Holder as specified on the face of the Warrant)

 

    	 

    	 

    

 

SCHEDULE 2

 

TRANSGENOMIC, INC.

 

FORM OF ASSIGNMENT

 

[To be completed and executed by the Holder
only upon transfer of the Warrant]

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto ______________ (the “Transferee”) the right represented
by the within Warrant to purchase _____________ shares of Common Stock of Transgenomic, Inc., a Delaware corporation (the “Company”)
to which the within Warrant relates and appoints ___________ attorney to transfer said right on the books of the Company with full
power of substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and
with the Company that:

 

		(a)	the offer and sale of the Warrant contemplated hereby
is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the “Securities
Act”), or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance
with all applicable securities laws of the states of the United States;

 

		(b)	the undersigned has not offered to sell the Warrant by
any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or
other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising;

 

		(c)	the undersigned has read the Transferee’s investment
letter included herewith (as required by Section 3(b) of the Warrant), and to its actual knowledge, the statements made therein
are true and correct; and

 

		(d)	the undersigned understands that the Company may condition
the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the
case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under
applicable securities laws of the states of the United States.

 

Dated: ___________, _____

 

	 	 
	 	(Signature must conform in all respects to name of holder as
    specified on the face of the Warrant)
	 	 
	In the presence of:	Address of Transferee:

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