Document:

Exhibit 10.1

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of February 28, 2020, is entered into by and between EMMAUS
LIFE SCIENCES, INC., a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC,
an Illinois limited liability company (together with its permitted assigns, the “Investor”).  Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and
between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the “Purchase Agreement”).

 

WHEREAS:

 

A. Upon the terms and
subject to the conditions of the Purchase Agreement, (i) the Company has agreed to issue to the Investor, and the Investor
has agreed to purchase,  up to Twenty-Five Million Dollars ($25,000,000) of the Company's common stock, par value $0.001 per
share (the “Common Stock”), pursuant to Section 2 of the Purchase Agreement (such shares, the “Purchase
Shares”), and (ii) the Company has agreed to issue to the Investor such number of shares of Common Stock as is required
pursuant to Section 5(e) of the Purchase Agreement (the “Commitment Shares”); and

 

B. To induce the Investor
to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of
1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities
Act”), and applicable state securities laws.

 

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

 

1. DEFINITIONS.

 

For purposes of this
Agreement, the following terms shall have the following meanings:

 

(a) “Register,”
“Registered,” and “Registration” refer to a registration effected by preparing and filing
one or more registration statements of the Company in compliance with the Securities Act and providing for offering securities
on a continuous basis, and the declaration or ordering of effectiveness of such registration statement(s) by the SEC.

 

(b) “Registrable
Securities” means the Purchase Shares that may from time to time be issued or issuable to the Investor upon purchases
of the Available Amount under the Purchase Agreement (without regard to any limitation or restriction on purchases) (including
the Initial Purchase Shares), the Commitment Shares issued or issuable to the Investor, and any Common Stock issued or issuable
with respect to the Purchase Shares, the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend,
recapitalization, exchange or similar event, without regard to any limitation on purchases under the Purchase Agreement.

 

(c) “Registration
Statement” means the Shelf Registration Statement and any other registration statement of the Company that Registers
Registrable Securities, including a New Registration Statement, as amended when each became effective, including all documents
filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus subsequently
filed with the SEC.

 

(d) “Shelf Registration
Statement” means the Company’s existing registration statement on Form S-3 (File No. 333-223203).

 

     

     

    

 

2. REGISTRATION.

 

(a) Mandatory Registration.
 The Company agrees that it shall, within the time required under Rule 424(b) under the Securities Act, file with the SEC
the Initial Prospectus Supplement pursuant to Rule 424(b) under the Securities Act specifically relating to the transactions contemplated
by, and describing the material terms and conditions of, the Transaction Documents, containing information previously omitted at
the time of effectiveness of the Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing all information
relating to the transactions contemplated hereby required to be disclosed in the Registration Statement and the Prospectus as of
the date of the Initial Prospectus Supplement, including, without limitation, information required to be disclosed in the section
captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges that it will be identified in the Initial
Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The Company shall permit
the Investor to review and comment upon the Initial Prospectus Supplement at least two (2) Business Days prior to their filing
with the SEC, the Company shall give due consideration to all such comments. The Investor shall use its reasonable best efforts
to comment upon the Initial Prospectus Supplement within one (1) Business Day from the date the Investor receives the final pre-filing
draft version thereof from the Company. The Investor shall furnish to the Company such information regarding itself, the Securities
held by it and the intended method of distribution thereof, including any arrangement between the Investor and any other Person
relating to the sale or distribution of the Securities, as shall be reasonably requested by the Company in connection with the
preparation and filing of the Initial Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of the Initial Prospectus Supplement with the SEC.

 

(b) Effectiveness.
The Company shall use its reasonable best efforts to keep the Registration Statement effective under the Securities Act (including
through any necessary renewals), and to keep the Registration Statement and the Prospectus current and available (including through
any necessary renewals) for issuances and sales of all possible Registrable Securities by the Company to the Investor, and for
the resale of all of the Registrable Securities by the Investor, at all times until the earlier of (i) the date on which the Investor
shall have sold all the Registrable Securities and no Available Amount remains and (ii) the earlier of (A) 180 days following the
Maturity Date and (B) the nine months following the termination of the Purchase Agreement (the “ Registration Period”).
Without limiting the generality of the foregoing, during the Registration Period, the Company shall (a) use its reasonable best
efforts to cause the Common Stock to continue to be Registered as a class of securities under Section 12(b) or 12(g) of the Exchange
Act and shall not take any action or file any document (whether or not permitted by the Exchange Act) to terminate or suspend such
registration and (b) file or furnish on or before their respective due dates all reports and other documents required to be filed
or furnished by the Company pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act, and
shall not take any action or file any document (whether or not permitted by the Exchange Act) to terminate or suspend its reporting
and filing obligations under the Exchange Act. The Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances then existing, not misleading.  

 

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(c) Prospectus Amendments
or Supplements. Except as provided in this Agreement and other than periodic and current reports required to be filed pursuant
to the Exchange Act, the Company shall not file with the SEC any amendment to the Registration Statement or any supplement to the
Base Prospectus that refers to the Investor, the Transaction Documents or the transactions contemplated thereby (including, without
limitation, any Prospectus Supplement filed in connection with the transactions contemplated by the Transaction Documents), in
each case with respect to which (a) the Investor shall not previously have been advised and afforded the opportunity to review
and comment thereon at least two (2) Business Days prior to filing with the SEC, as the case may be, or (b) the Company shall not
have given due consideration to any comments thereon received from the Investor or its counsel, unless the Company reasonably has
determined that it is necessary to amend the Registration Statement or make any supplement to the Prospectus to comply with the
Securities Act or any other applicable law or regulation, in which case the Company shall promptly (but in no event later than
2 Business Days) so inform the Investor, the Investor shall be provided with a reasonable opportunity to review and comment upon
any disclosure referring to the Investor, the Transaction Documents or the transactions contemplated thereby, as applicable, and
the Company shall expeditiously furnish to the Investor a copy thereof. In addition, for so long as, in the reasonable opinion
of counsel for the Investor, the Prospectus is required to be delivered in connection with any acquisition or sale of Securities
by the Investor, the Company shall not file any Prospectus Supplement with respect to the Securities without furnishing to the
Investor as many copies of such Prospectus Supplement, together with the Prospectus, as the Investor may reasonably request.

 

(d) Sufficient Number
of Shares Registered.  In the event the number of shares available under the Shelf Registration Statement at any time
is insufficient to cover the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the Shelf
Registration Statement or file a new registration statement (together with any prospectuses or prospectus supplements thereunder,
a “New Registration Statement”), so as to cover all of such Registrable Securities as soon as reasonably practicable,
but in any event not later than ten (10) Business Days after the necessity therefor arises.  The Company shall use its reasonable
best efforts to have such amendment and/or New Registration Statement become effective as soon as reasonably practicable following
the filing thereof.    

 

(e) Offering.
If the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting
an offering of securities that does not permit such Registration Statement to become effective and be used by the Investor under
Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the Initial Prospectus Supplement with
the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable
Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities
to be included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld, of the
Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the SEC shall
so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable
Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section
2(d) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective
and the prospectuses contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase
Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the
Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed
in this Section 2(e).

 

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3. RELATED
OBLIGATIONS.

 

With respect to the
Registration Statement and whenever any Registrable Securities are to be Registered pursuant to Section 2, including on
the Shelf Registration Statement or on any New Registration Statement, the Company shall use its reasonable best efforts to effect
the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto,
the Company shall have the following obligations:

 

(a) Notifications.
The Company will notify the Investor promptly of the time when any subsequent amendment to the Shelf Registration Statement or
any New Registration Statement, other than documents incorporated by reference, has been filed with the SEC and/or has become effective
or where a receipt has been issued therefor or any subsequent supplement to a Prospectus has been filed and of any request by the
SEC for any amendment or supplement to the Registration Statement, any New Registration Statement or any Prospectus or for additional
information.

 

(b) Amendments. The
Company will prepare and file with the SEC, promptly upon the Investor’s request, any amendments or supplements to the Shelf
Registration Statement, any New Registration Statement or any Prospectus, as applicable, that, in the reasonable opinion of the
Investor and the Company, may be necessary or advisable in connection with any acquisition or sale of Registrable Securities by
the Investor until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended
methods of disposition by the Investor thereof as set forth in such registration statement

 

(c) Investor Review.
The Company will not file any amendment or supplement to the Registration Statement, any New Registration Statement or any Prospectus,
other than documents incorporated by reference, relating to the Investor, the Registrable Securities or the transactions contemplated
hereby unless (A) the Investor shall have been advised and afforded the opportunity to review and comment thereon at least two
(2) Business Days prior to filing with the SEC, (B) the Company shall have given due consideration to any comments thereon received
from the Investor or its counsel, and (C) the Company will furnish to the Investor at the time of filing thereof a copy of any
document that upon filing is deemed to be incorporated by reference into the Registration Statement or any Prospectus, except for
those documents available via EDGAR.

 

(d) Form S-3.
The Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed
with the SEC as required pursuant to the rules of Form S-3.

 

(e) Copies Available.
The Company will furnish to the Investor and its counsel (at the expense of the Company) copies of the Registration Statement,
the Prospectus (including all documents incorporated by reference therein), any Prospectus Supplement, any New Registration Statement
and all amendments and supplements to the Registration Statement, the Prospectus or any New Registration Statement that are filed
with the SEC during the Registration Period (including all documents filed with or furnished to the SEC during such period that
are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable upon the Investor’s request
and in such quantities as the Investor may from time to time reasonably request and, at the Investor’s request, will also
furnish copies of the Prospectus to each exchange or market on which sales of the Registrable Securities may be made; provided,
however, that the Company shall not be required to furnish any document (other than the Prospectus) to the Investor to the extent
such document is available on EDGAR.

 

(f) Qualification.
The Company will cooperate with the Investor in endeavoring to qualify the Registrable Securities for sale and resale under the
securities laws of the states of the United States in such states as the parties mutually agree from time to time, and shall provide
evidence of any such action so taken to the Investor such jurisdictions as the Investor may reasonably have designated in writing
and will make such applications, file such documents, and furnish such information as may be reasonably required for that purpose,
provided the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process
in any jurisdiction where it is not now so qualified or required to file such a consent. The Company will, from time to time, prepare
and file such statements, reports, and other documents, as are or may be required to continue such qualifications in effect for
so long a period as the parties mutually agree for distribution of the Registrable Securities.

 

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(g) Notification of
Stop Orders; Material Changes. The Company shall advise the Investor promptly (but in no event later than 24 hours) and shall
confirm such advice in writing, in each case: (i) of the Company’s receipt of notice of any request by the SEC or any other
federal or state governmental authority for amendment of or a supplement to the Registration Statement or any Prospectus or for
any additional information; (ii) of the Company’s receipt of notice of the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending
the use of the Prospectus or Prospectus Supplement, or any New Registration Statement, or of the Company’s receipt of any
notification of the suspension of qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation
or contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any
event, which makes any statement of a material fact made in the Registration Statement or any Prospectus untrue or which requires
the making of any additions to or changes to the statements then made in the Registration Statement or any Prospectus in order
to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then
made therein (in the case of any Prospectus, in light of the circumstances under which they were made) not misleading, or of the
necessity to amend the Registration Statement or any Prospectus to comply with the Securities Act or any other law. The Company
shall not be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses (i)
through (iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the event has occurred.
If at any time the SEC, or any other federal or state governmental authority shall issue any stop order suspending the effectiveness
of the Registration Statement or prohibiting or suspending the use of the Prospectus or Prospectus Supplement, the Company shall
use its reasonable best efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall furnish
to the Investor, without charge, a copy of any correspondence from the SEC or the staff of the SEC, or any other federal or state
governmental authority to the Company or its representatives relating to the Shelf Registration Statement, any New Registration
Statement or any Prospectus, or Prospectus Supplement as the case may be. The Company shall not deliver to the Investor any Regular
Purchase Notice, Accelerated Purchase Notice or Additional Accelerated Purchase Notice, and the Investor shall not be obligated
to purchase any shares of Common Stock under this Agreement, during the continuation or pendency of any of the foregoing events.
If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement or prohibiting or
suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use its reasonable best efforts to obtain
the withdrawal of such order at the earliest possible time. The Company shall furnish to the Investor, without charge, a copy of
any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement
or the Prospectus, as the case may be.

 

(h) Listing on the
Principal Market. The Company shall promptly secure the listing, or conditional listing as applicable, of all of the Purchase
Shares and Commitment Shares to be issued to the Investor hereunder on the Principal Market (subject to standard listing conditions,
if any, for transactions of this nature, official notice of issuance and the Exchange Cap) and upon each other national securities
exchange or automated quotation system, if any, upon which the Common Stock are then listed, and shall maintain, so long as any
Common Stock shall be so listed, such listing of all such Registrable Securities from time to time issuable hereunder. The Company
shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and shall comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the
Principal Market. The Company shall not take any action that would reasonably be expected to result in the delisting or suspension
of the Common Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business Day,
provide to the Investor copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock
for listing on the Principal Market; provided, however, that the Company shall not provide the Investor copies of any such notice
that the Company reasonably believes constitutes material non-public information and that the Company would not be required to
publicly disclose such notice in any report or statement filed with the SEC under the Exchange Act (including on Form 8-K) or the
Securities Act. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section
3(h).

 

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(i) Delivery of Shares.
The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares (not bearing any
restrictive legend) representing the Registrable Securities to be offered pursuant to the Shelf Registration Statement or any New
Registration Statement and enable such DWAC Shares to be in such denominations or amounts as the Investor may reasonably request
and registered in such names as the Investor may request.

 

(j) Transfer Agent.
The Company shall at all times maintain the services of the Transfer Agent with respect to its Common Stock.

 

(k) Approvals.
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any Registration Statement to
be Registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate
the disposition of such Registrable Securities.

 

(l) Confirmation of
Effectiveness. If reasonably requested by the Investor at any time, the Company shall deliver to the Investor a written confirmation
from Company’s counsel of whether or not the effectiveness of such Registration Statement has lapsed at any time for any
reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement is currently
effective and available to the Company for sale of all of the Registrable Securities.  

 

(m) Further Assurances.
The Company agrees to take all other reasonable actions as necessary and reasonably requested by the Investor to expedite and facilitate
disposition by the Investor of Registrable Securities pursuant to any Registration Statement.

 

4. OBLIGATIONS
OF THE INVESTOR.

 

(a) Investor Information.
The Investor has furnished to the Company in Exhibit A hereto such information regarding itself, the Registrable Securities
held by it, the Registrable Securities held by it and the intended method of disposition thereof, including any arrangement between
the Investor and any other Person relating to the sale or distribution of the Securities, as required to effect the registration
of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request. The Company shall notify the Investor in writing of any other information the Company reasonably requires from the Investor
in connection with any Registration Statement hereunder. The Investor will as promptly as practicable notify the Company of any
material change in the information set forth in Exhibit A, other than changes in its ownership of Common Stock.

 

(b) Investor Cooperation.
The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any amendments and supplements to any Registration Statement or New Registration Statement hereunder.

 

(c) Suspension of
Sales. The Investor agrees that, upon receipt of any notice from the Company of the existence of any suspension or stop order
as set forth in Section 3(f) or 3(g), the Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement covering such Registrable Securities until the Investor's receipt of the copies of a notice
regarding the resolution or withdrawal of the suspension or stop order as contemplated by Section 3(f) or 3(g). Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to promptly deliver to the Investor DWAC Shares without any
restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities
with respect to which the Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company
of the happening of any event of the kind described in Section 3(f) or 3(g) and for which the Investor has not yet
settled.

 

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5. EXPENSES
OF REGISTRATION.

 

All reasonable expenses
of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for, and reasonable and documented
expenses of the Investor (to the extent provided for under the Purchase Agreement), incurred in connection with registrations,
filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing
and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by
the Company.

 

6. INDEMNIFICATION.

 

(a) To the fullest extent
permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who
controls the Investor, the members, the directors, officers, partners, employees, members, managers, agents, representatives of
the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange Act (each,
an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges,
costs, reasonable attorneys’ fees and costs, or amounts paid in settlement (with the consent of the Company, such consent
not to be unreasonably withheld), (collectively, “Claims”) reasonably incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court
or governmental, administrative or other regulatory agency or body or the SEC, whether pending or threatened, whether or not an
indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based
upon: (i) any untrue statement or alleged untrue statement of a material fact in the Shelf Registration Statement, any New Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final Prospectus or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state
securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the
Shelf Registration Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement
(the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).  The Company
shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable out-of-pocket
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (A) shall not apply
to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by the Investor or such Indemnified Person expressly for use in connection with
the preparation of the Registration Statement, any New Registration Statement, the Prospectus or any such amendment thereof or
supplement thereto, if such in each case if the foregoing was timely made available by the Company; (B) with respect to any superseded
prospectus, shall not inure to the benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable
Securities that are the subject thereof (or to the benefit of any other Indemnified Person) if the untrue statement or omission
of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented,
if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and
the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation;
(C) shall not be available to the extent such Claim is based on a failure of the Investor to deliver, or to cause to be delivered,
the prospectus made available by the Company, if such prospectus was theretofore made available by the Company pursuant to Section
3(c) or Section 3(e); and (D) shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld.  Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of the Registrable Securities by the Investor pursuant to Section 8.

 

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(b) In connection with
the Shelf Registration Statement, any New Registration Statement or Prospectus, the Investor agrees to indemnify, hold harmless
and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors,
each of its officers who signed the Shelf Registration Statement or signs any New Registration Statement, each Person, if any,
who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified
Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject,
under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based
upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity
with written information about the Investor set forth on Exhibit A attached hereto or updated from time to time in writing
by the Investor and furnished to the Company by the Investor expressly for inclusion in the Shelf Registration Statement or Prospectus
or any New Registration Statement or from the failure of the Investor to deliver or to cause to be delivered the prospectus made
available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section
3(e); and, subject to Section 6(d), the Investor will reimburse any reasonable out-of-pocket legal or other expenses
reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that
the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section
7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of
the Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor
shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net
proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.  Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 8.

 

(c) Promptly after receipt
by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim
in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party
a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained
by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person
which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or Indemnified Person fully
apprised as to the status of the defense or any settlement negotiations with respect thereto.  No indemnifying party shall
be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation.  Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.  The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall
not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except
to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

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d. The indemnification
required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.  Any Person receiving a payment pursuant to
this Section 6 which person is later determined to not be entitled to such payment shall return such payment to the person
making it.

 

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

 

7. CONTRIBUTION.

 

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

 

8. ASSIGNMENT
OF REGISTRATION RIGHTS.

 

The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor; provided, however,
that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company
remains the surviving entity immediately after such transaction shall not be deemed an assignment.  The Investor may not assign
its rights under this Agreement without the prior written consent of the Company, other than to an affiliate of the Investor controlled
by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of
this Agreement.

 

    9

     

    

 

9. AMENDMENT
OF REGISTRATION RIGHTS.

 

No provision of this
Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately preceding the initial
filing of the Initial Prospectus Supplement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement
may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument
signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

10. MISCELLANEOUS.

 

(a) Notices. Any
notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
upon receipt, when sent by message-mail (provided the recipient responds to the e-mail and confirmation of both e-mails are kept
on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
shall be:

 

If to the Company:

 

Emmaus Life Sciences, Inc.

21250 Hawthorne Boulevard, Suite
800

Torrance, CA 90503

Phone: 310.214.0065

	 	E-mail:	jsherwood@emmauslifesciences.com

	 	Attention:	Jay Sherwood, CFO

 

With a copy to (which shall not
constitute notice or service of process):

 

Gibson, Dunn & Crutcher LLP

555 Mission Street

San Francisco, CA 94105-0921

	 	Tel:	415.393.8373

	 	E-mail:	RMurr@gibsondunn.com

	 	Attention:	Ryan A. Murr, Esq.

 

    10

     

    

 

If to the Investor:

 

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

	 	Telephone:	312-822-9300

	 	Facsimile:	312-822-9301

	 	Email:	jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

	 	Attention:	Josh Scheinfeld/Jonathan Cope

 

With a copy (which shall not
constitute notice or service of process) to:

 

K&L Gates,
LLP

200 South
Biscayne Boulevard

Suite 3900

Miami, Florida
33131

	 	Telephone:	305.539.3300

	 	Facsimile:	305.358.7095

	 	E-mail:	clayton.parker@klgates.com/matthew.ogurick@klgates.com

	 	Attention:	Clayton E. Parker, Esq./Mathew Ogurick, Esq.

 

or at such other address, e-mail address
and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given
to each other party at least three (3) Business Day prior to the effectiveness of such change.  Written confirmation of receipt
(A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the
sender’s facsimile machine containing the time, date, and recipient facsimile number, (C) electronically generated by the
sender’s electronic mail containing the time, date and recipient email address or (D) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively.
 Any party to this Agreement may give any notice or other communication hereunder using any other means (including messenger
service, ordinary mail or electronic mail), but no such notice or other communication shall be deemed to have been duly given unless
it actually is received by the party for whom it is intended.

 

(b) No Waiver No
failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power
or privilege.

 

(c) Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the County of Cook, in the State of Illinois for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

    11

     

    

 

(d) Integration.
This Agreement, the Purchase Agreement and the other Transaction Documents constitute the entire understanding among the
parties hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein.  This Agreement, the Purchase Agreement
and the other Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their
affiliates and persons acting on their behalf with respect to the subject matter hereof and thereof.

 

(e) No Third Party
Benefits. Subject to the requirements of Section 8, this Agreement shall inure to the benefit of and be binding upon
the permitted successors and assigns of each of the parties hereto.

 

(f) Headings.
The headings in this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(g) Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile
or pdf (or other electronic reproduction of a) signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction
of a) signature.

 

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

 

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

 

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

 

* * * * * *

 

    12

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Registration Rights Agreement to be duly executed as of date first written above.

 

	 	THE
    COMPANY:
	 	 
	 	EMMAUS
    LIFE SCIENCES, INC.
	 	 
	 	By:	/s/ Yutaka Niihara
	 	Name: 	Yutaka Niihara, M.D., M.P.H.
	 	Title: 	Chairman and Chief Executive Officer
	 	 
	 	INVESTOR:
	 	 
	 	LINCOLN
    PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC
	 	BY:
    ROCKLEDGE CAPITAL CORPORATION
	 	 	 
	 	By:	/s/ Josh
    Scheinfeld
	 	Name: 	Josh Scheinfeld
	 	Title: 	President

 

    13

     

    

 

EXHIBIT A

 

Information About The Investor Furnished
To The Company By The Investor

Expressly For Use In Connection With
Each Registration Statement and Prospectus

 

Information With Respect to Lincoln Park Capital

 

Immediately prior to
the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 0 shares of Common Stock. Josh Scheinfeld
and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed
to be beneficial owners of all of the Common Stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared
voting and investment power over the shares being offered under the prospectus supplement filed with the SEC in connection with
the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate
of a licensed broker dealer.Document

Exhibit 4.4

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

NewLink Genetics Corporation (the “Company”, “NewLink”, “we”, “our” or “us”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock. The following summary of the terms of our common stock, is based upon our amended and restated certificate of incorporation (the “Charter”) and our amended and restated bylaws (the “Bylaws”). This summary does not purport to be complete and is subject to, and is qualified in its entirety by express reference to, the applicable provisions of our Charter and our Bylaws, which are filed as exhibits to our Annual Report on Form 10-K, of which this Exhibit 4.4 is a part, and are incorporated by reference herein. We encourage you to read our Charter, our Bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for more information.

General
Under our Charter, we are authorized to issue up to 75,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of our preferred stock, par value $0.01 per share. Our board of directors may establish the rights and preferences of the preferred stock from time to time. As of December 31, 2019, we had outstanding 37,325,091 shares of common stock and no shares of preferred stock outstanding or designated.

NewLink’s common stock

Voting Rights

Each holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors, other than any amendment to the Charter that relates solely to the terms of one or more outstanding series of preferred stock, except as otherwise required by law. Our Charter and our Bylaws do not provide for cumulative voting rights. Because of this, the holders of a majority of the shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they should so choose.

Dividends

Subject to preferences that may apply to any outstanding preferred stock, holders of our common stock are entitled to receive ratably any dividends that our board of directors may declare out of funds legally available for that purpose on a non-cumulative basis.

Liquidation

In the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any outstanding preferred stock.

Rights and Preferences

Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.

Transfer Agent

The transfer agent and registrar for our common stock is Computershare Shareowners Services, LLC.

Listing

Our common stock is listed on Nasdaq under the symbol “NLNK.” 

Anti-Takeover Effects of Provisions of NewLink Charter Documents

Among other things, our Charter and our Bylaws provide for the following:
Our board of directors may issue up to 5,000,000 shares of our preferred stock, with such rights, preferences and privileges as the board of directors may designate.

The personal liability for monetary damages of our directors to us and to our stockholders is limited to the fullest extent permitted by applicable law, including, without limitation, the DGCL. This provision may reduce the likelihood of derivative litigation against directors and may discourage or deter stockholders or management from bringing a lawsuit against directors for breach of their fiduciary duty.

Special meetings of stockholders may only be called by our board of directors pursuant to a resolution adopted by a majority of the total number of authorized directors, the chairman of the board of directors, or the chief executive officer. In addition, our Bylaws establish procedures, including requirements for advance written notice and the form and content for stockholder notices, with regard to the nomination of candidates for election as directors and stockholder proposals. These provisions may delay or preclude stockholders from bringing matters before a meeting of stockholders or from making nominations for directors at a meeting of stockholders, which could delay or deter takeover attempts or changes in management.

Our board of directors is divided into three classes of directors, with each class serving staggered three-year terms. As a result, approximately one-third of the board of directors will be elected each year. The classified board provision could have the effect of discouraging a third party from making a tender offer or attempting to obtain control of us. In addition, the classified board provision could delay stockholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for two years.
Our Charter does not provide for cumulative voting for our directors. The absence of cumulative voting may make it more difficult for stockholders owning less than a majority of our stock to elect any directors to our board of directors. In addition, directors may be removed only for cause, and removal requires the affirmative vote of the holders of 66 2/3% of our voting stock.

Subject to the rights of the holders of any outstanding series of our preferred stock, all vacancies, including newly created directorships, may, except as otherwise required by law, be filled only by the affirmative vote of a majority of our directors then in office, even if less than a quorum, unless the board of directors determines by resolution that any such vacancies will be filled by the stockholders. In addition, the authorized number of directors may be changed only by resolution of our board of directors.
Stockholders are permitted to amend our Bylaws only upon receiving at least 66 2/3% of the votes entitled to be cast by holders of all outstanding shares then entitled to vote generally in the election of directors, voting together as a single class.

The combination of these provisions will make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.
These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage coercive takeover practices and inadequate takeover bids. These 

provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of delaying changes in our control or management. As a consequence, these provisions may also inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts. We believe that the benefits of these provisions, including increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in an improvement of their terms.

Anti-Takeover Effects of Delaware Law

We are subject to Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

•before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

•upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

•on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

In general, Section 203 defines a “business combination” to include the following:
•any merger or consolidation involving the corporation and the interested stockholder;

•any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

•subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

•any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or

•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation.

In general, Section 203 defines an “interested stockholder” as an entity or person who, together with the entity or person’s affiliates and associates, beneficially owns, or is an affiliate or associate of the corporation and within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

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