Document:

Exhibit 4.3

 

SUBSCRIPTION AGREEMENT

 

AmpliPhi Biosciences Corporation

800 E. Leigh St., Suite 54

Richmond, Virginia 23219

Attn: Philip Young

 

Ladies and Gentlemen:

 

sECTION
1.        Issuance
of Preferred Stock and Warrants.

 

1.1           Preferred
Stock and Warrant Subscription. The undersigned (the “Purchaser”), intending to be legally bound, hereby
irrevocably agrees to purchase from AmpliPhi Biosciences Corporation, a Washington corporation (the “Company”),
(a) such number of shares of the Company’s Series B Convertible Preferred Stock (“Series B Preferred”)
set forth opposite such Purchaser’s name on Exhibit A (all of the shares of Series B Preferred being purchased in
the Offering being referred to herein as the “Purchased Shares”) for a purchase price per share of $1.40 (the
“Purchase Price”), and (b) a warrant representing the right to purchase that number of shares of the Company’s
Common Stock (“Common Stock”) equal to twenty five percent (25%) of the number of shares of Common Stock that
the Series B Preferred being purchased by the Purchaser in the Offering is convertible into on the Closing Date (subject to adjustment
to reflect forward or reverse stock splits, stock dividends, recapitalizations and the like) at a per share exercise price equal
to $0.14 in the form attached hereto as Exhibit B (each such warrant, a “Warrant” and collectively, the
“Warrants”) for the aggregate consideration set forth on Exhibit A hereof (the “Subscription
Amount”).

 

1.2           Offering.
This subscription is submitted to you in accordance with and subject to the terms and conditions described in this Subscription
Agreement (this “Agreement”). The Company is offering (the “Offering”) an aggregate of 5,000,000
shares of Series B Preferred and Warrants to purchase an aggregate of 12,500,000 shares of Common Stock (together, the “Offered
Securities”). In addition, in connection with the Offering, the Company will be converting outstanding promissory notes
into Offering Securities or Common Stock as set forth on Exhibit A-1.

 

1.3           Payment.
The Purchaser may purchase the Offered Securities with cash or other immediately available funds, or cancellation of indebtedness,
or any combination of the foregoing equal to the Subscription Amount. In order to complete the Purchaser’s subscription hereunder,
the Purchaser shall deliver a completed and executed Signature Page to this Subscription Agreement together with a check for, or
wire transfer of, the Subscription Amount.

 

sECTION
2.        Closing.

 

2.1           The
initial closing of the purchase and sale of Offered Securities hereunder (the “First Closing”) shall
be held as soon as practicable after the date of this Agreement, and in any event within five business days of the date of this
Agreement, with the exception of Phillip Asset Management Limited, who shall wire funds no later than July 8, 2013, at such place
as is mutually agreeable to the Company and Purchaser identified on Exhibit A hereto. At the First Closing:

 

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(a)          Purchaser
shall wire funds in the amount set forth opposite Purchaser’s name on Exhibit A directly to the Company’s account
in accordance with the wire instructions below or provide evidence of conversion of Convertible Promissory Notes (as defined below)
set forth on Exhibit A-1;

 

(b)          the
Company shall deliver a certificate representing the applicable number of Purchased Shares and the Warrant (or Common Stock, if
applicable) to Purchaser; and

 

(c)          the
Company shall deliver evidence to Purchaser that, as of the First Closing, the Board of Directors of the Company consists of Jeremy
Curnock Cook (Chairman), Philip Young, Louis Drapeau, Michael Perry, Anthony Smithyman and Julian P. Kirk.

 

2.2           A
subsequent closing of the purchase and sale of Offered Securities hereunder (the “Second Closing”) shall be
held as soon as practicable after the date of this Agreement, and in any event within thirty business days of the date of this
Agreement at such place as is mutually agreeable to the Company and the Purchaser identified on Exhibit A-1 hereto. At the
Second Closing:

 

(a)          Purchaser
shall provide evidence of conversion of Convertible Promissory Notes (as defined below) in the amount set forth opposite Purchaser’s
name on Exhibit A-1 into Offering Securities or Common Stock, as applicable pursuant to the terms of the Convertible Promissory
Notes; and

 

(b)          the
Company shall deliver a certificate representing the applicable number of Offering Securities or Common Stock, as applicable to
Purchaser.

 

sECTION
3.        Representations and Warranties of the Company. 

 

Except as set forth
in the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise
made herein to the extent of the disclosure contained in the corresponding Section of the Disclosure Schedules, the Company hereby
represents, warrants and covenants to each Purchaser that:

 

3.1           Organization,
Good Standing and Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Washington and has the requisite corporate power to own, lease and operate its properties and assets and to conduct
its business as it is now being conducted. The Company does not have any subsidiaries other than Special Phage Holdings Pty Ltd.
and Biocontrol Ltd. The Company is qualified to do business as a foreign corporation and is in good standing in every jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except for any jurisdiction(s)
(alone or in the aggregate) in which the failure to be so qualified will not have a Material Adverse Effect. For the purposes of
this Agreement, “Material Adverse Effect” means any effect on the business, operations, properties or financial
condition of the Company that is material and adverse to the Company, taken as a whole, and any condition, circumstance or situation
that would prohibit the Company from entering into and performing any of its obligations hereunder.

 

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3.2           Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and perform this Agreement and to issue
and sell the shares in accordance with the terms hereof. The execution, delivery and performance of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate
action, and no further consent or authorization of the Company, its board of directors or stockholders is required. When executed
and delivered by the Company, this Agreement shall constitute a valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, reorganization,
moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of,
creditor’s rights and remedies or by other equitable principles of general application. The Company’s board of directors,
at a meeting duly called and held, adopted resolutions approving the transactions contemplated hereby.

 

3.3           Capitalization.

 

(a)          The
authorized capital stock of the Company consists of 445,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock.
As of the date hereof (1) 90,908,810 shares of Common Stock are issued and outstanding, (2) no shares of Preferred Stock are outstanding,
(3) no shares of Common Stock are held by the Company in its treasury, (4) 20,000,000 shares of Common Stock are held in escrow
pursuant to the terms of share purchase and escrow agreements between the Company and Special Phage Holdings Pty Ltd., (8,000,000
to satisfy potential warranty claims by the Company under the transaction documents and the remaining 12,000,000 shares to be held
pending completion of certain milestones) (the “SPH Shares”), (5) an aggregate amount of shares of Common Stock
having a fair market value of up to $7,500,000, such fair market value to be determined according to that certain Stock Issuance
Agreement, between the Company and Intrexon Corporation, a Virginia corporation (“Intrexon”), dated March 29,
2013 (the “Intrexon Agreement”), are reserved for issuance to Intrexon contingent upon certain milestones set
forth in the Intrexon Agreement (the “Intrexon Shares”), (6) 14,527,476 shares of Common Stock are reserved
for issuance pursuant to warrants (the “Existing Warrants”), (7) 25,348,052 shares are reserved for issuance
pursuant to stock options issued under the Company’s current stock option plans (the “Stock Options”)
and (8) $5,723,480 (including principal and accrued interest as of April 30, 2013) of convertible promissory notes of the Company
(the “Convertible Promissory Notes”) are outstanding. Except for the foregoing Common Stock, Preferred Stock,
the Existing Warrants, the SPH Shares, the Intrexon Shares, the Stock Options, the Convertible Promissory Notes and as disclosed
in Schedule 3.3(a), as of the date hereof, no shares of capital stock or other equity or voting securities of Company are issued,
reserved for issuance or outstanding and there exist no outstanding options to purchase shares of the Common Stock, rights (including
conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase
or otherwise acquire from the Company any shares of capital stock or any securities convertible into or exchangeable for shares
of Company capital stock. All outstanding shares of capital stock and other equity or voting securities of the Company (including
the Existing Warrants, SPH Shares and Stock Options) are, and all shares which may be issued pursuant thereto will be, when issued
in accordance with the terms and conditions of their authorizing documents, duly authorized, validly issued, fully paid and non-assessable
and not subject to or issued in violation of any preemptive right, purchase option, call option, right of first refusal, preemptive
right, subscription right or any similar right. Other than the Convertible Promissory Notes, there are no outstanding bonds, debentures,
notes or other indebtedness or securities of the Company having the right to vote (or convertible into, or exchangeable for, securities
having the right to vote) on any matters on which any Company stockholder may vote. All of the issued and outstanding shares of
Company capital stock were offered, issued, sold and delivered by the Company in compliance with all applicable state and federal
laws concerning the issuance of securities. Further, none of such shares were issued in violation of any preemptive rights. There
are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that
will be triggered by the issuance of the Purchased Shares, the Warrants or the securities underlying the Purchased Shares or Warrants.

 

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(b)          There
are no outstanding rights, commitments or contracts of any kind obligating the Company to repurchase, redeem or otherwise acquire
any shares of capital stock or other equity or voting securities of the Company. As of the date hereof, other than the Intrexon
Agreement, there are no Contracts of any character (contingent or otherwise) pursuant to which any person is or may be entitled
to cause the Company to file a registration statement under the Securities Act, or which otherwise relate to the registration of
any securities of the Company. Other than under the Intrexon Agreement and as set forth on Schedule 3.3(b), there are no voting
trusts, proxies, anti-takeover plans or other contracts of any character to which the Company is a party or by which it is bound
or to which any of the Company’s stockholders is a party or by which any of them is bound, in each case, with respect to
the issuance, holding, acquisition, voting or disposition of any shares of capital stock of the Company. Other than as set forth
on Schedule 3.3(b), the Company does not own, directly or indirectly, any capital stock, security or other ownership or equity
interest in any entity.

 

(c)          The
shares to be issued and sold hereunder have been duly authorized by all necessary corporate action and, when paid for and issued
in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. In addition, such shares will be free
and clear of all liens, claims, charges, security interests or agreements, pledges, assignments, covenants, restrictions or other
encumbrances created by, or imposed by, the Company (collectively, “Encumbrances”) and rights of refusal of
any kind imposed by the Company (other than restrictions on transfer under applicable securities laws) and the holder of such shares
shall be entitled to all rights accorded to a holder of Common Stock.

 

3.4           No
Conflicts; Governmental Approvals. The execution, delivery and performance of the Agreement by the Company and the consummation
by the Company of the transactions contemplated hereby do not and will not (i) violate any provision of the Company’s Articles
of Incorporation or Bylaws, each as amended to date, (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation
to which the Company is a party or by which the Company’s properties or assets are bound, or (iii) result in a violation
of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected, except for
such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in
the aggregate, have a Material Adverse Effect. The Company is not required under federal, state, foreign or local law, rule or
regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under this Agreement or issue and sell the shares
in accordance with the terms hereof (other than any filings, consents and approvals which may be required to be made by the Company
under applicable state and federal securities laws, rules or regulations prior to or subsequent to the Closing).

 

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3.5           Financial
Statements. For purposes of this Agreement, “Financial Statements” means the audited balance sheet of the
Company as of December 31, 2011 (the “Financial Statement Date”), the audited statement of income and retained
earnings and unaudited statement of cash flows of the Company for the year ended on the Financial Statement Date, and the unaudited
balance sheet, statement of income and retained earnings, and statement of cash flows of the Company for the year ended December
31, 2012. An accurate copy of the Financial Statements has been provided to Purchaser. Such Financial Statements fairly present
in all material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows
for the periods then ended (subject to normal year-end adjustments). Such Financial Statements were prepared in accordance with
generally accepted accounting principles. Since the Financial Statement Date, the Company has not incurred any liabilities or obligations
(whether absolute, accrued, fixed, contingent, liquidated, unliquidated or otherwise and whether due or to become due) of any nature,
except liabilities, obligations or contingencies (i) which were incurred after the Financial Statement Date in the ordinary course
of business consistent with past practices under any contract, commitment or agreement specifically disclosed in the Schedules
or not required to be disclosed thereon because of the term or amount involved or otherwise, (ii) which were incurred as a result
of the transactions described herein, or (iii) which would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on the Company. The Company has timely filed all forms, reports and other documents material to the business
of the Company required to be filed prior to the date hereof with any governmental authority.

 

3.6           Internal
Controls. The Company has established and maintains a system of internal accounting controls sufficient to provide reasonable
assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

 

3.7           No
Material Adverse Change. Except as disclosed in Schedule 3.7, since the Financial Statement Date, the Company has not (i) experienced
or suffered any Material Adverse Effect, (ii) incurred any material liabilities, obligations, claims or losses (whether liquidated
or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred in the ordinary course
of the Company’s business or (iii) declared, made or paid any dividend or distribution of any kind on its capital stock.

 

3.8           Litigation.
No action, suit, proceeding or investigation is currently pending or, to the knowledge of the Company, has been threatened in writing
against the Company that: (i) concerns or questions the validity of this Agreement; (ii) concerns or questions the right of the
Company to enter into this Agreement; or (iii) is reasonably likely to have a Material Adverse Effect. The Company is neither a
party to nor subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government agency
or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company
intends to initiate that would have a Material Adverse Effect.

 

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3.9           Compliance.
Except for defaults or violations which are not reasonably likely to have a Material Adverse Effect, the Company (i) is not in
default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company under), nor has the Company received notice of a claim that it is in default under or
that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is not in violation
of any order of any court, arbitrator or governmental body, or (iii) is not or has not been in violation of any statute, rule or
regulation of any governmental authority, including without limitation all foreign, federal, state and local laws, applicable to
its business.

 

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3.10         Intellectual
Property

 

(a)          The
Company has entered into agreements with each of its current and former officers, employees and consultants involved in research
and development work, including development of the Company’s products and technology providing the Company, to the extent
permitted by law, with title and ownership to patents, patent applications, trade secrets and inventions conceived, developed,
reduced to practice by such person, solely or jointly with other of such persons, during the period of employment by the Company,
except where the failure to have entered into such an agreement would not have a Material Adverse Effect. The Company is not aware
that any of its employees or consultants is in material violation thereof.

 

(b)          To
the Company’s knowledge, the Company owns or possesses adequate rights to use all, if any, trademarks, service marks, trade
names, domain names, copyrights, patents, patent applications, inventions, know how (including trade secrets and other unpatented
and/or unpatentable proprietary or confidential information, systems or procedures), and other intellectual property rights (“Intellectual
Property”) as are necessary for the conduct of its business. In addition, (i) to the knowledge of the Company, there
is no infringement, misappropriation or violation by third parties of any such Intellectual Property; (ii) there is no pending
or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others against the Company challenging the
Company’s rights in or to any such Intellectual Property; (iii) the Intellectual Property owned by the Company and,
to the knowledge of the Company, the Intellectual Property licensed to the Company has not been adjudged invalid or unenforceable
by a court of competent jurisdiction or applicable government agency, in whole or in part, and there is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual
Property; (iv) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others
against the Company that the Company infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary
rights of others, and the Company has not received any written notice of such claim; and (v) to the Company’s knowledge,
no employee of the Company is the subject of any claim or proceeding involving a violation of any term of any employment contract,
patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure
agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee’s
employment with the Company or actions undertaken by the employee while employed with the Company.

 

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3.11         FDA
Compliance.

 

(a)          The
Company: (i) is in material compliance with all statutes, rules or regulations applicable to the ownership, testing, development,
manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export
or disposal of any product that is under development, manufactured or distributed by the Company (“Applicable Laws”);
(ii) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice
from the U.S. Food and Drug Administration (the “FDA”) or any other federal, state, local or foreign governmental
or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals,
clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”);
(iii) possesses all material Authorizations necessary for the operation of its business and such Authorizations are valid and in
full force and effect and the Company is not in material violation of any term of any such Authorizations; and (iv) since December
31, 2011: (A) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration
or other action from the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party
alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations and the Company
has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party
is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (B) has not received notice
that the FDA or any other federal, state, local or foreign governmental or regulatory authority has taken, is taking or intends
to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal,
state, local or foreign governmental or regulatory authority is considering such action; (C) has filed, obtained, maintained or
submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments
as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or
supplemented by a subsequent submission); and (D) has not, either voluntarily or involuntarily, initiated, conducted, or issued
or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, post-sale warning,
“dear doctor” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or
any alleged product defect or violation and, to the Company’s knowledge, no third party has initiated, conducted or intends
to initiate any such notice or action.

 

(b)          Since
January 1, 2009, the Company has not received any notices or correspondence from the FDA or any other federal, state, local or
foreign governmental or regulatory authority requiring the termination, suspension or material modification of any studies, tests
or preclinical or clinical trials conducted by or on behalf of the Company.

 

3.12         General
Healthcare Regulatory Compliance.

 

(a)          As
used in this subsection:

 

(i)          “Governmental
Entity” means any national, federal, state, county, municipal, local or foreign government, or any political subdivision,
court, body, agency or regulatory authority thereof, and any person exercising executive, legislative, judicial, regulatory, taxing
or administrative functions of or pertaining to any of the foregoing.

 

(ii)         “Law”
means any federal, state, local, national or foreign law, statute, code, ordinance, rule, regulation, order, judgment, writ, stipulation,
award, injunction, decree or arbitration award or finding.

 

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(b)          The
Company has not committed any act, made any statement or failed to make any statement that would reasonably be expected to provide
a basis for the FDA or any other Governmental Entity to invoke its policy with respect to “Fraud, Untrue Statements of Material
Facts, Bribery, and Illegal Gratuities”, or similar policies, set forth in any applicable Laws. Neither the Company, nor,
to the knowledge of the Company, any of its officers, key employees or agents has been convicted of any crime or engaged in any
conduct that has resulted, or would reasonably be expected to result, in debarment under applicable Law, including, without limitation,
21 U.S.C. Section 335a. No claims, actions, proceedings or investigations that would reasonably be expected to result in such a
material debarment or exclusion are pending, or to the knowledge of the Company, threatened, against the Company or any of its
respective officers, employees or agents.

 

(c)          Each
of the Company and, to its knowledge, its directors, officers, employees, and agents (while acting in such capacity) is, and at
all times has been, in material compliance with all health care Laws applicable to the Company or by which any of its properties,
businesses, products or other assets is bound or affected, including, without limitation, the federal Anti-kickback Statute (42
U.S.C. § 1320a-7b(b)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C.
§§ 3729 et seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the Health Insurance Portability
and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.), the exclusion laws (42 U.S.C. § 1320a-7), the Food Drug and
Cosmetic Act (21 U.S.C. §§ 301 et seq.) (collectively, “Health Care Laws”). The Company has not received
any notification, correspondence or any other written or oral communication from any Governmental Entity, including, without limitation,
the FDA, the Centers for Medicare and Medicaid Services, and the Department of Health and Human Services Office of Inspector General,
of potential or actual material non-compliance by, or liability of, the Company under any Health Care Laws.

 

(d)          The
Company is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar
agreements with or imposed by any Governmental Entity.

 

3.13         Application
of Takeover Protections. The issuance of the Offered Securities hereunder and Purchaser’s ownership thereof is not prohibited
by the business combination statutes of the state of Washington. The Company has not adopted any stockholder rights plan, “poison
pill” or similar arrangement that would trigger any right, obligation or event as a result of the issuance of the Offered
Securities and Purchaser’s ownership of such securities and there are no similar anti-takeover provisions under the Company's
charter documents.

 

3.14         Private
Placement. Neither the Company nor its Affiliates, nor any person acting on its or their behalf, (i) has engaged in any form
of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act of 1933 and the rules
and regulations promulgated thereunder (together, the “Securities Act”)) in connection with the offer or sale
of the Offered Securities or (ii) has issued any shares of Common Stock or shares of any series of Preferred Stock or other securities
or instruments convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Common Stock which
would be integrated with the sale of the Offered Securities to Purchaser for purposes of the Securities Act or of any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation
system on which any of the securities of the Company are listed or designated, nor will the Company or any of its subsidiaries
or affiliates take any action or steps that would require registration of any of the Offered Securities under the Securities Act
or cause the offering of the Offered Securities to be integrated with other offerings. Assuming the accuracy of the representations
and warranties of Purchaser, the offer and sale of the Offered Securities by the Company to Purchaser pursuant to this Agreement
will be exempt from the registration requirements of the Securities Act.

 

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3.15         No
Manipulation of Stock. The Company has not taken and will not, in violation of applicable law, take, any action outside
the ordinary course of business designed to or that might reasonably be expected to cause or result in unlawful manipulation of
the price of the Common Stock.

 

3.16         Brokers.
Neither the Company nor any of the officers, directors or employees of the Company has employed any broker or finder in connection
with the transaction contemplated by this Agreement other than (a) the fee payable by the Company to Griffin Securities, Inc. in
the amount of $270,000 in cash and 4,285,714 Warrants and (b) the fee payable by the Company to Philip Capital Ltd. in the amount
of $60,000 in cash and 714,285 Warrants. The Company shall indemnify Purchaser from and against any broker’s, finder’s
or agent’s fees for which the Company is responsible.

 

sECTION
4.        Representations and Warranties of the Purchaser. 

 

Each Purchaser hereby represents, warrants
and covenants to the Company as follows:

 

4.1           None
of the Offered Securities or securities underlying the Offered Securities are registered under the Securities Act or any state
securities laws. The Purchaser understands that the offering and sale of the Offered Securities is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) thereof each as promulgated by the United States Securities and Exchange
Commission (the “SEC”) thereunder, based, in part, upon the representations, warranties and agreements of the
Purchaser contained in this Subscription Agreement.

 

4.2           Prior
to the execution of this Subscription Agreement, the Purchaser and the Purchaser's attorney, accountant, purchaser representative
and/or tax adviser, if any (collectively, the “Advisers”), have received this Subscription Agreement, the terms
of the Series B Preferred, Warrant and all documents requested by the Purchaser, have carefully reviewed them and understand the
information contained therein.

 

4.3           Neither
the SEC nor any state securities commission or other regulatory authority has approved the Offered Securities or passed upon or
endorsed the merits of the offering of the Offered Securities.

 

4.4           All
documents, records, and books pertaining to the investment in the Offered Securities have been made available for inspection by
such Purchaser and its Advisers, if any.

 

4.5           The
Purchaser and its Advisers, if any, have had a reasonable opportunity to ask questions of and receive answers from a person or
persons acting on behalf of the Company concerning the offering of the Offered Securities and the business, financial condition
and results of operations of the Company, and all such questions have been answered to the full satisfaction of the Purchaser and
its Advisers, if any.

 

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4.6           In
evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or information
(oral or written) other than as stated in this Subscription Agreement or the terms of the Series B Preferred or Warrant.

 

4.7           The
Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering of the Offered Securities through or
as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement
or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or the Internet
(including, without limitation, internet “blogs,” bulletin boards, discussion groups and social networking sites) in
connection with the Offering and sale of the Offered Securities and is not subscribing for the Offered Securities and did not become
aware of the Offering of the Offered Securities through or as a result of any seminar or meeting to which the Purchaser was invited
by, or any solicitation of a subscription by, a person not previously known to the Purchaser in connection with investments in
securities generally.

 

4.8           The
Purchaser has taken no action that would give rise to any claim by any person for brokerage commissions, finders' fees or the like
relating to this Subscription Agreement or the transactions contemplated hereby.

 

4.9           The
Purchaser, together with its Advisers, if any, has such knowledge and experience in financial, tax, and business matters, and,
in particular, investments in securities, so as to enable it to utilize the information made available to it in connection with
the Offering to evaluate the merits and risks of an investment in the Offered Securities and the Company and to make an informed
investment decision with respect thereto.

 

4.10         The
Purchaser is not relying on the Company or any of its respective employees or agents with respect to the legal, tax, economic and
related considerations of an investment in the Offered Securities, and the Purchaser has relied on the advice of, or has consulted
with, only its own Advisers.

 

4.11         The
Purchaser is acquiring the Offered Securities solely for such Purchaser's own account for investment purposes only and not with
a view to or intent of resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal
or informal, with any person to sell or transfer all or any part of the Offered Securities and the Purchaser has no plans to enter
into any such agreement or arrangement.

 

4.12         The
Purchaser must bear the substantial economic risks of the investment in the Offered Securities indefinitely because none of the
securities included in the Offered Securities may be sold, hypothecated or otherwise disposed of unless subsequently registered
under the Securities Act and applicable state securities laws or an exemption from such registration is available. Legends to the
following effect shall be placed on the securities included in the Offered Securities to the effect that they have not been registered
under the Securities Act or applicable state securities laws:

 

    	11

    	 

    

 

THE SECURITIES REPRESENTED HEREBY
AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT
OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH AN EXEMPTION
FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR UNDER AN EFFECTIVE REGISTRATION STATEMENT, AND, IN EACH CASE,
IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. 

 

4.13         Appropriate
notations will be made in the Company's books to the effect that the Offered Securities have not been registered under the Securities
Act or applicable state securities laws. Stop transfer instructions will be placed with the transfer agent of the securities. There
can be no assurance that there will be any market for resale of the Offered Securities, nor can there be any assurance that such
securities will be freely transferable at any time in the foreseeable future. The Purchaser has adequate means of providing for
such Purchaser's current financial needs and foreseeable contingencies and has no need for liquidity of its investment in the Offered
Securities for an indefinite period of time.

 

4.14         The
Purchaser either:

 

(a)          meets
the requirements of at least one of the suitability standards for an “accredited investor” as that term is defined
in Regulation D and as set forth on the Accredited Investor Certification attached hereto as Exhibit C; or

 

(b)          is
not a "U.S. Person" as defined in Regulation S; and specifically the Purchaser is not (all Purchasers who are not
a U.S. Person must INITIAL this section as indicated to confirm their careful review and understanding of this Section)
Initial _______:

 

(i)          a
natural person resident in the United States of America, including its territories and possessions ("United States");

 

(ii)         a
partnership or corporation organized or incorporated under the laws of the United States;

 

(iii)        an
estate of which any executor or administrator is a U.S. Person;

 

(iv)         a
trust of which any trustee is a U.S. Person;

 

(v)          an
agency or branch of a foreign entity located in the United States;

 

(vi)         a
non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
or account of a U.S. Person;

 

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(vii)        a
discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
or (if an individual) resident in the United States; and

 

(viii)      a
partnership or corporation: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S.
Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or
incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Act) who are not natural persons, estates
or trusts.

 

(c)          And,
in addition (to the extent (a) above is inapplicable):

 

(i)          the
Purchaser was not offered the Offered Securities in the United States;

 

(ii)         at
the time the buy-order for the Offered Securities was originated, the Purchaser was outside the United States;

 

(iii)        the
Purchaser is purchasing the Offered Securities for its own account and not on behalf of any U.S. Person (as defined in Regulation
S) and a sale of the Offered Securities has not been pre-arranged with a purchaser in the United States;

 

(iv)         the
Purchaser agrees to resell the Offered Securities only in accordance with the provisions of Regulation S, pursuant to registration
under the Act, or pursuant to an available exemption from registration and agrees not to engage in hedging transactions with regard
to such Offered Securities unless in compliance with the Act;

 

(v)          the
Purchaser agrees that any certificates for any Offered Securities issued to such Purchaser shall contain a legend to the effect
that transfer is prohibited except in accordance with the provisions of Regulation S, pursuant to registration under the Act or
pursuant to an available exemption from registration and that hedging transactions involving such Offered Securities may not be
conducted unless in compliance with the Act; and

 

(vi)         the
Purchaser agrees that the Company is hereby required to refuse to register any transfer of any Offered Securities issued to such
Purchaser not made in accordance with the provisions of Regulation S, pursuant to registration under the Act, or pursuant to an
available exemption from registration.

 

    	13

    	 

    

 

4.15         The
Purchaser (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority to
execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof; (ii) if a corporation, partnership, or limited liability company or partnership, or association, joint stock
company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific purpose
of acquiring the Offered Securities, such entity is duly organized, validly existing and in good standing under the laws of the
state of its organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a
violation of state law or its charter or other organizational documents, such entity has full power and authority to execute and
deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions hereof and
thereof and to purchase and hold the securities constituting the Offered Securities, the execution and delivery of this Subscription
Agreement has been duly authorized by all necessary action, this Subscription Agreement has been duly executed and delivered on
behalf of such entity and is a legal, valid and binding obligation of such entity; or (iii) if executing this Subscription Agreement
in a representative or fiduciary capacity, represents that it has full power and authority to execute and deliver this Subscription
Agreement in such capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation, or limited
liability company or partnership, or other entity for whom the Purchaser is executing this Subscription Agreement, and such individual,
partnership, ward, trust, estate, corporation, or limited liability company or partnership, or other entity has full right and
power to perform pursuant to this Subscription Agreement and make an investment in the Company, and represents that this Subscription
Agreement constitutes a legal, valid and binding obligation of such entity. The execution and delivery of this Subscription Agreement
will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Purchaser
is a party or by which it is bound.

 

4.16         The
Purchaser and the Advisers, if any, have had the opportunity to obtain any additional information, to the extent the Company has
such information in its possession or could acquire it without unreasonable effort or expense, necessary to verify the accuracy
of the information contained in all documents received or reviewed in connection with the purchase of the Offered Securities and
have had the opportunity to have representatives of the Company provide them with such additional information regarding the terms
and conditions of this particular investment and the financial condition, results of operations, business of the Company deemed
relevant by the Purchaser or the Advisers, if any, and all such requested information, to the extent the Company had such information
in its possession or could acquire it without unreasonable effort or expense, has been provided to the full satisfaction of the
Purchaser and the Advisers, if any.

 

4.17         Any
information which the Purchaser has heretofore furnished or is furnishing herewith to the Company is complete and accurate and
may be relied upon by the Company in determining the availability of an exemption from registration under federal and state securities
laws in connection with the offering of securities as described herein. The Purchaser further represents and warrants that it will
notify and supply corrective information to the Company immediately upon the occurrence of any change therein occurring prior to
the Company's issuance of the Offered Securities.

 

4.18         The
Purchaser has significant prior investment experience, including investment in non-listed and non-registered securities. The Purchaser
is knowledgeable about investment considerations in development-stage companies with limited operating histories. The Purchaser
has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The
Purchaser's overall commitment to investments which are not readily marketable is not excessive in view of the Purchaser’s
net worth and financial circumstances and the purchase of the Offered Securities will not cause such commitment to become excessive.
The investment is a suitable one for the Purchaser.

 

4.19         The
Purchaser is satisfied that the Purchaser has received adequate information with respect to all matters which it or the Advisers,
if any, consider material to its decision to make this investment.

 

    	14

    	 

    

 

4.20         No
oral or written representations have been made, or oral or written information furnished, to the Purchaser or the Advisers, if
any, in connection with the Offering which are in any way inconsistent with the information contained in this Subscription Agreement
or the Offered Securities.

 

4.21         Within
five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents
as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

4.22         THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND
ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT
AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN RECOMMENDED, APPROVED OR DISAPPROVED
BY THE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES
PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION AGREEMENT AND THE TERMS OF
THE PREFERRED OR WARRANT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

4.23         In
making an investment decision Purchasers must rely on their own examination of the Company and the terms of the Offering, including
the merits and risks involved. The Purchaser should be aware that it will be required to bear the financial risks of this investment
for an indefinite period of time

 

4.24         (For
ERISA plans only) The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary has been informed
of and understands the Company’s investment objectives, policies and strategies, and that the decision to invest “plan
assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA that require diversification
of plan assets and impose other fiduciary responsibilities. The Purchaser fiduciary or Plan (a) is responsible for the decision
to invest in the Company; (b) is independent of the Company or any of its affiliates; (c) is qualified to make such investment
decision; and (d) in making such decision, the Purchaser fiduciary or Plan has not relied primarily on any advice or recommendation
of the Company or any of its affiliates.

 

4.25         The
Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at http://www.treas.gov/ofac before making
the following representations. The Purchaser represents that the amounts invested by it in the Company in the Offering were
not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations,
including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit, among
other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities
and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at
http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the “OFAC Programs”) prohibit dealing
with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.

 

    	15

    	 

    

 

4.26         To
the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a country, territory, individual or entity
named on an OFAC list, or a person or entity prohibited under the OFAC Programs. Please be advised that the Company may not accept
any amounts from a prospective investor if such prospective investor cannot make the representation set forth in the preceding
paragraph. The Purchaser agrees to promptly notify the Company should the Purchaser become aware of any change in the information
set forth in these representations. The Purchaser understands and acknowledges that, by law, the Company may be obligated to “freeze
the account” of the Purchaser, either by prohibiting additional subscriptions from the Purchaser, declining any redemption
requests and/or segregating the assets in the account in compliance with governmental regulations, and the Company may also be
required to report such action and to disclose the Purchaser’s identity to OFAC. The Purchaser further acknowledges that
the Company may, by written notice to the Purchaser, suspend the redemption rights, if any, of the Purchaser if the Company reasonably
deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company or any of the Company’s
service providers. These individuals include specially designated nationals, specially designated narcotics traffickers and other
parties subject to OFAC sanctions and embargo programs.

 

4.27         To
the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a senior foreign political figure,
or any immediate family member or close associate of a senior foreign political figure, as such terms
are defined in the footnotes below.

 

4.28         If
the Purchaser is affiliated with a non-U.S. banking institution (a “Foreign Bank”), or if the Purchaser receives
deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Purchaser represents
and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country
in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related
to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank
to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not
have a physical presence in any country and that is not a regulated affiliate.

 

 

1 These individuals include
specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo
programs.

 

2 A “senior foreign political
figure” is defined as a senior official in the executive, legislative, administrative, military or judicial branches of
a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of
a foreign government-owned corporation. In addition, a “senior foreign political figure” includes any corporation,
business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.

 

3 “Immediate family”
of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

 

4 A “close associate”
of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship
with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international
financial transactions on behalf of the senior foreign political figure.

 

    	16

    	 

    

 

sECTION
5.        Indemnification.

 

5.1           Indemnification
by the Company. The Company agrees to indemnify and hold harmless the Purchaser and its respective officers, directors, employees,
agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs, fees and expenses
whatsoever (including, but not limited to, any and all legal and other expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Company of any covenant or agreement made
by the Company herein or in any other document delivered in connection with this Subscription Agreement.

 

    	17

    	 

    

 

sECTION
6.        Survival of Representations and Warranties.

 

The representations
and warranties of the Company made in this Subscription Agreement shall survive the execution and delivery hereof and delivery
of the underlying securities upon conversion of the Notes or Warrants.

 

sECTION
7.        Registration and Indemnifications.

 

7.1           Form
S-1 Demand Rights. If at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) one hundred
eighty (180) days after the effective date of the registration statement for the Company’s initial public offering, the Company
receives a request from holders of 50 percent (50%) of the Registrable Shares (as defined below) (“S-1 Initiating
Holders”) then outstanding that the Company file a Form S-1 registration statement with respect to the Registrable Shares
then outstanding, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the
“Demand Notice”) to all holders other than the S-1 Initiating Holders; and (y) as soon as practicable, and in
any event within sixty (60) days after the date such request is given by the S-1 Initiating Holders, file a Form S-1 registration
statement under the Securities Act covering all Registrable Shares that the S-1 Initiating Holders requested to be registered and
any additional Registrable Shares requested to be included in such registration by any other Holders, as specified by notice given
by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given.

 

7.2           Form
S-3 Demand Rights. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request
from holders of at least thirty percent (30%) of the Registrable Shares (“S-3 Initiating Holders”) then outstanding
that the Company file a Form S-3 registration statement with respect to outstanding Registrable Shares of such holders, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all holders other than the
S-3 Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request
is given by the S-3 Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable
Shares requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to
the Company within twenty (20) days of the date the Demand Notice is given.

 

    	18

    	 

    

 

7.3           Piggyback
Registration Rights. If, at any time, the Company proposes to file a registration statement under the Securities Act or any
other rule or regulation applying to the registration of the Company’s securities, other than a registration relating solely
to employee benefit plans or Rule 145 transactions, with respect to an underwritten offering for its own account of any class of
securities of the Company, then each such time, the Company shall give written notice of such intention to file a registration
statement (a “Piggyback Notice”) to each Purchaser at least five (5) days before the anticipated filing date.
The Piggyback Notice shall describe the securities to be registered and the intended method of distribution and offer Purchaser
the opportunity to register pursuant to such registration statement shares of Common Stock held (or underlying convertible securities
held) by Purchaser that were issued pursuant to this Agreement or upon the exercise or conversion of securities issued pursuant
to this Agreement (the “Registrable Shares”) as Purchaser may request in writing to the Company within ten (10)
business days after the date Purchaser first received the Piggyback Notice (a “Piggyback Registration”). The
Piggyback Registration rights shall be subject ratably to potential underwriter’s limitations set forth herein. The Company
shall take all reasonable steps to include in the registration statement the Registrable Shares which the Company has been so requested
to register by each Purchaser. The Company shall be entitled to suspend or withdraw a registration statement prior to its becoming
effective. If the managing underwriter with respect to such an offering advises the Company in writing that the inclusion of all
or any portion of the Registrable Shares which Purchasers have requested to be included in the registration statement would materially
jeopardize the success of the offering, then the Company shall be required to include in the underwriting only that number of Registrable
Shares which the underwriter advises the Company in writing may be sold without materially jeopardizing the offering. If any Purchaser
disapproves of the terms of any such underwriting, it may elect to withdraw its Registrable Shares from such offering by written
notice to the Company and the underwriter. Each Purchaser also agrees to be subject to any lock-up agreements reasonably requested
by a managing underwriter so long as the Company shares held by the Company’s largest shareholder other than such Purchaser
are also subject to a similar lock-up agreement. The Company shall not grant registration rights to any other holder or prospective
holder of its securities in connection with a private placement of the Company’s equity securities unless, (i) all shares
of Common Stock held by all Purchasers are, at the time of such private placement, included on a registration statement, or (ii)
the Company agrees, in connection with such private placement, to grant all Purchasers the right to include on any registration
statement under the Securities Act pursuant to which such other holder or prospective holder’s Common Stock is registered
a number of each Purchaser’s Registrable Shares equal to one half of the number of shares of Common Stock to be registered
on behalf of the other holder or prospective holder. Notwithstanding the foregoing, for a period of one (1) year following the
date of this Agreement, the Registrable Shares may be ratably or completely excluded by the Company at the Company’s discretion
from the Company’s initial public offering on Form S-1 occurring after the date hereof, provided that in such case, the Company
is not registering any other secondary shares on such Form S-1.

 

7.4           Registration
Expenses. All reasonable fees and expenses incident to the performance of or compliance with this Agreement by the Company,
except as and to the extent specified in this Section 7, shall be borne by the Company whether or not the registration statement
is filed or becomes effective and whether or not any shares are sold pursuant to the registration statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (A) with respect to filings required to be made with each securities exchange or market on which
shares are listed, (B) with respect to filings required to be made with the Financial Industry Regulatory Authority or other regulatory
institution and (C) in compliance with state or local securities or Blue Sky laws), (ii) messenger, telephone and delivery expenses,
(iii) fees and disbursements of counsel for the Company, (iv) Securities Act liability insurance, if the Company so desires such
insurance, and (v) fees and expenses of all other persons or entities retained by the Company in connection with the consummation
of the transactions contemplated by this Section 7, including, without limitation, the Company’s independent public accountants.

 

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7.5           Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Purchaser,
its permitted assignees, officers, directors, agents, Affiliates and employees (each a “Purchaser Indemnitee”),
to the fullest extent permitted by applicable law, from and against any and all claims, losses, damages, liabilities, penalties,
judgments, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) (collectively, “Losses”),
arising out of or relating to any untrue or alleged untrue statement of a material fact contained in a registration statement or
arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in the light of the circumstances
under which they were made) not misleading, except (i) to the extent that such untrue statements or omissions are based upon information
furnished to the Company by Purchaser expressly for use in the registration statement; (ii) as a result of the failure of such
Purchaser Indemnitee to deliver a prospectus, as amended or supplemented, to a purchaser in connection with an offer or sale; or
(iii) the use by the Purchaser Indemnitee of an outdated or defective prospectus after the Company has notified Purchaser in writing
that the prospectus is outdated or defective, but only if and to the extent that following such receipt the misstatement or omission
giving rise to such Loss would have been corrected; provided, however, that the indemnity agreement contained in this Section 7.3
shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the prior written consent of
the Company, which consent shall not be unreasonably withheld.

 

7.6           Indemnification
by Purchaser. Each Purchaser shall indemnify and hold harmless the Company, its directors, officers, agents and employees to
the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or relating to any untrue
or alleged untrue statement of a material fact contained in a registration statement or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, to the extent
that such untrue statement or omission is contained in or omitted from any information regarding Purchaser furnished in writing
to the Company by Purchaser expressly for use in therein, and that such information was reasonably relied upon by the Company for
use therein. Notwithstanding anything to the contrary contained herein, in no event shall the liability of Purchaser under this
Section 7.4 exceed the net proceeds to Purchaser as a result of the sale of shares pursuant to a registration statement in connection
with which the untrue or alleged untrue statement or material omission was provided.

 

sECTION
8.        Notices.

 

Any notice or other
communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified mail, return receipt
requested, or delivered against receipt to the party to whom it is to be given (a) if to the Company, at the address set forth
above, or (b) if to the Purchaser, at the address set forth on the signature page hereof (or, in either case, to such other address
as the party shall have furnished in writing in accordance with the provisions of this Section 8). Any notice or other communication
given by certified mail shall be deemed given at the time of certification thereof, except for a notice changing a party's address
which shall be deemed given at the time of receipt thereof.

 

    	20

    	 

    

 

sECTION
9.        Miscellaneous.

 

9.1           Irrevocability;
Binding Effect. The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable by the Purchaser,
except as required by applicable law, and that this Subscription Agreement shall survive the death or disability of the Purchaser
and shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal
representatives, and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser hereunder shall
be joint and several and the agreements, representations, warranties, and acknowledgments herein shall be deemed to be made by
and be binding upon each such person and such person's heirs, executors, administrators, successors, legal representatives, and
permitted assigns.

 

9.2           Modification.
This Subscription Agreement shall not be amended, modified or waived except by an instrument in writing signed by the Company and
holders representing at least a majority of the shares of Series B Preferred. Purchaser acknowledges that this Subscription Agreement
may be amended without Purchaser’s consent in accordance with the foregoing sentence.

 

9.3           Assignability.
This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the Purchaser
and the transfer or assignment of the Offered Securities shall be made only in accordance with all applicable laws.

 

9.4           Applicable
Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable
to contracts to be wholly-performed within said State, without regard to its conflicts of laws principles.

 

9.5           Venue.
Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Subscription Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
employees or agents) shall be commenced exclusively in the federal or state courts located in the City of New York, Borough of
Manhattan. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal or state courts located 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. The parties hereby waive all rights to a trial by jury.

 

9.6           Blue
Sky Qualification. The purchase of Offered Securities under this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Offered Securities from applicable federal and state securities laws. The Company
shall not be required to qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary,
the Company shall be released from any and all obligations to maintain its offer, and may rescind any sale contracted, in the jurisdiction.

 

9.7           Use
of Pronouns. All pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the person or persons referred to may require.

 

    	21

    	 

    

 

9.8           Confidentiality.
If the Purchaser has entered into a separate agreement with the Company regarding confidentiality, such agreement shall survive
and control with respect to the subject matter thereof. If the Purchaser has not entered into a separate agreement with the Company
regarding confidentiality, such Purchaser acknowledges and agrees as follows: (i) that any information or data the Purchaser has
acquired from or about the Company, not otherwise properly in the public domain, was received in confidence; and (ii) not to divulge,
communicate or disclose, except as may be required by law or for the performance of this Agreement, or use to the detriment of
the Company or for the benefit of any other person or persons, or misuse in any way, any confidential information of the Company,
including any scientific, technical, trade or business secrets of the Company and any scientific, technical, trade or business
materials that are treated by the Company as confidential or proprietary, including, but not limited to, ideas, discoveries, inventions,
developments and improvements belonging to the Company and confidential information obtained by or given to the Company about or
belonging to third parties.

 

9.9           Headings.
Paragraph titles are for descriptive purposes only and shall not control or alter the meaning of this Subscription Agreement as
set forth in the text.

 

9.10         Severability.
Each provision of this Subscription Agreement shall be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality shall not impair the operation
of or affect the remaining portions of this Subscription Agreement.

 

9.11         Counterparts.
This Subscription Agreement may be executed in one or more counterparts each of which shall be deemed an original, but all of which
shall together constitute one and the same instrument.

 

9.12         Expenses.
Each of the parties hereto shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or
others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether or
not the transactions are consummated, except that, following the Closing, the Company will reimburse Purchaser for reasonable expenses
of counsel, not to exceed $50,000.

 

9.13         Entire
Agreement. Except as set forth in Section 9.8 above, this Subscription Agreement, together with the exhibits and attachments
hereto and thereto constitute, the entire agreement between the Purchaser and the Company with respect to the subject matter hereof
and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter hereof. The terms
and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted, only by a written
document executed by the party entitled to the benefits of such terms or provisions.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	22

    	 

    

 

To subscribe for Offered Securities
in the private offering of the Company:

 

		1.	Date and Fill in the aggregate principal amount
of the Note being purchased and Complete and Sign the Signature Page of the Subscription Agreement.

 

		2.	Initial the Accredited Investor Certification
page attached as Exhibit C to this letter.

 

		4.	Return all forms to [_____________] by fax at
[_____________] or email to [________________] and then send all signed original documents, including a check for the Subscription
Amount payable to the order of “AmpliPhi Biosciences Corporation”, and mail to:

 

AmpliPhi Biosciences
Corporation

601 Union Street

800 E. Leigh St., Suite 54

Richmond, Virginia 23219

Attn: Philip Young

 

			Please include your name and federal tax ID number (if applicable) on the check.

 

Notwithstanding the foregoing, Phillip Asset Management
Limited as trustee for (ATF) Asia Pacific Healthcare Fund II (“PAM”) will forward its gross settlement monies to Phillip
Capital Limited, as follows:

 

Account Name: Pershing Securities Australia Pty Ltd

 

	Bank:	Westpac Banking Corporation
	BSB:	032-000
	Account Number:	441400
	Reference:	Account Number of Trade Reference
	Swift Code:	WPACAU2S

 

Phillip Capital Limited will then forward the net
settlement funds (gross funds less cash in fees payable to Phillip Capital Limited) directly to AmpliPhi Biosciences Corporation
to the below account.

 

		5.	For wiring funds directly to the Company’s account,
use the following instructions:

 

Account Name: AmpliPhi Biosciences Corporation

 

	Account Number:	446-04635-3
	ABA Number:	021001088
	Swift Code:	MRMDUS33
	Bank Name & Address	HSBC Bank USA, N.A.
	 	P.O. Box 9
	 	Buffalo, New York 14240
	 	Ref: Investor Name, Tax ID Number and Address

 

    	 

    	 

    

 

AMPLIPHI BIOSCIENCES CORPORATION

SIGNATURE PAGE TO THE

SUBSCRIPTION AGREEMENT

 

 

 

Purchaser hereby elects to subscribe
under the Subscription Agreement for shares of Series B Preferred Stock and a Warrant to purchase shares of Common Stock in the
aggregate Subscription Amount of $______________ (NOTE: to be completed by Purchaser) and executes the Subscription Agreement.

 

Date (NOTE: To be completed by Purchaser): _______________________

 

 

 

If the Purchaser is an INDIVIDUAL, and if purchased as JOINT
TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

	 	 	 	 	 
	 	Print Name(s)	 	Social Security Number(s)	 
	 	 	 	 	 
	 	 	 	 	 
	 	Signature(s) of Purchaser(s)	 	Signature	 
	 	 	 	 	 
	 	 	 	 	 
	 	Date	 	Address	 

 

If the Purchaser is a PARTNERSHIP, CORPORATION,
LIMITED LIABILITY COMPANY or TRUST:

 

	 	 	 	 	 
	 	Name of Partnership,	 	Federal Taxpayer	 
	 	Corporation, Limited 	 	Identification Number (if applicable)	 
	 	Liability Company or Trust	 	 	 
	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	Name:	 	State of Organization	 
	 	 	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Date	 	Address	 
	 	 	 	 	 

 

	 	Accepted and agreed to:	 	 
	 	 	 	 
	 	AmplipHI BIOSCIENCES CORPORATION	 
	 	 	 	 
	 	By:	 	 	Date:	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

SCHEDULE OF INVESTORS

 

	Name/Address	 	Subscription 
Amount	 	 	Number of Shares

of Series B	 	 	Number of

Warrant Shares	 	 	Closing 
Date
	 	 	 	 	 	 	 	 	 	 	 	 
	FIRST CLOSING	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RA Capital Healthcare Fund, LP 
20 Park Plaza, Suite 1200 
Boston, MA 02116	 	$	2,400,000.40	 	 	 	1,714,286	 	 	 	4,285,715	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Blackwell Partners, LLC 
20 Park Plaza, Suite 1200 
Boston, MA 02116	 	$	599,999.40	 	 	 	428,571	 	 	 	1,071,427	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NRM VII Holdings I, LLC 
1881 Grove Avenue 
Radford, VA 24141 
Attn: Theodore J. Fisher	 	$	2,999,999.80	 	 	 	2,142,857	 	 	 	5,357,142	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Phillip Asset Management Limited ATF Asia Pacific Healthcare Fund II 
of Level 12, 15 William Street, MELBOURNE VIC Australia	 	$	999,999	 	 	 	714,285	 	 	 	1,785,712	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUB-TOTAL	 	$	6999998.60	 	 	 	4,999,999	 	 	 	12,499,996	 	 	 

  

    	 

    	 

    

 

EXHIBIT A-1

 

SCHEDULE OF INVESTORS

 

	Name/Address	 	Subscription 
Amount	 	 	Number of Shares

of Series B	 	 	Number of

Warrant Shares	 	 	Closing 
Date
	 	 	 	 	 	 	 	 	 	 	 	 
	FIRST CLOSING	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Galloway Limited 
Viking House, Nelson St, Douglas, Isle of Man, IM1 2AH	 	$	1,199,452	 	 	 	951,946	 	 	 	2,379,865	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pendinas Limited 
Ballacarrick, Pooilvaaish Road, Castletown, Isle of Man, IM9 4PJ	 	$	4,063,577	 	 	 	3,225,061	 	 	 	8,062,652	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Port Erin Biopharma 
18 Athol Street, Douglas, Isle of Man, IM1 1JA	 	$	113,972	 	 	 	90,453	 	 	 	226,132	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regent Pacific Group 
8th Floor, Henley Building, 5 Queen's Road Central, Hong Kong	 	$	114,000	 	 	 	90,476	 	 	 	226,190	 	 	June 26, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUB-TOTAL	 	$	5,491,001	 	 	 	4,357,936	 	 	 	10,894,839	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SECOND CLOSING	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David Tyerman 
41 Priors Acre, Boxgrove, Chichester, West Sussex, PO18 OER, United Kingdom	 	$	10,109.82	 	 	 	8,023	 	 	 	20,058	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fern.com Limited 
Parklands, 105 Ashbourne Road, Cowers Lane, Belper, Derbyshire, DE56 2LF, United Kingdom	 	$	20,102.76	 	 	 	15,954	 	 	 	39,885	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sir Henry Every 
26 Fishpond Lane, Egginton, Derby, DE65 6HJ, United Kingdom	 	$	9,837.07	 	 	 	7,807	 	 	 	19,517	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Penelope Langran 
Mill House, Church Road, Wormingford, Essex C06 3AZ, United Kingdom	 	$	49,173.47	 	 	 	39,026	 	 	 	97,565	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michelle Ray 
71 Old Fort Road 
Bernardsville, NJ 10560, USA	 	$	6,462.27	 	 	 	5,128	 	 	 	12,820	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Peter Nigel Gray 
Remenham Farmhouse, Remenham Lane, Henley-on-Thames, Oxon RG9 3DB, United Kingdom	 	$	238,062.56	 	 	 	188,938	 	 	 	472,345	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darin Shaikly 
The Old Rectory, Cooks Hall Road, West Bergholt, Colchester CO6 3EX, United Kingdom	 	$	29,212.75	 	 	 	23,184	 	 	 	57,960	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Valerie Shaikly 
The Old Rectory, Cooks Hall Road, West Bergholt, Colchester CO6 3EX, United Kingdom	 	$	29,212.75	 	 	 	23,184	 	 	 	57,960	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lanswood Ltd. 
1 Lanswood Park, Broomfield Rd, Elmstead Mkt, Colchester C07 7FD, United Kingdom	 	$	38,950.33	 	 	 	30,912	 	 	 	77,280	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Delphi Derivatives 
2 St John's Street, Colchester, Essex CO2 7AA, United Kingdom	 	$	194,751.65	 	 	 	154,564	 	 	 	386,410	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Richard Brucciani 
The Beeches, 48 Elmfield Avenue, Leicester, Leicestershire, LE2 1RD, United Kingdom	 	$	9,737.58	 	 	 	7,728	 	 	 	19,320	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David Scott 
6 Sunnyhill Road, Loughborough, Leicestershire, LE11 3NB, United Kingdom	 	$	5,945.89	 	 	 	4,718	 	 	 	11,795	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGC Properties Ltd 
97 Chesterton Road, Cambridge, CB4 3AP, United Kingdom	 	$	9,959.59	 	 	 	7,904	 	 	 	19,760	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gary Fitzgerald 
Burges House, 102 Burges Road, Thorpe Bay, Essex, SS1 3JL, United Kingdom	 	$	29,720.34	 	 	 	23,587	 	 	 	58,967	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paul Woodward 
24 Windsor Road, Teddington, London, TW11 0SF, United Kingdom	 	$	1,002.08	 	 	 	795	 	 	 	1,987	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Craig Rennie 
Renwood, 40 Burkes Road, Beaconsfield, Buckinghamshire P9 1PN, United Kingdom	 	$	49,942.60	 	 	 	39,636	 	 	 	99,090	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Leon Aussprung 
3178 Woods Edge Drive 
Garnet Valley, PA 19060, USA	 	$	29,266.03	 	 	 	23,227	 	 	 	58,067	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	John Kolb 
1A Delancey Road 
North Salem, NY 10560, USA	 	$	31,178.08	 	 	 	24,744	 	 	 	61,860	 	 	July 15, 2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Isabelle Valet Harper	 	$	36,649.32	 	 	 	29,086	 	 	 	72,715	 	 	July 15, 2013
	965 Eichler Drive 
Mountain View, CA 94040, USA	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUB-TOTAL	 	$	829,276.94	 	 	 	658,145	 	 	 	1,645,361	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	13,320,276.54	 	 	 	10,016,080	 	 	 	25,040,196	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF WARRANT

 

    	 

    	 

    

 

EXHIBIT C

 

ACCREDITED INVESTOR CERTIFICATION

 

For Individual Investors Only

(all Individual Investors must INITIAL
where appropriate):

 

	Initial _______	 	I have a net worth (including homes, furnishings and automobiles, but excluding for these purposes the net value, after any mortgage, of my primary residence) in excess of $1 million either individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar shared ownership interest with my spouse.
	Initial _______	 	I have had an annual gross income for the past two years of at least $200,000 (or $300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.
	Initial _______	 	I am a director or executive officer of the Company.

 

For
Non-Individual Investors

(all Non-Individual
Investors must INITIAL where appropriate):

 

	Initial _______	 	The investor certifies that it is a partnership, corporation, limited liability company or business trust that is 100% owned by persons who meet at least one of the criteria for Individual Investors set forth above.
	Initial _______	 	The investor certifies that it is a partnership, corporation, limited liability company or business trust that has total assets of at least $5 million and was not formed for the purpose of investing in the Company.
	Initial _______	 	The investor certifies that it is an employee benefit plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment adviser.
	Initial _______	 	The investor certifies that it is an employee benefit plan whose total assets exceed $5,000,000 as of the date of this Agreement.
	Initial _______	 	The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions are made solely by persons who meet either of the criteria for Individual Investors.
	Initial _______	 	The investor certifies that it is a U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.
	Initial _______	 	The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934.
	Initial _______	 	The investor certifies that it is an organization described in §501(c)(3) of the Internal Revenue Code with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in the Company.
	Initial _______	 	The investor certifies that it is a trust with total assets of at least $5,000,000, not formed for the specific purpose of investing in the Company, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.
	Initial _______	 	The investor certifies that it is a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of $5,000,000.
	Initial _______	 	The investor certifies that it is an insurance company as defined in §2(13) of the Securities Act, or a registered investment company.Exhibit 4.4

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of December 16,
2013, by and among AmpliPhi Biosciences Corporation, a Washington corporation (the “Company”), and the
several purchasers signatory hereto (each a “Purchaser” and collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Subscription Agreement, dated as of December 16, 2013, between the Company and each Purchaser (the “Purchase
Agreement”).

 

Now,
Therefore, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and each of the Purchasers agree as follows:

 

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

 

“Advice”
shall have the meaning set forth in Section 6(f).

 

“Affiliate”
means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common
control with, such person.

 

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

 

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

 

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

 

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

 

“Common
Stock” means the common stock of the Company and any securities into which such common stock may hereinafter be reclassified.

 

“Effective
Date” means the date that the Registration Statement filed pursuant to Section 2(a) is first declared effective by
the Commission.

 

“Effectiveness
Deadline” means, with respect to the Initial Registration Statement, the earlier of: (i) the date that is thirty
(30) calendar days following the Filing Deadline; provided, that, if the Commission reviews the filed Initial Registration
Statement, then the Effectiveness Deadline under this clause (i) shall be date that is one hundred twenty (120) calendar days following
the Filing Deadline, and (ii) the fifth (5th) Trading Day following the date on which the Company is notified by
the Commission that the Initial Registration Statement will not be reviewed or is no longer subject to further review and comments
and the effectiveness of the Initial Registration Statement may be accelerated; and, with respect to a New Registration Statement,
the earlier of: (x) the date that is thirty (30) calendar days from the applicable Filing Deadline; provided, that,
if the Commission reviews the filed New Registration Statement, then the Effectiveness Deadline under this clause (x) shall
be the date that is one hundred twenty (120) calendar days following the applicable Filing Deadline, and (y) the fifth (5th)
Trading Day following the date on which the Company is notified by the Commission that the New Registration Statement will not
be reviewed or is no longer subject to further review and comments and the effectiveness of the New Registration Statement may
be accelerated; provided, however, in each case, that if the Effectiveness Deadline falls on a Saturday, Sunday or other
day that the Commission is closed for business, the Effectiveness Deadline shall be extended to the next Business Day on which
the Commission is open for business.

 

    	1.

    	 

    

 

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

 

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

 

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

 

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

 

“Filing
Deadline” means, (i) with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a),
the date that is thirty (30) calendar days following the Closing Date, (ii) with respect to any New Registration Statement
required to be filed pursuant to Section 2(a), the date that is thirty (30) calendar days following the date of the Company’s
receipt of written instruction from the Commission that all of the Registrable Securities cannot, as a result of the application
of Rule 415, be registered for resale as a secondary offering on a single registration statement, and (iii) with respect to
any Remainder Registration Statement, the earliest practicable date on which the Company is permitted by the SEC Guidance to file
such Remainder Registration Statement; provided, however, in each case, that if the Filing Deadline falls on a Saturday,
Sunday or other day that the Commission is closed for business, the Filing Deadline shall be extended to the next Business Day
on which the Commission is open for business.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

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

 

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

 

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

 

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

 

“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.

 

    	2.

    	 

    

 

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

 

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

 

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

 

“Register,”
“registered” and “registration” means the registration of securities for offer,
sale or resale made by preparing and filing with the Commission a Registration Statement or similar document in compliance with
the Securities Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such Registration Statement
or document by the Commission.

 

“Registrable
Securities” means all of (i) the Shares and (ii) any securities issued or issuable upon any stock split,
dividend or other distribution, recapitalization or similar event with respect to the foregoing, provided, that the Holder
has completed and delivered to the Company a Selling Stockholder Questionnaire; and provided, further, that Shares shall
cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another,
Registration Statement hereunder with respect thereto) upon the earliest to occur of the following: (A) sale pursuant to a Registration
Statement or Rule 144 under the Securities Act (in which case, only such security sold shall cease to be a Registrable Security);
or (B) becoming eligible for sale by the Holder, without restriction, pursuant to Rule 144.

 

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

 

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

 

    	3.

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Shares”
means the shares of Common Stock purchased by and sold to the Purchasers pursuant to the Purchase Agreement.

 

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

 

“Trading
Day” means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market
(unless the Principal Trading Market is the OTC Bulletin Board or the “pink sheets”), or (ii) if the Common Stock
is not listed on a Trading Market (other than the OTC Bulletin Board or the OTC QB, OTC QX or “pink sheets” tier of
the OTC Markets Group, Inc.), a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC
Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market (other than the OTC QB, OTC QX or “pink
sheets” tier of the OTC Markets Group, Inc.), a day on which the Common Stock is quoted in the over-the-counter market as
reported by the OTC QB, OTC QX or “pink sheets” tier of the OTC Markets Group, Inc. (or any similar organization or
agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed
or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading
Market” means whichever of the New York Stock Exchange, the NYSE-MKT, the NASDAQ Global Select Market, the NASDAQ
Global Market, the NASDAQ Capital Market, the OTC Bulletin Board, the OTC QB, OTC QX or “pink sheets” tier of OTC Markets
Group, Inc. (or any similar organization or agency succeeding to its function of reporting prices) on which the Common Stock is
listed or quoted for trading on the date in question.

 

    	4.

    	 

    

 

2.          Registration.

 

(a)          On
or prior to a Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable
Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the “Initial
Registration Statement”). The Initial Registration Statement shall be on Form S-1 and shall contain (except if otherwise
required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan
of Distribution” section attached hereto as Annex A.  Notwithstanding the registration obligations set forth in this
subsection (a) and subsections (b) and (c) of this Section 2, in the event the Commission informs the Company
that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, the Company agrees promptly (i) to inform each of the Holders thereof and use
its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission and/or
(ii) to withdraw the Initial Registration Statement and file a new registration statement (a “New Registration
Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by the
Commission, on Form S-1 or such other form available to register for resale the Registrable Securities as a secondary offering;
provided, however, that prior to filing such amendment or New Registration Statement, the Company shall be obligated to use
its commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in
accordance with the SEC Guidance. Notwithstanding any other provision of this Agreement and subject to the payment of liquidated
damages in Section 2(c), if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted to
be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used commercially
reasonable efforts to advocate with the Commission for the registration of all or a greater number of Registrable Securities),
unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered
on such Registration Statement will be reduced by Registrable Securities represented by Shares (applied, in the case that some
Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Shares held by such Holders,
subject to a determination by the Commission that certain Holders must be reduced first based on the number of Shares held by such
Holders). In the event the Company amends the Initial Registration Statement or files a New Registration Statement, as the case
may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission,
as promptly as allowed by the Commission or the SEC Guidance provided to the Company or to registrants of securities in general,
one or more registration statements on Form S-1 or such other form available to register for resale those Registrable Securities
that were not registered for resale on the Initial Registration Statement, as amended, or the New Registration Statement (the “Remainder
Registration Statements”). No Holder will be named as an underwriter in any Registration Statement without such Holder’s
consent, provided that if the Commission requires such Holder to be so named and such Holder does not consent, such Holder shall
not be entitled to be included on such Registration Statement and the provisions of Section 2(c) shall not apply with respect to
such Holder.

 

    	5.

    	 

    

 

(b)          Subject
to the terms of this Agreement, the Company shall use its commercially reasonable efforts to cause each Registration Statement
to be declared effective by the Commission as soon as practicable following the filing thereof and, with respect to the Initial
Registration Statement or the New Registration Statement, as applicable, no later than the applicable Effectiveness Deadline (including
filing with the Commission a request for acceleration of effectiveness in accordance with Rule 461 promulgated under the Securities
Act within five (5) Business Days after the date that the Company is notified (orally or in writing, whichever is earlier) by the
Commission that such Registration Statement will not be “reviewed,” or not be subject to further review and the effectiveness
of such Registration Statement may be accelerated) and shall use its commercially reasonable efforts to keep each Registration
Statement continuously effective under the Securities Act until the later of (i) one year after the Closing Date or (ii) such time
as all of the Registrable Securities covered by such Registration Statement have been sold thereunder or pursuant to Rule 144 or
may be sold without restriction pursuant to Rule 144 including, without limitation, volume limitations and other restrictions of
Rule 144 (the “Effectiveness Period”). The Company shall ensure that each Registration Statement (including
and as amended and modified by any amendments or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements
therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. Each Registration
Statement shall also cover, to the extent allowable under the Securities Act and the rules promulgated thereunder (including Rule 416
under the Securities Act), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends
or similar transactions with respect to the Registrable Securities. The Company shall request effectiveness of a Registration Statement
as of 5:00 p.m. Eastern Time on the Effective Date. The Company shall promptly notify the Holders via facsimile or e-mail of the
effectiveness of a Registration Statement within one (1) Business Day after the date on which the Company confirms effectiveness
with the Commission, which confirmation shall initially be the date requested for effectiveness of a Registration Statement. The
Company shall, by 9:30 a.m. Eastern Time on the first Trading Day after the Effective Date, file a Prospectus with the Commission
pursuant to Rule 424. Failure to so notify the Holders on or before the second Trading Day after such notification or effectiveness
or failure to file a final Prospectus as aforesaid shall be deemed an Event under Section 2(c) unless notice of effectiveness
and/or the final Prospectus is available to the Purchasers on EDGAR on or before the second Trading Day after such notification
or effectiveness, in which case the Purchasers shall be deemed to have received notice of effectiveness.

 

    	6.

    	 

    

 

(c)          If:
(i) the Initial Registration Statement is not filed with the Commission on or prior to the Filing Deadline, (ii) the
Initial Registration Statement or the New Registration Statement, as applicable, is not declared effective by the Commission (or
otherwise does not become effective) for any reason on or prior to the applicable Effectiveness Deadline or (iii) after its
Effective Date, (A) such Registration Statement ceases for any reason (including without limitation by reason of a stop order,
or the Company’s failure to update the Registration Statement, but excluding the inability of any Holder to sell the Registrable
Securities covered thereby due to market conditions), to remain continuously effective during the Effectiveness Period as to all
Registrable Securities included in such Registration Statement or (B) the Holders are not permitted to utilize the Prospectus
therein to resell such Registrable Securities, in the case of (A) and (B), for an aggregate of more than 20 consecutive Trading
Days or for more than an aggregate of 40 Trading Days in any 12-month period (which need not be consecutive), other than as a result
of a breach of this Agreement by a Holder (any such failure or breach in clauses (i) through (iii) above being referred
to as an “Event,” and, for purposes of clauses (i) or (ii), the date on which such Event occurs,
or for purposes of clause (iii), the date on which such 20 consecutive Trading Day or 40 Trading Day period (as applicable) is
exceeded, being referred to as “Event Date”), then in lieu of any other rights available to the Holders
hereunder or under applicable law: on each monthly anniversary of each such Event Date (if the applicable Event shall not have
been cured by any such date) until the applicable Event is cured or all of the Registrable Securities covered by such Registration
Statement have been sold or may be sold without restrictions pursuant to Rule 144, the Company shall pay to each Holder an amount
in cash, as liquidated damages and not as a penalty, equal to 1.0% of the aggregate purchase price paid by such Holder pursuant
to the Purchase Agreement for any Registrable Securities then held by such Holder that are not Excluded Securities (which remedy
shall be exclusive of any other monetary remedies available under this Agreement or under applicable law). The parties agree that
the Company will not be liable for liquidated damages under this Section 2(c) with respect to any Shares that are excluded from
the Initial Registration Statement or the New Registration Statement, as applicable, by the Commission as a result of the application
of Rule 415 (“Excluded Securities”). If the Company fails to pay any liquidated damages pursuant to this
Section 2(c) in full within seven (7) Business Days after the date payable, the Company will pay interest thereon at a rate
of 12% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from
the date such liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The liquidated damages
pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event, except
in the case of the first Event Date. In the event that the Company registers some but not all of the Registrable Securities, the
1.0% of liquidated damages referred to above for any monthly period shall be reduced to equal the percentage determined by multiplying
1.0% by a fraction, the numerator of which shall be the number of the applicable Holder’s Registrable Securities for which
there is not an effective Registration Statement at such time and the denominator of which shall be the number of such Holder’s
Registrable Securities at such time, which amount shall be paid only to the Holders of Registrable Securities for which there is
not an effective Registration Statement. The Effectiveness Deadline for a Registration Statement shall be extended without default
or liquidated damages hereunder in the event that the Company’s failure to obtain the effectiveness of the Registration Statement
on a timely basis results from (i) the failure of a Purchaser to timely provide the Company with information requested by
the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities Act (in
which the Effectiveness Deadline would be extended with respect to Registrable Securities held by such Purchaser until the Company
is able to include such Registrable Securities in a Registrations Statement as required by Section 2(e)) or (ii) events or
circumstances that are not in any way attributable to the Company’s actions or inactions. Notwithstanding anything to the
contrary set forth herein, the maximum amount of liquidated damages payable to any Holder shall not exceed 6.0% of the gross proceeds
received from such Holder for the sales of Shares to such Holder hereunder.

 

    	7.

    	 

    

 

(d)          The
Company shall not, from the date hereof until the date that is 60 days after the Effective Date of the Registration Statement,
prepare and file with the Commission a registration statement relating to an offering for its own account under the Securities
Act of any of its equity securities other than a Special Registration Statement unless the closing bid price for the Common Stock
on the Trading Day prior to the date of filing any such registration statement, as reported by the Principal Trading Market, was
greater than the Purchase Price. For the avoidance of doubt, the Company shall not be prohibited from preparing and filing with
the Commission a registration statement relating to an offering of Common Stock by existing stockholders of the Company under the
Securities Act pursuant to the terms of registration rights held by such stockholders.

 

(e)          Each
Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire not more than ten (10) Trading Days
following the date of this Agreement. Each Holder further agrees that it shall not be entitled to be named as a selling securityholder
in a Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder
has returned to the Company a completed and signed Selling Stockholder Questionnaire. If a Holder of Registrable Securities returns
a Selling Stockholder Questionnaire after the deadline specified in the first sentence of this Section 2(e), the Company shall
use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling security holder in
the Registration Statement or any pre-effective or post-effective amendment thereto and to include (to the extent not theretofore
included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder Questionnaire. Each
Holder acknowledges and agrees that (i) the information in the Selling Stockholder Questionnaire will be used by the Company in
the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement,
and (ii) if the Holder does not complete the Selling Stockholder Questionnaire, or does not complete the Selling Stockholder Questionnaire
by the time specified in the first sentence of this Section 2(e) and the Company does not name such Holder as a selling security
holder in the Registration Statement or any pre-effective or post-effective amendment thereto or include (to the extent not theretofore
included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder Questionnaire after
the use of its commercially reasonable efforts to do so, then the Holder shall not be entitled to be named in a Registration Statement
or to receive liquidated damages to the extent resulting from the failure of the Company to name such Holder in a Registration
Statement.

 

3.          Registration
Procedures.

 

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

 

(a)          Not
less than five (5) Trading Days prior to the filing of a Registration Statement and not less than one (1) Trading Day prior to
the filing of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), the Company shall furnish to each Holder
whose Registrable Securities are included in such Registration Statement or counsel designated by such Holders copies of such Registration
Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which documents (other than those incorporated
or deemed to be incorporated by reference) will be subject to the review of such Holder or such counsel (it being acknowledged
and agreed that if a Holder does not object to or comment on the aforementioned documents within such five (5) Trading Days
or one (1) Trading Day period, as the case may be, then the Holder shall be deemed to have consented to and approved the use
of such documents). The Company shall not file any Registration Statement or amendment or supplement thereto in a form to which
the Holders of at least a majority of the Registrable Securities included in such Registration Statement reasonably object in good
faith, provided that, the Company is notified of such objection in writing within the five (5) Trading Days or one (1) Trading
Day period described above, as applicable.

 

    	8.

    	 

    

 

(b)          (i) Prepare
and file with the Commission such amendments (including post-effective amendments) and supplements to each Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective
as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably practicable
to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly
as reasonably practicable, provide the Holders true and complete copies of all correspondence from and to the Commission relating
to such Registration Statement that pertains to the Holders as “Selling Stockholders” but not any comments that would
result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply with
the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered
by a Registration Statement during the applicable Effectiveness Period (subject to the terms of this Agreement) with the intended
methods of disposition by the Holders thereof as set forth in such Registration Statement as so amended or in such Prospectus as
so supplemented; provided, however, that if notified by the Company pursuant to Section 3(m), each Purchaser shall be responsible
for the delivery of the Prospectus to the Persons to whom such Purchaser sells any of the Shares (including in accordance with
Rule 172 under the Securities Act), and each Purchaser agrees to dispose of Registrable Securities in compliance with the
plan of distribution described in the Registration Statement and otherwise in compliance with applicable federal and state securities
laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or
any analogous report under the Exchange Act, the Company shall have incorporated such report by reference into such Registration
Statement, if applicable, or shall file such amendments or supplements with the Commission as soon as reasonably practicable after
the Exchange Act report which created the requirement for the Company to amend or supplement such Registration Statement was filed
or, if later, when required pursuant to applicable federal securities laws.

 

    	9.

    	 

    

 

(c)          Notify
the Holders (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend
the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A)
below, not less than one (1) Trading Day prior to such filing, in the case of (iii) and (iv) below, not more than one
(1) Trading Day after such issuance or receipt, in the case of (v) below, not less than one (1) Trading Day after a determination
by the Company that the financial statements in any Registration Statement have become ineligible for inclusion therein and, in
the case of (vi) below, not more than three (3) Trading Days after the occurrence or existence of such development) and (if
requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a
Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when
the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the
Commission comments in writing on any Registration Statement; and (C) with respect to each Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the Commission or any other federal or state governmental
authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to
the Holders as “Selling Stockholders” or the “Plan of Distribution”; (iii) of the issuance by the
Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of
the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration
Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may
be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light
of the circumstances under which they were made), not misleading; and (vi) the occurrence or existence of any pending development
with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not
in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided that any
and all of such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure
by a Holder is required by law.

 

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

 

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

 

    	10.

    	 

    

 

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

 

(g)          If
requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement and under law, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holders may reasonably request. In connection therewith, if
required by the Company’s transfer agent, the Company shall promptly after the effectiveness of the Registration Statement
cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer
agent, together with any other authorizations, certificates and directions required by the transfer agent, which authorize and
direct the transfer agent to issue such Registrable Securities without legend upon sale by the holder of such shares of Registrable
Securities under the Registration Statement.

 

(h)          Following
the occurrence of any event contemplated by Section 3(c)(iii) through (vi), as promptly as reasonably practicable, prepare
a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required
document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they were made), not misleading.

 

(i)          (i) In
the time and manner required by the Principal Trading Market, prepare and file with such Trading Market any additional shares listing
application that may be required by such Trading Market covering all of the Registrable Securities, (ii) use reasonable best
efforts to take all steps necessary to cause such Registrable Securities to be approved for listing on the Principal Market as
soon as possible thereafter, (iii) if requested by any Holder, provide such Holder evidence of such listing, and (iv) so long
as any other shares of Common Stock shall be so listed, during the Effectiveness Period, use reasonable best efforts to maintain
the listing of such Registrable Securities on the Principal Market.

 

    	11.

    	 

    

 

(j)          In
order to enable the Holders to sell Shares under Rule 144, for a period of one year from the Closing, the Company covenants
to use commercially reasonable efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange
Act. During such one year period, if the Company is not required to file reports pursuant to Section 13(a) or 15(d) of the Exchange
Act, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c) promulgated under the
Securities Act annual and quarterly financial statements, together with a discussion and analysis of such financial statements
in form and substance substantially similar to those that would otherwise be required to be included in reports required by Section
13(a) or 15(d) of the Exchange Act, as well as any other information required thereby, in the time period that such filings would
have been required to have been made under the Exchange Act. The Company further covenants that it will use commercially reasonable
efforts to take such further action as any Holder may reasonably request, to the extent required to enable such Holder to sell
its Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act if, and for such period of time during the Effectiveness Period when, a Registration Statement
covering such Holder’s Registrable Securities is not effective, including compliance with the provisions of the Purchase
Agreement relating to the transfer of the Shares.

 

(k)          The
Company may require each selling Holder to furnish to the Company a certified statement as to (i) the number of shares of
Common Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any FINRA affiliations, (iii) any natural
persons who have the power to vote or dispose of the Common Stock and (iv) any other information as may be requested by the
Commission, FINRA or any state securities commission. During any periods that the Company is unable to meet its obligations hereunder
with respect to the registration of Registrable Securities because any Holder fails to furnish such information within three (3)
Trading Days of the Company’s request, any liquidated damages that are accruing at such time shall be tolled and any Event
that may otherwise occur solely because of such delay shall be suspended until such information is delivered to the Company.

 

(l)          The
Company shall promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request, provided that the Company
shall have no such obligation to deliver the Prospectus or Prospectuses that are available on the Commission’s EDGAR system.
The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the Holders in connection
with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto to
the extent permitted by federal and state securities laws and regulations.

 

(m)          The
Company shall comply with all applicable rules and regulations of the Commission under the Securities Act and the Exchange Act,
including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment
thereof, with the Commission 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 make available a Prospectus in connection with any disposition of Registrable Securities and take such
other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

    	12.

    	 

    

 

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

 

    	13.

    	 

    

 

5.          Indemnification.

 

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

 

(b)          Indemnification
by Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly, indemnify, defend
and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees
of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the
extent arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading (i) to the extent, but only to the extent that, such untrue statements, alleged
untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, (ii) to the extent that such information relates to such Holder or
such Holder’s proposed method of distribution of Registrable Securities and was reviewed and approved by such Holder expressly
for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose),
such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence
of an event of the type specified in Section 3(c)(iii)-(vi), to the extent related to the use by such Holder of an outdated
or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice. In no event shall the liability of any selling Holder under this Section 5(b)
be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

 

    	14.

    	 

    

 

(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
reasonable fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Section 5,
except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is
not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying
Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the
named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest exists if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying
Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided,
that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time
for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without
its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified
Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

 

    	15.

    	 

    

 

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

 

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

 

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

 

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

 

    	16.

    	 

    

 

6.          Miscellaneous.

 

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

 

(b)          Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter, except
for, and as provided in the Transaction Documents.

 

(c)          Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration
Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration
Statement.

 

(d)          Suspension
of Trading. At any time after the Registrable Securities are covered by an effective Registration Statement, the Company may
deliver to the Holders of such Registrable Securities a certificate (the “Suspension Certificate”) approved
by the Chief Executive Officer or Chief Financial Officer of the Company and signed by an officer of the Company stating that the
effectiveness of and sales of Registrable Securities under the Registration Statement would:

 

(i)          materially
interfere with any transaction that would require the Company to prepare financial statements under the Securities Act that the
Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or

 

(ii)         require
public disclosure of a material transaction or event prior to the time such disclosure might otherwise be required.

 

Upon receipt of a Suspension
Certificate by Holders of Registrable Securities, such Holders of Registrable Securities shall refrain from selling or otherwise
transferring or disposing of any Registrable Securities then held by such Holders for a specified period of time (a “Suspension
Period”) that is customary under the circumstances (not to exceed twenty (20) days). Notwithstanding the foregoing
sentence, the Company shall be permitted to cause Holders of Registrable Securities to so refrain from selling or otherwise transferring
or disposing of any Registrable Securities for the reasons set forth in clause (i) and (ii) of this Section 6(e) on only two
(2) occasions during each twelve (12) consecutive month period that the Registration Statement remains effective with no less
than sixty (60) calendar days in between Suspension Periods; provided that nothing in this sentence shall be construed
to limit the Company’s ability to suspend the effectiveness of a Registration Statement and/or cause the Holders to suspend
dispositions of the Registrable Securities thereunder as provided in this Agreement for reasons other than those set forth in clause
(i) and (ii) of this Section 6(d). The Company may impose stop transfer instructions to enforce any required agreement of
the Holders under this Section 6(d). Immediately after the end of any Suspension Period, provided that the Effectiveness Period
continues at such time, the Company shall take all necessary actions (including filing any required supplemental prospectus) to
restore the effectiveness of the applicable Registration Statement and the ability of the Holders to publicly resell, pursuant
to such effective Registration Statement, their Registrable Securities covered by such Registration Statement.

 

    	17.

    	 

    

 

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

 

(f)          Discontinued
Disposition. Each Holder hereby expressly makes the acknowledgements and agreements set forth in Section 4.11 and 4.12
of the Purchase Agreement with respect to any Registrable Securities. Without limiting the generality of the foregoing, each Holder
further agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company of the occurrence of
any event of the kind described in Section 3(c)(iii)-(vi), such Holder will forthwith discontinue disposition of such Registrable
Securities under the Registration Statement until it is advised in writing (the “Advice”) by the Company
that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide
appropriate stop orders to enforce the provisions of this Section 6(f). The Company agrees and acknowledges that any periods
during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to
the provisions of Section 2(c) as qualified by Section 3(a).

 

(g)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified, supplemented
or waived unless the same shall be in writing and signed by the Company and Holders holding at least a majority of the then outstanding
Registrable Securities; provided, however, that no amendment, modification, supplement or waiver that materially adversely
impacts the liquidity of any Holder be effective without the written consent of such Holder. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder or
some Holders and that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the
Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence
may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

    	18.

    	 

    

 

(h)          Term.
The registration rights provided to the Holders of Registrable Securities hereunder, and the Company’s obligation to keep
the Registration Statements effective, shall terminate at the end of the Effectiveness Period. Notwithstanding the foregoing, Section 2(c),
Section 4, Section 5, Section 6(i), Section 6(l), Section 6(m), Section 6(n), Section 6(o), Section
6(p) and Section 6(q) shall survive the termination of this Agreement.

 

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

 

(j)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights or
obligations hereunder without the prior written consent of all the Holders of the then outstanding Registrable Securities (other
than by merger or consolidation or to an entity which acquires the Company including by way of acquiring all or substantially all
of the Company’s assets). The rights of the Holders hereunder, including the right to have the Company register Registrable
Securities pursuant to this Agreement, may be assigned by each Holder to transferees or assignees of all or any portion of the
Registrable Securities (but only with all related obligations) that after such assignment holds at least 500,000 shares of Registrable
Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations), but
only if (i) the Holder agrees in writing with the transferee or assignee to assign such rights and related obligations under
this Agreement, and for the transferee or assignee to assume such obligations, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment, (ii) the Company is, within a reasonable time after such transfer
or assignment, furnished with written notice of the name and address of such transferee or assignee and the securities with respect
to which such registration rights are being transferred or assigned, (iii) at or before the time the Company received the
written notice contemplated by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company
to be bound by all of the provisions contained herein that apply to the “Holders” and (iv) the transferee is an
“accredited investor,” as that term is defined in Rule 501 of Regulation D.

 

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

 

    	19.

    	 

    

 

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

 

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

 

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

 

(o)          Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(p)          Currency.
Unless otherwise indicated, all dollar amounts referred to in this Agreement are in United States Dollars. All amounts owing under
this Agreement are in United States Dollars. All amounts denominated in other currencies shall be converted in the United States
Dollar equivalent amount in accordance with the applicable exchange rate in effect on the date of calculation.

 

(q)          Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

(r)          Waiver
of Conflicts. Each Purchaser acknowledges that: (i) it has read this Agreement; (ii) it has been represented in the preparation,
negotiation and execution of this Agreement by legal counsel of its own choice or has voluntarily declined to seek such counsel;
and (iii) it understands the terms and consequences of this Agreement and is fully aware of the legal and binding effect of this
Agreement. Each Purchaser understands that the Company has been represented in the preparation, negotiation and execution of this
Agreement by Morrison & Foerster LLP, Company Counsel, and that Morrison & Foerster LLP has not represented any Purchaser
or any stockholder, director or employee of the Company in the preparation, negotiation and execution of this Agreement. Each Purchaser
acknowledges that Morrison & Foerster LLP may have in the past represented and may now or may in the future represent one or
more Purchasers or their Affiliates in matters unrelated to the transactions contemplated by this Agreement, including the representation
of such Purchasers or their Affiliates in matters of a nature similar to those contemplated by this Agreement. The Company and
each Purchaser hereby acknowledge that they have has had an opportunity to ask for and have obtained information relevant to such
representation, including disclosure of the reasonably foreseeable adverse consequences of such representation, and hereby waives
any conflict arising out of such representation with respect to the matters contemplated by this Agreement.

 

    	20.

    	 

    

 

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    	21.

    	 

    

 

In
Witness Whereof, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

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SIGNATURE PAGES OF HOLDERS TO FOLLOW]

 

    	22.

    	 

    

 

In
Witness Whereof, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	HOLDER:
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

 

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    	23.

    	 

    

 

Annex A

 

PLAN OF
DISTRIBUTION

 

We are registering
the shares of common stock issued to the selling stockholders to permit the resale of these shares of common stock by the holders
of the shares of common stock from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation
to register the shares of common stock.

 

The selling stockholders
may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers,
the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares
of common stock may be sold on any national securities exchange or quotation service on which the securities may be listed or quoted
at the time of sale, in the over-the-counter market or in transactions otherwise than on these exchanges or systems or in the over-the-counter
market and in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices
determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses
or block transactions. The selling stockholders may use any one or more of the following methods when selling shares:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the shares as agent but may position
and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales entered into after the effective date of the registration statement of
which this prospectus is a part;

 

		·	broker-dealers may agree with the selling stockholders to sell a specified number of such shares
at a stipulated price per share;

 

		·	through the writing or settlement of options or other hedging transactions, whether such options
are listed on an options exchange or otherwise;

 

		·	a combination of any such methods of sale; and

 

    	24.

    	 

    

 

		·	any other method permitted pursuant to applicable law.

 

The selling stockholders
also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities
Act, as permitted by that rule, or Section 4(1) under the Securities Act, if available, rather than under this prospectus,
provided that they meet the criteria and conform to the requirements of those provisions.

 

Broker-dealers engaged
by the selling stockholders may arrange for other broker-dealers to participate in sales. If the selling stockholders effect such
transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers
or agents may receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions
from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal. Such commissions
will be in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
will not be in excess of a customary brokerage commission in compliance with FINRA Rule 5110.

 

In connection with
sales of the shares of common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the shares of common stock in the course of hedging
in positions they assume. The selling stockholders may also sell shares of common stock short and if such short sale shall take
place after the date that this Registration Statement is declared effective by the Commission, the selling stockholders may deliver
shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with
such short sales. The selling stockholders may also loan or pledge shares of common stock to broker-dealers that in turn may sell
such shares, to the extent permitted by applicable law. The selling stockholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). Notwithstanding
the foregoing, the selling stockholders have been advised that they may not use shares registered on this registration statement
to cover short sales of our common stock made prior to the date the registration statement, of which this prospectus forms a part,
has been declared effective by the SEC.

 

The selling stockholders
may, from time to time, pledge or grant a security interest in some or all of the warrants or shares of common stock owned by them
and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares
of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or
other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders
to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders
also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees
or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 

    	25.

    	 

    

 

The selling stockholders
and any broker-dealer or agents participating in the distribution of the shares of common stock may be deemed to be “underwriters”
within the meaning of Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid,
or any discounts or concessions allowed to, any such broker-dealer or agent and any profit on the resale of the shares purchased
by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling Stockholders who are “underwriters”
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities
Act and Rule 10b-5 under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

 

Each selling stockholder
has informed the Company that it is not a registered broker-dealer and does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the common stock. Upon the Company being notified in writing by a selling
stockholder that any material arrangement has been entered into with a broker-dealer for the sale of common stock through a block
trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this
prospectus will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such
selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at
which such the shares of common stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s),
where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated
by reference in this prospectus, and (vi) other facts material to the transaction. In no event shall any broker-dealer receive
fees, commissions and markups, which, in the aggregate, would exceed eight percent (8%).

 

Under the securities
laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for
sale in such state or an exemption from registration or qualification is available and is complied with.

 

There can be no assurance
that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the shelf registration statement,
of which this prospectus forms a part.

 

Each selling stockholder
and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange
Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholder and any
other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares
of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect
the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with
respect to the shares of common stock.

 

    	26.

    	 

    

 

We will pay all expenses
of the registration of the shares of common stock pursuant to the registration rights agreement, including, without limitation,
Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws;
provided, however, that each selling stockholder will pay all underwriting discounts and selling commissions, if any,
and any legal expenses incurred by it. We will indemnify the selling stockholders against certain liabilities, including some liabilities
under the Securities Act, in accordance with a registration rights agreement, or the selling stockholders will be entitled to contribution.
We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that
may arise from any written information furnished to us by the selling stockholders specifically for use in this prospectus, in
accordance with the related registration rights agreements, or we may be entitled to contribution.

 

    	27.

    	 

    

 

Annex B

 

AMPLIPHI
BIOSCIENCES CORPORATION

 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE

 

The undersigned holder
of shares of the common stock, par value $0.00001 per share, of AmpliPhi Biosciences Corporation, a Washington corporation (the
“Company”), issued pursuant to a certain Securities Purchase Agreement by and among the Company and the
Purchasers named therein, dated as of November 1, 2013 (the “Agreement” and such shares, the “Registrable
Securities”), understands that the Company intends to file with the Securities and Exchange Commission a registration
statement on Form S-1 (the “Registration Statement”) for the registration and the resale under Rule 415
of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance
with the terms of the Agreement and a related Registration Rights Agreement (the “Registration Rights Agreement”).
All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreement.

 

In order to sell or
otherwise dispose of any Registrable Securities pursuant to the Registration Statement, a holder of Registrable Securities generally
will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the
“Prospectus”), deliver the Prospectus to purchasers of Registrable Securities (including pursuant to
Rule 172 under the Securities Act) and be bound by the provisions of the Agreement (including certain indemnification provisions,
as described below). Holders must also complete and deliver this Notice and Questionnaire in order to be named as selling stockholders
in the Prospectus. Holders of Registrable Securities who do not complete, execute and return this Notice and Questionnaire within
ten (10) Trading Days following the date of the Agreement (1) will not be named as selling stockholders in the Registration
Statement or the Prospectus and (2) may not use the Prospectus for resales of Registrable Securities.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the Prospectus. Holders of Registrable Securities
are advised to consult their own securities law counsel regarding the consequences of being named or not named as a selling stockholder
in the Registration Statement and the Prospectus.

 

NOTICE

 

The undersigned holder
(the “Selling Stockholder”) of Registrable Securities hereby gives notice to the Company of its intention
to sell or otherwise dispose of Registrable Securities owned by it and listed below in Item 3, unless otherwise specified in Item
3, pursuant to the Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands
and agrees that it will be bound by the terms and conditions of this Notice and Questionnaire and the Agreement.

 

The undersigned hereby
provides the following information to the Company and represents and warrants that such information is accurate and complete:

 

    	28.

    	 

    

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same as
(a) above) through which Registrable Securities listed in Item 3 below are held:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		2.	Address for Notices to Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Telephone: 	 

 

	Fax: 	 

 

	Contact Person: 	 

 

	E-mail address of Contact Person: 	 

 

 

    	29.

    	 

    

 

		3.	Beneficial Ownership of Registrable Securities Issued Pursuant to the Agreement:

 

		(a)	Type and Number of Registrable Securities beneficially owned and issued pursuant to the Agreement:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		(b)	Number of shares of Registrable Securities listed in Item 3(a) that the Selling Stockholder requests
be registered for resale pursuant to the Registration Statement:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		4.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

	Yes	 	 	No	 

 

		(b)	If “yes” to Section 4(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

	Yes	 	 	No	 

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter
in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

	Yes	 	 	No	 

 

    	30.

    	 

    

 

		Note:	If yes, provide a narrative explanation below:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

	Yes	 	 	No	 

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter
in the Registration Statement.

 

		5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Stockholder.

 

Except as set
forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed above in Item 3.

 

		(a)	Type and amount of other securities of the Company beneficially owned (if none, so state):
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		6.	Relationships with the Company:

 

Except as set
forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of
more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with
the Company (or its predecessors or affiliates) during the past three years.

 

    	31.

    	 

    

 

		 	State any exceptions here:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		7.	Plan of Distribution:

 

The undersigned has
reviewed the form of Plan of Distribution attached as Annex A to the Registration Rights Agreement, and hereby confirms
that, except as set forth below, the information contained therein regarding the undersigned and its plan of distribution is correct
and complete.

 

State any exceptions
here:

 

	 
	 
	 
	 
	 

 

***********

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof and prior to the effective date of any applicable Registration Statement and at any time the Company reasonably requests
while the Registration Statement remains effective. All notices hereunder and pursuant to the Agreement and the Registration Rights
Agreement shall be made in writing and delivered as set forth in the Agreement and the Registration Rights Agreement. In the absence
of any such notification, the Company shall be entitled to rely and continue to rely on the accuracy of the information in this
Notice and Questionnaire.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items (1) through (7) above and the
inclusion of such information in the Registration Statement and the Prospectus. The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or amendment of any such Registration Statement and the Prospectus.

 

By signing below, the
undersigned acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the
Exchange Act and the rules and regulations thereunder, particularly Regulation M in connection with any offering of Registrable
Securities pursuant to the Registration Statement. The undersigned also acknowledges that it understands that the answers to this
Questionnaire are furnished for use in connection with the Registration Statement filed pursuant to the Registration Rights Agreement
and any amendments or supplements thereto filed with the Commission pursuant to the Securities Act.

 

    	32.

    	 

    

 

The undersigned hereby
acknowledges and is advised of the following Division of Corporation Financing Compliance and Disclosure Interpretation 239.10
regarding short selling:

 

“An issuer filed
a Form S-1 registration statement for a secondary offering of common stock which is not yet effective. One of the selling shareholders
wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the
effective date. The issuer was advised that the short sale could not be made before the registration statement becomes effective,
because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a
violation of Section 5 if the shares were effectively sold prior to the effective date.”

 

By returning this Questionnaire,
the undersigned will be deemed to be aware of the foregoing interpretation. The acknowledgements by and agreements of the Selling
Stockholder set forth in this Notice and Questionnaire shall be in addition to, and shall not limit the scope and applicability
of, the representations, warranties and covenants made by such Selling Stockholder in the Agreement and the Registration Rights
Agreement.

 

I confirm that, to
the best of my knowledge and belief, the foregoing statements (including without limitation the answers to this Questionnaire)
are correct and complete.

 

In
Witness Whereof the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent.

 

	Dated:	 	 	Selling Stockholder:
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

PLEASE FAX A COPY
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

	Morrison & Foerster LLP	Tel: (202) 887-1500
	2000 Pennsylvania Avenue, NW	Fax: (202) 887-0763
	Suite 6000	Email: SThau@mofo.com
	Washington DC 20006	 
	Attention:  Stephen B. Thau	 

 

    	33.

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