Document:

Exhibit 10.2

FORM OF
 WARRANT TO PURCHASE
 SHARES OF COMMON
STOCK
 OF
 IVAX DIAGNOSTICS, INC.

THIS WARRANT AND THE SHARES (AS
HEREINAFTER DEFINED) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. THIS WARRANT AND THE SHARES ARE ALSO SUBJECT TO RESTRICTIONS ON
SALE, ASSIGNMENT, PLEDGE OR OTHER DISPOSITION PURSUANT TO THAT CERTAIN STOCK PURCHASE AGREEMENT WITH THE COMPANY (AS HEREINAFTER DEFINED), DATED APRIL
8, 2011, PURSUANT TO WHICH NEITHER THIS WARRANT NOR THE SHARES MAY BE OFFERED OR SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF PRIOR TO MAY [___],
2013 WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL PLACE OF BUSINESS OF THE
COMPANY.

THIS WARRANT CERTIFIES THAT, upon the
terms and subject to the conditions set forth herein, ERBA Diagnostics Mannheim GmbH, a company headquartered in Germany (the
“Holder”), for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has been granted the
right to purchase from IVAX Diagnostics, Inc., a Delaware corporation (the “Company”), during the Term (as hereinafter defined),
20,000,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share, at an exercise price of U.S.$0.75 per
Share (the “Exercise Price”). Until the earlier of the Expiration Date (as hereinafter defined) and such time as this Warrant is
exercised in full, the Exercise Price and the number of Shares (or consideration) issuable upon exercise of this Warrant are subject to adjustment as
hereinafter provided.

1. Term. Upon the terms and
subject to the conditions set forth herein, this Warrant shall be exercisable, in whole or in part, at any time, or from time to time, during the
period (such period, the “Term”) commencing at 5:00 p.m., Eastern time, on May [___], 2011 (the “Effective Date”) and
ending at 5:00 p.m., Eastern time, on May [___], 2016 (the “Expiration Date”). Any portion of this Warrant remaining unexercised at
the Expiration Date shall thereafter be void.

	2.
	 	Exercise.

(a) Manner of Exercise. The
purchase rights represented by this Warrant are exercisable by the Holder in whole or in part, at any time, or from time to time, during the Term: (i)
by the surrender of this Warrant and the Notice of Exercise (in the form attached hereto as Exhibit A), duly completed and executed on behalf of
the Holder, at the principal executive office of the Company located at 2140 North Miami Avenue, Miami, Florida 33127, or such other office as the
Company shall notify the Holder of in writing (the “Principal Office”); and (ii) upon payment, by bank check or wire transfer of
immediately available funds to an account designated by the Company, of the aggregate Exercise Price for the Shares to be purchased.

(b) Time of Exercise. This
Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above
(the “Exercise Date”), and the Holder (or other individual or entity (“Person”) entitled to receive the Shares
issuable upon such exercise in accordance with the terms hereof) shall be treated for all purposes as the holder of record of such Shares as of the
close of business on such date.

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(c) Delivery of Certificate and
Balance Warrant. As promptly as practicable on or after the Exercise Date and in any event within fifteen (15) days thereafter, the Company, at its
expense, will issue and deliver to the Holder (or other Person entitled to receive the Shares issuable upon exercise of this Warrant in accordance with
the terms hereof) a certificate or certificates for the Shares issuable upon such exercise or, if such Shares are not certificated, other appropriate
written evidence of the issuance of the Shares. In the event that this Warrant is exercised in part, the Company at its expense shall execute and
deliver to the Holder (or its successor or permitted assignee) a new warrant of like tenor exercisable for the number of Shares for which this Warrant
may then be exercised after giving effect to all previous exercises and adjustments.

(d) No Fractional Shares. This
Warrant my only be exercised for whole Shares, and in no event shall any fractional Share be issued upon any exercise of this Warrant.

(e) Limitation on Exercise.
Notwithstanding anything to the contrary contained in this Warrant, in no event shall the Holder (or other Person entitled to receive the Shares
issuable upon exercise of this Warrant in accordance with the terms hereof) be entitled to exercise this Warrant, or to receive Shares issuable upon
exercise of this Warrant, for an amount of Shares which, as of the date of such exercise, is in excess of the number of shares of the Company’s
common stock, par value $0.01 per share, that the Company has sold and issued, and the Holder has purchased, under that certain Stock Purchase
Agreement, by and between the Holder and the Company, dated April 8, 2011, pursuant to which, among other things, this Warrant was issued (the
“Stock Purchase Agreement”).

	3.
	 	Adjustments.

(a) Merger or Sale. If, at any
time while this Warrant, or any portion thereof, is outstanding and unexpired, there shall be (i) a reorganization (other than a combination,
reclassification, exchange or subdivision of securities otherwise provided for herein), (ii) a merger or consolidation of the Company with or into
another entity in which the Company is not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the
Company’s shares of capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether
in the form of securities, cash or otherwise, or (iii) a sale or transfer of all or substantially all of the Company’s properties and assets,
then, in each case, this Warrant shall thereafter represent the right to acquire the number of Shares or other securities or property which the Holder
(or its successor or permitted assignee) would have owned immediately after the consummation of such reorganization, merger, consolidation, sale or
transfer, if the Holder (or its successor or permitted assignee) had exercised this Warrant immediately before the effective date of such
reorganization, merger, consolidation, sale or transfer, as the case may be.

(b) Reclassification. If the
Company, at any time while this Warrant, or any portion hereof, is outstanding and unexpired, by reclassification of securities or otherwise, shall
change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class
or classes, then this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as a
result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such
reclassification or other change.

(c) Subdivision or Combination of
Shares. If the Company, at any time while this Warrant, or any portion hereof, is outstanding and unexpired, shall split or subdivide the
securities for which this Warrant is exercisable into a greater number of securities of the same class, then the amount of securities for which this
Warrant is exercisable shall be proportionately increased and the Exercise Price shall be proportionately decreased. If the Company, at any time while
this Warrant, or any portion hereof, is outstanding and unexpired, shall reverse split or combine the securities for which this Warrant is exercisable
into a lesser number of securities of the same class, then the amount of securities for which this Warrant is exercisable shall be proportionately
decreased and the Exercise Price shall be proportionately increased.

(d) Adjustments for Non-Cash
Dividends. If, at any time while this Warrant, or any portion thereof, is outstanding and unexpired, the holders of the securities as to which
purchase rights under this Warrant exist at the time shall have received, or, on or after the record date fixed for the determination of
eligible

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stockholders, shall have become
entitled to receive, without payment therefor, other or additional securities or property (other than cash) of the Company by way of dividend or
distribution (collectively, a “Dividend”), then, in each case, this Warrant shall represent the right to acquire, in addition to the
number of Shares receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of such other or
additional securities or property (other than cash) of the Company that the Holder (or its successor or permitted assignee) would hold on the date of
exercise of this Warrant had it been the holder of record of the security receivable upon exercise of this Warrant on the record date fixed with
respect to the Dividend and had thereafter, during the period from the date thereof through and including the date of such exercise, retained such
securities and all other additional securities which it would have received during such period as a result of its ownership thereof, giving effect to
all adjustments called for during such period by the provisions of this Warrant. Notwithstanding the foregoing, in no event shall the Company’s
distribution of subscription rights to purchase additional shares of the Company’s common stock, par value $0.01 per share, or other securities of
the Company in a rights offering or similar transaction be deemed to be a Dividend for purposes of this Section 3(d).

	(e)
	 	Certain Other Matters.

i. All calculations under this
Section 3 shall be made to the nearest cent or whole Share, as the case may be.

ii. No adjustment in the Exercise Price
shall be required unless such adjustment would require an increase or decrease of at least U.S.$0.01 per Share; provided, however, that any adjustments
which by reason of this Section 3(e)(ii) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment.

iii. If, as a result of an adjustment
made pursuant to this Section 3, the Holder (or its successor or permitted assignee) shall become entitled to receive shares of more than one
class or series of capital stock of the Company, then the Board of Directors of the Company (whose determination shall be final and conclusive) shall
determine, in good faith, the allocation of the adjusted Exercise Price between or among the shares of such multiple classes or series of capital stock
of the Company.

iv. If any event shall occur as to
which the other provisions of this Section 3 are not strictly applicable but as to which the failure to make any adjustment would not fairly
preserve the purchase rights represented by this Warrant in accordance with the essential intent and principles of the adjustments set forth in this
Section 3, then, in each such case, the Board of Directors of the Company (whose determination shall be final and conclusive) shall determine,
in good faith, the adjustment, if any, on a basis consistent with the essential intent and principles established herein, necessary to fairly preserve
the purchase rights represented by this Warrant.

4. Certificate as to
Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to Section 3, the Company, at its expense, shall promptly
compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder (or its successor or permitted assignee) a
certificate setting forth, in reasonable detail, the event requiring such adjustment or readjustment, the amount of such adjustment or readjustment,
the method by which such adjustment or readjustment was calculated, the adjusted or readjusted Exercise Price and adjusted or readjusted number of
Shares or amount of other securities or property that would be received upon the exercise of this Warrant.

5. Legends. Each stock
certificate representing Shares issued upon exercise of this Warrant shall have conspicuously endorsed thereon, in addition to any legends deemed
necessary or advisable by the Company, the following legends:

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS

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OR PURSUANT TO AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

THE CORPORATION IS AUTHORIZED TO ISSUE
MORE THAN ONE CLASS OF CAPITAL STOCK. A STATEMENT SETTING FORTH THE VOTING POWERS, DESIGNATIONS, PREFERENCES, LIMITATIONS, RESTRICTIONS AND RELATIVE
RIGHTS OF THE VARIOUS CLASSES OF CAPITAL STOCK IS ON FILE AT THE CORPORATION’S OFFICE. THE CORPORATION WILL FURNISH A COPY OF SUCH STATEMENT TO
ITS STOCKHOLDERS, WITHOUT CHARGE, UPON WRITTEN REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE.

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON SALE, ASSIGNMENT, PLEDGE OR OTHER DISPOSITION PURSUANT TO THAT CERTAIN STOCK PURCHASE AGREEMENT WITH THE
CORPORATION, DATED APRIL 8, 2011. UNDER SUCH AGREEMENT, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF PRIOR TO MAY [___], 2013, WITHOUT THE PRIOR WRITTEN CONSENT OF THE CORPORATION. A COPY OF SUCH AGREEMENT IS ON FILE AT THE
PRINCIPAL PLACE OF BUSINESS OF THE CORPORATION.

6. Shares to be Fully Paid. When
issued and delivered in accordance with this Warrant to the Holder (or its successor or permitted assignee) upon payment to the Company of the
applicable Exercise Price, the Shares issued by the Company pursuant to this Warrant will be fully paid and non-assessable with no personal liability
attaching to ownership thereof and will be free and clear of all liens, charges and encumbrances of any nature whatsoever except for restrictions on
transfer under the Stock Purchase Agreement and under applicable federal and state securities laws.

7. Company to Reserve Shares. At
all times while this Warrant, or any portion hereof, is outstanding and unexpired, the Company shall reserve and keep available, free from preemptive
rights, out of its authorized but unissued capital stock, for the purpose of effecting the exercise of this Warrant, the full number of Shares then
deliverable upon the exercise of this Warrant. The issuance of this Warrant shall constitute full authority to those officers of the Company who are
charged with the duty of executing stock certificates to execute and issue the necessary certificates for Shares upon exercise of this
Warrant.

8. Exchange of Warrant. If this
Warrant shall be mutilated, lost, stolen or destroyed, then the Company shall execute and deliver to the Holder (or its successor or permitted
assignee) a new warrant of like tenor and denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of
any mutilated Warrant or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft or destruction of such Warrant (including, without limitation, a reasonably detailed affidavit with respect to the circumstances of any
loss, theft or destruction) and upon receipt of indemnity reasonably satisfactory to the Company.

9. No Rights as Stockholder.
Except as otherwise provided herein, this Warrant, to the extent not exercised, will not entitle the Holder to any of the rights, including, without
limitation, voting rights, information rights and rights to receive dividends or distributions, of a stockholder of the Company.

10. Amendment. This Warrant may
not be modified or amended, except with the prior written consent of the Holder (or its successor or permitted assignee) and the Company. Any
instrument given by or on behalf of the Holder (or its successor or permitted assignee) in connection with any consent to any modification or amendment
of this Warrant will be conclusive and binding on any and all subsequent holders of this Warrant.

11. Transfer. Neither this
Warrant nor the Shares have been registered under the Securities Act of 1933, as amended, or any state securities laws, and such securities may not be
offered for sale, sold, assigned, pledged, or otherwise disposed of, unless they are registered under the Securities Act of 1933, as
amended,

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and such state laws or the
transaction is exempt from the registration requirements thereof. In addition, this Warrant and the Shares are subject to restrictions on transfer set
forth in the Stock Purchase Agreement, pursuant to which, among other things, neither this Warrant nor the Shares may be offered for sale, sold,
assigned, pledged or otherwise disposed of prior to May [___], 2013 without the prior written consent of the Company, which consent may be withheld in
the sole discretion of the Company. Subject to the foregoing and the following sentence, upon surrender of this Warrant as a result of a transfer
hereof, the Company, upon written request by the transferor, and at the expense of the transferee or transferor (as they may decide between
themselves), will issue and deliver to, or to the order of, the transferee a new Warrant in the name of such transferee, or as such transferee (on
payment by such transferee of any applicable transfer taxes) may direct, exercisable for the number of Shares for which this Warrant may then be
exercised after giving effect to all previous exercises and adjustments. In addition to the foregoing, and as a condition precedent to effecting any
transfer, the transferor shall notify the Company of the proposed transfer by delivering to the Principal Office a Notice of and Form of Assignment (in
the form attached hereto as Exhibit B), duly completed and executed on behalf of the transferor.

12. Successors and Assigns. This
Warrant shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Holder and its successors and permitted
assigns.

13. Titles and Subtitles. The
titles and subtitles used in this Warrant are for convenience only and are not to be considered in construing or interpreting any term or provision of
this Warrant.

14. Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of Florida for all purposes and in all respects, without regard to the
conflict of law provisions of such state.

[ SIGNATURE PAGE FOLLOWS ]

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IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed by its duly authorized officer as of the Effective Date set forth above.

IVAX Diagnostics, Inc.,
 a
Delaware corporation

By:
Name:  Kevin D. Clark
 Title: Chief Executive Officer, Chief Operating Officer and President

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EXHIBIT A

NOTICE OF EXERCISE

Dated: ________, 20__

The undersigned hereby elects to
purchase ____ shares (the “Shares”) of common stock of IVAX Diagnostics, Inc. (the “Company”) pursuant to the terms
of the warrant issued to the undersigned, effective as of May [___], 2011, a copy of which is attached hereto (the “Warrant”), and
tenders herewith payment to the Company of U.S.$0.75 per Share, for an aggregate purchase price of U.S.$___, representing payment in full for the
Shares in accordance with the terms of the Warrant. Such aggregate purchase price is being paid [by bank check / by wire transfer of immediately
available funds to an account designated by the Company] [strike portion which is not applicable]. Until the earlier of the Expiration Date (as defined
in the Warrant) and such time as the Warrant is exercised in full, the Exercise Price (as defined in the Warrant) and the number of Shares (or
consideration) issuable upon exercise of the Warrant are subject to adjustment as provided in the Warrant.

Please issue certificate(s)
representing the Shares, and a new warrant for the unexercised portion of the Warrant [strike if not applicable], in the name of the undersigned, and
deliver such certificate(s) and new warrant [strike if not applicable] to the undersigned at the following address:

ERBA Diagnostics Mannheim GmbH
 c/o Transasia Bio-medicals
Ltd.
 Transasia House
 8 Chandivali Studio Road
 Mumbai, India 400072
 Attn: Chief Executive Officer

ERBA Diagnostics
Mannheim GmbH

By:
Name:
Title:

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EXHIBIT B

NOTICE OF AND
FORM OF ASSIGNMENT
 (TO BE SIGNED
ONLY ON TRANSFER OF WARRANT)

For value received, the undersigned
hereby sells, assigns and transfer unto _____, federal taxpayer identification number _____, whose address is _____, _____, _____, the right
represented by the accompanying warrant to purchase shares of common stock of IVAX Diagnostics, Inc. and appoints _____, with full power of
substitution in the premises, as attorney to transfer such right on the books of IVAX Diagnostics, Inc.

	Dated: ________,
20__
	   	   	   	
(Signature must conform to name of holder as specified on the face of the Warrant)

	 
	   	   	   	 

	 
	   	   	   	 

	 
	   	   	   	 

	 
	   	   	   	
Address

	 
	   	   	   	   	   	   
	Signed in the
presence of:

	   	   	   	   	   	   
	 
	   	   	   	   	   	   
	 
	   	   	   	   	   	   
	
 
	   	   	   	   	   	   

 

A-19Second Amendment to Rights Agreement, dated as of April 5, 2011

 Exhibit 4.1 
 EXECUTION VERSION 
 SECOND AMENDMENT TO RIGHTS AGREEMENT 

THIS SECOND AMENDMENT (this “Amendment”), dated as of April 5,
2011, to the Rights Agreement (the “Rights Agreement”), dated October 21, 2002, by and between INSPIRE PHARMACEUTICALS, INC., a Delaware corporation (the
“Company”), and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association, as Rights Agent (the “Rights Agent”), is being executed at the direction of the
Company. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings given them in the Rights Agreement. 
 WHEREAS, Section 27 of the Rights Agreement provides that, prior to the Distribution Date, the Company may supplement or amend the Rights Agreement, in any respect, without
approval of any holders of Rights, by action of its Board of Directors; 
 WHEREAS, pursuant to
Section 27 of the Rights Agreement, the Company has delivered to the Rights Agent a certificate signed by an appropriate officer of the Company which states that the proposed amendment of the Rights Agreement is in compliance with the terms of
Section 27 of the Rights Agreement; 
 WHEREAS, the Company first amended the Rights Agreement (the
“First Amendment”) on July 17, 2007 in contemplation of the Company and Warburg Pincus Private Equity IX, L.P. (“WP”) entering into a securities purchase agreement relating to the acquisition by WP of shares of Series
A Exchangeable Preferred Stock; 
 WHEREAS, Merck & Co., Inc.
(“Parent”), Monarch Transaction Corp. (“Merger Sub”) and the Company contemplate entering into an Agreement and Plan of Merger (the “Merger Agreement”) providing for, among other things, the (i) a
cash tender offer (the “Offer”) by Merger Sub to purchase all of the issued and outstanding shares of the Company’s common stock, par value $0.001 per share (the “Company Common Stock”) and the associated
preferred stock purchase rights, (ii) the grant by the Company to Merger Sub of the Top-Up Option (as defined in the Merger Agreement) and (iii) following the consummation of the Offer, the merger of Merger Sub with and into the Company
(the “Merger”), in each case, on the terms and subject to the conditions set forth in the Merger Agreement; and 
 WHEREAS, the Company desires to amend the Rights Agreement for a second time, as set forth herein, to facilitate the transactions contemplated by the Merger Agreement.

 NOW, THEREFORE, in accordance with the procedures for amendment of the Rights Agreement
set forth in Section 27 thereof, and in consideration of the foregoing and the mutual agreements herein set forth, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. AMENDMENT TO SECTION 1. 
 (a) The definition of “ACQUIRING PERSON” in Section 1 of the Rights Agreement, as amended by the First Amendment, is hereby further amended by striking the “and” before
(iii) in the definition of “ACQUIRING PERSON” and adding the following immediately after the final sentence of the definition: 

  
 1. 

 “...and 
 (vi) Notwithstanding anything in this Agreement to the contrary, none of Parent, Merger Sub or any of their respective Affiliates or Associates shall be or become an Acquiring Person by reason of, and the
term “Acquiring Person” shall not include any of Parent, Merger Sub or any of their respective Affiliates or Associates, solely by reason of, (i) the approval, execution, delivery, performance or public announcement of the Merger
Agreement (including any amendments thereto), (ii) the commencement or public announcement of the Offer, (iii) the purchase of Common Stock pursuant to the Offer, (iv) the consummation or public announcement of the Merger and the
other Transactions, (v) the exercise, or public announcement of the exercise, of the option to purchase shares of Common Stock (and the purchase of such shares of Common Stock) pursuant to Section 1.4 of the Merger Agreement (vi) the
execution and entry into that certain Tender and Support Agreement to be entered into by and among Parent, Merger Sub and certain shareholders of the Company (each such event and any combination of the foregoing, an “EXEMPT EVENT”.

 (b) The definition of “BENEFICIAL OWNER” in Section 1 of the Rights Agreement, as amended by the First
Amendment, is hereby further amended by adding the following immediately after the final sentence of the definition: 

“Notwithstanding anything in this Agreement to the contrary, none of Parent, Merger Sub or any of their respective Affiliates or
Associates, either individually, collectively or in any combination, shall be deemed a Beneficial Owner of, or to Beneficially Own, any securities solely by virtue of, or as a result of, an Exempt Event.” 

(a) Section 1 of the Rights Agreement, as amended by the First Amendment, shall be further amended by adding immediately
after the definition of “EXCHANGE RATIO”: 
 “EXEMPT EVENT” shall have the meaning set forth in the
definition of ACQUIRING PERSON. 
 (b) Section 1 of the Rights Agreement, as amended by the First Amendment, shall
be further amended by adding immediately after the definition of “INVESTOR DESIGNEE”: 
 “MERGER” shall have
the meaning ascribed to such term in the Merger Agreement. 
 (c) Section 1 of the Rights Agreement, as amended by
the First Amendment, shall be further amended by adding immediately after the definition of “MERGER”: 
 “MERGER
AGREEMENT” shall mean that certain Agreement and Plan of Merger by and among Parent, Merger Sub, and the Company, dated as of April 5, 2011 (as such agreement may be amended from time to time). 

(d) Section 1 of the Rights Agreement, as amended by the First Amendment, shall be further amended by adding immediately
after the definition of “MERGER AGREEMENT”: 

  
 2 

 “MERGER SUB” shall mean Monarch Transaction Corp., Delaware corporation.

 (e) Section 1 of the Rights Agreement, as amended by the First Amendment, shall be further amended by adding
immediately after the definition of “NASDAQ”: 
 “OFFER” shall have the meaning ascribed to such term in the
Merger Agreement. 
 (f) Section 1 of the Rights Agreement, as amended by the First Amendment, shall be further
amended by adding immediately after the definition of “OFFER”: 
 “PARENT” shall mean Merck & Co.,
Inc., a New Jersey corporation. 
 (g) Section 1 of the Rights Agreement, as amended by the First Amendment, shall
be further amended by adding immediately after the definition of “SUMMARY OF RIGHTS”: 
 “TOP-UP OPTION”
shall have the meaning ascribed to such term in the Merger Agreement. 
 (h) Section 1 of the Rights Agreement, as
amended by the First Amendment, shall be further amended by adding immediately after the definition of “TRADING DAY”: 

“TRANSACTIONS” shall have the meaning ascribed to such term in the Merger Agreement. 

2. AMENDMENT TO SECTION 3. 
 3. Clause (ii) of Section 3(a) of the Rights Agreement, as amended by the First Amendment, is hereby amended and restated in its entirety as follows: 

“(ii) the Close of Business on the tenth Business Day (or such later date as may be determined by action of the Company’s Board
of Directors prior to such time as any Person becomes an Acquiring Person and of which the Company will give the Rights Agent prompt written notice) after the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary
of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company or of any Subsidiary of the Company or any entity holding shares of Common Stock for or pursuant to the terms of any such plan, and other than Parent,
Merger Sub or any of their respective Affiliates or Associates if such commencement is in connection with an Exempt Event) is commenced within the meaning of Rule 14(d)-(4)(a) of the Exchange Act Regulations, if upon consummation thereof such
Person would become an Acquiring Person (the earlier of (i) and (ii) above being the “DISTRIBUTION DATE”), (x) the Rights will be evidenced (subject to the provisions of Section 3(b)) by the certificates for shares of
Common Stock of the Company registered in the names of the holders thereof (which certificates shall also be deemed to be Rights Certificates) and not by separate Rights Certificates, and (y) the right to receive Rights Certificates will be
transferable only in connection with the transfer of shares of Common Stock of the Company.” 

  
 3 

 4. AMENDMENT TO SECTION 7. Section 7(a) of the Rights Agreement is hereby
amended and restated in its entirety to read as follows: 
 “The registered holder of any Rights Certificate evidencing
exercisable Rights may exercise the Rights evidenced thereby (except as otherwise provided in this Agreement) in whole or in part at any time after the Distribution Date upon surrender of the Rights Certificate, with the form of election to purchase
and the related certification duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Purchase Price for each Right being exercised (as such amount may be reduced (including to
zero) pursuant to Section 11(a)(iii)) and an amount equal to any applicable transfer tax required to be paid by the holder of such Rights Certificate in accordance with Section 9 in cash, or by certified check, wire transfer or bank draft
payable to the order of the Company), at or prior to the earliest of (i) the Close of Business on the tenth (10th) anniversary of the Distribution Date (the “FINAL EXPIRATION DATE”), (ii) the time at which the Rights are
redeemed as provided in Section 23 (the “REDEMPTION DATE”), (iii) the time at which such Rights are exchanged as provided in Section 24, and (iv) the time immediately prior to the Effective Time (as defined in the
Merger Agreement), but only if the Effective Time shall occur (the earliest of (i), (ii), (iii) and (iv) being the “EXPIRATION DATE”). 
 5. AMENDMENT TO SECTION 18. Section 18 of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 

“The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it under this Agreement and, from
time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also
agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence or willful misconduct on the part of the Rights Agent, for any action taken, suffered or omitted by the
Rights Agent in connection with the execution, acceptance and administration of this Agreement and the exercise and performance of its duties, including the costs and expenses of defending against and appealing any claim of liability in the
premises. This indemnity shall survive the termination of this Agreement and the expiration of the Rights. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. 

The Rights Agent may conclusively rely upon and shall be protected and shall incur no liability for, or in respect of any action taken,
suffered or omitted by it in connection with, its administration of this Agreement and the exercise and performance of its duties hereunder in reliance upon any Rights Certificate or certificate for Units or for other securities of the Company,
instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary,
verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20.” 

  
 4 

 6. AMENDMENT TO SECTION 20. Section 20(c) of the Rights Agreement is hereby
amended and restated in its entirety to read as follows: 
 “The Rights Agent shall be liable hereunder to the Company and
any other Person only for its own gross negligence or willful misconduct.” 
 7. AMENDMENT TO SECTION 21.
Section 21 of the Rights Agreement is hereby amended by adding to the end of such Section the following sentence: 

“In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will
be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice.” 

8. AMENDMENT TO SECTION 25. Section 25(a)(iv) of the Rights Agreement is hereby amended and restated in its entirety to read
as follows: 
 “(iv) to effect any consolidation or merger into or with any other Person (other than a Subsidiary of the
Company in a transaction which complies with Section 11(o)), or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the assets
or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person (in each case, other than any Exempt Event),” 
 9. ADDITION OF SECTION 35. The Rights Agreement is hereby amended to add a new Section 35 which shall read as follows: 
 “Section 35. EXCEPTION OF CERTAIN TRANSACTIONS. Notwithstanding any provision of this Agreement to the contrary, (i) none of Parent, Merger Sub or any of their Affiliates or Associates shall be
deemed an Acquiring Person, (ii) none of a Distribution Date, a Share Acquisition Date, a Section 11(a)(ii) Event, a Section 11(a)(ii) Trigger Date, a Section 13 Event or a Triggering Event shall be deemed to occur or to have
occurred and (iii) no holder of any Rights shall be entitled to exercise such Rights under, or be entitled to any rights under, the Agreement, including, without limitation, under Section 7 of the Agreement, in any such case solely reason
of or in connection with the occurrence of an Exempt Event” 
 10. ADDITION OF SECTION 36. The Rights Agreement is
hereby amended to add a new Section 36 which shall read as follows: 
 “Section 36. FORCE MAJEURE. Notwithstanding
anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of
supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, or civil unrest.”

  
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 11. AMENDMENTS TO SUMMARY OF RIGHTS. Exhibit C (“Summary of Right to Purchase
Preferred Stock”) of the Rights Agreement shall be deemed amended in a manner consistent with this Amendment. 
 12.
BENEFITS OF THIS AGREEMENT. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

13. SEVERABILITY. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
provided, however, that notwithstanding anything in this Amendment to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines
in its good faith judgment that severing the invalid language from this Amendment would adversely affect the purpose or effect of this Amendment and the right of redemption set forth in Section 23 of the Rights Agreement shall have expired,
such right shall be reinstated and shall not expire until the tenth Business Day following the date of such determination by the Board. 
 14. GOVERNING LAW. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws
of the State of Delaware applicable to contracts made and to be performed entirely within Delaware. 
 15. EFFECTIVENESS
AND EFFECT OF AMENDMENT. 
 (a) This Amendment is effective as of April 5, 2011, immediately prior to the execution
of the Merger Agreement. 
 (b) Except as specifically modified herein and by the First Amendment, the Rights Agreement
shall not otherwise be supplemented or amended by virtue of this Amendment, but shall remain in full force and effect. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, constitute a waiver or
amendment of any provision of the Rights Agreement. Upon and after the effectiveness of this Amendment, each reference in the Rights Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring
to the Rights Agreement, and each reference in any other document to “the Rights Agreement”, “thereunder”, “thereof” or words of like import referring to the Rights Agreement, shall mean and be a reference to the Rights
Agreement as modified hereby. 
 16. DESCRIPTIVE HEADINGS. Descriptive headings of the several sections of this Amendment
are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
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 17. COUNTERPARTS. This Amendment may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same
authority, effect, and enforceability as an original signature. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and attested, all as of the day and year first above written. 
  

									
	INSPIRE PHARMACEUTICALS, INC.	 		 	COMPUTERSHARE TRUST COMPANY, N.A., as Rights Agent
					
	By:	 	 /s/ Adrian Adams
	 		 	By:	 	 /s/ Kellie Gwinn

					
	Name:	 	 Adrian Adams
	 		 	Name:	 	 Kellie Gwinn

					
	Title:	 	 President & Chief Executive Officer
	 		 	Title:	 	 Vice President

 [SIGNATURE PAGE TO RIGHTS AMENDMENT]

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