Document:

Exhibit 4.1

 

EXECUTION COPY

 

ALBANY MOLECULAR RESEARCH, INC.

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

 

DATED AS OF May 5, 2016

 

     

     

    

  

THIS REGISTRATION RIGHTS AND LOCK-UP AGREEMENT
is dated as of May 5, 2016 (this “Agreement”), by and among Albany Molecular Research, Inc., a Delaware corporation
(the “Company”) and Lauro Cinquantasette S.p.A, a company incorporated under the laws of Italy (“Lauro”
or “Holder”).

 

WHEREAS, the Company, Lauro and certain other
persons named therein are parties to a Share Purchase Agreement, dated as of the date hereof (as it may be amended from time to
time, the “Share Purchase Agreement”), pursuant to which, among other things, the Company intends to purchase
and Lauro intends to sell 100% of the capital stock of Prime European Therapeuticals S.p.A. – Euticals (the “Euticals
Stock”), a company organized and existing under the laws of Italy, with registered office at Viale Bianca Maria 25, Milano
Italy, Italian Tax Code No. 07254610152 (hereinafter, indistinctively “Euticals”) (the “Transaction”);

 

WHEREAS, as partial consideration for Lauro’s
sale of the Euticals Stock pursuant to the Share Purchase Agreement, the Company intends to issue and sell to Lauro pursuant to
the terms of the Share Purchase Agreement and that certain Subscription Agreement, dated as of the date hereof (as it may be amended
from time to time, the “Subscription Agreement”), a number of shares of common stock, par value $0.01 per share,
of the Company as provided for in Section 2 of the Subscription Agreement (“Consideration Shares”); and

 

WHEREAS, in connection with the Transaction,
the Company and Lauro desire to establish certain rights, terms and conditions in connection with the Consideration Shares.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

Article
I

 

DEFINITIONS

 

Section
1.01.         Definitions. As used in this Agreement, the following
terms shall have the meanings indicated below:

 

“Affiliate” shall mean,
with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control
with, such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being
made; provided, that for purposes of this Agreement, no Participating Holder shall be deemed an Affiliate of the Company
or any of its Subsidiaries. For the purpose of this definition, the term “control” (including the terms “controlled
by” and “under common control with”), with respect to the relationship between or among two or more
Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management
of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement” shall have
the meaning assigned in the preamble.

 

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“Automatic Shelf Registration Statement”
shall mean an automatic shelf registration statement as defined in Rule 405 on Form S-3.

 

“Blackout Certificate”
shall have the meaning assigned in Section 2.02(a).

 

“Blackout Period” shall
have the meaning assigned in Section 2.02(a).

 

“Claims” shall have the
meaning assigned in Section 2.05(a).

 

“Closing” shall have the
meaning assigned in the Share Purchase Agreement.

 

“Closing Date” shall have
the meaning assigned in the Share Purchase Agreement.

 

“Common Stock” shall mean
shares of common stock, $0.01 par value per share, of the Company.

 

“Company” shall have the
meaning assigned in the preamble.

 

“Consideration Shares”
shall have the meaning assigned in the preamble.

 

“Demand Notice” shall have
the meaning assigned in Section 2.01(e).

 

“Demand Registration Period”
means any period of time after the Closing but before the earlier of (A) the three (3) year anniversary of the Closing or (B) the
number of Participating Shares then held by the Participating Holders is less than 5% of the then-outstanding Common Stock of the
Company (determined in accordance with Section 4.2 of the Stockholders Agreement in cases where the Participating Holders’
issued and outstanding stock ownership in the Company falls below 5% of the outstanding Common Stock for reasons other than a sale
or transfer of Shares by the Participating Holders).

 

“Demand Registration Statement”
shall mean a registration statement on Form S-3 (or any comparable or successor form or forms or any similar short-form registration),
or if the Company is not eligible to use Form S-3, a registration statement on Form S-1, in each case for an offering to be made
pursuant to Rule 415 under the Securities Act.

 

“Effective Period” shall
have the meaning assigned in Section 2.01(f).

 

“Exchange Act” shall mean
the United States Securities Exchange Act of 1934, as amended.

 

“Excluded Registration”
means (i) a registration statement relating to the sale of securities to employees of the Company or a subsidiary of the Company
pursuant to a stock option, stock purchase, or similar equity incentive plan; (ii) a registration statement relating to a Rule
145 transaction; or (iii) a registration statement relating to the issuance by the Company of non-convertible debt securities.

 

“Expense Cap” shall have
the meaning assigned in Section 2.04(a).

 

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“Euticals” shall have the
meaning assigned in the preamble.

 

“Euticals Stock” shall
have the meaning assigned in the preamble.

 

“FINRA” shall mean the
Financial Industry Regulatory Authority.

 

“Free Writing Prospectus”
shall have the meaning assigned in Section 2.03(a)(i).

 

“Holder” shall have the
meaning assigned in the preamble.

 

“Lauro” shall have the
meaning assigned in the preamble.

 

“Lock-up Period” shall
have the meaning assigned in Section 3.01(a).

 

“NASDAQ” shall mean the
NASDAQ Global Market.

 

“New York Convention” shall
have the meaning assigned in Section 4.04(c).

 

“Participating Holders”
shall mean the Holder and/or any Permitted Transferees.

 

“Participating Shares”
shall mean any Registrable Shares, the registered owner of which is a Participating Holder, that is subject of a Registration Statement.

 

“Person” shall mean any
individual, firm, partnership, corporation, trust, joint venture, association, joint stock company, limited liability company,
unincorporated organization or any other entity or organization, including a government or agency or political subdivision thereof,
and shall include any successor (by merger or otherwise) of such entity.

 

“Permitted Transferee”
shall mean a stockholder of Lauro on the date hereof, provided, in each case, that such stockholder agrees to be bound by
the terms hereof and the obligations and restrictions contained in the Stockholders Agreement (if not terminated in accordance
with its terms), including the voting and standstill provisions thereof, and that such stockholder executes a joinder agreement
binding such stockholder to the provisions of this Agreement and the Stockholders Agreement (if not terminated in accordance with
its terms).

 

“Prospectus” shall mean
the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously
omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, 430B or 430C promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, relating to Registrable Shares, and all other
amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or
deemed to be incorporated by reference in such prospectus.

 

“register,” “registered”
and “registration” shall mean a registration effected by preparing and filing a registration statement or similar
document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration or document
pursuant to the Securities Act.

 

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“Registrable Shares” shall
mean (i) any outstanding Consideration Shares held by a Participating Holder and (ii) any other shares or securities issued or
issuable, directly or indirectly, by the Company with respect to the Consideration Shares by way of conversion or exchange thereof,
dividend, stock split or distribution, or in connection with a combination of shares, reclassification, recapitalization, merger,
consolidation or other reorganization; provided, that such securities shall cease to be Registrable Shares after they (w)
(A) have been replaced by the Company with the delivery of new certificates not bearing a legend restricting transfer under the
Securities Act and (B) have been publicly resold (without volume or method of sale restrictions) without registration under the
Securities Act, (x) have been distributed to the public pursuant to an offering registered under the Securities Act (including
through an exchange or merger registered on Form S-4), (y) have been sold to the public through a broker, dealer or market maker
in compliance with Rule 144 or (z) have ceased to be outstanding.

 

“Registration Statement”
shall mean any registration statement of the Company filed with the SEC under the Securities Act which covers any of the Registrable
Shares pursuant to the provisions of this Agreement, including any Demand Registration Statement, the Shelf Registration Statement,
Prospectus, Free Writing Prospectus, amendments and supplements to such registration statement, including post-effective amendments,
all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

“Required Information”
shall have the meaning assigned in Section 2.03(c).

 

“Rule 144” shall mean Rule
144 under the Securities Act (or any similar rule then in force).

 

“Rule 145” shall mean Rule
145 under the Securities Act (or any similar rule then in force).

 

“Rule 405” shall mean Rule
405 under the Securities Act (or any similar rule then in force).

 

“SEC” shall mean the Securities
and Exchange Commission, or any successor agency having jurisdiction to enforce the Securities Act.

 

“Securities Act” shall
mean the United States Securities Act of 1933, as amended.

 

“Share Purchase Agreement”
shall have the meaning assigned in the recitals.

 

“Shares” shall mean shares
of Common Stock.

 

“Shelf Registration Statement”
shall mean a registration statement on Form S-3 (or any comparable or successor form or forms or any similar short-form registration),
or if the Company is not eligible to use Form S-3, a registration statement on Form S-1, in each case constituting a “shelf”
registration statement providing for the registration of, and the sale by the Participating Holders on a continuous or delayed
basis of, all of the Registrable Shares, pursuant to Rule 415 under the Securities Act.

 

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“Shelf Takedown” shall
have the meaning assigned in Section 2.01(b).

 

“Stockholders Agreement”
shall mean the certain Stockholders Agreement by and among the Company, Lauro and certain other parties thereto, dated as of the
date hereof.

 

“Subscription Agreement”
shall have the meaning assigned in the recitals.

 

“Takedown Notice” shall
have the meaning assigned in Section 2.01(c).

 

“Transaction” shall have
the meaning assigned in the recitals.

 

“Underwriter Cutbacks”
shall have the meaning assigned in Section 2.01(g).

 

“WKSI” shall mean a well-known
seasoned issuer as defined in Rule 405.

 

All capitalized terms not otherwise defined
in this Agreement shall have the meanings assigned thereto in the Share Purchase Agreement.

 

Article
II

 

REGISTRATION RIGHTS

 

Section
2.01.         Registration Rights.

 

(a)          Shelf
Registration Statement. As soon as practicable (and in any event within eighty (80) days) after the Closing Date, the Company
shall file the Shelf Registration Statement with the SEC for the resale of all of the Consideration Shares by the Participating
Holders, and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective as
promptly as practicable after the filing thereof and in any event prior to the final day of the Lock-Up Period and to maintain
the effectiveness of such Shelf Registration Statement in accordance with Section 2.01(f). The Company agrees that it shall
use its reasonable best efforts to include in such Shelf Registration Statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering
of the securities to the Participating Holders) in order to ensure that the Participating Holders may be added to such Shelf Registration
Statement at a later time through the filing of a supplement to the Prospectus rather than a post-effective amendment to the Shelf
Registration Statement. The “Plan of Distribution” section of such Shelf Registration Statement shall provide for all
permitted means of disposition of Registrable Shares requested in writing to be included therein by Lauro including, if so requested
in writing by Lauro, firm commitment underwritten public offerings, agented transactions, sales directly into the market, purchases
or sales by brokers and sales or distributions not involving a public offering.

 

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(b)          Shelf
Takedowns. Following the Closing and subject to Section 2.02(a) and Article III hereof, the Participating Holders
shall be entitled, at any time and from time to time when the Shelf Registration Statement is then effective, to sell such Registrable
Shares held by them as are then registered pursuant to such Shelf Registration Statement (each, a “Shelf Takedown”).
The number of Shelf Takedowns that the Participating Holders may effect pursuant to this Section 2.01(b) in any twelve (12)
month period shall not exceed four (4). Any such Shelf Takedown may be made by and pursuant to any method or combination of methods
legally available to the Participating Holders (including an underwritten offering, a direct sale to purchasers, a sale to or through
brokers, dealers or agents, a sale over the internet, block sales, derivative transactions with third parties, sales in connection
with short sales and other hedging transactions). The Company shall use its commercially reasonable efforts to comply with the
applicable provisions of the Securities Act to facilitate the disposition of all Registrable Shares covered by the Shelf Registration
Statement in accordance with the intended methods of disposition by the Participating Holders participating in such Shelf Takedown.
The Participating Holders selling any Registrable Shares pursuant to a Shelf Takedown shall provide the Company with ten (10) days
prior written notice of its intention to undertake a Shelf Takedown. Shelf Takedowns will not be subject to Underwriter Cutbacks;
provided, that if a Participating Holder proposes to piggyback on a shelf takedown by the Company under a registration statement
other than the Shelf Registration Statement provided for the Participating Holders hereunder, Section 2.01(g) shall apply,
including the Underwriter Cutbacks.

 

(c)          Cooperation
with Shelf Takedowns and Filing of Shelf Registration Statement. Upon receipt of written notice by the Participating Holders
that they intend to effect a Shelf Takedown (“Takedown Notice”), the Company shall use its reasonable best efforts
to cooperate in such Shelf Takedown, by post-effectively amending or supplementing the Prospectus related to such Shelf Registration
Statement as may be reasonably requested by the Participating Holders during the Demand Registration Period. From the date of signing
of this Agreement and until the earlier of (i) the Closing Date and (ii) the date of termination of or withdrawal from the Share
Purchase Agreement in accordance with the terms thereof, the Holder (x) shall, and shall cause each Group Company to, use its reasonable
best efforts and (y) shall use its reasonable best efforts to cause the respective senior management and Representatives, in each
case of (x) and (y), as far as legally permissible, to provide to the Company such cooperation as is reasonably requested by the
Company in connection with the filing of the Shelf Registration Statement, including furnishing the Company such financial, business
and other information regarding the Group Companies to the extent necessary to allow the Company to prepare unaudited pro forma
financial statements of the Company giving effect to the acquisition of the Group Companies that are in all material respects in
compliance with and for the periods required by Article 11 of Regulation S-X under the Securities Act or as may be required in
order for the Company to comply with the rules and regulations of the SEC.

 

(d)          Automatic
Shelf Registration Statements. To the extent the Company is or becomes a WKSI at a time when it is obligated to file the Shelf
Registration Statement pursuant to this Agreement, the Company shall file an Automatic Shelf Registration Statement in accordance
with the requirements of the Securities Act and the rules and regulations of the SEC thereunder, that covers the Registrable Shares
(which shall serve as the Shelf Registration Statement contemplated by this Agreement). The Company shall pay the registration
fee for all Registrable Shares to be registered pursuant to an Automatic Shelf Registration Statement at the time of filing of
the Automatic Shelf Registration Statement and shall not elect to pay any portion of the registration fee on a deferred basis.
If at any time following the filing of an Automatic Shelf Registration Statement when the Company is required to re-evaluate its
WKSI status the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to (i) post-effectively
amend the Automatic Shelf Registration Statement to a shelf registration statement that is not automatically effective or file
a new shelf registration statement, in each case to serve as the Shelf Registration Statement contemplated by this Agreement; (ii)
have such Registration Statement declared effective by the SEC; and (iii) keep such Registration Statement effective during the
period during which such Registration Statement is required to be kept effective in accordance with Section 2.01(f) hereof.

 

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(e)          Demand
Registration Statement. If for any reason the Company ceases to be eligible to register the Registrable Shares on the Shelf
Registration Statement following the date hereof or the Shelf Registration Statement is not available for resale of the Registrable
Shares after the expiration of the Lock-Up Period, subject to the Company’s timely receipt of the Required Information from
the Participating Holders as contemplated by Section 2.03(c) and subject to Section 2.02(a) and Article III
hereof, (i) at any time during the Demand Registration Period, the Participating Holders owning and proposing to register
Registrable Shares representing, in the aggregate, at least $5,000,000 as of such time may by notice (a “Demand Notice”)
to the Company request that the Company file a Demand Registration Statement and (ii) upon such request, the Company shall as soon
as practicable, and in any event within the later of thirty (30) days after the date such Demand Notice is given by the Participating
Holder or ten (10) days after the Participating Holders have provided the Required Information to the Company, file a Demand Registration
Statement under the Securities Act covering the Registrable Shares that the Participating Holders request be included in such Registration
Statement. The Company shall use its reasonable best efforts to cause such Demand Registration Statement to become effective as
soon as practicable and remain effective until all Registrable Shares included in such Registration Statement are sold. A previous
participation in any registrations effected by the Company pursuant to Section 2.01(g) will not affect the Participating
Holder’s registration rights under clause (i) above; provided that Participating Holders may not make any demand pursuant
to clause (i) above if a Registration Statement is in effect for such Participating Holder’s Registrable Shares pursuant
to a previous demand under such clause (i). The Company shall not be obligated to effect, or to take any action to effect, any
Registration Statement pursuant to this Section 2.01(e) during the period that ends on a date that is ninety (90) days after
the effective date of a Company-initiated registration of Common Stock, provided that the Company shall use its reasonable
best efforts to cause such Registration Statement to become effective as soon as practicable thereafter.

 

(f)          Continued
Effectiveness. Subject to the applicability of Blackout Periods, the Company shall use its reasonable best efforts to keep
(i) the Shelf Registration Statement filed pursuant to this Agreement continuously effective and usable for the resale of the Registrable
Shares covered thereby until the earlier of (A) three (3) years from the later of the effective date of such Shelf Registration
Statement and the date on which the Lock-Up Period ends and (B) the date on which all of the Registrable Shares covered by such
Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement and (ii) any Demand Registration Statement
effective for a period of at least six (6) months after the effectiveness thereof or such period during which all Registrable Shares
included therein shall have actually been sold (such period, the “Effective Period”); provided, however,
that in the event the Company suspends, postpones or delays the filing of a Registration Statement required to be filed pursuant
to this Agreement, the Effective Period shall be extended by the duration of each such applicable suspension, postponement or delay.

 

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(g)          Piggyback
Registration. After the expiration of the Lock-Up Period, if no Registration Statement is effective and available for resale
of the Registrable Shares and the Company proposes to register (including, for this purpose, a registration effected by the Company
for stockholders other than the Participating Holders) any of its Common Stock under the Securities Act in connection with the
public offering of such securities solely for cash (which, for the avoidance of doubt, shall not include registration statements
on Forms S-8 or Forms S-4, or other comparable forms not available for registering Registrable Shares to the public), the Company
shall, at such time, promptly give the Participating Holders notice of such registration. Upon the request of a Participating Holder
given within twenty (20) days after such notice is given by the Company, the Company shall cause to be registered all of the Registrable
Shares that the Participating Holders request to be included in such registration; provided, however, that if the
Company is advised in writing in good faith by any managing underwriter of the Company’s securities being offered in a public
offering pursuant to such registration statement that the amount to be sold by persons other than the Company is greater than the
amount which can be offered without materially adversely affecting the Company’s offering, the Company may (subject to any
existing contractual obligations in place prior to this Agreement) reduce the amount offered for the accounts of the selling stockholders
(including such holders of Registrable Shares) to a number deemed satisfactory by such managing underwriter; provided further,
that any securities to be excluded shall be determined in the following order of priority (subject to any existing contractual
obligations in place prior to this Agreement): (i) securities held by any Persons not having any such contractual, incidental registration
rights; (ii) securities held by any Persons having contractual, incidental registration rights pursuant to an agreement other than
this Agreement and (iii) the Registrable Shares sought to be included under this Agreement by the holders thereof on a prorated
basis (the “Underwriter Cutbacks”). If, as a result of the exclusion provisions set forth above, any Participating
Holder shall only be permitted to include 75% or fewer of the Registrable Shares in such public offering that such Permitted Holder
has requested to be included, such Permitted Holder may elect to withdraw its request to include Registrable Shares in such registration.
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.01(g) before
the effective date of such registration, whether or not any Participating Holder has elected to include Registrable Shares in such
registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.04.

 

(h)          Priority
of Registration. If the Company is advised in writing in good faith by any managing underwriter of the Company’s securities
being offered in a public offering pursuant to a Demand Registration Statement hereunder that the amount to be sold is greater
than the amount which can be offered without materially adversely affecting the Company’s offering, the Company may reduce
the amount offered (including for such holders of Registrable Shares) pursuant to the Underwriter Cutbacks to a number deemed satisfactory
by such managing underwriter (subject to any existing contractual obligations in place prior to this Agreement). If, as a result
of the exclusion provisions set forth above, any Participating Holder shall only be permitted to include 75% or fewer of the Registrable
Shares in such public offering that such Permitted Holder has requested to be included, such Permitted Holder may elect to withdraw
such Demand Registration Statement before the effective date of such registration. The expenses of such withdrawn registration
shall be borne by the Company in accordance with Section 2.04.

 

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Section
2.02.         Limitations on Registrations.

 

(a)          Blackout
Period. Notwithstanding the foregoing obligations, if the Company furnishes to the Participating Holders a certificate signed
by the Company’s chief executive officer or chief financial officer (a “Blackout Certificate”) stating
(x) that the filing, initial effectiveness or continued use of a Registration Statement would require, in the opinion of the Company’s
external counsel, the Company to make a public disclosure of material non-public information that, in the good faith judgment
of the Company’s board of directors (A) would (i) be required to be made in any Registration Statement so that such Registration
Statement would not contain any untrue statement of material fact or omit to state a material fact necessary in order to make
the statements made therein, in the light of the circumstances under which they were made, not misleading, (ii) not be required
to be made at such time but for the filing, effectiveness or continued use of such Registration Statement and (iii) reasonably
be expected to have a material adverse effect on a bona fide business or financing transaction, including a significant
acquisition, corporate reorganization, or other similar transaction involving the Company; or (B) would render the Company unable
to comply with requirements under the Securities Act or Exchange Act, then in each case of (A) and (B), the Company shall have
the right to delay the filing or effectiveness, but not the preparation, of the Registration Statement, or suspend the offer or
sale of Participating Shares thereunder to the extent such Registration Statement has been declared effective, in each case, for
a period of not more than sixty (60) days after the date of the Blackout Certificate (a “Blackout Period”)
and (y) the expected duration of such Blackout Period; provided, however, that the Company may invoke this right
in any number of instances, but may not invoke this right for, in the aggregate, more than sixty (60) days during any twelve (12)
month period; and provided, further, that the Company shall not register any securities for its own account or that
of any other stockholder during such Blackout Period other than in connection with an Excluded Registration. 

Upon receipt of a Blackout Certificate, each Participating Holder shall keep the fact of any such Blackout Certificate and
its contents strictly confidential and, during any Blackout Period, promptly halt any offer, sale, trading or transfer by it of
any Participating Shares pursuant to an effective Registration Statement for the duration of the Blackout Period set forth in such
Blackout Certificate (or until such Blackout Period shall be earlier terminated in writing by the Company) and promptly halt any
use, publication, dissemination or distribution of any Prospectus covering any Participating Shares for the duration of the Blackout
Period and, if so directed by the Company, shall deliver to the Company any copies then in its possession of any such Prospectus.

 

Upon the termination of a Blackout Period, the Company shall promptly cure the postponement and delay of the filing or effectiveness
of any Registration Statement, and the offer or sale of Participating Shares thereunder.

 

(b)          Other
Limitations on Demand Registration Statements. The Company shall not be obligated to effect, or to take any action to effect,
a Demand Registration Statement pursuant to any Demand Notice in accordance with Section 2.01:

 

(i)          in
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities
Act;

 

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(ii)         after
the Company has filed with the SEC three (3) Demand Registration Statements pursuant to Section 2.01 (counting for these
purposes only Demand Registration Statements which have been declared or ordered effective and in respect of which all Participating
Shares have been sold thereunder); or

 

(iii)        if
the Company has filed with the SEC a Demand Registration Statement pursuant to Section 2.01 within the preceding six (6)
months, and such Demand Registration Statement has been declared or ordered effective.

 

Section
2.03.         Registration Procedures.

 

(a)          Registration
Procedures. In connection with a Registration Statement prepared pursuant to Section 2.01 pursuant to which Participating
Shares will be offered and sold, the Company shall effect such registration to permit the sale of such Registrable Shares in accordance
with the intended method or methods of disposition thereof, and pursuant thereto the Company shall cooperate in the facilitation
of the resale of such Registrable Shares and shall use its reasonable best efforts to:

 

(i)          make,
as promptly as practicable, all required filings with FINRA, and, if such Registration Statement is not automatically effective
upon filing, use its reasonable best efforts to cause such Registration Statement to be declared effective as soon as practicable
and to remain effective as provided herein; provided, however, that before filing a Registration Statement or Prospectus
or any amendments or supplements thereto (including free writing prospectuses under Rule 433 (each a “Free Writing Prospectus”)),
the Company shall furnish or otherwise make available to the Participating Holders (who shall be permitted to furnish to their
counsel and the managing underwriter(s), if any), draft copies of all such documents proposed to be filed (including exhibits thereto),
which documents will be subject to the reasonable review and comment of such counsel, and such other documents reasonably requested
by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable
opportunity to participate in the preparation of such Registration Statement and each Prospectus included therein. The Participating
Holders shall select one counsel to represent all such Participating Holders for purposes of this Agreement. The Company shall
not file any such Registration Statement or Prospectus, or any amendments or supplements thereto (including Free Writing Prospectuses)
to which Participating Holders or the managing underwriter(s), if any, shall reasonably object, in writing, on a timely basis,
unless, in the opinion of the Company, such filing is necessary to comply with applicable law; provided, that the Company
shall not be liable for any breach of or default under this Agreement arising as a result of the Company’s cooperation with
this paragraph (i);

 

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(ii)         prepare
and file with the SEC as promptly as practicable such amendments and supplements to such Registration Statement and the Prospectus
used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration
Statement continuously effective during the Effective Period provided herein and comply in all material respects with the provisions
of the Securities Act applicable to the Company with respect to the disposition of all securities covered by such Registration
Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with
the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act in each
case, until such time as all of such securities have been disposed of in accordance with the intended method or methods of disposition
set forth in such Registration Statement;

 

(iii)        cause
all Participating Shares covered by such Registration Statement to be continually listed on NASDAQ or on the principal securities
exchange or interdealer quotation system on which the Common Stock is then listed or quoted;

 

(iv)        notify
promptly the Participating Holders after becoming aware of any of the events described in sub-clauses (A) through (F) of this paragraph
(iv), to provide the Participating Holder copies of the relevant documentation (if requested), and in the case of sub-clauses (B)
through (F), to provide the Participating Holders a reasonable opportunity to review and comment on the Company’s response
thereto (if requested): (A) when such Registration Statement, or any related Prospectus or any Free Writing Prospectus or any amendment
or supplement thereto has been filed, and, with respect to such Registration Statement or any post-effective amendment, when the
same has become effective, (B) of any request by the SEC or any other federal or U.S. state securities authority for amendments
or supplements to such Registration Statement or the related Prospectus or for additional information, (C) of the issuance by the
SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings
for that purpose, (D) if at any time the Company has reason to believe that the representations and warranties of the Company contained
in any agreement (including any underwriting agreement) contemplated by Section 2.03(a)(xii) below cease to be true and
correct in any material respect, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of such Participating Shares for sale in any jurisdiction, or the initiation or threatening of
any proceeding for such purpose, and (F) during the Effective Period, of the happening of any event or the existence of any fact
which makes any statement in such Registration Statement or related Prospectus, Free Writing Prospectus, amendment or supplement
thereto, or any document incorporated or deemed to be incorporated therein by reference, as then in effect, untrue in any material
respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case
of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading (which notice shall notify the Participating
Holders only of the occurrence of such an event or fact and shall provide no additional information regarding such event or fact
to the extent such information would constitute material non-public information);

 

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(v)         during
the Effective Period, obtain the withdrawal of any stop order or other order enjoining or suspending the use or effectiveness of
such Registration Statement or any post-effective amendment thereto or the lifting of any suspension of the qualification (or exemption
from qualification) of any of the Participating Shares for sale in any jurisdiction;

 

(vi)        if
requested by the Participating Holders or the managing underwriter(s) of an underwritten offering, promptly include in a Prospectus
supplement or post-effective amendment such information as the Participating Holders or such managing underwriter(s), as the case
may be, may reasonably request in order to facilitate the disposition of the Participating Shares in accordance with the intended
method or methods of distribution of such securities set forth in the Registration Statement and make all required filings of such
Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received such request; provided,
however, that the Company shall not be required to take any actions under this Section 2.03(a)(vi) that are not,
in the opinion of external counsel for the Company, in compliance with applicable law;

 

(vii)       deliver
promptly to the Participating Holders, upon written request therefor, copies of (A) material and non-sensitive correspondence between
the SEC and the Company, including any comment and response letters with respect to such Registration Statement (but excluding
any comment and response letters relating to any documents incorporated or deemed incorporated by reference into such Registration
Statement) and (B) the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto
(including any Free Writing Prospectus) as such Persons may reasonably request from time to time in order to facilitate the disposition
of the Participating Shares in accordance with the intended method or methods of disposition thereof; and the Company hereby consents
to the use of such Prospectus and each amendment or supplement thereto by each of the selling Participating Holders of Participating
Shares and the underwriters, if any, in connection with the offering and sale of the Participating Shares covered by such Prospectus
and any such amendment or supplement thereto;

 

(viii)      provide
and cause to be maintained a transfer agent and registrar for all Participating Shares covered by such Registration Statement not
later than the effective date of such Registration Statement;

 

(ix)         cooperate
with the Participating Holders of Participating Shares and the managing underwriter(s), if any, to facilitate the timely preparation
and delivery of certificates (not bearing any legends) representing Participating Shares to be sold under such Registration Statement
in a form eligible for deposit with the Depository Trust Company and not subject to any stop transfer order with any transfer agent,
and cause such Participating Shares to be issued in such denominations and registered in such names as instructed by the Participating
Holder or the managing underwriter(s), if any;

 

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(x)          to
register or qualify or cooperate with the selling Participating Holders of Participating Shares, the underwriters, if any, and
their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Participating Shares for offer and sale under the securities or blue sky laws of such jurisdictions within the United States
as any seller or underwriter reasonably requests in writing and to keep each such registration or qualification (or exemption therefrom)
effective during the period such Registration Statement is required to be kept effective and to take any other action that may
be necessary or advisable to enable such Participating Holders of Participating Shares to consummate the disposition of such Participating
Shares in such jurisdiction in accordance with the intended method or methods of disposition thereof; provided that nothing
in this Section 2.03(a)(x) shall require the Company to (A) qualify to do business as a foreign corporation in any jurisdiction
where it would not otherwise be required to be so qualified, (B) execute or file any general consent to service of process under
the laws of any jurisdiction, (C) take any action that would subject it to service of process in suits other than those arising
out of the offer and sale of Participating Shares covered by a Registration Statement prepared pursuant to Section 2.01
in any jurisdiction where it is not already subject to service of process, or (D) subject itself to taxation in any jurisdiction
where it would not otherwise be obligated to do so;

 

(xi)         upon
the occurrence of any event contemplated by Section 2.03(a)(iv)(D) above, prepare a supplement or post-effective amendment
to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Participating
Shares being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading;

 

(xii)        in
the case of any underwritten offering in which any Participating Holders participates, enter into, a customary underwriting agreement
containing such provisions (including customary provisions for indemnification, lockups, opinions of counsel and comfort letters),
in form reasonably satisfactory to the Company and outside legal counsel, and take all such other customary and reasonable actions
as the managing underwriters of such offering may request in order to facilitate the disposition of such Participating Shares,
including adding information requested by the managing underwriters to the Prospectus, whether or not an underwriting agreement
is entered into and whether or not the registration is an underwritten registration, and make such customary and reasonable representations
and warranties (in form reasonably satisfactory to the Company and outside counsel) to the holders of such Participating Shares
and the underwriters, if any, with respect to the business of the Company and its material subsidiaries, and the Registration Statement,
Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance
and scope as are customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when
requested;

 

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(xiii)       in
the case of any underwritten offering in which any Participating Holders participates, (A) make reasonably available, for inspection
by the managing underwriters of such underwritten offering and one law firm acting for such managing underwriters, pertinent corporate
documents and financial and other records of the Company and its subsidiaries and controlled Affiliates, (B) cause the Company’s
officers and employees to supply information reasonably requested by such managing underwriters or law firm in connection with
such offering, (C) make the Company’s independent auditor available for any such managing underwriters’ due diligence
and use commercially reasonable efforts to have them provide customary comfort letters to such underwriters in connection therewith
and to each Participating Holder selling Participating Shares in such offering (unless such accountants shall be prohibited from
so addressing such letters by applicable standards of the accounting profession) and (D) cause the Company’s outside counsel
to furnish customary legal opinions and updates thereof (which legal opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriter(s)) to such underwriters and to each Participating Holders selling Participating Shares
in such offering in connection therewith (subject to delivery to outside counsel of each such Participating Holders’ representation
that it is knowledgeable with respect to the due diligence review process that an underwriter would perform in connection with
an offering of securities registered pursuant to the Securities Act), covering the matters customarily covered in opinions requested
in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters; provided,
however, that any such records and other information provided under clauses (A) and (B) above that is not generally publicly
available shall be subject to such confidential treatment as is customary for underwriters’ due diligence reviews (provided
that the foregoing shall not require the Company (a) to provide access to or otherwise make
available or furnish any books, contracts or records if and to the extent the provision of such information would, in the advice
of external counsel, violate a confidentiality, non-disclosure or other similar agreement of the Company in effect as of the date
hereof, (b) to provide access to or otherwise make available or furnish any information if and to the extent that the provision
of such information would in the good faith judgment of the Company based on advice of counsel jeopardize any attorney-client,
work product or other legal privilege or protection, or (d) to provide access to or otherwise make available or furnish any information
if and to the extent that the provision of such information would in the good faith judgment of the Company based on advice of
counsel violate any applicable law);

 

(xiv)      in
the case of any underwritten offering in which any Participating Holders participates, cause its management to use their reasonable
best efforts to support the marketing of the Participating Shares covered by the Registration Statement (including participation
in such number of “road shows” as the underwriter(s) reasonably request, and in any management diligence meetings or
teleconferences as the managing underwriter or their counsel reasonably request); and

 

(xv)       cooperate
with each seller of Participating Shares and each underwriter or agent participating in the disposition of such Participating Shares
and their respective counsel in connection with any filings required to be made with the FINRA.

 

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(b)          Updated
Documents. In the event that the Company would be required, pursuant to Section 2.03(a)(iv)(F), to notify the Participating
Holders of the happening of any event specified therein, the Company shall as promptly as practicable, prepare and furnish to the
Participating Holders a reasonable number of copies of a Prospectus supplemented or amended so that, as thereafter delivered to
purchasers of Participating Shares that have been registered pursuant to this Agreement, such Prospectus shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. Each Participating Holder agrees that, upon
receipt of any notice from the Company pursuant to Section 2.03(a)(iv)(F), it shall, and shall cause its sales or placement
agent or agents for the Participating Shares to forthwith discontinue disposition of such Participating Shares pursuant to the
Registration Statement until such Person shall have received copies of such amended or supplemented prospectus and, if so directed
by the Company, to destroy all copies, other than permanent file copies, then in its possession of the Prospectus (prior to such
amendment or supplement) covering such Participating Shares as soon as practicable after the Participating Holder’s receipt
of such notice.

 

(c)          Required
Information. The Company may request each Participating Holder to provide to the Company such written information regarding
itself, all Registrable Shares held by it, and the intended method of disposition of such Registrable Shares, as set forth in Exhibit
A (the “Required Information”). The Company may decline to take any action pursuant to this Agreement with
respect to any Registrable Shares held by the Participating Holder (including filing or taking any action to cause to be effective
a Demand Registration Statement or Shelf Takedown) if a Participating Holder shall have unreasonably failed to furnish the Required
Information (with respect to such Participating Holder, all Registrable Shares held by it, and the intended method of disposition
of such Registrable Shares), it being understood that the Participating Holder shall consult as appropriate with its own counsel
and advisors in connection with the completion of the Required Information. For the avoidance of doubt, if the Participating Holder
unreasonably fails to provide the Required Information (with respect to itself, all Registrable Shares held by it, and the intended
method of disposition of such Registrable Shares) prior to the Demand Notice or Takedown Notice, as applicable, the Company may
elect to exclude such Participating Holder’s Registrable Shares from such Demand Registration or Shelf Takedown, as applicable
and in such case, the Company shall have no obligation to file or take any action to cause to be effective a Demand Registration
Statement or Shelf Takedown with respect to any of such Participating Holder’s Registrable Shares.

 

(d)          Plan
of Distribution. With respect to Demand Registration Statements, each Participating Holder shall furnish to the Company in
writing such information regarding the Participating Holder’s intended method of distribution of the Participating Shares
as the Company may from time to time reasonably request in writing, including to the extent that such information is required in
order for the Company to comply with its obligations under all applicable securities and other laws and to ensure that the Prospectus
relating to such Participating Shares conforms to the applicable requirements of the Securities Act and the rules and regulations
thereunder.

 

(e)          Selection
of Underwriters. If at any time or from time to time, the Participating Holders desire to sell Registrable Shares in an underwritten
offering pursuant to a Shelf Takedown or Demand Registration Statement, the underwriters, including the managing underwriter, shall
be selected by such Participating Holders after consultation with the Company.

 

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(f)          Certain
Additional Agreements. If any Registration Statement or comparable statement under state blue sky laws refers to any Participating
Holder by name or otherwise as the Participating Holder of any securities of the Company and in such Participating Holder’s
judgment, based on the advice of counsel, such Participating Holder might reasonably be deemed to be an underwriter or a controlling
person of the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), then such Participating
Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Participating
Holder and the Company, to the effect that the holding by such Participating Holder of such securities is not to be construed as
a recommendation by such Participating Holder of the investment quality of the Company’s securities covered thereby and that
such holding does not imply that such Participating Holder will assist in meeting any future financial requirements of the Company,
or (ii) in the event that such reference to such Participating Holder by name or otherwise is not in the judgment of the Company
required by the Securities Act or any similar federal statute or any state blue sky or securities law then in force, the deletion
of the reference to such Participating Holder.

 

Section
2.04.         Registration Expenses.

 

(a)          All
fees and expenses incurred in the performance of or compliance with this Agreement by the Company including (i) all registration
and filing fees (including fees and expenses (A) with respect to filings required to be made with the SEC, all applicable securities
exchanges and/or FINRA, including any fees and disbursements of counsel for the underwriters in connection with any filings required
to be made with FINRA and (B) of compliance with securities or blue sky laws, including any fees and disbursements of counsel for
the underwriters in connection with blue sky qualifications of the Participating Shares pursuant to Section 2.03(a)(x)),
(ii) printing expenses (including expenses of printing certificates for Participating Shares in a form eligible for deposit with
The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter(s),
if any, of an underwritten offering, or by the Participating Holders, (iii) messenger, telephone and delivery expenses of the Company,
(iv) fees and disbursements of counsel for the Company, (v) expenses of the Company incurred in connection with any road show,
and (vi) fees and disbursements of all independent registered public accounting firms referred to in Section 2.03(a)(xiii)
hereof (including the expenses of any comfort letters required by this Agreement) and any other persons, including special experts
retained by the Company, shall be borne by the Company whether or not any Registration Statement is filed or becomes effective
(all such expenses, “Registration Expenses”); provided, that, in no event will the Company be obligated
to pay, incur, reimburse or otherwise be liable for more than $100,000 of Registration Expenses (excluding for this purpose Registration
Expenses described in clause (a)(iv) and clause (a)(vi) above) (the “Expense Cap”). In addition, the Company
shall pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be
registered on any securities exchange on which similar securities issued by the Company are then listed and rating agency fees
and the fees and expenses of any Person, including special experts, retained by the Company.

 

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(b)          The
Participating Holders shall pay all registration expenses (i) to the extent required to be paid by such Participating Holders under
applicable law and all underwriting commissions and transfer and other taxes associated with the sale of Registrable Shares by
such Participating Holders and (ii) in excess of the Expense Cap (excluding for this purpose Registration Expenses described in
clause (a)(iv) and clause (a)(vi) above, which will be borne by the Company).

 

Section
2.05.         Indemnification; Contribution.

 

(a)          Company
Indemnity of Participating Holders. The Company shall, and hereby agrees to, indemnify and hold harmless the Participating
Holders, its controlling Persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act), if any, and their respective shareholders, partners, members, managers, directors, officers and employees, from and against
any losses, claims, damages, costs, fees (including reasonable attorney’s fees) or liabilities, actions or proceedings (whether
commenced or threatened), judgments, fines, penalties and amounts paid in settlement in respect thereof (with the consent required
hereby) and expenses (including reasonable fees of counsel) (collectively, “Claims”) to which each such indemnified
person may become subject (and the Company will pay to a Participating Holder or other aforementioned indemnified person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any Claim as such expenses are incurred),
insofar as such Claims, or actions or proceedings in respect thereof, are incurred, arise out of or are based upon (i) an untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement, or any preliminary or final Prospectus,
offering circular, or other document (including any related Registration Statement, notification, or the like or Free Writing Prospectus
or any amendment thereof or supplement thereto or any document incorporated by reference therein), (ii) any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in each case
other than in the case of a Registration Statement in light of the circumstances in which they were made, not misleading or (iii)
any violation or alleged violation by the Company (or any of its agents or Affiliates) of the Securities Act, the Exchange Act,
any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities
law; provided, that the Company shall not be liable to the Participating Holder in any such case to the extent that any
such Claims arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made
in such Registration Statement, or preliminary or final Prospectus, or amendment or supplement thereto, in reliance upon and in
conformity with the Required Information furnished to the Company by any Participating Holder with respect to any Participating
Holder expressly for use therein, or any Participating Holder’s intended method of distribution, that is the subject of the
untrue statement or omission, or if any Participating Holder sold securities to the Person alleging such Claims without sending
or giving, at or prior to the written confirmation of such sale, a copy of the applicable Prospectus (excluding any documents incorporated
by reference therein) or of the applicable Prospectus, as then amended or supplemented (excluding any documents incorporated by
reference therein), if the Company had previously furnished copies thereof to the Participating Holder, and such Prospectus corrected
such untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement.

 

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(b)          Participating
Holders Indemnity of Company. The Participating Holders shall, and each hereby agrees to, severally and not jointly, indemnify
and hold harmless the Company, its directors, officers, employees and controlling Persons (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act), if any, from and against any Claims to which each such indemnified
party may become subject, insofar as such Claims, or actions or proceedings in respect thereof, are incurred, arise out of or are
based upon (i) an untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, or any
preliminary or final Prospectus, offering circular, or other document (including any related Registration Statement, notification,
or the like or Free Writing Prospectus or any amendment thereof or supplement thereto or any document incorporated by reference
therein) or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case only with respect to the Required Information furnished to the Company
by a Participating Holder expressly for use in the preparation of such Registration Statement or Prospectus or any amendment or
supplement thereto; provided, that in no event shall any indemnity under this Section 2.05 exceed the net proceeds
from the offering received by the respective Participating Holder unless such liability arises out of or is based on fraud or willful
misconduct by such Participating Holder as finally determined by a court of competent jurisdiction.

 

(c)          Indemnity
Procedures. Promptly after receipt by an indemnified party under Section 2.05(a) or Section 2.05(b) of written
notice of the commencement of any action or proceeding for which indemnification under Section 2.05(a) or Section 2.05(b)
may be requested, such indemnified party shall notify such indemnifying party in writing of the commencement of such action or
proceeding; provided, however, that the delay or failure to so notify the indemnifying party shall not relieve the
indemnifying party from any obligation or liability except to the extent that the indemnifying party has been materially prejudiced
by such delay or failure. In case any such action or proceeding shall be brought against any indemnified party and it shall notify
an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the
extent that it shall determine, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any
legal or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary
to defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party that the
indemnified party believes it has failed to do so; (ii) if such indemnified party who is a defendant in any action or proceeding
which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal defenses
available to such indemnified party which are not available to the indemnifying party; or (iii) if representation of both parties
by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the
indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm
of counsel for all indemnified parties) and the indemnifying party shall be liable for any expenses therefor (including, without
limitation, any such reasonable counsel’s fees). If the indemnifying party is not entitled to, or elects not to, assume the
defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel for each indemnified party with
respect to such claim. The indemnifying party will not be subject to any liability for any settlement made without its consent,
which shall not be unreasonably withheld, conditioned or delayed. No indemnifying party shall, without the prior written consent
of the indemnified party (which shall not be unreasonably withheld, conditioned or delayed), compromise or consent to entry of
any judgment or enter into any settlement agreement with respect to any action or proceeding in respect of which indemnification
is sought under Section 2.05(a) or Section 2.05(b) (whether or not the indemnified party is an actual or potential
party thereto), unless such compromise, consent or settlement is solely for monetary damages and includes an unconditional release
of the indemnified party from all liability in respect of such claim or litigation, and does not include a statement or admission
of fault, culpability or a failure to act, by or on behalf of the indemnified party.

 

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(d)          Contribution.
The Participating Holders and the Company agree that if, for any reason, the indemnification provisions contemplated by Section
2.05(a) or Section 2.05(b) hereof are unavailable to or are insufficient to hold harmless an indemnified party in respect
of any Claims referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such Claims in such proportion as is appropriate to reflect the relative fault of the indemnifying party,
on the one hand, and the indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted
in such Claims 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 the untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such
indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. If, however, the allocation in the first sentence of this Section 2.05(d) is not permitted by
applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion
as is appropriate to reflect not only such relative fault, but also the relative benefits of the indemnifying party and the indemnified
party, as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this Section 2.05(d) were to be determined by pro rata allocation or by any other method of
allocation which does not take into account the equitable considerations referred to in the preceding sentences of this Section
2.05(d). Notwithstanding any of the foregoing, in no event shall any contribution by any Participating Holder under this Section
2.05(d), when combined with any amounts payable or paid by a Participating Holder under Section 2.05(b), exceed the
net proceeds from the offering received by such Participating Holder, unless such liability arises out of or is based on fraud
or willful misconduct by such Participating Holder. 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.

 

(e)          Primacy
of Indemnification. The Company hereby acknowledges that a Participating Holder may have certain rights to indemnification,
advancement of expenses and/or insurance provided by certain of its Affiliates. The Company hereby agrees that (i) it is the indemnitor
of first resort (i.e., its obligations to the Participating Holder are primary and any obligation of the Affiliates of such
Participating Holder to advance expenses or to provide indemnification for the same Claims incurred by such Participating Holder
are secondary to any such obligation of the Company) and (ii) that it shall be liable for the full amount of all Claims to the
extent legally permitted and as required by the terms of this Agreement, without regard to any rights such Participating Holder
may have against its Affiliates. No advancement or payment by an Affiliate of a Participating Holder with respect to any Claim
for which indemnification has been sought from the Company hereunder shall affect the foregoing. The Affiliates of a Participating
Holder 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 which such Participating Holder would have had against the Company if such Affiliate had not advanced or paid any amount
to or on behalf of such Participating Holder.

 

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Section
2.06.         Rule 144 Reporting. With a view to making available to
the Holder or Participating Holders the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable
Shares to the public without registration, the Company agrees to use its reasonable best efforts to:

 

(a)          make
and keep current public information available, within the meaning of Rule 144 or any similar or analogous rule promulgated under
the Securities Act, at all times that it is subject to the reporting requirements of the Exchange Act; and

 

(b)          file
with the SEC, in a timely manner, all reports and other documents required under the Securities Act and Exchange Act (at all times
that it is subject to such reporting requirements).

 

Section
2.07.         Grant of Registration Rights to Third Parties. Nothing
in this Agreement shall limit the Company’s ability to grant to any third party, in its sole and absolute discretion, rights
with respect to the registration of any securities issued or to be issued by the Company.

 

Article
III

 

LOCK-UP

 

Section
3.01.         Lock-up Agreement.

 

(a)          Each
Participating Holder hereby agrees, without the Company’s prior written consent, not to sell or otherwise transfer, make
any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic
effect as a sale, of any Registrable Shares during the 180-day period beginning on the Closing Date (the “Lock-Up Period”).
The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restriction until the end
of the Lock-Up Period.

 

(b)          Notwithstanding
the foregoing, in compliance with the applicable securities laws and insider trading policies, the Participating Holders shall
be permitted to:

 

(i)          engage
in transactions relating to securities acquired in open market transactions after the Closing Date; and

 

(ii)         enter
into any trading plan established pursuant to Rule 10b5-1 under the Exchange Act, provided that such plan does not provide
for any sales or other dispositions of Registrable Shares during the Lock-Up Period and no public announcement or filing under
the Exchange Act is made by or on behalf of such Participating Holder or the Company regarding the establishment of such plan.

 

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(c)          Holder
agrees that, except for any transfer of Consideration Shares by the Holder to a Permitted Transferee in accordance with and subject
to the terms of this Agreement, it and any Permitted Transferees shall not, and shall cause their respective Affiliates not to,
sell, transfer or otherwise dispose of any Consideration Shares at any time after the expiration of the Lock-Up Period except (i)
pursuant to a registered public offering in accordance with Article II or (ii) pursuant to privately negotiated sales in
transactions exempt from the registration requirements under the Securities Act to any Person, including Permitted Transferees;
provided that, in the case of this clause (ii), as a condition to consummation of a privately negotiated sale to a Person
(other than a Permitted Transferee) in excess of 1% of the Company’s Common Stock (or in excess of 5% of the Company’s
Common Stock when taken together with all other privately negotiated sales by the Holder of 1% or less of the Company’s Common
Stock during the preceding 12 month period), the Company shall have consented thereto in writing, which consent shall not be unreasonably
withheld or delayed, but may be conditioned, including to require a transferee who would be the holder of 5% or more of the Company’s
Common Stock following such transfer, to sign a joinder to this Agreement and/or the Stockholders Agreement.

 

Article
IV

 

MISCELLANEOUS

 

Section
4.01.         Successors and Assigns; Permitted Transfers; Third Party Beneficiaries;
Term. This Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Company and by the
Participating Holders and their respective successors and permitted assigns, and no term or provision of this Agreement (other
than Section 2.05) is for the benefit of, or intended to create any obligations to, any other Person. Notwithstanding anything
in this Agreement to the contrary, so long as not prohibited by applicable law, the Holder shall be permitted to distribute or
otherwise transfer its Registrable Shares to a Permitted Transferee. This Agreement shall not be assigned and no rights or obligations
hereunder may be transferred by the Holder, except that (a) the Holder will be permitted to assign its rights and obligations under
this Agreement to any Permitted Transferee solely in connection with Holder’s transfer of Registrable Shares to such Permitted
Transferee as contemplated in the prior sentence and (b) Holder’s rights and obligations shall be automatically assigned
to Permitted Transferees who then own the Holder’s shares in the event of dissolution of the Holder. This Agreement shall
not be assigned and no rights or obligations hereunder may be transferred by any Permitted Transferee. The Holder shall provide
to the Company written notice of an intended transfer of Shares to a Permitted Transferee at least ten (10) business days’
prior to the intended date of the transfer. This Agreement shall be binding upon a party hereto only upon the manual execution
and delivery (which delivery may be by telecopy or facsimile or electronic mail) of a signature page to a counterpart hereto. This
Agreement shall terminate and be of no further force or effect if the Share Purchase Agreement is terminated prior to the Closing.

 

    21 

     

    

  

Section
4.02.         Amendments; Waiver. This Agreement may be amended only
by an agreement in writing executed by the Company and the Participating Holders representing at least a majority of the Consideration
Shares. Any party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver being effective
only if contained in a writing executed by the waiving party. No failure by any party to insist upon the strict performance of
any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon breach thereof
shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

 

Section
4.03.         Notices. All notices and communications hereunder shall
be deemed to have been duly given and made if in writing and if served by personal delivery upon the party for whom it is intended
or delivered by registered or certified mail, return receipt requested, or if sent by telecopier or email, provided that
the telecopy or email is promptly confirmed by telephone confirmation thereof, to the Person at the address set forth below, or
such other address as may be designated in writing hereafter, in the same manner, by such Person: 

 

	if to the Company:	
        Albany Molecular Research, Inc.,

        Att. Lori M. Henderson

        Senior Vice President, General Counsel and Head of Business
        Development

        200 West Street, 4th Floor, Waltham, MA 02451

        Tel: (781) 672-4535

        E-mail: lori.henderson@amriglobal.com

	 	 
	if to the Holder:	
        Lauro Cinquantasette S.p.A

        Via del Lauro, 7 - 20131 Milano

        Phone:    +39-02-96953394

        +39-02-8995221

        Fax: +39-02-869522522

        Attn: Chief Financial Officer

	 	 
	with a copy to (which shall not constitute notice):	
        Debevoise & Plimpton LLP

        919 Third Avenue

        New York, NY 10022

        Phone: (212) 909-6306

        Fax: (212) 909-6836

        Attn: Maurizio Levi-Minzi

	 	 
	if to a Permitted Transferee: 	To such Permitted Transferee as provided in its joinder agreement

 

    22 

     

    

  

Section
4.04.         Governing Law; ICC Arbitration.

 

(a)          This
Agreement and the rights and obligations hereunder shall be governed by, and construed and interpreted in accordance with, the
laws of the State of Delaware, without giving effect to the conflict of laws rules thereof.

 

(b)          Any
dispute, controversy, or claim arising out of, relating to, or in connection with this Agreement or the transactions contemplated
hereunder, including with respect to the formation, applicability, performance, breach, termination, validity or enforceability
thereof, shall be fully and finally settled by arbitration. The arbitration shall be conducted by three arbitrators, in accordance
with the Rules of Arbitration of the International Chamber of Commerce (“Rules”) in effect at the time of the
arbitration, except as they may be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be
New York, New York, USA and it shall be conducted in English, provided that either party may submit testimony or documentary
evidence in any language if it furnishes, upon the request of the other party, a translation into English of any such testimony
or documentary evidence. The arbitrators shall determine questions of arbitrability and jurisdiction and shall be empowered to
grant interim relief.

 

(c)          The
arbitration award shall be final and binding on the parties. The parties undertake to carry out any award without delay and waive
their right to any form of recourse based on grounds other than those contained in the United Nations Convention on the Recognition
and Enforcement of Foreign Arbitral Awards of 1958 (the “New York Convention,” which shall govern the arbitration
and enforcement of any arbitral award) insofar as such waiver can validly be made. The parties agree to the exclusive jurisdiction
of the federal courts located in New York County, New York for purposes of enforcing this section, and any arbitral award, in accordance
with the New York Convention. The parties agree to personal jurisdiction in said courts for such purposes and irrevocably waive
any defense on the basis of forum non conveniens, lack of jurisdiction or improper venue in regard to any such proceedings
brought in the federal courts located in New York County, New York.

 

(d)          The
claimant shall nominate an arbitrator in its request for arbitration. The respondent shall nominate an arbitrator within thirty
(30) days of the receipt of the request for arbitration. The two (2) arbitrators shall nominate a third arbitrator within thirty
(30) days after the nomination of the second arbitrator. The third arbitrator shall act as chair of the tribunal. If any of the
three (3) arbitrators is not nominated within the time prescribed above, then the International Court of Arbitration of the International
Chamber of Commerce shall appoint that arbitrator.

 

(e)          In
order to facilitate the comprehensive and efficient resolution of related disputes, and upon request of any party to the arbitration
proceeding, the arbitration tribunal may consolidate the arbitration proceeding with any other arbitration proceeding relating
to this Agreement or to the Share Purchase Agreement, Subscription Agreement or Stockholders Agreement. The arbitration tribunal
shall not consolidate such arbitrations unless it determines that (i) there are issues of fact or law common to the two proceedings
so that a consolidated proceeding would be more efficient than separate proceedings, and (ii) no party would be unduly prejudiced
as a result of such consolidation through undue delay or otherwise.

 

    23 

     

    

  

(f)          Notwithstanding
anything to the contrary in this Agreement, a party may make a request to a court of competent jurisdiction or pursuant to the
Rules for interim or emergency measures necessary to preserve the party’s rights, including pre-arbitration attachments or
injunctions. A request for such interim relief to a court shall not be deemed incompatible with, or a waiver of, this agreement
to arbitrate. Each of the parties hereto recognizes and agrees that money damages may be insufficient and, therefore, in the event
of a breach or threatened breach of any provision of this Agreement the aggrieved party, in addition to any other remedy which
may be available to such party at law or in equity, will be entitled to seek specific performance and injunctive relief, without
posting bond or other security, and without the necessity of proving actual or threatened damages, which remedy such damaged party
will be entitled to seek in any court of competent jurisdiction.

 

(g)          All
disputes under this Agreement shall be kept confidential. In any arbitration proceeding, the arbitrators shall take all measures
necessary for the protection of Confidential Information. All proceedings and any award and any information obtained from another
party in connection with the arbitration shall be deemed Confidential Information subject to Article 13 of the Share Purchase Agreement;
provided that the parties further agree that such Confidential Information may be disclosed to the extent necessary to enforce
any award or enforce this Agreement to arbitrate, provided, further, that the parties agree to take all reasonable
measures to protect the confidentiality of the proceedings and the disclosure of any Confidential Information in connection therewith,
including to file all papers under seal.

 

(h)          The
arbitrators shall have the power to make an award allocating the costs and expenses of the arbitration between the parties, including
reasonable legal fees and other costs of legal representation. Any award shall be determined and payable in Euros. For the avoidance
of doubt, the remedies that may be awarded by the arbitrators hereunder are limited as specifically set forth in Section 6 of the
Subscription Agreement.

 

Section
4.05.         Headings. The heading references herein are for convenience
purposes only, and shall not be deemed to limit or affect any of the provisions hereof.

 

Section
4.06.         Integration. This Agreement, the Share Purchase Agreement
and the other transaction documents contemplated in the Share Purchase Agreement, including the Subscription Agreement and the
Stockholders Agreement, constitute the entire agreement among the parties with respect to the subject matter of this Agreement
and supersedes all prior agreements and understandings, both oral and written, among the parties hereto with respect to the subject
matter hereof and thereof.

 

Section
4.07.         Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that
the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

Section
4.08.         Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

 

*         *         *

 

    24 

     

    

  

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

 

	 	ALBANY MOLECULAR RESEARCH, INC.
	 	 	 
	 	By:	/s/ Lori Henderson
	 	Name:	Lori Henderson
	 	Title:	General Counsel, Senior Vice President and Secretary

 

[Signature Page to Registration Rights and
Lock-Up Agreement]

 

     

     

    

  

	 	LAURO CINQUANTASETTE S.P.A.
	 	 	 
	 	By:	/s/ Maurizio Bottinelli
	 	Name:	Maurizio Bottinelli
	 	Title:	Director

 

[Signature Page to Registration Rights and
Lock-Up Agreement]

 

     

     

    

  

Exhibit
A

 

Required
Information

 

The attached questionnaire
(the “Questionnaire”) is being furnished to you (the “Stockholder”) in connection with a
registration statement (the “Registration Statement”) to register for public offering and resale the shares
of Common Stock of Albany Molecular Research, Inc. (“AMRI”) issued by AMRI (the “Registrable Shares”)
in connection with its acquisition of shares of Prime European Therapeuticals S.p.A. - Euticals (“Euticals”).

 

Rules of the Securities
and Exchange Commission require information about the holders of Common Stock of AMRI to be included in the registration statement.
In addition, rules of the Financial Industry Regulatory Authority also require that AMRI confirm certain matters relating to relationships
that stockholders may have with registered broker-dealers regulated by FINRA. This Questionnaire requests information responsive
to these requirements, and AMRI will rely on the information that each stockholder supplies in preparing the Registration Statement
and related regulatory filings.

 

Please answer every question fully in accordance
with the instructions in the Questionnaire. If you have questions about the Questionnaire, please contact Benjamin Seisler of AMRI
at 518-512-2264 or Benjamin.Seisler@amriglobal.com.

 

Certain legal consequences
arise from being named as a stockholder in the Registration Statement and the related prospectus, and you may wish to consult with
your own lawyer about those consequences.

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

PLEASE COMPLETE, SIGN, DATE AND RETURN THE QUESTIONNAIRE
NO LATER THAN [ ], [ ] TO:

 

Benjamin Seisler

Albany Molecular Research, Inc.

26 Corporate Circle

Albany, NY 12212

Benjamin.Seisler@amriglobal.com

 

    A-1 

     

    

 

Questionnaire

 

Please answer every
question fully. If the answer to any question is “None” or “Not Applicable,” please so state in the space
provided. If the space provided is insufficient, please attach additional sheets with your complete answer. If, after you have
returned the Questionnaire, you learn of any inaccuracy in your responses or of information that would change your responses in
any way, please contact Benjamin Seisler of AMRI at 518-512-2264 or Benjamin.Seisler@amriglobal.com.

 

Terms appearing in boldface have
the meanings assigned to them in Schedule A to this Questionnaire.

 

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

 

	1.	(a)	Full Legal Name of Stockholder: 
	 	 	 
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Shares listed in Item 3, below, are held:
	 	 	 
	 	 	 
	 	(c)	Full Legal Name and Title of Persons with Investment/Voting Power of Stockholder Relating to the Registrable Shares:
	 	 	 

 

	2.	Mailing Address for Notices to Stockholder: 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Telephone:	 	 	Fax:	 
	 	 	 	 	 	 

 

	 	Contact Person:	 
	 	 	 
	 	Email:	 
	 	 	 
	 	 	 
	 	Taxpayer I.D. # (SSN):	 	 

 

     

     

    

 

3.     Interest
in AMRI

 

3.1           Indicate
the number of shares of AMRI’s equity securities “beneficially owned” by you (including those attributable
to you) as of the date you sign this Questionnaire, excluding shares of AMRI Common Stock received in exchange for your
Euticals shares in AMRI’s acquisition of Euticals.

 

	
         

         

         

        Number of Equity Securities and

        Class Beneficially Owned
	 	
         

         

         

        Number of Equity Securities

        Registered in Your Name
	 	Number of Equity Securities 

Owned of Record of which

You Disclaim

Beneficial Ownership
	 	 	 	 	 
	Common Stock:	 	 	 	 

 

3.2           Do
you have the right (through conversion rights, exercise of options, warrants or similar rights, or termination or revocation of
a trust or other discretionary account) to acquire “beneficial ownership” of shares of any AMRI
equity securities within the 60 days following the date hereof (excluding shares of AMRI
Common Stock received in exchange for your Euticals shares)? If yes, indicate the type of right, the number of shares covered by
such right, whether the right is currently exercisable or, if not, when the right becomes exercisable. 

 

No_____ Yes _____  (describe below)

 

	
         

        Type of Right
	 	Number of Shares or 

Securities Covered	 	Time Becomes Exercisable
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

4.          Relationship
with AMRI.

 

Except as set forth below, neither the
undersigned nor any of the undersigned’s “affiliates,” officers, directors or principal equity holders
(5% or more) has held any position or office or has had any other material relationship with AMRI (or its predecessors or affiliates)
during the past three years. For purposes of this Item, please include information with respect to any position or office or other
material relationship with AMRI that any of your “immediate family members” may have had during the relevant
period.

 

     

     

    

  

	 	
        State any exceptions:

         

	 	 
	 	 
	 	 
	 	 
	 	 

 

		5.	Are you (i) a “member” of the Financial
Industry Regulatory Authority, or FINRA, (ii) an owner of stock or other securities of a “member” of FINRA,
(iii) an “affiliate” of a “member” of FINRA, (iv) a “person associated with a member”
or “associated person of a member” of FINRA, or (v) an “underwriter or related person”
with respect to the proposed public offering?

 

No ____Yes ____

 

	 	If you answered yes, please describe the relationship:
	 	 
	 	 
	 	 
	 	 
	 	 

 

		6.	If your answer to Item 5 was yes, please indicate below
information as to all of your purchases and acquisitions (including contracts for the purchase or acquisition) of any securities
of the “issuer,” regardless of the time acquired or the source from which derived:

 

	Seller or 

Prospective Seller	 	Amount and Nature 

of Securities	 	Price or Other 

Consideration	 	
         

        Date

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

		7.	If your answer to Item 5 was yes, then in connection with
your direct or indirect “affiliation” or “association” with a “member”
of FINRA as set forth above in Item 5, please furnish the identity of such FINRA “member” and any information,
if known, as to whether such FINRA “member” intends to “participate” in any capacity in
the proposed public offering, including the details of such “participation.”

 

	 	Description:
	 	 
	 	 
	 	 
	 	 

 

     

     

    

  

		8.	Please indicate below information as to all sales and dispositions
(including contracts for the sale or disposition) of any securities of the “issuer” during the last six months
by you to any “underwriter or related person” with respect to the proposed public offering, “member”
of FINRA, “affiliate of a member” of FINRA, “person associated with a member” or “associated
person of a member” of FINRA:

 

	Buyer or 

Prospective Buyer	 	Amount and Nature 

of Securities	 	Price or Other 

Consideration	 	
         

        Date

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

		9.	If you have had during the last six months, or are to have
within the next six months, any transaction of the character referred to in either Item 6 or 8 above, describe briefly the relationship,
affiliation or association of both you and, if known, the other party or parties to any such transaction with any “underwriter
or related person” with respect to the proposed offering. In any case where the purchaser (whether you or any such party)
is known by you to be a member of a private investment group, such as a hedge fund or other group of purchasers, furnish, if known,
the names of all persons comprising the group and their association with or relationship to any broker-dealer.

 

	 	Description:
	 	 
	 	 
	 	 
	 	 

 

		10.	Indicate below whether or not you have any information
pertaining to any arrangement entered into since [Insert Date][NOTE: Should be the date that is 180 days prior] or that will be
entered into at any time within 90 days following the date of commencement of sales in the offering providing for the receipt
of any “item of value” from the “issuer” to any “underwriter or related person,”
except for information regarding nonconvertible or non-exchangeable debt securities acquired or “derivative instruments”
entered into for a “fair price” in the ordinary course of business in a transaction “unrelated
to the public offering.”

 

 ̈ I know
of no such information.

 ̈ I know
of such information, which is described below.

 

	 	Description:
	 	 
	 	 
	 	 
	 	 

 

[Remainder of page intentionally
left blank]

 

     

     

    

  

The undersigned agrees to notify AMRI promptly of any inaccuracies
or changes in the information provided herein that occur subsequent to the date hereof at any time while the Registration Statement
is being prepared or is effective. All notices hereunder shall be made in writing to the attention of the persons specified at
the address provided herein.

 

By signing below, the undersigned consents
to inclusion of information contained in its answers to this Questionnaire in the Registration Statement and the related prospectus.
The undersigned understands that AMRI will rely on the information provided by the Stockholder in this Questionnaire (or updates
thereto) in connection with the preparation or any amendment or supplement of the Registration Statement and the related prospectus
and any other related regulatory filings.

 

IN WITNESS WHEREOF, the undersigned hereby certifies that the
foregoing answers to this Questionnaire are accurate and complete.

 

DATED: _____________ ____, 2016

 

	 	 
	 	 
	 	Print Name:	 
	 	 	 
	 	Print Title (if applicable):Exhibit 10.1

 

Execution Version

 

ALBANY MOLECULAR RESEARCH, INC.

SUBSCRIPTION AGREEMENT

DATED
AS OF May 5, 2016

 

     

     

    

 

THIS SUBSCRIPTION AGREEMENT,
dated as of May 5, 2016 (this “Agreement”), is made by and among Albany Molecular Research, Inc., a company
incorporated under the laws of Delaware, United States (the “Company”) and Lauro Cinquantasette S.p.A, a company
incorporated under the laws of Italy (the “Subscriber”).

 

WHEREAS, the Company
and the Subscriber are parties to that certain Share Purchase Agreement, dated as of the date hereof (as it may be amended from
time to time, the “Share Purchase Agreement”), pursuant to which, among other things, the Company intends to
buy and the Subscriber intends to sell 100% of the capital stock of Prime European Therapeuticals S.p.A. – Euticals (the
“Euticals Stock” and “Euticals,” respectively), a company organized and existing under the
laws of Italy, with registered office at Viale Bianca Maria 25, Milano Italy, Italian Tax Code No. 07254610152 (the “Transaction”);

 

WHEREAS, the Company,
as partial consideration for the Subscriber’s sale of the Euticals Stock, intends to (i) issue and sell to the Subscriber
the Consideration Shares (as defined herein) pursuant to the terms of this Agreement and (ii) issue to the Subscriber Promissory
Note A and Promissory Note B, each dated as of the date of Closing, issued by the Company to the Subscriber;

 

WHEREAS, concurrently
with entering into this Agreement, the Company and the Subscriber shall enter into the Registration Rights and Lock-Up Agreement
(the “Registration Rights Agreement”); and

 

WHEREAS, concurrently
with the Closing, the Subscriber and the other parties named therein shall enter into the Stockholders Agreement in the form set
forth on Schedule 1.1(P) to the Share Purchase Agreement (the “Stockholders Agreement”, and together with the
Registration Rights Agreement, the “Rights Agreements”).

 

NOW, THEREFORE, in
consideration of the foregoing, the agreements set forth in this Agreement, and other good and valuable consideration, the adequacy
and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Definitions.
For the purposes of this Agreement, the following terms shall have the following respective meanings.

 

“Adjustment
Date” shall have the meaning assigned in Section 6(d)(iii).

 

“Affiliate”
shall mean, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common
control with, such Person.

 

“Agreement”
shall have the meaning assigned in the preamble.

 

“Applicable
Law” means, with respect to any Person, any transnational, domestic or foreign federal, state or local law (statutory,
common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree,
ruling or other similar requirement enacted, adopted, promulgated or applied by a governmental authority that is binding upon or
applicable to such Person, as amended unless expressly specified otherwise, including, as it relates to the Consideration Shares/Shares,
the requirements of any applicable federal or state securities laws or the rules, regulations
or listing standards promulgated by any national securities exchange on which such shares are traded.

 

    1

     

    

 

“Board”
shall mean the board of directors of the Company.

 

“Business
Day” shall mean a day (other than a Saturday or a Sunday) on which banks generally are open in Milan, Italy and New York,
New York.

 

“Buyer”
shall have the meaning assigned in the Share Purchase Agreement.

 

“Carry Over
Amount” shall have the meaning assigned in Section 6(d)(iii).

 

“Claim
of Indemnity” shall have the meaning assigned in Section 6.(d)(iv). 

 

“Company”
shall have the meaning assigned in the preamble.

 

“Company
Indemnitees” shall have the meaning assigned in Section 6.(c).

 

“Company
Public Filings” shall have the meaning assigned in Section 4.

 

“Computershare”
shall have the meaning assigned in Section 2.(a).

 

“Consideration
Shares” shall have the meaning assigned in Section 2.(a).

 

“Direct Claim”
shall have the meaning in Section 6.(d)(v).

 

“Escrow Agent”
shall mean Cordusio Fiduciaria S.p.A., a company incorporated under the laws of Italy, with registered office in Italy, at Via
Dante n. 4, Milan, registered with the Companies’ Register of Milan under no. 01855720155, REA n. 863916, or, in the event
of its non-acceptance or its subsequent waiver of its appointment pursuant to this Agreement, another escrow agent nationally recognized
within the United States and Italy which shall be designated by the Company and reasonably acceptable to the Subscriber (or as
may otherwise be designated in accordance with the terms of the Escrow Agreement).

 

“Escrow Agreement”
shall mean the agreement in the form of Schedule 1.1(E) of the Share Purchase Agreement to be executed and delivered by the parties
and the Escrow Agent at Closing.

 

“Euticals
Stock” shall have the meaning assigned in the recitals.

 

“Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended.

 

“FCPA”
shall have the meaning assigned in Section 4.(q).

 

    2

     

    

 

“Fundamental
Representations” shall mean (a) with respect to the Company, the representations and warranties in Sections
4(a) (Existence, Qualification and Power); 4(b) Authorization, Noncontravention); 4(c) (Governmental Authorization);
4(d) (Binding Effect); 4(e) (Capitalization); 4.(i) (Issuance of Company Common Stock); 4(t) (Brokers
and Finders) and (b) with respect to the Subscriber, the representations and warranties in Sections 3.(a) (Existence, Qualification
and Power); 3.(b) (Authorization; Noncontravention); 3.(c) (Governmental Authorization); 3.(d) (Binding Effect);
and 3.(g) (U.S. Securities Law Representations) of this Agreement.

 

“Indemnified
Party” shall mean the Company Indemnitee or the Subscriber Indemnitee, as the case may be.

 

“Indemnifying
Party” shall mean the Company or the Subscriber, as the case may be.

 

“Indemnity
Escrow Account” means a separate account maintained by the Escrow Agent that holds the Indemnity Escrow Amount as a trust
fund for the purpose of the indemnification in accordance with Section 6 of this Agreement according to the Escrow Agreement.

 

“Indemnity
Threshold” shall have the meaning assigned in Section 6.(d)(i).

 

“Intellectual
Property Rights” shall have the meaning assigned in Section 4.(s).

 

“Lien”
shall means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, easement, right-of-way
or other encumbrance on title, lien (statutory or otherwise), charge, or preference, priority or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title
retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing); provided that
any operating lease or license, and any filing of a UCC financing statement that is a protective lease filing in respect of an
operating lease and any filings with the governmental authority in respect of any license do not constitute Liens.

 

“Litigation”
means any action, cease and desist letter, demand, suit, arbitration proceeding, administrative or regulatory proceeding, citation,
summons or subpoena of any nature, civil, criminal, regulatory or otherwise, in law or in equity.

 

“Losses”
means any damage, loss, liability or expense (including reasonable expenses of investigation, enforcement and collection and reasonable
attorneys’ and accountants’ fees and expenses in connection with any Litigation and any incidental, indirect or consequential
damages, losses, liabilities or expenses, and any lost profits or diminution in value), whether or not involving a Third Party
Claim.

 

“Period 1
Cap” shall mean, with respect to each of the Company and the Subscriber, €31,000,000.

 

“New York
Convention” shall have the meaning assigned in Section 8.(d)(iii).

 

    3

     

    

 

“Person”
shall mean any individual, firm, partnership, corporation, trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization, including a government or agency or political subdivision
thereof, and shall include any successor (by merger or otherwise) of such entity.

 

“Revised Cap”
shall have the meaning assigned in Section 6.(d)(ii).

 

“Rights Agreements”
shall have meaning assigned in the recitals.

 

“Rules”
shall have meaning assigned in Section 8.(d)(ii).

 

“SEC”
shall mean the Securities and Exchange Commission, or any successor agency having jurisdiction to enforce the Securities Act.

 

“SEC
Documents” shall mean all reports, schedules, forms, statements and other documents with the SEC required to be filed
by the Company or furnished by the Company since January 1, 2014 (including any items incorporated by reference or attached as
schedules thereto).

 

“Securities
Act” shall mean the United States Securities Act of 1933, as amended.

 

“Shares”
shall mean shares of common stock, $0.01 par value per share, of the Company.

 

“Share Purchase
Agreement” shall have the meaning assigned in the recitals.

 

“Stockholders
Agreement” shall have the meaning assigned in the Share Purchase Agreement.

 

“Subscriber”
shall have the meaning assigned in the preamble.

 

“Subscriber
Indemnitees” shall have the meaning assigned in Section 6.(b).

 

“Subsidiary”
shall mean, with respect to the Company or the Subscriber, as applicable, any domestic or foreign corporation, partnership, limited
liability company, association or other business entity of which (i) if a corporation, more than 50% of the total voting power
of stock entitled (other than stock or such other ownership interest having such power only by reason of the happening of a contingency)
to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly,
or (ii) if a partnership, limited liability company, association or business entity other than a corporation, more than 50% of
the partnership or other similar ownership interests thereof (other than stock or such other ownership interest having such power
only by reason of the happening of a contingency) is at the time owned or controlled, directly or indirectly.

 

“Third Party
Claim” shall have the meaning assigned in Section 6.(d)(v).

 

“Transaction”
shall have the meaning assigned in the recitals.

 

“UKBA”
shall have the meaning assigned in Section 4.(q).

 

“United States”
shall have the meaning assigned in Section 3.(g)(vii).

 

    4

     

    

 

“U.S. Person”
shall have the meaning assigned in Section 3.(g)(vii).

 

All capitalized terms
not otherwise defined in this Agreement shall have the meanings assigned thereto in the Share Purchase Agreement.

 

2.          Issuance
of Shares.

 

(a)          Issuance.
Subject to (i) the terms and conditions hereof, (ii) closing under the Share Purchase Agreement, (iii) receipt by the Subscriber
on the Closing Date of a certificate signed by a duly authorized officer of the Company stating (x) that the representations and
warranties of the Company contained in this Agreement shall be true and correct in all material respects at and as of the Closing
Date with the same effect as though made at and as of such time (unless such representation and warranty speaks as of an earlier
date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier
date), (y) that the Company shall have in all material respects duly performed and complied with all agreements, covenants and
conditions required by this Agreement to be performed or complied with by the Company at or prior to the Closing and (z) the total
number of Shares outstanding on the Closing Date prior to giving effect to the issuance of the Consideration Shares, (iv) receipt
by the Company on the Closing Date of a certificate signed by a duly authorized officer of the Subscriber stating (x) that the
representations and warranties of the Subscriber contained in this Agreement shall be true and correct in all material respects
at and as of the Closing Date with the same effect as though made at and as of such time (unless such representation and warranty
speaks as of an earlier date, in which case such representation and warranty shall have been true and correct in all material respects
as of such earlier date) and (y) that the Subscriber shall have in all material respects duly performed and complied with all agreements,
covenants and conditions required by this Agreement to be performed or complied with by the Subscriber at or prior to the Closing,
and (v) the Company having delivered to Computershare, N.A., in its capacity as the Company’s transfer agent (“Computershare”),
with a copy to the Subscriber, a letter in the form attached hereto as Schedule A and, as a consequence of such letter from the
Company to Computershare, the Company shall cause Computershare to, and Computershare shall, deliver to the Subscriber a share
balance statement evidencing the fact that the Consideration Shares have been transferred via book-entry format to the Subscriber
on and as of the Closing Date, then the Company shall issue to the Subscriber, and the Subscriber shall subscribe for and receive
from the Company as partial consideration for the Transaction, 7,051,295 Shares issuable pursuant hereto and as contemplated by
Article 5.2(i) of the Share Purchase Agreement (the “Consideration Shares”).

 

(b)          Adjustment
to Shares. (x) If the Company shall, at any time after the date hereof and until the Closing, (i) pay a dividend or make any
other distribution upon any Shares of the Company common stock or any other capital stock of the Company payable in Shares, (ii)
subdivide (by any stock split, recapitalization or otherwise) its outstanding Shares of the Company common stock into a greater
number of Shares of the Company common stock, the number of Shares of the Company common stock to be issued to the Subscriber at
the Closing shall be proportionately increased, and (y) if for any reason there exist any Excess Shares at the Closing, the number
of Consideration Shares issued to the Subscriber at the Closing hereunder shall be decreased by such number of Excess Shares.

 

    5

     

    

 

3.          Representations
and Warranties of the Subscriber. The Subscriber represents and warrants to the Company, as of the date hereof (unless such
representation and warranty speaks as of another date, in which case such representation and warranty is made as of such date),
as follows:

 

(a)          Existence,
Qualification and Power The Subscriber (a) is duly organized or formed, validly existing and in good standing (to the extent
such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization, (b)
has all requisite corporate or other organizational power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own its assets and carry on its business as presently conducted except to the extent that failure
to possess such governmental licenses, authorizations, consents and approvals would not reasonably be expected to have a material
adverse effect and (ii) execute, deliver and perform its obligations under this Agreement and the Rights Agreements and (c) is
duly qualified and is licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification or license except to the extent that failure to do so
would not reasonably be expected to have, individually or in the aggregate, a material adverse effect.

 

(b)          Authorization;
Noncontravention. The execution, delivery and performance by the Subscriber of this Agreement and each of the Rights Agreements
(a) has been duly authorized by all necessary corporate, partnership, limited liability company or other organizational action,
and (b) do not and will not (i) contravene the terms of any of the Subscriber’s organization documents, or (ii) conflict
with or result in any breach or contravention of any contractual obligation to which the Subscriber is a party, any Applicable
Law, or any order, injunction, writ or decree of any governmental authority or any arbitral award to which the Subscriber or their
respective property is subject, except in the case of this clause (ii) any such conflict, breach or contravention that would not
reasonably be expected to have, individually or in the aggregate, a material adverse effect.

 

(c)          Governmental
Authorization. No consent, waiver, approval, order or authorization of, or registration, declaration or filing with, or notice
to, any governmental authority, is required by or with respect to the Subscriber in connection with the execution and delivery
of this Agreement or the Rights Agreements by the Subscriber or the consummation by the Subscriber of the transactions contemplated
hereby or thereby, except for such filings, authorizations, consents and approvals that if not obtained or made would not have,
individually or in the aggregate, a material adverse effect on the ability of the Subscriber to consummate the transactions contemplated
by this Agreement and the Rights Agreements.

 

(d)          Binding
Effect. This Agreement has been, and each of the Rights Agreements, when delivered hereunder, will have been, duly executed
and delivered by the Subscriber. This Agreement constitutes, and each of the Rights Agreement when so delivered will constitute,
a legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, examinership, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally.

 

    6

     

    

 

(e)          Litigation.
There is no Litigation, action, suit, proceeding, claim, arbitration or investigation pending or, to the knowledge of the Subscriber,
threatened in writing against the Subscriber, nor is the Subscriber subject to any outstanding order, writ, judgment, injunction
or decree that, in any case, would (i) prevent, hinder or materially delay the consummation of the transactions contemplated by
this Agreement or the Share Purchase Agreement or (ii) otherwise prevent, hinder or materially delay performance by the Subscriber
of any of its respective obligations under this Agreement, the Share Purchase Agreement or the Rights Agreements.

 

(f)          Proceedings.
The Subscriber has not been: (i) subject to voluntary or involuntary petition under the U.S. or foreign federal bankruptcy laws
or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer by a court for the Subscriber’s
business or property or that of any partnership of which the Subscriber was a general partner or any corporation or business association
of which the Subscriber was an executive officer; (ii) convicted in a criminal proceeding or named as a subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses) or been otherwise accused of any act of moral turpitude; (iii)
the subject of any order, judgment, or decree (not subsequently reversed, suspended or vacated) of any court of competent jurisdiction
permanently or temporarily enjoining the Subscriber or otherwise imposing limits or conditions on the Subscriber’s ability
to engage in any securities, investment advisory, banking, insurance or other type of business or acting as an officer or director
of a public company; or (iv) found by a court of competent jurisdiction in a civil action or by the SEC to have violated any U.S.
or foreign federal or state commodities, securities or unfair trade practices law.

 

(g)          U.S.
Securities Law Representations.

 

(i)          U.S.
Person.  The Subscriber is not (a) a “U.S. Person”, and (b) acquiring any Consideration Shares for the
account or benefit of a U.S. Person.

 

(ii)         No
U.S. Offer. No offer relating to the Consideration Shares was made to the Subscriber in the United States and, at the time
of execution by the Subscriber of this Agreement and at the Closing, the Subscriber will be organized outside the United States.

 

(iii)        Regulation
S. Unless and until a valid registration statement is available to the Subscriber to resell the Consideration Shares in the
public market, the Subscriber will resell the Shares received as Consideration Shares only in compliance with Regulation S or pursuant
to another available exemption from the registration requirements of the Securities Act.

 

(iv)         No
Hedging. The Subscriber will not engage in hedging transactions with regard to any Shares issued under this Agreement unless
in compliance with the Securities Act.

 

    7

     

    

 

(v)          Unregistered
Securities. The Subscriber understands that Shares will not, as of the Closing, be registered under the Securities Act, by
reason of a specific exemption from the registration provisions of the Securities Act, which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Subscriber’s representations as expressed herein
and in the Share Purchase Agreement. The Subscriber understands that the Consideration Shares will be “restricted securities”
under applicable U.S. federal and state securities laws when issued at the Closing.

 

(vi)         Stock
Legend. The Subscriber understands that the Shares and any securities issued in respect of or exchange for such Shares, may
be notated with one or all of the following legends until such time as such Shares or such securities are no longer “restricted
securities” under applicable U.S. federal securities laws as a result of registration under the Securities Act or otherwise:

 

“THE SHARES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. NO SUCH TRANSFER MAY BE EFFECTED UNLESS IT IS DONE
IN COMPLIANCE WITH REGULATION S OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OF 1933.

 

THE SHARES REPRESENTED
HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A STOCKHOLDERS AGREEMENT AND A REGISTRATION RIGHTS AND LOCK-UP AGREEMENT
BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

(vii)        For
purposes of this clause: “United States” means the United States of America, its territories and possessions,
any state of the United States and the District of Columbia. For purposes of this clause; “U.S. Person” means:
(a) any natural person resident in the United States; (b) any partnership or corporation organized or incorporated under the laws
of the United States; (c) any estate of which any executor or administrator is a U.S. Person; (d) any trust of which any trustee
is a U.S. Person; (e) any agency or branch of a foreign entity located in the United States; (f) any non-discretionary account
or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;
(g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized,
incorporated, or (if an individual) resident in the United States; and (h) any partnership or corporation if: (i) organized or
incorporated under the laws of any foreign jurisdiction; and (ii) formed by a U.S. Person principally for the purpose of investing
in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors
(as defined in Rule 501 (a) under the Securities Act) who are not natural persons, estates or trusts; provided, however, the following
are not “U.S. Persons”: (a) any discretionary account or similar account (other than an estate or trust) held
for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an
individual) resident in the United States; (b) any estate of which any provisional fiduciary acting as executor or administrator
in a U.S. Person if (i) an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion
with respect to the assets of the estate; and (ii) the estate is governed by foreign law; (c) any trust of which any professional
fiduciary acting as trustee is a U.S. Person, if a trustee who is not a U.S. Person has sole and shared investment discretion with
respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person; (d) an
employee benefit plan established and administered in accordance with the law of a country other than the United States and customary
practices and documentation of such country; (e) any agency or branch of a U.S. Person located outside the United States if: (i)
the agency or branch operates for valid business reasons; and (ii) the agency or branch is engaged in the business of insurance
or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and;
(f) the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development
Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension
plans, and any other similar international organizations, their agencies, affiliates and pension plans.

 

    8

     

    

 

4.          Representations
and Warranties of the Company. Except as otherwise set forth in and as would be required to be set forth in the publicly available
reports, schedules, forms, statements and other documents (other than risk factors or forward looking statements) filed or furnished
by the Company with the SEC since January 1, 2014 (the “Company Public Filings”), the Company hereby represents
and warrants to the Subscriber, as of the date hereof (unless such representation and warranty speaks as of another date, in which
case such representation and warranty is made as of such date), as follows:

 

(a)          Existence,
Qualification and Power. Each of the Company and its Subsidiaries (a) is duly organized or formed, validly existing and in
good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation
or organization, (b) taken as a whole, have all requisite corporate or other organizational power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own their assets and carry on their businesses as presently
conducted except to the extent that failure to possess such governmental licenses, authorizations, consents and approvals would
not reasonably be expected to have a material adverse effect and (ii) execute, deliver and perform their obligations under this
Agreement and the Rights Agreements and (c) are duly qualified and are licensed and in good standing under the laws of each jurisdiction
where their ownership, lease or operation of properties or the conduct of their businesses require such qualification or license
except to the extent that such failures to do so would not, in the aggregate, reasonably be expected to have a material adverse
effect on the Company and its Subsidiaries, taken as a whole.

 

(b)          Authorization;
No Contravention. The execution, delivery and performance by the Company of each of this Agreement and the Rights Agreements
(a) has been duly authorized by all necessary corporate, partnership, limited liability company or other organizational action,
and (b) do not and will not (i) contravene the terms of any of the Company’s or any of its Subsidiaries’ organization
documents or (ii) conflict with or result in any breach or contravention of any contractual obligation to which the Company or
any of its Subsidiaries is a party or any order, injunction, writ or decree of any governmental authority or any arbitral award
to which the Company or any of its Subsidiaries or their property is subject or (iii) violate any law.

 

    9

     

    

 

(c)          Governmental
Authorization. No consent, waiver, approval, order or authorization of, or registration, declaration or filing with, or notice
to, any governmental authority, is required by or with respect to the Company in connection with the execution and delivery of
this Agreement or the Rights Agreements by the Company or the consummation by the Company of the transactions contemplated hereby
or thereby, except for such filings, authorizations, consents and approvals that if not obtained or made would not, individually
or in the aggregate, have a material adverse effect on the ability of the Company to consummate the transactions contemplated by
this Agreement and the Rights Agreements.

 

(d)          Binding
Effect. This Agreement has been, and each of the Rights Agreements, when delivered hereunder, will have been, duly executed
and delivered by the Company. This Agreement constitutes, and each of the Rights Agreements when so delivered will constitute,
a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, examinership, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally.

 

(e)          Capitalization.
As of May 4, 2016, the authorized and outstanding capital stock of the Company consists of (a) 2,000,000 shares of preferred stock,
none of which are outstanding, and (b) 100,000,000 Shares of the Company common stock, of which 35,702,763 Shares are outstanding.
As of the date hereof and as of the Closing Date, (i) there are no options, warrants, securities or instruments convertible into
or exchangeable for, or other rights, agreements, arrangements or commitments relating to, or obligating the Company or any of
its Subsidiaries to issue or sell any Shares of, the capital stock of, or any other interest in the Company (other than this Agreement
and the Rights Agreements), (ii) there have not been any non-cash dividends or in-kind distributions, including dividends or distributions
of assets, property, rights, or options to acquire any assets property or rights of the Company, including securities issued by
or the assets or properties of its Subsidiaries, declared or payable, or (iii) there has not been any issuance of equity securities
(or any instrument exercisable or exchangeable for or convertible into the equity securities) of the Company for consideration
per Share less than $15.5460, whether pursuant to a “shelf takedown” from the Company’s registration statement
on Form S-3 filed with the SEC on December 8, 2014 or otherwise, in the case of this clause (iii), other than (x) any issuance
pursuant to a registration statement on Form S-8 relating to the sale of securities to employees of the Company or a subsidiary
of the Company pursuant to a stock option, stock purchase, or similar equity incentive plan or (y) issuances of equity securities
(or any instrument exercisable or exchangeable for or convertible into the equity securities) for consideration in the aggregate
less than $5,000,000, and in each case of clause (i), (ii) and (iii), except as set forth in the Company Public Filings that are
filed with the SEC prior to the date hereof.

 

(f)          SEC
Documents.

 

(i)          The
Company has filed the SEC Documents. None of the Company’s Subsidiaries is required to make any filings of SEC Documents.
As of their respective dates of filing, the SEC Documents complied as to form in all material respects with the requirements of
the Securities Act, or the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable
thereto, and none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. There are no outstanding comments from the SEC with respect to any SEC Document.

 

    10

     

    

 

(ii)         The
audited consolidated financial statements and the unaudited quarterly financial statements (including, in each case, the notes
thereto) of the Company included in the SEC Documents when filed complied as to form in all material respects with the published
rules and regulations of the SEC with respect thereto, have been prepared in all material respects in accordance with U.S. GAAP
(except, in the case of unaudited quarterly statements, as permitted by Form 10-Q of the SEC or other rules and regulations of
the SEC) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly
present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the
dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case
of unaudited quarterly statements, to normal year-end adjustments).

 

(iii)        The
Company (i) has implemented and maintains disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act)
to ensure that material information relating to Company, including its consolidated Subsidiaries, is made known to the principal
executive officer and the principal financial officer of Company, and (ii) has disclosed, based on its most recent evaluation prior
to the date hereof, to Company’s outside auditors and the audit committee of the Board of the Company (A) any significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting (as defined in Rule
13a-15(f) of the Exchange Act) that are reasonably likely to adversely affect Company’s ability to record, process, summarize
and report financial information and (B) any fraud, whether or not material, that involves management or other employees who have
a significant role in the Company’s internal controls over financial reporting.

 

(g)          Exemption
from Registration. Based in part on the representations made and warranties given by the Subscriber in this Agreement and in
the Share Purchase Agreement, the offer and issuance by the Company of the Consideration Shares will be exempt from registration
under the Securities Act.

 

(h)          Short-Form
Registration. The Company qualifies for registration on Form S-3 or any comparable or successor form or forms or any similar
short-form registration.

 

(i)          Issuance
of Company Common Stock. The issuance of the Consideration Shares at the Closing shall have been duly authorized as of the
Closing and, when issued and delivered and paid for as provided herein, the Consideration Shares will be validly issued, fully
paid and non-assessable, free and clear of all Liens, and will not be subject to preemptive rights of the Company.

 

    11

     

    

 

(j)          No
Consent. Except for (a) compliance with the applicable requirements of the Exchange Act and the rules and regulations promulgated
thereunder, (b) compliance with the rules and regulations of the NASDAQ and (c) compliance with any applicable blue sky laws, no
material consent or approval of, or filing, license, permit or authorization, declaration or registration with, any governmental
authority, any stock market or stock exchange on which the Shares of Company common stock are listed for trading are necessary
for the execution and delivery of this Agreement by the Company, the performance by the Company of its obligations hereunder and
the consummation by the Company of the transactions contemplated hereunder.

 

(k)          Listing
Compliance. The Company is in compliance with the requirements of the NASDAQ for continued listing of the common stock of the
Company thereon. The Company has taken no action designed to terminate the registration of the common stock of the Company under
the Exchange Act or the listing of the common stock of the Company on the NASDAQ, nor as of the date of this Agreement has the
Company received any written notification that the SEC or the NASDAQ is contemplating terminating such registration or listing.

 

(l)          Litigation.
There is no Litigation, action, suit, proceeding, claim, arbitration or investigation pending or, to the knowledge of the Company,
threatened in writing against the Company or its Subsidiaries, nor are the Company or its Subsidiaries subject to any outstanding
order, writ, judgment, injunction or decree that, in any case, would (i) prevent, hinder or materially delay the consummation of
the transactions contemplated by this Agreement or the Share Purchase Agreement or (ii) otherwise prevent, hinder or materially
delay performance by the Company of any of its obligations under this Agreement, the Share Purchase Agreement or the Rights Agreements.

 

(m)          Taxes.
The Company and its Subsidiaries, taken as a whole, have timely filed, or caused to be filed, all federal, state, provincial, local
and foreign Tax returns required to be filed, and paid all Taxes owing by it (including in their capacity as a withholding agent),
whether or not shown on any such Tax returns, except Taxes the validity or the amount of which are being contested in good faith
by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves
with respect thereto in accordance with U.S. GAAP. To the knowledge of the Company, there is no pending investigation, Tax audit
or deficiencies of the Company or its Subsidiaries by any taxing authority or proposed Tax assessments against the Company or its
Subsidiaries.

 

(n)          Subsidiaries.
Schedule 4(n) sets forth a complete and accurate list as of the date hereof of all Subsidiaries of the Company and the jurisdiction
of formation of each such Subsidiary.

 

(o)          Investment
Company Act. The Company is not an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended.

 

(p)          Compliance
with Law. The Company and its Subsidiaries, taken as a whole, are in compliance with all requirements of law applicable to
them or to their properties. To the knowledge of the Company, neither the Company nor its Subsidiaries nor any of their material
properties or assets are in default with respect to any judgment, writ, injunction, decree or order of any court or other governmental
authority. As of the date hereof, neither the Company nor its Subsidiaries has received any written communication from any governmental
authority that alleges that the Company or its Subsidiaries are not in compliance in any material respect with any law, except
for allegations that have been satisfactorily resolved and are no longer outstanding.

 

    12

     

    

 

(q)          Anti-Corruption
Laws. None of the Company and its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
or Company or its Subsidiary is aware of or has taken or failed to take any action, directly or indirectly, that has violated the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the
U.K. Bribery Act 2010 (“UKBA”), or any other applicable anti-corruption laws, including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or authorization of the
giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA)
or any foreign political party or official thereof or any candidate for foreign political office in contravention of the FCPA,
or to any person, in contravention of the UKBA, or any other applicable anti-corruption laws. The Company, and its Subsidiaries
and their respective Affiliates have conducted their businesses in compliance with the FCPA, the UKBA, and all other applicable
anti-corruption laws and have instituted and will maintain policies and procedures designed to promote and achieve compliance with
such laws and with the representation and warranty contained herein.

 

(r)          Environmental
Matters; Health and Safety Matters.

 

(i)          The
Company and its Subsidiaries, taken as a whole, are not and have not been in violation of any Environmental and Health and Safety
Laws and the operations of the Company and its Subsidiaries at all plants, offices and other working sites are in compliance therewith.

 

(ii)         No
Real Properties (x) have been contaminated by any Hazardous Materials; (y) contain underground storage tanks; or (z) contain any
asbestos containing material, in each case, in a manner that would reasonably be expected to result in material liabilities to
the Company and its Subsidiaries under Environmental and Health and Safety Laws.

 

(s)          Intellectual
Property. The Company and its Subsidiaries, taken as a whole, and, with respect to patents and patent rights, subject to the
knowledge of the Company, own or possess adequate rights or licenses to use all trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights, original works of authorship, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor
(“Intellectual Property Rights”) necessary to conduct their respective businesses as now conducted and as presently
proposed to be conducted. The Company’s and its Subsidiaries’ Intellectual Property Rights have not expired, terminated
or been abandoned, or are expected to expire, terminate or be abandoned, within six (6) months from the date of this Agreement,
other than resulting from reasonable business judgment of the Company. The Company has no knowledge of any infringement by the
Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought,
or to the knowledge of the Company, being threatened, against the Company or its Subsidiaries regarding their Intellectual Property
Rights. The Company is not aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims,
actions or proceedings. The Company and its Subsidiaries have taken commercially reasonable security measures to protect the secrecy,
confidentiality and value of all of their Intellectual Property Rights.

 

    13

     

    

 

(t)          Brokers
and Finders. Except for Nomura Securities International, Inc., there is no investment banker, broker, finder or other intermediary
retained by or authorized to act on behalf of the Company and its Subsidiaries who might be entitled to any fee or commission from
the Subscriber or any of its Subsidiaries or Affiliates upon consummation of the transactions contemplated hereby.

 

(u)          Transactions
With Affiliates. Except as set forth in the Company Public Filings, none of the officers, directors or employees of the Company
or any of its Subsidiaries, to the knowledge of the Company, is presently a party to any transaction with the Company or any of
its Subsidiaries (other than for ordinary course services as employees, officers or directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or
from, or otherwise requiring payments to or from any such officer, director or employee or, to the knowledge of the Company, any
corporation, partnership, trust or other Person in which any such officer, director, or employee has a substantial interest or
is an employee, officer, director, trustee or partner.

 

5.          Covenant
of the Company. From the date hereof until the earlier of (i) the Closing or (ii) the termination of this Agreement in accordance
with its terms, the Company and its Subsidiaries shall not enter into any definitive agreements for any merger, acquisition or
business combination with an aggregate value of $50,000,000 or more other than the agreements and instruments related to the Share
Purchase Agreement and the transactions contemplated therein and hereunder.

 

6.          Indemnification.

 

(a)          Survival.
The representations and warranties of the Subscriber and the Company contained in or made pursuant to this Agreement shall survive
the execution and delivery of this Agreement and the Closing and for twenty-four (24) months after the Closing; provided
that the Fundamental Representations shall survive the execution and delivery of this Agreement and the Closing for forty-eight
(48) months after the Closing.

 

(b)          Indemnification
by the Company. From and after the Closing, and subject to this Section 6, the Company shall defend, indemnify and hold harmless
each of the Subscriber and its officers, directors, employees, agents, successors and assigns (collectively, the “Subscriber
Indemnitees”) from and against, and pay or reimburse the Subscriber Indemnitees for, any and all Losses resulting from
(i) any inaccuracy in or breach of any representation or warranty (except for an inaccuracy in or breach of Section 4.(i) (Issuance
of Company Stock)) when made or deemed made by the Company in or pursuant to this Agreement, (ii) any inaccuracy in or breach of
Section 4.(i) (Issuance of Company Stock) or (iii) any breach or default in performance by the Company of any covenant or agreement
under this Agreement.

 

    14

     

    

 

(c)          Indemnification
by the Subscriber. From and after the Closing, and subject to this Section 6, the Subscriber shall defend, indemnify and hold
harmless the Company and its officers, directors, employees, agents, successors and assigns (collectively, the “Company
Indemnitees”) from and against, and pay or reimburse the Company Indemnitees for, any and all Losses resulting from (i)
any inaccuracy in or breach of any representation or warranty when made or deemed made by the Subscriber in or pursuant to this
Agreement or (ii) any breach or default in performance by the Subscriber of any covenant or agreement under this Agreement.

 

(d)          Limitations
on Indemnity. The Subscriber and the Company agree, for themselves and on behalf of the Subscriber Indemnitees and the Company
Indemnitees:

 

(i)          Limitations
on Subscriber Indemnities. Except for claims for indemnification for Losses in respect of Fundamental Representations, no Subscriber
Indemnitee will assert any claims for indemnification under Section 6(b) in respect of any Loss incurred or suffered by
such Subscriber Indemnitee until such time as the aggregate of all Losses (including Losses in respect of Fundamental Representations)
that the Subscriber Indemnitees may have under Section 6(b) exceeds €500,000 (the “Indemnity Threshold”),
and then only for the aggregate amount of all Losses in excess of the Indemnity Threshold. The aggregate liability of the Company
in respect of claims for indemnification pursuant to (x) Section 6(b)(i) and (iii) shall never exceed €31,000,000 and
(I) until the date that is 24 months after the Closing Date, shall be limited to the Period 1 Cap and (II) after the date that
is 24 months after the Closing Date and until the date that is 48 months after the Closing Date, shall be limited to the Revised
Cap and (y) Section 6(b)(ii) shall be limited to €109,000,000.

 

(ii)         Limitations
on Company Indemnities. Except for claims for indemnification for Losses in respect of Fundamental Representations,
no Company Indemnitee will assert any claims for indemnification under Section 6(c) in respect of any Loss incurred or suffered
by such Company Indemnitee until such time as the aggregate of all Losses (including Losses in respect of Fundamental Representations)
that Company Indemnitees may have under Section 6(c) together with all “Losses” that the “Indemnified
Party” may have under Article 9.1 of the Share Purchase Agreement (as such terms are defined therein) exceeds the Indemnity
Threshold, and then only for the aggregate amount of all Losses in excess of the Indemnity Threshold. Except for claims for indemnification
for Losses relating to the title to shares (including title to INC Shares) representation and warranty of the Subscriber under
the Share Purchase Agreement (the “SPA Title Representation”), the aggregate liability of the Subscriber in
respect of claims for indemnification pursuant to Section 6(c) together with all “Losses” that the “Indemnified
Party” may have under Article 9.1 of the Share Purchase Agreement (as such terms are defined therein) shall never exceed
€31,000,000, and (I) until the date that is 24 months after the Closing Date, shall be limited to the Period 1 Cap and (II)
after the date that is 24 months after the Closing Date and until the date that is 48 months after the Closing Date, shall be limited
to the Revised Cap. For the avoidance of doubt, the aggregate liability of the Subscriber in respect of the SPA Title Representation
shall be the Price.

 

    15

     

    

 

(iii)        Revised
Cap. For all and any Claim of Indemnity notified by the Indemnified Parties to the Indemnifying Party pursuant to this Agreement
after the date that is 24 months following the Closing Date (the “Adjustment Date”), the Cap shall be reduced
to a “Revised Cap” equal to the greater of (x) €15,000,000.00 and (y) the sum of €15,000,000.00 and
the Carry Over Amount, provided that the Revised Cap shall under no circumstance exceed €31,000,000. For purposes hereof,
“Carry Over Amount” means the aggregate value of Claims for Indemnity made prior to or on the date that is
24 months following the Closing Date which (a) the Indemnifying Party has acknowledged in writing to be due and payable to the
Indemnified Party, but have not been paid prior to the Adjustment Date or (b) have been notified to the Indemnifying Party by
the Indemnified Party in a notice complying with Section 6(d)(iv) below. 

 

(iv)         Claims.
In the event that the Indemnified Party becomes aware of any Loss claim, proceeding or other matter in respect of which the Indemnifying
Party is obliged to indemnify the Indemnified Parties pursuant to this Agreement, the Indemnified Party shall promptly provide
written notice to the Indemnifying Party and, if applicable, the Escrow Agent of such claim, which notice shall state the nature
of the claim, basis for indemnification of such claim, the amount thereof (to the extent known or estimated, which amount shall
not be conclusive of the final amount of such claim), the method of computation thereof (to the extent known or estimated), any
other material details pertaining to such claim and, in the case of a Third Party Claim (as defined below), the basis therefor
and any remedy sought thereunder (collectively, the “Claim of Indemnity”), provided that any delay in giving
such notice shall not relieve the Indemnifying Party of its obligations under this Agreement except to the extent of any damages
actually suffered by the Indemnifying Party as a result of such delay.

 

(v)          The
Claim of Indemnity shall specify whether it arises as a result of a claim by a Person against an Indemnified Party (the “Third
Party Claim”) or whether the Claim of Indemnity does not so arise (the “Direct Claim”).

 

(A)         With
respect to any Direct Claim,

 

(1)         Following
receipt of the Claim of Indemnity from the Indemnified Party, the Indemnifying Party shall have thirty (30) Business Days to make
such investigation in connection with the Claim of Indemnity as it considers is reasonably required. For the purpose of such investigation,
the Indemnified Party shall make available to the Indemnifying Party the information relied upon by the Indemnified Party to substantiate
its request of indemnification in respect of the Claim of Indemnity, together with all such other information as the Indemnifying
Party may reasonably request.

 

(2)         If
both parties agree at or prior to the expiration of such thirty (30)-Business Day period (or any mutually agreed upon extension
thereof) to the validity and amount of such Claim of Indemnity, then the Indemnifying Party shall pay to the Indemnified Party
the full agreed upon amount of the Claim of Indemnity, failing which the matter shall be referred to the legal proceedings as provided
for under Section 8.(d) (if in such instance a Company Indemnitee is the Indemnified Party, such amount shall be paid from
the Indemnity Escrow Account or by means of offset against the Promissory Note B).

 

    16

     

    

 

(3)         It
is however further agreed that in any event in which within thirty (30) Business Days from the issuance of a Claim of Indemnity
the Indemnified Party does not receive Indemnifying Party’s written notice formally contesting it, such Claim of Indemnity
shall be deemed as finally agreed and accepted by the Indemnifying Party and such amount shall promptly be paid to the Indemnified
Party (if in such instance the Indemnified Party is a Company Indemnitee, such amount shall be paid by the Escrow Agent out of
the Escrow Account without the need for instruction from the Indemnifying Party or by means of offset against Promissory Note B
regardless of the then-current holder of the Promissory Note B) .

 

(B)         With
respect to any Third Party Claim,

 

(1)         The
Indemnified Party shall properly and diligently defend (when applicable) any such Claim; the Indemnifying Party shall have the
right to participate, and, where possible, join, at the Indemnifying Party’s own cost by counsel or counsels of its election,
in the defense of any such claim.

 

(2)         The
Indemnified Party shall not make or accept any settlement of any Third Party Claim, nor shall make acquiescence thereto nor shall
(to the extent of its ability) without the prior written consent of the Indemnifying Party, which consent shall not be withheld
without reasonable justification.

 

(3)         If
the nature of any Third Party Claim is such that any Indemnified Party is required by any judgment, order, injunction, award, decree,
law or regulation to make a payment to any third party (including public offices and authorities) with respect to the Third Party
Claim before the completion of settlement negotiations or related legal proceedings, the Indemnified Party may make such payment
and the Indemnifying Party shall, forthwith upon demand by the Indemnifying Party, reimburse the Indemnified Party for such payment
(which, in instances where the Indemnified Party is a Company Indemnitee, such payment may be made from the Indemnity Escrow Account
or by means of offset against the Promissory Note B). If the amount of any liability of the Indemnified Parties under the Third
Party Claim in respect of which such payment was made, as finally determined, proves to be less than the amount that was paid by
the Indemnifying Party to the Indemnified Party (including amounts paid from the Indemnity Escrow Account or by means of offset
against the Promissory Note B), the Indemnified Party shall, forthwith upon receipt of the difference from the third party, pay
the amount of such difference to the Indemnifying Party.

 

    17

     

    

 

(vi)         Sole
Remedy. Each party agrees that, from and after the Closing, the sole liability and obligations of each party and the sole right,
remedy and entitlement of each party for recovery of any monetary claim with respect to this Agreement (and this Agreement only)
shall be limited to indemnification under this Section 6, and each party hereby waives any and all other statutory and common
law rights and remedies (including other rights of indemnification and contribution) which it now has or may hereafter have, provided
that such waiver shall in no event be construed to prevent such party from seeking specific performance or other equitable relief
or remedies or from bringing an action for actual fraud.

 

(vii)        Escrow.
Notwithstanding anything else herein, the Company Indemnitees shall, subject to the limitations contained in this Section 6,
be entitled to indemnification under this Section 6 only to the extent of amounts available in the Indemnity Escrow Account
or the remaining outstanding principal of Promissory Note B; it being understood that the Indemnity Escrow Account and Promissory
Note B shall be the sole and exclusive source of recovery and remedy of any of the Company Indemnitees with respect to any claim
for indemnification under this Section 6 and, as such, the indemnification obligations, set forth in this Section 6
are non-recourse in all respects to the Subscriber or any current, former or prospective stockholder, investor or limited partner,
other Affiliate or the respective representatives of the Company. The amounts held in the Indemnity Escrow Account and set off
against Promissory Note B shall be applied in the order claims related to the applicable Losses are resolved (i.e., Losses related
to claims resolved at an earlier date will be satisfied before Losses related to claims resolved at a later date).

 

7.          Termination.
Without affecting any other right or remedy available to it, this Agreement shall terminate immediately without further action
from either party if the Share Purchase Agreement is terminated pursuant to Article 2.6 or Article 2.7 of the Share Purchase Agreement.

 

8.          Miscellaneous.

 

(a)          Successors
and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and their respective successors and permitted assigns, and no term or provision of this Agreement is for
the benefit of, or intended to create any obligations to, any other Person (except for the Indemnified Parties under Section
6). The Subscriber shall not be permitted to distribute or otherwise transfer its Consideration Shares to any Person except
in the manner set forth in the Rights Agreements (including, for the avoidance of doubt, in registered sales and/or private placements
following the Lock-Up Period as provided in the Registration Rights Agreement). Prior to the Closing, this Agreement shall not
be assigned and no rights or obligations hereunder may be transferred by the Subscriber. After the Closing, this Agreement shall
not be assigned and no rights or obligations hereunder may be transferred by the Subscriber except that the Subscriber will be
permitted to assign its rights and obligations to any Permitted Transferee as provided in (and as such term is defined in) the
Rights Agreements (including, for the avoidance of doubt, in connection with private placements as provided in Section 3.01(c)
and 4.01 of the Registration Rights Agreement). This Agreement shall be binding upon a party hereto only upon the manual execution
and delivery (which delivery may be by telecopy or facsimile or electronic mail) of a signature page to a counterpart hereto.

 

    18

     

    

 

(b)          Amendment;
Waiver. This Agreement may be amended only by an agreement in writing executed by all parties hereto. A party may waive in
whole or in part any benefit or right provided to it under this Agreement, such waiver being effective only if contained in a writing
executed by the waiving party. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon breach thereof shall constitute a waiver of any
such breach or of any other covenant, duty, agreement or condition, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

 

(c)          Headings.
The heading references herein are for convenience purposes only, and shall not be deemed to limit or affect any of the provisions
hereof.

 

(d)          Governing
Law; ICC Arbitration.

 

(i)          This
Agreement and the rights and obligations hereunder shall be governed by, and construed and interpreted in accordance with, the
laws of the State of Delaware, without giving effect to the conflict of laws rules thereof.

 

(ii)         Any
dispute, controversy, or claim arising out of, relating to, or in connection with this Agreement or the transactions contemplated
hereunder, including with respect to the formation, applicability, performance, breach, termination, validity or enforceability
thereof, shall be fully and finally settled by arbitration. The arbitration shall be conducted by three (3) arbitrators, in accordance
with the Rules of Arbitration of the International Chamber of Commerce (“Rules”) in effect at the time of the
arbitration, except as they may be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be
New York, New York, USA and it shall be conducted in English, provided that either party may submit testimony or documentary evidence
in any language if it furnishes, upon the request of the other party, a translation into English of any such testimony or documentary
evidence. The arbitrators shall determine questions of arbitrability and jurisdiction and shall be empowered to grant interim relief.

 

(iii)        The
arbitration award shall be final and binding on the parties. The parties undertake to carry out any award without delay and waive
their right to any form of recourse based on grounds other than those contained in the United Nations Convention on the Recognition
and Enforcement of Foreign Arbitral Awards of 1958 (the “New York Convention,” which shall govern the arbitration
and enforcement of any arbitral award) insofar as such waiver can validly be made. The parties agree to the exclusive jurisdiction
of the federal courts located in New York County, New York for purposes of enforcing this section, and any arbitral award, in accordance
with the New York Convention. The parties agree to personal jurisdiction in said courts for such purposes and irrevocably waive
any defense on the basis of forum non conveniens, lack of jurisdiction or improper venue in regard to any such proceedings
brought in the federal courts located in New York County, New York.

 

    19

     

    

 

(iv)         The
claimant shall nominate an arbitrator in its request for arbitration. The respondent shall nominate an arbitrator within thirty
(30) days of the receipt of the request for arbitration. The two arbitrators shall nominate a third arbitrator within thirty (30)
days after the nomination of the second arbitrator. The third arbitrator shall act as chair of the tribunal. If any of the three
arbitrators is not nominated within the time prescribed above, then the International Court of Arbitration of the International
Chamber of Commerce shall appoint that arbitrator.

 

(v)          In
order to facilitate the comprehensive and efficient resolution of related disputes, and upon request of any party to the arbitration
proceeding, the arbitration tribunal may consolidate the arbitration proceeding with any other arbitration proceeding relating
to this Agreement or to the Share Purchase Agreement, Registration Rights Agreement or Stockholders Agreement. The arbitration
tribunal shall not consolidate such arbitrations unless it determines that (i) there are issues of fact or law common to the two
(2) proceedings so that a consolidated proceeding would be more efficient than separate proceedings, and (ii) no party would be
unduly prejudiced as a result of such consolidation through undue delay or otherwise.

 

(vi)         Notwithstanding
anything to the contrary in this Agreement, a Party may make a request to a court of competent jurisdiction or pursuant to the
Rules for interim or emergency measures necessary to preserve the party’s rights, including pre-arbitration attachments or
injunctions. A request for such interim relief to a court shall not be deemed incompatible with, or a waiver of, this agreement
to arbitrate. Each of the parties hereto recognizes and agrees that money damages may be insufficient and, therefore, in the event
of a breach or threatened breach of any provision of this Agreement the aggrieved party, in addition to any other remedy which
may be available to such party at law or in equity, will be entitled to seek specific performance and injunctive relief, without
posting bond or other security, and without the necessity of proving actual or threatened damages, which remedy such damaged party
will be entitled to seek in any court of competent jurisdiction.

 

(vii)        All
disputes under this Agreement shall be kept confidential. In any arbitration proceeding, the arbitrators shall take all measures
necessary for the protection of Confidential Information. All proceedings and any award and any information obtained from another
party in connection with the arbitration shall be deemed Confidential Information subject to Article 13 of the Share Purchase Agreement;
provided that the parties further agree that such Confidential Information may be disclosed to the extent necessary to enforce
any award or enforce this Agreement to arbitrate, provided, further, that the parties agree to take all reasonable measures to
protect the confidentiality of the proceedings and the disclosure of any Confidential Information in connection therewith, including
to file all papers under seal.

 

    20

     

    

 

(viii)      The
arbitrators shall have the power to make an award allocating the costs and expenses of the arbitration between the parties, including
reasonable legal fees and other costs of legal representation. Any award shall be determined and payable in Euros. For the avoidance
of doubt, the remedies that may be awarded by the arbitrators hereunder are limited as specifically set forth in Section 6 of this
Agreement.

 

(e)          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute
one and the same Agreement.

 

(f)          Notices.
Any notice or other communication to be given hereunder shall be in writing in the English language and signed by or on behalf
of the party giving it and may be served by sending it by email, fax, delivering it by hand or sending it by registered mail return
receipt requested to the address and for the attention of the relevant party as set out below:

 

	
        

        (a)
	Party:	Company
	 	 	 
	 	Address:	200 West Street, 4th Floor, Waltham, MA 02451
	 	
        Email: 
	lori.henderson@amriglobal.com
	 	 	 
	 	Telephone No.:	(781) 672-4535
	 	 	 
	 	Attn. of:	Lori M. Henderson, Senior Vice President, General Counsel and Head of Business Development 
	 	 	 
	 	With a copy to (which shall not constitute notice):	Goodwin Procter LLP 
	 	 	 
	 	Attn. of:	Danielle M. Lauzon
	 	 	 
	 	Address:	53 State Street, Boston, MA 02109, or if after June 24, 2016, 100 Northern Avenue, Boston, MA 02210 
	 	
        Email: 
	dlauzon@goodwinprocter.com
	 	 	 
	 	Telephone No.:	(617) 570-1000
	 	 	 
	 	Facsimile No.:	(617) 523-1231

 

    21

     

    

 

	
        

        (b)
	
        

        Party:
	
        

        Subscriber

	 	 	 
	 	Address:	
        Lauro Cinquantasette S.p.A

        Via del Lauro, 7 - 20131 Milano

	 	
        Phone:

         

        Facsimile No.:
	+39-02-96953394

+39-02-8995221

+39-02-869522522 
	 	 	 
	 	Attn. of:	Chief Financial Officer
	 	 	 
	 	With a copy to (which shall not constitute notice):	Debevoise & Plimpton LLP 
	 	 	 
	 	Attn. of:	Maurizio Levi-Minzi
	 	 	 
	 	Address:	
        919 Third Ave.,

        New York, NY 10022

	 	
        Email:

        Telephone No.:

        Facsimile No.:
	
        mleviminzi@debevoise.com

        (212) 909-6306

        (212) 909-6836 

 

(g)          Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party
hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

(h)          Integration.
This Agreement and the Share Purchase Agreement and the other transaction documents contemplated in this Agreement and the Share
Purchase Agreement, including the Rights Agreements, constitute the entire agreement among the parties with respect to the subject
matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, among the parties hereto
with respect to the subject matter hereof and thereof.

 

(i)          Further
Assurances. Each party shall use all reasonable best efforts to take or cause to be taken all actions, and to do or cause to
be done all other things, that are necessary, proper or advisable in order for such party to fulfill and perform its respective
obligations in respect of this Agreement and the Rights Agreements to cause the conditions to its respective obligations set forth
in each therein, as applicable, to be fulfilled and otherwise to consummate and make effective the transactions contemplated hereby
and thereby.

 

(j)          Other
Agreements. Nothing contained in this Agreement shall affect or prejudice in any manner the rights, obligations and remedies
of either party under other agreements or documents entered into in connection with the Transaction, including but not limited
to, the Share Purchase Agreement, the Rights Agreements and other agreements contemplated thereby.

 

[Signature Page
Follows]

 

    22

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Subscription Agreement as of the date first written above.

 

	 	ALBANY MOLECULAR RESEARCH, INC.
	 	 	 
	 	By:	/s/ Lori Henderson
	 	Name:	Lori Henderson
	 	Title:	General Counsel, Senior Vice President and Secretary

 

[Signature Page to Subscription Agreement]

 

     

    

    

 

	 	LAURO CINQUANTASETTE S.P.A.
	 	 	 
	 	By:	/s/ Maurizio Bottinelli
	 	Name:	Maurizio Bottinelli
	 	Title:	Director

 

[Signature Page to Subscription Agreement]

 

     

    

    

 

Schedule A

 

Form of Letter to Computershare

  

     

     

    

 

Executive Version

 

[●], 2016

 

Computershare Trust Company,
N.A.

8742 Lucent Blvd., Suite
225

Highlands Ranch, CO 80129

[Contact Person]

 

Re: Issuance of shares of
Albany Molecular Research, Inc.

 

Dear [●]:

 

In connection with the acquisition
of Prime European Therapeuticals S.p.A. – Euticals (“Euticals”) by Albany Molecular Research Inc. (the “Company”),
the Company hereby instructs Computershare Trust Company, N.A., as transfer agent for the Company, to take the necessary steps
to issue the shares of Common Stock of the Company as indicated in Exhibit A attached hereto in book entry form-restricted
accounts (the “Shares”). The effective date of the issuance shall be [●], 2016. The Shares shall bear the restrictive
legends set forth on Exhibit B attached hereto, to be removed only upon the receipt of an opinion of counsel that such restricted
legends can be removed.

 

Please debit the Company’s
“Unallocated” shares for a total of [●] shares and post this transaction on [●], 2016.

 

The Company hereby instructs
Computershare to treat this instruction letter as irrevocable and to carry out the actions referenced in this instruction letter
without regard to any subsequent communications that Computershare may receive from the Company.  Lauro Cinquantasette S.p.A.
is an express third party beneficiary of this letter, authorized by the Company to enforce it in accordance with its terms.

 

Additionally, please immediately
forward to the attention of counsel to the Company, Qing Nian at Goodwin Procter LLP, by email PDF copies of the book entry account
evidencing the shares issued to the person listed on Exhibit A hereto. Ms. Nian’s email is qnian@goodwinprocter.com.

 

If you have any questions
regarding this request, please contact Qing Nian at (617) 570-8707.

 

[remainder of page
intentionally left blank]

 

     

     

    

  

Sincerely,

 

	ALBANY MOLECULAR RESEARCH, INC.	 
	 	 
	By:	 	 
	Name:	 
	
        Title: 
	

 

[Signature Page to Instruction
Letter]

 

     

     

    

  

Exhibit A

 

	Name	 	Address	 	Tax Identification

Number	 	Number of Shares

of Common Stock 
	 	 	 	 	 	 	 
	Lauro Cinquantasette S.p.A.	 	
        Via Del Lauro n.7

        20121

        Milan, Italy
	 	[●]	 	[●]

 

     

     

    

 

Exhibit B

 

LEGEND required.

 

THE SHARES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. NO SUCH TRANSFER MAY BE EFFECTED UNLESS IT IS DONE IN COMPLIANCE
WITH REGULATION S OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT OF 1933.

 

THE SHARES REPRESENTED
HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A STOCKHOLDERS AGREEMENT AND A REGISTRATION RIGHTS AND LOCK-UP
AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

 

     

     

    

 

Schedule 4(n) 

 

Company Subsidiaries

 

	Subsidiary	 	Jurisdiction of Formation
	AMRI Bothell Research Center, Inc.	 	Delaware, USA
	AMRI Burlington, Inc.	 	Massachusetts, USA
	AMRI Rensselaer, Inc.	 	Delaware, USA
	AMRI SSCI, LLC	 	Delaware, USA
	ALO Acquisition, LLC	 	Delaware, USA
	OSO Biopharmaceutials Manufacturing, LLC	 	Delaware, USA
	Cedarburg Pharmaceuticals, Inc.	 	Delaware, USA
	INB: Hauser Pharmaceutical Services, Inc.	 	Delaware, USA
	Cedarburg Generics, LLC	 	Wisconsin, USA
	Whitehouse Analytical Laboratories, LLC	 	New Jersey, USA
	Albany Molecular Research Spain, S.L.U.	 	Spain
	Gadea Grupo Farmaceutico, S.L.	 	Spain
	Crystal Pharma, S.A.	 	Spain
	Crystal Pharma, Ltd.	 	Malta
	Gadea Biopharma, S.L.	 	Spain
	Bioraw, S.L.	 	Spain
	Bionice, S.L.	 	Spain
	Albany Molecular Research (Glasgow) Limited	 	United Kingdom
	Albany Molecular Research Limited	 	United Kingdom
	Albany Molecular Research (UK) Limited	 	United Kingdom
	Albany Molecular Luxembourg S.à r.l.	 	Luxembourg
	Albany Molecular Research Mauritius Pvt. Ltd.	 	Mauritius
	AMRI India Pvt. Ltd.	 	India
	FineKem Laboratories Pvt. Ltd.	 	India
	Albany Molecular Research Hyderabad Research Centre Pvt. Ltd.	 	India
	Albany Molecular Research Singapore Research Centre, Pte. Ltd.	 	Singapore
	Evergreen S.r.l.	 	Italy

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