Document:

EXHIBIT 4.5

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of ___________, 2012, by and among (i) CorMedix Inc.,
a Delaware corporation (the “Company”), and (ii) each signatory hereto, including their permitted transferees
and assigns pursuant to Section 9 hereof (each a “Purchaser,” and, collectively, the “Purchasers”).

 

WHEREAS, pursuant to
the terms and conditions of the Confidential Private Placement Memorandum dated August 20, 2012 (including all exhibits, attachments,
annexes, amendments and supplements thereto) (collectively, the “Memorandum”), the Company is offering
(the “Offering”) through John Carris Investments LLC (the “Placement Agent”) its units (each,
a “Unit,” and collectively, the “Units”), each Unit consisting of (i) a 9%
Senior Convertible Note of the Company, substantially in the form attached to the Memorandum as Exhibit B, in an
aggregate principal amount of $1,000 (each, a “Note” and collectively, the “Notes”),
convertible into shares (the “Conversion Shares”) of the Company’s common stock, par value $0.001
per share (the “Common Stock”), and (ii) a five-year warrant, substantially in the form attached to the
Memorandum as Exhibit C (each, a “Warrant” and collectively, the “Warrants”),
to purchase such number of shares of Common Stock (the “Warrant Shares”) that the Note included in a
Unit purchased by a Purchaser are convertible into as of the date of purchase of such particular Unit.

 

WHEREAS, pursuant to
the terms and conditions set forth in Subscription Agreement attached to the Memorandum as Exhibit A (the “Subscription
Agreement”), the Company has agreed to issue and sell to each Purchaser, and each Purchaser has agreed to purchase
from the Company, the number of Units set forth in the Subscription Agreement to which such Purchaser is a signatory; and

 

WHEREAS, as partial
consideration for each Purchaser’s purchase of Units in the Offering and the Placement Agent’s services in connection
with the Offering, the Company has agreed to provide each Purchaser and the Placement Agent with the registration rights set forth
herein with respect to the resale of the Conversion Shares, the Warrant Shares and the Agent Warrant Shares issuable to each Purchaser
and/or the Placement Agent (as the case may be); and

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein, the parties hereto hereby agree as follows:

 

1.          DEFINITIONS.
Capitalized terms used herein and not defined shall have the meanings set forth in the Subscription Agreement. For the purposes
hereof, the following terms shall have the following meanings:

 

“Agent
Warrant Shares” means all shares of Common Stock issuable upon exercise of warrants issued to the Placement Agent
in the Offering as set forth in the Memorandum.

 

“Business
Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction
of business.

 

“Closing”
has the meaning ascribed to such term in the Subscription Agreement.

 

“Effectiveness
Date” means the date a Registration Statement is declared effective by the SEC.

 

“Effectiveness
Deadline” means the date that is one hundred twenty (120) calendar days after the date of the Final Closing.

 

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

 

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“Filing
Date” means, with respect to the Initial Registration Statement, the date sixty (60) calendar days after the Final
Closing, provided, however, that if the Filing Date falls on a Saturday, Sunday or other day that the SEC is closed
for business the Filing Date shall be extended to the next Business Day.

 

“Final
Closing” means the final closing of the Offering.

 

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

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Person”
means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or agency or subdivision thereof) or other entity of any kind.

 

“Purchaser
Permitted Transferees” has the meaning ascribed to such term in the Preamble.

 

“Purchasers”
means, collectively, the Purchasers and the Purchaser Permitted Transferees; provided, however, that the term “Purchasers”
shall not include any of the Purchasers or any of the Purchaser Permitted Transferees that do not own or hold any Registrable Securities.

 

“Registrable
Securities” mean the Conversion Shares.

 

“Registration
Statement” means any one (1) or more registration statements filed (and/or required to be filed pursuant hereto)
with the SEC by the Company on Form S-3, or in the event the Company is not eligible to use Form S-3, on Form S-1, for the purpose
of registering the Registrable Securities, including (in each case) the prospectus, amendments and supplements to such registration
statement or prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in such registration statement. The term “Registration Statement”
shall include, but not be limited to, the Initial Registration Statement.

 

“Rule 144”
means Rule 144 promulgated by the SEC pursuant to the Securities Act and any successor or substitute rule, law or provision.

 

“Rule 172”
means Rule 172 promulgated by the SEC 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 SEC having substantially the same purpose and effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the SEC 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 SEC having substantially the same purpose and effect as such rule.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and all of the rules and regulations promulgated thereunder.

 

“Subscription
Agreement” means the Subscription Agreement attached to the Memorandum as Exhibit A.

 

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2.          MANDATORY
REGISTRATION.

 

(a)         The
Company shall use commercially reasonable efforts such that, no later than the Filing Date, the Company shall file with the SEC
the Initial Registration Statement registering for resale under the Securities Act all of the Registrable Securities by, and for
the account of, the Holders as selling stockholders thereunder, that are not then registered on an effective Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415. The Company shall use commercially reasonable efforts to
cause the Initial Registration Statement to be declared effective by the SEC under the Securities Act as promptly as practicable
after the filing thereof, but in any event on or prior to the applicable Effectiveness Deadline.

 

(b)         The
Company shall use commercially reasonable efforts to keep the Initial Registration Statement current and effective until such date
(the “Effectiveness Period”) that is the earlier of (i) the date as of which all of the Holders as selling
stockholders thereunder may sell all of the Registrable Securities registered for resale thereon without restriction pursuant to
Rule 144, or otherwise, or (ii) the date when all of the Registrable Securities been sold (such date is referred to herein as the
“Mandatory Registration Termination Date”), but in no event longer than two years.

 

(c)         Notwithstanding
any other provision of this Agreement, if the SEC affirmatively limits the number of Registrable Securities to be registered in
the Initial Registration Statement (and the Company has used commercially reasonable efforts to advocate with the SEC for the registration
of all or the maximum number of Registrable Securities), the number of Registrable Securities to be registered on such Registration
Statement will be reduced on a pro-rata basis among the Purchasers based on the total number of unregistered Registrable Securities
held by such Purchasers on a fully-diluted basis. The Company shall file a new Registration Statement as soon as reasonably practicable
covering the resale by the Holders of not less than the number of such Registrable Securities that are not registered in the Initial
Registration Statement. The Company shall not be liable for liquidated damages under Section 3(a) or any other relevant
penalty as to any Registrable Securities which are expressly not permitted by the SEC staff to be included in the initial Registration
Statement. In such case, any liquidated damages payable under Section 3(a) shall be calculated to apply only to the
percentage of Registrable Securities which are permitted to be included in such Registration Statement.

(d)         If
at any time during the Effectiveness Period, other than any suspension period referred to in Paragraph (2)(e), the Company shall
determine to prepare and file with the SEC 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 Form S-4 or Form S-8 (each as promulgated under
the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition
of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the
Company shall send to each Holder written notice of such determination and if, within fifteen (15) days after receipt 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 not already covered by an effective Registration Statement, plus any Warrant Shares held by such Purchaser.

 

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3.          PENALTIES/SUSPENSION
OF A REGISTRATION STATEMENT.

 

(a)          If:
(i) the Initial Registration Statement and/or any other Registration Statement is not filed on or prior to the Filing Date, (ii)
the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities
Act, within five (5) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
SEC that the Initial Registration Statement or any other Registration Statement will not be “reviewed” or not be subject
to further review, (iii) prior to the Effectiveness Deadline of the Initial Registration Statement or any other Registration Statement,
the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of
such Initial Registration Statement or any other Registration Statement within ten (10) Business Days after the receipt of comments
by or notice from the SEC that such amendment is required in order for such Initial Registration Statement or any other Registration
Statement to be declared effective, (iv) the Initial Registration Statement and/or any other Registration Statement covering Registrable
Securities is not declared effective by the SEC by the Effectiveness Deadline, or (v) after the Effectiveness Date of the Initial
Registration Statement or any other Registration Statement, such Initial Registration Statement or other Registration Statement
ceases for any reason to remain for any period current and effective as to all Registrable Securities included in such Initial
Registration Statement or other Registration Statement, as applicable, or the Purchasers are otherwise not permitted to utilize
the prospectus therein to resell such Registrable Securities (any such failure or breach set forth in 3(a)(i)-(v) shall be referred
to as an “Event,” and the date such Event occurs shall be referred to as an “Event Date”),
then, in addition to any other rights the Purchasers may have hereunder and/or under applicable law, on each such Event Date and
on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to each Purchaser on a monthly basis within three (3) Business Days of the end
of the month an amount in cash, as partial liquidated damages and not as a penalty, equal to one percent (1%) of the aggregate
purchase price paid by each Purchaser to purchase Units sold in the Offering (the “Penalty”). Any penalty
owed 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.
Notwithstanding the foregoing, the aggregate Penalty hereunder shall not exceed five percent (5%) of the aggregate principal amount
of Notes outstanding.

 

(b)          The
Company shall provide the Placement Agent with all correspondence (whether written and/or oral), to the SEC from the Company and
from the SEC to the Company and shall notify the Placement Agent by facsimile or e-mail as promptly as practicable, and in any
event, within two (2) Business Days, after a Registration Statement is declared effective and shall simultaneously provide the
Holders with a copy of any related prospectus to be used in connection with the sale or other disposition of the Registrable Securities
covered thereby.

 

4.          OBLIGATIONS
OF THE COMPANY. With respect to the Initial Registration Statement and any other Registration Statement filed by the Company
with the SEC that covers the Registrable Securities, the Company shall:

 

(a)          Prepare
and file with the SEC such amendments and supplements to a Registration Statement and the prospectus used in connection therewith
as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement;

 

(b)          Furnish
to the selling Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents (including, without limitation, prospectus amendments and supplements as are prepared
by the Company in accordance with Section 4(a) above) as the selling Holders may reasonably request in order to facilitate
the disposition of such selling Holders’ Registrable Securities;

 

(c)          Use
commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and the
Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final prospectus, including any supplement
or amendment thereof, with the SEC pursuant to Rule 424 under the Securities Act, promptly inform the Holders in writing if, at
any time during the Effectiveness Period, the Company 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; notify the selling
Holders of the happening of any event as a result of which the prospectus included in or relating to a Registration Statement contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading; and, thereafter,
subject to Section 8 hereof, the Company will promptly prepare (and, when completed, give notice and provide a copy
thereof to each selling Holder) a supplement or amendment to such prospectus so that such prospectus will not contain an untrue
statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; provided,
however, that upon such notification by the Company (which shall be a Suspension (as defined herein) pursuant to Section
8), the selling Holders will not offer or sell Registrable Securities until the Company has notified the selling Holders
that it has prepared a supplement or amendment to such prospectus and filed it with the SEC, or if the Company does not then meet
the conditions for the use of Rule 172, delivered copies of such supplement or amendment to the selling Holders (it being understood
and agreed by the Company that the foregoing proviso shall in no way diminish or otherwise impair the Company’s obligation
to promptly prepare a prospectus amendment or supplement as above provided in this Section 4(c) and deliver copies
of same as above provided in Section 4(b) hereof); and

 

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(d)          Use
commercially reasonable efforts to register and qualify the Registrable Securities covered by a Registration Statement under such
other securities or Blue Sky laws of such states as shall be reasonably appropriate in the opinion of the Company.

 

(e)          Subject
to the terms and conditions of this Agreement, including Section 2 hereof, the Company shall use commercially reasonable
efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement, or the
suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction in the United States, and (ii)
if such an order or suspension is issued, obtain the withdrawal of such order or suspension at the earliest practicable moment
and notify each Holder of Registrable Securities of the issuance of such order and the resolution thereof or its receipt of notice
of the initiation or threat of any proceeding for that purpose.

 

(f)          The
Company shall use commercially reasonable efforts to cause its Common Stock to continue to be registered under Sections 12(b),
12(g) and/or 15(d) of the Exchange Act, to comply in all respects with its reporting and filing obligations under the Exchange
Act, to comply with all requirements related to the Initial Registration Statement and any other Registration Statement filed pursuant
to this Agreement, and to not take any action or file any document (whether or not permitted by the Securities Act or the rules
promulgated thereunder) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations
under the Exchange Act or Securities Act. The Company shall take all action reasonably necessary to continue the listing, trading
and/or quotation of its Common Stock on one or more of the OTC Bulletin Board, the Pink Sheets LLC, the OTC Markets Group, the
Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, or the New York
Stock Exchange MKT.

 

(g)          With
a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any
time permit the Holders to sell the Registrable Securities to the public without registration, the Company shall: (i) make and
keep public information available as those terms are understood in Rule 144, (ii) furnish to a Holder as long as any Holder owns
any Registrable Securities, upon such Holder’s request, a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company as may be reasonably requested in availing such Holder of any rule
or regulation of the SEC permitting the selling of any such Registrable Securities without registration, and (iii) undertake any
additional actions reasonably necessary to maintain the availability of the use of Rule 144. The Company shall further take all
other actions as the Holders may reasonably request from time to time to enable the Holders to sell the Registrable Securities
without registration under the Securities Act pursuant to the exemption provided by Rule 144 promulgated under the Securities Act,
including, without limitation, obtaining any required legal opinions from Company counsel at the Company’s expense and delivering
such legal opinions within five (5) Business Days after receipt from such Holder (or its representative) of documentation reasonably
required by the Company’s counsel to provide such opinion.

 

(h)          The
Company will file any Registration Statement and all amendments and supplements thereto electronically on EDGAR.

 

5.          OBLIGATIONS
OF THE HOLDERS.

 

(a)          Each
Holder agrees to cooperate with the Company as reasonably requested by the Company in connection with the filing of any Registration
Statement hereunder, unless such Holder has notified the Company in writing that such Holder elects to exclude all of its Registrable
Securities from such Registration Statement.

 

(b)          Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
4(c), each Holder shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement
covering such Registrable Securities until such Holders receipt of the copies of the supplemented or amended prospectus contemplated
by Section 4(c) or receipt of notice that no supplement or amendment is required.

 

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(c)          Each
Holder who is a member or affiliated or associated with member(s) of FINRA will agree, if requested by FINRA, to sign a lock-up,
the form of which shall be satisfactory to FINRA (the “FINRA Lock-Up”), in connection with the transactions
contemplated by this Agreement and the Subscription Agreement.

 

6.          EXPENSES
OF REGISTRATION. The Company shall bear and pay all expenses incurred in connection with any registration, filing or qualification
of Registrable Securities pursuant hereto, including, without limitation, all registration, filing and qualification fees, printer’s
fees, accounting fees and fees and disbursements of counsel for the Company, but excluding any brokerage or underwriting fees,
discounts and commissions relating to Registrable Securities.

 

7.          INDEMNIFICATION.

 

(a)          To
the greatest extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and each officer and director of such selling Holder and each person, if any, who controls such selling Holder, within
the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which they may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue or alleged untrue statement of any material fact contained in any Registration Statement,
in any preliminary prospectus or final prospectus relating thereto or in any amendments or supplements to any Registration Statement
or any such preliminary prospectus or final prospectus, or the omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not misleading; or (ii) any violation by the Company or its agents
of any rule or regulation promulgated under the Securities Act applicable to the Company or its agents and relating to action or
inaction required of the Company in connection with such registration of the Registrable Securities; and will reimburse such selling
Holder, or such officer, director or controlling person of such selling Holder for any legal or other expenses reasonably incurred
by them in connection with defending any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 7(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld), nor shall the Company be liable in any such case for any such loss, damage, liability or action to the
extent that it arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission made in connection
with any Registration Statement, any preliminary prospectus or final prospectus relating thereto or any amendments or supplements
to any Registration Statement or any such preliminary prospectus or final prospectus, in reliance upon and in conformity with written
information furnished expressly for use in connection with any Registration Statement or any such preliminary prospectus or final
prospectus by the selling Holders or (ii) at any time when the Company has advised the Holder in writing that the Company does
not meet the conditions for use of Rule 172 and as a result that the Holder is required to deliver a current prospectus in connection
with any disposition of Registrable Securities, an untrue statement or alleged untrue statement or omission in a prospectus that
is (whether preliminary or final) corrected in any subsequent amendment or supplement to such prospectus was delivered to the selling
Holder before the pertinent sale or sales by the selling Holder.

 

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(b)          To
the extent permitted by law, each selling Holder will severally and not jointly indemnify and hold harmless the Company, each of
its directors, each of its officers who have signed any Registration Statement, each person, if any, who controls the Company within
the meaning of the Securities Act, against any losses, claims, damages or liabilities to which the Company or any such director,
officer, controlling person, may become subject to, under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereto) arise out of or are based upon any untrue or alleged untrue statement of any material
fact contained in any Registration Statement or any preliminary prospectus or final prospectus, relating thereto or in any amendments
or supplements to any Registration Statement or any such preliminary prospectus or final prospectus, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent and only to the extent that such untrue statement or alleged untrue statement
or omission or alleged omission (i) was made in any Registration Statement, in any preliminary prospectus or final prospectus relating
thereto or in any amendments or supplements to any Registration Statement or any such preliminary prospectus or final prospectus,
in reliance upon and in conformity with written information furnished by the selling Holder expressly for use in connection with
any Registration Statement, or any preliminary prospectus or final prospectus or (ii) at any time when the Company has advised
the Holder in writing that the Company does not meet the conditions for use of Rule 172 and as a result that the Holder is required
to deliver a current prospectus in connection with any disposition of Registrable Securities, an untrue statement or alleged untrue
statement or omission in a prospectus that is (whether preliminary or final) corrected in any subsequent amendment or supplement
to such prospectus was corrected in any subsequent amendment or supplement to such prospectus that was delivered to the selling
Holder before the pertinent sale or sales by the selling Holder; and such selling Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling person; provided, however, that notwithstanding
anything to the contrary provided herein or elsewhere, the liability of each selling Holder hereunder shall be limited solely to
the net proceeds received by each such selling Holder from the sale of Registrable Securities only by such Holder giving rise to
such liability, and provided further, that the indemnity agreement contained in this Section 7(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without
the consent of those selling Holder(s) against which the request for indemnity is being made (which consent shall not be unreasonably
withheld).

 

(c)          Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, notify
the indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in
and, to the extent the indemnifying party desires, jointly with any other indemnifying party similarly noticed, to assume at its
expense the defense thereof with counsel satisfactory to the indemnifying party or indemnifying parties, but the omission so to
notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution
or otherwise under the indemnity agreement contained in this Section 7 (except to the extent that such omission materially
and adversely affects the indemnifying party’s ability to defend such action). In the event that the indemnifying party assumes
any such defense, the indemnified party may participate in such defense with its own counsel and at its own expense, provided,
however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded, based on an opinion of counsel reasonably satisfactory to the indemnifying party, that there
may be a conflict of interest between the positions of the indemnifying party and the indemnified party in conducting the defense
of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from
or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate
counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified
party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election to assume the defense
of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified
party under this Section 7 for any legal or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof unless the indemnified party shall have employed such counsel in connection with the assumption of legal
defenses in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall
not be liable for the expenses of more than one separate counsel and one local counsel, reasonably satisfactory to such indemnifying
party, representing all of the indemnified parties who are parties to such action in which case the reasonable fees and expenses
of counsel shall be at the expense of the indemnifying party.

 

(d)          Notwithstanding
anything to the contrary herein, the indemnifying party shall not be entitled to settle any claim, suit or proceeding unless in
connection with such settlement the indemnified party receives an unconditional release with respect to the subject matter of such
claim, suit or proceeding and such settlement does not contain any admission of fault by the indemnified party.

 

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(e)          If
the indemnification provided for in this Section 7 is unavailable to or insufficient to hold harmless an indemnified
party under Section 7(a) or Section 7(b) above in respect of any losses, claims, damages or liabilities
(or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof)
in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holders on the other
in connection with the statements or omissions or other matters which resulted in such losses, claims, damages or liabilities (or
actions in respect thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by
reference to, among other things, in the case of an untrue statement, whether the untrue statement relates to information supplied
by the Company on the one hand or a Holder on the other and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such untrue statement. The Company and the Holders agree that it would not be just and equitable
if contribution pursuant to this Section 7(e) were determined by pro rata allocation (even if the Holders were treated
as one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations
referred to above in this Section 7(e). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 7(e) shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. 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. The Holders’
obligations in this subsection to contribute are several in proportion to their sales of Registrable Securities to which such loss
relates and not joint. In no event shall the contribution obligation of a Holder be greater in amount than the dollar amount of
the net proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 7
and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

 

8.          SUSPENSION.
Notwithstanding anything in this Agreement to the contrary, in the event (i) of any non-voluntary demand on the Company by the
SEC during the period of effectiveness of any Registration Statement for amendments or supplements to any Registration Statement
or related prospectus or for additional information; (ii) of the issuance by the SEC of any Registration Statement or the initiation
of any proceedings for that purpose; or (iii) of any event or circumstance which requires in order to comply with applicable law
the making of any changes in any Registration Statement or related prospectus, or any document incorporated or deemed to be incorporated
therein by reference, so that, in the case of any Registration Statement, it will not contain any untrue statement of a material
fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
and that in the case of the prospectus, it will not contain any untrue statement of a material fact or any omission to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading (based upon the written legal opinion of legal counsel to the Company and provided to counsel
to the Holders), then the Company shall furnish to the selling Holders a certificate signed by the President or Chief Executive
Officer of the Company setting forth in detail the facts relating to one or more of the above described circumstances, and the
right of the selling Holders to use any Registration Statement (and the prospectus relating thereto) shall be suspended for a period
(the “Suspension Period”) of not more than sixty (60) days after delivery by the Company of the certificate
referred to above in this Section 8. During the Suspension Period, none of the Holders shall offer or sell any Registrable
Securities pursuant to or in reliance upon any Registration Statement (or the prospectus relating thereto). The Company shall use
its best efforts to terminate any Suspension Period as promptly as practicable.

 

9.          ENTIRE
AGREEMENT. This Agreement, the Subscription Agreement, the Warrants and the Notes constitute and contain the entire agreement
and understanding of the parties with respect to the subject matter hereof, and supersede any and all prior negotiations, correspondence,
agreements or understandings with respect to the subject matter hereof.

 

10.         MISCELLANEOUS.

 

(a)          This
Agreement may not be amended, modified or terminated, and no rights or provisions may be waived, except with the written consent
of the Company and the Holders of a majority of the Registrable Securities issued and outstanding; provided, that,
no consent shall be required in order to add additional Purchasers as parties hereto in accordance with the Offering.

 

    	8

    	 

    

 

(b)          This
Agreement shall be governed by and construed solely in accordance with the internal laws of the State of New York without regard
to the conflicts of laws principles thereof. Each party hereby expressly and 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, and hereby expressly and irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. Each party hereby expressly and irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to
it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. In any
action brought by the Company concerning and/or arising directly and/or indirectly out of this Certificate, the prevailing party
shall be entitled to recover all of its legal fees and expenses incurred by it with respect to any such legal action. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(c)          Any
notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall
be effective (a) upon hand delivery by telecopy or facsimile at the address or number designated below (if delivered on a Business
Day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered
other than on a Business Day during normal business hours where such notice is to be received) or (b) on the second Business Day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur. The addresses for such communications shall be:

 

(i)          All
correspondence to the Company shall be addressed as follows:

 

	If to the Company:	 	CorMedix Inc.
	 	 	745 Rt. 202-206, Suite 303
	 	 	Bridgewater, NJ 08807
	 	 	Attention: Richard Cohen
	 	 	Telephone : (908) 517-9500
	 	 	Facsimile: (908) 429-4307
	 	 	 
	with copies to:	 	DLA Piper
	 	 	300 Campus Drive, Suite 100
	 	 	Florham Park, New Jersey 07932
	 	 	Attention: David C. Schwartz, Esq.
	 	 	Telephone: (973) 520 2555
	 	 	Facsimile: (973) 520-2575

 

(ii)  All correspondence
to any Purchaser shall be sent to such Purchaser at the address set forth in the books and records of the Company.

 

(iii)  Any party
may change the address to which correspondence to it is to be addressed by written notification as provided for herein.

 

    	9

    	 

    

 

(d)          The
parties acknowledge and agree that in the event of any breach of this Agreement, remedies at law may be inadequate, and each of
the parties hereto shall be entitled to seek specific performance of the obligations of the other parties hereto and such appropriate
injunctive relief as may be granted by a court of competent jurisdiction.

 

(e)          Should
any part or provision of this Agreement be held unenforceable, the unenforceable part or provisions shall be replaced with a provision
which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable
manner, and the remainder of this Agreement shall remain binding upon the parties hereto.

 

(f)          This
Agreement may be executed in a number of counterparts, any of which together shall for all purposes constitute one Agreement, binding
on all the parties hereto notwithstanding that all such parties have not signed the same counterpart.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	10

    	 

    

 

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

 

	 	CORMEDIX INC.
	 	 
	 	By: 	 
	 	 	Name: Richard M. Cohen
	 	 	Title: Interim Chief Executive Officer and Interim Chief Financial Officer
	 	 
	 	PURCHASER:
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	11THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED OR SOLD
UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN AVAILABLE EXEMPTION FROM REGISTRATION.

 

 

	Number ___	_______ Shares

 

ARRAYIT
DIAGNOSTICS, INC. 

 

INCORPORATED
UNDER THE LAWS OF THE STATE OF nevada

 

This Certifies that ________________________________

 

is
the owner of _________________________________

FULLY
PAID AND NON-ASSESSABLE SHARES OF common stock, $.001 PAR VALUE, OF

 

Arrayit Diagnostics, Inc. transferable on the books of the
Company by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

Witness the original signatures of the Company’s duly
authorized officers.

  

Dated: ___________________

 

	/s/ John Howell		/s/ John Howell
	John Howell, President	John Howell, Secretary

 

    	 

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED the undersigned hereby
sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

 

(Please print or typewrite name and address, including postal
zip code, of assignee)

 

 

the within Certificate, and all rights
thereunder, hereby irrevocably constituting and appointing

 

 

Attorney to transfer said Certificate on
the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated:

 

	 	 
	 	Signature Guaranteed:
	 	 
	 	 

 

NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement
or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

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