Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT, dated as of December 15, 2020, is by and between CSW Industrials, Inc., a Delaware corporation (“Parent”),
and the holders of Parent’s common stock listed on Schedule A hereto (collectively, “Sellers”).

 

RECITALS

 

WHEREAS, pursuant to
that certain Stock Purchase Agreement, dated as of November 4, 2020 (as may be amended from time to time, the “Purchase
Agreement”), by and among RectorSeal, LLC, a Delaware limited liability company (“Buyer”), T.A. Industries,
Inc. d/b/a Truaire, a California corporation (the “Company”), Yongki Yi as Seller Representative (as defined
therein), Sellers, and, solely for purposes of Sections 1.8, 6.5(d) and 13.18 thereof, Parent, Buyer,
Parent, Sellers and Seller Representative have effected or agreed to effect the sale of all of the issued and outstanding equity
interests of the Company (the “Acquisition”) in exchange for, among other things, shares of Parent’s common
stock, par value $0.01 per share (the “Common Stock”); and

 

WHEREAS, pursuant to
the Purchase Agreement, Parent wishes to grant certain registration rights with respect to the Common Stock issued or to be issued
to each Seller as partial consideration for the Acquisition.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

1.             Definitions.

 

(a)             Unless
otherwise defined herein, the terms below shall have the following meanings (such meanings being equally applicable to both the
singular and plural form of the terms defined):

 

“Affiliate”
shall mean, with respect to any specified Person, any other Person, which directly or indirectly, Controls, is Controlled by, or
is under common Control with, such specified Person.

 

“Agreement”
shall mean this Registration Rights Agreement, including all amendments, modifications and supplements hereto and any exhibits
or schedules to any of the foregoing.

 

“Business Day”
shall mean any day that is not a Saturday, Sunday or holiday on which banks are authorized or obligated to be closed in New York,
New York or Dallas, Texas.

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract or otherwise.

 

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

 

“Excluded Registration”
means (i) a registration relating to the sale or grant of securities to employees of Parent or a subsidiary pursuant to a
stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to a transaction pursuant to
Rule 145 promulgated under the Securities Act; (iii) a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement covering the sale of the Registrable Securities
and the information not to be required to be included is the basis for a Blackout Period; or (iv) a registration in which
the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc., or any successor entity thereof.

 

“Holders”
shall mean Sellers, and any transferee of any Seller to whom Registrable Securities are permitted to be transferred in accordance
with the terms of this Agreement, and, in each case, who continues to be entitled to the rights of a Holder hereunder.

 

“Person”
shall mean any individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, government or any agency or political subdivision thereof or other entity of whatever nature.

 

“Primary Holder”
means (a) the 2014 Yi Family Trust and (b) UKJ, LLC.

 

“Prospectus”
shall mean the prospectus included in any Shelf Registration Statement pertaining to the sale of Registrable Securities, as supplemented
by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated
by reference in such prospectus.

 

“Registrable
Securities” shall mean (a) the shares of Common Stock issued pursuant to the Purchase Agreement and held by any
Holder, and (b) any securities issuable or issued or distributed in respect of any of the Common Stock identified in clause (a)
next preceding by way of stock split, combination, reclassification, recapitalization, exchange, merger, consolidation, spin-off,
split-off, stock dividend, or other distribution or otherwise, including any securities issuable upon the conversion, exchange
or exercise of any warrant, right, or other security that is issued or distributed in respect of such Common Stock. For purposes
of this Agreement, Registrable Securities shall cease to be Registrable Securities (i) when a Shelf Registration Statement
covering the Registrable Securities has been declared effective under the Securities Act by the SEC and the Registrable Securities
have been disposed of pursuant to such effective Shelf Registration Statement or (ii) with respect to Registrable Securities
held by a Holder, when all such Registrable Securities may be sold by such Holder pursuant to Rule 144 during a three (3)-month
period (without the requirement for Parent to be in compliance with the current public information required under Rule 144(c))
without registration.

 

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“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

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

 

“SEC”
shall mean the Securities and Exchange Commission, or any successor thereto.

 

(b)              The
following terms have the meanings set forth in the Section set forth opposite such term:

 

	Term	Section
	Acquisition	Recitals
	Blackout Period	3
	Buyer	Recitals
	Common Stock	Recitals
	Company	Recitals
	Damages	8(a)
	Holder Indemnified Party	8(a)
	Holder’s Counsel	4(a)
	Indemnified Party	8(c)
	Indemnifying Party	8(c)
	Parent	Preamble
	Parent Indemnified Party	8(b)
	Purchase Agreement	Recitals
	Registration Period	4(a)
	Seller	Preamble
	Selling Expenses	6(a)
	Shelf Registration	2(a)
	Shelf Registration Statement	2(a)
	Staff	2(b)

 

2.             Shelf Registration.

 

(a)             After
receipt of a written request from either Primary Holder of the Registrable Securities then outstanding, requesting that Parent
effect a registration under the Securities Act for an offering covering all of the Registrable Securities to be made on a delayed
or continuous basis pursuant to Rule 415 of the Securities Act (a “Shelf Registration”), Parent shall
(i) within ten (10) days after the date such request is given, deliver notice thereof to all Holders other than the
requesting Holders, and (ii) as expeditiously as is possible, but in any event no later than 45 days (excluding any days
which occur during a permitted Blackout Period under Section 3) after receipt of a written request for the Shelf Registration,
file with the SEC, and use its reasonable best efforts to cause to be declared effective, a registration statement registering
the resale from time to time by Holders thereof on a delayed or continuous basis of all of the Registrable Securities held by
any Holder which Parent has been requested to register for sale (the “Shelf Registration Statement”). The Shelf
Registration Statement shall be on Form S-3 or another appropriate form permitting registration of such Registrable Securities
for resale by such Holders on a delayed or continuous basis, and any disposition of the Registrable Securities shall be made in
accordance with the methods of distribution set forth in the Shelf Registration Statement, which methods shall include any method
or combination of methods legally available to, and requested by, any Holder named therein. Notwithstanding the foregoing, in
no event will such method(s) of distribution take the form of an underwritten offering of the Registrable Securities. No Holder
shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration or qualification pursuant
to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2. The Primary Holders, collectively, may not exercise the demand right provided in this Section 2(a)
more than once.

 

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(b)             Notwithstanding
anything to the contrary contained in this Agreement, in the event the staff of the SEC (the “Staff”) or the
SEC seeks to characterize any offering pursuant to the Shelf Registration Statement filed pursuant to this Agreement, which does
not register any securities other than the Registrable Securities, as constituting an offering of the included Registrable Securities
by, or on behalf of, Parent, or in any other manner, such that, despite Parent’s reasonable best efforts, the Staff or the
SEC does not permit such Shelf Registration Statement to become effective and used for resales in a manner that does not constitute
such an offering and that permits the continuous resale at the market by the Holders participating therein (or as otherwise may
be acceptable to each Holder) without being named therein as an “underwriter”, then Parent shall reduce the Common
Stock to be included in such Shelf Registration Statement by all Holders until such time as the Staff and the SEC shall so permit
such Shelf Registration Statement to become effective as aforesaid. In making such reduction, Parent shall reduce the Common Stock
to be included by all Holders on a pro rata basis (based upon the number of Registrable Securities otherwise required to
be included for each Holder) unless the inclusion of Common Stock by a particular Holder or a particular group of Holders are
resulting in the Staff or the SEC’s “by or on behalf of the issuer” offering position, in which event the Common
Stock held by such Holder or group of Holders shall be the only Common Stock subject to reduction (and if by a group of Holders
on a pro rata basis among such Holders or on such other basis as would result in the exclusion of the least number of Common
Shares by all such Holders); provided that, with respect to such pro rata portion allocated to any Holder, such
Holders may elect the allocation of such pro rata portion among the Registrable Securities of such Holder. In addition,
in the event that the Staff or the SEC requires any Holder seeking to sell securities under the Shelf Registration Statement filed
pursuant to this Agreement to be specifically identified as an “underwriter” in order to permit such Shelf Registration
Statement to become effective, and such Holder does not consent to being so named as an underwriter in such Shelf Registration
Statement, then, in each such case, Parent may reduce the total number of Registrable Securities to be registered on behalf of
such Holder, until such time as the Staff or the SEC does not require such identification. Parent shall use its reasonable best
efforts to minimize the any reduction in the number of shares of Common Stock registered by the Shelf Registration Statement permitted
by this Section 2(b).

 

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3.             Blackout Periods. If Parent furnishes to Holders a certificate signed by its chief executive officer stating that
in the good faith judgment of the Parent Board of Directors it would be materially detrimental to Parent and its stockholders for
Parent to file or have declared effective the Shelf Registration Statement required pursuant to Section 2, Parent shall
have the right to delay the filing or effectiveness of such Shelf Registration Statement during no more than two periods during
any calendar year, aggregating not more than 120 days (a “Blackout Period”), in the event that (a) Parent
would, in accordance with the advice of its counsel, be required to disclose in the Prospectus material non-public information
that Parent has a bona fide business purpose for preserving as confidential and is not otherwise obligated to disclose,
(b) a required disclosure or any other action to be taken in connection with the Prospectus would materially and adversely
affect or interfere with any bona fide financing, acquisition, merger, disposition of assets (not in the ordinary course
of business), corporate reorganization or other similar transaction in which Parent is engaged or in respect of which Parent has
taken a substantial step to commence, or (c) Parent would be required to prepare financial statements that are unavailable
to Parent for reasons beyond Parent’s control; provided, that Parent shall not register any securities for its own
account or that of any other stockholder, other than pursuant to an Excluded Registration, during any Blackout Period. Parent shall
have no obligation to include in any such notice any reference to or description of the facts based upon which Parent is delivering
such notice which would reasonably be considered to constitute material non-public information. The Registration Period shall be
tolled for the duration of any Blackout Period (and the end of the Registration Period extended by the number of days falling within
such period).

 

4.             Registration Procedures. If Parent is required by the provisions of Section 2 to use its reasonable best
efforts to effect the registration of the Registrable Securities under the Securities Act, Parent will, as promptly as reasonably
practicable:

 

(a)             prepare
and file with the SEC the Shelf Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Shelf Registration Statement promptly to become and remain effective for a period of time required for the
disposition of all such Registrable Securities by the Holders thereof, not to exceed 360 days (as such time period may be extended
pursuant to Section 3 or 4(i), the “Registration Period”); on condition that, before filing
such Shelf Registration Statement or any Prospectus or any amendments or supplements thereto (in each case including all exhibits
thereto and documents incorporated by reference therein, other than, for purposes of this subsection, any filing that Parent is
required to make pursuant to the Exchange Act), Parent shall furnish to the Holders and one counsel selected by the Primary Holders
(“Holders’ Counsel”) copies of all documents proposed to be filed, which documents will be subject to
the review of Holders’ Counsel;

 

(b)            
prepare and file with the SEC such amendments and supplements to such Shelf Registration Statement and the Prospectus as
may be (i) reasonably requested by the Primary Holders, or (ii) necessary to keep such Shelf Registration Statement effective
and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities
covered by such Shelf Registration Statement until the earlier of such time as (A) all such Registrable Securities shall have
been disposed of in a public offering and (B) the expiration of the Registration Period;

 

(c)             furnish to the selling Holders such number of conformed copies of the Shelf Registration Statement and each such amendment
and supplement thereto (including in each case all exhibits, financial statements and schedules), and of a summary prospectus or
other prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other
documents, as such selling Holders may reasonably request;

 

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(d)            
use its reasonable best efforts to register or qualify the Registrable Securities covered by such Shelf Registration Statement
under such other securities or blue sky laws of such jurisdictions within the United States as the Holders of such Registrable
Securities (in light of their intended plan of distribution) shall reasonably request, to keep such registration or qualification
in effect for so long as such Shelf Registration Statement remains in effect, and to take any other action which may be reasonably
necessary or advisable to enable such Holders to consummate the disposition in such jurisdictions of the Registrable Securities
(except that (i) Parent shall not be required in connection therewith or as a condition thereto to qualify to do business,
subject itself to taxation in or file a general consent to service of process in any jurisdiction wherein it (A) is not then
so qualified or subject and (B) would not but for the requirements of this subsection (d) be obligated to do so and (ii) Parent
shall not be required to qualify the Registrable Securities in any jurisdiction in which the securities regulatory authority requires
that any Holder submit any shares of its Registrable Securities to the terms, provisions and restrictions of any escrow, lockup
or similar agreements for consent to sell Registrable Securities in such jurisdiction unless such Holder agrees to do so) and do
such other reasonable acts and things as may be required of it to enable such Holder to consummate the disposition in such jurisdiction
of the Registrable Securities covered by such Shelf Registration Statement;

 

(e)           enter
into customary agreements and take such other actions as are reasonably required in order to expedite or facilitate the disposition
of the Registrable Securities;

 

(f)            use
its reasonable best efforts to cause all Registrable Securities to be listed on each securities exchange or quotation system on
which similar securities issued by Parent are listed or traded;

 

(g)           promptly
give written notice to the Holders:

 

(i)                
when such Shelf Registration Statement or any amendment thereto (other than filings Parent is required to make pursuant
to the Exchange Act) has been filed with the SEC and when such Shelf Registration Statement or any post-effective amendment thereto
has become effective;

 

(ii)               of any request by the SEC for amendments or supplements to such Shelf Registration Statement or the Prospectus or for additional
information;

 

(iii)              of
the issuance by the SEC of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation
of any proceedings for that purpose;

 

(iv)              of
the receipt by Parent or its legal counsel of any notification with respect to the suspension of the qualification of the Common
Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(v)               of
the happening of any event that requires Parent to make changes in such Shelf Registration Statement or the Prospectus in order
that neither (A) contains an untrue statement of a material fact or (B) omits to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under
which they were made) not misleading (which notice shall be accompanied by an instruction to suspend the use of the Prospectus
until the requisite changes have been made);

 

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(h)           use
its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of such
Shelf Registration Statement at the earliest possible time;

 

(i)            upon
the occurrence of any event contemplated by Section 4(g)(v) above, promptly prepare a post-effective amendment to
such Shelf Registration Statement or a supplement to the related Prospectus or file any other required document so that, as thereafter
delivered to the Holders, neither the Shelf Registration Statement nor the Prospectus will contain an untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein (in the case of the Prospectus, in the light
of the circumstances under which they were made) not misleading. If Parent notifies the Holders in accordance with Section 4(g)(v)
above to suspend the use of the Prospectus until the requisite changes to the Prospectus have been made, then the Holders
shall suspend use of such Prospectus until Holders are (i) advised in writing by Parent that use of the Prospectus may be
resumed or (ii) furnished with an amended or supplemented Prospectus as contemplated above, and the Registration Period shall
be tolled for the duration of the period that the use of the Prospectus has been so suspended (and the end of the Registration
Period extended by the number of days falling within such period). The Holders shall use their reasonable best efforts to return
to Parent all copies of such Prospectus other than permanent file copies then in such Holder’s possession; and

 

(j)             use
its reasonable best efforts to procure the cooperation of Parent’s transfer agent in settling any offering or sale of Registrable
Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance with any
procedures reasonably requested by the Holders.

 

5.             Furnish
Information. It shall be a condition precedent to the obligation of Parent to take any action pursuant to this Agreement in
respect of the Registrable Securities which are to be registered at the request of any Holder that such Holder shall furnish to
Parent such information regarding the Registrable Securities held by such Holder and the intended method of disposition thereof
as Parent shall reasonably request and as shall be required to effect the registration of such Holder’s Registrable Securities.

 

6.             Expenses.
All expenses incurred in connection with the Shelf Registration pursuant to Section 2 of this Agreement, including
all registration, filing and qualification fees, word processing, duplicating, printers’ and accounting fees, fees of FINRA
or listing fees, messenger and delivery expenses, all fees and expenses of complying with state securities or blue sky laws and
fees and disbursements of counsel for Parent shall be paid by Parent, except that:

 

(a)            all
applicable selling commissions, stock transfer taxes and fees applicable to the sale of Registrable Securities (“Selling
Expenses”) shall be paid by the Holders;

 

(b)            all
such expenses in connection with any amendment or supplement to a Shelf Registration Statement or prospectus filed after the Registration
Period because any Holder has not effected the disposition of the Registrable Securities requested to be registered shall be paid
by such Holder;

 

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(c)            if
a request for a Shelf Registration pursuant to Section 2 of this Agreement is subsequently withdrawn at the request
of the Holders of a number of shares of Registrable Securities such that the remaining Holders requesting registration would not
have been able to request registration under the provisions of Section 2 of this Agreement, such withdrawing Holders
shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn
registration; provided that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change
in the condition, business, or prospects of Parent from that known to the Holders at the time of their request and have withdrawn
the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of
such expenses; and

 

(d)            the
Holders shall bear and pay any fees and expenses incurred in respect of counsel or other advisors to the Holders.

 

7.             Rule 144 Information. With a view to making available the benefits of Rule 144 and any other rules and
regulations of the SEC that may at any time permit the sale of the Registrable Securities to the public without registration, Parent
agrees to:

 

(a)            make
and keep adequate current public information available, as those terms are understood and defined in Rule 144 under the Securities
Act;

 

(b)           file with the SEC in a timely manner all reports and other documents (i) required of Parent under the Securities Act
and the Exchange Act, for so long as Parent remains subject to such requirements and (ii) required by Rule 144(c);

 

(c)            submit
electronically and post on its corporate website, if any, every interactive data file required to be submitted and posted pursuant
to Rule 405 of Regulation S-T; and

 

(d)            furnish promptly to each Holder of Registrable Securities upon request (i) to the extent accurate, a written statement
by Parent that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act and (ii) such
other information as may be reasonably requested to permit such Holder to sell Registrable Securities pursuant to Rule 144
without registration.

 

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8.             Indemnification
and Contribution.

 

(a)           Parent
shall indemnify and hold harmless each Holder (to the fullest extent permitted by applicable law), such Holder’s trustees,
members, directors and officers (if such Holder is not a natural person), and each Person, if any, who Controls such Holder or
participating Person (if such Holder is not a natural person) (each of the foregoing, a “Holder Indemnified Party”)
against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or proceedings in respect thereof) arise out of or are based
upon: (i) any untrue statement (or alleged untrue statement) of any material fact contained in the Shelf Registration Statement
on the effective date thereof (including any Prospectus filed under Rule 424 under the Securities Act or any amendments or
supplements thereto); (ii) the omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by Parent (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 (such losses, claims, damages and liabilities, “Damages”),
and Parent shall reimburse each Holder Indemnified Party for any legal or other expenses reasonably and actually incurred by such
Holder Indemnified Party (but not in excess of expenses incurred in respect of one counsel for all such Holder Indemnified Parties
unless there is an actual conflict of interest between any Holder Indemnified Parties, which Holder Indemnified Parties may be
represented by separate counsel) in connection with investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred. Notwithstanding the foregoing, the indemnity agreement contained in this Section 8(a)
shall not apply to amounts paid in settlement of any such Damages if such settlement is effected without the consent of Parent
(which consent shall not be unreasonably withheld, delayed or conditioned). Additionally, Parent shall not be liable to any Holder
Indemnified Party for any Damages to the extent that such Damages arise out of or are based upon an untrue statement (or alleged
untrue statement) or omission (or alleged omission) made in connection with the Shelf Registration Statement, preliminary or final
Prospectus, or amendments or supplements thereto in reliance upon and in conformity with written information furnished by or on
behalf of a Holder Indemnified Party expressly for use in connection with such registration by any such Holder Indemnified Party.

 

(b)           Each Holder requesting or joining in a registration, severally and not jointly, shall indemnify and hold harmless (to the
fullest extent permitted by applicable law) Parent, each of its directors and officers, each Person, if any, who Controls Parent,
and each agent for Parent (within the meaning of the Securities Act) (each, a “Parent Indemnified Party”) against
any Damages, joint or several, to which a Parent Indemnified Party may become subject, under the Securities Act or otherwise, insofar
as such Damages (or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement (or alleged untrue
statement) of any material fact contained in the Shelf Registration Statement on the effective date thereof (including any Prospectus
filed under Rule 424 under the Securities Act or any amendments or supplements thereto) or (ii) the omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
in each case to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made
in the Shelf Registration Statement, preliminary or final Prospectus, or amendments or supplements thereto, in reliance upon and
in conformity with written information furnished by or on behalf of such Holder expressly for use in connection with such registration;
and each such Holder shall reimburse each Parent Indemnified Party for any legal or other expenses reasonably and actually incurred
by such Parent Indemnified Party (but not in excess of expenses incurred in respect of one counsel for all of the Parent Indemnified
Parties unless there is an actual conflict of interest between any Parent Indemnified Parties, which Parent Indemnified Parties
may be represented by separate counsel) in connection with investigating or defending any claim or proceeding from which Damages
may result; except that the indemnity agreement contained in this Section 8(b) shall not apply to amounts paid in settlement
of any such Damages if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably
withheld, delayed or conditioned).

 

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(c)            If
the indemnification provided for in this Section 8 from a party owing indemnification obligations (the “Indemnifying
Party”) is unavailable to a Person entitled to indemnification hereunder (the “Indemnified Party”)
in respect of any Damages referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such Damages in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Parties in connection with the statements, omissions,
or other actions which resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of
such Indemnifying Party and Indemnified Parties shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action; except that, in any such
case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable
Securities offered and sold by such Holder pursuant to the applicable Shelf Registration Statement and (y) no Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by a party as a result of
the Damages referred to above shall be deemed to include any legal or other third-party fees or expenses reasonably and actually
incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in this Section 8(c).
In no event shall a Holder’s liability pursuant to this Section 8(c), when combined with the amounts paid or
payable by such Holder pursuant to Section 8(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of bad faith, willful misconduct or actual fraud by such Holder.

 

(d)           Any
Indemnified Party agrees to give prompt written notice to the Indemnifying Party after the receipt by the Indemnified Party of
any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for
which the Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; except that the failure
so to notify the Indemnified Party shall not relieve the Indemnifying Party of any liability that it may have to the Indemnifying
Party hereunder unless such failure is materially prejudicial to the Indemnifying Party. If notice of commencement of any such
action is given to the Indemnifying Party as provided above, the Indemnifying Party shall be entitled to participate in and, to
the extent it may wish, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory
to such Indemnified Party (not to be unreasonably withheld, conditioned or delayed). The Indemnified Party shall have the right
to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel
shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying
Party fails to assume the defense of such action in a timely manner or (iii) the named parties to any such action (including
any impleaded parties) have been advised by outside legal counsel that either (A) representation of such Indemnified Party
and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct or (B) there
are one or more legal defenses available to it which are substantially different from or additional to those available to the
Indemnifying Party. No Indemnifying Party shall be liable for any settlement entered into without its written consent (which consent
shall not be unreasonably withheld, delayed or conditioned).

 

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(e)           The
agreements contained in this Section 8 shall survive the transfer of the Registrable Securities by any Holder and
sale of all of the Registrable Securities pursuant to the Shelf Registration Statement and shall otherwise survive the termination
of this Agreement and remain in full force and effect.

 

9.             Intentionally
Omitted.

 

10.           No
Inconsistent Agreements. Parent will not hereafter enter into any agreement with respect to its securities which is inconsistent
in any material respects with the rights granted to the Holders in this Agreement.

 

11.           Miscellaneous.

 

(a)            Enforcement
of Agreement. Each party hereto acknowledges and agrees that the other parties hereto would be irreparably damaged if any
of the provisions of this Agreement are not performed in accordance with their specific terms and that any breach of this Agreement
by any party may not be adequately compensated by monetary damages alone. Accordingly, in the event of a breach by any party hereto
of any provision of this Agreement, in addition to any other legal or equitable remedy that the other parties may have, (i) the
parties shall be entitled to obtain damages for any such breach and (ii) the parties shall be entitled to enforce any provision
of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent
breaches or threatened breaches of any provision of this Agreement. Further, the parties hereto hereby waive any claim or defense
that there is an adequate remedy at law for such breaches or threatened breaches. Seeking specific performance or temporary, preliminary
or permanent injunctive relief shall not be an election of remedies and shall not limit the obligation of the party breaching
or threatening breach to indemnify under this Agreement.

 

(b)           Amendments
and Waivers. Except as expressly permitted hereunder, any term or provision of this Agreement may be amended, modified, supplemented
or waived if, and only if, such amendment, modification or waiver is in writing and signed, in the case of an amendment or modification,
by Parent and the Primary Holders (and, for the avoidance of doubt, but without prejudice to Section 11(l) below,
not an email or series of emails), or in the case of a waiver, by the party against whom the waiver is to be effective. No failure
or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

    -11-

     

    

 

(c)            Assignment;
No Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. The rights of a party under this Agreement (other than its right to receive payment)
shall not be assignable by such party without the written consent of the other party hereto; except that the registration rights
of any Holder with respect to any Registrable Securities shall be transferred to any Person who is the transferee of the Registrable
Securities on condition that such transferee agrees in a written instrument delivered to Parent to be bound by and subject to
the terms and conditions of this Agreement. All of the obligations of Parent hereunder shall survive any such transfer. Any purported
assignment of any rights not complying with the foregoing provisions of this Section 11(c) shall be null and void
ab initio. No assignment shall relieve the assigning party of any of its obligations hereunder. Except as provided in Section 8,
nothing in this Agreement, expressed or implied, is intended or shall be construed to confer upon any Person other than the parties
hereto any right, remedy or claim under or by reason of this Agreement.

 

(d)           Notices.
All notices, requests, claims, consents and other communications required or permitted by this Agreement (other than legal process)
shall be in writing and shall be (i) delivered to the appropriate address by hand, by nationally recognized overnight service
or by courier service (costs prepaid); (ii) sent by e-mail; or (iii) sent by registered or certified mail, return receipt
requested, in each case to the following addresses or e-mail addresses and marked to the attention of the person (by name or title)
designated below (or to such other address, e-mail address or person as a party may designate by notice to the other party):

 

(i)             If
to any Holder, at its last known address appearing on the books of Parent maintained for such purpose.

 

(ii)            If
to Parent, at

 

CSW Industrials, Inc.

5420 Lyndon B. Johnson Freeway, Suite 500

Dallas, Texas 75240

Attention: Luke Alverson, General Counsel

Email: luke.alverson@cswi.com

 

with a copy (which shall not constitute notice) to:

 

Shearman & Sterling LLP

2828 North Harwood Street, 18th Floor

Dallas, Texas 75201

Attention: R. Scott Cohen and Robert J. Cardone

Email: scott.cohen@shearman.com and robert.cardone@shearman.com

 

All notices, consents, waivers and other
communications shall be deemed to have been duly given (as applicable): if delivered by hand, when delivered by hand; if delivered
by nationally recognized overnight service or by courier service, one Business Day following the day deposited with such overnight
service or courier service, shipping rates prepaid, for next Business Day delivery; if sent via registered or certified mail, five
Business Days after being deposited in the mail, postage prepaid; or if delivered by email, when transmitted if transmitted without
indication of delivery failure prior to 5:00 p.m. local time for the recipient (and if transmitted without indication of delivery
failure after 5:00 p.m. local time for the recipient, then delivery will be deemed duly given at 9:00 a.m. local time
for the recipient on the subsequent Business Day).

 

    -12-

     

    

 

(e)            Headings. The headings of Sections and subsections in this Agreement are provided for convenience only and will not
affect its construction or interpretation.

 

(f)            Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement and any claim, controversy or dispute arising under, in connection
with or related to this Agreement, the relationship of the parties hereto, or the interpretation and enforcement of the rights
and duties of the parties, will be governed by and construed in accordance with the internal laws of the State of Delaware without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

 

(i)            The
parties hereto agree that all claims, controversies or disputes arising out of, in connection with or related to this Agreement
shall be initiated and tried exclusively in courts located in the State of Delaware. The aforementioned choice of venue is mandatory
and not permissive in nature, thereby precluding the possibility of litigation between the parties with respect to or arising
out of this Agreement in any jurisdiction other than that specified in this Section 11(f)(i). Each party hereto irrevocably
consents and submits to the exclusive personal jurisdiction of and venue in the state courts located in the State of Delaware
(or, only if the state courts decline to accept jurisdiction over a particular matter, the federal courts located in the State
of Delaware) in any legal claim, controversy, dispute, equitable suit or other proceeding arising out of or related to this Agreement.
Each party hereto hereby waives any right it may have to assert the doctrine of forum non conveniens or similar doctrine
or to object to venue with respect to any proceeding brought in accordance with this subsection, and stipulates that the state
courts located in the State of Delaware (or, only if the state courts decline to accept jurisdiction over a particular matter,
the federal courts located in the State of Delaware), shall have in personam jurisdiction and venue over each of them for
the purposes of litigating any dispute, controversy or proceeding arising out of, in connection with or related to this Agreement.
Each party hereto hereby authorizes and accepts service of process sufficient for personal jurisdiction in any claim, controversy
or dispute against it as contemplated by this Section 11(f)(i) by any means of providing notice set forth in Section
11(d) of this Agreement. Any final judgment rendered against a party hereto in any claim, controversy or dispute shall be
conclusive as to the subject of such final judgment and may be enforced in other jurisdictions in any manner provided by law.

 

(ii)            EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY BE BASED UPON, ARISE OUT OF OR RELATED TO THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY FOR ANY DISPUTE BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
BREACH, TERMINATION OR VALIDITY THEREOF. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO OTHER PARTY HERETO NOR ANY
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAVE REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY HERETO UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY HERETO MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION 11(f)(ii).
ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

    -13-

     

    

 

(g)           Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such a manner as to be effective
and valid under law. In case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such provision or provisions shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability, without invalidating the remainder of such invalid, illegal or unenforceable provision
or provisions or any other provisions hereof, unless such a construction would be unreasonable. If any provision of this Agreement
is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

 

(h)           Termination. This Agreement shall terminate when no Holder holds any Registrable Securities.

 

(i)             Entire
Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement and intended to be a
complete and exclusive statement of the agreement and understanding of the parties in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein. This
Agreement supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter. The
parties hereto have voluntarily agreed to define their rights, liabilities and obligations respecting the subject matter hereof
exclusively in contract pursuant to the express terms and provisions of this Agreement, and the parties hereto expressly disclaim
that they are owed any duties or are entitled to any remedies not expressly set forth in this Agreement.

 

(j)             Cumulative
Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any
party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to
any other rights the parties may have by law, statute, ordinance or otherwise.

 

    -14-

     

    

 

(k)            Interpretation.
Each party hereto acknowledges that it has consulted with, or has been afforded the opportunity to consult with, counsel of its
own choosing in connection with the drafting, negotiation and execution of this Agreement and that it enters into this Agreement
of its own free will and as its independent act. The language used in this Agreement has been chosen collectively by the parties
hereto to express their mutual intent, so no party shall be deemed the drafter of this Agreement. No rule of construction shall
be applied against or in favor of any party hereto, and the parties all waive any statute, principle or rule of law to the contrary.
In this Agreement, unless a clear contrary intention appears: (i) the singular number includes the plural number and vice
versa and reference to any gender includes each other gender; (ii) reference to any Person includes such Person’s successors
and assigns but only if such successors and assigns are not prohibited by this Agreement, and reference to a Person in a particular
capacity excludes such Person in any other capacity; (iii) all references to “Sections” refer to the corresponding
Sections of this Agreement; (iv) “hereunder,” “hereof,” “hereto,” and words of similar
import shall be deemed references to this Agreement as a whole and not to any particular Article, Section or other provision hereof;
(v) reference to any agreement, document or instrument (including this Agreement) means such agreement, document or instrument
as amended or modified and in effect from time to time in accordance with the terms thereof; (vi) references to documents,
instruments or agreements (including this Agreement) shall be deemed to refer as well to all addenda, exhibits, schedules, restatement,
supplements or amendments thereto; (vii) references to “day” or “days” means calendar days; (viii) “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding
the word “including”; (ix) “or” is used in the inclusive sense of “and/or”; (x) with
respect to the determination of any period of time, “from” means “from and including” and “to”
means “to but excluding”; and (xi) any action required hereunder to be taken within a certain number of days
or Business Days shall, except as may otherwise be expressly provided herein, be taken within that number of days or Business
Days, as applicable, excluding the day or Business Day on which the counting is initiated and including the final day or Business
Day of the period.

 

(l)                
Execution in Counterparts. This Agreement may be executed and delivered in counterpart signature pages executed and
delivered via email with scan attachment, or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (including
DocuSign) shall be as effective as delivery of a manually executed counterpart of this Agreement; except as otherwise prohibited
by law in the case of documents to be filed with governmental authorities.

 

[Signatures appear on next page]

 

    -15-

     

    

 

 

 

 

 

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

 

	 	PARENT
	 	 
	 	CSW Industrials, Inc.
	 	 
	 	By:	   /s/ Luke Alverson
	 	Name:	Luke Alverson
	 	Title:	Senior Vice President, General Counsel & Secretary

 

Signature Page
to Registration Rights Agreement

 

     

     

    

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

         

	 	2014 YI FAMILY TRUST
	 	 
	 	By:	/s/ Yongki Yi
	 	Name: Yongki Yi
	 	Title: Trustee
	 	 
	 	By:	 /s/ Ann Jung Yi
	 	Name: Ann Jung Yi
	 	Title: Trustee

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	UKJ, LLC
	 	 
	 	By:	/s/ Tony U Yi
	 	Name: Tony U Yi
	 	Title: Authorized Signatory

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	ELIZABETH CHONG
	 	 
	 	/s/ Elizabeth Chong

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	ANDREW SOO YI
	 	 
	 	/s/ Andrew Soo Yi

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	EWY 2020 DELAWARE TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	 /s/ Tim Kianka
	 	 	Name: Tim Kianka
	 	 	Title: Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	JMG 2020 DELAWARE TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	ASY-ESY DELAWARE TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	CAMPANIS CRYSTAL TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	Name:  Tim Kianka
	 	Title:  Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	SAGEGREEN TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	EJC 2020 DELAWARE TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President
	 	 

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	ESY DESCENDANTS TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

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

 

	 	AWY 2020 DELAWARE TRUST
	 	 
	 	By: The Goldman Sachs Trust Company of Delaware
	 	Its: Trustee
	 	 
	 	By:	   /s/ Tim Kianka
	 	 	Name:  Tim Kianka
	 	 	Title:  Vice President

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

SCHEDULE A

 

SELLERS

 

	 	1.	 2014 Yi Family Trust
	 	 
	 	2.	 UKJ, LLC
	 	 
	 	3.	 Elizabeth Chong
	 	 
	 	4.	Andrew Soo Yi
	 	 
	 	5.	 EWY 2020 Delaware Trust
	 	 
	 	6.	JMG 2020 Delaware Trust
	 	 
	 	7.	ASY-ESY Delaware Trust
	 	 
	 	8.	Campanis Crystal Trust
	 	 
	 	9.	SageGreen Trust
	 	 
	 	10.	EJC 2020 Delaware Trust
	 	 
	 	11.	ESY Descendants Trust
	 	 
	 	12.	AWY 2020 Delaware TrustExhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of December 15, 2020 by and among Soligenix, Inc.,
a corporation incorporated in the State of Delaware (the “Company”), and the “Lenders” named
in that certain Loan and Security Agreement by and among the Company and the Lenders, dated December 15, 2020 (the “Loan
Agreement”).  Capitalized terms used herein have the respective meanings ascribed thereto in the Loan Agreement
unless otherwise defined herein.

 

The parties hereby agree
as follows:

 

		1.	Certain Definitions.

 

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

 

“Common Stock”
means the common stock, par value $0.001 per share, of the Company and any securities into which such shares may hereinafter
be reclassified.

 

“Conversion
Shares” means shares of Common Stock issued or issuable upon the conversion of the Term Loan.

 

“Effectiveness
Deadline” means the one hundred twentieth (120) calendar day following the Closing Date.

 

“Effectiveness
Period” means the period of the date hereof to the date on which all Registrable Securities covered by the Registration
Statement may be sold without restriction pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or
any successor thereto) promulgated under the Securities Act.

 

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

 

“Filing Deadline”
means the sixtieth (60th) calendar day following the Closing Date.

 

“Lender(s)”
means (i) the Lenders identified in the Loan Agreement and (ii) any permitted transferee of any Lender who is a subsequent
holder of Registrable Securities.

 

“Prospectus”
means (i) the prospectus included in the Registration Statement, as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement and
by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the Securities
Act.

 

“Register,”
“registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of the Registration
Statement or similar document.

 

     

    

    

 

“Registrable
Securities” means (i) the Conversion Shares and (ii) any other securities issued or issuable with respect to
or in exchange for Conversion Shares, whether by merger, charter amendment or otherwise; provided that a security shall cease to
be a Registrable Security with respect to any Lender upon the earlier of (A) a sale by such Lender pursuant to a Registration
Statement or a valid exemption under the Securities Act, and (B) such security becoming eligible for sale without restriction
by such Lender pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or any
successor thereto) promulgated under the Securities Act.

 

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

 

“Required Lenders”
means the Lender (or Lenders) holding a majority of the issued or issuable Registrable Securities.

 

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

 

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

 

“Selling Securityholder
Questionnaire” means a form of selling securityholder questionnaire as may be reasonably requested by the Company from
time to time.

 

		2.	Registration.

 

		(a)	Registration Statement.  The Company shall use commercially reasonable efforts to (i) promptly
prepare and file with the SEC one Registration Statement covering the resale of all of the Registrable Securities on or prior to
the Filing Deadline and (ii) request that the Registration Statement be declared effective by the SEC as soon as practicable
(and in any event on or prior to the Effectiveness Deadline). In addition, the Company shall use commercially reasonable efforts
to prepare and file one or more amendments to the Registration Statement or additional Registration Statements covering the resale
of any additional Conversion Shares that become Registrable Securities due to the issuance of additional Term Loans by the Company
to the Lenders, in each case promptly after issuance of such additional Term Loans, and thereafter references herein to “Registration
Statement” shall be deemed to include such amendments or such additional Registration Statements. The Registration Statement
shall be on Form S-3 subject to Section 2(e) hereof, and shall contain the plan of distribution attached hereto as Exhibit A;
provided, however, that no Lender shall be named as an “underwriter” in the Registration Statement without the Lender’s
prior written consent.  The Registration Statement also shall cover, to the extent allowable under the Securities Act and
the rules promulgated thereunder (including Rule 416), such indeterminate number of additional Common Stock resulting
from stock splits, dividends or similar transactions with respect to the Registrable Securities.  The Registration Statement
(and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance
with Section 3(c) hereof to the Lenders prior to its filing or other submission.

 

    - 2 -

    

    

 

		(b)	Ticking Fee. 

 

		(i)	If (A) the Registration Statement is not filed with the SEC on or prior to the Filing Deadline,
(B) the Registration Statement is not declared effective by the SEC (or otherwise does not become effective) for any reason on
or prior to the Effectiveness Deadline or (C) after the effective date of the Registration Statement, (1) the Registration Statement
ceases for any reason (including, without limitation, by reason of a stop order or the Company’s failure to update the Registration
Statement), to remain continuously effective as to all Registrable Securities included in the Registration Statement or (2) the
Lenders are not permitted to utilize the Prospectus therein to resell such Registrable Securities for any reason (other than due
to a change at the request of the Lenders in the “Plan of Distribution” or the inaccuracy of any information regarding
the Lenders), and the Lenders are not eligible to freely sell any portion of the Registrable Securities that they intend to sell
by any other means, including through a valid exemption under the Securities Act such as Rule 144, in each case, for more than
an aggregate of thirty (30) consecutive calendar days or forty-five (45) calendar days (which need not be consecutive days)
during any twelve month period (other than as a result of a breach of this Agreement by a Lender or a Lender’s failure to
return a Selling Securityholder Questionnaire within the time period provided by Section 4(a) hereof, and other than as
a result of the Company's reasonable determination in good faith that there exists material non-public information with respect
to any acquisition, financing activity, receipt of clinical trial results, regulatory correspondence or other event or condition
of similar significance to the Company, the disclosure of which it is in the best interest of the Company not to publicly disclose
(such event or condition, an “Excused Event”), in which case such period shall be extended to 60 and 120 calendar
days, respectively (any such failure or breach in clauses (A) through (C) above being referred to as an “Event,”
and, for purposes of clauses (A) or (B), the date on which such Event occurs, or for purposes of clause (C), the date on which
such 30 or 45, or 60 or 120, as applicable, calendar day period is exceeded, being referred to as an “Event Date”),
then in addition to any other rights the Lenders may have hereunder or under applicable law: (x) within five (5) Business Days
after an Event Date relating to a failure in clause (i) only, the Company shall pay to each Lender an amount in cash, as a ticking
fee and not as a penalty, equal to one half percent (0.5%) of such Lender’s aggregate outstanding Term Loan as of such Event
Date; and (y) on each thirty-day anniversary (or pro rata portion thereof) following any Event Date (including, for the avoidance
of doubt, a failure in clause (A), in which case each 30-day anniversary shall be measured commencing on the thirty-first day following
such Event Date) until the earlier of (1) the applicable Event is cured or (2) the Registrable Securities are eligible for
resale pursuant to Rule 144 without manner of sale or volume restrictions, the Company shall pay to each Lender an amount
in cash, as a ticking fee and not as a penalty, equal to one half percent (0.5%) of such Lender’s aggregate outstanding Term
Loan (such amounts payable pursuant to the foregoing is referred to as the “Ticking Fee”). Any amounts owed
to Lenders as the Ticking Fee shall, at the election of the Required Lenders, be automatically paid in and thereby automatically
increase the outstanding principal amount of the Term Loan.

 

    - 3 -

    

    

 

		(ii)	The parties agree that (A) notwithstanding anything
to the contrary herein or in the Loan Agreement, (1) no Ticking Fee shall be payable with respect to any period after the expiration
of the Effectiveness Period and (2) in no event shall the aggregate amount of the Ticking Fees payable to a Lender exceed, in
the aggregate, five percent (5.0%) of the aggregate amount of the Term Loan made by such Lender pursuant to the Loan Agreement
and (B) in no event shall the Company be liable in any thirty (30) day period for the Ticking Fees under this Agreement in excess
of one half percent (0.5%) of the aggregate amount of the Term Loan. If the Company fails to pay the Ticking Fee in full in cash
pursuant to Section 2(b)(i) within ten (10) Business Days after the date payable, the Company will pay interest thereon
at a rate of one percent (1.0%) per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the
Lender, accruing daily from the date such Ticking Fees are due until such amounts, plus all such interest thereon, are paid in
full.

 

		(iii)	The Effectiveness Deadline shall be extended without
default or the Ticking Fees owed hereunder in the event that the Company’s failure to obtain the effectiveness of the Registration
Statement on a timely basis results primarily from the failure of a Lender to timely provide the Company with information
requested by the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities
Act (in which case the Effectiveness Deadline would be extended with respect to Registrable Securities held by such Lender). Notwithstanding
the foregoing, nothing shall preclude any Lender from pursuing or obtaining any available remedies at law, specific performance
or other equitable relief with respect to this Section 2(b) in accordance with applicable law.

 

		(c)	Effectiveness.

 

		(i)	The Company shall use commercially reasonable efforts to have the Registration Statement declared
effective as soon as practicable.  The Company shall notify the Lenders by e-mail as promptly as practicable, and in any event,
within twenty-four (24) hours, after the Registration Statement is declared effective and shall simultaneously provide the
Lenders with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered
thereby.

 

    - 4 -

    

    

 

		(ii)	For not more than thirty (30) consecutive days or forty-five (45) days which may not be consecutive
in each case in any twelve (12) month period, or sixty (60) days or one hundred twenty (120) days in the case of an Excused
Event, the Company may suspend the use of any Prospectus included in the Registration Statement contemplated by this Section 2
in the event that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure of material
non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company,
in the best interests of the Company, (B) amend or supplement the affected Registration Statement or the related Prospectus
so that the Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in light of the circumstances
under which they were made, not misleading or (C) permit the Company to conduct a sale of securities or other financing that
is not a sale of Registrable Securities (an “Allowed Delay”); provided that the Company shall promptly (a) notify
each Lender in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of any Lender)
disclose to such Lender any material non-public information giving rise to an Allowed Delay, (b) advise the Lender in writing
to cease all sales under the Registration Statement until the end of the Allowed Delay and (c) use commercially reasonable
efforts to terminate an Allowed Delay as promptly as practicable; provided, further, in the case of clause (A) of this Section
2(c)(ii), immediately upon the release of the material non-public information by press release or filing on a Form 8-K or other
form under the Exchange Act, the Company shall reinstate the use of such Prospectus.

 

		(d)	Rule 415; Cutback.  If at any time the SEC takes the position that the offering
of some or all of the Registrable Securities in the Registration Statement is not eligible to be made on a delayed or continuous
basis under the provisions of Rule 415 under the Securities Act or requires any Lender to be named as an “underwriter,”
the Company shall use commercially reasonable efforts to persuade the SEC that the offering contemplated by the Registration Statement
is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that
none of the Lenders is an “underwriter.”  The Lenders shall have the right to select one legal counsel, at their
expense, to review and oversee any registration or matters pursuant to this Section 2(d), including participation in any meetings
or discussions with the SEC regarding the SEC’s position and to comment on any written submission made to the SEC with respect
thereto, which legal counsel shall be designated by the Required Lenders.  In the event that, despite the Company’s
commercially reasonable efforts and compliance with the terms of this Section 2(d), the SEC does not alter its position, the
Company shall (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back
Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable
Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively,
the “SEC Restrictions”); provided, however, that the Company shall not agree to name any Lender as an “underwriter”
in the Registration Statement without the prior written consent of such Lender.  No Ticking Fee shall accrue as to any Cut
Back Shares until such date as the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC
Restrictions applicable to such Cut Back Shares. Any cut-back imposed on the Lenders pursuant to this Section 2(d) shall
be allocated among the Lenders on a pro rata basis and shall be applied first to any of the Registrable Securities of such Lender
as such Lender shall designate, unless the SEC Restrictions otherwise require or provide or the Lenders otherwise agree. From and
after such date as the Company is able to effect the registration of such Cut Back Shares, the Company shall use commercially reasonable
efforts to file a Registration Statement relating to such Cut Back Shares and to have the Registration Statement declared effective
by the SEC.

 

    - 5 -

    

    

 

		(e)	Alternative Forms.  In the event that Form S-3 is not available for the registration
of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form
S-1 and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that
the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement
on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

 

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

 

		(a)	use commercially reasonable efforts to cause the Registration Statement to remain continuously
effective for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by
the Registration Statement as amended from time to time, and actually issued or issuable upon conversion of the Term Loans have
been sold and (ii)  the Effectiveness Period;

 

		(b)	as promptly as reasonably possible, notify the Lenders, at any time prior to the end of the Effectiveness
Period, and confirm such notice in writing (which may be by email) no later than one (1) Business Day thereafter, of any of the
following events: (i) the SEC notifies the Company whether there will be a “review” of the Registration Statement;
(ii) the SEC comments in writing on the Registration Statement (in which case the Company shall deliver to each Lender a copy of
such comments and of all written responses thereto); (iii) the SEC or any other federal or state governmental authority in writing
requests any amendment or supplement to the Registration Statement or Prospectus or requests additional information relating thereto;
(iv) the SEC issues any stop order suspending the effectiveness of the Registration Statement or initiates any proceeding for that
purpose; (v) the Company receives notice in writing of any suspension or the qualification or exemption from qualification of any
Registrable Securities for sale in any jurisdiction, or the initiation or threat of any proceeding for such purpose; or (vi) the
financial statements included in the Registration Statement become ineligible for inclusion therein;

 

    - 6 -

    

    

 

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

 

		(d)	use commercially reasonable efforts to prepare and file with the SEC such amendments and post-effective
amendments to the Registration Statement and the related Prospectus as may be necessary to keep the Registration Statement effective
for the Effectiveness Period and to comply with the provisions of the Securities Act and the Exchange Act with respect to the distribution
of all of the Registrable Securities covered thereby;

 

		(e)	provide copies to and permit any legal counsel designated by the Lenders to review the Registration
Statement and all amendments and supplements thereto (but excluding any documents incorporated by reference in the Registration
Statement, amendments or supplements that are available on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system
(or any successor system)) no fewer than  three (3) Business Days prior to their filing with the SEC and not file any
document to which such legal counsel reasonably objects;

 

		(f)	furnish to each Lender whose Registrable Securities are included in the Registration Statement
(i) promptly after the same is prepared and filed with the SEC, if requested by the Lender, one (1) copy of the Registration
Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each
letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC
or the staff of the SEC, in each case relating to the Registration Statement (other than any portion of any of the foregoing which
contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus,
including a preliminary prospectus, and all amendments and supplements thereto and such other documents as each Lender may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such Lender that are covered by the Registration
Statement;

 

    - 7 -

    

    

 

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

 

		(h)	use commercially reasonable efforts to (i) prevent the issuance of any suspension of the qualification
(or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction and (ii) if such suspension
is issued, obtain the withdrawal of any such suspension at the earliest practical moment;

 

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

 

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

 

    - 8 -

    

    

 

		(k)	otherwise use commercially reasonable efforts to comply with all applicable rules and regulations
of the SEC under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act,
file any final Prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the Securities
Act, promptly inform the Lenders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions
specified in Rule 172 and, as a result thereof, the Lenders are required to deliver a Prospectus in connection with any disposition
of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable
Securities hereunder; and make available to its security holders, as soon as reasonably practicable,  an earnings statement
covering a period of at least twelve (12) months, beginning after the effective date of the Registration Statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act, including Rule 158 promulgated
thereunder; and

 

		(l)	with a view to making available to the Lenders the benefits of Rule 144 (or its successor
rule) and any other rule or regulation of the SEC that may at any time permit the Lenders to sell shares of Common Stock to
the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those
terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable
Securities may be sold without restriction by the holders thereof pursuant to Rule 144 and without the requirement to be in
compliance with Rule 144(c)(1) (or any successor thereto) promulgated under the Securities Act or any other rule of
similar effect or (B) such date as all of the Registrable Securities shall have been resold; (ii) use commercially reasonable
efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange
Act; and (iii) furnish to each Lender upon request, as long as such Lender owns any Registrable Securities, (A) a written
statement by the Company that it has complied with the reporting requirements of the Exchange Act, (B) a copy of the Company’s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably
requested in order to avail such Lender of any rule or regulation of the SEC that permits the selling of any such Registrable
Securities without registration.

 

		4.	Obligations of the Lenders.

 

		(a)	It shall be a condition precedent to the obligations of the Company to take any action pursuant
to Section 2 hereof with respect to the Registrable Securities of any Lender that such Lender furnish in writing to the Company
a Selling Securityholder Questionnaire and any other information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration
of such Registrable Securities, and such Lender shall execute such documents in connection with such registration as the Company
may reasonably request.  At least five (5) Business Days prior to the first anticipated filing date of the Registration
Statement, the Company shall notify each Lender of the information the Company requires from such Lender if such Lender elects
to have any of the Registrable Securities included in the Registration Statement.  A Lender shall provide such information
to the Company at least two (2) Business Days prior to the first anticipated filing date of the Registration Statement if
such Lender elects to have any of the Registrable Securities included in the Registration Statement.

 

    - 9 -

    

    

 

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

 

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

 

		(d)	Each Lender covenants and agrees that it will comply with the prospectus delivery requirements
of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant
to the Registration Statement.

 

		5.	Registration Expenses. All fees and expenses incident to the Company’s performance
of or compliance with its obligations under this Agreement (excluding any underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities (the “Selling Expenses”)) shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with any trading market on which the shares of Common Stock are
then listed for trading, (B) with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation,
fees and disbursements of legal counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable
Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions
as requested by the Lenders) and (C) with respect to any filing that may be required to be made by any broker through which a Lender
intends to make sales of Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more
than a customary brokerage commission in connection with such sale), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably
requested by the Lenders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of legal counsel for the Company, (v) Securities Act liability insurance,
if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all
of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. All Selling Expenses relating to the offer and sale of Registrable Securities registered under
the Securities Act pursuant to this Agreement shall be borne and paid by Lenders.

 

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		6.	Indemnification.

 

		(a)	Indemnification by the Company.  The Company will indemnify and hold harmless each
Lender and its officers, directors, members, employees and agents, successors and assigns, and each other person, if any, who controls
such Lender within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to
which they may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon:  (i) any untrue statement or alleged untrue statement or
omission or alleged omission of any material fact contained in the Registration Statement, any preliminary Prospectus or final
Prospectus, or any amendment or supplement thereof; (ii)  any violation by the Company or its agents of any rule or regulation
promulgated under the Securities Act applicable to the Company or its agents and relating to action or inaction required of the
Company in connection with such registration; or (iii) any failure to register or qualify the Registrable Securities included
in the Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that
the Company will undertake such registration or qualification on a Lender’s behalf and will reimburse such Lender, and each
such officer, director or member and each such controlling person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based
upon (i) an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information
furnished by such Lender or any such controlling person in writing specifically for use in the Registration Statement or Prospectus,
(ii) the use by an Lender of an outdated or defective Prospectus after the Company has notified such Lender in writing that
such Prospectus is outdated or defective,  (iii) a Lender’s failure to send or give a copy of the Prospectus or
supplement (as then amended or supplemented), if required (and not exempted) to the Persons asserting an untrue statement or omission
or alleged untrue statement or omission at or prior to the written confirmation of the sale of Registrable Securities or (iv) the
disposition of any Registrable Securities pursuant to the Registration Statement or Prospectus covering such Registrable Securities
during an Allowed Delay.

 

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		(b)	Indemnification by the Lender.  Each Lender agrees, severally but not jointly, to indemnify
and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expense (including reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of a material
fact required to be stated in the Registration Statement or Prospectus or preliminary Prospectus or amendment or supplement thereto
or necessary to make the statements therein not misleading, to the extent, but only to the extent that such untrue statement or
omission is contained in any information furnished in writing by such Lender to the Company specifically for inclusion in the Registration
Statement or Prospectus or amendment or supplement thereto.  Except to the extent that any such losses claims, damages, liabilities
or expenses are finally judicially determined to have resulted from a Lender’s fraud or willful misconduct, in no event shall
the liability of a Lender be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Lender
in connection with any claim relating to this Section 6 and the amount of any damages such Lender has otherwise been required to
pay by reason of such untrue statement or omission) received by such Lender upon the sale of the Registrable Securities included
in the Registration Statement giving rise to such indemnification obligation.

 

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

 

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		(d)	Contribution.  If for any reason the indemnification provided for in the preceding
paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly
specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result
of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnified
party and the indemnifying party, as well as any other relevant equitable considerations.  No person guilty of fraudulent
misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any
person not guilty of such fraudulent misrepresentation.  Except to the extent that any such losses claims, damages, liabilities
or expenses are finally judicially determined to have resulted from a holder of Registrable Securities’ fraud or willful
misconduct, in no event shall the contribution obligation of a holder of Registrable Securities be greater in amount than the dollar
amount of the proceeds (net of all expenses paid by such holder in connection with any claim relating to this Section 5 and
the amount of any damages such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

 

		7.	Miscellaneous.

 

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

 

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

 

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		(c)	No Impairment of Rights.  The Company has not entered, as of the date hereof, nor shall
the Company, on or after the date hereof, enter into any agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Lenders in this Agreement or otherwise conflicts with the provisions hereof.

 

		(d)	Notices.  All notices and other communications provided for or permitted hereunder
shall be made as set forth in Section 11.2 of the Loan Agreement.

 

		(e)	Business Day.  All references to “Business Day” herein shall refer to any
day other than Saturday, Sunday or any other day that SEC is closed for business; provided, however, should any obligation required
to be performed under this Agreement fall on a day other than a Business Day, the performance of such obligation will be extended
to the next succeeding Business Day on which the SEC is open for business.

 

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

 

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

 

		(h)	Benefits of the Agreement.  Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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		(i)	Counterparts.  This Agreement may be executed in several counterparts, and by each
party on separate counterparts, each of which and any photocopies or other electronic transmission (including by PDF) thereof shall
be deemed an original, but all of which together shall constitute one and the same agreement.

 

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

 

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

 

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

 

		(m)	Entire Agreement.  This Agreement and the Loan Agreement and all other documents contemplated
hereunder and thereunder are intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. 
This Agreement and the Loan Documents and all other documents contemplated hereunder and thereunder supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

 

		(n)	Independent Nature of Lenders’ Obligations and Rights.  The obligations of each
Lender hereunder are several and not joint with the obligations of any other Lender hereunder, and no Lender shall be responsible
in any way for the performance of the obligations of any other Lender hereunder. Nothing contained herein or in any other agreement
or document delivered on the Closing Date, and no action taken by an Lender pursuant hereto or thereto, shall be deemed to constitute
the Lenders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Lenders
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Lender
shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and
it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

 

		(o)	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  All questions concerning
the construction, validity, enforcement, interpretation, consent to jurisdiction and waiver of jury trial of this Agreement shall
be determined in accordance with the provisions of the Loan Agreement.

 

[Signatures to Follow]

 

    - 15 -

    

    

 

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

 

	COMPANY:	SOLIGENIX, INC.
	 	 	 
	 	By:	/s/ Christopher J. Schaber
	 	 	Name: Christopher J. Schaber, PhD
	 	 	Title: President and Chief Executive Officer
	 	 	 
	LENDERS:	PONTIFAX MEDISON FINANCE (ISRAEL) L.P.
	 	 	 
	 	By: 	/s/ Shlomo Karako
	 	 	Name: Shlomo Karako
	 	 	Title: Partner
	 	 	 
	 	PONTIFAX MEDISON FINANCE (CAYMAN) L.P.
	 	 	 
	 	By:	/s/ Shlomo Karako
	 	 	Name: Shlomo Karako
	 	 	Title: Partner

 

[Signature Page to Registration Rights Agreement]

 

    - 16 -

    

    

 

EXHIBIT A

 

Plan of Distribution

 

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

 

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

 

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

 

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

 

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

 

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

 

		●	privately negotiated transactions;

 

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

 

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

 

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

 

		●	one or more underwritten offerings on a firm commitment or best effort basis;

 

		●	a combination of any such methods of sale; and

 

		●	any other method permitted by applicable law.

 

Pursuant to registration
rights agreements, certain selling stockholders are generally entitled to be paid all registration expenses in connection with
their registration obligations, regardless of whether a registration statement is filed or becomes effective.

 

    - 17 -

    

    

 

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

 

In connection with the
sale of common stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or
other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions
they assume.  The selling stockholders may also sell common stock short and deliver these securities to close out their short
positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities.  We have advised each
selling stockholder that it may not use shares registered on the registration statement of which this prospectus is a part to cover
short sales of our common stock made prior to the date on which such registration statement was declared effective by the SEC.

 

The selling stockholders
may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or
more derivative securities which require the delivery to such broker-dealer or other financial institution of shares of common
stock offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction).

 

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

 

The selling stockholders
also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities
Act, if available, or pursuant to other available exemptions from the registration requirements under the Securities Act, rather
than this prospectus, provided that they meet the criteria and conform to the requirements of that rule. Registration of the common
stock covered by this prospectus does not mean that any common stock will be offered or sold.

 

The selling stockholders
may engage in at-the-market offerings and offer the common stock into an existing trading market in accordance with Rule 415(a)(4)
under the Securities Act on the terms described in the prospectus supplement relating thereto. Underwriters, dealers and agents
who participate in any at-the-market-offerings will be described in the prospectus supplement relating thereto.

 

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

 

    - 18 -

    

    

 

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

 

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

 

If at the time of any
offering made under this prospectus, a member of FINRA participating in the offering has a “conflict of interest” as
defined in FINRA Rule 5121 (“Rule 5121”), that offering will be conducted in accordance with the relevant provisions
of Rule 5121.

 

We have advised the selling
stockholders that the anti-manipulation rules of Regulation M promulgated under the Securities Exchange Act of 1934,
as amended, may apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates. 
In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to
time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities
Act.  The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the
shares against certain liabilities, including liabilities arising under the Securities Act.

 

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

 

We have agreed with the
selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (1) such time as all of the shares of common stock covered by this prospectus and actually issued or issuable upon conversion
of the Term Loans have been sold and (2) the date on which all of the shares may be sold without restriction pursuant to Rule 144
of the Securities Act.

 

 

- 19 -

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