Document:

EX-10.46

 Exhibit 10.46 

BIOVENTUS INC. 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of
                    , 20[21] between Bioventus Inc., a Delaware corporation (the “Company”), and [Name]
(“Indemnitee”). 
 WITNESSETH THAT: 

WHEREAS, highly competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation; 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance
has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at
higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among
other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws of the Company (the “Bylaws”) require indemnification of the officers and directors of the
Company to the fullest extent permitted by applicable law. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Bylaws and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to
the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

WHEREAS, the Board has determined that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify,
and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; [and] 

  
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 WHEREAS, Indemnitee does not regard the protection available under the Bylaws and insurance
as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to
take on additional service for or on behalf of the Company on the condition that he be so indemnified[; and] 
 [WHEREAS, Indemnitee has
certain rights to indemnification and/or insurance provided by [NAME] which Indemnitee and [NAME] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and
agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board]. 
 NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as an officer or director from and after the date hereof, the parties hereto agree as follows: 

1. Indemnity of Indemnitee. (a) The Company hereby agrees to hold harmless and indemnify Indemnitee from and against all Expenses
and Liabilities, in either case, actually and reasonably incurred or paid by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the fullest extent permitted by law. For purposes of this Agreement, the
meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to, (i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute,
and (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. The
Company’s indemnification obligations set forth in this Section 1 shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status and (ii) regardless of whether
Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred. 
 (b) Indemnification for Expenses
Related to Proceedings by or in the Right of the Company. Without limiting the generality of Section 1(a), Indemnitee shall be entitled to the rights of indemnification set forth herein if, by reason of his Corporate
Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him, or on his
behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company (which is the
standard of conduct set forth in Section 145 of the DGCL, which standard of conduct shall be deemed to be automatically revised to conform to any successor provision of the DGCL that is more favorable to Indemnitee)); provided,
however, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company if such indemnification is not permitted
by applicable law, unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made. 

  
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 (c) Additional Indemnity. In addition to, and without regard to any limitations on,
the indemnification provided for in this Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses and Liabilities, in either case, actually and reasonably
incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all
Liabilities arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any
payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 5 and 6 hereof) to be unlawful. 

(d) [[for directors designated by certain shareholders] Primacy of Indemnification. The Company hereby acknowledges that the
Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided [ 🌑 ] and certain of its affiliates (collectively, the “Third Party
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Third Party Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary); (ii) that it shall be required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable for the full amount of all Expenses
to the extent legally permitted and as required by the term of this Agreement and any provision of the Articles (or any agreement between the Company and the Indemnitee), without regard to any rights the Indemnitee may have against the Third Party
Indemnitors; and, (iii) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Third Party Indemnitors for contribution, subrogation or any other recovery of any kind in respect
thereof to the extent permitted by the applicable law. The Company further agrees that no advancement or payment by the Third Party Indemnitors on behalf of the Indemnitee, to the extent reasonable and necessary, with respect to any claim for which
the Indemnitee has sought indemnification from the Company shall affect the foregoing and the Third Party Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of
recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that the Third Party Indemnitors are express third party beneficiaries of the terms hereof.] 

(e) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of his Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the
Company shall indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, as may be amended
from time to time, indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  
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 2. Contribution. 

(a) Whether or not the indemnification provided in Section 1 hereof is available, in respect of any Proceeding in
which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to
contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 

(b) Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company
shall contribute to the amount of Expenses and Liabilities paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such Proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company
other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such Expenses or Liabilities
as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage,
the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 
 (c) The Company
hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Liabilities and/or for Expenses, in connection with any claim relating to an indemnifiable event under
this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

  
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 3. Indemnification for Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all
Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
 4. Advancement of Expenses.
Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after
the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking by Indemnitee to repay any Expenses advanced if it shall ultimately be
determined that Indemnitee is not entitled to be indemnified against such Expenses. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to
the Company to support the advances claimed. Any advances and undertakings to repay pursuant to this Section 4 shall be unsecured and interest free. 

5. Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for
Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement: 
 (a) To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any
failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and only to the extent that, such failure
actually and materially prejudices the interests of the Company. 
 (b) Upon written request by Indemnitee for indemnification pursuant to
the first sentence of Section 5(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the
Board: (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum,
(3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by

  
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the stockholders of the Company; provided, however, that, notwithstanding the foregoing, any determination with respect to Indemnitee’s entitlement to indemnification hereunder that is made
at any time following the consummation of a Change in Control that occurs at any time when the Company has a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
following the consummation of an initial public offering of the Company’s Common Stock under the Securities Act of 1933, as amended, shall be made solely by Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to the Indemnitee. 
 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 5(b) hereof, the Independent Counsel shall be selected as provided in this Section 5(c). The Independent Counsel shall be selected by the Board and the Company shall provide a written
notice to Indemnitee advising the Indemnitee of the identity of the Independent Counsel. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 12 of
this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after the conclusion
of the Proceeding giving rise to the request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware for resolution of any
objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5(b) hereof. The Company shall pay any and all reasonable fees and expenses of
Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 5(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this
Section 5(c), regardless of the manner in which such Independent Counsel was selected or appointed. 
 (d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or
Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

  
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 (e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is
based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing
provisions of this Section 5(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of
the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. The provisions of this Section 5(e) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. 

(f) If the person, persons or entity empowered or selected under Section 5 to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within sixty (60) days after the conclusion of the Proceeding giving rise to the request for indemnification, the requisite determination of entitlement to indemnification shall be
deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60)-day period may be extended for a
reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate
documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 5(f) shall not apply if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 5(b) of this Agreement and if (A) within fifteen (15) days after the conclusion of the Proceeding giving rise to the request for indemnification, the Board or the Disinterested
Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such resolution and such determination is made thereat, or
(B) a special meeting of stockholders is called within fifteen (15) days after such resolution and such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 

(g) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to
indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

  
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 (h) The Company acknowledges that a settlement or other disposition short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee
(including, without limitation, settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (i) The termination of any
Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 
 6. Remedies of Indemnitee. 

(a) In the event that (i) a determination is made pursuant to Section 5 of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made
pursuant to Section 5(b) of this Agreement within ninety (90) days after the conclusion of the Proceeding giving rise to the request for indemnification, (iv) payment of indemnification required by
Section 3 is not made pursuant to this Agreement within thirty (30) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a
determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 5 of this Agreement, Indemnitee shall be entitled to an adjudication in the
Court of Chancery of the State of Delaware of Indemnitee’s entitlement to such indemnification, contribution or advancement. Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following
the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 6(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

(b) In the event that a determination shall have been made pursuant to Section 5(b) of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 6 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by
reason of the adverse determination under Section 5(b). In any judicial proceeding commenced pursuant to this Section 6, the Company shall have the burden of proving Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5(b) of this Agreement adverse to Indemnitee for any purpose.
If Indemnitee commences a judicial proceeding pursuant to this Section 6, Indemnitee shall not be required to reimburse the Company for any advances until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 

  
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 (c) If a determination shall have been made pursuant to
Section 5(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 6,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the application for indemnification, or (ii) a
prohibition of such indemnification under applicable law. 
 (d) In the event that Indemnitee, pursuant to this
Section 6, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the
Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 12 of this Agreement) actually and reasonably incurred by him in such judicial
adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery. 

(e) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 6
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any
and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company (or otherwise for the enforcement, interpretation or defense of his rights) under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding. 
 7.
Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation. 

(a) The rights of indemnification, contribution and advancement of Expenses and any other rights as provided by this Agreement shall not be
deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation of the Company (the “Certificate of Incorporation”), the Bylaws, any agreement, a
vote of stockholders, a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be
afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the 

  
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intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. Notwithstanding anything in this Agreement to the contrary, the indemnification and contribution provided for in this Agreement
will remain in full force and effect regardless of any investigation made by or on behalf of the Indemnitee or any of the Indemnitee’s agents. 

(b) The Company shall obtain and maintain a policy or policies of insurance (“D&O Liability Insurance”) with
reputable insurance companies providing liability insurance for directors and executive officers of the Company in their capacities as such (and for any capacity in which any director or executive officer of the Company serves any other Enterprise
at the request of the Company), in respect of acts or omissions occurring while serving in such capacity, on terms with respect to coverage and amount (including with respect to the payment of Expenses) as are reasonable and customary for comparable
companies. At the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company shall give prompt notice of the commencement of any applicable proceeding to the insurers in accordance with the procedures set forth in the
D&O Liability Insurance. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such
policies. Upon request by Indemnitee, the Company shall provide copies of all policies of D&O Liability Insurance obtained and maintained in accordance with this Section 7(b). 

(c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee under the D&O Liability Insurance, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights. 
 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise (except to the extent that Indemnitee is required (by court order or otherwise) to return such
payment or to surrender it to the Company), provided, however, that the Company hereby agrees that it is the indemnitor of first resort under this Agreement. 

(e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise (except to the extent that the Indemnitee is required (by court order or otherwise) to return such payment or to surrender it to the
Company. 

  
 10 

 8. Exception to Right of Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 
 (b) for an accounting of
profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;
or 
 (c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees (other than any Proceeding initiated by the Indemnitee unless pursuant to Section 6(d), which shall
be governed by the terms of such section), unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the
powers vested in the Company under applicable law. 
 9. Duration of Agreement. The agreements and obligations of the Company
contained herein shall continue as to a person who has ceased to be an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise) and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person. For the avoidance of doubt, this Agreement may not be terminated by the Company without
Indemnitee’s prior written consent. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and
agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

10. Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior
written consent of the Indemnitee. 
 11. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in
order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. 

  
 11 

 (b) This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

(c) The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the
Indemnitee’s rights to receive advancement of Expenses under this Agreement. 
 12. Definitions. For purposes of this Agreement:

 (a) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events: 
 (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more
of the combined voting power of the Company’s then outstanding securities; 
 (ii) during any period of two (2) consecutive years
(not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in Sections 12(1)(i), (a)(iii) or (a)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a
least a majority of the members of the Board; 
 (iii) the effective date of a merger or consolidation of the Company with any other entity,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a
majority of the Board or other governing body of such surviving entity; 
 (iv) the approval by the stockholders of the Company of a
complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or 

(v) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
(or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement. 

  
 12 

 (b) “Corporate Status” describes the status of a person who is or
was a director, officer, employee, agent or fiduciary of the Company or any other Enterprise. 
 (c) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

(d) “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary. 

(e) “Expenses” shall include all costs (including attorneys’ fees, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting,
defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in, or otherwise participating in, a Proceeding, (ii) responding to, or objecting to, a request to provide discovery in any Proceeding or
(iii) establishing or enforcing a right to indemnification under this Agreement, Certificate of Incorporation, Bylaws, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any
Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, in each case including, without limitation, the premium, security for, and other
costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include Liabilities. 

(f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five (5) years previous to its selection or appointment has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to
matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (g) “Liabilities” means
any losses or liabilities, including any judgments, fines, excise taxes, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in
connection with or in respect of any such judgments, fines, excise taxes, penalties or amounts paid or to be paid in settlement). 

  
 13 

 (h) “Proceeding” includes any threatened, pending or completed
action, suit, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by
or in the right of the Company or otherwise and whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or
any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his or her Corporate Status; in
each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement.

 13. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts
with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

14. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.
Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof. 

15. Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of
any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

16. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent: 
  

	 	(a)	 To Indemnitee at the address set forth below Indemnitee signature hereto. 

  
 14 

	 	(b)	 To the Company at: 

Bioventus Inc. 
 4721 Emperor
Boulevard, Suite 400 
 Durham, North Carolina 27703 

Attention: Chief Executive Officer 
 or to such
other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 17.
Counterparts. 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. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or any other transmission method and any counterpart so delivered shall be deemed to have been duly and
validly delivered and be valid and effective for all purposes. 
 18. Headings. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 19.
Use of Certain Terms. As used in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph,
subparagraph, section, subsection, or other subdivision. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation”, whether or not they are in fact followed by those words or words of like import. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 20. Governing Law and Consent to Jurisdiction.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby
irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and
not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in
connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 SIGNATURE PAGE TO FOLLOW 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and
as of the day and year first above written. 
  

					
	BIOVENTUS INC.
		
	By:	 	
                     

		 	Name:	 	
                     

		 	Title:	 	  

	
	INDEMNITEE
	
	  

	Name:	 	
                     
        

		
	Address:	 	
	  

	  

	  

	  

 Indemnification AgreementExhibit 4.1

 

WAIVER AGREEMENT

 

THIS WAIVER AGREEMENT
(this “Agreement”), dated as of February 3, 2021 is made effective and entered into by and among Ocuphire
Pharma, Inc., a Delaware corporation, with headquarters at 37000 Grand River Avenue, Suite 120, Farmington Hills, Michigan
48335, which was renamed “Ocuphire Pharma, Inc.” pursuant to the Merger Agreement (as defined below) (the “Company”),
and the investor listed on Schedule I attached hereto (each a “Holder”
and collectively, the “Holders”). Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the A&R Securities Purchase Agreement, the Series A Warrants and/or the Series B
Warrants (each as defined below) and the other Transaction Documents (as defined in the A&R Securities Purchase Agreement),
as applicable.

 

Recitals

 

Whereas,
in connection with the Amended and Restated Securities Purchase Agreement (as amended, the “A&R Securities Purchase
Agreement”) by and among OcuSub, Inc. f/k/a Ocuphire Pharma, Inc., a Delaware corporation (“Ocuphire
Private Company”), the Company, the Holders and the other investors listed on the signature pages attached thereto
(the “Other Holders”), dated as of June 29, 2020, (x) Ocuphire Private Company issued to the Holders
and the Other Holders shares of its common stock, par value $0.0001 per share, which was exchanged pursuant to the terms of the
Merger Agreement into shares of the common stock, par value $0.0001 per share, of the Company (the “Common Stock”)
and (y) the Company issued to the Holders and the Other Holders Series A Warrants and Series B Warrants (each, as hereinafter defined)
(collectively, the “Warrants”) which are exercisable to purchase shares (as exercised, collectively,
the “Warrant Shares”) of Common Stock in accordance with the terms of the Warrants;

 

Whereas,
the Warrants contain certain reset provisions that could increase the number of Warrant Shares issuable pursuant to the Warrants
(the “Reset Provisions”);

 

Whereas,
pursuant to this Agreement, the Holders desire to waive the Reset Provisions, such that the Warrants become exercisable for a fixed
number of Warrant Shares calculated in accordance with the reset terms of the Warrants determined as of the Effective Date (as
defined below);

 

Whereas,
Section 2(a) of the Series A Warrants contain certain adjustment and other provisions that could lead to the Exercise Price (as
defined in the Series A Warrants) being reduced as a result of a Dilutive Issuance (as defined in the Series A Warrants);

 

Whereas,
pursuant to this Agreement, effective as of the Effective Date, the Holders desire to irrevocably and perpetually waive and terminate
for the remaining life of the Series A Warrants all of the terms and conditions set forth in Section 2(a) of the Series
A Warrants;

 

Whereas,
pursuant to this Agreement, following the Effective Date, the Company has agreed to provide certain registration rights under the
Securities Act (defined below), and the rules and regulations thereunder, or any similar successor statute, and applicable state
securities laws with respect to the Warrant Shares that may be issuable upon the exercise of the Warrants held by the Holders and
certain of the Other Holders; and

 

    1

     

    

 

Whereas,
the waivers and other provisions of this Agreement shall be effective (the “Effective Date”) upon receipt
by the Company of (i) this Agreement duly executed and delivered by the Company and the Holders and (ii) Other Waiver Agreements
(as defined below) duly executed and delivered by the Company and certain Other Holders, which together with the Holders represent
the Required Holders (as defined in the Warrants).

 

Terms
and Conditions

 

Now,
Therefore, in consideration of the premises and the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Holders hereby agree as follows:

 

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

 

(a) [“Additional
Effectiveness Deadline” means the date which is the earlier of (i) in the event that the Additional Registration
Statement (x) is not subject to a full review by the SEC, the date which is forty (40) Trading Days after the earlier of the applicable
Additional Filing Date and the Additional Filing Deadline or (y) is subject to a full review by the SEC, the date which is seventy
(70) Trading Days after the earlier of the applicable Additional Filing Date and the Additional Filing Deadline and (ii) the fifth
(5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Additional
Registration Statement will not be reviewed or will not be subject to further review; provided, however, that if
the Additional Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Additional
Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(b) 
“Additional Filing Date” means the date on which an Additional Registration Statement is filed with the
SEC.

 

(c) “Additional
Filing Deadline” means if Cutback Shares (as defined in Section 7(a)(i)) are required to be included in any Additional
Registration Statement pursuant to Section 7(a)(i), the later of (i) the date sixty (60) days after the date substantially all
of the Registrable Securities registered under the immediately preceding Registration Statement are sold and (ii) the date six
(6) months from the date that the Initial Registration Statement has been declared effective by the SEC or the date an Additional
Registration Statement is declared effective by the SEC, as applicable.

 

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

 

    2

     

    

 

(e) “Effectiveness
Deadline” means the Initial Effectiveness Deadline and/or each Additional Effectiveness Deadline, as applicable.]1

 

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

 

(g) [“Initial
Effectiveness Deadline” means the date which is the earlier of (x) (i) in the event that the Initial Registration
Statement is not subject to a full review by the SEC, forty five (45) Trading Days after the Effective Date or (ii) in the event
that the Initial Registration Statement is subject to a full review by the SEC, seventy five (75) Trading Days after the Effective
Date and (y) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by
the SEC that such Initial Registration Statement will not be reviewed or will not be subject to further review; provided,
however, that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for
business, the Initial Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business,
and if the Initial Effectiveness Deadline falls on or after February 16, 2021, then the Initial Effectiveness Deadline shall be
extended to the fifth (5th) Business Day after the date the Company files its Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, which shall be no later than March 31, 2021.

 

(h) “Losses”
means any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation.]2

 

(i) “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.

 

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

 

(k) “Prospectus”
means the prospectus included in the 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 the 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.

 

 

1 Included
in Waiver forms for Major Holders.

2 Included
in Waiver forms for Major Holders.

 

    3

     

    

 

(l) “register,”
“registered,” and “registration” refer to a registration effected by preparing and
filing one or more Registration Statements (as defined below) in compliance with the Securities Act and pursuant to Rule 415, and
the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC.

 

(m) “Registrable
Securities” means, in each case, as of the applicable time of determination, (i) the Series A Warrant Shares then
issued or issuable upon exercise of the Series A Warrants held by the Holder, (ii) the Series B Warrant Shares then issued or issuable
upon exercise of the Series B Warrants held by the Holder and (iii) any capital stock of the Company then issued or issuable with
respect to the Series A Warrant Shares, the Series A Warrants, the Series B Warrant Shares or the Series B Warrants held by the
Holder, in each case, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise,
without regard to any limitations on the exercise of the Series A Warrants and/or the Series B Warrants.

 

(n) “Registration
Statement” means a registration statement or registration statements of the Company filed under the Securities Act
covering the resale of Registrable Securities.]3

 

(o) “Rule
144,” “Rule 415,” and “Rule 424” means Rule 144, Rule 415 and Rule 424, respectively,
promulgated by the Commission pursuant to the Securities Act, as such Rules may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

(p) “SEC”
and/or “Commission” means the United States Securities and Exchange Commission.

 

(q) “Securities
Act” means the Securities Act of 1933, as amended.

 

(r) “Series
A Warrants” shall have the meaning set forth in the A&R Securities Purchase Agreement.

 

(s) “Series
A Warrant Shares” shall have the meaning set forth in the A&R Securities Purchase Agreement.

 

(t) “Series
B Warrants” shall have the meaning set forth in the A&R Securities Purchase Agreement.

 

(u) “Series
B Warrant Shares” shall have the meaning set forth in the A&R Securities Purchase Agreement.

 

 

3 Included
in Waiver forms for Major Holders.

 

    4

     

    

 

2. Waivers
And Amendments with Respect to Resets and Price and Share Adjustments. 

 

(a) Definitions
of Reset Price in the Warrants. The Series B Warrant defines the “Reset Price” as the arithmetic
average of the five (5) lowest Weighted Average Prices (as defined in the Warrants) of the Common Stock during the applicable “Reset
Period” (as defined in the Series B Warrants) immediately preceding the applicable “Reset Date” (as defined in
the Warrants), subject to a “Reset Floor Price” (as defined in the Series B Warrants) of $1.0435. The Series A Warrant
defines the “Reset Price” as the lower of (i) the Exercise Price (as defined in the Series A Warrants)
then in effect and (ii) 120% of the applicable Reset Price (as defined in the Series B Warrants) as of the related Reset Date (as
defined in the Series B Warrants).

 

(b) End Reset Measuring
Date. [As of the Effective Date, the Holders hereby waive the occurrence of an “End Reset Measuring Date” (as
defined in the Series B Warrants) as a pre-requisite for the occurrence of the final “Reset Date” (as defined in the
Warrants) and elect to waive all of the Reset Dates that would have occurred under the Warrants, and the Effective Date shall
be deemed a Reset Date with respect to the Warrants outstanding as of the Effective Date, and the applicable Reset Price shall
be equal to the per share price required to result in the Series B Warrants held by the Holders (other than with respect to certain
Other Holders who have waived any adjustment to the number of Series B Warrant Shares as result of the transactions contemplated
by the Waiver Agreements) to be exercisable for the number of the Series B Warrant Shares (without regard to any limitations on
the exercise of the Series B Warrants) set forth opposite the Holder’s name in the third column of Schedule
I attached hereto reflecting the final Maximum Eligibility Number (which number shall be subject to adjustment pursuant
to Section 2 (other than Section 2(d)) of the Series B Warrant as amended hereby occurring after the Effective Date).]4
[As of the Effective Date, the Holders hereby waive the occurrence of an “End Reset Measuring Date” (as defined
in the Series B Warrants) as a pre-requisite for the occurrence of the final “Reset Date” (as defined in the Warrants)
and elect to waive all of the Reset Dates that would have occurred under the Warrants. The Effective Date shall be deemed a Reset
Date with respect to the Warrants outstanding as of the Effective Date, and the applicable Reset Price shall be equal to the per
share price required to result in the Series B Warrants held by certain Holders, but the Holder waives any and all rights with
respect to this adjustment.]5

 

(c) Series
A Warrants. The parties further agree that, as of the Effective Date, (i) the Exercise Price (as defined in the Series A Warrants)
shall be equal to $4.4795 (which price shall be subject to adjustment pursuant to Section 2 (other than Section 2(a)
and Section 2(d)) of the Series A Warrant as amended hereby occurring after the Effective Date) and (ii) the number of Series
A Warrant Shares issuable under the Series A Warrants (without regard to any limitations on the exercise of the Series A Warrants)
shall be, as set forth opposite [each] Holder’s name in fourth column of Schedule
I attached hereto (which number shall be subject to adjustment pursuant to Section 2 (other than Section 2(a)
and Section 2(d)) of the Series A Warrant as amended hereby occurring after the Effective Date).

 

 

4
Included in Waiver forms for all Holders other than the Insider Holders.

5 Included
in Waiver forms for all Holders who are members of the Board of Directors (the "Insider Holders").

 

    5

     

    

 

(d) Series
B Warrants. For the avoidance of doubt, the Holders hereby agrees that, (i) as of the Effective Date, except as expressly set
forth herein, no further “Reset Date” shall occur under the Warrants and, accordingly, the number of the Warrant Shares
issuable upon exercise of the Warrants shall no longer increase as a result of a “Reset Date” and (ii) the Exercise
Price of the Series B Warrant shall remain at $0.0001 (which price shall be subject to adjustment pursuant to Section 2
of the Series B Warrant as amended hereby occurring after the Effective Date).

 

(e) Reservation
Date. The definition of Reservation Date in the Warrants shall be deemed to be the Effective Date.

 

(f) Authorized
Shares. As of the Effective Date, clause (i) of Section 1(g) of the Warrants shall be deleted.

 

3. Waivers
of Section 5 of the A&R Securities Purchase Agreement. 

 

(a) Elimination
of Section 5(j) of the A&R Securities Purchase Agreement. As of the Effective Date, Section 5(j) of the A&R Securities
Purchase Agreement shall be deleted and terminated in its entirety.

 

(b) Elimination
of Restrictions on Financings and Registration Statements. As of the close of business on March 1, 2021, the restrictions set
forth in Section 5(n)(ii) of the A&R Securities Purchase Agreement shall terminate and have no further force or effect.
Notwithstanding the restrictions set forth in Section 5(n)(ii) of the A&R Securities Purchase Agreement, following the
Effective Date, the Company shall be permitted to file a registration statement with the SEC, using a “shelf” registration
process under the Securities Act to register shares of the Common Stock and the Company’s preferred stock, various series
of debt securities and/or warrants to purchase any of such securities, either individually or in combination with other securities
of the Company (the “Shelf Registration Statement”), provided that the Shelf Registration Statement includes
the registration of the Registrable Securities.

 

(c) At-The-Market
Offerings. The restrictions set forth in Section 5(n) and (t) of the A&R Securities Purchase Agreement shall
not apply to any at-the-market equity offering implemented by the Company through a broker dealer at any time following the Effective
Date and the Company shall be entitled to register shares for an at-the-market equity offering in the Shelf Registration Statement,
provided however that the Company shall not be able to issue any equity securities under such at-the-market equity offering until
on or after April 15, 2021.

 

    6

     

    

 

(d) Amendment
to Section 5(n)(iii) of the A&R Securities Purchase Agreement. 

 

(i) As
of the Effective Date, Section 5(n)(iii) of the A&R Securities Purchase Agreement shall be deleted in its entirety.

 

(ii) [From
the date hereof until December 31, 2021, upon any issuance by the Company or any of its Subsidiaries of Common Stock or Common
Stock Equivalents for cash consideration (a “Subsequent Financing”), the Holder[s] shall have the right[,
in the aggregate,] to participate in up to an amount of the Subsequent Financing equal to 25% of the Subsequent Financing on the
same terms, conditions and price provided for in the Subsequent Financing (subject to the restrictions applicable to the Holder[s]
set forth in Section 1(c)(iv) of the A&R Securities Purchase Agreement).

 

(iii) Between
the time period of (A) 4:00 pm (New York City time) and 5:00 pm (New York City time) on the Trading Day immediately prior to the
Trading Day of the expected public announcement of the Subsequent Financing, (B) if the Trading Day of the expected public announcement
of the Subsequent Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), 4:00 pm (New
York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately
prior to the Trading Day of the expected public announcement of the Subsequent Financing, or (C) 6:00 am (New York City time) and
8:00 am (New York City time) on the Trading Day of the expected public announcement of a Subsequent Financing, the Company shall
deliver to [each] Holder a written notice of the Company’s intention to effect a Subsequent Financing (a “Subsequent
Financing Notice”), which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing,
the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing
is proposed to be effected.

 

(iv) If
a Holder desires to participate in such Subsequent Financing must provide written notice to the Company by not later than eight
(8) hours after such Holder's receipt of a Subsequent Financing Notice (the “Notice Termination Time”)
that such Holder is willing to participate in the Subsequent Financing, the amount of such Holder's participation, and representing
and warranting that such Holder has such funds ready, willing, and available for investment on the terms set forth in the Subsequent
Financing Notice. If the Company receives no such notice from such Holder as of such Notice Termination Time, such Holder shall
be deemed to have notified the Company that it does not elect to participate in such Subsequent Financing.

 

(v) If
any of the proposed terms from the initial Subsequent Financing Notice changes or the Company fails to enter into the definitive
agreement related to the initial Subsequent Financing Notice within two (2) Trading Days after the date of delivery of the initial
Subsequent Financing Notice, the Company must provide the Holder with a second Subsequent Financing Notice, and the Holder will
again have the right of participation set forth above in this Section 3(d).

 

(vi) The
Company and [each] Holder agree that, if [any] Holder elects to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision whereby such Holder shall be required to agree to any
restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or termination
of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of
such Holder. In addition, the Company and [each] Holder agree that, in connection with a Subsequent Financing, the transaction
documents related to the Subsequent Financing shall include a requirement for the Company to issue a widely disseminated press
release by 9:30 am (New York City time) on the Trading Day of execution of the transaction documents in such Subsequent Financing
(or, if the date of execution is not a Trading Day, on the immediately following Trading Day) that discloses the material terms
of the transactions contemplated by the transaction documents in such Subsequent Financing.

 

    7

     

    

 

(vii) Notwithstanding
anything to the contrary in this Section 3(d) and unless otherwise agreed to by [each] Holder, the Company shall either
confirm in writing to the Holder[s] that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly
disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that [no] Holder
will [not] be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd) Trading
Day following date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such second (2nd) Trading
Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding
the abandonment of such transaction has been received by the Holder[s], such transaction shall be deemed to have been abandoned
and the Holder[s] shall not be deemed to be in possession of any material, non-public information with respect to the Company or
any of its Subsidiaries.

 

(viii) Notwithstanding
the foregoing, this Section 3(e) shall not apply in respect of (i) Excluded Securities (as defined in the Series A Warrants)
or (ii) any at-the-market equity offering implemented by the Company through a broker dealer.]6

 

4. Extension
of Leak Out Provisions. Each Holder is a currently a party to a Leak-Out Agreement dated as of November 5, 2020, pursuant
to which it has agreed to limit the number of shares of the Common Stock it can sell until the end of the Restricted Period (as
defined in each Leak-Out Agreement). Notwithstanding the waiver of the Reset Dates set forth above, the Holder hereby agrees to
extend the date of the Restricted Period such that it will not expire (and the Holder will remain subject to the sales limitations
set forth in the Leak-Out Agreements) until the earlier of (i) thirty (30) days following the date on which the Company closes
on the sale and issuance of additional shares of the Common Stock at any time or from time to time following the Effective Date
resulting in gross proceeds to the Company of at least $20,000,000, excluding proceeds received by the Company from any at-the-market
equity offering through a broker dealer, and (ii) November 19, 2021.

 

5. Elimination
of Section 2(a) of the Series A Warrants. Effective as of the Effective Date, each Holder further agrees to waive the
provisions of Section 2(a) of the Series A Warrant and hereby agrees that Section 2(a) of the Series A Warrants is terminated and
of no further force or effect.

 

6. Revision
of Section 1(d) of the Series A Warrants. Effective as of the Effective Date, each Holder further agrees that Section
1(d) of the Series A Warrant is deleted in its entirety and replaced with:

 

 

6 Included
in Waiver forms for Major Holders

 

    8

     

    

 

(d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary, a registration statement permitting the Holder to resell
the Warrant Shares is not then effective or the prospectus forming a part thereof is not then available to the Holder for the resale
of Warrant Shares, the Holder may, in its sole discretion, notify the Company of its election to utilize cashless exercise, in
which event the Company shall issue to the Holder the number of Warrant Shares determined as follows (a “Cashless Exercise”):

 

Net Number
= (A x B) - (A x C)

      B

 

For purposes
of the foregoing formula:

 

		A =	the total number of shares with respect to which the
Series A Warrant is then being exercised.

 

		B =	as applicable: (i) the Weighted Average Price of the
Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1)
both executed and delivered pursuant to Section 1(a) of the Series A Warrant on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 1(a) of the Series A Warrant on a Trading Day prior to the opening of “regular trading
hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day,
(ii) at the option of the Holder, either (y) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding
the date of the applicable Exercise Notice or (z) the Bid Price of the Common Stock on the principal Eligible Market for the Common
Stock as reported by Bloomberg as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise
Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a)
of the Series A Warrant or (iii) the Weighted Average Price of the Common Stock on the date of the applicable Exercise Notice
if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section
1(a) of the Series A Warrant after the close of “regular trading hours” on such Trading Day.

 

		C =	the Exercise Price then in effect for the applicable Series
A Warrant Shares at the time of such exercise.

 

If shares of Common Stock are issued pursuant
to this Section, the Company hereby acknowledges and agrees that the Series A Warrant Shares issued in a Cashless Exercise shall
be deemed to have been acquired by the Holder, and the holding period for the Series A Warrant Shares for purposes of Rule 144(d),
shall be deemed to have commenced, on the date the Series A Warrant was originally issued pursuant to the A&R Securities Purchase
Agreement. The Company agrees not to take any position to the contrary.

 

    9

     

    

 

7. [Registration
Rights.

 

(a) Registration
Statement. 

 

(i) On
or prior to the fifth (5th) Trading Day following the Effective Date, the Company shall prepare and file with the Commission
a Registration Statement covering the resale of all of the Registrable Securities for an offering to be made on a continuous basis
pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for
resale all of the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance
with the Securities Act). The Holders acknowledge and agree that the Registration Statement for the registration of the Registrable
Securities may be made on the Shelf Registration Statement. Notwithstanding any other provision of this Section 7: (i) if
the staff of the Commission does not permit all of the Registrable Securities to be registered on the initial Registration Statement
filed pursuant to this Section 7(a)(i) (the “Initial Registration Statement”) as a result of a
limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant
to Rule 415 (such shares not permitted on the Initial Registration Statement, the “Cutback Shares”),
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 Warrant Shares (applied, in the case that
some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Warrant
Shares then held by the Holders and the Other Holders with each holder entitled to allocate the portion of the Warrant Shares to
be included in such Initial Registration Statement among the Series A Warrants and Series B Warrants, subject to any determination
by the Commission that a certain holder must be reduced first based on the number of the Warrant Shares held by such holder); and
(ii) in the event the Company amends the Initial Registration Statement to effect the reduction contemplated under clause (i) above,
the Company shall file with the Commission, as promptly as allowed by the Commission on one or more registration statements on
Form S-3 or such other form available to register for resale such Registrable Securities that were not registered for resale on
the Initial Registration Statement, as so amended (each, an “Additional Registration Statement”). The
Initial Registration Statement and any Additional Registration Statement shall contain (except if otherwise directed by the Holders)
the “Plan of Distribution” section in substantially the form attached hereto as Exhibit
A and “Selling Stockholders” section in substantially the form attached hereto as Exhibit
B. By 9:30 a.m. New York time on the Business Day following date that the applicable Registration Statement has been
declared effective by the SEC, the Company shall file with the SEC in accordance with Rule 424 under the Securities Act the final
prospectus to be used in connection with sales pursuant to such Registration Statement. Notwithstanding anything to the contrary
contained herein, the number of shares of Common Stock registered for resale in any Initial Registration Statement or Additional
Registration Statement shall not exceed the sum of (i) the number of Registrable Securities held by the Holders and (ii) 3,493,700
additional shares (subject to adjustment for stock splits, reverse stock splits and the like) of Common Stock held by, or underlying
securities held by, Other Holders.

 

    10

     

    

 

(ii) The
Company shall use its commercially reasonable best efforts to cause each Registration Statement to be declared effective by the
Commission as promptly as possible after the filing thereof but in no event later than the applicable Effectiveness Deadline, and
shall use commercially reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act
until the earlier of (i) the date as of which the Holders may sell all of the Registrable Securities covered by such Registration
Statement without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1)
(or any successor thereto) promulgated under the Securities Act or (ii) the date on which the Holders shall have sold all of the
Registrable Securities covered by such Registration Statement (the “Effectiveness Period”).

 

(iii) Notwithstanding
anything in this Agreement to the contrary, the Company may, by written notice to the Holders, suspend sales under a Registration
Statement after the effective date thereof and/or require that the Holders promptly cease the sale of shares of the Common Stock
pursuant thereto and/or defer the filing of any Additional Registration Statement if the Company is engaged in a material merger,
acquisition or sale or any other material pending development and the Board of Directors determines in good faith, by appropriate
resolutions, that, as a result of such activity, it would be materially detrimental to the Company to maintain a Registration Statement
at such time. Upon receipt of such notice, each Holder agrees to immediately discontinue any sales of the Registrable Securities
pursuant to such Registration Statement until such Holder is advised in writing by the Company that the current Prospectus or amended
Prospectus, as applicable, may be used. In no event, however, shall this right be exercised to suspend sales beyond the period
during which (in the good faith determination of the Board of Directors) the failure to require such suspension would be materially
detrimental to the Company. The Company’s rights under this Section 7(a)(iii) may be exercised for a period of no
more than ten (10) consecutive Trading Days and not more than three (3) times in any twelve-month period (each such period, a "Grace
Period"). Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended
shares of Common Stock to a transferee of a Holder in accordance with the terms of the A&R Securities Purchase Agreement in
connection with any sale of Registrable Securities with respect to which a Holder has entered into a contract for sale, prior to
the Holder’s receipt of the notice of a Grace Period and for which the Holder has not yet settled. Immediately after the
end of any suspension period under this Section 7(a)(iii) during the Effectiveness Period, 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 their Registrable Securities pursuant to such effective Registration Statement.

 

    11

     

    

 

(b) Registration
Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(i) Subject
to Section 7(a)(iii), prepare and file with the Commission such amendments, including post-effective amendments, to each
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously
effective, as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such
additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities and
comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition
of all of the Registrable Securities covered by the Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus
as so supplemented; provided, however, that, subject to applicable requirements, each Holder shall be responsible
for the delivery of the Prospectus to the Persons to whom such Holder sells any of the Registrable Securities (including in accordance
with Rule 172 under the Securities Act), and each Holder agrees to dispose of the Registrable Securities in compliance with the
“Plan of Distribution” described in the Registration Statement a copy of which is attached to this Agreement in Exhibit
A and otherwise in compliance with applicable federal and state securities laws.

 

(ii) Notify
the Holders as promptly as reasonably possible, and if requested by the Holders, confirm such notice in writing no later than ten
(10) Trading Days thereafter, of any of the following events: (1) any Registration Statement or any post-effective amendment is
declared effective; (2) the Commission issues any stop order suspending the effectiveness of any Registration Statement or initiates
any Proceedings for that purpose; or (3) the Company receives notice of any suspension of the qualification or exemption from qualification
of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose.

 

(iii) Use
commercially reasonable best efforts to avoid the issuance of or, if issued, obtain the withdrawal of (1) any order suspending
the effectiveness of any Registration Statement, or (2) any suspension of the qualification (or exemption from qualification) of
any of the Registrable Securities for sale in any jurisdiction, as soon as possible.

 

(iv) If
requested by a Holder, provide such Holder, without charge, at least one (1) conformed copy of each Registration Statement and
each amendment thereto, including financial statements and schedules, 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.

 

    12

     

    

 

(v) 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. The Company hereby consents to the use of such Prospectus
and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any amendment or supplement thereto to the extent permitted by federal and state securities
laws and regulations.

 

(vi) Prior
to any resale of the Registrable Securities by a Holder, use commercially reasonable best efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United
States as any Holder requests in writing, to keep each such registration or qualification (or exemption therefrom) effective for
so long as required, but not to exceed the duration of the Effectiveness Period, and to do any and all other acts or things reasonably
necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration
Statement; provided, however, that the Company shall not be obligated to file any general consent to service of process
or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject
itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

(vii) It
shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities of any particular Holder that such Holder furnish to the Company a completed Selling Stockholder
Questionnaire in the form attached hereto as Exhibit C (the “Selling
Stockholder Questionnaire”) and such other information regarding itself, the Registrable Securities and other shares
of the Common Stock held by such Holder and the intended method of disposition of the Registrable Securities held by such Holder
as shall be reasonably required to effect the registration of such Registrable Securities and shall complete and execute such documents
in connection with such registration as the Company may reasonably request, except in the case of any such information referred
to in this paragraph, to the extent the failure to provide such information does not materially affect the Company’s ability
to comply with such obligations.

 

(viii) 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.

 

(c) Registration
Expenses.  The Company shall pay all fees and expenses incident to the performance
of or compliance with Section 7 of this Agreement by the Company, including without limitation (i) all registration and
filing fees and expenses, including without limitation those related to filings with the Commission, any Eligible Market, and in
connection with applicable state securities or Blue Sky laws, (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 and (iv) fees and expenses of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. In no event shall the Company be responsible for any underwriting, broker or
similar fees or commissions of any Holder or any legal fees or other costs of the Holders[, except that the Company shall reimburse
the Lead Investor (a Buyer) or its designee(s) for legal fees and expenses incurred in connection with the transactions contemplated
by this Agreement up to $15,000.]7

 

 

7
Included in Waiver form for Altium Growth Fund, LP.

 

    13

     

    

 

(d) Indemnification.

 

(i) Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, partners, members, agents 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,
agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all Losses, as incurred, arising out of or relating to any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities, any untrue or alleged untrue statement of a material fact contained
in the Registration Statement, any Prospectus or in any amendment or supplement thereto, 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 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 expressly approved by such Holder expressly for use in the Registration Statement,
or (B) with respect to any Prospectus, if the untrue statement or omission of material fact contained in such Prospectus was corrected
on a timely basis in the Prospectus, as then amended or supplemented, if such corrected prospectus was timely made available by
the Company to the Holder, and the Holder seeking indemnity hereunder was advised in writing not to use the incorrect prospectus
prior to the use giving rise to Losses.

 

(ii) Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses (as determined by a court of competent jurisdiction in a final judgment not subject
to appeal or review) arising solely out of any untrue statement of a material fact contained in the Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising out of or relating to any 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, but only
to the extent that such untrue statement or omission is contained in any information so furnished by such Holder in writing to
the Company specifically for inclusion in such Registration Statement or such Prospectus or to the extent that such untrue statements
or omissions are based solely upon information regarding such Holder furnished to the Company by such Holder in writing expressly
for use in the Registration Statement or Prospectus, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved by such Holder expressly for
use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no
event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received
by such older upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

    14

     

    

 

(iii) Conduct
of Indemnification Proceedings. 

 

(1) 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 assume the defense thereof, including the employment of counsel reasonably satisfactory
to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the
failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities
pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely
prejudiced the Indemnifying Party.

 

(2) 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: (i) the Indemnifying
Party has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying Party shall have failed within fifteen (15)
days of receiving notification of a Proceeding from an Indemnified Party to assume the defense of such Proceeding and to employ
counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; (iii) any counsel engaged by the applicable Indemnifying
Party shall fail to timely commence or diligently conduct the defense of any such claim and such failure has materially prejudiced
(or, in the reasonable judgment of the Indemnified Party, is in danger of materially prejudicing) the outcome of the applicable
claim; or (iv) such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to or may exist
between the applicable Indemnifying Party and Indemnified Party or that there may be one or more different or additional defenses,
claims, counterclaims or causes of action available to such Indemnified Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of separate counsel shall be
at the expense of the Indemnifying Party). It being understood, however, that the Indemnifying Party shall not, in connection with
any one such Proceeding (including separate Proceedings that have been or will be consolidated before a single judge) be liable
for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties, which firm shall
be appointed by a majority of the 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.

 

(3) All
reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection
with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within twenty (20) Trading Days of written notice thereof to the Indemnifying Party (regardless
of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the
Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is
finally judicially determined (not subject to appeal) that such Indemnified Party is not entitled to indemnification hereunder).

 

    15

     

    

 

(iv) Contribution.

 

(1) If
a claim for indemnification under Section 7(d)(i) or (ii) 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 Section 7(d)(iii), 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.

 

(2) The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d)(iv) 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 7(d)(iv), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the net amount by which the 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. 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.

 

(3) 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.

 

(e) Dispositions.
Each Holder agrees that it will comply with any prospectus delivery requirements or exemptions of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the Registration Statement. Each Holder further agrees that,
upon receipt of a request from the Company, such Holder will discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder is advised in writing by the Company that the use of the Prospectus, or amended Prospectus, as applicable,
may be used. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. Each Holder, severally
and not jointly with the other Holders, agrees that the removal of the restrictive legend from certificates representing Securities
is predicated upon the Company’s reliance that the Holder will comply with the provisions of this subsection.

 

    16

     

    

 

(f) Legends.
For the avoidance of doubt, the provisions of Section 2(g) of the A&R Securities Purchase Agreement regarding the removal
of restrictive legends shall apply to Warrants and the Warrant Shares.]8

 

8. Representations
and Warranties; Disclosure; Holding Period. 

 

(a) Each
Holder represents and warrants to the Company, and the Company represents and warrants to the Holder as of the date hereof that:
Such Person is an entity duly organized and validly existing under the laws of the jurisdiction of its formation, has the requisite
power and authority to execute and deliver this Agreement and to carry out and perform all of its obligations under the terms of
this Agreement. This Agreement has been duly executed and delivered on behalf of such Person, and this Agreement constitutes the
valid and legally binding obligation of such Person enforceable against such Person in accordance with its terms, except as such
enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies; The execution, delivery and performance by such Person of this Agreement and the consummation by such Person of the transactions
contemplated hereby will not (i) result in a violation of the organizational documents of such Person, (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, indenture or instrument to which such Person is a party,
or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws) applicable to such Person, except in the case of clause (ii) and (iii) above, for such conflicts, defaults, rights or violations
which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such
Person to perform its obligations hereunder.

 

(b) The
Company hereby agrees to publicly disclose on or before 8:30 a.m., New York City time, on the Business Day following the Effective
Date, on a Current Report on Form 8-K (and attaching the form of this Agreement as an exhibit to such filing (including all attachments),
the “8-K Filing”), the transactions as contemplated by this Agreement in accordance with applicable laws,
rules and regulations. Immediately following the filing of the 8-K Filing, the Holder shall not be in possession of any material,
nonpublic information received from the Company, any of its Subsidiaries or any of its respective officers, directors, affiliates,
employees or agents, that is not disclosed in the 8-K Filing. In addition, effective upon the filing of the 8-K Filing, the Company
acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between
the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one
hand, and any Holder or any of its affiliates, on the other hand, shall terminate and be of no further force or effect. The Company
understands and confirms that the Holder and its affiliates will rely on the foregoing representations in effecting transactions
in securities of the Company. The Company shall not, and shall cause its Subsidiaries and its and their respective officers, directors,
employees, affiliates and agents, not to, provide any Holder with any material, non-public information regarding the Company or
any of its Subsidiaries from and after the 8-K Filing without the express prior written consent of such Holder. To the extent that
the Company delivers any material, non-public information to a Holder without such Holder’s consent, the Company hereby covenants
and agrees that following the filing of the 8-K Filing such Holder shall not have any duty of confidentiality to the Company, any
of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect to, or a duty
to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents not to
trade on the basis of, such material, non-public information. Subject to the foregoing, none of the Company, its Subsidiaries nor
any Holder shall issue any press releases or any other public statements with respect to the transactions contemplated hereby;
provided, however, that the Company shall be entitled, without the prior approval of any Holder, to make any press
release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously
therewith and (ii) as is required by applicable law and regulations (provided, that in the case of clause (i) the Holders shall
be consulted by the Company in connection with any such 8-K Filing or other public disclosure prior to its release). Except for
the 8-K Filing without the prior written consent of any applicable Holder, none the Company or any of its Subsidiaries or affiliates
shall disclose the name of such Holder in any filing, announcement, release or otherwise.

 

 

8
Included in Waiver forms for Major Holders. 

 

    17

     

    

 

(c) The
Company hereby acknowledges and agrees that the holding period for the Warrants for purposes of Rule 144(d), commenced on November
19, 2020 and, accordingly, the Warrant Shares may, as of May 19, 2021, be sold pursuant to Rule 144 upon cashless exercise of the
Warrants, subject to the requirement for the Company to be in compliance with Rule 144(c)(1). The Company shall cause its counsel
to issue a legal opinion to the Company’s transfer agent promptly if required by the Company’s transfer agent to effect
the removal of the legend from the Warrant Shares from and after the earlier of (i) May 19, 2021 and (ii) the date a Registration
Statement with respect to such Warrant Shares is declared effective by the SEC, in each case, in accordance with Section 2(g) of
the A&R Securities Purchase Agreement.

 

9. Assignment
of the Warrants. The Holders shall not sell, assign or transfer any of the Series A Warrants or Series B Warrants without
providing the buyer, assignee or transferee of the Series A Warrants or the Series B Warrants being sold, assigned or transferred
with a copy of this Agreement and making such transaction expressly subject to the terms of this Agreement.

 

10. Amendment.
Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance
and either retroactively or prospectively; provided, that no retroactive amendment or waiver shall have the effect of reducing
the number of Warrant Shares issuable upon exercise of the Warrants by an amount greater than the number of Warrant Shares issuable
upon exercise of the Warrants, as applicable, as of the date of such retroactive amendment), only with the written consent of the
Company and the Required Holders (as defined in the Warrants). Any amendment or waiver effected in accordance with this Section
10 shall be binding upon the Holders, the Other Holders and the Company. No consideration shall be offered or paid to any Person
to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration (other than the
reimbursement of legal fees) also is offered to all the holders of the Warrants.

 

    18

     

    

 

11. Miscellaneous.

 

(a) Except
as otherwise set forth herein, each party to this Agreement shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery
and performance of this Agreement.

 

(b) The
provisions of this Agreement shall be effective, and shall only be effective, upon receipt by the Company of (i) this Agreement
duly executed and delivered by the Company and the Holder and (ii) agreements (the “Other Waiver Agreements”)
substantially identical in form and substance to this Agreement duly executed and delivered by the Company and certain Other Holders,
which together with the Holder represent the Required Holders (as defined in the Warrants).

 

(c) Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party), (iii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection
notice); or (iv) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall
be:

 

	
        If to the Company:

         
	
        Ocuphire Pharma, Inc.

        37000 Grand River Ave, Suite 120

        Farmington Hills, MI 48335

        Telephone:   (248) 980-6538

        Attention:   Mina Sooch

        Email:          msooch@ocuphire.com

	 	 
	
        With a copy (for informational purposes only) to:

         
	
        Honigman
        LLP

        650 Trade
        Centre Way, Suite 200

        Kalamazoo,
        MI 49002-0402

        Telephone:
         (269) 337-7702

        Facsimile:
           (269) 337-7703

        Attention:   Phillip
        D. Torrence, Esq.

        E-mail:         ptorrence@honigman.com

	 	 
	[If to Legal Counsel:	
        Schulte Roth & Zabel LLP

        919 Third Avenue

        New York, NY 10022

        Telephone:  (212) 756-2000

        Facsimile:    (212) 593-5955

        Attention:   Eleazer N. Klein, Esq.

        E-mail:         eleazer.klein@srz.com]9

 

 

9
 Included in Waiver form for Altium Growth Fund, LP.

 

    19

     

    

 

If to the Holder, to its address, facsimile
number or email address set forth on Schedule I attached hereto, with copies
to the Holder’s representatives as set forth on Schedule I attached
hereto, or to such other address, facsimile number and/or email address to the attention of such other Person as the recipient
party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine or e-mail transmission containing the time, date, recipient facsimile
number or e-mail address and an image of the first page of such transmission or (C) provided by a courier or overnight courier
service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(d) Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(e) All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the
State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(f) If
any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    20

     

    

 

(g) This
Agreement, the other Transaction Documents (as defined in the A&R Securities Purchase Agreement) and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof. Unless otherwise defined herein,
capitalized terms shall have the meanings set forth in the Transaction Documents.  The terms of this Agreement amend
and modify the Transaction Documents as if fully set forth in the Transaction Documents. On the Effective Date, all references
in the Transaction Documents to “the Agreement”, “this Agreement,” or “this Warrant” as applicable,
shall refer to the applicable Transaction Document, as modified by this Agreement. If there is any conflict between the terms,
conditions and obligations of this Agreement and any Transaction Document, the terms, conditions and obligations set forth in this
Agreement shall control.  All other provisions of the Transaction Documents not specifically modified by this Agreement
are expressly preserved.  This Agreement may be executed in multiple counterparts and transmitted by facsimile, by electronic
mail in portable document format (“PDF”) form or by any other electronic means intended to preserve the
original graphic and pictorial appearance of a party’s signature, with each such counterpart, facsimile or PDF signature
constituting an original and all of which together constituting one and the same original.

 

(h) Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto.

 

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

 

(j) This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or electronic mail of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(k) Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(l) The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

(m) This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(n) The
obligations of [each] Holder under this Agreement are several and not joint with the obligations of any of the Other Holders under
any Other Waiver Agreement, and the Holder[s] shall not be responsible in any way for the performance of the obligations of any
Other Holder under any Other Waiver Agreement. Nothing contained herein or in any Other Waiver Agreement, and no action taken by
the Holder[s] pursuant hereto or any Other Holder pursuant thereto, shall be deemed to constitute the Holder[s] and the Other Holders
as, and the Company acknowledges that the Holder[s] and the Other Holders do not so constitute, a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Holder[s] and the Other Holders are in any way acting
in concert or as a group, and the Company shall not assert any such claim with respect to such obligations or the transactions
contemplated by this Agreement or any Other Waiver Agreement and the Company acknowledges that the Holder[s] and the Other Holders
are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement and
any Other Waiver Agreement. The Company acknowledges and [each] Holder confirms that it has independently participated in the negotiation
of the transaction contemplated hereby with the advice of its own counsel and advisors. [Each] Holder shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary
for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

* * * * * *

 

Signature
Page Follows

 

    21

     

    

 

In
Witness Whereof, the Holder and the Company have caused their respective signature page to this Waiver Agreement
to be duly executed as of the date first written above.

 

	 	THE
    COMPANY:
	 	 	 
	 	Ocuphire
    Pharma, Inc.
	 	 	 
	 	By:	            
	 	Name:	
	 	Title:	

 

Company
Signature Page to 

Waiver
Agreement

 

    22

     

    

 

In
Witness Whereof, the Holder and the Company
have caused their respective signature page to this Waiver Agreement to be duly executed as of the date first written above.

 

	 	THE HOLDER:

	 	 	 
	 	By:	            
	 	Name:	
	 	Title:	

 

 

Holder
Signature Page to 

Waiver
Agreement

 

    23

     

    

 

Schedule
I

 

	 

        Holder
	 	Address	 	Number
    of Series B Warrant Shares	 	Number
    of Series A Warrant Shares	 	Required
                                         

        Registration
        Amount Being

        Registered
        in 

        Registration
        Statement

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 

 

    Schedule I-1

     

    

 

Exhibit
A

 

Selling
Stockholders

 

     

     

    

 

Exhibit
B

 

Plan
of Distribution

 

     

     

    

 

Exhibit
C

 

Ocuphire
Pharma, Inc.

Selling
Stockholder Questionnaire

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