Document:

Exhibit 4.5

 

REPRESENTATIVE COMMON STOCK PURCHASE WARRANT

 

VAXART, INC.

 

	
Warrant Shares: 
    	
 
    
	
 
    	
Issue Date:
    

 

THIS WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received,              (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on             , 2024 (the “Termination Date”), but not thereafter, to subscribe for and purchase from Vaxart, Inc., a Delaware corporation (the “Company”), up to               shares              (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued pursuant to that certain Underwriting Agreement, by and between the Company and H.C. Wainwright & Co., LLC as representative of the several underwriters listed in Schedule A thereto, dated as of            , 2019 (the “Underwriting Agreement”).

 

Section 1.                                           Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

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

 

“Common Stock” means the common stock of the Company, par value $0.10 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

“Common Stock Equivalents” means any securities of the Company or any subsidiaries of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

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

 

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

 

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

 

“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading Market” means 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 American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, New York 11219, and any successor transfer agent of the Company.

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrants” means this Warrant.

 

Section 2.                                           Exercise.

 

(a)                                 Exercise of Warrants. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price to the Company for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding 

 

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number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages provision in Section 2(d)(i) and the buy-in provision in Section 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

 

(b)                                 Exercise Price. The exercise price per Warrant Share under this Warrant shall be $         , subject to adjustment hereunder (the “Exercise Price”).

 

(c)                                  Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) =               as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) =               the Exercise Price, as adjusted hereunder; and

 

(X) =               the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

 

(d)                                 Mechanics of Exercise.

 

i.                                          Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system 

 

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(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.                                       Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.                                    Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.                                   Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise but did not receive (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver, but failed to deliver, to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to 

 

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pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.                                      No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

vi.                                   Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.                                Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

(e)                                  Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to 

 

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be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section 3.                                           Certain Adjustments.

 

(a)                                 Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)                                 Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial 

 

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Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

(c)                                  Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock other than as set forth in Section 3(a), by way of return of capital or otherwise (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

(d)                                 Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and/or any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate 

 

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Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an Exercise price which applies the Exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

(e)                                  Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(f)                                   Notice to Holder.

 

i.                                          Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.                                       Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, 

 

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redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, liquidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, liquidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. Nothing in this Warrant shall be construed as to require the Company to deliver a notice to the Holder which constitutes or contains material, non-public information regarding the Company or any subsidiaries. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 4.                                           Transfer of Warrant.

 

(a)                                 Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

 

i.                                          by operation of law or by reason of reorganization of the Company;

 

ii.                                       to any FINRA member firm participating in the offering and the officers and partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.                                    if the aggregate amount of securities of the Company held by the underwriter and related persons do not exceed 1% of the securities being offered;

 

iv.                                   that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

 

v.                                      the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.

 

Subject to the foregoing restriction and subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof, this Warrant and all rights hereunder are transferable, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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(b)                                 New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

(c)                                  Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

(d)                                 Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, the transferor thereof to provide to the Company 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 this Warrant or Warrant Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Holder under this Agreement.

 

e)                                      Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.                                           Miscellaneous.

 

(a)                                 No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

(b)                                 Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

(c)                                  Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

(d)                                 Authorized Shares.

 

The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the

 

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Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

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

 

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

 

(e)           Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the 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 Warrant (whether brought against a party hereto or their 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 Warrant 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 this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

(f)            Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

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(g)           Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

(h)           Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at Vaxart, Inc., 290 Utah Ave., Suite 200, South San Francisco, California 94080, Attention: Principal Accounting Officer, facsimile number: (650) 871-8580, email address: mecherd@vaxart.com, or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number,  e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication 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 at the facsimile number or via e-mail at the e-mail address set forth in this Section 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 at the facsimile number or via e-mail at the e-mail address set forth in this Section 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 second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

(i)            Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

(j)            Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

(k)           Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

(l)            Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

(m)          Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such 

 

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prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

(n)           Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

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

 

(Signature Page Follows)

 

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

 

	
 
    	
VAXART, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Wouter W. Latour, M.D.
    
	
 
    	
 
    	
Title: President and Chief Executive Officer
    

 

 

NOTICE OF EXERCISE

 

TO:                           VAXART, INC.

 

(1)         The undersigned hereby elects to purchase          Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)         Payment shall take the form of (check applicable box):

 

o in lawful money of the United States; or

 

o if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3)         Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

 

 

(4)         The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

	
Name of Investing   Entity:
    	
 
    
	
Signature of Authorized   Signatory of Investing Entity:
    	
 
    
	
Name of Authorized   Signatory:
    	
 
    
	
Title of Authorized   Signatory:
    	
 
    
	
Date:
    	
 
    

 

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
(Please Print)
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
(Please Print)
    
	
 
    	
 
    	
 
    
	
Phone Number:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Email Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated:                       ,
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Holder’s Signature:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Holder’s Address:
    	
 
    	
 
    	
 
    

 

16Exhibit 10.1

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of September 6, 2019, by and between (i) CorMedix Inc., a
Delaware corporation (the “Company”), and (ii) Manchester Securities Corp., Elliott International, L.P. and
Elliott Associates, L.P. (each, an “Investor” and collectively, “Investors”).

 

WHEREAS, pursuant to the Registration Rights
Agreement, dated as of November 9, 2017, by and between the Company and the Investors, as amended December 11, 2017 (the “Original
Agreement”), the Investors have certain registration rights;

 

WHEREAS, pursuant to the terms of the Securities
Exchange Agreement (the “Exchange Agreement”), dated as of August 14, 2019, by and between the Company and the
Investors, the Investors have agreed to exchange outstanding securities of the Company for shares of a new series of convertible
preferred stock of the Company designated as Series G Preferred Stock, $0.001 par value per share, of the Company, which shares
are convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”);
and

 

WHEREAS, in connection with the transactions
contemplated by the Exchange Agreement, the Company and the Investors desire to amend and restate the Original Agreement to provide
the Investors with the registration rights set forth herein.

 

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

 

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

 

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

 

“Conversion Shares” means
any shares of Common Stock issued pursuant to the Company’s Series E Preferred Stock and Series G Preferred Stock.

 

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

 

“Effectiveness Deadline”
means the date that is ninety (90) calendar days after the date on which the Company receives a Demand Notice as contemplated by
Section 2 hereof.

 

     

     

    

 

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

 

“Filing Date” means,
with respect to the Initial Registration Statement, the date that is forty-five (45) calendar days after delivery of a Demand Notice
as contemplated by Section 2 hereof, provided, however, that if the Filing Date falls on a Saturday, Sunday
or other day that the SEC is closed for business the Filing Date shall be extended to the next Business Day.

 

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

 

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

 

“Investors” means, collectively,
the Investors and any transferee or assignee of any Registrable Securities, Series E Preferred Stock or Series G Preferred Stock,
as applicable, to whom the Investors assign their rights under this Agreement and who agrees to become bound by the provisions
of this Agreement and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities, Series
E Preferred Stock or Series G Preferred Stock, as applicable, assigns its rights under this Agreement and who agrees to become
bound by the provisions of this Agreement.

 

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

 

“Registrable Securities”
means (i) all shares of Common Stock held by any of the Investors as of the date hereof, (ii) the Conversion Shares and (iii) any
capital stock of the Company issued or issuable with respect to such shares of Common Stock and the Conversion Shares, including,
without limitation, as a result of any share split, share dividend, recapitalization, exchange or similar event or otherwise, without
regard to any limitations on or conversion of the Series E Preferred Stock or the Series G Preferred Stock.

 

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

 

    2

     

    

 

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

 

“Rule 172” means Rule
172 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

 

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

 

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

 

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

 

2. Demand
Registration.

 

(a) To
the extent the Company shall receive a written request from the Investors that the Company effect the registration under the Securities
Act of all or any portion of the Registrable Securities (a “Demand Notice”), the Company shall prepare, and,
as soon as practicable, but in no event later than the Filing Date, the Company shall file with the SEC the Initial Registration
Statement registering for resale under the Securities Act all of the Registrable Securities by, and for the account of, the Holders
as selling stockholders thereunder, that are not then registered on an effective Registration Statement for an offering to be made
on a continuous basis pursuant to Rule 415 of the Securities Act. The Company shall use its best efforts to have such Initial Registration
Statement declared effective by the SEC under the Securities Act as soon as practicable, but in no event, later than the Effectiveness
Deadline.

 

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

 

    3

     

    

 

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

 

(d) If
at any time after the date hereof, other than a Suspension Period referred to in Section 8, the Company shall determine to prepare
and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities
Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or
their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business
or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each
Holder written notice of such determination and if, within fifteen (15) days after receipt of such notice, any such Holder shall
so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities
not already covered by an effective Registration Statement.

 

    4

     

    

 

3. Partial
Liquidated Damages/Suspension/Delay in Effectiveness of a Registration Statement.

 

(a) If:
(i) the Initial Registration Statement and/or any other Registration Statement is not filed on or prior to the Filing Date, (ii)
the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities
Act, within five (5) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
SEC that the Initial Registration Statement or any other Registration Statement will not be “reviewed” or not be subject
to further review, (iii) prior to the Effectiveness Deadline of the Initial Registration Statement or any other Registration Statement,
the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of
such Initial Registration Statement or any other Registration Statement within fifteen (15) Business Days after the receipt of
comments by or notice from the SEC that such amendment is required in order for such Initial Registration Statement or any other
Registration Statement to be declared effective, (iv) the Initial Registration Statement and/or any other Registration Statement
covering Registrable Securities is not declared effective by the SEC by the Effectiveness Deadline, (v) to the extent a registration
statement is filed pursuant to Section 2(d) and the Company fails to notify the Holder of such filing or, if notice is given
in accordance with Section 2(d), the Company fails to include the Registrable Securities upon timely request of the Holder,
or (vi) after the Effectiveness Date of the Initial Registration Statement or any other Registration Statement, such Initial Registration
Statement or other Registration Statement ceases for any reason to remain for any period current and effective as to all Registrable
Securities included in such Initial Registration Statement or other Registration Statement, as applicable, or the Investors are
otherwise not permitted to utilize the prospectus therein to resell such Registrable Securities (any such failure or breach set
forth in 3(a)(i)-(vi) shall be referred to as an “Event,” and the date such Event occurs shall be referred to
as an “Event Date”), then, in addition to any other rights the Investors may have hereunder and/or under applicable
law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been
cured by such date) until the applicable Event is cured, the Company shall pay to the Investors on a monthly basis within three
(3) Business Days of the end of the month an amount in cash equal to $15,000, as partial liquidated damages and not as a penalty.
Any monthly amount owed pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to
the cure of an Event. Notwithstanding the foregoing, the aggregate amount payable as partial liquidated damages under this Section
3(a) shall not exceed $75,000.

 

(b) In
the event (i) the Registration Statement has not been declared effective on or prior to the Effectiveness Deadline and (ii) an
Event has occurred and has not been cured prior to the Effectiveness Deadline, the Company shall pay to the Investors liquidated
damages equal to 1% of the product of (A) the last closing trade price for the Common Stock on August 14, 2019 and (B) the aggregate
number of Registrable Securities requested to be included in such Registration Statement by such Investor (the product of (A) and
(B) shall be referred to as the “Closing Sale Price”) within three (3) Business Days thereof and shall pay to
the Investors liquidated damages equal to 1% of such Closing Sale Price for each subsequent 30-day period, up to a maximum of 9%,
within three (3) Business Days of the end of each such 30-day period.

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

5. Obligations
of the Holders.

 

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

 

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

 

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

 

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

 

    8

     

    

 

7. Indemnification.

 

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

 

    9

     

    

 

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

 

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

 

    10

     

    

 

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

 

(e) If
the indemnification provided for in this Section 7 is unavailable to or insufficient to hold harmless an indemnified party
under Section 7(a) or Section 7(b) above in respect of any losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion
as is appropriate to reflect the relative fault of the Company on the one hand and the Holders on the other in connection with
the statements or omissions or other matters which resulted in such losses, claims, damages or liabilities (or actions in respect
thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among
other things, in the case of an untrue statement, whether the untrue statement relates to information supplied by the Company on
the one hand or a Holder on the other and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such untrue statement. The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 7(e) were determined by pro rata allocation (even if the Holders were treated as one entity for
such purpose) or by any other method of allocation which does not take into account the equitable considerations referred to above
in this Section 7(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities
(or actions in respect thereof) referred to above in this Section 7(e) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations in this subsection to contribute
are several in proportion to their sales of Registrable Securities to which such loss relates and not joint. In no event shall
the contribution obligation of a Holder be greater in amount than the dollar amount of the net proceeds (net of all expenses paid
by such Holder in connection with any claim relating to this Section 7 and the amount of any damages such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon
the sale of the Registrable Securities giving rise to such contribution obligation.

 

8. Suspension.
Notwithstanding anything in this Agreement to the contrary, in the event (i) of any non-voluntary demand on the Company by the
SEC during the period of effectiveness of any Registration Statement for amendments or supplements to any Registration Statement
or related prospectus or for additional information; (ii) of the issuance by the SEC of any stop order suspending the effectiveness
of any Registration Statement or the initiation of any proceedings for that purpose; or (iii) of any event or circumstance which
requires in order to comply with applicable law the making of any changes in any Registration Statement or related prospectus,
or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of any Registration Statement,
it will not contain any untrue statement of a material fact or any omission to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, and that in the case of the prospectus, it will not contain any untrue
statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (based upon the written legal opinion of
legal counsel to the Company and provided to counsel to the Holders), then the Company shall furnish to the selling Holders a certificate
signed by the President or Chief Executive Officer of the Company setting forth in detail the facts relating to one or more of
the above described circumstances, and the right of the selling Holders to use any Registration Statement (and the prospectus relating
thereto) shall be suspended for a period (the “Suspension Period”) of not more than forty-five (45) days after
delivery by the Company of the certificate referred to above in this Section 8. During the Suspension Period, none of the
Holders shall offer or sell any Registrable Securities pursuant to or in reliance upon any Registration Statement (or the prospectus
relating thereto). The Company shall use its best efforts to terminate any Suspension Period as promptly as practicable.

 

    11

     

    

 

9. Entire
Agreement. This Agreement, the Exchange Agreement and the other Transaction Documents constitute and contain the entire agreement
and understanding of the parties with respect to the subject matter hereof, and supersede any and all prior negotiations, correspondence,
agreements or understandings with respect to the subject matter hereof.

 

10. Miscellaneous.

 

(a) This
Agreement may not be amended, modified or terminated, and no rights or provisions may be waived, except with the written consent
of the Company and the Holders of a majority of the Registrable Securities issued and outstanding.

 

(b) The
rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of the Investor’s
Registrable Securities if such transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained
herein and such transfer shall have been conducted in accordance with all applicable federal and state securities laws.

 

(c) This
Agreement shall be governed by and construed solely in accordance with the internal laws of the State of New York. Each party hereby
expressly and irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby expressly and irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby expressly and irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. In any action brought by the Company concerning and/or arising directly and/or
indirectly out of this Agreement, the prevailing party shall be entitled to recover all of its legal fees and expenses incurred
by it with respect to any such legal action. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

 

    12

     

    

 

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

 

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

 

	If to the Company: 	CorMedix Inc.
	 	400 Connell Drive, 5th Floor
	 	Suite 5000
	 	Berkeley Heights, NJ 07922
	 	Attention: Chief Executive Officer
	 	Telephone: (908) 517-9500
	 	Facsimile: (908) 429-4307
	 	Email: kbaluch@cormedix.com
	 	 
	with copies to :	Morgan, Lewis & Bockius, LLP
	 	101 Park Avenue
	 	New York, NY 10178
	 	Attention: Steven A. Navarro
	 	Telephone: (212) 309-6000
	 	Facsimile: (212) 309-6001
	 	Email: steven.navarro@morganlewis.com

 

(ii) All
correspondence to the Investors shall be sent to each Investor at the address set forth in the Exchange Agreement.

 

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

 

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

 

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

 

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

 

[Signature Page Follows.]

 

    13

     

    

 

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

 

	 	CORMEDIX INC.
	 	 	 
	 	By:	/s/ Khoso Baluch
	 	Name: 	Khoso Baluch
	 	Title:	Chief Executive Officer
	 	 	 
	 	ELLIOTT INTERNATIONAL, L.P.
	 	 	 
	 	By:	Hambledon, Inc., its General Partner
	 	By:	Elliott International Capital Advisors Inc., as Attorney-in-Fact
	 	 	 
	 	By:	/s/ Elliot Greenberg
	 	Name:	Elliot Greenberg
	 	Title:	Vice President
	 	 	 
	 	ELLIOTT ASSOCIATES, L.P.
	 	 	 
	 	By:	Elliott Capital Advisors, L.P., as General Partner
	 	By:	Braxton Associates, Inc., as General Partner
	 	 	 
	 	By:	/s/ Elliot Greenberg
	 	Name:	Elliot Greenberg
	 	Title:	Vice President
	 	 	 
	 	MANCHESTER SECURITIES CORP.
	 	 	 
	 	By:	/s/ Elliot Greenberg
	 	Name:	Elliot Greenberg
	 	Title:	Vice President

 

[Signature Page to Registration Rights Agreement]

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