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Exhibit 4.4  

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of November 10, 2004, by and among
BroadVision, Inc., a Delaware corporation, with headquarters located at 585 Broadway, Redwood City, CA 94063 (the "Company"), and the undersigned
buyers (each, a "Buyer", and collectively, the "Buyers"). 

 WHEREAS:  

        A.    In
connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the "Securities Purchase
Agreement"), the Company has agreed, upon the terms and subject to the conditions set forth in the Securities Purchase Agreement, to issue and sell to each Buyer
(i) senior subordinated secured convertible notes of the Company (the "Initial Notes"), which will, among other things, be convertible into the
Company's common stock, $.0001 par value per share (the "Common Stock", as converted, the "Initial Conversion
Shares") in accordance with the terms of the Notes, and (ii) warrants (the "Warrants"), which will be exercisable to
purchase shares of Common Stock (as exercised collectively, the "Warrant Shares"). 

        B.    In
connection with the Securities Purchase Agreement, the Company has agreed, upon the terms and subject to the conditions set forth in the Securities Purchase Agreement,
to issue and sell to each Buyer certain additional investment rights (the "Additional Investment Rights") which will be exercisable to purchase
additional senior subordinated secured convertible notes of the Company (the "Additional Notes", and collectively with the Initial Notes, the
"Notes"), which will be convertible into shares of Common Stock (as converted, the "Additional Conversion
Shares", and collectively with the Initial Conversion Shares, the "Conversion Shares") in accordance with the terms of the
Additional Notes. 

        C.    The
Notes bear interest, which at the option of the Company, subject to certain conditions, may be paid in shares of Common Stock (the "Interest
Shares"). 

        D.    To
induce the Buyers to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of
1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "1933 Act"), and applicable state
securities laws. 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows: 

        1.    Definitions.    

        Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used in this Agreement, the following
terms shall have the following meanings: 

        a.     "Business Day" means any day other than Saturday, Sunday or any other day on which commercial banks in The City of New
York are authorized or required by law to remain closed. 

        b.     "Effective Date" means the date the Registration Statement has been declared effective by the SEC. 

        c.     "Effectiveness Deadline" means the date which is 120 days after the Closing Date. 

        d.     "Filing Deadline" means 60 days after the Closing Date. 

        e.     "Investor" means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement and
who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a 

 

transferee
or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9. 

        f.      "register," "registered," and
"registration" refer to a registration effected by preparing and filing one or more Registration Statements (as defined below) in compliance with the
1933 Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 

        g.     "Registrable Securities" means (i) the Conversion Shares issued or issuable upon conversion of the Notes,
(ii) the Warrant Shares issued or issuable upon exercise of the Warrants, (iii) the Interest Shares issued or issuable under the Notes and (iv) any share capital of the Company
issued or issuable with respect to the Conversion Shares, the Notes, the Warrant Shares, the Warrants or the Additional Investment Rights as a result of any share split, share dividend,
recapitalization, exchange or similar event or otherwise, without regard to any limitations on conversions of the Notes or exercises of the Warrants and Additional Investment Rights. 

        h.     "Registration Statement" means a registration statement or registration statements of the Company filed under the 1933 Act
covering the Registrable Securities. 

        i.      "Required Holders" means the holders of at least a majority of the Registrable Securities. 

        j.      "Required Registration Amount" means 150% of the sum of (i) the number of Interest Shares issued and issuable
pursuant to the terms of the Notes as of the trading date immediately preceding the applicable date of determination, (ii) the number of Conversion Shares issued and issuable pursuant to the
Notes (including the Additional Notes) as of the trading day immediately preceding the applicable date of determination, and (ii) the number of Warrant Shares issued and issuable pursuant to
the Warrants as of the trading day immediately preceding the applicable date of determination, all subject to adjustment as provided in Section 2(e). 

        k.     "Rule 415" means Rule 415 under the 1933 Act or any successor rule providing for offering securities on a
continuous or delayed basis. 

        l.      "SEC" means the United States Securities and Exchange Commission. 

        2.    Registration.    

        a.    Mandatory Registration.    The Company shall prepare, and, as soon as practicable but in no event later than the
Filing Deadline, file with the SEC the Registration Statement on Form S-3 covering the resale of all of the Registrable Securities. In the event that Form S-3 is
unavailable for such a registration, the Company shall use such other form as is available for such a registration, subject to the provisions of Section 2(d). The Registration Statement
prepared pursuant hereto shall register for resale at least the number of shares of Common Stock equal to the Required Registration Amount as of date the Registration Statement is initially filed with
the SEC. The Registration Statement shall contain (except if otherwise directed by the Required Holders) the "Selling Stockholders" and
"Plan of Distribution" sections in substantially the form attached hereto as Exhibit B. The
Company shall use its best efforts to have the Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Effectiveness Deadline. 

        b.    Allocation of Registrable Securities.    The initial number of Registrable Securities included in any
Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of Registrable Securities held by
each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor's Registrable Securities, each transferee shall be allocated a pro rata portion of the then remaining number of Registrable 

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Securities
included in such Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold
any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors
which are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent
of the Required Holders. 

        c.    Legal Counsel.    Subject to Section 5 hereof, the Required Holders shall have the right to select one
legal counsel to review and oversee any registration pursuant to this Section 2 ("Legal Counsel"), which shall be Schulte Roth & Zabel LLP
or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall reasonably cooperate with each other in performing the Company's obligations under this
Agreement. 

        d.    Ineligibility for Form S-3.    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 another appropriate form reasonably acceptable
to the Required Holders and (ii) undertake to register the Registrable Securities on Form S-3 as soon as 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. 

        e.    Sufficient Number of Shares Registered.    In the event the number of shares available under a Registration
Statement filed pursuant to Section 2(a) is insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor's allocated portion of
the Registrable Securities pursuant to Section 2(b), the Company shall amend the applicable Registration Statement, or file a new Registration Statement (on the short form available
therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the trading day immediately preceding the date of the filing of such amendment or new Registration
Statement, in each case, as soon as practicable, but in any event not later than fifteen (15) days after the necessity therefor arises. The Company shall use its best efforts to cause such
amendment and/or new Registration Statement to become effective as soon as practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under a
Registration Statement shall be deemed "insufficient to cover all of the Registrable Securities" if at any time the number of shares of Common Stock available for resale under the Registration
Statement is less than the product determined by multiplying (i) the Required Registration Amount as of such time by (ii) 0.67. The calculation set forth in the foregoing sentence shall
be made without regard to any limitations on the conversion of the Notes or the exercise of the Warrants or the Additional Investment Rights and such calculation shall assume that the Notes are then
convertible into shares of Common Stock at the then prevailing Conversion Rate (as defined in the Notes) and that the Warrants and Additional Investment Rights are then exercisable for shares of
Common Stock at the then prevailing Exercise Price (as defined in the Warrants and Additional Investment Rights, respectively). 

        f.    Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement.    If (i) a
Registration Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC
on or before the Filing Deadline (a "Filing Failure") or (B) not declared effective by the SEC on or before the respective Effectiveness Deadline
(an "Effectiveness Failure") or (ii) on any day after the Effective Date sales of all of the Registrable Securities required to be included on
such Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such Registration Statement (including, without limitation,
because of a failure to keep such Registration Statement effective, to disclose such information as 

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is
necessary for sales to be made pursuant to such Registration Statement or to register a sufficient number of shares of Common Stock) (a "Maintenance
Failure") then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which
remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in
cash equal to one percent (1%) of the aggregate Purchase Price (as such term is defined in the Securities Purchase Agreement) of such Investor's Registrable Securities included in such Registration
Statement on each of the following dates: (i) the day of a Filing Failure and on every thirtieth day (pro rated for periods totaling less than thirty days) thereafter until such Filing Failure
is cured; (ii) on the thirtieth day after an Effectiveness Failure and on every thirtieth day (pro rated for periods totaling less than thirty days) thereafter until such Effectiveness Failure
is cured; (iii) the initial day of a Maintenance Failure and on every thirtieth day (pro rated for periods totaling less than thirty days) thereafter until such Maintenance Failure is cured.
The payments to which a holder shall be entitled pursuant to this Section 2(g) are referred to herein as "Registration Delay Payments."
Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business
Day after the event or failure giving rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments in a timely manner, such Registration Delay
Payments shall bear interest at the rate of 1.0% per month (prorated for partial months) until paid in full. 

        3.    Related Obligations.    

        At
such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(d) or 2(e), the Company will use its best efforts to
effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations: 

        a.     The
Company shall submit to the SEC, within two (2) Business Days after the Company learns that no review of a particular Registration Statement will be made by
the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to
a time and date not later than 48 hours after the submission of such request. The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times until the
earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement without restriction pursuant to
Rule 144(k) (or any successor thereto) promulgated under the 1933 Act or (ii) the date on which the Investors shall have disposed of all of the Registrable Securities covered by such
Registration Statement (the "Registration Period"). The Company shall ensure that each Registration Statement (including any amendments or supplements
thereto and prospectuses contained therein) shall not contain any 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 prospectuses, in the light of the circumstances in which they were made) not misleading. 

        b.     The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the
prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep such
Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable
Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments 

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and
supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on
Form 10-Q, Form 10-K, Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the "1934
Act"), the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC
on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement. 

        c.     The
Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least five (5) Business Days prior to its
filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and any similar or successor reports) within a reasonable amount of time prior to their filing with the SEC, and
(B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably and timely objects. The Company shall not submit a request for
acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall not be unreasonably withheld or
delayed. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any
Registration Statement, (ii) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial statements and
schedules, all documents incorporated therein by reference, if requested by an Investor, and all exhibits and (iii) upon the effectiveness of any Registration Statement, one copy of the
prospectus included in such Registration Statement and all amendments and supplements thereto. The Company and Legal Counsel shall reasonably cooperate with respect to the obligations contained in
this Section 3. 

        d.     The
Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly after the same is
prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents, including exhibits,
incorporated therein by reference, if requested by an Investor and not otherwise available on the EDGAR system, and each preliminary prospectus, (ii) upon the effectiveness of any Registration
Statement (but in no event later than two Business Days after the Effective Date), ten (10) copies of the prospectus included in such Registration Statement and all amendments and supplements
thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may
reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 

        e.     The
Company shall use its best efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Investors of the
Registrable Securities covered by a Registration Statement under such other securities or "blue sky" laws of such jurisdictions in the United States as the Investor may reasonably request,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times
during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(e), (y) subject itself to general taxation 

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in
any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify Legal Counsel and each Investor who holds
Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the
securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 

        f.      The
Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a
result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material,
nonpublic information), and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten
(10) copies of such supplement or amendment to Legal Counsel and each Investor (or such other number of copies as Legal Counsel or such Investor may reasonably request). The Company shall also
promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile on the same day of
such effectiveness and by overnight mail), (ii) of any request by the SEC
for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective
amendment to a Registration Statement would be appropriate. 

        g.     The
Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the
suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest practicable moment and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of
actual notice of the initiation or threat of any proceeding for such purpose. 

        h.     If
an Investor can demonstrate reasonable necessity, at the reasonable request of any Investor, the Company shall use its reasonable best efforts to furnish to such
Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably request (i) a letter, dated such date, from
the Company's independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to the Investors. 

        i.      In
connection with the Investors' due diligence efforts, the Company shall make available for inspection during business hours and upon reasonable advance request by
(i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the
"Inspectors"), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the
"Records"), as shall be reasonably deemed necessary by each Inspector, and cause the Company's officers, directors and employees to supply all
information which any Inspector may reasonably request; provided, however, that each Inspector shall agree in writing to hold in strict confidence and shall not make any disclosure (except to an
Investor) or use of any Record or other information which the Company determines 

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in
good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or
omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order
from a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure in violation of this
or any other agreement of which the Inspector has knowledge. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors' ability
to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 

        j.      The
Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of such
information is necessary to comply with federal or state securities laws or applicable rules and regulations of the Principal Market, (ii) the disclosure of such information is necessary to
avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable
order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this
Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure of,
or to obtain a protective order for, such information. 

        k.     The
Company shall use its best efforts either to (i) cause all of the Registrable Securities covered by a Registration Statement to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange, or (ii) secure designation and quotation of all of the Registrable Securities covered by a Registration Statement on the Nasdaq National Market or (iii) if, despite the
Company's best efforts to satisfy, the preceding clauses (i) and (ii) the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to secure the inclusion for
quotation on The Nasdaq SmallCap Market for such Registrable Securities and, without limiting the generality of the foregoing, to use its best efforts to arrange for at least two market makers to
register with the National
Association of Securities Dealers, Inc. ("NASD") as such with respect to such Registrable Securities. The Company shall pay all fees and expenses
in connection with satisfying its obligation under this Section 3(k). 

        l.      The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery
of certificates representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as
the Investors may reasonably request and registered in such names as the Investors may request. 

        m.    If
requested by an Investor, the Company shall (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such
information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the
number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering 

7

 

of
the Registrable Securities to be sold in such offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after
being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement or make amendments to any
Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 

        n.     The
Company shall use its best efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities. 

        o.     The
Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after the close of the period covered
thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the
first day of the Company's fiscal quarter next following the effective date of a Registration Statement. 

        p.     The
Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder. 

        q.     Within
two (2) Business Days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver, and
shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors
whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as  Exhibit A. 

        r.     Notwithstanding
anything to the contrary herein, at any time after the Registration Statement has been declared effective by the SEC, the Company may 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 Board of Directors of the Company and its counsel,
in the best interest of the Company and, in the opinion of counsel to the Company, otherwise required (a "Grace Period"); provided, that the Company
shall promptly (i) notify the Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will
not disclose the content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of
the date on which the Grace Period ends; and, provided further, that during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of
thirty-five (35) days (each, an "Allowable Grace Period"). For purposes of determining the length of a Grace Period above, the Grace
Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice
referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon
expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material,
non-public information is no longer applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a
transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a
contract for sale, and delivered a copy of the prospectus included as part of the applicable Registration Statement, prior to the Investor's receipt of the notice of a Grace Period and for which the
Investor has not yet settled. 

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        4.    Obligations of the Investors.    

        a.     At
least five (5) Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall notify each Investor in writing of the
information the Company requires from each such Investor if such Investor elects to have any of such Investor's Registrable Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall furnish
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 effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. 

        b.     Each
Investor, by such Investor's 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 any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor's election to exclude all of such Investor's Registrable
Securities from such Registration Statement. 

        c.     Each
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of
3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor's receipt of
the copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase
Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of
the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f) and for which the Investor has not yet settled. 

        d.     To
the extent required by applicable law, each Investor shall promptly notify the Company of any change in any information regarding such Investor furnished by such
Investor to the Company for inclusion in a Registration Statement. Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it
in connection with sales of Registrable Securities pursuant to the Registration Statement. 

        5.    Expenses of Registration.    

        All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including,
without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company shall be paid by the Company. The Company
shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement which amount
shall be limited to $10,000. 

        6.    Indemnification.    

        In
the event any Registrable Securities are included in a Registration Statement under this Agreement: 

        a.     To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor, the directors, officers, members, partners,
employees, 

9

 

agents,
representatives of, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified
Person"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses,
joint or several, (collectively, "Claims") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation
or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto ("Indemnified Damages"), to which any of them may become subject insofar as such Claims (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any
post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which
Registrable Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the
effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the
omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not
misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing
clauses (i) through (iv) being, collectively, "Violations"). Subject to Section 6(c), the Company shall reimburse the Indemnified
Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.
Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly
for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to
Section 3(d); (ii) with respect to any preliminary prospectus, shall not inure to the benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable
Securities that are the subject thereof (or to the benefit of any Person controlling such Person) if the untrue statement or omission of material fact contained in the preliminary prospectus was
corrected in the prospectus, as then amended or supplemented and if such prospectus was timely made available by the Company pursuant to Section 3(d), and the Indemnified Person was promptly
advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it or failed to deliver the correct
prospectus as required by the 1933 Act; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made
available by the Company, including a corrected prospectus, if such prospectus or corrected prospectus was timely made available by the Company pursuant to Section 3(d); and (iv) shall
not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the
Registrable Securities by the Investors pursuant to Section 9. 

10

 

        b.     In
connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and
defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person,
if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Party"), against any Claim or Indemnified
Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case
to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection
with such Registration Statement or any post-effective amendment thereof; and, subject to Section 6(c), such Investor promptly will reimburse any legal or other expenses reasonably
incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor,
which consent shall not be unreasonably withheld or delayed; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.
Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit
of any Indemnified Party if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or
supplemented. 

        c.     Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this
Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified
Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not
more than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified
Person or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence
shall be selected by the Investors holding a majority in interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified
Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party
all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person
reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be 

11

 

liable
for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or
condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or
other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in
respect to such Claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with
respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent
that the indemnifying party is prejudiced in its ability to defend such action. 

        d.     The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and
when bills are received or Indemnified Damages are incurred. 

        e.     The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against
the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

        7.    Contribution.    

        To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable Securities which
Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in
such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net
amount of proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement. 

        8.    Reports Under the 1934 Act.    

        With
a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time
permit the Investors to sell securities of the Company to the public without registration ("Rule 144"), the Company agrees to: 

        a.     make
and keep public information available, as those terms are understood and defined in Rule 144; 

        b.     file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to
such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

        c.     furnish
to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true, that it has
complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual report of the Company and such other reports and documents so
filed by the Company (other than any correspondence filed by the Company with the SEC, including, without limitation, 

12

 

any
confidential treatment requests), and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without
registration. 

        9.    Assignment of Registration Rights.    

        The
rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor's Registrable Securities if: (i) the
Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment;
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and
(b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of
such securities by the transferee or assignee is restricted under the 1933 Act and applicable state securities laws; (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer
shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement. 

        10.    Amendment of Registration Rights.    

        Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each Investor and the Company. No such
amendment shall be effective to the extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to
a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement. 

        11.    Termination of Obligations.    

        The
obligations of the Company pursuant to Section 3 hereof shall cease and terminate upon the earlier to occur of (a) such time as all of the Registrable Securities have
been resold, or (b) such time as all of the Registrable Securities may be resold pursuant to Rule 144(k). 

        12.    Miscellaneous.    

        a.     A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives
conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election
received from the such record owner of such Registrable Securities. 

        b.     Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have
been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in 

13

 

each
case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

If
to the Company: 

BroadVision, Inc.

585 Broadway

Redwood City, California 94063

Telephone: (650) 261-5100

Facsimile: (650) 261-5900

Attention: General Counsel 

With
a copy to: 

Cooley
Godward LLP

One Maritime Plaza, 20th Floor

San Francisco, California 94111

Telephone: (415) 693-2000

Facsimile: (415) 951-3699

Attention: Kenneth L. Guernsey, Esq. 

If
to Legal Counsel: 

Schulte
Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Telephone: (212) 756-2000

Facsimile: (212) 593-5955

Attention: Eleazer N. Klein, Esq. 

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

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

        d.     All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of
Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or
that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served 

14

 

in
any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

        e.     This
Agreement, the other Transaction Documents (as defined in the Securities Purchase Agreement) and the instruments referenced herein and therein constitute the entire
agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with
respect to the subject matter hereof and thereof. 

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

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

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

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

        j.      All
consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the
Required Holders. 

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

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

        m.    The
obligations of each Buyer hereunder are several and not joint with the obligations of any other Buyer, and no provision of this Agreement is intended to confer any
obligations on any Buyer vis-à-vis any other Buyer. Nothing contained herein, and no action taken by any Buyer pursuant hereto, shall be deemed to constitute the
Buyers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Buyers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated herein. 

*
* * * * * 

15

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	COMPANY:
	

 	
 	
BROADVISION, INC.
	

 	
 	

By:	
 	

/s/  WILLIAM E. MEYER      

	 	 	 	 	Name:	 	William E. Meyer
	 	 	 	 	Title:	 	Chief Financial Officer

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	BUYERS:
	

 	
 	
PORTSIDE GROWTH & OPPORTUNITY FUND
	

 	
 	

By:	
 	

/s/  JEFFREY SMITH      

	 	 	 	 	Name:	 	Jeffrey Smith
	 	 	 	 	Title:	 	Authorized Signatory

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	SF CAPITAL PARTNERS LTD.
	

 	
 	

By:	
 	

/s/  MICHAEL A. ROTH      

	 	 	 	 	Name:	 	Michael A. Roth
	 	 	 	 	Title:	 	Authorized Signatory

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	MANCHESTER SECURITIES CORP.
	

 	
 	

By:	
 	

/s/  ELLIOT GREENBERG      

	 	 	 	 	Name:	 	Elliot Greenberg
	 	 	 	 	Title:	 	Vice-President

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	KINGS ROAD INVESTMENTS LTD.
	

 	
 	

By:	
 	

/s/  ALEXANDER E. JACKSON      
 Principal, Polygon Investment Partners LP as Investment Manager to Kings Road Investments Ltd.

        IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above. 

	 	 	PROVIDENT PREMIER MASTER FUND
	

 	
 	

By:	
 	

/s/  STEVEN W. WINTERS      

	 	 	 	 	Name:	 	Steven W. Winters
	 	 	 	 	Title:	 	Managing Member

Gemini Investment Strategies, LLC
	 	 	 	 	Its:	 	Investment Advisor

SCHEDULE OF BUYERS  

	Buyer
 
	 	Buyer's Address and Facsimile Number
	 	Buyer's Representative's Address and Facsimile Number

	Portside Growth & Opportunity Fund	 	c/o Ramius Capital Group, L.L.C.

666 Third Avenue, 26th Floor

New York, New York 10017

Attention: Jeffrey Smith

                    Nancy Wu

Facsimile: (212) 845-7999

Telephone: (212) 845-7955	 	Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attn: Eleazer Klein, Esq.

Facsimile: (212) 593-5955

Telephone: (212) 756-2000
	

SF Capital Partners Ltd.	
 	

3600 South Lake Drive

St. Francis, WI 53235

Attention: Brian Davidson

Facsimile: (414) 294-7700

Telephone: (414) 294-7000	
 	

 
	

Manchester Securities Corp.	
 	

712 Fifth Avenue

New York, NY 10019

Attention: Sundar Srinivasan

Facsimile: (212) 586-9461

Telephone: (212) 506-2999	
 	

 
	

Kings Road Investments Ltd.	
 	

M & C Corporate Services Limited

P.O. Box 309GT, Ugland House

South Church Street, George Town

Grand Cayman, Cayman Islands

Attention: James Piachaud

Facsimile: (212) 359-7304

Telephone: (212) 359-7336	
 	

 
	

Provident Premier Master Fund, Ltd.	
 	

c/o Gemini Investment Strategies, LLC

35 Waterview Boulevard

Parsippany, NJ 07054

Attention: Steven Winters

Facsimile: (973) 404-1360

Telephone: (973) 404-1350	
 	

 

   EXHIBIT A  

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT  

Computershare
Trust Company

350 Indiana Street, Suite 800

Golden, CO 80401

Attention: Ms. Tiffany Skiles 

        Re:
BroadVision, Inc. 

Ladies
and Gentlemen: 

        [We
are][I am] counsel to BroadVision, Inc., a Delaware corporation (the
"Company"), and have represented the Company in connection with that certain Securities Purchase Agreement (the "Securities
Purchase Agreement") entered into by and among the Company and the buyers named therein (collectively, the "Holders") pursuant
to which the Company issued to the Holders senior secured convertible notes (the "Initial Notes") convertible into the Company's common stock, $.0001
par value per share (the "Common Stock"), warrants exercisable for shares of Common Stock (the
"Warrants") and additional investment rights exercisable for additional senior secured convertible notes of the Company (the
"Additional Notes", and collectively with the Initial Notes, the "Notes") which will be convertible into
shares of Common Stock. Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the "Registration
Rights Agreement") pursuant to which the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights Agreement), including
the shares of Common Stock issuable upon conversion of the Notes, the shares of Common Stock issuable as interest on the Notes and the shares of Common Stock issuable upon exercise of the Warrants,
under the Securities Act of 1933, as amended (the "1933 Act"). In connection with the Company's obligations under the Registration Rights Agreement, on
                            , 200    , the Company filed
a Registration Statement on Form S-3 (File No. 333-                        ) (the "Registration
Statement") with the
Securities and Exchange Commission (the "SEC") relating to the Registrable Securities that names each of the Holders as a selling stockholder
thereunder. 

        In
connection with the foregoing, [we][I] advise you that a member of the SEC's staff has advised
[us][me] by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at  [ENTER TIME OF EFFECTIVENESS]
on  [ENTER DATE OF EFFECTIVENESS] and
[we][I] have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending its effectiveness has been issued or
that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 

        This
letter shall serve as our standing opinion to you that the shares of Common Stock are freely transferable by the Holders pursuant to the Registration Statement. You need not require
further letters from us to effect any future legend-free issuance or reissuance of shares of Common Stock to the Holders as contemplated by the Company's Irrevocable Transfer Agent
Instructions dated                             , 2004. This letter shall serve as our standing opinion
with regard to this matter. 

	 	 	Very truly yours,
	

 	
 	

[ISSUER'S COUNSEL]
	

 	
 	

By:	
 	

CC:
[LIST NAMES OF HOLDERS] 

1

   EXHIBIT B  

SELLING STOCKHOLDERS  

        The shares of Common Stock being offered by the selling stockholders are issuable upon conversion of the convertible notes (including convertible notes issuable
upon exercise of additional investment rights which were issued pursuant to a Securities Purchase Agreement dated as of November     , 2004), as interest on the convertible notes and
upon exercise of the warrants. For additional information regarding the issuance of those convertible notes, warrants and additional investment rights, see "Private Placement of Shares of Common
Stock, Convertible Notes, Warrants and Additional Investment Rights" above. We are registering the shares of Common Stock in order to permit the selling stockholders to offer the shares for resale
from time to time. Except for the ownership of the Convertible Notes, the Warrants and the Additional Investment Rights issued pursuant to the Securities Purchase Agreement, the selling stockholders
have not had any material relationship with us within the past three years. 

        The
table below lists the selling stockholders and information regarding the beneficial ownership of the shares of Common Stock by each of the selling stockholders. The second column
lists the number of shares of Common Stock beneficially owned by each selling stockholder, based on its ownership of the convertible notes, warrants and additional investment rights, as of
                        , 200  , assuming conversion of all convertible notes (including convertible notes issuable upon
exercise of all of the additional investment rights held by the selling
stockholders) and exercise of the warrants held by the selling stockholders on that date, without regard to any limitations on conversions or exercise. 

        The
third column lists the shares of Common Stock being offered by this prospectus by each selling stockholder. 

        In
accordance with the terms of a registration rights agreement among the Company and the selling stockholders, this prospectus generally covers the resale of at least 150% of the sum of
(i) the number of shares of Common Stock issuable as interest on the convertible notes, (ii) the number of shares of Common Stock issuable upon conversion of the convertible notes
(including convertible notes issuable upon exercise of all of the additional investment rights which were issued pursuant to a Securities Purchase Agreement) as of the trading day immediately
preceding the date the registration statement is
initially filed with the SEC and (iii) the number of shares of Common Stock issuable upon exercise of the related warrants as of the trading day immediately preceding the date the registration
statement is initially filed with the SEC. Because the conversion price of the convertible notes, the interest payable on the convertible notes may be
adjusted and the exercise price of the warrants and the additional investment rights may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares
being offered by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus. 

        Under
the terms of the convertible notes and the warrants, a selling stockholder may not convert the convertible notes or exercise the warrants to the extent such conversion or exercise
would cause such selling stockholder, together with its affiliates, to beneficially own a number of shares of Common Stock which would exceed 4.99% of our then outstanding shares of Common Stock
following such conversion or exercise, excluding for purposes of such determination shares of Common Stock issuable upon conversion of the convertible notes that have not been converted and upon
exercise of the warrants and additional investment rights that have not been exercised. The number of shares in the 

1

 

second
column does not reflect this limitation. The selling stockholders may sell all, some or none of their shares in this offering. See "Plan of Distribution." 

	Name of Selling Shareholder
 
	 	Number of Shares Owned

Prior to Offering
	 	Maximum Number of Shares

to be Sold Pursuant to this

Prospectus
	 	Number of Shares Owned

After Offering

	Portside Growth & Opportunity Fund(1)	 	 	 	 	 	0
	SF Capital Partners Ltd.(2)	 	 	 	 	 	0
	Manchester Securities Corp.(3)	 	 	 	 	 	0
	Kings Road Investments Ltd.	 	 	 	 	 	0
	Provident Premier Master Fund(4)	 	 	 	 	 	0

	(1)
	Ramius
Capital Group, LLC ("Ramius Capital") is the investment adviser of Portside Growth and Opportunity Fund ("Portside") and consequently has voting control and investment
discretion over securities held by Portside. Ramius Capital disclaims beneficial ownership of the shares held by Portside. Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon are
the sole managing members of C4S& Co., LLC, the sole managing member of Ramius Capital. As a result, Messrs. Cohen, Stark, Strauss and Solomon may be considered beneficial owners of any shares
deemed to be beneficially owned by Ramius Capital. Messrs. Cohen, Stark, Strauss and Solomon disclaim beneficial ownership of these shares.

	(2)
	Michael
A. Roth and Brian J. Stark possess voting and dispositive power over all of the shares owned by SF Capital Partners Ltd.

	(3)
	Manchester
Securities Corp. is a wholly-owned subsidiary of Elliott Associates, L.P. Paul E. Singer and Elliott Capital Advisors, L.P., which is controlled by Mr. Singer, are
the general partners of Elliott Associates, L.P.

	(4)
	The
Investment Advisor to Provident Premier Master Fund, Ltd. is Gemini Investment Strategies, LLC. The Managing Members of Gemini Investment Strategies, LLC are
Messrs. Steven W. Winters and Mr. Richard S. Yakomin. As such, Messrs. Winters and Yakomin may be deemed beneficial owners of the shares. Messrs. Winters and Yakomin,
however, disclaim beneficial ownership of such shares. 

2

   PLAN OF DISTRIBUTION  

        We are registering the shares of Common Stock issuable upon conversion of the convertible notes (including convertible notes issuable upon exercise of the
additional investment rights), upon exercise of the warrants and in payment of interest on the convertible notes to permit the resale of these shares of Common Stock by the holders of the convertible
notes, warrants and additional investment rights from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of
Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock. 

        The
selling stockholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from time to time directly or through one or more
underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or
commissions or agent's commissions. The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices
determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, 

	•
	on
any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

	•
	in
the over-the-counter market;

	•
	in
transactions otherwise than on these exchanges or systems or in the over-the-counter market;

	•
	through
the writing of options, whether such options are listed on an options exchange or otherwise;

	•
	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;

	•
	sales
pursuant to Rule 144;

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

	•
	a
combination of any such methods of sale; and

	•
	any
other method permitted pursuant to applicable law. 

        If
the selling stockholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents
may receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent
or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of
transactions involved). In connection with sales of the shares of Common Stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage
in 

1

 

short
sales of the shares of Common Stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of Common Stock short and deliver shares of Common Stock
covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of Common Stock to
broker-dealers that in turn may sell such shares. 

        The
selling stockholders may pledge or grant a security interest in some or all of the convertible notes, warrants, additional investment rights or shares of Common Stock owned by them
and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any
amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, 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 and donate the shares of Common Stock in other
circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

        The
selling stockholders and any broker-dealer participating in the distribution of the shares of Common Stock may be deemed to be "underwriters" within the meaning of the Securities
Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a
particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of Common Stock being offered
and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders and any
discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 

        Under
the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the
shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 

        There
can be no assurance that any selling stockholder will sell any or all of the shares of Common Stock registered pursuant to the registration statement, of which this prospectus
forms a part. 

        The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the
selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in
market-making activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage
in market-making activities with respect to the shares of Common Stock. 

        We
will pay all expenses of the registration of the shares of Common Stock pursuant to the registration rights agreement; provided, however, that a selling stockholder will pay all
underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act, in accordance with the
registration rights agreements, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against liabilities, including liabilities under the
Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related registration rights
agreement, or we may be entitled to contribution. 

        Once
sold under the shelf registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands of persons other than our
affiliates. 

2

QuickLinks

REGISTRATION RIGHTS AGREEMENTExhibit 4.22  

AMARIN CORPORATION PLC  

 SUBSCRIPTION AGREEMENT  

Amarin Corporation plc

7 Curzon Street

London W1J 5HG

United Kingdom 

Gentlemen: 

Pursuant
to the terms of the offer contained in the Amended Confidential Private Placement Memorandum, dated September 30th September, 2004 (the "Memorandum"), the undersigned
(the "Investor") hereby tenders to Amarin Corporation plc, a public limited company registered in England and Wales with its registered office at the above address (the "Company"), this subscription
for, and offers to purchase the number of ordinary shares of 5 pence each in the capital of the Company as will equal the aggregate purchase price set forth on the signature page hereto, rounded down
to the nearest whole share (the "Securities"), at the per share purchase price determined in accordance with the Memorandum, namely the average closing price of Amarin's ADRs on the Nasdaq SmallCap
market over the ten trading days ending on the trading day immediately prior to the Closing Date. The Company will advise the Investor after receipt of this subscription whether this subscription has
been accepted or rejected. If this subscription is rejected, or if the offering is withdrawn or terminated, the amount paid by the Investor herewith will be returned without interest or deduction, and
this subscription thereby shall be canceled and be of no further force or effect. If this subscription is rejected or if the offering is withdrawn, the Investor agrees to return to the Company the
Memorandum and all other documents concerning the offering. The Investor may not withdraw this subscription or any amount paid pursuant thereto except as otherwise provided below. 

Prospective Investors should retain their own professional advisors to review and evaluate the economic, tax and other consequences of an investment in the
Company.

In
order to induce the Company to accept this subscription, the Investor represents, warrants to, and covenants with, the Company, as follows: 

        1.    Accredited Investor.    The Investor is an "accredited investor," as such term is defined in
Section 501(a) of Regulation D of the Rules and Regulations promulgated under the Securities Act of 1933, as amended (the "Securities Act"), under one or more of the categories set forth
in the Confidential Prospective Purchaser Questionnaire attached as Exhibit B to the Memorandum (the "Investor Questionnaire"). If the Investor is a California resident, such Investor's
investment in the Company will not exceed 10% of such Investor's net worth (or joint net worth with his spouse). If the Investor is a Massachusetts resident, such Investor's investment in the Company
will not exceed 25% of such Investor's joint net worth with his spouse (exclusive of principal residence and its furnishings). 

        2.    Purchase For Own Account.    The Investor is purchasing the Securities solely for investment purposes, for the
Investor's own account, not as a nominee or agent, and not with a view to the resale or distribution of any Securities, except in accordance with US securities laws. 

        3.    Private Offering.    The Investor understands that (A) the Securities have not been registered under the
Securities Act or the securities laws of any state or other jurisdiction in reliance upon exemptions, including an exemption pursuant to Rule 506 under the Act, from such registration
requirements for non-public offerings; (B) the Securities may not be re-offered, resold, pledged or otherwise transferred unless they have been first registered under
the Act and all applicable state securities laws, or unless exemptions from such registration provisions are available with respect to said resale or transfer; and (C) the Company is under no
obligation to register the Securities under the Act or any state securities laws, or to take any action to make any exemption from any such registration provisions available except as set out in the
Registration Rights Agreement, the form of which is set out as Exhibit C to the Memorandum (the "Registration Rights Agreement"). 

        4.    Transfer Restrictions.    The Investor understands and agrees that each certificate or other document evidencing
any of the Securities shall be endorsed with a legend in substantially the form set forth below as well as any other legends required by applicable law, and the Investor covenants that the Investor
shall not transfer the Securities represented by any such certificate without complying with the restrictions on transfer described in the legends endorsed on such certificate: 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED ("SECURITIES ACT"), OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE
STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND REGISTERED OR QUALIFIED
UNDER APPLICABLE STATE SECURITIES LAWS OR (B) EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS ARE AVAILABLE. AS A CONDITION TO PERMITTING ANY TRANSFER OF THESE SECURITIES, THE
COMPANY MAY REQUIRE THAT IT BE FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT NO REGISTRATION OR QUALIFICATION IS LEGALLY REQUIRED FOR SUCH TRANSFER. 

NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THE FOREGOING, THE SECURITIES MAY NOT BE DEPOSITED INTO ANY DEPOSITARY RECEIPT FACILITY IN RESPECT OF THE SECURITIES ESTABLISHED UNLESS AND UNTIL SUCH TIME
AS A REGISTRATION STATEMENT IS IN EFFECT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT OR UNLESS THE OFFER AND SALE OF SUCH SECURITIES IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE
SECURITIES ACT. 

        5.    Investor Status.    

        (a)   If
the Investor is a corporation, partnership, trust or other entity: 

	(i)
	it
was not organized or reorganized for the purpose of purchasing the Securities,

	(ii)
	it
is authorized, empowered and qualified to execute this Subscription Agreement and to make the commitment as herein contemplated, and

	(iii)
	it
has enclosed with this Subscription Agreement appropriate evidence of the authority of the individual executing this Subscription Agreement to act on its behalf
(e.g., if a trust, a certified copy of the trust agreement; if a corporation, a certified corporate resolution authorizing the signature and a certified copy of the articles of incorporation; or if a
partnership, a certified copy of the partnership agreement). 

        (b)   If
the Investor is an individual, the Investor is 21 years of age or older. 

        5.     Investor's Business Experience.    The Investor has such knowledge and experience in financial and business
matters that the Investor is capable of evaluating the merits and risks of the investment in the Securities and the Investor has made its or his own investment decision regarding the Securities based
on the Investor's own knowledge and investigation of the Company and the Securities, and its or his investment in the Company is not material when compared to its or his total financial capacity. 

        6.     Availability of Information.    The Investor acknowledges that all documents, records and books pertaining to
the investment in the Company and requested by the Investor have been made available or delivered to the Investor. 

        7.     Opportunity to Ask Questions.    The Investor has (a) been offered the opportunity to ask questions of
and receive answers from the Company, or a person or persons acting on behalf of the Company, concerning the terms and conditions of the offering and the business (both current and proposed) of the
Company, (b) been furnished all other materials which the Investor considered relevant to an investment in the Securities and (c) been given the opportunity to perform due diligence. The
Investor acknowledges that all such questions, if any, have been answered, and all due diligence (if any) has been performed, to the full satisfaction of the Investor. Notwithstanding the foregoing,
the only information upon which the Investor has relied is that set forth in the Disclosure Materials (as defined below). The Investor acknowledges that it or he has received no representations or
warranties from the Company or any other person or entity in making this investment decision other than as set forth in the Disclosure Materials. 

        8.     Discussion with Counsel.    The Investor has read this Subscription Agreement and, to the extent the Investor
believed necessary, has discussed the representations, warranties and agreements that the undersigned makes by signing these documents and the applicable limitations upon the Investor's resale of the
Securities with its counsel. 

        9.     Private Placement Memorandum.    The Investor has received and carefully reviewed the Memorandum and all
documents furnished in connection therewith (collectively, the "Disclosure Materials") and, to the extent the Investor deems appropriate, has discussed the Disclosure Materials with representatives of
the Company. The Investor is also aware of and acknowledges the following: 

	(a)
	that
the purchase of the Securities is a speculative investment that involves a high degree of risk of loss by the Investor of his or its entire investment in the Company;

	(b)
	that
there are substantial restrictions on the transferability of the Securities and the Investor may be required to bear the financial risks of this investment for an indefinite
period of time;

	(c)
	that
the Investor has no need for liquidity of this investment and can afford to hold the Securities for which he or it has subscribed for a substantial period of time;

	(d)
	that
no Federal or state agency has made any finding or determination regarding the fairness of this offering for investment, or any recommendation or endorsement of the Securities;

	(e)
	that
neither the officers, directors, agents, affiliates or employees of the Company, nor any other person, has expressly or by implication, made any representation or warranty
concerning the Company other than as set forth in the Memorandum; and

	(f)
	that
the past performance or experience of the Company, the Company's officers, directors, agents, or employees, will not in any way indicate or predict the results of the ownership
of Securities or of the Company's activities. 

        10.   No Assurances on Tax Matters.    The Investor acknowledges that no assurances have been made regarding any tax
advantages which may accrue to him or it as a result of an investment in the Company, nor has any assurance been made that existing tax laws, regulations and administrative rulings will not be
modified in the future, thus denying the Investor all or a portion of the tax benefits which may currently be, or which may become, available under existing tax laws, regulations or rulings. The
Investor represents that he or it has made such independent inquiries as he or it deems necessary to evaluate properly his investment in the Company, including consultation with tax counsel, to
determine whether such an investment is appropriate. 

        11.   No Commissions.    Except as has been specifically disclosed by the Investor to the Company in writing, no
sales commission or similar payments have been paid or are or will be owed by the Investor to any third party in connection with the Investor's purchase of the Securities subscribed for hereby. 

        12.   Confidentiality.    The Investor has not reproduced, duplicated or delivered the Memorandum, the Registration
Rights Agreement or this Subscription Agreement to any person other than its investment and legal advisors in connection with the investment. 

        13.   Investor Qualification.    The Investor Questionnaire being delivered by the Investor to the Company
simultaneously herewith is true, complete and correct in all material respects; and the Investor understands that the Company has determined that the exemption from the registration provisions of the
Act, which is based upon non-public offerings, is applicable to the offer and sale of the Securities, based, in part, upon the representations, warranties and agreements made by the
Investor herein and in such Investor Questionnaire. 

        14.   Authority; Enforceability.    The execution, delivery and performance by the Investor of this Subscription
Agreement and the Registration Rights Agreement are within the powers of the Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict with any
order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party or by which the Investor
is bound, and, if the Investor is not an individual, will not violate any provisions of the certificate of incorporation, by-laws, indenture of trust, partnership agreement, operating
agreement or other constituent documents, as may be applicable, of the Investor. Each of this Subscription Agreement and the Registration Rights Agreement constitutes a legal, valid and binding
obligation of the Investor, enforceable in accordance with its terms. No consent, license, approval or authorization of any governmental body, authority, bureau or agency is required on the part of
the Investor or any of the Investor's affiliates in connection with the execution, delivery and performance of this Subscription Agreement or the consummation of the transactions contemplated hereby.
The Investor, if acting in a representative or fiduciary capacity, has full power and authority to make the representations and warranties specified herein and to consummate the transactions
contemplated herein on behalf of the individual, ward, partnership, trust, estate, corporation or other entity for which the Investor is acting, and such individual, ward, partnership, trust, estate,
corporation or other entity has full right and power to enter into the transactions contemplated herein. 

        15.   Obligations of the Investor and the Company.    The Investor understands and agrees that (i) the
Company's obligations under this Subscription Agreement are not binding upon the Company until the Company accepts the Investor's subscription, which acceptance is at the sole discretion of the
Company and is to be evidenced by the Company's execution of this Subscription Agreement where indicated; and (ii) the Company may, in its sole discretion, reject this subscription in whole or
in part and reduce this subscription in any amount and to any extent, whether or not pro rata reductions are made to any other Investor's subscription. 

        16.   Indemnification.    The undersigned agrees to indemnify the Company and its officers, directors employees,
agents, advisors and affiliates, and to hold them harmless from and against, any and all losses, damages, liabilities, costs and expenses they may sustain or incur in connection with the breach by the
undersigned of any representation, warranty or covenant made by the Investor. Such indemnification shall be deemed to include not only the specific liabilities or obligation with respect to which such
indemnity is provided, but also all reasonable costs, expenses, counsel fees and expenses of settlement relating thereto, whether or not any such liability or obligation shall have been reduced to
judgment. 

        17.   Updates of Information.    All the information which the Investor has furnished to the Company with respect to
his or its financial position and business experience is correct and complete as of the date of this Agreement. The Investor agrees to advise the Company promptly of any changes or inaccuracies in the
information provided to the Company that may occur prior to the termination of the offering and to furnish supplementary information as may be appropriate. The Investor agrees to supply the Company
with any information that may be necessary for the Company to satisfy any legal reporting requirements, as the Company may reasonably request. 

        18.   No Assignment.    Neither this Subscription Agreement nor any of the rights or obligations of the Investor
hereunder may be transferred or assigned by the Investor. 

        19.   General.    This Subscription Agreement (i) may only be modified by a written instrument executed by the
Investor and the Company; (ii) sets forth the entire agreement of the Investor and the Company with respect to the subject matter hereof; (iii) supersedes all prior communications
between the Investor and the Company, whether oral or written; (iv) shall be governed by the laws of the State of New York applicable to contracts made and to be wholly performed therein; and
(v) shall inure to the benefit of, and be binding upon the Company and the Investor and their respective heirs, legal representatives, successors and assigns. Unless the context otherwise
requires, all personal pronouns used in this Subscription Agreement, whether in the masculine, feminine or neuter gender, shall include all other genders. Descriptive headings are for convenience only
and shall not control or affect the meaning or construction of any provision of this Agreement. 

        20.   Disputes.    The parties hereby agree that any dispute which may arise between them arising out of or in
connection with this Subscription Agreement may be adjudicated before a court located in New York City and they hereby submit to the non-exclusive jurisdiction of the courts of the State
of New York located in New York, and of the federal courts in the Southern District of New York, with respect to any action or legal proceeding commenced by any party, and irrevocably waive any
objection they now or hereafter may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or
arising out of this Subscription Agreement or any acts or omissions relating to the sale of the Securities hereunder, and consent to the service of process in any such action or legal proceeding by
means of registered or certified mail, return receipt requested, in care of the address set forth below or such other address as the Investor shall furnish in writing to the Company. 

        21.   Accuracy of Information.    The address shown under the Investor's signature at the end of this Subscription
Agreement is the Investor's principal residence if he is an individual or its principal place of business if it is a corporation or other entity. The Investor certifies under penalties of perjury that
the social security or taxpayer identification number furnished to the Company in the Investor Questionnaire is his or its correct social security or taxpayer identification number (as the case may
be) and the Investor further certifies that he is not subject to backup withholding, either because the Investor has not been notified by the Internal Revenue Service that he is subject to backup
withholding or because the Internal Revenue Service has notified him that he is no longer subject to backup withholding. 

        22.   Notices.    All notices or other communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally, by facsimile or mailed by certified or registered mail, return receipt requested, postage prepaid, as follows: 

if
to the Investor, to the address set forth on the signature page hereof 

if
to the Company, to: 

Amarin
Corporation plc

7 Curzon Street

London W1J 5HG

United Kingdom

Fax: +44 (0) 207 499 9004

Attn: General Counsel & Company Secretary 

        23.   Further Assurances.    The parties agree to execute any and all such other and further instruments and
documents, and to take any and all such further actions reasonably required to effectuate this Subscription Agreement and the intent and purposes hereof. 

        IN WITNESS WHEREOF, the Investor has executed this Subscription Agreement on this    day
of                  , 2004. 

	For Individual Investors:
	 	For Investors other than Individuals:

	 	 	 	 
	 	 	 	 
	
 Signature	 	 	
 Name of Entity (Please Print)
	

 Name (Please Print)	
 	

By:	

 Signature
	

 	
 	

 	

 Name (Please Print)
	

 	
 	

 	

 Title

	

 All Investors:

Residence or Principal Place of Business:	 	Taxpayer Identification Number

or Social Security Number:
	

	
 	

	

	
 	
Aggregate Purchase Commitment:
	

 	
 	
US$:	

	
	 	Price Per Share: To be determined in accordance with the Memorandum, namely at a price per share equal to the average closing price of Amarin's ADRs on the Nasdaq SmallCap market over the ten
trading days ending on the trading day immediately prior to the Closing Date

        On
this            day of            , 2004, on behalf of the Company, a subscription
for            Securities is hereby accepted. 

	 	 	 	 
	 	 	AMARIN CORPORATION PLC
	

 	
 	

By:	

 Name:

Title:

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