Document:

EXHIBIT 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of October 29, 2013, between ARNO THERAPEUTICS, INC.,
a Delaware corporation (the “Company”), and each of the several purchasers signatory hereto (each such purchaser,
a “Purchaser” and, collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the “Purchase
Agreement”).

 

The Company and each
Purchaser hereby agrees 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”
shall have the meaning set forth in Section 6(d).

 

“Agreement”
shall have the meaning set forth in the recital to this Agreement.

 

“Company”
shall have the meaning set forth in the recital to this Agreement.

 

“Effectiveness
Date” means, with respect to the Registration Statement required to be filed under Section 2(a), the 120th
calendar day following the date hereof; provided, however, that in the event the Company is notified by the Commission
that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness
Date shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates required
above; provided further, however, that if the Effectiveness Date falls on a Saturday, Sunday or other day on which
the Commission is not open for business, then the Effectiveness Date shall be extended to the next day on which the Commission
is open for business.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

    	 

    	 

    

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 60th calendar day
following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section
2(c) or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities; provided further, however, that if the
Filing Date falls on a Saturday, Sunday or other day on which the Commission is not open for business, then the Filing Date shall
be extended to the next day on which the Commission is open for business.

 

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

 

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

 

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

 

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

 

“Liquidated
Damages Shares” shall have the meaning set forth in Section 2(f).

 

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

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“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
by the Commission pursuant to 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” shall have the meaning set forth in the recital to this Agreement.

 

“Purchaser”
or “Purchasers” shall have the meaning set forth in the recital to this Agreement.

 

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“Registrable
Securities” means, as of any date of determination, (a) all of the Shares issued by the Company on the date hereof pursuant
to the Purchase Agreement, (b) 100% of the Warrant Shares then issued and issuable upon exercise of the Series C Warrants (assuming
on such date the Warrants are exercised in full without regard to any exercise limitations therein), (c) 100% of the Warrant Shares
then issued and issuable upon exercise of the Series D Warrants (assuming on such date the Warrants are exercised in full without
regard to any exercise limitations therein), (d) 100% of the Warrant Shares then issued and issuable upon exercise of the Series
E Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations therein), (e) any
additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Warrants (in each case, without
giving effect to any limitations on exercise set forth in the Warrants), and (f) any securities issued or then issuable upon any
stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided,
however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required
to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (i)
a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under
the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration
Statement, (ii) such Registrable Securities have been previously sold in accordance with Rule 144, or (iii) such securities become
eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as
set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected
Holders (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend
upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company, and all Warrants
are exercised by “cashless exercise” as provided in Section 2(c) of each of the Warrants), as reasonably determined
by the Company, upon the advice of counsel to the Company.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any 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 any such registration statement.

 

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

 

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

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

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“SEC
Guidance” means (a) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (b) the Securities Act.

 

“2012
Registration Rights Agreement” shall mean that certain Registration Rights Agreement by and among the Company and certain
investors dated November 26, 2012, as amended from time to time.

 

2.            Shelf Registration.

 

(a)          On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except if the
Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall
be on another appropriate form in accordance herewith, subject to the provisions of Section 2(d)) and shall contain (unless otherwise
directed by at least 85% in interest of the Holders) substantially the “Plan of Distribution” attached hereto
as Annex A. Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement
filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act
as promptly as possible after the filing thereof, but in any event no later than the Effectiveness Date, and shall use its best
efforts to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered
by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). The Company shall
telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall
immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement (notice shall be provided
simultaneously to all Holders first via e-mail) within one Trading Day that the Company telephonically confirms effectiveness with
the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30
a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the
Commission as required by Rule 424. Failure to so notify the Holder within one (1) Trading Date of such notification of effectiveness
or failure to file a final prospectus as foresaid shall be deemed an Event under Section 2(d).

 

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(b)          
Notwithstanding the registration obligations set forth in Section 2(a), if 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 inform each of the Holders thereof and use its commercially reasonable
efforts to file amendments to the Initial Registration Statement as required by the Commission (or additional Registration Statements
if required by the Commission), covering the maximum number of Registrable Securities permitted to be registered by the Commission,
on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to
the provisions of Section 2(d); provided, however, that prior to filing such amendment, the Company shall be obligated
to use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance
with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.

 

(c)          Notwithstanding
any other provision of this Agreement, if the Commission or 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 diligent efforts to advocate with the Commission for the registration of all or a greater portion 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 be reduced as follows: 

 

(i)          First,
the Company shall reduce or eliminate any securities to be included by any Person other than a Holder;

 

(ii)         Second,
the Company shall reduce any Shares issued by the Company on the date hereof
pursuant to the Purchase Agreement;

 

(iii)        Third,
the Company shall reduce Registrable Securities represented by Warrant Shares issued pursuant to Series C Warrants (applied, in
the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered
Warrant Shares held by such Holders);

 

(iv)         Fourth,
the Company shall reduce Registrable Securities represented by Warrant Shares issued pursuant to Series E Warrants (applied, in
the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered
Warrant Shares held by such Holders); and

 

(v)         Fifth,
the Company shall reduce Registrable Securities represented by Warrant Shares issued pursuant to Series D Warrants (applied, in
the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered
Warrant Shares held by such Holders).

 

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In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along
with the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement
in accordance with the foregoing, 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 such other form available to register for resale those Registrable Securities that were not registered for resale
on the Initial Registration Statement, as amended.

 

(d)          If:
(i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein,
the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities
Act, within five Trading Days of 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, or (iii) prior to
the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing
to comments made by the Commission in respect of such Registration Statement within 15 Trading Days after the receipt of comments
by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared effective,
or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission
by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of a Registration Statement,
such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in
such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable
Securities, for more than ten (10) consecutive Trading Days or more than an aggregate of fifteen (15) Trading Days (which need
not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”,
and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose of clause (ii) the date on which
such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such fifteen (15) Trading Day period
is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15) Trading Day period, as applicable,
is exceeded being referred to as “Event Date”), then, in addition to any other rights the Holders may have
hereunder 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 Holder an amount
in cash, as partial liquidated damages and not as a penalty, equal to 1.0% of the aggregate purchase price paid by such Holder
pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full
within seven days after the date payable, the Company will pay interest thereon at a rate of 12% per annum (or such lesser maximum
amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages
are due until such amounts, plus all such interest thereon, are paid in full. The partial 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. Notwithstanding anything
to the contrary contained herein, (A) no liquidated damages shall be payable by the Company in connection with any Event if the
Registrable Securities may be resold pursuant to Rule 144, (B) the maximum payment to a Holder associated with all Events in the
aggregate shall not exceed (1) in any monthly period, an aggregate of 1.0% of the aggregate purchase price paid by such Holder
pursuant to the Purchase Agreement for its Registrable Securities (plus accrued interest thereon, if applicable) and (2) 10% of
the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for its Registrable Securities, and (C) no
liquidated damages shall be payable by the Company with respect to Registrable Securities that the Company is not permitted to
register as a secondary offering, but subject to the Company’s obligations as described in Section 2(b).

 

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(e)          If
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 another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as 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. Each Holder hereby acknowledges and understands that, as of the date of this Agreement, the Company
is not eligible to use Form S-3.

 

(f)          Notwithstanding
anything to the contrary contained herein, the Company may elect, in its sole discretion, to pay any liquidated damages required
by Section 2(d) in cash, shares of Common Stock (“Liquidated Damages Shares”) or any combination thereof; provided,
however, that the Company may not elect to issue Liquidated Damage Shares to a Holder pursuant to this Section 2(f) to the
extent that such Holder’s beneficial ownership (as determined in accordance with Section 13(d) of the Exchange Act) of Common
Stock would exceed 9.99% after giving effect to the issuance of Liquidated Damages Shares to all Holders hereunder. If electing
to issue Liquidated Damages Shares, the Company shall, on or before the applicable deadline for payment pursuant to Section 2(d),
deliver or cause to be delivered to each Holder: (A) a certificate or certificates representing the number of Liquidated Damages
Shares issued to such Holder in payment of liquidated damages, and (B) a certificate setting forth (i) the aggregate amount of
liquidated damages owed to such Holder, and (ii) the quotient equal to (x) the portion of such aggregate amount that the Company
is electing to pay to such Holder in Liquidated Damages Shares in lieu of cash, divided by (y) $2.40 (subject to appropriate adjustment
hereafter for stock splits, combinations and similar recapitalization events), which quotient, rounded to the nearest whole number,
shall represent the number of Liquidated Damages Shares issued to such Holder.

 

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3.          Registration
Procedures.

 

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

 

(a)          Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior
to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed
to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review
of such Holders, and (ii) 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 respective counsel to each Holder, to conduct a reasonable investigation
within the meaning of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders
advance copies of any universal shelf registration statement registering securities in addition to those required hereunder, or
any Prospectus prepared thereto. The Company shall not file a Registration Statement or any such Prospectus or any amendments or
supplements thereto to which the Holders of two-thirds or more of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later than five (5) Trading Days after the Holders have
been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of
any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire
in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”) on a date that
is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4th) Trading Day following
the date on which such Holder receives draft materials in accordance with this Section.

 

(b)          (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable Securities, (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 possible to any comments received from the
Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to
the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided
that, the Company shall excise any information contained therein which would constitute material non-public information regarding
the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during
the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders
thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

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(c)          If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then to the extent permitted by the Securities Act (including the rules and
regulations thereunder) or SEC Guidance, the Company shall file as soon as reasonably practicable, but in any case prior to the
applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of
such Registrable Securities.

 

(d)          Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person)
confirm such notice in writing no later than one (1) 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 and whenever the Commission comments in writing on such Registration
Statement, and (C) with respect to a Registration Statement or any post-effective amendment, 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, (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, (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 a
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 a Registration Statement, Prospectus or other documents so that, in the case
of a 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 light of the circumstances
under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best
interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided, however,
in no event shall any such notice contain any information which would constitute material, non-public information regarding the
Company or any of its Subsidiaries.

 

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(e)          Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or 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, at the earliest practicable moment.

 

(f)          Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by such Person, 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 any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)          Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)          The
Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company
shall pay the filing fee required by such filing within two (2) Business Days of request therefor.

 

(i)          Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable 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 the 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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(j)          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 a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be
in such denominations and registered in such names as any such Holder may request.

 

(k)          Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
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, neither a Registration Statement nor such 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 light of the circumstances under which they were made, not misleading. If
the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) 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(k) to suspend the availability of a Registration Statement
and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period
not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

(l)          Comply
with all applicable rules and regulations of the Commission.

 

(m)          The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration
of the Registrable Securities solely because any Holder fails to furnish such information within three 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.

 

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(n)          With
respect to any Registration Statement involving an underwritten offering, if requested by the Holders, the Company shall use its
reasonable best efforts to obtain legal opinion letters and negative assurances statements (and updates thereof) from its counsel
and “comfort” letters (and updates thereof) from the independent certified public accountants of the Company (and,
if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by
the Company for which financial statements and financial data are, or are required to be, included in, or incorporated by reference
into, a Registration Statement), addressed to each selling Holder of Registrable Shares included in a Registration Statement and
the underwriters, if any, in customary form and covering such matters of the kind customarily covered by such letters and statements
in transactions of the nature contemplated by such Registration Statement.

 

4.          Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company 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 of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in
writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities) and (D) if not previously paid by the Company in connection with an issuer filing,
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 Registrable
Securities), (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, (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by this Agreement, (vii) and the reasonable fees and
disbursements with respect to the review of the Registration Statement, not to exceed $10,000, of one counsel for the selling Holders,
and (viii) to the extent Registrable Securities are not then covered by an effective Registration Statement, the reasonable out-of-pocket
costs and expenses incurred by a Holder related to the resale of such Registrable Securities by such Holder under Rule 144 (but
excluding broker fees or similar commissions incurred by such Holder). 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 broker or similar commissions of any Holder
or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

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5.            Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) 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, members, stockholders, partners, agents and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) 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 attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, 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 or supplement thereto, in light
of the circumstances under which they were made) not misleading or (2) 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, in connection with the performance
of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
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 expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise
to such Loss would have been corrected. 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 such indemnified person
and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

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(b)          Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents 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, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with any applicable prospectus delivery requirements of the Securities Act through no fault of the Company or
(y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any
amendment or supplement thereto or in any preliminary prospectus, 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 or
supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the
extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company
expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such
information relates to such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved
Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence
of an event of the type specified in Section 3(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such
Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of
the Advice contemplated in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement
or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder under this
Section 3(b) 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 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: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) 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 (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to 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 the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. 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.

 

Subject to
the terms of this Agreement, all reasonable 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) shall be paid to the Indemnified Party, as incurred, within ten 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 determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

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(d)          Contribution.
If the 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 shall contribute to the amount paid or payable by such Indemnified
Party, 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 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 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), no Holder shall be required to contribute
pursuant to this Section 5(d), 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.

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

6.          Miscellaneous.

 

(a)          Remedies.
In the event of a breach by the Company or by a Holder of any of their respective 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, shall be entitled to specific performance of its rights under this Agreement. Each of the Company
and each Holder agrees 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 not assert or shall waive the defense that a remedy at law would be adequate.

 

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(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 any Registration Statements
other than the Registrable Securities. Other than with respect to registration statements filed on Forms S-4 and S-8 or those required
to be filed pursuant to the 2012 Registration Rights Agreement, the Company shall not file any other registration statements until
all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission; provided,
however, that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements filed prior to
the date of this Agreement; and provided further, however, that in the event the Commission limits the number of Registrable Securities
that may be registered by the initial Registration Statement in accordance with Section 2(b), above, then for purposes of this
sentence the prohibition against filing other registration statements shall not apply following the effectiveness of such initial
Registration Statement.

 

(c)          Compliance.
Each Holder covenants and agrees that 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 a 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(d)(iii) through (vi), 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 agrees
and acknowledges that any period during which the Holder is required to discontinue the disposition of the Registrable Securities
hereunder shall be subject to the provisions of Section 2(d).

 

(e)          Piggy-Back
Registrations. Subject to Sections 2(b) and 2(c) hereof, 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 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 the Company’s stock option or other employee benefit plans or the 2012 Registration
Rights Agreement, then the Company shall deliver to each Holder a written notice of such determination and, if within fifteen 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; provided, however,
that the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for
resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission
pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

 

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(f)          Rule
144 Reporting. With a view to making available to the Holders the benefits of Rule 144, the Company agrees after the date hereof
to:

 

(i)          make
and keep public information available, as those terms are understood and defined in Rule 144(c) under the Securities Act;

 

(ii)          file
with the Commission all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

 

(iii)          so
long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144, and of the Securities Act and the Exchange Act, 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 the
Holder may reasonably request in writing in complying with any rule or regulation of the SEC allowing the Holder to sell any such
securities without registration.

 

(g)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of at least two-thirds of the then outstanding Registrable Securities (for purposes of clarification,
this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does
not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence,
then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each
Holder shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement.
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 a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given
only by such Holder or Holders of all 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 first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

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(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. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may
assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of the Purchase Agreement.

 

(j)          No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, 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. Except as set forth on Schedule 6(i), neither the Company nor any of its Subsidiaries has previously entered into
any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied
in full.

 

(k)          Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
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 page were an original thereof.

 

(l)          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.

 

(m)          Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(n)          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 commercially
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.

 

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(o)          Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(p)          Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not asset any such
claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

********************

 

(Signature
Pages Follow)

 

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

 

	 	ARNO THERAPEUTICS, INC.	 
	 	 	 
	 	By:	/s/ Glenn R. Mattes	 
	 	 	Name: Glenn R. Mattes	 
	 	 	Title: Chief Executive Officer	 

 

[SIGNATURE PAGES OF HOLDERS FOLLOW]

 

    	 

    	 

    

 

[SIGNATURE
PAGE OF HOLDERS TO ARNI RRA]

 

Name of Holder: __________________________

 

Signature of Authorized Signatory of Holder: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

 

[SIGNATURE PAGES CONTINUE]EXHIBIT 10.3

 

CONVERSION AGREEMENT

 

This CONVERSION AGREEMENT (this “Agreement”),
is entered into as of October 29, 2013, by and among ARNO THERAPEUTICS, INC., a Delaware corporation (the “Company”),
and the undersigned holders (each, a “Holder,” and collectively, the “Holders”) of the Company’s
8% Senior Convertible Debentures due 2015.

 

WHEREAS, the Company and the Holders are
parties to that certain Securities Purchase Agreement dated November 26, 2012, as previously amended on December 13, 2012, and
March 25, 2013 (the “Purchase Agreement”);

 

WHEREAS, pursuant to
the Purchase Agreement, the Company issued and sold to the Holders the Debentures (as defined in the Purchase Agreement) in the
aggregate principal amount of $14,857,200, of which $14,824,905.90 in principal remains outstanding under the Debentures in the
respective amounts set forth next to each Holder’s name on Schedule A attached hereto (the “Principal Amount”);

 

WHEREAS, in addition to the Debentures,
the Company also issued and sold to the Holders those certain Series B Warrants (as defined in the Purchase Agreement) entitling
the Holders to purchase an aggregate of 49,524,003 shares of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), on or prior to the 18-month anniversary of such warrants;

 

WHEREAS, concurrently with this
Agreement, the Company is entering into a Securities Purchase Agreement (the “2013 Purchase Agreement”)
pursuant to which the Company will sell to certain investors and certain investors will purchase from the Company shares of
Common Stock and additional warrants to purchase Common Stock for an aggregate purchase price of at least $15 million (the
“New Investment”), on the terms set forth in the 2013 Purchase Agreement;

 

WHEREAS, it is a condition to the investors’
obligation to make the New Investment that the Principal Amount and all accrued and unpaid interest owing under the Debentures
be converted into shares of Common Stock; and

 

WHEREAS, as an inducement for the Holders
to convert the Principal Amount and all accrued and unpaid interest into shares of Common Stock, the Company desires to (i) provide
each Holder with one additional year of accrued interest on such Holder’s respective Principal Amount, the amounts of which
are identified next to each Holder’s name on Annex A (the “Additional Interest”) (the Principal
Amount, the accrued and unpaid interest thereon and Additional Interest are collectively referred to in this Agreement as the “Outstanding
Debt”), and (ii) extend the termination date of the Series B Warrants (as defined in the Purchase Agreement) held by
each Holder to October 31, 2014; and

 

WHEREAS, the Company and the Holders believe
it is in their mutual best interest to effect the conversion of the Debentures and the extension of the term of the Series B Warrants
on the terms and subject to the conditions set forth in this Agreement.

 

    	 

    	 

    

 

NOW, THEREFORE, in consideration of the
covenants and agreements set forth herein, and for other good and valuable consideration, the sufficiency of which are hereby acknowledged
and intending to be legally bound hereby the parties agree as follows:

 

1.           Conversion;
Warrant Amendment.

 

(a)          Conversion
of Debentures. On the Closing Date (as defined in Section 2 below), the entire amount of each Holder’s respective Outstanding
Debt shall automatically convert into a number of shares of Common Stock determined by dividing such Holder’s amount of Outstanding
Debt by $2.40 (after giving effect to the 1-for-8 reverse split of the Common Stock to be effected as of October 29, 2013) (the
“Conversion Shares”), as listed on Annex A attached hereto; provided, however, that the Company shall
pay cash in lieu of any fractional Conversion Shares that would otherwise be issuable upon such conversion. Upon such conversion,
the Outstanding Debt and all other obligations of the Company under the Debentures shall be deemed satisfied and discharged in
full, and all of the Holders’ rights under the Debentures shall be terminated in their entirety.

 

(b)          Amendment
of Series B Warrants. Effective upon the Closing, and without further action by the Company or any Holder, the Termination
Date (as such term is defined in the Series B Warrants) shall be extended until October 31, 2014.

 

2.           Closing.
Subject to the satisfaction or waiver of the conditions set forth in Section 6 hereof, the conversion of the Debentures and the
amendment of the Series B Warrant, as described in Section 1 of this Agreement, shall be effected (the “Closing”)
at the offices of Fredrikson & Byron, P.A., 200 South Sixth Street, Suite 4000, Minneapolis, Minnesota 55402, or such other
place to be specified by the Company and the Holders, on the date of, and simultaneously with, the closing of the New Investment
(the “Closing Date”). At the Closing:

 

(a)          The
Company shall deliver to each Holder and to the transfer agent and registrar for the Common Stock irrevocable instructions to issue
the Conversion Shares in the form attached hereto as Annex B (the “Instruction Letter”); and

 

(b)          Each
Holder shall surrender to the Company for cancellation its original Debenture(s).

 

3.           Liens;
Security Interest. The parties acknowledge that the Outstanding Debt is not secured by any security interest in or other lien
or encumbrance on any assets of the Company. To the extent that any security interest, lien, or other encumbrance is deemed to
have arisen as a result of the Outstanding Debt, the parties agree that upon conversion of the Outstanding Debt that any such security
interest, lien, or other encumbrance will automatically terminate and all rights will revert to the Company. The Holders hereby
authorize the Company to file any documents or instruments requested by the Company in order to terminate any security interest,
lien, or other encumbrance arising out of the Outstanding Debt and the Holders will execute and deliver to the Company such documents
or instruments as the Company reasonably requests to evidence such termination.

 

    	2

    	 

    

 

4.           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Holders as follows:

 

(a)          Due
Authorization. The Company has all requisite power and authority to execute, deliver and perform its obligations under this
Agreement. This Agreement has been duly authorized and validly executed and delivered by the Company and, assuming the due authorization,
execution and delivery by the Holders, constitutes the legal, valid and binding agreement of the Company enforceable against the
Company in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal securities
laws or the public policy underlying such laws, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability
may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law).

 

(b)          Issuance
of Conversion Shares. The Conversion Shares are duly authorized and, when issued and paid for in accordance with this Agreement,
will be duly and validly issued, fully paid and non-assessable, free and clear of all liens and shall not be subject to preemptive
or similar rights of stockholders other than those which have been exercised or waived prior to the Closing Date. Assuming the
accuracy of the representations and warranties of the Holders in this Agreement, the Conversion Shares will be issued in compliance
with all applicable federal and state securities laws.

 

(c)          Non-Contravention.
The execution and delivery of this Agreement, the issuance and sale of the Conversion Shares by the Company under this Agreement
and the consummation of the transactions contemplated hereby will not (A) conflict with or constitute a violation of, or default
(with the passage of time or otherwise) under (i) any bond, debenture, note or other evidence of indebtedness, or any material
lease, contract, indenture, mortgage, deed of trust, loan agreement, joint venture or other agreement or instrument to which the
Company is a party or by which the Company or any of its property is bound, where such conflict, violation or default is likely
to result in a Material Adverse Effect, (ii) the charter, by-laws or other organizational documents of the Company, or (iii) any
law, administrative regulation, ordinance or order of any court or governmental agency, arbitration panel or authority binding
upon the Company or any of its property, where such conflict, violation or default is likely to result in a Material Adverse Effect,
or (B) result in the creation or imposition of any lien upon any of the material properties or assets of the Company or an acceleration
of indebtedness pursuant to any obligation, agreement or condition contained in any bond, debenture, note or any other evidence
of indebtedness or any indenture, mortgage, deed of trust or any other agreement or instrument to which the Company is a party
or by which the Company is bound or to which any of the property or assets of the Company is subject. No consent, approval, authorization
or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental
body in the United States is required for the execution, delivery and performance of this Agreement, the valid issuance and sale
of the Conversion Shares, other than such as have been made or obtained. “Material Adverse Effect” shall mean
any of (a) a material and adverse effect on the legality, validity or enforceability of this Agreement and any other documents
or agreements executed in connection with the transactions contemplated hereunder, (b) a material and adverse effect on the results
of operations, assets, business or financial condition of the Company, or (c) any adverse impairment to the Company’s ability
to perform in any material respect on a timely basis its obligations under this Agreement.

 

    	3

    	 

    

 

5.           Representations
and Warranties of the Holders. Each of the Holders, severally and not jointly, hereby represents and warrants to the Company
as follows:

 

(a)          Organization;
Authority. If not a natural person, the Holder is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement and performance by the Holder of the transactions contemplated by this Agreement have been duly
authorized by all necessary corporate or similar action on the part of the Holder. This Agreement has been duly executed by the
Holder, and when delivered by the Holder in accordance with the terms hereof, will constitute the valid and legally binding obligation
of the Holder, enforceable against it in accordance with its terms, except as rights to indemnity and contribution may be limited
by state or federal securities laws or the public policy underlying such laws, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights
generally and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(b)          Own
Account. The Holder understands that the Conversion Shares are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law. The Holder represents that it is converting the Outstanding Debt
into Conversion Shares as principal for its own account and not with a view to or for distributing or reselling such Conversion
Shares or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention
of distributing any of such Conversion Shares in violation of the Securities Act or any applicable state securities law and has
no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such
Conversion Shares (this representation and warranty not limiting the Holder’s right to sell the Conversion Shares pursuant
to any registration statement or otherwise in compliance with applicable federal and state securities laws) in violation of the
Securities Act or any applicable state securities law. The Holder is acquiring the Conversion Shares hereunder in the ordinary
course of its business.

 

(c)          Investor
Status. The Holder is either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7)
or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
Act. The Holder is not required to be registered as a broker-dealer under Section 15 of the Exchange Act.

 

(d)          Experience
of the Holder. The Holder, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective conversion of the Outstanding
Debt into Conversion Shares, and has so evaluated the merits and risks of such investment. The Holder is able to bear the economic
risk of an investment in the Conversion Shares and, at the present time, is able to afford a complete loss of such investment.

 

    	4

    	 

    

 

6.           Conditions
to the Holders’ Conversion Obligation. The obligation of the Holders hereunder to consummate the Conversion at the Closing
is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions
are for the Holders’ sole benefit and may be waived by the Holders at any time in their sole discretion by providing the
Company with prior written notice thereof:

 

(a)          Issuance
of Securities. The Company shall have delivered to the Holders the Instruction Letter.

 

(b)          2013
Purchase Agreement. The Company shall have delivered, or cause to be delivered, to the Holders a certificate executed by its
Chief Executive Officer that the 2013 Purchase Agreement has been duly executed and delivered by all parties thereto and that the
New Investment has been consummated.

 

(c)          Representations
and Warranties. The representations and warranties of the Company set forth in Section 4 of this Agreement shall be true and
correct in all material respects (except for those representations and warranties that are qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects) as of the date when made and as of the Closing Date as though
made at that time (except for representations and warranties that speak as of a specific date) and the Company shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Company at or prior to the Closing Date.

 

(d)          Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

7.           Transfer
Restrictions.

 

(a)          Compliance
with Laws. Notwithstanding any other provision of this Agreement, the Holders covenant that the Conversion Shares may be disposed
of only pursuant to an effective registration statement under, and in compliance with the requirements of, the Securities Act of
1933, as amended (the “Securities Act”), or pursuant to an available exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act, and in compliance with any applicable state, federal or foreign
securities laws. In connection with any transfer of the Conversion Shares other than (i) pursuant to an effective registration
statement, (ii) to the Company, or (iii) pursuant to Rule 144 (provided that the Holders provide the Company with reasonable assurances
(in the form of seller and broker representation letters) that the Conversion Shares may be sold pursuant to such rule), the Company
may require the transferor thereof to provide to the Company, at the transferor’s expense, an opinion of counsel selected
by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of such transferred Conversion Shares under the
Securities Act.

 

    	5

    	 

    

 

(b)          Legends.
Certificates evidencing the Conversion Shares shall bear any legend as required by the “blue sky” laws of any state
and a restrictive legend in substantially the following form, until such time as they are not required under applicable law:

 

THESE SECURITIES HAVE NOT 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.
NO REPRESENTATION IS MADE BY THE ISSUER AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR
RESALES OF THESE SECURITIES.

 

8.           Notices.
All notices, requests, consents and other communications hereunder shall be in writing and delivered personally, by facsimile,
pdf or sent by a nationally recognized overnight courier service. Any notices, requests, consents and other communications or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile or by email transmission prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the date of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day
or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the next Trading Day after the date of transmission, if
such notice or communication is delivered via email transmission on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iv) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (v) upon actual receipt by the party to whom such notice is required to be given. Notices, requests,
consents and other communications hereunder shall be addressed to the party and delivered to the respective addresses contained
in the Purchase Agreement. For purposes of this Agreement, “Trading Day” shall mean a day on which the principal Trading
Market is open for trading and “Trading Market” shall mean any of the following markets or exchanges on which the Common
Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Markets, Inc. or the OTC Bulletin Board (or any successors
to any of the foregoing).

 

9.           Legal
Fees and Expenses. The parties shall pay their own fees and expenses in connection with this Agreement and the transactions
contemplated hereby.

 

    	6

    	 

    

 

10.         Amendments.
No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case
of an amendment, by the Company and the Holders holding at least two-thirds of the total Outstanding Debt as of the date of this
Agreement or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

11.         Further
Assurances. Each of the parties hereto shall use its reasonable best efforts to do all things necessary and advisable to make
effective the transaction contemplated hereby and shall cooperate and take such action as may be reasonably requested by the other
party in order in carry out fully the provisions and purposes of this Agreement and the transactions contemplated thereby.

 

12.         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the 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 page were an original thereof.

 

13.         Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party 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, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof 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
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 other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of the Agreement, then, the prevailing party in such
action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

[Signature page follows]

 

    	7

    	 

    

 

 

IN WITNESS WHEREOF, the Company and the
Holders have executed this Conversion Agreement to be duly executed by their respective authorized signatures as of the date first
indicated above.

 

	ARNO THERAPEUTICS, INC.	 
	 	 
	 	 	 
	By:	/s/ Glenn. R. Mattes	 
	 	Name:  Glenn R. Mattes	 
	 	Title:    President & Chief Executive Officer	 
	 	 	 
	Address for Notice:	 
	 	Arno Therapeutics, Inc.	 
	 	200 Route 31 North, Suite 104	 
	 	Flemington, NJ 08822	 
	 	Attn: Chief Executive Officer	 
	 	Fax: (973) 267-0101	 
	 	 	 
	With a copy to (which shall not constitute notice):	 
	 	Fredrikson & Byron P.A.	 
	 	200 South 6th Street, Suite 4000	 
	 	Minneapolis, MN  55402	 
	 	Attn: Christopher J. Melsha, Esq.	 
	 	Fax: (612) 492-7077	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR HOLDER FOLLOWS]

 

    	8

    	 

    

 

[HOLDER SIGNATURE PAGES TO

ARNO THERAPEUTICS, INC. CONVERSION AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Conversion Agreement to be duly executed by their respective authorized signatories as of the
date first indicated above.

 

Name of Holder: ________________________________________________________

 

Signature of Authorized Signatory of
Holder: __________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory:
_____________________________________________

 

Facsimile Number of Authorized Signatory:
__________________________________________

 

Address for Notice to Holder:

 

Address for Delivery of Securities to Holder
(if not same as address for notice):

 

Conversion Amount (Outstanding Debt): _____________

 

Number of Shares to be acquired: _________________

 

EIN Number: _______________________

 

[SIGNATURE PAGES CONTINUE]

 

    	9

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