Document:

Exhibit 10.23

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this
 “Agreement”), dated as of March 23, 2020, by and among Eyenovia, Inc., a Delaware corporation, with headquarters
located at 295 Madison Avenue, Suite 2400, New York, New York 10017 (the “Company”), and the Investors (as hereinafter
defined).

 

WHEREAS:

 

A.       Pursuant
to the Securities Purchase Agreement by and among the Company and the buyers named therein (the “Buyers”) of
even date herewith (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject
to the conditions of the Securities Purchase Agreement, to issue and sell to each Buyer units (the “Units”).

 

B.       Each
Unit shall consist of (i) one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”)
(which aggregate number for all Buyers together shall be 2,675,293 shares of Common Stock and shall collectively be referred to
herein as the “SPA Shares”), and (ii) two warrants consisting of a one-year warrant to purchase 0.5 of a share
of Common Stock (the “Class A Warrants”) and a five-year warrant to purchase 0.75 of a share of Common Stock
(the “Class B Warrants”), both in substantially the form attached hereto as Exhibit A (the Class A Warrant
and Class B Warrant, collectively, the “SPA Warrants” and the shares of Common Stock underlying the SPA Warrants,
the “SPA Warrant Shares”).

 

C.       In
connection with the transaction described above, the Company has agreed to provide certain registration rights to the Buyers under
the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “1933 Act”).

 

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

 

1.       Definitions.

 

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

 

(a)       “Additional
Effective Date” means the date the Additional Registration Statement is declared effective by the SEC.

 

(b)       “Additional
Effectiveness Deadline” means the date which is the earlier of (x) (i) the date which is one hundred twenty (120) calendar
days after the earlier of the Additional Filing Date and the Additional Filing Deadline and (y) the fifth (5th) Business
Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Additional Registration
Statement will not be reviewed or will not be subject to further review; provided, however, that if the Additional Effectiveness
Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Additional Effectiveness Deadline shall
be extended to the next Business Day on which the SEC is open for business.

 

(c)       “Additional
Filing Date” means the date on which the Additional Registration Statement is filed with the SEC.

 

(d)       “Additional
Filing Deadline” means if Cutback Shares are required to be included in any Additional Registration Statement, the later
of (i) the date sixty (60) days after the date substantially all of the Registrable Securities registered under the immediately
preceding Registration Statement are sold and (ii) the date six (6) months from the Initial Effective Date or the most recent Additional
Effective Date, as applicable.

 

    	 	 	 

     

    

 

(e)       “Additional
Registrable Securities” means, (i) any Cutback Shares not previously included on a Registration Statement, and (ii) any
capital stock of the Company issued or issuable with respect to the SPA Shares, the SPA Warrants, the SPA Warrant Shares or the
Cutback Shares, as applicable, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise,
without regard to any limitations on exercise of the SPA Warrants; provided, that any such Additional Registrable Securities
shall cease to be Additional Registrable Securities to the extent: (i) a Registration Statement with respect to the sale of such
Additional Registrable Securities has become effective under the 1933 Act and such Additional Registrable Securities have been
disposed of pursuant to such Registration Statement; (ii) such Additional Registrable Securities are able to be sold pursuant to
Rule 144 without regard to the volume and manner of sale limitations contained thereunder and without the requirement of the Company
to comply with Rule 144(c)(1); (iii) such Additional Registrable Securities shall have been otherwise transferred and no longer
bear a legend restricting transfer under the 1933 Act, and may be resold without registration under the 1933 Act; or (iv) such
Additional Registrable Securities cease to be outstanding.

 

(f)       “Additional
Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the resale of any Additional Registrable Securities.

 

(g)       “Additional
Required Registration Amount” means any Cutback Shares not previously included on a Registration Statement, without regard
to any limitations on the exercise of the SPA Warrants.

 

(h)       “Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York are
authorized or required by law to remain closed.

 

(i)       “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(j)       “Cutback
Shares” means any of the Initial Required Registration Amount or the Additional Required Registration Amount of Registrable
Securities not included in any Registration Statements previously declared effective hereunder as a result of a limitation on the
maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant to Rule 415.
The number of Cutback Shares shall be allocated pro rata among the Investors with each Investor entitled to elect the portion of
its Common Shares and/or SPA Warrant Shares that are to be considered Cutback Shares. For the purpose of determining the Cutback
Shares, in order to determine any applicable Required Registration Amount, the SPA Warrant Shares shall be excluded on a pro rata
basis among the Buyers until all of the SPA Warrant Shares have been excluded and thereafter the SPA Shares shall be excluded on
a pro rata basis among the Buyers until all of the SPA Shares have been excluded.

 

(k)       “Effective”
and “effectiveness” refer to a Registration Statement that has been declared effective by the SEC and is available
for the resale of the Registrable Securities required to be covered thereby.

 

(l)       “Effective
Date” means the Initial Effective Date and the Additional Effective Date, as applicable.

 

(m)       “Effectiveness
Deadline” means the Initial Effectiveness Deadline and the Additional Effectiveness Deadline, as applicable.

 

(n)       “Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., the NYSE MKT LLC, The NASDAQ Global Select Market
or The NASDAQ Global Market.

 

(o)       “Filing
Deadline” means the Initial Filing Deadline and the Additional Filing Deadline, as applicable.

 

(p)       “Initial
Effective Date” means the date that the Initial Registration Statement has been declared effective by the SEC.

 

(q)       “Initial
Effectiveness Deadline” means the date which is ninety (90) calendar days after the Initial Filing Date; provided, however,
that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Initial
Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(r)       “Initial
Filing Date” means the date on which the Initial Registration Statement is filed with the SEC.

 

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(s)       “Initial
Filing Deadline” means the date which is the later of thirty (30) calendar days after (i) the Closing Date or (ii) the
date the Company files its Annual Report on Form 10-K for the year ended December 31, 2019.

 

(t)       “Initial
Registrable Securities” means (i) the SPA Shares issued, (ii) the SPA Warrant Shares issued or issuable upon exercise
of the SPA Warrants and (iii) any capital stock of the Company issued or issuable with respect to the SPA Shares, and the SPA Warrant
Shares or the SPA Warrants, in each case as a result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise, without regard to any limitations on the exercise of the SPA Warrants; provided, that any such Initial
Registrable Securities shall cease to be Initial Registrable Securities to the extent: (i) a Registration Statement with respect
to the sale of such Initial Registrable Securities has become effective under the 1933 Act and such Initial Registrable Securities
have been disposed of pursuant to such Registration Statement; (ii) such Initial Registrable Securities are able to be sold pursuant
to Rule 144 without regard to the volume and manner of sale limitations contained thereunder and without the requirement of the
Company to comply with Rule 144(c)(1); (iii) such Initial Registrable Securities shall have been otherwise transferred and no longer
bear a legend restricting transfer under the 1933 Act, and may be resold without registration under the 1933 Act; or (iv) such
Initial Registrable Securities cease to be outstanding.

 

(u)       “Initial
Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the resale of the Initial Registrable Securities.

 

(v)       “Initial
Required Registration Amount” means the sum of (i) the number of SPA Shares issued and (ii) the maximum number of SPA
Warrant Shares issued and issuable pursuant to the SPA Warrants, each as of the Trading Day immediately preceding the applicable
date of determination, without regard to any limitations on the exercise of the SPA Warrants.

 

(w)       “Investors”
means the investors listed on the Schedule of Investors attached hereto and any other holder of Registrable Securities that is
a party to this Agreement or that succeeds to the rights hereunder in accordance with Section 9.

 

(x)       
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization and a government or any department or agency thereof.

 

(y)       “Principal
Market” means The NASDAQ Capital Market.

 

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

 

(aa)    “Registrable
Securities” means the Initial Registrable Securities and the Additional Registrable Securities; provided, that
any such Registrable Securities shall cease to be Registrable Securities to the extent: a Registration Statement with respect to
the sale of such Registrable Securities has become effective under the 1933 Act and such Registrable Securities have been disposed
of pursuant to such Registration Statement; (ii) such Registrable Securities are able to be sold pursuant to Rule 144 without regard
to the volume and manner of sale limitations contained thereunder and without the Company’s requirement to comply with Rule
144(c)(1); (iii) such Registrable Securities shall have been otherwise transferred and no longer bear a legend restricting transfer
under the 1933 Act, and may be resold without registration under the 1933 Act; or (iv) such Registrable Securities cease to be
outstanding.

 

(bb)    “Registration
Statement” means the Initial Registration Statement and the Additional Registration Statement, as applicable.

 

(cc)    “Required
Holders” means the holders of at least a majority of the Registrable Securities.

 

(dd)    “Required
Registration Amount” means either the Initial Required Registration Amount or the Additional Required Registration Amount,
as applicable.

 

(ee)    “Rule
144” means Rule 144 (or any successor thereto) promulgated under the 1933 Act.

 

(ff)    “Rule
415” means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous
or delayed basis.

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(gg)    “SEC”
means the United States Securities and Exchange Commission.

 

(hh)    “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

2.       Registration.

 

(a)       Initial
Mandatory Registration. The Company shall prepare, and, in no event later than the Initial Filing Deadline, file with the SEC
the Initial Registration Statement on Form S-3 covering the resale of all of the Initial Registrable Securities. In the event that
Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration
on another appropriate form that the Company is then eligible to use, subject to the provisions of Section 2(e). The Initial
Registration Statement prepared pursuant hereto shall register for resale at least the number of shares of Common Stock equal to
the Initial Required Registration Amount determined as of the date the Initial Registration Statement is initially filed with the
SEC. The Initial Registration Statement shall contain the “Plan of Distribution” and “Selling Stockholders”
sections in substantially the form attached hereto as Exhibit B. The Company shall use its reasonable best efforts to have
the Initial Registration Statement declared effective by the SEC no later than the Initial Effectiveness Deadline. By 9:30 a.m.
New York time on the second Business Day following the Initial Effective Date, the Company shall file with the SEC in accordance
with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Initial Registration
Statement.

 

(b)       Additional
Mandatory Registrations. The Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing
Deadline, file with the SEC an Additional Registration Statement on Form S-3 covering the resale of all of the Additional Registrable
Securities not previously registered on an Additional Registration Statement hereunder. To the extent the staff of the SEC does
not permit the Additional Required Registration Amount to be registered on an Additional Registration Statement, the Company shall
file Additional Registration Statements successively trying to register on each such Additional Registration Statement the maximum
number of remaining Additional Registrable Securities until the Additional Required Registration Amount has been registered with
the SEC. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available
for such a registration on another appropriate form that the Company is then eligible to use, subject to the provisions of Section
2(e). Each Additional Registration Statement prepared pursuant hereto shall register for resale at least that number of shares
of Common Stock equal to the Additional Required Registration Amount determined as of the date such Additional Registration Statement
is initially filed with the SEC. Each Additional Registration Statement shall contain the “Plan of Distribution”
and “Selling Stockholders” sections in substantially the form attached hereto as Exhibit B. The Company
shall use its reasonable best efforts to have each Additional Registration Statement declared effective by the SEC as soon as practicable,
but in no event later than the Additional Effectiveness Deadline. By 9:30 a.m. New York time on the second Business Day following
the Additional Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus
to be used in connection with sales pursuant to such Additional Registration Statement.

 

(c)       Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase
or decrease in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the
number of Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable
Securities or increase or decrease thereof is declared effective by the SEC. In no event shall the Company include any securities
other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders.

 

(d)       Investors’
Counsel. Subject to Section 5 hereof, the Required Holders shall have the right to select one legal counsel for the
Investors to review any registration pursuant to this Section 2 (“Investors’ Counsel”), which shall
be Duane Morris LLP or such other counsel as thereafter designated by the Required Holders. The Company and Investors’ Counsel
shall reasonably cooperate with each other in performing the Company’s obligations under this Agreement.

 

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(e)       Ineligibility
for Form S-3. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder,
the Company shall (i) use such other form as is available for such a registration on another appropriate form that the Company
is then eligible to use and (ii) use its reasonable best efforts to register the Registrable Securities on Form S-3 as soon as
practicable after the Company becomes eligible to use such form, provided that the Company shall use its reasonable best efforts
to maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form
S-3 covering the Registrable Securities has been declared effective by the SEC. Notwithstanding the foregoing, the Company shall
take all actions necessary to maintain its eligibility to register the Registrable Securities for resale by the Investors on Form
S-3.

 

3.       Related
Obligations.

 

At such time as the Company
is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(b) or 2(e), the Company
will 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)       The
Company shall use its reasonable best efforts to keep each Registration Statement effective pursuant to Rule 415 as long as the
securities covered thereby are Registrable Securities (the “Registration Period”). The Company shall ensure
that each Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to
make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading.
The term “reasonable best efforts” shall mean, among other things, that the Company shall submit to the SEC, within
two (2) Business Days after the later of the date that (i) the Company learns that no review of a particular Registration Statement
will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case
may be, and (ii) the approval of Investors’ Counsel pursuant to Section 3(c) (which approval is immediately sought),
a request for acceleration of effectiveness of such Registration Statement to a time and date not later than two (2) Business Days
after the submission of such request. The Company shall respond in writing to comments made by the SEC in respect of a Registration
Statement as soon as reasonably practicable, but in no event later than fifteen (15) days after the receipt of comments by or notice
from the SEC that an amendment is required in order for a Registration Statement to be declared effective.

 

(b)       The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule
424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during the Registration
Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement.
In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q, Form 8-K or
any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall
have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements
with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement
such Registration Statement.

 

(c)       The
Company shall (A) permit Investors’ Counsel to review and comment upon (i) a Registration Statement at least four (4) Business
Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports) within
a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement
thereto (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or
successor reports) in a form to which Investors’ Counsel reasonably objects. The Company shall not submit a request for acceleration
of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Investors’
Counsel, which consent shall not be unreasonably withheld. The Company shall furnish to Investors’ Counsel, without charge,
(i) copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration
Statement, (ii) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by an Investor,
and all exhibits and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration
Statement and all amendments and supplements thereto. The Company shall reasonably cooperate with Investors’ Counsel in performing
the Company’s obligations pursuant to this Section 3.

 

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(d)       The
Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
(i) if requested by an Investor, promptly after the same is prepared and filed with the SEC, at least one copy of such Registration
Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference,
all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, such number of copies
of the prospectus included in such Registration Statement and all amendments and supplements thereto as such Investor may reasonably
request and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor.

 

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

 

(f)       The
Company shall notify Investors’ Counsel and each Investor in writing of the happening of any event but in any event on the
same Trading Day as such event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, (provided that in no event shall notice contain any material, nonpublic information, unless an Investor
gives its prior written consent thereto), and, subject to Section 3(r), promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment
to Investors’ Counsel and each Investor as Investors’ Counsel or such Investor may reasonably request. The Company
shall also promptly notify Investors’ Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement
or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective
(notification of such effectiveness shall be delivered to Investors’ Counsel and each Investor by facsimile or email on the
same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to a Registration
Statement or related prospectus or related information and (iii) of the Company’s reasonable determination that a post-effective
amendment to a Registration Statement would be appropriate. By 9:30 a.m. New York City time on the second Business Day following
the date any post-effective amendment has become effective, the Company shall file with the SEC in accordance with Rule 424 under
the 1933 Act the final prospectus to be used in connection with sales pursuant to such Registration Statement.

 

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

 

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(h)       If
any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an
Investor reasonably believes (based on the advice of Investors’ Counsel) that it could reasonably be deemed to be an underwriter
of Registrable Securities, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date
of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably
request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance
as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed
to such Investor, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to such Investor.

 

(i)       If
any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an
Investor reasonably believes (based on the advice of Investors’ Counsel) that it could reasonably be deemed to be an underwriter
of Registrable Securities, the Company shall make available for inspection by (i) such Investor and (ii) Investors’ Counsel
and (iii) one firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”),
all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply
all information which any Inspector may reasonably request; provided, however, that each Inspector shall agree to hold in strict
confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the Company
determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure
of such Records is necessary to avoid or correct a material misstatement or omission in any Registration Statement or is otherwise
required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from
a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available
to the public other than by disclosure in violation of this Agreement. Each Investor agrees that it shall, upon learning that disclosure
of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice
to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company
and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise
consistent with applicable laws and regulations.

 

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

 

(k)       The
Company shall promptly use its reasonable best efforts to either (i) cause all of the Registrable Securities covered by a Registration
Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then
listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (ii) secure
the inclusion for quotation of all of the Registrable Securities on the Principal Market or another Eligible Market that is then
the principal trading market on which the Common Stock is listed. The Company shall use its reasonable best efforts to maintain
the authorization for quotation of the Common Stock on the Principal Market or any other Eligible Market. The Company shall not
take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Principal
Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(k).

 

(l)       The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the
case may be, as the Investors may reasonably request and registered in such names as the Investors may request.

 

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

 

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

 

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

 

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

 

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

 

(r)       Notwithstanding
anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure of material, non-public
information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors
of the Company and its counsel, in the best interest of the Company and, in the opinion of counsel to the Company, otherwise required
(a “Grace Period”); provided, that the Company shall promptly (i) notify the Investors in writing of the existence
of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will not disclose the
content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and (ii)
notify the Investors in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period shall exceed
twenty (20) consecutive days and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate
of sixty (60) days and the first day of any Grace Period must be at least five (5) Trading Days after the last day of any prior
Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above,
the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on
and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such
notice. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon
expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the
information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything
to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an
Investor in accordance with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities
with respect to which an Investor has entered into a contract for sale, prior to the Investor’s receipt of the notice of
a Grace Period and for which the Investor has not yet settled.

 

(s)       Neither
the Company nor any Subsidiary or affiliate thereof shall identify any Investor as an underwriter in any public disclosure or filing
with the SEC, the Principal Market or any Eligible Market and any Investor being deemed an underwriter by the SEC; provided,
however, that the foregoing shall not prohibit the Company from including the disclosure found in the “Plan of Distribution”
section attached hereto as Exhibit B in the Registration Statement.

 

    	 	8	 

     

    

 

(t)       Neither
the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on
or after the date of this Agreement, without the prior written consent of the Required Holders, enter into any agreement with respect
to its securities, that conflict with or impair the registration rights granted to the Investors in this Agreement or otherwise
conflicts with the provisions hereof.

 

4.       Obligations
of the Investors.

 

(a)       At
least five (5) Business Days prior to the first anticipated Filing Date of a Registration Statement, the Company shall notify each
Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such
Investor’s Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations
of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities of a particular
Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and
maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with
such registration as the Company may reasonably request.

 

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

 

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

 

(d)       Each
Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it
or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

5.       Expenses
of Registration.

 

All expenses incident
to the Company’s performance of or compliance with this Agreement shall be paid by the Company, including, without limitation,
all registration, listing and qualifications fees, printers fees, fees and expenses of the Company’s independent auditors,
and fees and expenses of counsel for the Company shall be paid by the Company. In connection with any offerings pursuant to a Registration
Statement filed in accordance with this Agreement, each Investor shall pay (i) any underwriting fees, discounts or commissions
attributable to the sale of Registrable Securities by such Investor, (ii) any fees and expenses of brokers, advisors, accountants
or counsel to such Investor (other than as set forth in the immediately preceding sentence) and (iii) any applicable transfer or
similar taxes.

 

6.       Indemnification.

 

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

 

    	 	9	 

     

    

 

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

 

(b)       In
connection with any Registration Statement in which an Investor is participating, each such Investor shall, severally and not jointly,
indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of its directors and officers who signs
the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act
(each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject,
under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any
Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with
written information furnished to the Company by such Investor or by counsel to such Investor expressly for use in connection with
such Registration Statement; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided,
further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section
9.

 

    	 	10	 

     

    

 

(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 selected by the Indemnified Person or the Indemnified Party and reasonably acceptable to the indemnifying
party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses of not more than one counsel for all such Indemnified Person or Indemnified Party to be
paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party,
as applicable, the representation by such counsel of the Indemnified Person or Indemnified Party, as the case may be, and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred
to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable
Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall
reasonably 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 at all times 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 prior written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall,
without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as a term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of an unconditional release from all liability in respect to such Claim or litigation and such settlement
shall not include any admission as to fault on the part of the Indemnified Party. 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 as a result of such failure or delay.

 

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

 

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

 

7.       Contribution.

 

If the indemnification
provided for in Section 6 is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses,
then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by
such indemnified party as a result of such Losses in such proportion as appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and indemnified party, on the other hand, which relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by such indemnified party or indemnifying party, and such parties’ relative intent,
knowledge, access to information and opportunity to correct or mitigate the damage in respect of or prevent the untrue statement
or omission giving rise to such indemnification obligation; provided, however, that: (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection
with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty
of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the
amount of net proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.

 

    	 	11	 

     

    

 

8.       Reports
Under the 1934 Act.

 

With a view to making
available to the Investors the benefits of Rule 144, the Company agrees that it will: (i) make and keep public information available,
as those terms are understood and defined in Rule 144; (ii) without limiting the generality of the foregoing clause (i), file with
the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long
as the Company remains subject to such requirements (or, if the Company is not required to file such reports, it will, upon the
reasonable request of any Investor, make publicly available such necessary information for so long as necessary to permit sales
pursuant to Rule 144); and (iii) take all such actions necessary to maintain its eligibility to sell such securities pursuant to
Rule 144. Upon the request of an Investor, the Company will deliver to such Investor a written statement as to whether it has complied
with such requirements. The Company shall not terminate its status as an issuer required to file reports under the 1934 Act even
if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

 

9.       Assignment
of Registration Rights.

 

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

 

10.       Amendment
of Registration Rights.

 

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

 

11.       Miscellaneous.

 

(a)       This
Agreement shall be effective as of the Closing Date. This Agreement shall automatically terminate as to any Investor, at such time
when such Investor ceases to hold any Registrable Securities. This Agreement shall terminate automatically, and the Company shall
have no further obligations hereunder, at such time when no Investor holds Registrable Securities.

 

(b)       If
the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable
Securities.

 

(c)       Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection
notice); or (iv) one Business Day after 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:

 

 

    	 	12	 

     

    

 

If to the Company:

 

Eyenovia, Inc.

295 Madison Avenue, Suite 2400

New York, New York 10017

Telephone: (917) 289-1117

Attention: John Gandolfo,
Chief Financial Officer

E-mail: jgandolfo@eyenoviabio.com

 

With a copy (for informational purposes only) to:

 

Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, North Carolina 27607

Telephone: (919) 781-4000

Facsimile: (919) 781-4865

Attention: S. Halle Vakani

Email: hvakani@wyrick.com

 

If to the Transfer Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Telephone: 718-921-8300 ext. 622

Facsimile: 718-765-8782

Attention: Frank R. Misciagna, Relationship Manager

E-mail: fmisciagna@astfinancial.com

 

If to Investors’ Counsel:

 

Duane Morris
LLP

30 South
17th Street

Philadelphia,
PA 19103-4196

Telephone:
215-979-1225

Attention:
Richard A. Silfen

Email: rasilfen@duanemorris.com

 

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

 

(d)       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.

 

    	 	13	 

     

    

 

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

 

(f)       If
any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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

 

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

 

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

 

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

 

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

 

(l)       All
consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Required Holders, determined as if all of the Warrants held by Investors then outstanding have
been exercised for Registrable Securities without regard to any limitations on exercise of the Warrants.

 

(m)       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.

 

(n)       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.

 

    	 	14	 

     

    

 

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

 

[Signature Page Follows]

 

 

 

 

 

 

 

    	 	15	 

     

    

 

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

 

	 	COMPANY:

	 	 	 
	 	EYENOVIA, INC.
	 	 	 
	 	By:	/s/ John Gandolfo	 
	 	Name:	John Gandolfo 
	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	[●]
	 	 
	 	By:	 	 
	 	Name:	[●]
	 	Title:	[●]

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

SCHEDULE OF INVESTORS

 

	

Investor	 	Investor Address, Email Address

and Facsimile Number
	 	 	 
	 	 	 
	 	 	 

 

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS 

OF REGISTRATION STATEMENT

 

American Stock Transfer & Trust Company, LLC

	Telephone:	(718) 921-8300 ext.622
	Facsimile:	(718) 765-8782
	Attention:	Frank R. Misciagna, Relationship Manager 
	E-mail:	fmisciagna@astfinancial.com
	 	 
	Re:   	Eyenovia, Inc.

 

Ladies and Gentlemen:

 

[We are][I am] counsel
to Eyenovia, Inc., a Delaware corporation (the “Company”), and have represented the Company in connection with that
certain Registration Rights Agreement, dated as of [●], 2020 (the “Registration Rights Agreement”), entered
into by and among the Company and the persons named therein (collectively, the “Holders”) pursuant to which
the Company agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights
Agreement) under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s
obligations under the Registration Rights Agreement, on ________, 2020, the Company filed a Registration Statement on Form [S-3]
(File No. 333-[__________]) (the “Registration Statement”) with the Securities and Exchange Commission (the
 “SEC”) relating to the Registrable Securities which names each of the Holders as a selling stockholder thereunder.

 

In connection with the
foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us] [me] by telephone that the SEC has entered
an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]
and to [our][my] knowledge, based on a review of the Stop Orders page of the SEC’s website, there has not been issued any
stop order suspending its effectiveness nor have there been any proceedings for that purpose instituted nor are any such proceedings
pending before or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to
the Registration Statement.

 

This letter shall serve
as our standing instruction to you that the shares of Common Stock are freely transferable by the Holders pursuant to the Registration
Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance of shares of Common
Stock to the Holders as contemplated by the Company’s Irrevocable Transfer Agent Instructions dated [_____], 2020.

 

 

 

	 	Very truly yours,
	 	 
	 	[ISSUER’S COUNSEL]
	 	 
	 	By:	                 	 

CC: [LIST NAMES OF HOLDERS]

 

 

 

    	 	A-1	 

     

    

EXHIBIT B

 

SELLING STOCKHOLDERS

 

The common stock being
offered by the selling stockholders are those issued to the selling stockholders in the offering that closed on March 24, 2020,
and those issuable to the selling stockholders, upon exercise of the warrant issued in such offering. For additional information
regarding the issuances of those shares of common stock and warrants, see “Private Placement of Common Shares and Warrants”
above. We are registering the shares of common stock in order to permit the selling stockholders to offer the shares for resale
from time to time. Except for the ownership of the shares of common stock and the warrants, the selling stockholders have not had
any material relationship with us within the past three years.

 

The following table
sets forth information as of [______ __], 202[_], with respect to the selling stockholders for whom we are registering shares for
sale to the public, the number of shares of our common stock owned by the each selling stockholder prior to this offering, the
percentage of common stock owned by each selling stockholder prior to this offering, the maximum number of shares of our common
stock to be sold by each selling stockholder pursuant to this prospectus, the number of shares of our common stock to be owned
by each selling stockholder upon completion of this offering, assuming all such shares are sold, and the percentage of common stock
owned by each selling stockholder after this offering, assuming all such shares are sold.

 

This table is prepared
based on information supplied to us by the selling stockholders. As used in this prospectus, the term “selling stockholders”
includes the selling stockholders listed below, and any donees, pledges, transferees or other successors in interest selling shares
received after the date of this prospectus from the selling stockholders as a gift, pledge, or other non-sale related transfer.
The numbers of shares in the column “Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus”
represents all of the shares that each selling stockholder may offer under this prospectus. The selling stockholders may sell some,
all or none of their shares. The selling stockholders may sell or transfer all or a portion of their shares of our common stock
pursuant to an available exemption from the registration requirements of the Securities Act. We do not know how long the selling
stockholders will hold the shares before selling them, and we currently have no agreements, arrangements or understandings with
any selling stockholder regarding the sale of any of the shares.

 

In accordance with
the terms of a registration rights agreement with the selling stockholders, this prospectus generally covers the resale of at least
the sum of (i) the maximum number of shares of common stock issued and (ii) the maximum number of shares of common stock issuable
upon exercise of the related warrants, determined as if the outstanding warrants were exercised in full as of the trading day immediately
preceding the date this registration statement was initially filed with the SEC, each as of the trading day immediately preceding
the applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard
to any limitations on the exercise of the warrants.

 

	 	Shares of Common Stock Owned Prior to Offering	Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus	
        Shares of

        Common Stock

        Owned After Offering

	
         

        Name of Selling Stockholder
	Number	Percent	 	Number	Percent
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    	 	B-1	 

     

    

 

PLAN OF DISTRIBUTION

 

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

 

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

 

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

 

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

 

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

 

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

 

		-	privately negotiated transactions;

 

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

 

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

 

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

 

		-	a combination of any such methods of sale; and

 

		-	any other method permitted by applicable law.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

Exhibit 4.1

DESCRIPTION OF THE COMPANY’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following is a brief description of the rights of our authorized capital stock and related provisions of our Articles of Amalgamation as amended (the “Articles”), General By-Law 2003-1 and By-Law 2015-1 (together, the “By-Laws”) and applicable Canadian law. This description is qualified in its entirety by, and should be read in conjunction with, the Articles, By-Laws and Canada Business Corporations Act (the “CBCA”). 
Authorized Capital Stock
Our authorized capital stock consists of: (a) an unlimited number of voting common shares without par value (the “Common Shares”), and (b) an unlimited number of non-voting Class A preferred shares without par value (the “Class A Preferred Shares”). The Articles do not contain limitations on the rights of non-resident or foreign shareholders to hold or exercise voting rights on the Company’s shares.
Common Shares
Voting - Each Common Share entitles the holder thereof to one vote at all meetings of the shareholders of the Company.
Payment of Dividends - The holders of the Company’s common shares are entitled to receive during each year, as and when declared by the Board of Directors, dividends payable in money, property or by issue of fully-paid shares of the capital of the Company.
Distribution of Assets Upon Winding-Up - In the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or other distribution of assets of the Company among shareholders for the purpose of winding-up its affairs, the holders of the Company’s common shares are entitled to receive the remaining property of the Company.
Fully Paid and Nonassessable - All of the outstanding shares of common stock are fully paid and nonassessable.
Other Rights - Holders of our common stock have no preemptive, subscription, redemption or conversion rights.
The rights and privileges of holders of our common stock are subject to any series of preferred stock that we may issue, as described below.
Class A Preferred Shares
The Board of Directors may at any time and from time to time issue non-voting Class A Preferred Shares in one or more series, each series to consist of such number of shares, designation, rights, restrictions, conditions and limitations (including any sinking fund provisions) as may, before the issuance thereof, be determined by the Board of Directors. The Class A Preferred Shares are entitled to preference over the Common Shares with respect to the payment of dividends. In the event of the liquidation, dissolution or winding-up of the Company or other distribution of assets of the Company among shareholders for the purpose of winding-up its affairs, the holders of the Class A Preferred Shares will, before any amount is paid 

to, or any property or assets of the Company distributed among, the holders of the Common Shares, be entitled to receive: (i) an amount equal to the amount paid-up on such shares together with, in the case of cumulative Class A Preferred Shares, all unpaid cumulative dividends and, in the case of non-cumulative Class A Preferred Shares, all declared and unpaid non-cumulative dividends; and (ii) if such liquidation, dissolution, winding-up or distribution is voluntary, an additional amount equal to the premium, if any, which would have been payable on the redemption of the Class A Preferred Shares if they had been called for redemption by the Company on the date of distribution.
Change of Control Related Provisions of Our Articles and By-Laws and Canadian Law
A number of provisions in the Articles and By-Laws and under the CBCA may make it more difficult to acquire control of the Company. These provisions are intended to:
		
	•
	enhance the likelihood of continuity and stability in the composition of our Board of Directors;

		
	•
	discourage some types of transactions that may involve an actual or threatened change in control of the Company;

		
	•
	discourage certain tactics that may be used in proxy fights;

		
	•
	ensure that our Board of Directors will have sufficient time to act in what it believes to be in the best interests of the Company and our shareholders; and

		
	•
	encourage persons seeking to acquire control of us to consult first with our Board of Directors to negotiate the terms of any proposed business combination or offer.

Generally, under the CBCA, amendments can only be made to organizational documents of the Company with shareholder approval, with changes to the By-Laws being made by the Board of Directors and in force pending ratification by the shareholders. Certain types of amendments to the Articles (for example, changes affecting rights of the class of shares) require a two-thirds majority approval.
The Company has in place an advance notice by-law setting out the timing and process for shareholders to propose matters for approval at a shareholder meeting, as well as a Shareholder Rights Plan Agreement by and between the Company and AST Trust Company (Canada) dated June 6, 2019 that provides certain protections to shareholders in the case of unsolicited or hostile take-over bids. 
Vacancies 
The By-Laws provide that the number of directors shall be fixed by the Board of Directors, and the precise number determined from time to time.  The Board of Directors must have at least four directors, at least two of whom are not officers or employees of the Company or its affiliates.  At least 25% of the directors must be resident Canadians. If there are fewer than four directors, at least one director must be a resident of Canada.
If the number of directors is increased by the Board of Directors, the resulting vacancies may be filled at a meeting of the shareholders duly called for that purpose.  If a vacancy should otherwise occur in the Board of Directors, the remaining directors, if constituting a quorum, may appoint a qualified person to fill the vacancy for the remainder of the term.  In the absence of a quorum, the remaining directors may call a meeting of shareholders to fill the vacancy. Where a vacancy or vacancies exist in the Board of Directors, the remaining directors may exercise all of the powers of the Board of Directors so long as quorum remains in office. 

Advance Notice Requirement for Nomination of New Directors and Presentation of New Business at Meetings of Shareholders; Calling Shareholder Meetings; Action by Written Consent
The By-Laws require advance notice for nominations of directors by shareholders. Generally, in the case of an annual meeting of shareholders, a shareholder must provide notice to the Secretary of the Company not less than 30 days prior to the date of the annual meeting, and, in the event of a special meeting, not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made. 
Any action taken by the shareholders may be effected at a duly called annual or special meeting.  Special meetings of the shareholders may be called by a written request to the Board of Directors signed by shareholders holding collectively not less than 5% of the outstanding Common Shares or by the Board of Directors, the Chairman of the Board of Directors, or a President or Vice President who is on the Board of Directors.  In addition, a resolution in writing signed by all of the shareholders of the Company entitled to vote on that resolution at a meeting of shareholders is as valid as if it had been passed at a meeting of shareholders. These provisions make it more procedurally difficult for a shareholder to place a director nomination on the meeting agenda or to call a special meeting, and therefore may reduce the likelihood that a shareholder will seek to take independent action to replace directors.
Transfer Agent
The transfer agent for the Common Shares is AST Trust Company (Canada). 
Listing
Our common stock is traded in Canada on the Toronto Stock Exchange under the trading symbol “ITP” and in the United States on the OTC Pink Marketplace under the trading symbol “ITPOF”. 
Tax Treaty

The United States-Canada Income Tax Convention (1980), as amended (the “Treaty”), contains provisions that reduce the withholding tax rate on dividends paid by the Company. Under subparagraph 2(b) of Article X of the Treaty, the withholding tax rate is reduced to 15% on dividends paid by the Company to a resident of the US who is the beneficial owner of such dividend and is eligible for benefits under the Treaty. Under subparagraph 2(a) of Article X of the Treaty, the rate is further reduced to 5% where the beneficial owner of the dividend is a corporation resident in the US that is eligible for benefits under the Treaty and that owns at least 10% of the voting stock of the Company.

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