Document:

Exhibit 4.1

EXECUTION VERSION

 

 

 BIOSCRIP, INC.

__________________________

 

WARRANT AGREEMENT

__________________________

 

Dated
As Of June 29, 2017

 

Warrants
to Purchase shares of Common Stock

 

 

 

 

 

BIOSCRIP, INC.

 

Warrant
Agreement

____________________________

 

Warrants
For Common Stock

 

WARRANT AGREEMENT, dated as of June 29,
2017, among BioScrip, Inc., a Delaware corporation (together with its successors and assigns, the “Company”)
and the purchasers undersigned hereto (collectively and together with each of their respective successors and assigns, the “Purchasers”).
Capitalized terms shall have the meaning specified in Section 5.1 hereof.

 

RECITALS

 

WHEREAS, on the terms of the Warrant
Purchase Agreement, dated as of even date herewith among the Company and the Purchasers, the Purchasers have agreed to acquire
from the Company, and the Company has agreed to issue to the Purchasers, Warrants to purchase the percentage of the Fully Diluted
Common Stock outstanding on the date of any exercise of the Warrants (less the percentage of the shares of Common Stock previously
issued pursuant to the Warrants from time to time as a result of any partial exercise of the Warrants as set forth herein) set
forth opposite such Person’s name on Annex 1 attached hereto, which Warrants represent the right to purchase,
in the aggregate, 4.99 percent of the Fully Diluted Common Stock outstanding on the date of any exercise of the Warrants, subject
to adjustment as set forth herein;

 

WHEREAS, the Company and the Purchasers
wish to enter into this Agreement to govern the terms of the Warrants.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements set forth herein, the parties to this Agreement hereby agree as follows:

 

     

     

    

 

1.            FORM,
EXECUTION AND TRANSFER OF WARRANT CERTIFICATES.

 

1.1           Form
of Warrant Certificates.

 

The Warrant Certificates shall be in the
form set forth in Attachment A hereto. The Warrant Certificates may have such letters, numbers or other marks of identification
or designation as may be required to comply with any law or with any rule or regulation of any governmental authority, stock exchange
or self-regulatory organization made pursuant thereto (“Law”). Each Warrant Certificate shall be dated the date
of issuance thereof by the Company, either upon initial issuance or upon transfer or exchange. Each Warrant Certificate shall represent
the right to purchase the percentage of the Fully Diluted Common Stock outstanding on the date of any exercise of the Warrants
set forth in such Warrant Certificate at a price per share of Common Stock equal to the Exercise Price applicable to that Warrant
Certificate; provided, that the number of shares of Common Stock issuable upon exercise of the Warrants and the Exercise
Price thereof shall be subject to adjustment as provided herein.

 

1.2           Execution
of Warrant Certificates; Registration Books.

 

(a)          Execution
of Warrant Certificates. The Warrant Certificates shall be executed on behalf of the Company by an officer of the Company authorized
by the Board of Directors. In case the officer of the Company who shall have signed any Warrant Certificate shall cease to be such
an officer of the Company before issuance and delivery by the Company of such Warrant Certificate, such Warrant Certificate nevertheless
may be issued and delivered with the same force and effect as though the individual who signed such Warrant Certificate had not
ceased to be such an officer of the Company, and any Warrant Certificate may be signed on behalf of the Company by any individual
who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant
Certificate, although at the date of the execution of this Agreement any such individual was not such an officer.

 

(b)          Registration
Books. The Company will keep or cause to be kept at its office, maintained at the address of the Company referenced in Section
6.5, at the Company’s transfer agent, or at such other office of the Company of which the Company shall have given notice
to each holder of Warrant Certificates, books for registration and transfer of the Warrant Certificates issued hereunder. Such
books shall show the names and addresses of the respective holders of the Warrant Certificates, the registration number and date
of each of the Warrant Certificates and the Denomination thereof.

 

1.3           Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Lost or Stolen Warrant Certificates.

 

(a)             Transfer,
Split Up, etc.

 

(i)          Transfer.
Subject to compliance with the Securities Act, any applicable state securities laws and the Company’s organizational documents,
any Warrant Certificate (or portion thereof), with or without other Warrant Certificates, may be transferred to any Person for
a Warrant Certificate or Warrant Certificates in an aggregate like Denomination as the Warrant Certificate or Warrant Certificates
(or portions thereof) surrendered then entitled such registered holder to purchase. Any registered holder desiring to transfer
any Warrant Certificate shall make such request in writing delivered to the Company, which request shall include the identity of
the Transferee and the aggregate Denomination of Warrants to be transferred, and shall surrender the Warrant Certificate or Warrant
Certificates (or portions thereof) to be transferred at the office of the Company referenced in Section 6.5, whereupon the
Company shall deliver promptly to such Transferee a Warrant Certificate or Warrant Certificates, as the case may be, as so requested,
which Warrant Certificate or Warrant Certificates shall evidence, collectively, the same aggregate Denomination of Warrants as
the Warrant Certificate or Warrant Certificates (or portions thereof) so surrendered for transfer and shall issue a new Warrant
Certificate to the transferor representing the Warrants retained by the Transferor if such transfer involved less than the entire
Denomination of Warrants held by such Transferor.

 

(ii)         Split
Up, Combination, Exchange, etc. Any Warrant Certificate, with or without other Warrant Certificates, may be split up, combined
or exchanged for another Warrant Certificate or Warrant Certificates, in an aggregate like Denomination as the Warrant Certificate
or Warrant Certificates surrendered then entitle such registered holder to purchase. Any registered holder desiring to split up,
combine or exchange any Warrant Certificate shall make such request in writing delivered to the Company, and shall surrender the
Warrant Certificate or Warrant Certificates to be split up, combined or exchanged at the office of the Company referenced in Section
6.5, whereupon the Company shall deliver promptly to such registered holder a Warrant Certificate or Warrant Certificates,
as the case may be, as so requested, which Warrant Certificate or Warrant Certificates shall evidence, collectively, the same aggregate
Denomination as the Warrant Certificate or Warrant Certificates so surrendered for split-up, combination or exchange.

 

     

     

    

 

(b)             Loss,
Theft, etc. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of, and the loss, theft,
destruction or mutilation of, any Warrant Certificate, and:

 

(i)          in
the case of loss, theft or destruction, an affidavit of loss, together with a customary and reasonable indemnity reasonably satisfactory
to the Company; or

 

(ii)         in
the case of mutilation, upon surrender and cancellation thereof;

 

the Company at its own expense will execute
and deliver, in lieu thereof, a new Warrant Certificate, dated the date of such lost, stolen, destroyed or mutilated Warrant Certificate
and of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate and evidencing the same Denomination
as the Warrant Certificate so lost, stolen, destroyed or mutilated.

 

1.4           Subsequent
Issuance of Warrant Certificates.

 

Subsequent to the original issuance, no
Warrant Certificates shall be issued except:

 

(a)          Warrant
Certificates issued upon any transfer, combination, split up or exchange of Warrants pursuant to Section 1.3(a);

 

(b)          Warrant
Certificates issued in replacement of mutilated, destroyed, lost or stolen Warrant Certificates pursuant to Section 1.3(b);

 

(c)          Warrant
Certificates issued pursuant to Section 2.3 upon the partial exercise of any Warrant Certificate to evidence the unexercised
portion of such Warrant Certificate; and

 

(d)          Warrant
Certificates to reflect any adjustments pursuant to Section 4.

 

1.5           Effect
of Issuance in Registered Form.

 

Every holder of a Warrant Certificate by
accepting the same consents and agrees with the Company and with every other holder of a Warrant Certificate that:

 

(a)          the
Warrant Certificates, to the extent then currently transferable, are transferable only on the registry books of the Company if
and when surrendered at the office of the Company referenced in Section 6.5, duly endorsed or accompanied by an instrument
of transfer (in the form attached thereto) and payment of any applicable transfer, stamp or issue tax (a “Tax”);
and

 

(b)          the
Company may deem and treat the Person in whose name each Warrant Certificate is registered as the absolute owner thereof and of
the Warrants evidenced thereby (notwithstanding any notations of ownership or writing on the Warrant Certificates made by anyone
other than the Company) for all purposes whatsoever, and the Company shall not be affected by any notice to the contrary.

 

2.            EXERCISE
OF WARRANTS; PAYMENT OF EXERCISE PRICE.

 

2.1           Exercise
of Warrants.

 

(a)          Manner
of Exercise. At any time and from time to time prior to the Expiration Time, the holder of any Warrant Certificate may exercise
the Warrants evidenced thereby, in whole or in any part, by surrender to the Company, at its office referenced in Section 6.5,
of such Warrant Certificate, together with a duly executed election to purchase (a form of which is attached to each Warrant Certificate)
and payment of the applicable Exercise Price for each share of Common Stock with respect to which the Warrants are then being exercised
and an amount equal to any applicable Tax (if not payable by the Company as provided in Section 3.3). Such Exercise Price
shall be payable in cash or by withholding of shares of Common Stock into which the Warrants are being exercised pursuant to Section
2.1(b).

 

     

     

    

 

(b)          Payment
in Cash or by Withholding of Common Stock. Upon exercise of any Warrants, the holder of a Warrant Certificate may pay the Exercise
Price by either (i) certified or official bank check payable to the order of the Company or by wire transfer of immediately available
funds to the account of the Company designated in writing by the Company or (ii) instructing the Company to withhold that number
of shares of Common Stock (or fraction thereof) then issuable upon such exercise with an aggregate Market Price as of such exercise
date equal to the aggregate Exercise Price. The Company acknowledges that the provisions of this clause are intended, in part,
to ensure that a full or partial exchange of a Warrant Certificate will qualify as a conversion, within the meaning of paragraph
(d)(3)(ii) of Rule 144 under the Securities Act.

 

(c)          Fractional
shares of Common Stock. The Company may, in accordance with Section 2.6, pay the exercising holder cash in lieu of issuing
a fractional share in connection with an exercise of Warrants; provided that, if it does not issue a fractional share in such circumstances,
it will make such cash payment.

 

2.2           Issuance
of Common Stock.

 

Upon timely receipt of a Warrant Certificate,
accompanied by the form of election to purchase duly executed, and payment of the Exercise Price for each of the shares of the
Common Stock to be purchased and by an amount equal to any applicable Tax (if not payable by the Company as provided in Section
3.3), the Company shall thereupon promptly cause certificates representing the number of whole shares of Common Stock then
being purchased, reflecting the product of (i) the Denomination of such Warrant Certificate times (ii) the Fully Diluted Common
Stock outstanding on the date of the exercise of such Warrant Certificate, to be delivered to or upon the order of the registered
holder of such Warrant Certificate, registered in such name or names as may be designated by such holder, and, promptly after such
receipt deliver the cash, if any, to be paid in lieu of fractional shares pursuant to Section 2.6 to or upon the order of
the registered holder of such Warrant Certificate.

 

2.3           Unexercised
Warrants.

 

In the event that the registered holder
of any Warrant Certificate shall exercise less than all the Warrants evidenced thereby, a new Warrant Certificate evidencing a
Denomination equal to the excess of (i) the Denomination (with respect to the Fully Diluted Common Stock outstanding on the date
of any exercise of such Warrant Certificate) of the original Warrant Certificate over (ii) the Denomination (with respect to the
Fully Diluted Common Stock outstanding on the actual date of such exercise) of such exercise shall be issued by the Company to
the registered holder of such Warrant Certificate or to its duly authorized assigns. The Denomination of the new Warrant Certificate
for the Denomination remaining unexercised shall be with respect to the Fully Diluted Common Stock outstanding on the date of any
future exercise of such Warrant Certificate.

 

2.4           Cancellation
and Destruction of Warrant Certificates.

 

All Warrant Certificates surrendered to
the Company for the purpose of exercise, payment of the Exercise Price, exchange, substitution or transfer shall be cancelled by
it, and no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Agreement. The Company shall cancel and retire any other Warrant Certificates purchased or acquired by the Company.

 

2.5           Expiration.

 

All Warrants that have not been exercised
or purchased in accordance with the provisions of this Agreement shall expire and all rights of holders of such Warrants hereunder
shall terminate and cease at the Expiration Time.

 

     

     

    

 

2.6           Fractional
shares of Common Stock.

 

The Company shall not be required to issue
fractional shares of Common Stock upon the exercise of any Warrant. If fractional shares are not issued upon the exercise of any
Warrant, there shall be paid to the holder thereof, in lieu of any fractional share of Common Stock resulting therefrom, an amount
of cash equal to the product of:

 

(a)          the
fractional amount of such share of Common Stock; and

 

(b)          the
Market Price, as determined on the trading day immediately prior to the date of exercise of such Warrant.

 

2.7           Limitation
on Conversion.

 

(i) Notwithstanding anything herein to the
contrary, but subject to clause (ii) below, to the extent that upon a written request to exercise Warrants pursuant to this Section
2 (a “Triggering Request”), the shares of Common Stock issuable upon such Triggering Request, in addition to
the number of shares of Common Stock previously issued pursuant to exercise of Warrants and the number of shares of Common Stock
issued pursuant to the Stock Purchase Agreement dated as of June 29, 2017, would exceed 19.99% of the shares of Common Stock outstanding
as of the date hereof (the “Conversion Cap”), the Triggering Request shall be permitted only as a partial exercise
pursuant to Section 2.3 up to the Conversion Cap. In the event that multiple holders of Warrants have substantially contemporaneously
requested exercise of Warrants above the Conversion Cap, such multiple requests shall be permitted as partial exercises pursuant
to Section 2.3 up to the Conversion Cap pro rata among the number of shares of Common Stock issuable upon such requests
for exercise; provided that, for the avoidance of doubt, prior to the Stockholder Approval (as defined below), no shares shall
be issued upon the exercise of Warrants in excess of the Conversion Cap. After the occurrence of a Triggering Request, subject
to clause (ii) below, only exercises of Warrants which would not cause the Conversion Cap to be exceeded are permitted.

 

(ii) Upon the occurrence of a Triggering Request
which would result in the issuance of a number of shares of Common Stock in excess of the Conversion Cap, the Company shall within
thirty (30) calendar days of receiving such Triggering Request either (A) include in the proxy statement for the Company’s
annual meeting of stockholders the Authorization Proposal (defined below), to the extent such proxy statement has not already been
cleared with the Securities and Exchange Commission (“SEC”) or (B) file a proxy statement with the SEC to call
a special meeting of stockholders to approve a proposal (the “Authorization Proposal”) to authorize the Company
to thereafter validly and legally issue as fully paid and nonassessable all shares of Common Stock that the holders are entitled
to receive upon exercise of the Warrants without regard to the Conversion Cap in compliance with NASDAQ Stock Market Rule 5635
or any other then applicable Law (such approval, the “Stockholder Approval”), and after such actions have been
taken, the Warrants may be exercised without regard to clause (i) above. The Company agrees that any proxy statement filed by the
Company with the SEC with respect to the Authorization Proposal shall contain a recommendation from the Board of Directors of the
Company that the Company’s stockholders approve the Authorization Proposal, subject to the fiduciary duties of the Board
of Directors.

 

(iii) If the Stockholder Approval is not obtained
at the annual meeting in which an Authorization Proposal voted upon or a special meeting called in accordance with Section 2.7(ii),
the Company shall to the extent any Warrants are still outstanding submit the Authorization Proposal on a twice per year basis
each year thereafter at either the annual meeting of the Company’s stockholders or at a special meeting of the Company’s
stockholders called to consider the Authorization Proposal until the Stockholder Approval is obtained or until the Warrants expire,
are terminated or until such Stockholder Approval is no longer required for the full exercise of any outstanding Warrants.

 

3.          AGREEMENTS
OF THE COMPANY.

 

3.1           Reservation
of Common Stock.

 

The Company covenants and agrees that it
will at all times cause to be reserved and kept available out of its authorized and unissued shares of treasury shares of Common
Stock such number of shares of Common Stock as will be sufficient to permit the exercise in full of all Warrants issued hereunder
into Common Stock.

 

     

     

    

 

3.2           Common
Stock to be Duly Authorized and Issued, Fully Paid and Nonassessable, etc; Compliance with Law

 

The Company covenants and agrees that it
will take all such action as may be necessary to ensure that all shares of Common Stock delivered upon the exercise of any Warrant
and the payment of the Exercise Price pursuant to Section 2.1 (in each case, at the time of delivery of the certificates
representing such shares of Common Stock) shall (a) be duly and validly authorized and issued and fully paid and nonassessable,
free of any preemptive rights in favor of any Person in respect of such issuance and free of any security interest, pledge, mortgage,
lien, charge or other encumbrance created by, or arising out of actions of, the Company, in each case other than (i) resulting
from the actions and circumstances of the holder of such shares of Common Stock, (ii) to the extent imposed by applicable laws
or (iii) in the Company’s organizational documents and (b) be issued without violation of any applicable Law.

 

3.3           Taxes.

 

The Company covenants and agrees that it
will pay when due and payable any and all Taxes and charges that may be payable in respect of the initial issuance or delivery
of:

 

(a)          each
Warrant Certificate;

 

(b)          each
Warrant Certificate issued in exchange for any other Warrant Certificate pursuant to Section 1.3, Section 2.3 or
Section 4; and

 

(c)          each
share of Common Stock issued upon the exercise of any Warrant.

 

The Company shall not, however, be required
to:

 

(i)          pay
any Tax that may be payable in respect of the transfer or delivery of Warrant Certificates in a name other than that of the registered
holder of the Warrant Certificate surrendered for exercise, conversion, transfer or exchange (any such Tax being payable by the
holder of such certificate at the time of surrender); or

 

(ii)         issue
or deliver any such certificates referred to in the foregoing clause (i) until any such Tax referred to in the foregoing clause
(i) shall have been paid.

 

3.4           Common
Stock Record Date.

 

Each Person in whose name any certificate
for shares of Common Stock is issued upon the exercise of Warrants shall for all purposes be deemed to have become the holder of
record of the Common Stock represented thereby on, and such certificates (if any) shall be dated, the date upon which the Warrant
Certificate evidencing such Warrants was duly surrendered with an election to purchase attached thereto duly executed and payment
of the aggregate Exercise Price (and any applicable Taxes, if payable by such Person) was made.

 

3.5           Rights
in Respect of Common Stock.

 

Prior to the exercise of the Warrants evidenced
thereby, the holder of a Warrant Certificate shall not be entitled to any rights of a stockholder of the Company with respect to
the Common Stock into which the Warrants shall be exercisable, including, without limitation, the right to vote in respect of any
matter upon which the holders of Common Stock may vote, the right to receive any distributions of cash or property and, except
as expressly set forth herein, the right to receive any notice of any proceedings of the Company. Prior to the exercise of the
Warrants evidenced thereby, the holders of the Warrant Certificates shall not have as such any obligation in respect of any assessment
or any other obligation or liability as a stockholder of the Company, whether such obligations or liabilities are asserted by the
Company or by creditors of the Company.

 

     

     

    

 

4.          ANTI-DILUTION
ADJUSTMENTS.

 

4.1           Adjustments.

 

The number of shares of Common Stock purchasable
upon the exercise of each Warrant, and the Exercise Price, shall be subject to adjustment as set forth in this Section 4;
provided that no adjustment of the Exercise Price shall result in an increase in the Exercise Price.

 

4.2           Stock
Splits, Subdivisions, Reclassifications or Combinations.

 

If the Company shall (i) declare and pay
a dividend or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares
of Common Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller
number of shares, the Denomination of any Warrant Certificate and the percentage of Fully Diluted Common Stock issuable upon exercise
of any Warrants at the time of the record date for such dividend or effective date of such split, reverse split, subdivision, combination
or reclassification shall remain the same, and the Exercise Price in effect at the time of the effective date of such split, reverse
split, subdivision, combination or reclassification shall be adjusted to the number obtained by dividing (x) the product of (1)
the number of shares of Common Stock issuable upon the exercise of such Warrants before such adjustment and (2) the Exercise Price
in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution, split, reverse
split, subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of shares of Common Stock
issuable upon exercise of such Warrants determined pursuant to the immediately preceding sentence; provided that the Exercise Price
shall not be adjusted to be less than the par value of the Common Stock.

 

4.3           Price
Based Anti-Dilution

 

(a)          Without
duplication of the adjustments set forth in Sections 4.2 or 4.4, if the Company shall issue or sell any shares of
Common Stock (as actually issued or, pursuant to Section 4.3(b), deemed to be issued) for a consideration per share less
than either the Market Price per share or the Exercise Price immediately prior to such issuance or sale, or if earlier, upon the
execution of the definitive documentation with respect to such issuance or sale (the “Effective Time”), then
the Denomination of any Warrant Certificate and the percentage of Fully Diluted Common Stock issuable upon exercise of any Warrants
shall remain the same and immediately upon the Effective Time the Exercise Price shall be decreased by dividing the Exercise Price
by a fraction, (i) the numerator of which shall be the number of shares of Common Stock actually outstanding immediately prior
to the Effective Time plus the number of shares of Common Stock so issued or sold, and (ii) the denominator of which shall be the
number of shares of Common Stock actually outstanding immediately prior to the Effective Time plus the number of shares of Common
Stock which the aggregate consideration received by the Company for the total number of shares of Common Stock so issued or sold
would purchase if such shares were sold at the greater of the Market Price or the Exercise Price. For the purposes of this Section
4.3(a), none of the following issuances shall be considered the issuance or sale of Common Stock:

 

(i)         the
issuance of Common Stock (i) upon the conversion or exercise of any then-outstanding Common Stock Equivalents, (ii) to Persons
in connection with joint ventures, strategic alliances or other commercial relationships with such Person relating to the operation
of the Company’s business and not for the primary purpose of raising equity capital, in connection with Business Combinations,
or transactions in in which the Company, directly or indirectly, acquires another business or the assets thereof or (iii) in an
offering for cash for the account of the Company that is underwritten on a firm commitment basis and is registered with the Securities
and Exchange Commission;

 

(ii)        the
issuance of any Common Stock or Common Stock Equivalents for which the adjustment provided in Section 4.2 applies;

 

(iii)        the
first issuance of shares of Common Stock or Common Stock Equivalents after the date hereof for a consideration per share not less
than 85% of the Market Price per share at the Effective Time, provided that such issuance is for no more than 15% of the number
of shares of Common Stock actually outstanding immediately prior to the Effective Time applicable to such first issuance; or

 

     

     

    

 

(iv) the issuance of shares of Common Stock
or Common Stock Equivalents to employees or directors of either the Company or any Company Subsidiary that is approved by the Board
of Directors.

 

(b)            For
the purposes of Section 4.3(a), the following subparagraphs (i) to (iii), inclusive, shall also be applicable:

 

(i)          If
the Company shall grant any rights to subscribe for, or any rights or options to purchase, Common Stock Equivalents, whether or
not such rights or options or the right to convert or exchange any such Common Stock Equivalents are immediately exercisable, and
the price per share for which Common Stock is issuable upon the exercise of such rights or options or upon conversion or exchange
of such Common Stock Equivalents (determined by dividing (A) the total amount, if any, received or receivable by the Company as
consideration for the granting of such rights or options, plus the minimum aggregate amount of additional consideration payable
to the Company upon the exercise of such rights or options, plus, in the case of any such rights or options which relate to such
Common Stock Equivalents, the minimum aggregate amount of additional consideration, if any, payable upon the issue or sale of such
Common Stock Equivalents and upon the conversion or exchange thereof, by (B) the total maximum number of shares of Common Stock
issuable upon the exercise of such rights or options or upon the conversion or exchange of all such Common Stock Equivalents issuable
upon the exercise of such rights or options) shall be less than the Exercise Price or the Market Price per share of Common Stock
immediately prior to the time of the granting of such rights or options, or, if earlier, the execution of definitive documentation
with respect to such grant, then the total maximum number of shares of Common Stock issuable upon the exercise of such rights or
options or upon conversion or exchange of the total maximum amount of such Common Stock Equivalents issuable upon the exercise
of such rights or options shall (as of the date of granting of such rights or options) be deemed to be outstanding and to have
been issued for such price per share; provided that no further adjustment of the conversion price pursuant to this Section 4.3(b)(i)
shall be made (i) upon the actual issuance or sale of such Common Stock Equivalents upon the exercise of any rights to subscribe
for, or any rights or options to purchase, such Common Stock Equivalents or (ii) upon the actual issuance or sale of such Common
Stock upon the exercise of any such Common Stock Equivalents, including without limitation, in each case of clauses (i) and (ii)
with respect to shares of Common Stock Equivalents or Common Stock issued or issuable as a result of the effect of antidilution
adjustments under any such security.

 

(ii)         If
the Company shall issue or sell any Common Stock Equivalents, whether or not the rights to exchange or convert thereunder are immediately
exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange (determined by dividing
(A) the total amount received or receivable by the Company as consideration for the issue or sale of such Common Stock Equivalents,
plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange thereof,
by (B) the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all such Common Stock Equivalents)
shall be less than the Exercise Price or the Market Price per share of Common Stock immediately prior to the Effective Time, then
the total maximum number of shares of Common Stock issuable upon conversion or exchange of such Common Stock Equivalents shall
(as of the date of the issue or sale of such Common Stock Equivalents) be deemed to be outstanding and to have been issued for
such price per share, provided that no further adjustment of the conversion price pursuant to this Section 4.3(b)(ii) shall
be made upon the actual issuance or sale of such Common Stock upon the exercise of any such Common Stock Equivalents, including
without limitation, in each case with respect to shares of Common Stock issued or issuable as a result of the effect of antidilution
adjustments under any such security.

 

(iii)        In
case at any time any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any such Common Stock
or Common Stock Equivalents shall be issued or sold for cash to a non-Affiliate of the Company, the consideration received therefor
shall be deemed to be the amount received by the Company therefor. In case any shares of Common Stock or Common Stock Equivalents
or any rights or options to purchase any such Common Stock or Common Stock Equivalents shall be issued or sold to an Affiliate
of the Company or for a consideration other than or in addition to cash, the amount of the consideration received by the Company
shall be deemed to be the Fair Market Value of solely such consideration received by the Company in respect to such purchase of
Common Stock or Common Stock Equivalents.

 

     

     

    

 

4.4           Other
Distributions. In case the Company shall fix a record date for the making of a dividend or distribution to holders of shares
of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding dividends of its Common
Stock and other dividends or distributions referred to in Section 4.2), in each such case, the Exercise Price in effect prior to
such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately
prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first
date on which the Common Stock trades on the Exchange on which the Common Stock is listed or admitted to trading without the right
to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness,
assets, rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value,
the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment
shall be made successively whenever such a record date is fixed. In such event, the Denomination of any Warrant Certificate and
the percentage of Fully Diluted Common Stock issuable upon the exercise of any Warrants shall be increased to the number obtained
by dividing (x) the product of (1) the Denomination before such adjustment, and (2) the Exercise Price in effect immediately prior
to the distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately
preceding sentence. In the event that such distribution is not so made, the Exercise Price and the Denomination then in effect
shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of
indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the
number of shares of Common Stock that would then be issuable upon exercise of such Warrants if such record date had not been fixed.

 

4.5           Business
Combinations.

 

In case of any Business Combination or reclassification
of Common Stock (other than a reclassification of Common Stock referred to in Section 4.2), a holder’s right to receive
shares of Common Stock upon exercise of any Warrants shall be converted into the right to exercise such Warrant to acquire the
number of shares of stock or other securities or property (including cash) which the Common Stock issuable (at the time of such
Business Combination or reclassification) upon exercise of such Warrants immediately prior to such Business Combination or reclassification
would have been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if
necessary, the provisions set forth herein with respect to the rights and interests thereafter of such holder shall be appropriately
adjusted so as to be applicable, as nearly as may reasonably be, to such holder’s right to exercise such Warrants in exchange
for any shares of stock or other securities or property pursuant to this Section 4.5. In determining the kind and amount
of stock, securities or the property receivable upon exercise of any Warrants following the consummation of such Business Combination,
if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such
Business Combination, then the holder of such Warrants shall be entitled to elect the kind or amount of consideration receivable
upon consummation of such Business Combination. The Company shall not enter into or be party to any Business Combination unless
the successor of the Company (if any), assumes in writing the obligation to deliver to each holder of Warrants hereunder in exchange
for such Warrants a security of such successor evidenced by a written instrument substantially similar in form and substance to
this Warrant Agreement.

 

4.6           Expiration
of Rights or Options.

 

Upon the expiration of any rights or options
to subscribe for, purchase or convert or exchange Common Stock or Common Stock Equivalents in respect of the issuance, sale or
grant of which adjustment was made pursuant to Section 4.3, without the exercise thereof, the Exercise Price shall, upon
such expiration, be readjusted and shall thereafter be such Exercise Price as would have been had such Exercise Price not been
originally adjusted (or had the original adjustment not been required, as the case may be), as if:

 

(a)          the
only shares of Common Stock so issued were the shares of Common Stock, if any, actually issued or sold upon the exercise of such
rights or options; and

 

(b)          such
shares of Common Stock, if any, were issued or sold for the consideration actually received by the Company upon such exercise plus
the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all of such rights or
options, whether or not exercised.

 

     

     

    

 

4.7           Rounding
of Calculations; Minimum Adjustments.

 

All calculations under this Section 4
shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may
be. Any provision of this Section 4 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of
shares of Common Stock into which any Warrants are exercisable shall be made if the amount of such adjustment would be less than
$0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect
thereto shall be made at the earlier of (i) the time of any exercise of Warrants and (ii) the time of and together with any subsequent
adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th
of a share of Common Stock, or more.

 

4.8           Timing
of Issuance of Additional Common Stock Upon Certain Adjustments.

 

In any case in which the provisions of this
Section 4 shall require that an adjustment shall become effective immediately after a record date for an event, the Company
may defer until the occurrence of such event (i) issuing to the holder of any Warrants exercised after such record date and before
the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required
by such event over and above the shares of Common Stock issuable upon such exercise before giving effect to such adjustment and
(ii) paying to such holder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the
Company upon written request shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s
right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment.

 

4.9           Miscellaneous.

 

(a)          Statement
Regarding Adjustments. Whenever the Exercise Price or the number of shares of Common Stock into which any Warrants are exercisable
shall be adjusted as provided in Section 4, the Company shall promptly file at the principal office of the Company referenced
in Section 6.5 a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that
shall be in effect and the number of shares of Common Stock into which such Warrants shall be exercisable after such adjustment,
and the Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, or email to each holder
of Warrants at the address or email address appearing in the Company’s records.

 

(b)          Notice
of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Section
4 (but only if the action of the type described in this Section 4 would result in an adjustment in the Exercise Price
or the number of shares of Common Stock into which Warrants are exercisable or a change in the type of securities or property to
be delivered upon exercise of Warrants), the Company shall give notice to the holders of Warrants, in the manner set forth in Section
4.9(a), which notice shall specify the record date, if any, with respect to any such action and the approximate date on which
such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary
to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall
be deliverable upon exercise of any Warrants. In the case of any action which would require the fixing of a record date, such notice
shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least
15 days prior to the taking of such proposed action. Without limiting the foregoing, to the extent notice of any of the foregoing
actions or events is given to the holders of the Common Stock, such notice shall be provided to the holders of the Warrants on
or before such notice to the holders of Common Stock.

 

(c)          
Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require
an adjustment pursuant to this Section 4, the Company shall use commercially reasonable efforts to take any action which may be
necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable national securities
exchange (an “Exchange”) or stockholder approvals or exemptions, in order that the Company may thereafter validly and
legally issue as fully paid and nonassessable all shares of Common Stock that the holders are entitled to receive upon exercise
of this any Warrants pursuant to this Section 4.

 

     

     

    

 

(d)          Adjustment
Rules. Any adjustments pursuant to this Section 4 shall be made successively whenever an event referred to herein shall
occur. If more than one subsection of this Section 4 is applicable to a single event, the subsection shall be applied that
produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this Section
4 so as to result in duplication. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount
below par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the
par value of the Common Stock.

 

5.            INTERPRETATION
OF THIS AGREEMENT.

 

5.1           Certain
Defined Terms.

 

For the purpose of this Agreement, the following
terms shall have the meanings set forth below or set forth in the Section hereof following such term:

 

“Affiliate” means, with
respect to any Person, (a) a director, officer or shareholder of such Person, (b) in the case of a natural person, a spouse, parent,
sibling or descendant of such Person (or spouse, parent, sibling or descendant of any director or executive officer of such Person)
and (c) any other Person that, directly or indirectly through one or more intermediaries, Controls, or is Controlled by, or is
under common Control with, such Person, at such time; provided, however, that none of the Purchasers shall be deemed to be an “Affiliate”
of the Company and no Person holding any one or more of the Warrants shall be deemed to be an “Affiliate” of the Company
solely by virtue of the ownership thereof.

 

“Agreement” means this
Warrant Agreement as it may from time to time be amended, restated, modified or supplemented.

 

“Board of Directors”
means the board of directors of the Company, including any duly authorized committee thereof.

 

“Beneficially Own” has
the meaning has the meaning given to it in Section 13D of the Exchange Act and the rules promulgated thereunder.

 

“Business Combination”
means any consolidation of the Company with, or merger of the Company with or into, another Person (other than a merger in which
(a) the Company is the surviving corporation, (b) that does not result in any reclassification or change of shares of Common Stock
outstanding immediately prior to such merger and (c) the holders of Common Stock are not entitled to receive any consideration
therefrom), or any sale or conveyance to another Person of the assets of the Company substantially as an entirety.

 

“business day” means
any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized or required
by Law or executive order to close.

 

“Capital Stock” means
(A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other equivalents
(however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or
company, any and all partnership or other equity interests of such Person.

 

“Charter” means, with
respect to any Person, its certificate or articles of incorporation, articles of association, or similar organizational document.

 

“Common Stock” means
the Company’s common stock, par value $.0001 per share.

 

“Common Stock Equivalents”
means all options, derivatives, rights, warrants and convertible, exercisable or exchangeable securities or instruments (including,
without limitation, awards or grants of such securities or instruments to directors, officers, employees or consultants of the
Company or to other persons).

 

     

     

    

 

“Company” has the meaning
set forth in the introductory paragraph hereof.

 

“Control” means, with
respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting Securities, by contract or otherwise.

 

“Denomination” means,
in the case of any Warrant Certificate, the percentage of the Fully Diluted Common Stock outstanding on the date of any exercise
of such Warrant Certificate issuable upon exercise of such Warrant Certificate represented thereby.

 

“Effective Time” has
the meaning set forth in Section 4.3(a).

 

“Exchange” has the set
forth in Section 4.9(c).

 

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

 

“Exercise Price” means,
prior to any adjustment pursuant to Section 4 of this Agreement, the Initial Exercise Price; and thereafter, the Initial
Exercise Price as successively adjusted and readjusted from time to time in accordance with the provisions of Section 4.

 

“Expiration Time” means
5:00 p.m., Eastern time, on the tenth (10th) year anniversary of the date hereof.

 

“Fair Market Value” means,
with respect to any security or other property, the fair market value of such security or other property as determined by the Board
of Directors, acting in good faith and transmitted to the holders of Warrants by written notice. The Required Warrantholders may
object in writing to the Board of Director’s calculation of Fair Market Value within 10 days of receipt of such written notice
thereof. If the Required Warrantholders and the Board of Directors are unable to agree on Fair Market Value during the 10-day period
following the delivery of the Required Warrantholders’ objection, then the Board of Directors shall select and approve an
appraiser of national recognition experienced in the business of evaluating or appraising the market value of securities (which
appraiser shall be subject to approval by the Required Warrantholders, which approval shall not be unreasonably withheld, conditioned
or delayed). The Fair Market Value established by such appraiser shall be conclusive and binding on the parties. The fees and expenses
for such appraiser shall be borne 50% by the Company, on the one hand, and 50% by the holders of Warrants, on the other hand.

 

“Fully Diluted Common Stock”
means the sum of (i) all shares of Common Stock actually outstanding (which shall in no event include any shares of Common Stock
previously issued from time to time as a result of any partial exercise of the Warrants or to be so issued and sold and for which
Section 4.3 is being applied) and (ii) all shares of Common Stock issuable upon conversion or exchange of the Common Stock
Equivalents (which, for the avoidance of doubt, for purposes of this definition does not include the Warrants), assuming such Common
Stock Equivalents have been converted, exercised or exchanged in full, regardless of whether any such conversion, exercise or exchange
is vested, in the money or available under its terms; provided, however, that if any Warrant is exercised in connection with, or
substantially contemporaneously with, the Company’s entry into, or consummation of, a transaction constituting a Business
Combination that would result in any such Common Stock Equivalents expiring or terminating without consideration and without the
right to receive payment (whether as a result of conversion, exercise or exchange for Common Stock or settlement in cash), then
no such expiring or terminating Common Stock Equivalents shall be included in the calculation of Fully Diluted Common Stock.

 

“Initial Exercise Price”
means, with respect to each Warrant Certificate issued to a Purchaser, $2.00.

 

“Issue Date” means June
29, 2017.

 

“Law” has the set forth
in Section 1.1.

 

“Market Price” means,
with respect to a particular security, on any given day, the last reported sale price or, in case no such reported sale takes place
on such day, the average of the last closing bid and ask prices, in either case on the Exchange on which the applicable securities
are listed or admitted to trading. “Market Price” shall be determined without reference to after hours or extended
hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the
period required hereunder, the Market Price per share of Common Stock shall be deemed to be the fair market value per share of
such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent
investment banking corporation retained by the Company for this purpose (which opinion shall be made available to the holders of
Warrants); provided that the Required Warrantholders may object in writing to the Board of Director’s calculation of fair
market value within 10 days of receipt of written notice thereof. If the Required Warrantholders and the Board of Directors are
unable to agree on fair market value during the 10-day period following the delivery of the Required Warrantholders’ objection,
then the Board of Directors shall select and approve an appraiser experienced in the business of evaluating or appraising the market
value of securities (which appraiser shall be subject to approval by the Required Warrantholders, which approval shall not be unreasonably
withheld, conditioned or delayed). The Market Price established by such appraiser shall be conclusive and binding on the parties.
The fees and expenses for such appraiser shall be borne 50% by the Company, on the one hand, and 50% by the holders of Warrants,
on the other hand. For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding,
on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled
closing time of trading on the Nasdaq Stock Market or, if trading is closed at an earlier time, such earlier time and (ii) that
trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier time
(for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a
specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on
that day, the Market Price would be determined by reference to such 4:00 p.m. closing price).

  

     

     

    

 

“Per Share Fair Market Value”
has the meaning set forth in Section 4.4.

 

“Person” has the meaning
given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

 

“Purchasers” has the
meaning set forth in the introductory paragraph hereof.

 

“Required Warrantholders”
means, at any time, the holders of Warrants representing at least a majority of the Common Stock issuable upon exercise of the
Warrants issued hereunder and not previously exercised (exclusive of any Warrants directly or indirectly held by the Company or
any Affiliate of the Company).

 

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

 

“Tax” or “Taxes”
has the meaning set forth in Section 1.5(a).

 

“trading day” means (A)
if the shares of Common Stock are not traded on any national or regional securities exchange or association or over-the-counter
market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association
or over-the-counter market, a business day on which such relevant exchange or quotation system is scheduled to be open for business
and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association
or over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on
the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading
of the shares of Common Stock.

 

“Transferee” means any
registered transferee of all or any part of any one or more Warrant Certificates initially acquired by the Purchasers under this
Agreement.

 

 

“Warrant” means a warrant
to initially purchase one share of Common Stock issued pursuant to this Agreement.

 

“Warrant Certificate”
means a certificate evidencing the Warrants in the form of Attachment A.

 

     

     

    

 

5.2           Section
Heading and Table of Contents and Construction.

 

(a)          Section
Headings and Table of Contents, etc. The titles of the Sections of this Agreement and any Table of Contents of this Agreement
appear as a matter of convenience only, do not constitute a part hereof and shall not affect the construction hereof. The words
“herein,” “hereof,” “hereunder” and “hereto” refer to this Agreement as a whole
and not to any particular Section or other subdivision. References to Sections are, unless otherwise specified, references to Sections
of this Agreement. References to Annexes and Attachments are, unless otherwise specified, references to Annexes and Attachments
attached to this Agreement.

 

(b)          Independent
Construction. Each covenant contained herein shall be construed (absent an express contrary provision herein) as being independent
of each other covenant contained herein, and compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with one or more other covenants.

 

5.3           Directly
or Indirectly.

 

Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person, including actions taken by or on behalf of any partnership in which such Person
is a general partner.

 

5.4           Governing
Law.

 

THIS AGREEMENT AND THE WARRANT CERTIFICATES
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS RULES THEREOF TO THE EXTENT THAT ANY SUCH RULES WOULD REQUIRE
OR PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE DELAWARE GENERAL CORPORATION LAW
SPECIFICALLY AND MANDATORILY APPLIES.

  

6.            MISCELLANEOUS.

 

6.1           Expenses.

 

Issuance of certificates for shares of Common
Stock to a holder upon the exercise of any Warrants shall be made without charge to such holder for any Tax or stamp duty in respect
of the issuance of such certificates, all of which Taxes and stamp duties shall be paid by the Company (for the avoidance of doubt,
specifically excluding the Taxes not payable by the Company pursuant to Section 3.3).

 

6.2           Amendment
and Waiver.

 

This Agreement may be amended, and the observance
of any term of this Agreement may be waived, with and only with the written consent of the Company and the Required Warrantholders;
provided, however, that no amendment or waiver of the provisions of Section 2.1, this Section 6.2, Section 4
or of any term defined in Section 5.1 to the extent used in such specifically referenced Sections, may be made without the
prior written consent of all holders of Warrants then outstanding (excluding any Warrants directly or indirectly held by the Company
or any Affiliate of the Company); and, provided, further, that

 

(a)          no
such amendment or waiver of any of the provisions of this Agreement pertaining to the Exercise Price or the number of shares or
kind of Common Stock that may be purchased upon exercise of each Warrant; and

 

(b)          no
change accelerating the occurrence of the Expiration Time; shall be effective as to a holder of Warrants unless consented to in
writing by such holder.

 

     

     

    

 

6.3           Entire
Agreement.

 

This Agreement and the Warrant Certificates
embody the entire agreement and understanding among the Company and the Purchasers, and supersede all prior agreements and understandings,
relating to the subject matter hereof.

 

6.4           Successors
and Assigns; Multiple Holders.

 

All covenants and other agreements in this
Agreement made by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and
assigns of the parties hereto to the extent they become holders of Warrants (including, without limitation, any Transferee) whether
so expressed or not. Notwithstanding the foregoing sentence, the Company may not assign any of its rights, duties or obligations
hereunder or under the Warrant Certificates except pursuant to the terms of this Agreement without the prior written consent of
the Required Warrantholders.

 

Each holder of a Warrant agrees that (i)
no other holder of a Warrant will by virtue of this Warrant or exercise thereof be under any fiduciary or other duty to give or
withhold any consent or approval under this Warrant or to take any other action or omit to take any action under this Warrant and
(ii) each other holder of a Warrant may act or refrain from acting under this Warrant as such other holder may, in its discretion,
elect.

 

6.5           Notices
and Information.

 

All communications hereunder or under the
Warrants shall be in writing and shall be delivered either by certified or registered mail, postage pre-paid, return receipt requested,
email or nationally recognized overnight courier, and shall be addressed to the following addresses:

 

(a)          if
to a Purchaser, at its address set forth on Annex 2 to this Agreement, or at such other address as such Purchaser shall have specified
to the Company in writing;

 

(b)          if
to any other holder of any Warrant Certificate, addressed to such other holder at such address as such other holder shall have
specified to the Company in writing or, if any such other holder shall not have so specified an address to the Company, then addressed
to such other holder in care of the last holder of such Warrant Certificate that shall have so specified an address to the Company;
and

 

(c)          if
to the Company, at the address set forth on Annex 3 to this Agreement, or at such other address as the Company shall have specified
to each holder of Warrants in writing.

 

Any communication addressed and delivered
as herein provided shall be deemed to be received when actually delivered to the address of the addressee (whether or not delivery
is accepted) by a nationally recognized overnight delivery service which provides proof of delivery or on the date postmarked if
sent by registered or certified mail or upon receipt by the recipient’s email server if directed to the email address provided
in the notice section hereof, as the case may be. Any communication not so addressed and delivered shall be ineffective unless
actually received by the intended addressee. Notwithstanding the foregoing provisions of this Section 6.5, service of process
in any suit, action or proceeding arising out of or relating to this Agreement or any document, agreement or transaction contemplated
hereby shall be delivered in the manner provided in Section 6.8(c).

 

Upon exercise of any Warrant pursuant to
the terms hereof, the Company will answer a limited number of reasonable questions and provide a limited amount of reasonable documentation
regarding any non-confidential information supporting its calculation of Fully Diluted Common Stock and the related shares of Common
Stock issuable for the Denomination of such Warrant being exercised.

 

6.6           Severability.

 

Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

 

6.7           Execution
in Counterpart.

 

This Agreement may be executed in one or
more counterparts and shall be effective when at least one counterpart shall have been executed by each party hereto, and each
set of counterparts that, collectively, show execution by each party hereto shall constitute one duplicate original.

 

6.8           Waiver
of Jury Trial; Consent to Jurisdiction, Etc.

 

(a)          Waiver
of Jury Trial. THE PARTIES HERETO VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE WARRANTS OR ANY OF THE DOCUMENTS, AGREEMENTS
OR TRANSACTIONS CONTEMPLATED HEREBY.

 

(b)          Consent
to Jurisdiction. ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE WARRANTS, OR ANY OF THE
DOCUMENTS, AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY (WHETHER IN TORT, CONTRACT OR OTHERWISE) OR ANY ACTION OR PROCEEDING
TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH UNDER THIS AGREEMENT, THE WARRANTS OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY SHALL BE BROUGHT BY SUCH PARTY IN ANY NEW YORK STATE COURT OR FEDERAL DISTRICT COURT LOCATED IN THE SOUTHERN
DISTRICT OF NEW YORK AS SUCH PARTY MAY IN ITS SOLE DISCRETION ELECT, AND BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE IN PERSONAM JURISDICTION OF EACH SUCH COURT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT IN ANY PROCEEDING BEFORE ANY TRIBUNAL, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE,
ANY CLAIM THAT IT IS NOT SUBJECT TO THE IN PERSONAM JURISDICTION OF ANY SUCH COURT. IN ADDITION, EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED HEREBY
BROUGHT IN ANY SUCH COURT, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(c)          Service
of Process. EACH PARTY HERETO IRREVOCABLY AGREES THAT PROCESS PERSONALLY SERVED OR SERVED BY U.S. REGISTERED MAIL AT THE ADDRESSES
PROVIDED HEREIN FOR NOTICES SHALL CONSTITUTE, TO THE EXTENT PERMITTED BY LAW, ADEQUATE SERVICE OF PROCESS IN ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE WARRANTS OR ANY DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED HEREBY,
OR ANY ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH HEREUNDER, UNDER THE WARRANTS
OR UNDER ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. RECEIPT OF PROCESS SO SERVED SHALL BE CONCLUSIVELY PRESUMED AS EVIDENCED
BY A DELIVERY RECEIPT FURNISHED BY THE UNITED STATES POSTAL SERVICE OR ANY COMMERCIAL DELIVERY SERVICE.

 

[Remainder of page intentionally left
blank; next page is signature page]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement on the date first above written.

 

	 	COMPANY:
	 	 	 
	 	BioScrip, Inc.
	 	 	 
	 	By:	/s/
Stephen Deitsch 
	 	Name:	Stephen
Deitsch
	 	Title: 	Senior Vice President, Chief Financial Officer and Treasurer

 

    
Signature Page to Warrant Agreement

     

    

 

	 	PURCHASERS:
	 	 
	 	ASSF IV AIV B HOLDINGS, L.P.

By: ASSF IV AIV B HOLDINGS GP LLC, 

       its general partner

By: ASSF IV AIV B, L.P., 

       its sole member

By: ASSF MANAGEMENT IV, L.P.,

       its general partner

By: ASSF MANAGEMENT IV GP LLC, 

       its general partner 
	 	By:	/s/ Scott L. Graves
	 	Name:	Scott L. Graves
	 	Title:	Authorized Signatory
	 	 

 

    
Signature Page to Warrant Agreement

     

    

 

	 	PURCHASERS:
	 	 
	 	J.P. Morgan Securities LLC
	 	 
	 	By:	/s/ Jeffrey L. Panzo
	 	Name:	Jeffrey L. Panzo
	 	Title:	Attorney in fact
	 	 

 

    
Signature Page to Warrant Agreement

     

    

 

	 	PURCHASERS:
	 	 
	 	Goldman Sachs & Co. LLC
	 	 
	 	By:	/s/ Daniel Oneglia
	 	Name:	Daniel Oneglia
	 	Title:	Managing Director
	 	 

    
Signature Page to Warrant Agreement

     

    

 

	 	PURCHASERS:
	 	 
	 	
        Western Asset Middle Market Debt Fund Inc.

        Western Asset Middle Market Income Fund Inc

         

        By: Western Asset Management Company,

        as its Investment Manager and Agent

         

	 	 
	 	By:	/s/ Adam Wright
	 	Name:	Adam Wright
	 	Title:	Manager, U.S. Legal Affairs
	 	 

 

    
Signature Page to Warrant Agreement

     

    

 

 

ATTACHMENT A

[FORM OF WARRANT CERTIFICATE]

 

THE SECURITIES REPRESENTED HEREBY, AND THE SECURITIES ISSUABLE
HEREBY, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL
FOR THE COMPANY, IS AVAILABLE. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN WARRANT AGREEMENT,
DATED AS OF JUNE 29, 2017, THE PROVISIONS OF WHICH ARE INCORPORATED HEREIN BY REFERENCE. A COPY OF SUCH AGREEMENT IS AVAILABLE
FROM THE COMPANY UPON REQUEST.

 

WARRANT CERTIFICATE

 

BIOSCRIP, INC.

No. WRT- Warrants

 

Date: [ ], 20[ ]

 

This Warrant Certificate certifies that
______________________, or registered assigns, is the registered holder of Warrants entitling the owner thereof to purchase at
any time on or after the date hereof and on or prior to the Expiration Time, the number of fully paid and nonassessable shares
of Common Stock, $0.0001 par value per share (the “Common Stock”), of BIOSCRIP, INC., a Delaware corporation
(together with its successors and assigns, the “Company”) equal to 4.99% (the “Denomination”)
times the Fully Diluted Common Stock outstanding on the date of any exercise of the Warrants, at a purchase price (subject to adjustment
as provided in the Warrant Agreement (as defined below), the “Exercise Price”) of $2.00 per share of Common
Stock upon presentation and surrender of this Warrant Certificate to the Company with a duly executed election to purchase and
payment of the Exercise Price (including by withholding of shares of Common Stock), all in the manner set forth in the Warrant
Agreement (defined below). The Denomination of each Warrant and the Exercise Price are the Denomination and the Exercise Price
as of the date hereof, and are subject to adjustment as referred to below.

 

The Warrants are issued pursuant to a Warrant
Agreement (as it may from time to time be amended or supplemented, the “Warrant Agreement”), dated as of June 29, 2017,
among the Company and the Purchasers named therein, and are subject to all of the terms, provisions and conditions thereof, which
Warrant Agreement is hereby incorporated herein by reference and made a part hereof and to which Warrant Agreement reference is
hereby made for a full description of the rights, obligations, duties and immunities of the Company and the holders of the Warrant
Certificates. Capitalized terms used, but not defined, herein have the respective meanings ascribed to them in the Warrant Agreement.
In the event of any conflict between this Warrant Certificate and the Warrant Agreement, the Warrant Agreement shall control and
govern.

 

As provided in the Warrant Agreement, the
Exercise Price and the Denomination evidenced by this Warrant Certificate are, upon the happening of certain events, subject to
modification and adjustment. Except as otherwise set forth in, and subject to, the Warrant Agreement, the Expiration Time of this
Warrant Certificate is as set forth in the Warrant Agreement.

 

     

     

    

 

Subject to the limitations set forth in
the Warrant Agreement, this Warrant Certificate shall be exercisable, at the election of the holder, at any time on or after the
date hereof and on or prior to the Expiration Time either as an entirety or in part from time to time. If this Warrant Certificate
shall be exercised in part, the holder shall be entitled to receive, upon surrender hereof, another Warrant Certificate or Warrant
Certificates for the Denomination not exercised. The Warrant Certificates for the unexercised Denomination shall be with reference
to the percentage of the Fully Diluted Common Stock outstanding on the date of any future exercise of the Warrants. This Warrant
Certificate, with or without other Warrant Certificates, upon surrender in the manner set forth in the Warrant Agreement and subject
to the conditions set forth in the Warrant Agreement, may be transferred or exchanged for another Warrant Certificate or Warrant
Certificates of like tenor evidencing Warrants entitling the holder to a like Denomination as the Warrants evidenced by the Warrant
Certificate or Warrant Certificates surrendered shall have entitled such holder to purchase.

 

Except as expressly set forth in the Warrant
Agreement, no holder of this Warrant Certificate shall be entitled to vote or receive distributions or be deemed for any purpose
the holder of shares of Common Stock or of any other Securities of the Company that may at any time be issued upon the exercise
hereof, nor shall anything contained in the Warrant Agreement or herein be construed to confer upon the holder hereof, as such,
any of the rights of a holder of a share of Common Stock in the Company or any right to vote upon any matter submitted to holders
of shares of Common Stock at any meeting thereof, or to give or withhold consent to any corporate action of the Company (whether
upon any recapitalization, issuance of stock, reclassification of Securities, change of par value, consolidation, merger, conveyance,
or otherwise), or to receive dividends or subscription rights, or otherwise, until the Warrant or Warrants evidenced by this Warrant
Certificate shall have been exercised as provided in the Warrant Agreement.

 

In the event of any inconsistency between
this warrant Certificate and the Warrant agreement, the terms of the Warrant Agreement shall govern.

 

THIS WARRANT CERTIFICATE SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE COMPANY AND THE HOLDER HEREOF SHALL BE GOVERNED BY, THE INTERNAL LAWS OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS RULES THEREOF TO THE EXTENT THAT ANY SUCH RULES WOULD REQUIRE
OR PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE DELAWARE GENERAL CORPORATION LAW
SPECIFICALLY AND MANDATORILY APPLIES.

 

WITNESS the signature of a proper officer of the Company
as of the date first above written.

 

	 	BIOSCRIP, INC.
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

[FORM OF ASSIGNMENT]

(To be executed by the registered holder
if

such holder desires to transfer the Warrant
Certificate)

 

FOR VALUE RECEIVED, ________________________ hereby sells,
assigns and transfers unto

 

 

(Please print name and address of transferee.)

 

the accompanying Warrant Certificate, together with all right,
title and interest therein, and does hereby irrevocably constitute and appoint:

 

 

attorney, to transfer the accompanying Warrant Certificate on
the books of the Company with full power of substitution.

 

Dated:                                   
, 20 .

[HOLDER]

By:

 

 

 

 

NOTICE

 

The signature to the foregoing Assignment must correspond to
the name as written upon the face of the accompanying Warrant Certificate or any prior assignment thereof in every particular,
without alteration or enlargement or any change whatsoever.

 

     

     

    

 

[FORM OF ELECTION TO PURCHASE]

(To be executed by the registered holder
if

such holder desires to exercise the Warrant
Certificate)

 

To: BIOSCRIP, INC.

 

The undersigned hereby irrevocably elects to exercise _____________________
Denomination of Warrants represented by the accompanying Warrant Certificate to purchase the shares of Common Stock issuable upon
the exercise of such Warrants equal to the Denomination times the Fully Diluted Common Stock outstanding on the date hereof, and
requests that certificates for such shares be issued in the name of:

 

 

(Please print name and address.)

 

 

(Please insert social security or other
identifying number.)

 

If such Denomination of Warrants shall not be all the Warrants
evidenced by the accompanying Warrant Certificate, a new Warrant Certificate for the balance remaining of such Warrants shall be
registered in the name of and delivered to:

 

 

(Please print name and address.)

 

 

(Please insert social security or other identifying number.)

 

The undersigned is paying the Exercise Price for the Common
Stock to be issued on exercise of the foregoing Warrants, unless payment of such Exercise Price has been waived by the Company,
by

 

[ ] certified or bank check by wire transfer, or

[ ] withholding of shares of Common Stock into which
the Warrants are being exercised.

 

Dated:                                   
, 20 .

[HOLDER]

By:

 

 

 

 

NOTICE

 

The signature to the foregoing Election to Purchase must correspond
to the name as written upon the face of the accompanying Warrant Certificate or any prior assignment thereof in every particular,
without alteration or enlargement or any change whatsoever.

 

     

     

    

 

ANNEX 1

Warrants Issuable to the Purchasers

 

	Purchaser	 	 	 	Total Denominations of Warrants 	 
	ASSF IV AIV B Holdings, L.P.	 	 	 	 	3.62909%	 
	J.P. Morgan Securities LLC	 	 	 	 	0.45364%	 
	Goldman Sachs & Co. LLC	 	 	 	 	0.68045%	 
	Western Asset Middle Market Debt Fund Inc.	 	 	 	 	0.06805%	 
	Western Asset Middle Market Income Fund Inc	 	 	 	 	0.15877%	 

 

     

     

    

 

ANNEX 2

Address for Purchasers for Notices

 

 

ASSF IV AIV B HOLDINGS, L.P.

 

ASSF IV AIV B Holdings, L.P.

c/o Ares Management LLC

2000 Avenue of the Stars, 12th Floor

Los Angeles, CA 90067

 

J.P. MORGAN SECURITIES LLC

 

J.P. Morgan Securities LLC

4 New York Plaza, 15th Floor, Mail Code NY1-E054

New York, New York 10004

Attention: Jeffrey L. Panzo

Email: Jeffrey.L.Panzo@JPMorgan.com

Phone No.: (212) 499-1435

 

GOLDMAN SACHS & CO. LLC

 

Goldman Sachs & Co. LLC

200 West Street, 26th Floor

Attn: Paul Burningham and Paige Cataruozolo

New York, New York 10282

Email: ficc-amssg-mo@gs.com

Phone No.: (917) 343-8393 (Paul Burningham),

(917) 343-3096 (Paige Cataruozolo)

 

WESTERN ASSET MIDDLE MARKET DEBT FUND INC.

WESTERN ASSET MIDDLE MARKET INCOME FUND INC

Western Asset Management Company

385 East Colorado Boulevard

Pasadena, California 91101

Attention: Legal Department

 

     

     

    

 

ANNEX 3

Address of Company for Notices

 

BioScrip, Inc.

1600 Broadway, Suite 700

Denver, CO 80202

Attn: Stephen Deitsch, Senior Vice President,

Chief Financial Officer & Treasurer

Email: Stephen.Deitsch@bioscrip.com

Telecopy Number: (720) 468-4040

 

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

 

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Scott M. Zimmerman

Email: Scott.Zimmerman@dechert.com

Telecopy Number: (212) 698-3599Exhibit 4.2

EXECUTION VERSION

  

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of June 29, 2017, by and among BioScrip, Inc.,
a Delaware corporation (the “Company”) and the other entities undersigned hereto (each a “Stockholder”
and collectively, the “Stockholders”). Each of the Company and the Stockholders may be referred to in
this Agreement as a “Party,” and, collectively, as the “Parties.” Capitalized
terms used but not otherwise defined herein have the meanings assigned such terms in Section 9 of this Agreement.

 

A.            The
Company and a Stockholder are parties to that certain Stock Purchase Agreement, dated as of June 29, 2017 (the “Stock
Purchase Agreement”), pursuant to which such Stockholder is purchasing an aggregate of 6,359,350 shares (the “Purchased
Shares”) of common stock of the Company, $0.0001 par value per share (the “Common Stock”)
and the Company and the Stockholders are parties to that certain Warrant Purchase Agreement, dated as of June 29, 2017 (the “Warrant
Purchase Agreement,” and together with the Stock Purchase Agreement, the “Purchase Agreements”), pursuant
to which the Stockholders are purchasing an amount of Warrants to purchase in the aggregate 4.99% of the Fully Diluted Common Stock
(as defined in the Warrant Purchase Agreement) of the Company (“Warrants”).

 

B.            In
connection with the transactions contemplated by the Purchase Agreements, and pursuant to the terms of the Purchase Agreements,
the Parties desire to enter into this Agreement in order to grant to the Stockholders and certain of its permitted transferees
certain demand and piggyback registration rights covering the Purchased Shares, all in accordance with the terms and conditions
set forth below.

 

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

 

1.           Demand
Registrations.

 

(a)          Short-Form
Registrations. At any time after twelve (12) months following the date hereof, each Holder may request registration under the
Securities Act of all or any portion of its Registrable Securities on Form S-3 or any successor form (each, a “Short-Form
Registration”), which may, if so requested, be a “shelf” registration under Rule 415 under the Securities
Act. A registration shall not count as one of the permitted Short-Form Registrations unless and until a registration statement
relating thereto has become effective under the Securities Act. Each request for a Short-Form Registration shall specify the number
of Registrable Securities requested to be registered.

 

(b)          Long-Form
Registrations. At any time that a Holder is then eligible to request registration under the Securities Act of all or any portion
of its Registrable Securities but where Short-Form Registration pursuant to Section 1(a) of this Agreement is not available
to be used by the Company in respect of such proposed registration, but in no event earlier than twelve (12) months following the
date hereof, each Holder shall be entitled to request a registration on Form S-1 or any similar form (each, a “Long-Form
Registration”). A registration shall not count as one of the permitted Long-Form Registrations unless and until a
registration statement relating thereto has become effective under the Securities Act and each requesting Holder is able to register
and sell at least thirty percent (30%) of its Registrable Securities thereunder.

 

(c)          Priority
on Demand Registration. Holders shall have the right to request that a Demand Registration be effected as an underwritten offering
at any time, subject to this Section 1 by delivering to the Company a notice setting forth such request and the number of
Registrable Securities sought to be disposed of by such Holder in such underwritten offering. All Holders proposing to participate
in such underwriting shall (i) enter into an underwriting agreement in customary form with the underwriter(s) selected for such
underwriting by a Majority-in-Interest of the Registrable Securities included in such offering, which underwriter(s) shall be reasonably
acceptable to the Company, provided that, with respect to such underwriting agreement or any other documents reasonably required
under such agreement, (A) no Holder shall be required to make any representation or warranty with respect to or on behalf of the
Company or any other stockholder of the Company and (B) the liability of any Holder shall be limited as provided in Section
6(b) hereof, and (ii) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other documents
required under the terms of such underwriting agreement.   If the managing underwriter(s) for an underwritten offering
advise(s) the Company and the Holders in writing that the dollar amount or number of Registrable Securities which the Holders desire
to sell, taken together with all other Common Stock or other securities which the Company desires to sell and the Common Stock
or other securities, if any, as to which registration has been requested pursuant to written contractual piggyback registration
rights held by other stockholders of the Company, if any, who desire to sell or otherwise, exceeds the maximum dollar amount or
maximum number of securities that can be sold in such offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of securities,
as applicable, the “Maximum Threshold”), then the Company shall include in such registration:  (1) first,
the Registrable Securities (pro rata in accordance with the number of Registrable Securities which such Holders have requested
be included in such underwritten offering, regardless of the number of Registrable Securities or other securities held by each
such Person) that can be sold without exceeding the Maximum Threshold; (2) second, to the extent that the Maximum Threshold
has not been reached under the foregoing clause (1), the Common Stock or other securities that the Company desires to sell
that can be sold without exceeding the Maximum Threshold; (3) third, to the extent that the Maximum Threshold has not
been reached under the foregoing clauses (1) and (2), the Common Stock or other securities for the account of other Persons
that the Company is obligated to register pursuant to written contractual arrangements, if any, with such Persons and that can
be sold without exceeding the Maximum Threshold; and (4) fourth, to the extent that the Maximum Threshold has not been
reached under the foregoing clauses (1), (2) and (3), the Common Stock that other stockholders desire to sell that can be
sold without exceeding the Maximum Threshold to the extent that the Company, in its sole discretion, wishes to permit such sales
pursuant to this clause (4).

 

     

     

    

 

A request for an underwritten
offering may be withdrawn by Holders of a majority of the Registrable Securities proposed to be included in such offering prior
to the consummation thereof, and, in such event, such withdrawal shall not be treated as a request for an underwritten offering
which shall have been effected pursuant to the immediately preceding paragraph. In no event will a Demand Registration count as
a Demand Registration unless at least fifty percent (50%) of all Registrable Securities requested to be registered in such Demand
Registration by the Holders initiating such Demand Registration are, in fact, registered in such registration.

 

(d)          The
Company shall not be obligated to effect (i) more than 2 Short-Form Registrations or 1 Long-Form Registrations pursuant to this
Agreement, (ii) more than one Demand Registration (including any underwritten offering) during any nine-month period or (iii) any
Demand Registration unless the number of Registrable Securities sought to be registered on such Registration Statement is at least
30% of the Registrable Securities in the case of a Short-Form Registration and 50% of the Registrable Securities in the case of
a Long-Form Registration (subject to adjustment for any stock dividend or stock split or in connection with an exchange or combination
of shares, recapitalization, merger, consolidation or other reorganization).

 

(e)          If
the filings contemplated herein are not permitted under the rules and regulations promulgated by the Securities and Exchange Commission
or by any Commission Guidance, then within ninety (90) days after a written request by one or more Holders to register for resale
any additional Registrable Securities owned by such Holders that have not been registered for resale on a “shelf” Registration
Statement, the Company shall file a Registration Statement similar to the Registration Statement then effective (each, a “Follow-On
Registration Statement”), to register for resale 100%, or such portion as permitted by Commission Guidance (provided
that the Company shall use commercially reasonable efforts to advocate with the Securities and Exchange Commission for the registration
of all or the maximum number of the Registrable Securities as permitted by Commission Guidance), of such additional Registrable
Securities. The Company shall give written notice of the filing of the Follow-On Registration Statement at least twenty-five (25)
days prior to filing the Follow-On Registration Statement to all Holders (the “Follow-On Registration Notice”)
and shall include in such Follow-On Registration Statement all such additional Registrable Securities with respect to which the
Company has received written requests for inclusion therein within twenty (20) days after sending the Follow-On Registration Notice.
Notwithstanding the foregoing, the Company shall not be required to file a Follow-On Registration Statement (i) if it has filed
a Follow-On Registration Statement within the prior 12-month period, or (ii) if the aggregate amount of additional Registrable
Securities requested to be registered on such Follow-On Registration Statement is less than 50% of the Registrable Securities (subject
to adjustment for any stock dividend or stock split or in connection with an exchange or combination of shares, recapitalization,
merger, consolidation or other reorganization). The Company shall use commercially reasonable efforts to cause such Follow-On Registration
Statement to be declared effective as promptly as practicable after filing such Follow-On Registration Statement.

 

     

     

    

 

(f)          Notwithstanding
any other provision of this Agreement, if any Commission Guidance sets forth a limitation of the number of Registrable Securities
to be registered on a particular Registration Statement (notwithstanding the Company’s commercially reasonable efforts to
advocate with the Securities and Exchange Commission for the registration of all or a greater number of Registrable Securities),
then, unless otherwise directed in writing by a Holder as to its Registrable Securities, the amount of Registrable Securities to
be registered on such Registration Statement will be reduced pro rata among the Holders based on the total number of unregistered
Registrable Securities held by such Holders.

 

2.           Piggyback
Registrations.

 

(a)          Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act, and the registration
form proposed to be used may be used to register the resale of Registrable Securities (each, a “Piggyback Registration”),
the Company shall give prompt written notice (in any event at least ten (10) Business Days prior to the anticipated filing date
of the Registration Statement relating to such registration) to each Holder of its intention to effect such a registration and
shall use its commercially reasonable efforts to include in such registration all Registrable Securities with respect to which
the Company has received a written request from each Holder for inclusion therein within five (5) Business Days following such
Holder’s receipt of the Company’s notice. All Holders proposing to distribute their securities through a Piggyback
Registration that involves an underwriter(s) shall enter into an underwriting agreement in reasonable and customary form with
the underwriter(s) selected for such Piggyback Registration, provided that with respect to such underwriting agreement or
any other documents reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty
with respect to or on behalf of the Company or any other stockholder of the Company and (ii) the liability of any Holder shall
be limited as provided in Section 6(b) hereof and (iii) each Holder shall complete and execute all questionnaires, powers-of-attorney,
indemnities, opinions and other documents reasonably required under the terms of such underwriting agreement.  No registration
effected under this Section 2 shall relieve the Company of its obligations to effect a Demand Registration required
by Section 1. If at any time after giving notice of its intention to register any Company securities pursuant to this
Section 3(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company
shall determine for any reason not to register such securities, the Company shall give notice to all of the Holders participating
in such Piggyback Registration and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection
with such registration.

 

(b)          Reduction
of Offering. If the managing underwriter(s) for a Piggyback Registration that is to be an underwritten offering advises
the Company and the Holders that in their opinion the dollar amount or number of Common Stock or other securities which the Company
desires to sell, taken together with Common Stock or other securities, if any, as to which registration has been demanded pursuant
to written contractual arrangements with third parties, if any, the Registrable Securities as to which registration has been requested
under this Section 2, and the Common Stock or other securities as to which registration has been requested pursuant
to the written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Threshold, then
the Company shall include in any such registration:

 

(i)          If
the registration is undertaken for the Company’s account:  (A)  first, the Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Threshold, and (ii)  second, to the
extent that the Maximum Threshold has not been reached under the foregoing clause (A), the Registrable Securities and the
Common Stock or other securities proposed to be sold for the account of other Persons that the Company is obligated to register
pursuant to any written contractual piggyback registration rights with such Persons and that can be sold without exceeding the
Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Stock or other securities which
such Holders and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable
Securities and Common Stock or other securities held by each such Holder or other Person), and

 

     

     

    

 

(ii)         If
the registration is a “demand” registration undertaken at the demand of one or more Persons other than the Company
and any Holder, (A)  first, the Common Stock or other securities for the account of such demanding Persons that can
be sold without exceeding the Maximum Threshold; (B)  second, to the extent that the Maximum Threshold has not been
reached under the foregoing clause (A), the Common Stock or other securities that the Company desires to sell that can be
sold without exceeding the Maximum Threshold; and (C)  third, to the extent that the Maximum Threshold has not been
reached under the foregoing clauses (A) and (B), the Registrable Securities and the Common Stock or other securities proposed
to be sold for the account of other Persons that the Company is obligated to register pursuant to any written contractual piggyback
registration rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance
with the number of Registrable Securities and Common Stock or other securities which such Holders and other Persons have requested
be included in such underwritten offering, regardless of the number of Registrable Securities and Common Stock or other securities
held by each such Holder or other Person).

 

(c)          Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering, the investment banker(s) and manager(s)
for the offering shall be selected by the Company.

 

3.           Market
Standoff Agreement.

 

(a)          The
Company (i) shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable
or exercisable for such securities, during the period beginning on the date the Company receives a request for an underwritten
offering from any Holder and continuing until sixty (60) days after the commencement of an underwritten offering, unless the underwriters
managing the registered public offering otherwise agree after consultation with a Majority-in-Interest, and (ii) shall cause each
executive officer and director of the Company and each holder of its Common Stock, or any securities convertible into or exchangeable
or exercisable for such Common Stock, purchased from the Company at any time after the date of this Agreement (other than in a
registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144 under
the Securities Act) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted),
unless the underwriters managing the registered public offering otherwise agree.

 

(b)          Each
Holder of Registrable Securities agrees that in connection with any public offering of the Company's equity securities, or any
securities convertible into or exchangeable or exercisable for such securities, and upon the request of the managing underwriter(s)
in such offering, such Holder shall not, without the prior written consent of such managing underwriter(s), during the period commencing
on the date that is ten (10) days prior to the consummation of such offering and continuing until sixty (60) days after the commencement
of an underwritten offering, (i) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any
option or contract to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into, exercisable for or exchangeable for shares of Common Stock (whether such shares or any
such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise.
The foregoing provisions of this Section 3(b) shall not apply to sales of Registrable Securities to be included in such
offering pursuant to Sections 1 and 2, and shall be applicable to the holders of Registrable Securities only if all executive
officers and directors of the Company and each holder of its Common Stock, or any securities convertible into or exchangeable or
exercisable for such Common Stock, purchased from the Company at any time after the date of this Agreement are subject to the same
restrictions. Each holder of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested
by the Company or the managing underwriter which are consistent with the foregoing or which are necessary to give further effect
thereto. Notwithstanding anything to the contrary contained in this Section 3(b), each holder of Registrable Securities shall
be released, pro rata, from any lock-up agreement entered into pursuant to this Section 3(b) in the event and to the extent
that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up
agreement pertaining to any executive officer, director or other holder of Common Stock.

 

     

     

    

 

4.           Registration
Procedures.

 

(a)          Whenever
the Holder has requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use commercially
reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the Holder’s
intended method of disposition thereof, and pursuant thereto the Company shall:

 

(i)          (A)
prepare and file with the Securities and Exchange Commission a Registration Statement with respect to such Registrable Securities
as soon as reasonably practicable, but in any event within twenty (20) days, if a Short-Form Registration, and thirty (30) days,
if a Long-Form Registration, following the date of a demand for registration pursuant to Section 1(a) or Section 1(b)
of this Agreement, as applicable, and (B) use commercially reasonable efforts to cause such Registration Statement (1) to become
effective as soon as practicable, and in any event within fifteen (15) days, if the Securities and Exchange Commission indicates
it will not review the Registration Statement, and ninety (90) days, if the Securities and Exchange Commission indicates it will
review the Registration Statement, following the date of filing such Registration Statement (provided that before filing a Registration
Statement or prospectus or any amendments or supplements thereto, the Company shall furnish to one counsel selected by Holders
of a majority of the Registrable Securities proposed to be included therein copies of all such documents proposed to be filed,
which documents shall be subject to the review and comment of such counsel) and (2) to remain effective and in compliance with
the provisions of the Securities Act until all Registrable Securities (and any other securities, if applicable) covered by such
Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration
Statement or such securities have been withdrawn;

 

(ii)         respond
to written comments received from the Securities and Exchange Commission upon a review of any Registration Statement in a timely
manner;

 

(iii)        promptly
notify each Holder of the effectiveness of each Registration Statement filed hereunder; by 9:30 a.m. (New York time) on the second
Business Day following such effectiveness, file with the Securities and Exchange Commission in accordance with Rule 424 under the
Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement; and prepare and
file with the Securities and Exchange Commission such amendments and supplements to such Registration Statement and the prospectus
used in connection therewith, and otherwise take such actions, as may be necessary to keep such Registration Statement effective
until the earlier of (A) the date as of which each Holder may sell all of the Registrable Securities covered by such Registration
Statement pursuant to Rule 144 under the Securities Act without limitation, restriction or condition thereunder, and (B) the date
on which all of such Registrable Securities have been disposed of by each Holder, and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with
the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

(iv)        promptly
furnish to each Holder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus
included in such Registration Statement (including each preliminary prospectus) and such other documents as the Holders may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by each Holder;

 

(v)         if
applicable, use commercially reasonable efforts to register or qualify the shares covered by such Registration Statement under
such other securities or blue sky laws of such jurisdictions as each Holder shall reasonably request and do any and all other acts
and things which may be reasonably necessary or advisable to enable each Holder to consummate the disposition in such jurisdictions
of the Registrable Securities owned by such Holder (provided that the Company shall not be required to (A) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

(vi)        notify
each Holder at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the prospectus included in such Registration Statement contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading, and, as expeditiously as possible following the
happening of such event, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading;

 

     

     

    

 

(vii)       without
limiting any obligations of the Company under the Purchase Agreements, use its commercially reasonable efforts to (x) cause all
such Registrable Securities to be listed on each securities exchange on which similar securities 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 (y) if such
listing is not then permitted, or no similar securities issued by the Company are then so listed, secure a designation and quotation
of all of the Registrable Securities covered by each Registration Statement on the OTC Bulletin Board;

 

(viii)      provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

 

(ix)         enter
into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the Holders
or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including effecting a stock split or a combination of shares);

 

(x)          make
available for inspection by any underwriter participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents
and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration
Statement;

 

(xi)         otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date
of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder, and which requirement will be deemed satisfied if the Company timely files complete and accurate information
on Forms 10-Q and 10-K and Current Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities
Act;

 

(xii)        in
the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such Registration
Statement for sale in any jurisdiction, the Company shall promptly notify each Holder and use commercially reasonable efforts promptly
to obtain the withdrawal of such order;

 

(xiii)       use
commercially reasonable efforts to cause such Registrable Securities covered by such Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate
the disposition of such Registrable Securities;

 

(xiv)      permit
any Holder who, in the reasonable judgment of the Company upon the advice of counsel, might be deemed to be an underwriter or controlling
person of the Company, and, if applicable, any underwriter, a cold comfort letter from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by cold comfort letters as the Holders of a majority
of the Registrable Securities being sold reasonably request (provided that such Registrable Securities constitute at least ten
percent (10%) of the securities covered by such Registration Statement); and

 

     

     

    

 

(xv)       cooperate
with each Holder and any broker or dealer through which any such Holder proposes to sell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as requested by such Holder.

 

(b)          Each
Holder that requested that any Registrable Securities be registered pursuant to this Agreement shall deliver to the Company such
requisite information with respect to itself and its Registrable Securities as the Company may reasonably request for inclusion
in the Registration Statement (and the prospectus included therein) as is necessary to comply with all applicable rules and regulations
of the Securities and Exchange Commission, and that it will promptly notify the Company of any material changes in the information
set forth in the Registration Statement furnished by or regarding the Holder or its plan of distribution.

 

(c)          The
Holders shall not effect sales of the shares covered by the Registration Statement (i) prior to the withdrawal of any stop
order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of any related
prospectus or suspending the registration or qualification of any Registrable Securities included in the Registration Statement
for sale in any jurisdiction where such shares had previously been registered or qualified or (ii) after receipt of facsimile
or other written notice from the Company instructing such Holders to suspend sales to permit the Company to correct or update the
Registration Statement or prospectus until such Holder receives copies of a supplemented or amended prospectus that corrects the
misstatement(s) or omission(s) referred to above and receives notice that any required post-effective amendment has become effective.
Such Holder agrees that it will immediately discontinue offers and sales of Registrable Securities under the Registration Statement
until such Holder receives copies of a supplemented or amended prospectus that corrects the misstatement(s) or omission(s) referred
to above and receives notice that any post-effective amendment has become effective.

 

(d)          Notwithstanding
anything herein to the contrary, the Company shall have the right to suspend the use of a Registration Statement for a period of
not greater than forty-five (45) consecutive days and for not more than ninety (90) days in any twelve (12) month period (“Blackout
Period”), if, in the good faith opinion of the Board of Directors of the Company, after consultation with counsel, material,
nonpublic information exists, including without limitation the proposed acquisition or divestiture of assets by the Company, a
strategic alliance or a financing transaction involving the Company or the existence of pending material corporate developments,
the public disclosure of which would be necessary to cause the Registration Statement to be materially true and to contain no material
misstatements or omissions, and in each such case, where, in the good faith opinion of the Board of Directors, such disclosure
would be reasonably likely to have a material adverse effect on the Company or on the proposed transaction. The Company must give
the Holders notice promptly upon knowledge that a Blackout Period (without indicating the nature of such Blackout Period) may occur
and prompt written notice if a Blackout Period will occur and such notices must be acknowledged in writing by the Investors. Upon
the conclusion of a Blackout Period the Company shall provide the Holder written notice that the Registration Statement is again
available for use.

 

5.           Registration
Expenses. All expenses (other than Selling Expenses) incident to the Company’s performance of or compliance with this
Agreement, including without limitation all registration and filing fees, fees and expenses of compliance with securities or blue
sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements
of counsel for the Company and independent certified public accountants, underwriters (excluding fees, discounts and commissions)
and other persons retained by the Company, and reasonable fees and expenses of one counsel for the Holders in connection with any
Demand Registration or Piggyback Registration (all such expenses being herein called “Registration Expenses”),
shall be borne by the Company. The Company shall not be liable for any Selling Expenses. As used herein, the term “Selling
Expenses” shall mean, collectively, any selling commissions, discounts or brokerage fees. Selling Expenses shall be borne
by the respective seller thereof, in proportion to the respective number of shares of Registrable Securities sold by each of them.

 

6.           Holder's
Obligations. Each Holder covenants and agrees that, in the event the Company informs such Holder in writing that it does not
satisfy the conditions specified in Rule 172 and, as a result thereof, such seller is required to deliver a prospectus in connection
with any disposition of Registrable Securities, it will comply with the prospectus delivery requirements of the Securities Act
as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to
the Registration Statement, and shall sell the Registrable Securities only in accordance with a method of distribution described
in the Registration Statement.

 

     

     

    

 

7.           Indemnification.

 

(a)          The
Company shall indemnify, to the extent permitted by applicable law, each Holder, its officers, directors, partners, managers, members,
investment managers, employees, agents and representatives, and each Person who controls each Holder (within the meaning of Section
15 the Securities Act and Section 20 of the Exchange Act) against all losses, claims, damages, liabilities and expenses (including
reasonable legal expenses) arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained in
(or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary prospectus,
filing under any state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including 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 (iii) any breach or violation of this Agreement; provided, however, that the Company shall not be liable to any such indemnified
party in any such case to the extent that (A) such claim arises out of or is based upon any untrue statement or alleged untrue
statement of a material fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus,
prospectus or preliminary prospectus, filing under any state securities (or blue sky) law or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact in reliance upon and in conformity with information furnished to
the Company by or on behalf of such Holder or its representatives by or on behalf of such Holder expressly for use therein, or
(B) such claim is related to the use by a Holder or underwriter, if any, of an outdated or defective prospectus after such party
has received written notice from the Company that such prospectus is outdated or defective. In connection with an underwritten
offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders
of Registrable Securities.

 

(b)          Each
Holder shall, severally and not jointly, to the extent permitted by applicable law, indemnify the Company, its directors and officers
and each Person who controls the Company (within the meaning of Section 15 the Securities Act and Section 20 of the Exchange Act),
to the fullest extent permitted by applicable law, against any losses, claims, damages, liabilities and expenses (including reasonable
legal expenses) arising out of or based upon any untrue or alleged untrue statement of material fact contained in (or incorporated
by reference therein) the Registration Statement, free writing prospectus, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements herein not misleading, but only to the extent that such untrue statement or omission was made in reliance
upon and in conformity with any information furnished in writing to the Company by such Holder or its representatives by or on
behalf of such Holder expressly for use therein; provided that each Holder shall be liable under this Section 6(b) of this
Agreement (and otherwise) for only up to the amount of net amount of proceeds actually received by each Holder as a result of the
sale of Registrable Securities pursuant to the Registration Statement giving rise to such indemnification obligation.

 

(c)          Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless, in the Company’s
reasonable judgment, a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
After written notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim,
the indemnifying party shall not be subject to any liability for any settlement subsequently made by the indemnified party without
its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of the Company,
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such
claim, in which case the indemnifying party shall be liable for the fees and expenses of one additional firm of attorneys with
respect to the indemnified parties. The indemnifying party shall keep the indemnified party reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect to such claim. No indemnifying party shall, without the
prior written consent of the indemnified party, 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 of a
full release from all liability with respect to such claim.

 

     

     

    

 

(d)          The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director, partner, manager, member, investment manager, employee, agent,
representative or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities. The indemnity
agreements contained herein shall be in addition to (i) any cause of action or similar right of the indemnified party against the
indemnifying party or others, and (ii) any liabilities to which the indemnifying party may be subject pursuant to the law.

 

(e)          If
the indemnification provided for in this Section 7 of this Agreement is unavailable to or is insufficient to hold harmless
an indemnified party under the provisions above in respect to any losses, claims, damages or liabilities referred to therein, then
the indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities 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 Securities Act) in
connection with such sale shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation,
and (ii) contribution by each Holder shall be limited in amount to the net amount of proceeds actually received by such Holder
from the sale of such Registrable Securities pursuant to the applicable Registration Statement, less the amount of any damages
that such Holder has otherwise been required to pay in connection with such sale.

 

8.           Reports
under the Exchange Act. With a view to making available to each Holder the benefits of Rule 144 under the Securities Act or
any other similar rule or regulation of the Securities and Exchange Commission that may at any time permit a Holder to sell securities
of the Company to the public without registration (“Rule 144”), at all times during which there are Registrable
Securities outstanding that have not been previously (i) sold to or through a broker or dealer or underwriter in a public distribution
or (ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section
4(1) thereof, in the case of either clause (i) or clause (ii) in such a manner that, upon the consummation of such sale, all transfer
restrictions and restrictive legends with respect to such shares are removed upon the consummation of such sale, the Company agrees
to use its commercially reasonable efforts to:

 

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

 

(b)          file
with the Securities and Exchange Commission in a timely manner all reports and other documents required of the Company under the
Exchange 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 Holder so long as such Holder 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 and the Exchange Act, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested to permit each Holder to sell such securities pursuant to Rule 144 without registration.

 

9.           Preservation
of Rights. Without the prior written consent of a Majority-in-Interest, the Company shall not, on or after the date of this
Agreement, (i) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted
hereunder, or (ii) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that
is inconsistent with or violates or subordinates the rights expressly granted to each Holder in this Agreement, such as (A) affecting
the ability of each Holder to include the Registrable Securities in a registration undertaken pursuant to this Agreement or (B)
affecting the marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination
of shares).

 

     

     

    

 

10.         Definitions.

 

“Affiliate” means
(i) any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control
with such other Person, (ii) any executive officer or general partner of such other Person and (iii) any legal entity for which
such Person acts as executive officer or general partner, and “control” for these purposes means the
direct or indirect power to direct or cause the direction of the management and policies of another Person, whether by operation
of law or regulation, through ownership of securities, as trustee or executor or in any other manner.

 

“Business Day”
means any day on which the principal offices of the Securities and Exchange Commission in Washington, DC are open to accept filings.

 

“Commission
Guidance” means (i) any publicly available written guidance or rule of general applicability of the Securities and
Exchange Commission staff or (ii) written comments, requirements or requests of the Securities and Exchange Commission staff to
the Company in connection with the review of a Registration Statement.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company, and includes all securities of the Company
issued or issuable with respect to such securities by way of a stock split, stock dividend, or in exchange for or upon conversion
of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation,
or other corporate reorganization.

 

“Demand
Registration” means a Short-Form Registration or a Long-Form Registration.

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority, and any agency or authority succeeding to the functions thereof.

 

“Holder”
means (i) each Stockholder in its capacity as a holder of record of Registrable Securities, (ii) any Affiliate of a Stockholder
that is a direct or indirect transferee of Registrable Securities from a Stockholder or any subsequent Holder and (iii) any direct
or indirect transferee of Registrable Securities from a Stockholder or any subsequent Holder.

 

“Majority-in-Interest”
means Holders of more than fifty percent (50%) of the Registrable Securities.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or a governmental entity (or any department, agency or political subdivision thereof).

 

“Registrable
Securities” means the Purchased Shares and the Common Stock that has been or will be issued upon exercise of the
Warrants, together with any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable
Securities whenever such Person has the right to acquire such Registrable Securities (upon conversion or exercise, in connection
with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right),
whether or not such acquisition has actually been effected. As to any particular Registrable Securities, such securities shall
cease to be Registrable Securities when (A) a Registration Statement covering such securities has been declared effective by the
Securities and Exchange Commission and such securities have been disposed of pursuant to such effective Registration Statement,
(B) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions
then in force) under the Securities Act are met, (C) the aggregate amount of such securities held by each Holder, together with
all Affiliates of each such Holder and persons forming a “group” with each such Holder (within the meaning of Regulation
13D under the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder
(“Regulation 13D”)), consists of beneficial ownership (within the meaning of Regulation 13D) of less than 5.0%
of the Common Stock of the Company and such securities are eligible for sale by each such Holder without registration pursuant
to Rule 144 (or any similar provisions then in force) under the Securities Act without limitation thereunder on volume or manner
of sale, (D) such securities are otherwise transferred and such securities may be resold without limitation or subsequent registration
under the Securities Act, (E) such securities shall have ceased to be outstanding, or (F) the stock certificates or evidences of
book-entry registration relating to such securities have had all restrictive legends removed.

 

     

     

    

 

“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the prospectus, amendments, and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

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

 

“Securities
and Exchange Commission” means the United States Securities and Exchange Commission, and any governmental body or
agency succeeding to the functions thereof.

 

11.         Miscellaneous.

 

(a)          Remedies.
Each Party shall be entitled to enforce its rights under any provision of this Agreement specifically to recover damages caused
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. The Parties
agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that
any Party may, in its sole discretion, apply to any court of law or equity of competent jurisdiction (without posting any bond
or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions
of this Agreement.

 

(b)          Termination.
All rights and obligations of the Company hereunder other than pursuant to Sections 5 and 7 hereof shall terminate on the date
on which no Registrable Securities are outstanding.

 

(c)          Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
upon the prior written consent of the Company, a Majority-in-Interest and any Holder that would be materially and disproportionately
affected by such an amendment or waiver. The failure of any party to enforce any of the provisions of this Agreement shall in no
way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every
provision of this Agreement in accordance with its terms.

 

(d)          Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the Holders hereunder
may be freely assigned or delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities.
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties and their
respective permitted successors and assigns; provided, however, that no such transfer or assignment shall be binding upon or obligate
the Company to any such assignee, and no such assignee shall be deemed a Holder hereunder, unless and until the Company shall have
received written notice of such transfer or assignment as herein provided and a written agreement of the assignee to be bound by
the provisions of this Agreement. This Agreement is not intended to confer any rights or benefits on any Persons that are not party
hereto other than as expressly set forth in Section 7 and this Section 11(d).

 

(e)          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

(f)          Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each Party to this Agreement and delivered to the other Party,
it being understood that all Parties need not sign the same counterpart. Signatures delivered by electronic methods shall have
the same effect as signatures delivered in person.

 

     

     

    

 

(g)          Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

 

(h)          Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the internal laws of New York
applicable to parties residing in New York, without regard applicable principles of conflicts of law. Each Party irrevocably consents
to the exclusive jurisdiction of any court located within New York County, New York, in connection with any matter based upon or
arising out of this Agreement or the matters contemplated hereby and it agrees that process may be served upon it in any manner
authorized by the laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection
which it might otherwise have to such jurisdiction and such process. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(h).

 

(i)          Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered: (i) upon receipt if delivered
personally; (ii) three (3) Business Days after being mailed by registered or certified mail, postage prepaid, return receipt requested;
(iii) one (1) Business Day after it is sent by commercial overnight courier service; or (iv) upon transmission if sent via facsimile
or electronic mail with confirmation of receipt to the Parties to this Agreement at the addresses set forth in the Purchase Agreements
(or at such other address for a Party as shall be specified upon like notice).

 

(j)          Rules
of Construction. The Parties agree that they have each been represented by counsel during the negotiation, preparation and
execution of this Agreement (or, if executed following the date hereof by counterpart, have been provided with an opportunity to
review the Agreement with counsel) and, therefore, waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document.

 

(k)          Interpretation.
This Agreement shall be construed in accordance with the following rules: (i) the terms defined in this Agreement include the plural
as well as the singular; (ii) all references in the Agreement to designated “Sections” and other subdivisions are to
the designated sections and other subdivisions of the body of this Agreement; (iii) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms; (iv) the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and
(v) the words “includes” and “including” are not limiting.

 

[Remainder of page intentionally left
blank. Signature Pages Follow.]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement on the date first above written.

 

	 	COMPANY:
	 	 
	 	BioScrip, Inc.
	 	 
	 	By:	/s/ Stephen Deitsch
	 	Name:	Stephen Deitsch
	 	Title:	Senior Vice President, Chief Financial Officer and
Treasurer

 

    
[Signature Page to Registration Rights Agreement]

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	ASSF IV AIV B HOLDINGS, L.P.

By: ASSF IV AIV B HOLDINGS GP LLC, 

       its general partner

By: ASSF IV AIV B, L.P., 

       its sole member

By: ASSF MANAGEMENT IV, L.P.,

       its general partner

By: ASSF MANAGEMENT IV GP LLC, 

       its general partner
	 	 	 
	 	By:	/s/ Scott
L. Graves
	 	Name:	Scott
L. Graves
	 	Title:	Authorized
Signatory

 

    
[Signature Page to Registration Rights Agreement]

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	J.P. Morgan Securities LLC
	 	 	 
	 	By:	/s/ Jeffrey
L. Panzo
	 	Name:	Jeffrey
L. Panzo
	 	Title:	Attorney
in fact

 

    
[Signature Page to Registration Rights Agreement]

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	Goldman Sachs & Co. LLC
	 	 	 
	 	By:	/s/ Daniel
Oneglia
	 	Name:	Daniel
Oneglia
	 	Title:	Managing
Director

 

    
[Signature Page to Registration Rights Agreement]

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	
        Western Asset Middle Market Debt Fund Inc.

        Western Asset Middle Market Income Fund Inc

         

        By: Western Asset Management Company,

        as its Investment Manager and Agent

	 	 	 
	 	By:	/s/ Adam
Wright
	 	Name:	Adam
Wright
	 	Title:	Manager,
U.S. Legal Affairs

 

    
[Signature Page to Registration Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]