Document:

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (“Agreement”) is made and entered into as of this 8th day of May 2012,
by and between IZEA, Inc., a Nevada corporation (the “Company”), and the “Investors” named in that
certain Common Stock Purchase Agreement by and between the Company and the Investors (the “Purchase Agreement”).
Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined
herein.

 

The parties hereto
agree as follows:

 

1.     Certain
Definitions.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Common Stock”
means the Company’s common stock, par value $0.0001 per share.

 

“Investors”
means the Investors identified in the Purchase Agreement and any Affiliate or permitted transferee of any Investor who is a subsequent
holder of any Registrable Securities.

 

“Prospectus”
means (i) the prospectus included in any Registration Statement, 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 such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“Register,”
“registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness
of such Registration Statement or document.

 

“Registrable
Securities” means (i) the Shares and (ii) any other securities issued or issuable with respect to or in exchange for
Registrable Securities, whether by merger, charter amendment or otherwise; provided, that, a security shall cease to be a Registrable
Security upon (A) sale pursuant to a Registration Statement or Rule 144 under the 1933 Act, or (B) such security becoming eligible
for sale by the holder thereof pursuant to Rule 144.

 

“Registration
Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of
the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement,
including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Required
Investors” means the Investors beneficially owning (calculated as provided in Rule 13d-3 under the 1934 Act) a majority
of the Registrable Securities then beneficially owned by all of the Investors.

 

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“SEC”
means the U.S. Securities and Exchange Commission.

 

“Shares”
means the shares of Common Stock issued pursuant to the Purchase Agreement.

 

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

 

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

 

2.       
    Registration.

 

(a)          Registration
Statements.

 

(i)          Initial
Registration Statement. Promptly following the closing of the purchase and sale of the securities contemplated by the Purchase
Agreement (the “Closing Date”) but no later than sixty (60) days after the Closing
Date (the “Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement on
Form S-1, covering the resale of the Registrable Securities. Subject to any SEC comments, such Registration Statement shall
include the plan of distribution attached hereto as Schedule A; provided, however, that no Investor shall
be named as an “underwriter” in the Registration Statement without the Investor’s prior written consent. Such
Registration Statement shall not include any shares of Common Stock or other securities for the account of any other holder without
the prior written consent of the Required Investors. The Registration Statement (and each amendment or supplement thereto, and
each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors and
their counsel prior to its filing or other submission. If a Registration Statement covering the Registrable Securities is not filed
with the SEC on or prior to the Filing Deadline, the Company will make pro rata payments to each Investor, as liquidated damages
and not as a penalty, in an amount equal to 0.5% of the aggregate amount invested by such Investor for each 30-day period or pro
rata for any portion thereof following the Filing Deadline for which no Registration Statement is filed with respect to the Registrable
Securities. Such payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not affect
the right of the Investors to seek injunctive relief. Such payments shall be made to each Investor in cash or additional shares
of Common Stock (based, for purposes of this Section 2, on the then current five-day average closing trading price of such shares
prior to payment, but in no event at less than $0.125 per share) no later than three (3) Business Days after the end of each 30-day
period. Notwithstanding anything to the contrary contained herein, in no event shall the liquidated damages payable by the Company
pursuant to this Section 2 exceed 3.5% of the aggregate amount invested by such Investor in total.

 

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(ii)         S-3
Qualification. Promptly following the date (the “Qualification Date”) upon which the Company becomes eligible
to use a registration statement on Form S-3 to register the Registrable Securities for resale, but in no event more than sixty
(60) days after the Qualification Date (the “Qualification Deadline”), the Company shall file a registration
statement on Form S-3 covering the Registrable Securities (or a post-effective amendment on Form S-3 to the registration statement
on Form S-1) (a “Shelf Registration Statement”) and shall use commercially reasonable efforts to cause such
Shelf Registration Statement to be declared effective as promptly as practicable thereafter. If a Shelf Registration Statement
covering the Registrable Securities is not filed with the SEC on or prior to the Qualification Deadline, the Company will make
pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 0.5% of the aggregate purchase
price paid by such Investor pursuant to the Purchase Agreement attributable to those Registrable Securities that remain unsold
at that time for each 30-day period or pro rata for any portion thereof following the date by which such Shelf Registration Statement
should have been filed for which no such Shelf Registration Statement is filed with respect to the Registrable Securities. Such
payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not affect the right of the
Investors to seek injunctive relief. Such payments shall be made to each Investor in cash or additional shares of Common Stock
no later than three (3) Business Days after the end of each 30-day period.

 

(b)          Expenses.
The Company will pay all expenses associated with effecting the registration of the Registrable Securities, including filing and
printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities
for sale under applicable state securities laws, listing fees, fees and expenses of one counsel to the Investors (up to $5,000),
but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals
with respect to the Registrable Securities being sold.

 

(c)          Effectiveness.

 

(i)          The
Company shall use commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable.
The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event, within twenty-four
(24) hours, after any Registration Statement is declared effective and shall simultaneously provide the Investors with copies of
any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby. If (A)(x)
a Registration Statement covering the Registrable Securities is not declared effective by the SEC prior to the earlier of (i) five
(5) Business Days after the SEC shall have informed the Company that no review of the Registration Statement will be made or that
the SEC has no further comments on the Registration Statement or (ii) the 105th day after the Closing Date (the 135th
day if the SEC reviews the Registration Statement) or (y) a Shelf Registration Statement is not declared effective by the SEC prior
to the earlier of (i) five (5) Business Days after the SEC shall have informed the Company that no review of the Registration Statement
will be made or that the SEC has no further comments on the Registration Statement or (ii) the 105th day after the Qualification
Deadline (the 135th day if the SEC reviews the Registration Statement), or (B) after
a Registration Statement has been declared effective by the SEC, sales cannot be made pursuant to such Registration Statement for
any reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement),
but excluding any Allowed Delay (as defined below) or the inability of any Investor to sell the Registrable Securities covered
thereby due to market conditions, then the Company will make pro rata payments to each Investor, as liquidated damages and
not as a penalty, in an amount equal to 0.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata
for any portion thereof following the date by which such Registration Statement should have been effective (the “Blackout
Period”). Such payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not
affect the right of the Investors to seek injunctive relief. The amounts payable as liquidated damages pursuant to this paragraph
shall be paid monthly within three (3) Business Days of the last day of each month following the commencement of the Blackout Period
until the termination of the Blackout Period. Such payments shall be made to each Investor in cash or additional shares of Common
Stock.

 

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(ii)         For
not more than twenty (20) consecutive days or for a total of not more than sixty (60) days in any twelve (12) month period, the
Company may suspend the use of any Prospectus included in any Registration Statement contemplated by this Section in the event
that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure of material non-public
information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the
best interests of the Company or (B) amend or supplement the affected Registration Statement or the related Prospectus so that
such Registration Statement or Prospectus shall not include 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 the Prospectus in light of the circumstances
under which they were made, not misleading (an “Allowed Delay”); provided, that the Company shall promptly
(a) notify each Investor in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of
an Investor) disclose to such Investor any material non-public information giving rise to an Allowed Delay, (b) advise the Investors
in writing to cease all sales under the Registration Statement until the end of the Allowed Delay and (c) use commercially reasonable
efforts to terminate an Allowed Delay as promptly as practicable.

 

(d)          Rule
415; Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a
Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933
Act or requires any Investor to be named as an “underwriter,” the Company shall use its best efforts to persuade the
SEC that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering “by or
on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter.” The Investors
shall have the right to participate or have their counsel participate in any meetings or discussions with the SEC regarding the
SEC’s position and to comment or have their counsel comment on any written submission made to the SEC with respect thereto.
No such written submission shall be made to the SEC to which the Investors’ counsel reasonably objects. In the event that,
despite the Company’s best efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position,
the Company shall (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back
Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities
as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC
Restrictions”); provided, however, that the Company shall not agree to name any Investor as an “underwriter”
in such Registration Statement without the prior written consent of such Investor. Any cut-back imposed on the Investors pursuant
to this Section 2(d) shall be allocated among the Investors on a pro rata basis, unless the SEC Restrictions otherwise require
or provide or the Investors otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the
Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions (such date, the “Restriction
Termination Date” of such Cut Back Shares). From and after the Restriction Termination Date applicable to any Cut Back
Shares, all of the provisions of this Section 2 (including the liquidated damages provisions) shall again be applicable to such
Cut Back Shares; provided, however, that (i) the Filing Deadline and the Qualification Deadline for the Registration
Statement including such Cut Back Shares shall be ten (10) Business Days after such Restriction Termination Date, and (ii) the
date by which the Company is required to obtain effectiveness with respect to such Cut Back Shares under Section 2(c) shall be
the 105th day immediately after the Restriction Termination Date.

 

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(e)          Right
to Piggyback Registration.

 

(i)          If
at any time following the date of this Agreement that any Registrable Securities remain outstanding (A) there is not one or more
effective Registration Statements covering all of the Registrable Securities and (B) the Company proposes for any reason to register
any shares of Common Stock under the 1933 Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar
or successor form)) with respect to an offering of Common Stock by the Company for its own account or for the account of any of
its stockholders, it shall at each such time promptly give written notice to the holders of the Registrable Securities of its intention
to do so (but in no event less than thirty (30) days before the anticipated filing date) and, to the extent permitted under the
1933 Act, include in such registration all Registrable Securities with respect to which the Company has received written requests
for inclusion therein within fifteen (15) days after receipt of the Company’s notice (a “Piggyback Registration”).
Such notice shall offer the holders of the Registrable Securities the opportunity to register such number of shares of Registrable
Securities as each such holder may request and shall indicate the intended method of distribution of such Registrable Securities.

 

(ii)         Notwithstanding
the foregoing, (A) if such registration involves an underwritten public offering, the Investors must sell their Registrable Securities
to, if applicable, the underwriter(s) at the same price and subject to the same underwriting discounts and commissions that apply
to the other securities sold in such offering (it being acknowledged that the Company shall be responsible for other expenses as
set forth in Section 2(b)) and subject to the Investors entering into customary underwriting documentation for selling stockholders
in an underwritten public offering, and (B) if, at any time after giving written notice of its intention to register any Registrable
Securities pursuant to Section 2(e)(i) and prior to the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to cause such registration statement to become effective under the
1933 Act, the Company shall deliver written notice to the Investors and, thereupon, shall be relieved of its obligation to register
any Registrable Securities in connection with such registration; provided, however, that nothing contained in this
Section 2(e)(ii) shall limit the Company’s liabilities and/or obligations under this Agreement, including, without limitation,
the obligation to pay liquidated damages under this Section 2.

 

3.          Company
Obligations. The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities
in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a)          use
commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for
a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration
Statement as amended from time to time, have been sold, and (ii) the date on which all Registrable Securities covered by such Registration
Statement may be sold without restriction pursuant to Rule 144 (the “Effectiveness Period”) and advise the Investors
in writing when the Effectiveness Period has expired;

 

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(b)          prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be
necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933
Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

(c)          provide
copies to and permit counsel designated by the Investors to review each Registration Statement and all amendments and supplements
thereto no fewer than three (3) Business Days prior to their filing with the SEC and not file any document to which such counsel
reasonably objects;

 

(d)          furnish
to the Investors and their legal counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC,
or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the
case may be) one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and
each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC,
and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other
than any portion thereof which contains information for which the Company has sought confidential treatment), and (ii) such number
of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents
as each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor
that are covered by the related Registration Statement;

 

(e)          use
commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and (ii) if
such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

(f)          prior
to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with
the Investors and their counsel in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or blue sky laws of such jurisdictions requested by the Investors and do any and all other commercially
reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities
covered by the Registration Statement; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction
where it would not otherwise be so subject but for this Section 3(f), or (iii) file a general consent to service of process in
any such jurisdiction;

 

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(g)          use
commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on each securities
exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;

 

(h)          immediately
notify the Investors, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any
event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus as may be
necessary so that such Prospectus shall not include 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 not misleading in light of the circumstances then existing;

 

(i)          otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934
Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment
thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors 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 Investors
are required to deliver 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; and make available to its security
holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement
covering a period of at least twelve (12) months, beginning after the effective date of each Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158 promulgated thereunder (for the purpose
of this subsection 3(i), “Availability Date” means the 45th day following the end of the fourth fiscal quarter
that includes the effective date of such Registration Statement, except that, if such fourth fiscal quarter is the last quarter
of the Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal quarter);
and

 

(j)          With
a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation of
the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the Company
covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144,
until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the
holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as all of the Registrable Securities
shall have been resold; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under
the 1934 Act; and (iii) furnish to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a
written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of the Company’s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested
in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities
without registration.

 

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4.          Due
Diligence Review; Information. The Company shall make available, during normal business hours, for inspection and review by
the Investors, advisors to and representatives of the Investors (who may or may not be affiliated with the Investors and who are
reasonably acceptable to the Company), all financial and other records, all SEC Filings (as defined in the Purchase Agreement)
and other filings with the SEC, and all other corporate documents and properties of the Company as may be reasonably necessary
for the purpose of such review, and cause the Company’s officers, directors and employees, within a reasonable time period,
to supply all such information reasonably requested by the Investors or any such representative, advisor or underwriter in connection
with such Registration Statement (including, without limitation, in response to all questions and other inquiries reasonably made
or submitted by any of them), prior to and from time to time after the filing and effectiveness of the Registration Statement for
the sole purpose of enabling the Investors and such representatives, advisors and underwriters and their respective accountants
and attorneys to conduct initial and ongoing due diligence with respect to the Company and the accuracy of such Registration Statement.

 

The Company shall not
disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless prior to
disclosure of such information the Company identifies such information as being material nonpublic information and provides the
Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information
for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company
with respect thereto.

 

5.        
  Obligations of the Investors.

 

(a)          Each
Investor shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration
of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request. At least five (5) Business Days prior to the first anticipated filing date of any Registration Statement, the Company
shall notify each Investor of the information the Company requires from such Investor if such Investor elects to have any of the
Registrable Securities included in the Registration Statement. An Investor shall provide such information to the Company at least
two (2) Business Days prior to the first anticipated filing date of such Registration Statement if such Investor elects to have
any of the Registrable Securities included in the Registration Statement.

 

(b)          Each
Investor, by its acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company
in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

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(c)          Each
Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to
Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will immediately discontinue
disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until the Investor
is advised by the Company that such dispositions may again be made.

 

6.      
      Indemnification.

 

(a)          Indemnification
by the Company. The Company will indemnify and hold harmless each Investor whose Registrable Securities are included in a Registration
Statement and its officers, directors, members, employees and agents, successors and assigns, and each other person, if any, who
controls such Investor within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several,
to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement or omission or alleged
omission of any material fact contained in any Registration Statement; (ii) any untrue statement or alleged untrue statement or
omission or alleged omission of any material fact, in light of the circumstances under which they were made, contained in any preliminary
Prospectus or final Prospectus, or any amendment or supplement thereof; (ii) any blue sky application or other document executed
by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other
jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application,
document or information herein called a “Blue Sky Application”); (iii) the omission or alleged omission to state
in a Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading;
(iv) any violation by the Company or its agents of any rule or regulation promulgated under the 1933 Act applicable to the Company
or its agents and relating to action or inaction required of the Company in connection with such registration; or (v) any failure
to register or qualify the Registrable Securities included in any such Registration Statement in any state where the Company or
its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification
on an Investor’s behalf and will reimburse such Investor, and each such officer, director or member and each such controlling
person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and
to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished by such Investor or any such controlling
person in writing specifically for use in such Registration Statement or Prospectus.

 

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(b)          Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning
of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from
(i) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any Registration
Statement; (ii) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact, in light
of the circumstances under which they were made, contained in any preliminary Prospectus or final Prospectus, or any amendment
or supplement thereof, in each case to the extent, but only to the extent that such untrue statement or omission is contained in
any information furnished in writing by such Investor to the Company specifically for inclusion in such Registration Statement
or Prospectus or amendment or supplement thereto. In no event shall the liability of an Investor be greater in amount than the
dollar amount of the proceeds (net of all expenses paid by such Investor in connection with any claim relating to this Section
6 and the amount of any damages such Investor has otherwise been required to pay by reason of such untrue statement or omission)
received by such Investor upon the sale of the Registrable Securities included in the Registration Statement giving rise to such
indemnification obligation.

 

(c)          Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses,
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest
exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying
party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying
party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further,
that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the
defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding
in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified
parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect of such claim or litigation.

 

(d)          Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such holder in connection with any claim relating to this Section 6 and the amount of any damages such holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon
the sale of the Registrable Securities giving rise to such contribution obligation.

 

    	10

    	 

    

 

7.     
      Miscellaneous.

 

(a)          Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors. The Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall
have obtained the written consent to such amendment, action or omission to act, of the Required Investors.

 

(b)          Notices.
All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.4 of the Purchase
Agreement.

 

(c)          Assignments
and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors
and their respective successors and assigns. An Investor may transfer or assign, in whole or from time to time in part, to one
or more persons its rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person,
provided that such Investor complies with all laws applicable thereto and provides written notice of assignment to the Company
promptly after such assignment is effected.

 

(d)          Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise)
without the prior written consent of the Required Investors; provided, however, that in the event that the Company
is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is
converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall,
by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company”
shall be deemed to refer to such Person and the term “Registrable Securities” shall be deemed to include the securities
received by the Investors in connection with such transaction unless such securities are otherwise freely tradable by the Investors
after giving effect to such transaction.

 

(e)          Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties. 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.

 

(f)          Counterparts;
Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed
an original.

 

    	11

    	 

    

 

(g)          Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

(h)          Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable
in any respect.

 

(i)          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.

 

(j)          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.

 

(k)          Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices
under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action
or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue
of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS
TO THIS WAIVER.

 

[signature page follows]

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first
above written.

 

	The Company:	IZEA, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

The Investors:

	 	Name of Investor:
	 	 
	 	If an entity:
	 	 
	 	Print Name of Entity: 
	 	 
	 	_________________________________________

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	If an individual:
	 	 
	 	Print Name:______________________________
	 	 
	 	Signature:________________________________
	 	 
	 	All Investors:
	 	 
	 	Address:________________________________
	 	 
	 	________________________________________ 
	 	 
	 	Telephone No.:________________________________ 
	 	 
	 	Facsimile No.:________________________________ 
	 	 
	 	Email Address:________________________________ 

 

    	13

    	 

    

 

Schedule A

 

Plan of Distribution

 

The selling stockholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests
in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership
distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common
stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or
in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices
related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders
may use any one or more of the following methods when disposing of shares or interests therein:

 

		-	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;

 

		-	short sales effected after the date the registration statement of which this Prospectus is a part
is declared effective by the SEC;

 

		-	through the writing or settlement of options or other hedging transactions, whether through an
options exchange or otherwise;

 

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

 

		-	a combination of any such methods of sale; and

 

		-	any other method permitted by applicable law.

 

    	14

    	 

    

 

The selling stockholders
may, from time to time, pledge or grant a security interest in some or all of the 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, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act amending 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 the shares of
common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus.

 

Broker-dealers engaged
by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts relating to their sales of
shares to exceed what is customary in the types of transactions involved.

 

In connection with
the sale of our common stock or interests therein, 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 common stock in the course of hedging the positions
they assume. The selling stockholders may also sell shares of our common stock short and deliver these securities to close out
their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. 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).

 

The aggregate proceeds
to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less
discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents.
We will not receive any of the proceeds from this offering.

 

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 of
1933, provided that they meet the criteria and conform to the requirements of that rule.

 

The selling stockholders
and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters”
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be underwriting discounts and commissions 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.

 

To the extent required,
the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering
prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.

 

    	15

    	 

    

 

In order to comply
with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified
for sale or an exemption from registration or qualification requirements is available and is complied with.

 

We have advised the
selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the
market and to the activities of the selling stockholders and their affiliates. In addition, to the extent applicable we will make
copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the
purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer
that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under
the Securities Act.

 

We have agreed to indemnify
the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating
to the registration of the shares offered by this prospectus.

 

We have agreed with
the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration
statement or (2) the date on which all of the shares may be sold without restriction by the holders thereof pursuant to Rule 144
of the Securities Act.

 

    	16CONFIDENTIAL TREATMENT REQUESTED .  Confidential
portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.1

 

*****Confidential material redacted and filed separately
with the Commission.

 

 

LICENSE TERMINATION AND

TECHNOLOGY TRANSFER AGREEMENT

 

THIS AGREEMENT(the “Agreement”)is
made effective as of the date of the last signature hereto (the “Effective Date”) by and between AOI Pharma, Inc. (“AOI”),
Keryx Biopharmaceuticals, Inc. (“Keryx”), and Æterna Zentaris GmbH (“Zentaris”). Each of AOI, Keryx
and Zentaris may be referred to herein as a “party” and together as the “parties.”

 

WHEREAS, AOI is a wholly-owned subsidiary
of Keryx;

 

WHEREAS, AOI and Zentaris, as successor
in interest to Zentaris AG, are parties to that certain License and Cooperation Agreement for Perifosine effective as of September
18, 2002 (the “License and Cooperation Agreement”), as well as the Addendum Agreement to the License and Cooperation
Agreement dated December 03, 2003and the Amendment to the License and Cooperation Agreement dated April 12, 2011 (collectively
referred to as the “License Agreement”);

 

WHEREAS, AOI desires to terminate the License
Agreement effective as of the Effective Date; and

 

WHEREAS, Zentaris desires that AOI transfer
to Zentaris all Development Data generated by AOI under the License Agreement, and assign all relevant contracts relating to the
Phase 3 study in relapsed/refractory multiple myeloma (“Study 339”), on an “as is” basis.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants and promises set forth in this Agreement, the legal sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

 

1. Unless otherwise
defined herein, the definitions of the License Agreement shall be used and have the same meaning in this Agreement.

 

2. All rights and obligations
of the Parties under the License Agreement, shall be extinguished, and the License Agreement shall be deemed terminated and of
no force or effect upon the execution of this Agreement by the duly authorized representatives of each of the Parties hereto; provided,
however that Section 1 of the License and Cooperation Agreement (insofar as it contains definitions of defined terms that are used
in this Agreement and that are not otherwise defined in this Agreement), Section 7.2 of the License and Cooperation Agreement,
and Section 12 of the License and Cooperation Agreement (insofar as such section specifies the obligation of a Party with respect
to Confidential Information that a Party may have received under the License Agreement) shall survive the termination of the License
Agreement.

    	- 1 -

    	 

    
 

 

3. All rights granted
to AOI under or by the License Agreement are terminated as of the Effective Date and revert fully to Zentaris.

 

4. AOI shall transfer
and deliver to Zentaris all Development Data in the possession of AOI, or any officer, director, employee or agent thereof, on
an “as is” basis promptly after the Effective Date. For the avoidance of doubt Development Data shall include any orphan
drug designations, the clinical trial applications (INDs) by AOI as well as all Clinical Supplies and the patent application “Perifosine
and Capecitabine in a combination treatment for cancer” (US 2011 / 0243933 A1, WO 2011 / 123691 A1). As of the Effective
Date, Zentaris shall be responsible for all obligations relating to the Perifosine Investigational New Drug Application (IND).
All external costs associated with the transfer and delivery of Development Data and Clinical Supplies from AOI / Keryx to Zentaris,
including shipping costs, shall be borne by Zentaris.

 

5. Zentaris shall be
responsible for all costs of Study 339 as of May 01, 2012. AOI / Keryx shall use its reasonable efforts, where permissible by the
terms of the contract, to assign to Zentaris all site and vendor contracts relating to Study 339. Notwithstanding the assignment
of such contracts by AOI / Keryx, Zentaris shall be responsible for all obligations under such contracts as of May 01, 2012. AOI
/ Keryx shall be responsible for all unsettled costs incurred by or on behalf of AOI / Keryx prior to May 01, 2012, except for
those associated with Zentaris which shall be paid in accordance with Section 7.

 

6. AOI hereby assigns
and transfers all Development Data to Zentaris and Zentaris hereby accepts such assignment and transfer. All right, title and interest
in and to the Development Data shall vest exclusively in Zentaris as of the Effective Date. AOI hereby grants Zentaris a non-exclusive,
perpetual, worldwide license in and outside the Field to use all Improvements and all information, know-how and other data pertaining
to all Improvements furnished by AOI to Zentaris under the License Agreement, for any purpose whatsoever. Zentaris shall defend,
indemnify and hold AOI / Keryx harmless against any and all Claims and Liabilities in the Territory arising from, related to or
attributable to, (a) any claim, including any product liability claim, by any third party with respect to any of the Contract Products
regardless of whether such claim is based on contract, breach of warranty, any form of tort, strict liability, or otherwise, and
(b) any allegation that any of the Contract Products fail to conform to the requirements of any applicable laws and/or any applicable
Regulatory Approvals, including, but not limited to, the failure of Zentaris to obtain any required Regulatory Approvals for the
Contract Products. For purposes of this Agreement, “Contract Products” shall mean and include all pharmaceutical products,
whether as mono-preparations or combination-preparations, with Perifosine as an active ingredient, for use in the Field, in any
form of administration whatsoever. The above indemnification by Zentaris shall not apply to Claims and Liabilities in the Territory
arising out of AOI / Keryx’s activities prior to the Effective Date.

    	- 2 -

    	 

    

7. Keryx shall pay
Zentaris, in full settlement of all outstanding and unbilled invoices and all other payment claims of Zentaris against AOI / Keryx,
a payment of USD $80,000. Payment shall be made within thirty (30) days from the Effective Date by wire transfer to the following
account:

 

Commerzbank AG, Frankfurt am Main

Bank Code:
500 800 00

Account Number:
93111100

SWIFT: DRESDEFF

IBAN DE 76500800000093111100

 

8. As consideration
to AOI / Keryx, Zentaris agrees to pay Keryx USD $10,000 for its internal and external costs and expenses to be incurred in connection
with the delivery of Development Data and assignment of contracts under Sections 4 and 5 hereof. Such amount shall be used to offset
the payment due to Zentaris in Section 7, above.

 

9. As further consideration
to AOI / Keryx, Zentaris shall pay to Keryx a royalty equal to ***** percent (*****%) of Net Sales of all Contract Products, on
a country by country and a Contract Product by Contract Product basis, in the Territory in any calendar year for the lifetime a
Valid Claim of any of the Zentaris’ Patent Rights or for a period of ten (10) years from the date of First Commercial Sale
in the Territory, whichever term is longer, provided, however, if a Contract Product is sold in generic form in a country of the
Territory by a party other than Zentaris, its Affiliates or licensees, and such generic form has a market share of more than twenty-five
percent (25%), then the royalty Zentaris shall pay to Keryx on Net Sales in such country shall be reduced to ***** percent (*****%)
of Net Sales of all Contract Products in such country. All payments to Keryx under this Section 9 shall be made on a quarterly
basis in U.S. dollars within 45 days of the end of each calendar quarter for which it corresponds. Keryx shall have the right to
audit Zentaris according to the terms by which Zentaris could audit AOI under the License Agreement. Royalties required to be paid
by Zentaris pursuant to this Agreement shall, if overdue, bear interest at the rate of five (5) percent above the Prime Rate as
quoted by Citibank, N.A. until paid. The payment of such interest shall not preclude AOI / Keryx from exercising any other rights
it may have because any payment is overdue. All payments by Zentaris to Keryx shall be paid in full, without deduction for any
sales, use, excise, withholding or other similar taxes.

 

 

 

*****Confidential material redacted and
filed separately with the Commission.

    	- 3 -

    	 

    
 

 

Unless made by wire transfer
or other electronic means, royalty payments shall be sent to Keryx at the following address:

 

Keryx Biopharmaceuticals,
Inc.

750 Lexington
Avenue, 20th Floor

New York, NY10022

Attn: CFO

 

All information in electronic
format shall be sent to AOI / Keryx at the following email address:

 

joliviero@keryx.com,
with copy to:

rbentsur@keryx.com

 

10. This Agreement
may not be assigned or otherwise transferred by either party without the written consent of the other party except that either
party without such consent may assign the Agreement (i) in connection with the transfer or sale to another company of all or substantially
all of its business assets pertaining to this Agreement, or (ii) in the event of its merger or consolidation with another company.
Any purported assignment in violation of this clause shall be void. Any permitted assignee shall assume all the obligations of
its assignor under this Agreement. No assignment shall relieve either party of its responsibility for the performance of any obligation
that such party has accrued hereunder as of the date of assignment. This Agreement shall be binding on any successors or assigns
of Zentaris, including any company that acquires all or substantially all of the business assets of Zentaris pertaining to this
Agreement or any company which merges with Zentaris. This Agreement shall be binding on any successors or assigns of AOI / Keryx,
including any company that acquires all or substantially all of the business assets of AOI/ Keryx pertaining to this Agreement
or any company which merges with AOI / Keryx.

 

11. Except as provided
herein, AOI / Keryx and Zentaris shall have no further obligation to each other, and all payments due and invoices for services
provided or costs incurred by the parties shall be null and void.

 

12. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, exclusive of choice-of-law rules.

 

13. The Parties each
respectively represent and warrant that they have full power and authority to execute, deliver, and perform this Agreement, and
that the execution, delivery and performance of this Agreement has been duly authorized and approved by all necessary corporate
authorities and does not require any further authorization or consent.

 

14. This Agreement
will inure to the benefit of, and be binding upon, the Parties and their Affiliates, together with their respective representatives,
officers, employees, successors, and assigns.

    	- 4 -

    	 

    
 

 

15. If any provision
of this Agreement is held invalid by any court of competent jurisdiction, such invalidity will not affect the validity or operation
of any other provision, and the invalid provision will be deemed severed from this Agreement.

 

16. Except with regard
to the proviso in Section 2, this Agreement constitutes the entire agreement concerning the subject matter in this Agreement and
supersedes all prior and contemporaneous agreements (including the License Agreement), assurances, representations, and communications
between the Parties with respect to the subject matter hereof.

 

17. No promise, representation,
warranty, or covenant not included in this Agreement has been or is relied upon by any Party, and this Agreement is executed voluntarily
by each of the Parties, without any duress or undue influence on the part, or on behalf, of any of them.

 

18. This Agreement
may not be amended or modified unless mutually agreed upon in a writing signed by the Parties, and no waiver will be effective
unless set forth in a writing signed by the Party from whom such waiver is sought. The waiver by any Party of a breach of any provision
of this Agreement will not operate or be construed as a waiver of any subsequent breach.

 

19. This Agreement
may be executed in counterparts, and each such counterpart shall be deemed to be an original hereof. In addition, e-mail PDF or
facsimile signatures shall be viewed as having the same binding effect as original signatures. The Parties agree to provide original
signed copies of the Agreement upon written request of another party, but the delivery of original signed copies shall not be required
for the Agreement to be binding.

   

IN WITNESS HEREOF,
the parties have executed this Agreement as of the Effective Date.

 

	AOI PHARMA, INC.	 	ÆTERNA ZENTARIS GMBH	 
	 	 	 	 	 	 
	By:	/s/ Ron Bentsur	 	By:	/s/ Juergen Engel	 
	 	 	 	By:	/s/ Matthias Seeber	 
	Date:	May 4, 2012	 	Date:	May 4, 2012	 

 

 

 

KERYX
BIOPHARMACEUTICALS, INC.

 

	By:	/s/ Ron Bentsur	 
	 	 	 
	Date:	May 4, 2012	 

 

 

    	- 5 -

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