Document:

Exhibit 10.2

 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT

 

This Amended and Restated
Registration Rights Agreement (the “Agreement”) is made and entered into as of this 4th day of April,
2014 (the “Effective Date”) by and among Crossroads Systems, Inc., a Delaware corporation (the “Company”),
and the parties listed on Schedule A hereto (each, an “Investor” and collectively, “Investors”)
who were issued Units consisting of shares of Common Stock and Warrants (the “Units”).

 

This Agreement amends,
supersedes, replaces and terminates that certain Registration Rights Agreement dated as of March 31, 2014 (the “Prior
Agreement”), which was made in connection with that certain Securities Purchase Agreement dated as of the date thereof
between the Company and certain of the Investors (the “March Securities Purchase Agreement”).

 

Capitalized terms used
herein have the respective meanings ascribed thereto in the Securities Purchase Agreement unless otherwise defined herein.

 

RECITALS

 

WHEREAS, the Company
has previously sold Units to certain Investors (the “March Investors”) pursuant to the
March Securities Purchase Agreement;

 

WHEREAS, the Company
proposes to sell Units to certain additional Investors, and wishes to add the additional Investors as parties to the Agreement,
which requires amendment to the Prior Agreement;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties hereto hereby agree that the Prior Agreement shall
be superseded, amended and restated and shall read in its entirety as follows:

 

AGREEMENT

 

1.            Amendment
of Prior Agreement. Effective and contingent upon execution of this Agreement by the Company and the Required Investors, as
such term is defined in the Prior Agreement, the Prior Agreement is hereby amended and restated in its entirety to read as set
forth in this Agreement, and the Company and the Investors hereby agree to be bound by the provisions hereof as the sole agreement
of the Company and the Investors with respect to registration rights of the Company’s securities and certain other rights,
as set forth herein.

 

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

 

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

 

“Investors”
means the parties listed on Schedule A hereto and any Affiliate or permitted transferee of any Investor who is a subsequent
holder of any Registrable Securities and who agrees to be bound by the provisions of this Agreement.

  

    	 

    	 

    

  

“Prospectus”
means (i) the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act (as defined below).

 

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

 

“Registrable
Securities” means (i) the Shares (as defined below) and (ii) any other securities issued or issuable with respect
to or in exchange for Registrable Securities, whether by merger, charter amendment or otherwise; provided, that, a security
shall cease to be a Registrable Security upon (A) sale pursuant to an effective Registration Statement or Rule 144 under the 1933
Act, or (B) such security becoming eligible for sale without restriction by the Investors pursuant to Rule 144 under the 1933
Act.

 

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

 

“Required
Investors” means the Investors holding a majority of the Registrable Securities.

 

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

 

“Shares”
means the Common Shares and the Warrant Shares.

 

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

 

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

 

3.            Registration.

 

(a)          Registration
Statements. On or prior to sixty (60) days after the Effective Date (the “Filing Deadline”), the
Company shall prepare and file with the SEC a Registration Statement on Form S-3 (or, if Form S-3 is not then available to the
Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities
on a continuous basis), covering the resale of the Registrable Securities from time to time in accordance with the methods of distribution
described in Exhibit A hereto; provided, however, that if the Filing Deadline shall fall during a period
that the Company may not file a registration statement until it files with the SEC its updated financial statements, the Filing
Deadline shall be no later than 20 days after the filing date of such updated financial statements with the SEC (the “Extended
Filing Deadline”). Subject to any SEC comments, such Registration Statement shall include the plan of distribution
attached hereto as Exhibit A. Such Registration Statement also shall cover, to the extent allowable under the 1933
Act, such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar transactions
with respect to the Registrable Securities.

  

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

 

(c)          Effectiveness.

 

(i)          The
Company shall use reasonable best efforts to have the Registration Statement declared effective as soon as practicable. The Company
shall notify the Investors by facsimile, telephone or e-mail as promptly as practicable, and in any event, within forty-eight (48)
hours, after any Registration Statement is declared effective.

 

(ii)         In
the event that the Company determines in good faith that the suspension of the use of any Prospectus 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, provided, that any delays pursuant to this clause (A)
shall not exceed, in the aggregate, thirty (30) days in any twelve-month period, or (B) amend or supplement the affected Registration
Statement or the related Prospectus so that such Registration Statement or Prospectus shall comply with applicable 1933 Act requirements
or 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,
then the Company may suspend the use of any such Prospectus (an “Allowed Delay”); provided, that
the Company shall promptly (a) notify each Investor in writing of the suspension of and the reasons for such suspension, but shall
not (without the prior written consent of an Investor) disclose to the Investors any material non-public information giving rise
to an Allowed Delay, (b) advise the Investors in writing to cease all sales under the Registration Statement until the end of the
Allowed Delay and (c) use reasonable best efforts to terminate such suspension as promptly as practicable.

  

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(d)          Rule
415; Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a
Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933
Act or requires any Investor to be named as an “underwriter”, if the Company believes, in its discretion and upon the
advice of counsel, that the Registrable Securities are eligible for registration under Rule 415 or that such Investor is not an
“underwriter” for the purposes of the 1933 Act and the registration, the Company shall use its reasonable best efforts
to persuade the SEC that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering
by or on behalf of the issuer for the purposes of Rule 415 and that such Investor is not an “underwriter.” Such Investor
shall provide to the Company in writing all information requested by the Company to support such Investor’s contention that
it is not an “underwriter.” Such Investor shall have the right to participate or have its counsel participate in any
meetings or discussions with the SEC regarding the SEC’s position and to comment or have its counsel comment on any written
submission made to the SEC with respect thereto. No such written submission regarding the foregoing specifying an Investor shall
be made to the SEC to which the Investor’s counsel reasonably objects. The Company shall not agree to name any Investor as
an “underwriter” in such Registration Statement without the prior written consent of such Investor. In the event that,
despite the Company’s reasonable best efforts and compliance with the terms of this Section 3(d), the SEC refuses to alter
its position, the Company shall (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut
Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable
Securities, in each case as the SEC may require to assure the Company’s compliance with the requirements of Rule 415.

 

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

 

(a)          use
reasonable best efforts to cause such Registration Statement to become effective by the one hundred and twentieth (120th) day from
the Effective Date of the Securities Purchase Agreement and to remain continuously effective for a period that will terminate upon
the earlier of (i) the date on which all Registrable Securities covered by such Registration Statement have been sold pursuant
thereto, or (ii) the date on which all Registrable Securities covered by such Registration Statement may be sold without restriction
pursuant to Rule 144 (the “Effectiveness Period”);

 

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

 

(c)          provide
copies to and permit counsel designated by a majority-in-interest of the Investors (if and only if the Company has been informed
that such counsel has been designated) to review each Registration Statement no fewer than five (5) days prior to their initial
filing with the SEC ,two (2) business days in the case of any amendments and supplements thereto, and not file any document to
which such counsel reasonably objects;

   

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(d)          furnish
to the Investors and their legal counsel (for the avoidance of doubt, any filing available to the Investor via the SEC’s
EDGAR system shall be deemed “furnished to the Investor” hereunder) (i) promptly after the same is prepared and publicly
distributed, filed with the SEC, or received by the Company (but not later than two (2) business days after the filing date, receipt
date or sending date, as the case may be) (X) one (1) copy of any Registration Statement and any amendment thereto, each preliminary
prospectus and Prospectus and each amendment or supplement thereto (other than any portion thereof which contains information for
which the Company has sought confidential treatment), and (Y) 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 the case of any such letter or correspondence,
only to the extent that it relates, and only the portion thereof relating, to the inclusion of any Investor in the Registration
Statement and other than any portion thereof which contains information for which the Company has sought confidential treatment
or which constitutes material non-public information as to any Investor that is not subject to a confidentiality obligation to
the Company with respect thereto), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all
amendments and supplements thereto as each Investor may reasonably require in order to facilitate the disposition of the Registrable
Securities owned by such Investor that are covered by the related Registration Statement or make them electronically available;

 

(e)          use
reasonable best 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 or lifting of any such order at the earliest practicable time;

 

(f)          prior
to any public offering of Registrable Securities, use reasonable best efforts to register or qualify or cooperate with the Investors
and their counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under
the securities or blue sky laws of such jurisdictions reasonably requested by the Investors and do any and all other commercially
reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities
covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith
or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 4(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject
but for this Section 4(f), or (iii) file a general consent to service of process in any such jurisdiction;

 

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

 

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

  

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(i)          otherwise
use reasonable best efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act,
including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment
thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing if, at any time during
the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investors
are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as
may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and make available to its security
holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement
covering a period of at least twelve (12) months, beginning after the effective date of each Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158 promulgated thereunder (for the purpose
of this subsection 4(i), “Availability Date” means the 45th day following the end of the fourth fiscal quarter
that includes the effective date of such Registration Statement, except that, if such fourth fiscal quarter is the last quarter
of the Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth
fiscal quarter). If the Company is required to file a prospectus pursuant to Rule 424 at the time the Registration Statement is
declared effective by the SEC, the Company shall file such prospectus by 8:30 a.m., Austin, Texas time, on the next day on which
the SEC’s Electronic Data Gathering, Analysis and Retrieval System accepts documents for filing.

 

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

 

5.            Due
Diligence Review; Information. Upon written request, the Company shall make available, during normal business hours, for inspection
and review by any underwriters participating in a disposition of Registrable Securities pursuant to a Registration Statement and
to any attorney or accountant retained by such underwriter, all financial and other records, all SEC Filings and other filings
with the SEC, and all other corporate documents and properties of the Company as may be reasonably necessary to enable them to
exercise their due diligence responsibility, and cause the Company’s officers, directors and employees, within a reasonable
time period, to supply all such information reasonably requested by the underwriters in connection therewith (including, without
limitation, in response to all questions and other inquiries reasonably made or submitted by any of them), prior to and from time
to time after the filing and effectiveness of the Registration Statement. As a condition to such inspection and review, the Company
may require the Investors to enter into confidentiality agreements.

  

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

 

6.            Obligations
of the Investors.

 

(a)          Each
Investor shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration
of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request. At least ten (10) Business Days prior to the first anticipated filing date of any Registration Statement, the Company
shall notify each Investor of the information the Company requires from such Investor if such Investor elects to have any of the
Registrable Securities included in the Registration Statement. An Investor shall provide such information to the Company at least
five (5) Business Days prior to the first anticipated filing date of such Registration Statement if such Investor elects to have
any of the Registrable Securities included in the Registration Statement.

 

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

 

(c)          Each
Investor agrees that, upon receipt of any notice from the Company of either (i) the suspension of the use of any Prospectus pursuant
to Section 3(c)(ii) or (ii) the happening of an event pursuant to Section 4(h) hereof, such Investor will immediately discontinue
disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until the Investor
is advised by the Company that such dispositions may again be made.

 

7.            Indemnification.

 

(a)          Indemnification
by the Company. To the extent the Investors participate in a Registration Statement, the Company agrees to indemnify and hold
harmless each Investor and its officers, directors, members, managers, employees and agents and each other person, if any, who
controls such Investor within the meaning of the Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any losses,
claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement contained in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment
or supplement thereof or any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading;
(ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information
furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities
under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”);
or (iii) the omission or alleged omission to state in a Blue Sky Application a material fact required to be stated therein or necessary
to make the statements therein not misleading; and will reimburse such Investor, and each such officer, director or member and
each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any
such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement
or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Investor or
any such controlling person in writing specifically for use in such Registration Statement or Prospectus or any offers or sales
by or on behalf of the Investor after delivery to the Investor by the Company of a notice of suspension described in Section 3(c)(ii)
above and before delivery of a notice by the Company to the Investor advising the Investor that dispositions may be made as provided
by Section 6(c) above.

 

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(b)          Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders, agents and each person who controls the Company within the
meaning of the Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any losses, claims, damages, liabilities and expenses
(including reasonable attorney fees) to which they may become subject under the 1933 Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement contained
in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof or any omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus,
in light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omissions were made in reliance upon information furnished in writing
by or on behalf of such Investor to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment
or supplement thereto, and (ii) any offers or sales by or on behalf of the Investor after delivery to the Investor by the Company
of a notice of suspension described in Section 3(c)(ii) above and before delivery of a notice by the Company to the Investor
advising the Investor that dispositions may be made as provided by Section 6(c) above. In no event shall the liability of an Investor
be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Investor in connection with any claim
relating to this Section 7 and the amount of any damages such Investor has otherwise been required to pay by reason of such untrue
statement or alleged untrue statement or omission or alleged omission) received by such Investor upon the sale of the Registrable
Securities included in the Registration Statement giving rise to such indemnification obligation.

   

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(c)          Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed in writing to pay such fees
or expenses, or (b) the indemnifying party shall have failed within a reasonable time after notice from the indemnified party to
assume the defense of such claim and employ counsel reasonably satisfactory to the indemnified party or (c) the named parties to
such action (including any impleaded parties) include both the indemnified party and the indemnifying party and, in the reasonable
judgment of any the indemnified party, based upon written advice of its counsel, a material conflict of interest exists between
the indemnified party 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 one such
action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, 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 prior written consent of the indemnified party, consent to entry of any judgment or enter into any
settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect of such claim or litigation. The indemnifying party shall not be liable for any settlement
of any proceeding effected without its written consent.

 

(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 for the exceptions specified therein, then the indemnifying party shall contribute
to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion
as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater than the dollar amount of the proceeds (net of all expenses paid by
such holder in connection with any claim relating to this Section 7 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.

 

8.            Miscellaneous.

 

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

 

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

  

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

 

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

 

(e)          Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)          Counterparts;
Faxes; Electronic Signature. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile or electronic
signature (including delivery of signatures by PDF or other similar format), which shall be deemed an original.

 

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

 

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

   

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

 

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

 

(k)          Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed in accordance with the laws of the State
of Delaware, without regard to the principles of conflicts of laws. The parties further agree that any action between them shall
be heard in City of Wilmington, Delaware and expressly consent to the jurisdiction and venue of the state and federal courts sitting
in City of Wilmington, Delaware for the adjudication of any civil action asserted pursuant to this Agreement. EACH OF THE PARTIES
HERETO, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES,
IRREVOCABLY, THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR ANY OTHER AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION
WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH THE INVESTORS AND THE COMPANY ARE ADVERSE PARTIES.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE INVESTORS TO ENTER INTO THIS AGREEMENT.

 

(l)          Other
Agreements. The Investors acknowledge that the Company is party to (i) that certain Registration Rights Agreement (the “IRM
Agreement”), dated as of July 31, 2012, by and between Iron Mountain Incorporated (“IRM”)
and the Company. The Investors agree and acknowledge that IRM may include any “Registrable Securities” under the IRM
Agreement in any Registration Statement prepared and filed under this Agreement and that IRM may have rights superior to the Investors
in certain circumstances specified under the IRM Agreement (including but not limited to Section 3(f) of the IRM Agreement) and
the Company’s compliance with the terms of the IRM Agreement shall not in any circumstances constitute a breach, default
or violation of this Agreement.

 

[SIGNATURES ON THE FOLLOWING
PAGE]

   

    	11

    	 

    

 

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

  

	 	THE COMPANY:
	 	 
	 	CROSSROADS SYSTEMS, INC.
	 	 	 
	 	By:	 
	 	 	Richard K. Coleman, Jr.
	 	 	Chief Executive Officer
	 	 
	 	INVESTOR:
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

[Signature Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

Exhibit A

 

PLAN OF DISTRIBUTION

 

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

 

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

 

		·	on any national securities exchange or quotation service on which our common stock may be listed
at the time of sale, in the case of sales of our common stock;

 

		·	in transactions other than on such exchanges;

 

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

 

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

 

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

 

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

 

		·	privately negotiated transactions;

 

		·	short sales effected after the date the registration statement of which this Prospectus is a part
is declared effective by the Securities and Exchange Commission;

 

		·	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 securityholders to sell a specified number of such shares
at a stipulated price per security;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted by applicable law.

  

    	Exhibit A

    	 

    

  

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

 

In connection with
the sale of such shares or such interests, the selling securityholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the common stock, as the case may be, in the course
of hedging the positions they assume. The selling securityholders may also sell shares of our common stock short and deliver these
securities to close out their short positions, or loan or pledge such stock to broker-dealers that in turn may sell these securities.
The selling securityholders may also enter into options or other transactions with broker-dealers or other financial institutions
or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution
of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

 

The aggregate proceeds
to the selling securityholders from the sale of the common stock offered by them will be the purchase price of such stock less
discounts or commissions, if any. Each of the selling securityholders 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 the sale of securities by selling securityholders.

 

The selling securityholders
also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of
1933, provided that they meet the criteria and conform to the requirements of that rule.

 

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

 

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

 

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 such 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.

   

    	14

    	 

    

  

We have advised the
selling securityholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in
the market and to the activities of the selling securityholders 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 securityholders
for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling securityholders 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 securityholders against certain liabilities, including liabilities under the Securities Act and state securities laws,
relating to the registration of the shares offered by this prospectus.

 

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

   

    	15Exhibit 10.4

 

Indemnification Agreement

 

This Indemnification Agreement (this "Agreement")
is made as of ___________, 2014, by and between Bioblast Pharma Ltd., a company organized and existing under the laws of Israel
(the "Company") and ____________ I.D. No / Passport No ____________ ("Indemnitee").

 

WHEREAS, the Company desires to attract
and retain qualified directors and officers and to provide them with protection against liability and expenses incurred while acting
in that capacity; and

 

WHEREAS, Indemnitee is director or officer
of the Company; and

 

WHEREAS, in order to induce Indemnitee
to serve as a director or officer of the Company, the Company agrees to indemnify Indemnitee upon certain occurrences, all under
the terms of this Agreement.

 

Now, therefore, the parties agree as follows:

 

		1.	Indemnity. The Company hereby agrees, subject to the limitations set forth in this Agreement
and to applicable law:

 

To indemnify Indemnitee to the greatest
extent possible under applicable law against any liability or expense in respect of any acts or omissions of Indemnitee in his
capacity as a director or officer of the Company, as follows:

 

(i) a financial obligation imposed on Indemnitee
in favor of another person by a court judgment, including a compromise judgment or an arbitrator's award approved by court;

 

(ii) reasonable litigation expenses, including
attorneys' fees, expended by Indemnitee or charged to him by a court, in a proceeding instituted against him by the Company or
on its behalf or by another person, or in a criminal charge from which he was acquitted or in any criminal proceeding of a crime
which does not require proof of mens rea (criminal intent) in which the Indemnitee is convicted, or due to an investigation or
a proceeding conducted against him by an authority authorized to conduct an investigation or a proceeding, pursuant to which no
indictment was filed against him and no monetary liability was imposed on him as an alternative to a criminal proceeding, or due
to an investigation or a proceeding conducted against him by an authority authorized to conduct an investigation or a proceeding,
pursuant to which no indictment was filed against him but a monetary liability was imposed on him as an alternative to a criminal
proceeding, for a crime which does not require a finding of mens rea (criminal intent) (collectively referred to hereinafter as
a "Claim");

 

(iii) a payment which Indemnitee is obligated
to make to an injured party as set forth in Section 52(54)(a)(1)(a) of the Israeli Securities Law, 1968, as amended (the "Securities
Law"), if applicable, and expenses that Indemnitee incurs in connection with a proceeding under Chapters H'3, H'4 or I'1
of the Securities Law, if applicable, including reasonable legal expenses, which term includes attorney fees; and

 

    	 

    	 

    

 

(iv) any other obligation or expense in
respect of which it is permitted or will be permitted under the Companies Law, 5759-1999, to indemnify an officer or director,
subject to and in accordance with all applicable law.

 

The above indemnification will also apply
to any action taken by the Indemnitee in his capacity as a director and/or officer of any other company controlled, directly or
indirectly, by the Company (a “Subsidiary”) or in his capacity as a director, officer or observer at board of
directors’ meetings, of a company not controlled by the Company but where his appointment as a director, officer or observer
results from the Company’s holdings in such company (“Affiliate”).

 

		2.	General Limitations on Indemnity. If, when and
to the extent that a final judicial determination is made, as to which all rights of appeal therefrom have been exhausted or lapsed,
the Indemnitee would not be permitted to be so indemnified as provided under this Agreement, the Company shall be entitled to
be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid. Indemnitee’s
obligation to reimburse the Company for any advance expenses or other sums paid hereunder shall be unsecured and no interest shall
be charged thereon.

 

		3.	Limitations on Indemnity.

 

3.1.          The Company
undertakes to indemnify Indemnitee, with respect to Section 1(i) above, and in accordance with the terms of this Agreement up to
a total amount of US$5,000,000 (Five Million United States Dollars) in the aggregate, under the circumstances of indemnification
of Indemnitee as set forth in this Agreement.

 

3.2.          Indemnitee
shall not be entitled to indemnification under Section 1, for financial obligations imposed arising from any of the following:
(i) a breach of the duty of fiduciary by Indemnitee, except, to the extent permitted by law, for a breach of the duty of fiduciary
by the Indemnitee to the Company, a Subsidiary or an Affiliate while acting in good faith and having reasonable cause to assume
that such act would not prejudice the interests of the Company, Subsidiary or Affiliate, as applicable; or (ii) a violation of
the Indemnitee’s duty of care towards the Company, which was committed intentionally or recklessly, except if it was done
in negligence only; or (iii) an act committed with the intention to realize a personal unlawful profit; or (iv) a fine or monetary
penalty imposed on Indemnitee (excluding a fine or monetary penalty imposed pursuant to the conviction of a crime which requires
proof of mens rea (criminal intent)); or (v) a counterclaim made by the Company or in its name in connection with a claim against
the Company filed by Indemnitee, other than (a) by way of defense or by way of third party notice in connection with claim brought
against the Indemnitee, or (b) in specific cases in which the Company’s Board of Directors has approved the initiation or
bringing of such suit by Indemnitee, which approval shall not be unreasonably withheld.

 

    	 

    	 

    

 

3.3.          The indemnification
amount actually paid shall be limited to those amounts not covered by the Company’s directors and officers insurance policy
(the “D&O Policy”), such that Indemnitee will not be entitled to payment from the Company for amounts which
Indemnitee has actually obtained under the D&O Policy.

 

3.4.          Subject to
the provisions of this Section 3, the indemnification hereunder will, in each case, cover all sums of money that the Indemnitee
will be obligated to pay, in those circumstances for which indemnification is permitted under the law.

 

3.5.          The Company
will be entitled to reimbursement of amounts collected from a third party in connection with liabilities indemnified hereunder.
Such reimbursement shall not exceed the amount the Company has paid to the Indemnitee.

 

		4.	Limitation of Categories of Claims. The indemnification pursuant to Section 1(i) above,
shall only relate to liabilities arising in connection with acts or omissions of Indemnitee in respect of the following events
and circumstances which are deemed by the Company's Board of Directors to be foreseeable at the date hereof:

 

4.1.          The offering
of securities by the Company and/or by a shareholder thereof to the public and/or to private investors or the offer by the Company
to purchase securities from the public and/or from private investors or other holders pursuant to a prospectus, agreements, notices,
reports, tenders and/or other proceedings;

 

4.2.          Occurrences
in connection with investments in or by the Company and/or Subsidiary and/or Affiliate in other corporations whether before and/or
after the investment is made, entering into the transaction, the execution, development and monitoring thereof, including actions
taken by the Indemnitee in the name of the Company and/or Subsidiary and/or Affiliate as a director, officer, employee and/or board
observer of the corporation which is the subject of the transaction and the like;

 

4.3.          The sale, purchase
and holding of negotiable securities or other investments for or in the name of the Company and/or Subsidiary and/or Affiliate;

 

4.4.          Actions in
connection with the merger of the Company and/or any Subsidiary and/or any Affiliate with or into another entity;

 

4.5.          Actions in
connection with the sale of the operations, assets and/or business, or part thereof, of the Company and/or Subsidiary and/or Affiliate;

 

4.6.          Without derogating
from the generality of the above, actions in connection with the purchase or sale of companies, legal entities or assets, licensing
or acquisition of rights in products, assets or technologies of other persons or legal entities, and the sale, licensing or grant
of license in the same to other persons or legal entities, and the division or consolidation thereof;

 

 

    	 

    	 

    

 

4.7.          Actions taken
in connection with labor relations and/or employment matters (including employment-related benefits) in the Company and/or Subsidiary
and/or Affiliate and trade relations of the Company and/or Subsidiary and/or Affiliate, including with employees, independent contractors,
customers, suppliers and various service providers;

 

4.8.          Actions in
connection with the developing, testing and manufacturing of products (including a third party’s products, solutions and
technologies) by the Company and/or Subsidiary and/or Affiliate or in connection with the distribution, sale, license or use of
such products, solutions or technologies, and management of projects whether of the Company and/or Subsidiary and/or affiliate
and/or any third party;

 

4.9.          Actions relating
to the promotion, offering and/or support of the products, solutions and technologies in the fields of operation of the Company,
any of its Subsidiaries or Affiliates as shall exist from time to time.

 

4.10.        Actions taken
in connection with the intellectual property of the Company and/or Subsidiary and/or Affiliate and its protection, including the
registration or assertion of rights to intellectual property and the defense of claims related to intellectual property or any
claim or demand made for actual or alleged infringement, misappropriation, or misuse of any third party's intellectual property
rights by the Company, its Subsidiaries or Affiliates, including without limitation confidential information, patents, copyrights,
design rights, service marks, trade secrets, copyrights, and misappropriation of ideas by the Company, its Subsidiaries or Affiliates;

 

4.11.        Actions taken
pursuant to or in accordance with the policies and procedures of the Company and/or Subsidiary and/or Affiliate, that have been
decided upon, whether such policies and procedures are published or not, and actions relating to the operations and management
of the Company and/or of any Subsidiaries and/or Affiliates.

 

4.12.        Occurrences
resulting from the Company’s and/or Subsidiary’s and/or Affiliate’s status as a public company, and/or from the
fact that the Company’s securities were offered to the public and/or are traded on a stock exchange, whether in the U.S.
or elsewhere;

 

4.13.        Any claim
or demand made by any lenders or other creditors or for monies borrowed by, or other indebtedness of, the Company and\or Subsidiary
and/or any Affiliate.

 

4.14.        Any claim
or demand made by any third party suffering any personal injury or damage to business or personal property through any act or omission
attributed to the Company or its Subsidiaries or its Affiliates, or their respective employees, agents or other persons acting
or allegedly acting on their behalf.

 

4.15.        Any claim
or demand made by suppliers, contractors or other third parties transacting any form of business with the Company in the ordinary
course of their respective businesses, relating to the negotiations or performance of such transactions, representations or inducements
provided in connection thereto or otherwise.

 

    	 

    	 

    

 

4.16.        Any claim
or demand made in connection with any transaction not in the ordinary course of business of either the Company or the party making
such claim (including any transaction with directors or officers of the Company or any controlling shareholder of the Company).

 

4.17.        Any claim
or demand made directly or indirectly in connection with complete or partial failure, by the Company and\or Subsidiary and/or Affiliate,
or their respective directors, officers and employees, to pay, report, keep applicable records or otherwise, any federal, state,
municipal or foreign taxes or other mandatory payments of any nature whatsoever, including, without limitation, income, sales,
use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property,
capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest,
penalty or addition thereto, whether disputed or not.

 

4.18.        Any actions
or decisions relating to insurance matters and/or risk management of the Company.

 

4.19.        The filing
of a report and/or announcement required by the Companies Law and/or any securities law which is applicable or may be applicable
to the Company from time to time, including the U.S. Securities Laws, including the regulations pertaining to these laws, the Israeli
Securities Law - 1968, and/or according to rules and/or regulations adopted by the NASDAQ or any other stock exchange and/or securities
market and/or any law of any other country pertaining to these issues and/or the failure to file such a report and/or announcement,
and/or actions relating to tender offers of the Company, including actions relating to delivery of opinions in relation thereto.

 

4.20.        Any decision
regarding a distribution, as defined in the Companies Law, including a distribution pursuant to a court order, and/or repurchase
of shares or returns of capital or loans of the Company.

 

4.21.        Any actions
in connection with the change in the Company's structure and/or a reorganization of the Company, including any arrangement between
the Company and its shareholders and/or creditors according to the Companies Law, and/or any decision relating to these issues
including, but not limited to, a change in the Company's capital, the establishment of subsidiaries and/or their liquidation or
sale, and/or all allotments or distributions.

 

4.22.        Approval of
corporate actions, including the approval of acts of the Company's management, its guidance and its supervision.

 

4.23.        Any claim
or demand made in connection with any expression of opinion or saying made in good faith during the course of performance of duties
and in connection with the performance of duties, including during meetings of the board of directors or committees of the Company;

 

    	 

    	 

    

 

4.24.        Any administrative,
regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings
or notices of noncompliance or violation by any governmental entity (in Israel or abroad), including the Office of the Chief Scientist
or the Investment Center of the Israeli Ministry of Industry and Commerce, the Israeli Antitrust Authority or the Israel Securities
Authority, or other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of
any governmental entity applicable to the Company and/or Subsidiary, or any of their respective businesses or operations.

 

4.25.        Any claim
or demand made by purchasers, holders, lessors or other users of products of the Company, for damages, losses or personal injuries
related to such products.

 

4.26.        Any claim
or demand made in connection with any preparation or formulation of work plans, including pricing, marketing, distribution, instructions
to employees, customers and suppliers, and collaboration with competitors.

 

4.27.        Any acts in
regard of invasion of privacy, participation and/or non-participation at Board meetings and/or voting and/or abstention from voting
at Board meetings, approval of corporate actions, claims of failure to exercise business judgment.

 

4.28.        Claims of
failure to exercise business judgment and a reasonable level of proficiency, expertise and care in regard of the Company's business.

 

4.29.        Violations
of laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction.

 

4.30.        Decisions
and/or actions relating to environmental compliance, including pollution, contamination and hazardous materials.

 

4.31.        Granting of
liens on Company assets and granting guarantees on behalf of the Company.

 

4.32.        Claims in
connection with publishing or providing any information, including any filings with governmental authorities in the U.S., Israel
and elsewhere, on behalf of the Company, in the circumstances required under applicable laws.

 

4.33.        Claims in
connection with the preparation, approval or providing of any annual or quarterly financial statements, profit and loss statements,
balance sheets and similar financial information or forecasts.

 

4.34.          Any of the
forgoing actions or decisions relating or otherwise applicable to any Subsidiary or Affiliate of the Company.

 

    	 

    	 

    

 

4.35.        Any claim
or demand, not covered by any of the categories of events described above, which, pursuant to any applicable law, a director or
officer of the Company may be held liable to any government or agency thereof, or any person or entity, in connection with actions
taken by such director or officer in such capacity.

 

		5.	Expenses; Indemnification Procedure. The Company shall advance Indemnitee all expenses incurred by Indemnitee in connection
with a Claim on the date on which such amounts are first payable (“Time of Indebtedness”), and with respect
to items mentioned in Section 1(ii) above, even prior to a court decision, but has no duty to advance payments in less than twenty
(20) days (but in any event not later than thirty (30) days) following delivery of a written request therefor by Indemnitee to
the Company. Advances given to cover legal expenses in criminal proceedings will be repaid by Indemnitee to the Company, if such
proceedings are concluded in such manner that would not have entitled the Indemnitee to indemnification under Section ‎1 above.
Additionally, the Company shall make available to Indemnitee any securities and/or guarantees which Indemnitee will be required
to provide in the framework of any action or proceeding and/or according to any interim decision, including arbitration proceedings,
and including with respect to the exchange of any attachments imposed on Indemnitee's assets.

 

		6.	Notification and Defense of Claim. If any Claim is brought against Indemnitee in respect
of which indemnity may be sought under this Agreement:

 

6.1.          The Indemnitee
shall promptly notify the Company of any legal proceedings initiated and of all possible or threatened legal proceedings without
delay following first becoming aware thereof, and the Indemnitee shall deliver to the Company, or to such person as it shall advise,
without delay all documents received in connection with these proceedings. Similarly, the Indemnitee must advise the Company on
an ongoing and current basis concerning all events which the Indemnitee suspects may give rise to the initiation of legal proceedings
against the Indemnitee. Notice to the Company shall be directed to the Chief Executive Officer with a copy to the General Counsel
and the Chief Financial Officer of the Company as per Section 19 hereof, or if the Indemnitee is then the Chief Executive Officer
of the Company, such notice shall be directed to the Chairman of the Board and the other addressees.

 

6.2.          The Company
will be entitled to participate therein at its own expense or to assume the defense thereof and to employ counsel reasonably satisfactory
to Indemnitee. Indemnitee shall have the right to employ its own counsel in connection with any such Claim and to participate in
the defense thereof, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless: (i) the Company shall
not have assumed the defense of the Claim, or (ii) the named parties to any such action (including any impleaded parties) include
both Indemnitee and the Company, and Indemnitee shall have reasonably concluded that joint representation is inappropriate under
applicable standards of professional conduct due to a conflict of interest between Indemnitee and the Company, in either of which
events reasonable fees and expenses of such counsel to Indemnitee shall be borne by the Company. However, in no event will the
Company be obligated to pay the fees or expenses of more than one firm of attorneys representing Indemnitee in connection with
any one Claim or separate but substantially similar or related Claims in the same jurisdiction arising out of the same general
allegations or circumstances. For the avoidance of doubt, in the case of criminal proceedings the Company and/or the attorneys
as aforesaid will not have the right to plead guilty in Indemnitee’s name or to agree to a plea-bargain in his name without
his prior written consent. Furthermore, in a civil proceeding (whether before a court or as a part of a compromise arrangement),
the Company and/or its attorneys will not have the right to admit to any occurrences that are not indemnifiable pursuant to this
Agreement and/or pursuant to law, without Indemnitee’s prior written consent. However, the aforesaid will not prevent the
Company and/or its attorneys as aforesaid, with the approval of the Company, to come to a financial arrangement with a plaintiff
in a civil proceeding without Indemnitee’s consent so long as such arrangement will not be an admittance of an occurrence
not fully indemnifiable pursuant to this Agreement and/or pursuant to law and further provided that any such settlement or arrangement
does not impose on Indemnitee any liability or limitation.

 

    	 

    	 

    

 

6.3.          The Company
shall not be liable to indemnify Indemnitee for any amounts paid in settlement of any Claim effected without the Company's written
consent. Indemnitee shall give the Company such information and cooperation as may be required.

 

6.4.          The Indemnitee
will fully cooperate with the Company and/or any attorney as aforesaid in every reasonable way as may be required within the context
of their conduct of such legal proceedings, including but not limited to the execution of power(s) of attorney and other documents,
provided that the Company shall cover all costs incidental thereto such that the Indemnitee will not be required to pay the same
or to finance the same himself.

 

		7.	Subrogation. In the event of payment under this Agreement from Company to Indemnitee, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all
documents reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

		8.	Primacy of Indemnification. The Company hereby acknowledges that Indemnitee has or may have
certain rights to indemnification, advancement of expenses and/or insurance provided by the Indemnitee or by the party or parties
who appointed the Indemnitee and certain of such party's affiliates (collectively, the “Appointing Party”).
The Company hereby agrees, with respect to Indemnitee's right to indemnification pursuant hereto: (i) that the Company is the indemnitor
of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Appointing Party or its (or the Indemnitee's)
insurer to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary),
(ii) that, subject to the provisions hereof, the Company shall be required to advance the full amount of expenses incurred by Indemnitee
and indemnifiable hereunder and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid
in settlement to the extent legally permitted and as required by the Company’s Articles Association (or any agreement between
the Company and Indemnitee) all subject to the provisions hereof, without regard to any rights Indemnitee may have against the
Appointing Party or its (or the Indemnitee's) insurer, and, (iii) that the Company irrevocably waives, relinquishes and releases
the Appointing Party or its (or the Indemnitee's) insurer from any and all claims against the Appointing Party or its (or the Indemnitee's)
insurer for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Appointing Party or its (or the Indemnitee's) insurer on behalf of an Indemnitee with respect to
any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Appointing Party
or its (or the Indemnitee's) insurer shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of Indemnitee against the Company. The Company and the Indemnitee agree that the Appointing
Party or its (or the Indemnitee's) insurer are express third party beneficiaries of the terms hereof.

 

    	 

    	 

    

 

		9.	Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement
to indemnification by the Company for some or a portion of the expenses actually or reasonably incurred by Indemnitee in connection
with a Claim or Claims, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such expenses to which Indemnitee is entitled.

 

		10.	Other Indemnification. Except to the extent provided in Section 8 above, the Company will
not indemnify Indemnitee for any liability with respect to which Indemnitee has received payment by virtue of an insurance policy
or other indemnification agreement, other than for amounts, which are in excess of the amount paid to Indemnitee pursuant to such
policy or agreement and other than a deductible payable by the Indemnitee under an insurance policy or indemnification agreement.

 

		11.	Collection from a Third Party. The Company will be entitled to any amount collected from
a third party in connection with a Claim or Claims actually indemnified hereunder by the Company.

 

		12.	Non-Exclusivity. The rights of the Indemnitee hereunder shall not be deemed exclusive of
any other rights he may have under the Company’s Articles of Association or applicable law or otherwise, and to the extent
that during the indemnification period hereunder the rights of the then existing directors and officers are more favorable to such
directors or officers than the rights currently provided thereunder or under this Agreement to Indemnitee, Indemnitee shall be
entitled to the full benefits of such more favorable rights.

 

		13.	Exemption. The Company hereby exempts Indemnitee, to the fullest extent permitted by law,
from any liability, or any part of liability, for damages caused as a result of a breach of his duty of care to the Company, provided
that in no event shall he be exempt with respect to any actions listed in Section ‎3.2 above.

 

		14.	Post Factum Indemnification. It is hereby clarified that nothing in here shall limit the
Company’s right to indemnify the Indemnitee post factum, for any and all amounts or events, without limitation.

 

		15.	Severability. Each of the provisions of this Agreement is a separate and distinct agreement
and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such
invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof. If such invalid
or unenforceable undertaking may be modified or amended so as to be valid and enforceable as a matter of law, such undertaking
will be deemed to have been modified or amended, and any competent court or arbitrator are hereby authorized to modify or amend
such undertaking, so as to be valid and enforceable to the maximum extent permitted by law.

 

    	 

    	 

    

 

		16.	Termination of Services. For the avoidance of doubt, the Company will indemnify Indemnitee
even if at the relevant Time of Indebtedness Indemnitee is no longer a director or officer of the Company or of a Subsidiary or
a director, officer and/or board observer of an Affiliate, as applicable, provided, that the obligations are in respect of actions
taken by the Indemnitee while serving as a director, officer and/or board observer, as aforesaid, and in such capacity.

 

		17.	Attorneys' Fees. In the event of any litigation or other action or proceeding to enforce
or interpret this Agreement, the prevailing party as determined by the court shall be entitled to an award of its reasonable attorneys'
fees and other costs, in addition to such relief as may be awarded by a court or other tribunal.

 

		18.	Further Assurances. The parties will do, execute and deliver, or will cause to be done,
executed and delivered, all such further acts, documents and things as may be reasonably required for the purpose of giving effect
to this Agreement and the transactions contemplated hereby. Notwithstanding anything to the contrary, if for the validation of
any of the undertakings in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes
to cause them to be done or adopted in a manner which will enable the Company to fulfill all its undertakings as aforesaid.

 

		19.	Notice. All notices, requests, demands and other communications under this Agreement shall
be in writing and shall be deemed duly given (i) if delivered by hand or by fax or other means of electronic communication and
receipted for by the party addressee, on the date of such receipt, or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the date postmarked.

 

		20.	Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the
parties with respect to its subject matter, and supersedes and cancels all prior agreements, proposals, representations and communications
between the parties regarding the subject matter hereof. No amendment, modification, termination or cancellation of this Agreement
shall be effective unless it is in writing and signed by the parties hereto.

 

		21.	Binding Effect; No Assignment. This Agreement shall be binding upon Indemnitee and the Company,
their successors and assignees, and shall inure to the benefit of Indemnitee, his heirs, personal representatives and assignees
and to the benefit of the Company, its successors and assignees. Indemnitee shall not assign or otherwise transfer his rights under
this Agreement and any attempt to assign or transfer such rights shall be deemed null and void.

 

		22.	Governing Law; Jurisdiction. This Agreement shall be interpreted and enforced in accordance
with the laws of the State of Israel, without regard to their rules of conflict of laws, and any dispute arising from or in connection
with this Agreement is hereby submitted to the sole and exclusive jurisdiction of the competent courts in Tel Aviv, Israel.

 

    	 

    	 

    

 

		23.	Construction. The undertakings of the parties pursuant to this Agreement shall be widely
construed and in a manner designated to give them effect, to the fullest extent permissible under law. In the event of any contradiction
between the provisions of this Agreement and any provision of law that is not dispositive or which cannot be amended, the provision
of law shall prevail but the same shall not impair or derogate from the validity of the other provisions hereunder.

 

		24.	Counterpart Signatures. This Agreement may be executed in counterparts, both of which when
taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that two parties need not sign the same counterpart. In the event
that any signature is delivered by facsimile or PDF transmission, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile
or PDF signature page were an original thereof.

 

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

 

Bioblast Pharma Ltd.

	Name:	 	 	 	 
	Title:

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