Document:

Exhibit 4.5 

 

Warrant
No. ______________

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT
AND SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD UNLESS (I)
SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO SAID ACT AND SUCH LAWS; OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER OR RESALE MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SAID ACT AND SUCH LAWS
AND THE RECIPIENT OF SUCH TRANSFER OR SALE EXECUTES AN AGREEMENT WITH THE COMPANY OBLIGATING IT TO ABIDE BY COMPARABLE RESTRICTIONS ON
TRANSFER AND RESALE.

 

Date
of Issuance: ____________________, 2022 (“Issuance Date”)

 

ZYVERSA
THERAPEUTICS, INC.

WARRANT CERTIFICATE

 

FOR
VALUE RECEIVED, ZyVersa Therapeutics, Inc., a Florida corporation (the “Company”), hereby certifies that [____],
 or its registered transferees, successors or assigns (each Person (as defined below) holding all or a part of this Warrant
being referred to as a “Holder”), is the registered Holder of this Warrant (the “Warrant”) to subscribe
for the purchase of Warrant Shares6 (as defined below), as adjusted from time to time as provided herein, during the Exercise
Period (as defined below), all subject to the following terms and conditions. This Warrant is being issued pursuant to the terms of that
certain Subscription Agreement dated , 2022 (the “Subscription Agreement”).

 

Terms
not otherwise defined herein shall have the meanings given to such terms in the Subscription Agreement. For purposes of this Warrant
the following terms shall have the following meanings:

 

“Aggregate
Exercise Price” has the meaning given in Section 1(b)(i)(C). “Board” shall mean the Board of Directors
of the Company.

 

“Business
Day” shall mean any day other than a Saturday or Sunday, on which banks in Florida are open for the general transaction of
business.

 

“Change
of Control” shall mean any of the following: (i) the sale or disposition of all or substantially all of the assets of the Company
to a Third Party; (ii) the acquisition by a Third Party of more than fifty percent (50%) of the Company’s outstanding voting capital
stock; or (iii) the merger (including, but not limited to, a reverse merger) or consolidation of the Company with or into a Third Party.
Notwithstanding the foregoing, a Change of Control shall not be deemed to occur on account of a Qualified Offering.

 

 

 

6
Number of Warrant Shares to be equal to the number of Conversion Shares (as such term is defined in the Subscription Agreement).

 

    	 

    	 

    

 

“Company”
has the meaning set forth in the introductory paragraph of this Warrant. “Common Stock” shall mean the Common Stock,
par value $0.00001 per share, of the Company.

 

“Current
Market Value” has the meaning given in Section 1(b)(ii). “Date of Exercise” has the meaning given
in Section 1(b)(iii). “DTC” has the meaning given in Section 1(b)(iii).

 

“Exercise
Delivery Documents” has the meaning given in Section 1(b)(iii). “Exercise Period” has the meaning
given in Section 1(a).

 

“Exercise
Price” shall mean the lesser of (i) $1.37; (ii) the price per share that the Qualified Offering Securities are sold in a Qualified
Offering; or (iii) in the event of a reverse merger transaction that meets the definition of Qualified Offering in which no Qualified
Offering Securities are issued, the price per share determined by dividing the enterprise value ascribed to the Company in the Qualified
Offering, as determined in good faith by the Company’s Board in its sole discretion, by the number of Fully Diluted Shares outstanding
immediately prior to the consummation of such transaction (but, for the avoidance of doubt, excluding the shares issuable upon the conversion
of the Convertible Notes).

 

“Expiration
Date” shall mean the earlier of (i) 11:59 p.m., Miami Time, on the fifth anniversary of the Issuance Date; and (ii) the date
and time that the first Change of Control is consummated.

 

“Holder”
has the meaning set forth in the introductory paragraph of this Warrant. “Issuance Date” shall mean the date of issuance
set forth on the cover page of this Warrant. “Net Issue Exercise” has the meaning given in Section 1(b)(ii).

 

“Person”
shall mean an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

“Qualified
Exchange” shall mean (i) any exchange of a major stock exchange group (defined as a stock exchange group in the then-top twenty
by market capitalization); (ii) any exchange registered with the SEC under Section 6 of the Exchange Act; (iii) the OTC Bulletin Board;
or (iv) the OTCQX or OTCQB tiers of the OTC Marketplace.

 

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“Qualified
Offering” shall mean (i) a firm commitment underwritten initial public offering of the Company’s common stock on a Form
S-1 registration statement; (ii) a reverse merger with a publicly traded company that is subject to Section 13 or 15(d) of the Exchange
Act, with or without a private placement of the Company’s equity securities in conjunction therewith; (iii) or a Reg. A+ offering
of the Company’s equity securities, in each case which results in the Company (A) realizing gross proceeds of at least $10,000,000
(exclusive of any indebtedness cancelled in connection with the cancellation of the Convertible Notes and their subsequent conversion
pursuant to Section 7 of the Convertible Notes and inclusive of net cash contained on the balance sheet of the publicly traded
company in a reverse merger, which remains in the surviving entity); and (B) becoming an entity whose shares of common stock are listed
on a Qualified Exchange; or (iv) an offering of the Company’s equity securities resulting in gross proceeds received by the Company
of not less than $10,000,000. Any equity securities issued in a Qualified Offering are hereinafter referred to as “Qualified
Offering Securities”.

 

“Registrable
Securities” has the meaning given in Section 6(a). “Securities Act” shall mean the U.S. Securities
Act of 1933, as amended. “Share Delivery Date” has the meaning given in Section 1(b)(iii).

 

“Third
Party” shall mean any Person other than the Company, Holder and their respective affiliates and permitted successors and assigns.

 

“Transfer”
has the meaning given in Section 5(c). “Transfer Agent” has the meaning given in Section 1(b)(iii).

 

“Underwritten
Offering” has the meaning given in Section 5(d).

 

“Warrant”
has the meaning set forth in the introductory paragraph of this Warrant. “Warrant Shares” shall mean shares of Common
Stock issuable upon exercise of the Warrant.

 

1.
DURATION AND EXERCISE OF WARRANTS

 

(a)
Exercise Period. The Holder may exercise this Warrant in whole or in part at any time from and after the Issuance Date and on or before
the Expiration Date (the “Exercise Period”).

 

(b)
Exercise Procedures.

 

(i)
While this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in whole
or in part at any time and from time to time by:

 

(A)
delivery to the Secretary of the Company of a duly executed copy of the Notice of Exercise attached as Exhibit A;

 

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(B)
surrender of this Warrant to the Secretary of the Company at its principal office or at such other office or agency as the Company may
specify in writing to the Holder; and

 

(C)
payment of the Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the Warrant (such
amount, as calculated at the time of each exercise, the “Aggregate Exercise Price”) made in the form of cash, or by
certified check, bank draft or money order payable in lawful money of the United States of America.

 

(ii)
In lieu of delivering the Exercise Price in cash or check, bank draft or money order, the Holder may elect to exercise this Warrant by
surrendering a portion of the Warrant Shares to satisfy the Aggregate Exercise Price (“Net Issue Exercise”). If the
Holder wishes to elect the Net Issue Exercise, the Holder shall notify the Company of its election in writing at the time it delivers
to the Company the Notice of Exercise. In the event the Holder shall elect Net Issue Exercise, the Holder shall receive the number of
shares of Common Stock equal to the product of (a) the number of shares of Common Stock purchasable under the Warrant, or portion thereof
being exercised, and (b) the Current Market Value (defined below) of one share of Common Stock minus the Exercise Price, divided by (c)
the Current Market Value of one share of Common Stock. “Current Market Value” means: (1) if the Common Stock is listed
on a national securities exchange or admitted to unlisted trading privileges on such exchange or listed for trading on the NASDAQ system,
the Current Market Value shall be the last reported sale price of the Common Stock on such exchange or system on the last Business Day
prior to the date of exercise of this Warrant, or if no such sale is made on such day, the average closing bid and asked prices for such
day on such exchange or system; (2) if the Common Stock is not so listed or admitted to unlisted trading privileges, the Current Market
Value shall be the mean of the last reported bid and asked prices reported by the National Quotation Bureau, Inc. on the last Business
Day prior to the date of the exercise of this Warrant; or (3) if the Common Stock is not so listed or admitted to unlisted trading privileges
and bid and asked prices are not so reported, the Current Market Value shall be determined in good faith by the Company’s Board
of Directors.

 

(iii)
Upon the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and cause
to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall be
effective immediately prior to the close of business on the date (the “Date of Exercise”) that the conditions set
forth in Section 1(b) have been satisfied. On the first Business Day following the date on which the Company has received each of
the Notice of Exercise and, unless the Holder elects to conduct a Net Issue Exercise, the Aggregate Exercise Price (the
“Exercise Delivery Documents”), the Company shall transmit an acknowledgment of receipt of the Exercise Delivery
Documents to the Company’s transfer agent, if other than the Company (the “Transfer Agent”). On or before
the third Business Day following the date on which the Company has received all of the Exercise Delivery Documents (the
“Share Delivery Date”), the Company at its expense shall (X) provided that the Transfer Agent is participating in
The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder,
credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if
the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or if the Warrant Shares are not
eligible for inclusion therein or if the Holder shall so request, issue and dispatch by overnight courier to the address as
specified in the Notice of Exercise, a certificate, registered in the Company’s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise. Upon delivery of the
Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the Holder of record of the
Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates
evidencing such Warrant Shares.

 

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(c)
Partial Exercise. This Warrant shall be exercisable, either in its entirety or from time to time in part, only for the number of Warrant
Shares available for exercise under this Warrant. If this Warrant is exercised and the number of Warrant Shares represented by this Warrant
submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such an exercise, then the Company shall,
as soon as practicable and in no event later than five (5) Business Days after any such exercise and at its own expense, issue a new
Warrant of like tenor representing the right to purchase the remaining number of Warrant Shares purchasable hereunder after such exercise.

 

(d)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares,
the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with the procedures set forth in the Subscription Agreement.

 

2.
ISSUANCE OF WARRANT SHARES

 

(a)
The Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising through
the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)
The Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record Holder
of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof
for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)
The Company will not, by amendment of its certificate of incorporation, by- laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed hereunder by the Company, and will take all actions consistent with the carrying out
of all the provisions of this Warrant.

 

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3.
ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

 

(a)
The Exercise Price and the Warrant Shares issuable upon the exercise of this Warrant shall be subject to adjustment from time to time
upon the occurrence of certain events described in this Section 3.

 

(i)
Subdivision or Combination of Stock. In case the Company shall at any time during the Exercise Period subdivide (whether by way of stock
dividend (other than as a result of an event provided for in Section 3(a)(ii) below), stock split or otherwise) its outstanding Common
Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced
and the number of Warrant Shares shall be proportionately increased, and conversely, in case the outstanding Common Stock shall be combined
(whether by way of stock combination, reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect
immediately prior to such combination shall be proportionately increased and the number of Warrant Shares issuable upon the exercise
of this Warrant shall be proportionately decreased. The Exercise Price and the Warrant Shares issuable upon the exercise of this Warrant,
as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in this Section
3(a)(i).

 

(ii)
Dividends in Stock, Property, Reclassification. If at any time, or from time to time, during the Exercise Period, (x) there are changes
in the outstanding Common Stock by reason of recapitalization, reclassification or reorganization of the capital stock of the Company
(other than as a result of any event provided for in Section 3(a)(i) above), or (y) all of the holders of Common Stock shall have received
or become entitled to receive, without payment therefor (other than as a result of any event provided for in Section 3(a)(i) above):

 

(A)
any shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or

 

(B)
additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares
or similar corporate rearrangement, then, and in each such case, the Exercise Price and the number of Warrant Shares issuable upon exercise
of this Warrant shall be adjusted proportionately, and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive,
in addition to the number of shares of Warrant Shares receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to above) that such
Holder would hold on the date of such exercise had such Holder been the Holder of record of such Warrant Shares as of the date on which
such holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and
property (without regard to any limitations on exercise hereof, including, without limitation, those, if any, making this Warrant not
yet exercisable as of such date). The Exercise Price and the Warrant Shares issuable upon the exercise of this Warrant, as so adjusted,
shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii).

 

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(b)
Notice of Adjustment. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company shall promptly notify
the Holder of such event and of the number of shares of Common Stock or other securities or property thereafter purchasable upon exercise
of this Warrant.

 

4.
CHANGE OF CONTROL

 

(a)
Upon the consummation of a Change of Control, this Warrant shall automatically terminate. Prior to the consummation of a Change of Control,
the Company shall make appropriate provision, including providing the notice set forth in Section 16 hereof, so that the Holder shall
have the right to receive, with respect to the Holder’s Warrant Shares, upon exercise of the Warrant, the same consideration that
the holders of the Common Stock shall receive in connection with the consummation of the Change of Control.

 

(b)
Notwithstanding anything in Section 4(a) above to the contrary, this Warrant shall be deemed to have been exercised in accordance with
Section 1, without any action on the part of the Holder, immediately prior to any Change of Control, if the consideration to be paid
with respect to each share of Common Stock in such Change of Control is greater than the Exercise Price.

 

5.
TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES

 

(a)
Registration of Transfers and Exchanges. Subject to Sections 5(c) and 5(d) hereof, upon the Holder’s surrender of this Warrant,
with a duly executed copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its principal office or
at such other office or agency as the Company may specify in writing to the Holder, the Company shall register in the Company’s
books and records the transfer of all or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a new
Warrant, in substantially the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant,
in similar form and dated as of the Issuance Date, evidencing the remaining acquisition rights not transferred, to the Holder requesting
the transfer.

 

(b)
Warrant Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased
hereunder, each of such new Warrants to be dated the Issuance Date and to represent the right to purchase such number of Warrant Shares
as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding such re-certification
of this Warrant to the Secretary of the Company at its principal office or at such other office or agency as the Company may specify
in writing to the Holder.

 

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(c)
Restrictions on Transfers. The Holder understands that (i) neither this Warrant nor the Warrant Shares are or will be, as applicable,
registered under the Securities Act, or any state securities laws; and (ii) consequently, neither this Warrant nor any of the Warrant
Shares may be offered for sale, sold, assigned, transferred, hypothecated, or otherwise disposed of (collectively, a “Transfer”)
unless (A) a registration statement is in effect under the Securities Act covering such proposed Transfer and such proposed Transfer
is conducted in accordance with such registration statement; or (B) this Warrant and/or Warrant Shares are Transferred in a transaction
exempt from the registration requirements of the Securities Act and any related requirements imposed by applicable state securities laws,
Holder furnishes the Company with an opinion of counsel, in a form reasonably satisfactory to the Company, that such Transfer will not
require registration under the Securities Act or any applicable state securities laws, and the recipient of the Transfer executes an
agreement with the Company (in a form reasonably satisfactory to the Company) obligating it to abide by comparable restrictions on Transfer.

 

(d)
Lockup. In the event the Company conducts a firm commitment, underwritten public offering of its equity securities (an “Underwritten
Offering”), during the period commencing on the date of the final prospectus relating to the Underwritten Offering, and ending
on the date specified by the Company and the managing underwriter(s) (such period not to exceed one hundred eighty (180) days, or such
other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports, and (ii) analyst recommendations and opinions), the Holder hereby agrees that it will not, without
the prior written consent of the managing underwriter of such Underwritten Offering: (A) lend; offer; pledge; sell; contract to sell;
sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable
or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder or
are thereafter acquired); or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of such securities; whether any such transaction described in clause (A) or (B) above is to be settled
by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 5(d) shall (y) not apply
to the Transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided
that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such
Transfer will not involve a disposition for value; and (z) be applicable to the Holder only if all officers and directors of the Company
are subject to the same restrictions. Notwithstanding anything herein to the contrary, the underwriters in connection with an Underwritten
Offering are intended third-party beneficiaries of this Section 5(d) and will have the right, power and authority to enforce the provisions
hereof as though they were a party hereto. The Holder further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with an Underwritten Offering that are consistent with this Section 5(d) or that are necessary to give further
effect thereto

 

6.
REGISTRATION RIGHTS

 

(a)
Grant of Right. Unless a registration statement covering the sale of this Warrant and the Warrant Shares (collectively, the “Registrable
Securities”) by the Holder is in effect and available, the Holder shall have the right, for a period of no more than five (5)
years from the Issuance Date to include the Registrable Securities as part of any other registration of securities filed by the Company
(other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act, or pursuant to Form S-8
or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the
account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of
shares of Common Stock which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing
or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include
in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion
hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders
seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders;
provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled
to pro rata inclusion with the Registrable Securities.

 

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(b)
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 6(b) hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date
of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed
by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities
shall exercise the “piggy- back” rights provided for herein by giving written notice within ten (10) days of the receipt
of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there
shall be no limit on the number of times the Holder may request registration under this Section 6(b); provided, however,
that such registration rights shall terminate on the Expiration Date.

 

7.
MUTILATED OR MISSING WARRANT CERTIFICATE

 

If
this Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at the Company’s expense, issue,
in exchange for and upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant,
dated as of the Issuance Date and in substantially the form of this Warrant, representing the right to acquire the equivalent number
of Warrant Shares; provided, that, the Holder provides the Company with an affidavit of loss and an indemnity agreement reasonably
satisfactory to the Company.

 

8.
PAYMENT OF TAXES

 

The
Company will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the
Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that
the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares to any Person or entity other than to the Holder.

 

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9.
FRACTIONAL WARRANT SHARES

 

No
fractional Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share,
shall round down the number of Warrant Shares issuable to nearest whole share.

 

10.
NO STOCK RIGHTS AND LEGEND

 

(a)
No Holder of this Warrant, as such, shall be entitled to vote or be deemed the holder of the Warrant Shares or any other securities of
the Company that may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon
the Holder of this Warrant, as such, the rights of a stockholder of the Company or the right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any corporate action or to receive notice
of meetings or other actions affecting stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise
(except as provided herein).

 

(b)
Each certificate for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued
to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following
form:

 

“THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND ARE
BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR
SALE PURSUANT TO SAID ACT AND SUCH LAWS; OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH
TRANSFER OR RESALE MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SAID ACT AND SUCH LAWS AND THE RECIPIENT OF SUCH TRANSFER OR SALE
EXECUTES AN AGREEMENT WITH THE COMPANY OBLIGATING IT TO ABIDE BY COMPARABLE RESTRICTIONS ON TRANSFER AND RESALE.”

 

11.
CERTAIN INFORMATION

 

At
all times prior to the Company’s initial public offering of the Company’s Common Stock or other equity securities, the Company
agrees to provide, subject to any legal or contractual restrictions applicable to the Company, Holder at any time and from time to time
with such information as Holder may reasonably request for purposes of Holder’s compliance with regulatory, accounting and reporting
requirements applicable to Holder.

 

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12.
NOTICES

 

Any
notice or other communication required or permitted to be given hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party notified, (b) when sent by confirmed email or facsimile if sent during normal business hours
of the recipient, if not, then on the next Business Day, (c) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications shall be sent to the Company at the address, email or facsimile
number provided in the Subscription Agreement executed in connection herewith, and to the Holder at the address, email or facsimile number
provided in the Subscription Agreement for such Holder executed in connection herewith, or to such other address as the Company or the
Holder shall have furnished in writing in accordance with the provisions of this Section 12.

 

13.
SEVERABILITY

 

If
a court of competent jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant
will remain in full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.

 

14.
BINDING EFFECT

 

This
Warrant shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered
Holder or Holders from time to time of this Warrant and the Warrant Shares.

 

15.
SURVIVAL OF RIGHTS AND DUTIES

 

This
Warrant shall terminate and be of no further force and effect on the earlier of the Expiration Date or the date on which this Warrant
has been exercised in full.

 

16.
NOTICES OF RECORD DATE AND OTHER MATTERS

 

In
connection with (a) any establishment by the Company of a record date of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company,
or any other right; or (b) any contemplated capital reorganization, reclassification, recapitalization, merger or consolidation of the
Company with or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary
dissolution, liquidation or winding up of the Company, or the sale, in a single transaction or series of transactions, of a majority
of the Company’s voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination
thereof); or (c) any anticipated Change of Control not described in preceding clause(s) (a) and/or (b), the Company shall give notice
to the Holder at least five (5) Business Days, or such longer period as may be required by law, prior to such event, a notice specifying
(i) the date expected to be established as the record date for the purpose of such dividend, distribution, option or right and a description
of such dividend, option or right; (ii) the date on which any such reorganization, reclassification, transfer, consolidation, merger,
dissolution, liquidation or winding up, sale or other Change of Control is expected to become effective; and (iii) the date, if any,
fixed as to when the holders of record of Common Stock are expected to be entitled to exchange their Common Stock for securities or other
property deliverable upon such reorganization, reclassification, transfer, consolation, merger, dissolution, liquidation or winding up.

 

    	-11-

    	 

    

 

17.
RESERVATION OF SHARES

 

During
the Exercise Period, the Company shall reserve and keep available out of its authorized but unissued capital stock for issuance upon
the exercise of this Warrant, free from pre- emptive rights, such number of Warrant Shares for which this Warrant shall from time to
time be exercisable. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company
covenants that it will take all such legal action as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and obtain all such authorizations, exemptions or
consents, including but not limited to consents from the Company’s stockholders or Board of Directors or any public regulatory
body, as may be necessary to enable the Company to perform its obligations under this Warrant.

 

18.
NO THIRD PARTY RIGHTS

 

Except
as set forth in Section 5(d), this Warrant is not intended, and will not be construed, to create any rights in any parties other
than the Company and the Holder, and no Person or entity may assert any rights as third- party beneficiary hereunder.

 

19.
AMENDMENT PROVISION

 

This
Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument referring to this Warrant and to this
Section 19 in particular and signed by the party against which enforcement of said change, waiver, discharge or termination is
sought.

 

[Signature
Page Immediately Follows]

 

    	-12-

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date first set forth above.

 

	 	ZYVERSA
    THERAPEUTICS, INC
	 	 	 
	 	 	 
	 	By:	 Stephen
     C. Glover 
	 	 	Chairman
    and Chief Executive Officer

 

[Signature
Page to Warrant Agreement]

 

    	 

    	 

    

 

EXHIBIT
A 

 

NOTICE
OF EXERCISE

 

(To
be executed by the Holder of the Warrant (“Warrant”) if such Holder desires to exercise Warrant)

 

To
ZyVersa Therapeutics, Inc.:

 

The
undersigned hereby irrevocably elects to exercise this Warrant and to purchase thereunder, ____________ Warrant Shares issuable upon
exercise of the Warrant and:

 

(i)
delivery of $ _____________ (in cash, certified check, bank draft or money order, as provided for in the foregoing Warrant) and any
applicable taxes payable by the undersigned pursuant to such Warrant; or

 

(ii)
surrender of shares in connection with a Net Issue Exercise (as set forth in the foregoing Warrant) and any applicable taxes payable
by the undersigned pursuant to such Warrant.

 

The
undersigned requests that certificates for such shares be issued in the name of:

 

____________________________

 

(Please
print name, address and social security or Federal employer identification number (if applicable))

 

____________________________

 

____________________________

 

____________________________

 

If
the shares issuable upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon
the exercise of the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued, dated as of
the Issuance Date, in the name of and delivered to:

 

____________________________

 

(Please
print name, address and social security or Federal employer identification number (if applicable))

 

____________________________

 

____________________________

 

____________________________

 

[Exhibit
A to Warrant Agreement (Notice of Exercise)]

 

    	 

    	 

    

 

The
undersigned hereby represents and warrants that (i) the undersigned meets the requirements of at least one of the suitability standards
for an “accredited investor” as that term is defined in Regulation D as promulgated by the United States Securities and Exchange
Commission; (ii) the undersigned is acquiring the Warrant Shares solely for the undersigned’s account for investment purposes only
and not with a view to or intent of resale or distribution thereof, in whole or in part, in violation of the Securities Act of 1933,
as amended (the “Securities Act”), and the undersigned has no present intention of selling, granting any participation
in, or otherwise distributing the same in violation of the Securities Act, without prejudice, however, to the undersigned’s right
at all times to sell or otherwise dispose of all or any part of the Warrant Shares in compliance with applicable federal and state securities
laws and in compliance with any transfer restriction to which the applicable Warrant Shares may be subject at any time or from time to
time; and (iii) the undersigned has such knowledge and experience in financial, tax, and business matters, and, in particular, investments
in securities, so as to enable it to utilize the information made available to it in connection with the Warrant to evaluate the merits
and risks of an investment in the Company and the Warrant Shares and to make an informed investment decision with respect thereto.

 

	 	Name
    of Holder (print): ______________________________
	 	 
	 	(Signature):  ______________________________________
	 	 
	 	(By:)  ___________________________________________
	 	 
	 	(Title:)  __________________________________________
	 	 
	 	Dated:  __________________________________________

 

[Signature
Page to Notice of Exercise]

 

    	 

    	 

    

 

EXHIBIT
B 

 

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, ________________ (“Assignor”) hereby sells, assigns and transfers to _____________
(“Assignee”) all of the rights of the undersigned under the Warrant (as defined in and evidenced by the attached
Warrant) to acquire ______________ Warrant Shares in and to the foregoing Warrant with respect to said acquisition rights and the
shares issuable upon exercise of the Warrant (the “Warrant Shares”). This assignment agreement (the
“Agreement”) is being delivered to ZyVersa Therapeutics, Inc., a Florida corporation (the
“Company”), pursuant to Section 5(a) of the Warrant, and both Assignor and Assignee acknowledge and agree
that the Company is an intended third party beneficiary of this Agreement.

 

Pursuant
to Section 5(c) of the Warrant, Assignee agrees that each of the Warrant and the underlying Warrant Shares acquired by Assignee
pursuant to this Agreement shall be bound by and subject to the terms of the Warrant including, but not limited to, the transfer restrictions
set forth in Sections 5(c) and 5(d) of the Warrant, in each case with the same force and effect as if Assignee were originally
a party to the Warrant.

 

Assignee
requests that the Warrant assigned pursuant to this Agreement be issued, dated as of the Issuance Date, in the name of and delivered
to:

 

_________________________

 

(Please
print name, address and social security or

Federal employer identification number (if applicable))

 

_________________________

 

_________________________

 

If
the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, Assignor requests that a new
Warrant dated as of the Issuance Date and evidencing the right to acquire the Warrant Shares not so assigned pursuant to the
Agreement be issued in the name of and delivered to Assignor.

 

[Signature
Page Immediately Follows]

 

[Exhibit
B to Warrant Agreement (Assignment Agreement)]

 

    	 

    	 

    

 

	ASSIGNOR	 	 	ASSIGNEE	 
	 	 	 	 	 
	 	 	 
	Print
    Name	 	 	Print
    Name	 
	 	 	 	 	 
	 	 	 
	Signature	 	 	Signature	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	 	 	 
	Date	 	 	Date	 

 

[Exhibit
B to Warrant Agreement (Assignment Agreement)]Exhibit
10.1

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 12, 2022, is made
and entered into by and among ZyVersa Therapeutics, Inc., a Delaware corporation (f/k/a Larkspur Health Acquisition Corp., the “Company”,
and prior to the Merger (as defined below), the Company is referred to herein as the “SPAC”), certain investors
listed on the signature pages hereto (such investors collectively with Larkspur Health LLC (the “Sponsor”),
the “Initial Investors”), and the undersigned parties listed under Holders on the signature pages hereto (each
such party, together with the Initial Investors and any other parties listed on the signature pages hereto and any person or entity who
hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, being referred to herein as a “Holder”
and collectively as the “Holders”).

 

RECITALS

 

WHEREAS,
the Company entered into that certain Business Combination Agreement, dated as of July 20, 2022 (as amended, supplemented or otherwise
modified from time to time (the “Business Combination Agreement”), by and among the SPAC, Larkspur Merger Sub,
Inc. (“Merger Sub”), the Security Representative named therein and ZyVersa Therapeutics Operating, Inc., a
Delaware corporation (f/k/a ZyVersa Therapeutics, Inc., “ZyVersa”), pursuant to which, among other things,
on the date hereof Merger Sub merged with and into ZyVersa, with ZyVersa surviving the merger as a wholly-owned subsidiary of the Company
(the “Merger”);

 

WHEREAS,
the Initial Investors and the SPAC entered into that certain Registration Rights Agreement, dated December 20, 2021 (as amended, supplemented,
restated or otherwise modified from time to time, the “Existing Agreement”); and

 

WHEREAS,
each party to the Existing Agreement desires to amend and restate the Existing Agreement in its entirety as set forth herein and the
Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to the Registrable Securities (as defined below) on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings
set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not
to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
(in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona
fide business purpose for not making such information public. “Agreement” shall have the meaning given in the
Preamble.

 

    	1

    	 

    

 

“Board”
shall mean the Board of Directors of the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble.

 

“Company
Common Stock” shall mean the Company’s common stock, par value $0.0001 per share.

 

“Demand
Registration” shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1” shall have the meaning given in subsection 2.1.1.

 

“Form
S-3” shall have the meaning given in subsection 2.3.

 

“Founder
Shares” shall mean the aggregate of 2,156,250 shares of the SPAC Class B Common Stock (as defined below) issued to the
Sponsor prior to the SPAC’s initially public offering, including: (a) the sale of 2,156,250 Founder Shares by the SPAC on May 7,
2021 to the following Holders for an aggregate purchase price of $25,000, or approximately $0.012 per share: (i) 1,494,998 Founder Shares
to the Sponsor; (ii) 632,500 Founder Shares to A.G.P./Alliance Global Partners (the “Representative”) (such
Founder Shares, the “Representative Shares”); (iii) 9,584 Founder Shares to Raj Mehra; (iv) 9,584 Founder Shares
to Christopher Twitty; and (v) 9,584 Founder Shares to Gregory Skalicky; (b) the 21,777 Founder Shares forfeited by the Representative
on September 11, 2021 for no consideration; (c) the transfer of (i) 231,423 Founder Shares by the Sponsor on November 18, 2021, (ii)
110,723 Founder Shares by the Representative on November 18, 2021, and (iii) 21,777 Founder Shares reissued to the Initial Investors
on November 4, 2021; (d) up to 281,250 Founder Shares forfeited by the Holders (including up to 60,723 Founder Shares forfeited by the
Representative) depending on the extent to which the underwriters of the SPAC’s initial public offering exercise their over-allotment
option; and (e) the transfer of an additional 4,494 Founder Shares by the Representative to the Initial Investors if the underwriters’
over-allotment option is not exercised. The Founder Shares shall be deemed to include the shares of SPAC Common Stock issuable upon conversion
thereof.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares, the period ending 180 days after the date hereof.
Notwithstanding the foregoing, the Initial Investors shall have the right to transfer their ownership in the Founder Shares at any time
to the extent that they determine, in good faith, that such transfer is necessary to ensure that they and/or any of their parents, subsidiaries
or affiliates are in compliance with the Investment Company Act of 1940.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of December 20, 2021, by and among the SPAC, the Initial Investors,
the Representative and each of the SPAC’s officers, directors, director nominees and advisors.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.4.

 

    	2

    	 

    

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable
Securities prior to the expiration of the Founder Shares Lock-up Period, under the Insider Letter, this Agreement and any other applicable
agreement between such Holder and the SPAC and/or the Company, and to any transferee thereafter.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.

 

“Pro
Rata” shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean the shares of the Company Common Stock and other equity securities convertible or exercisable or exchangeable
for shares of the Company Common Stock held by the Holders, and the shares of Company Common Stock underlying such equity securities,
including the following securities issued prior to the Merger and converted into shares of Company Common Stock pursuant to the Business
Combination Agreement: (a) the Founder Shares and the shares of SPAC Common Stock issued or issuable upon the conversion of any Founder
Shares, (b) the Representative Shares (including the shares of SPAC Common Stock issued or issuable upon conversion of the Representative
Shares), (c) any outstanding shares of the SPAC Common Stock or any other equity security (including the shares of SPAC Common Stock
issued or issuable upon the exercise of any other equity security) of the SPAC held by a Holder as of the date of this Agreement, (d)
the Private Warrants, and (e) any other equity security of the SPAC issued or issuable with respect to any such share of the SPAC Common
Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be
Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under
the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration
under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with
no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
Inc.) and any securities exchange on which the Company Common Stock is then listed;

 

    	3

    	 

    

 

(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(C)
printing, messenger, telephone and delivery expenses;

 

(D)
reasonable fees and disbursements of counsel for the Company;

 

(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration; and

 

(F)
reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand
Registration to be registered for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Representative
Shares Lock-up Period” shall mean, with respect to the Representative Shares that are held by the Representative, the period
ending 180 days after the effective date of the Registration Statement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“SPAC
Common Stock” shall mean the SPAC’s Class A common stock, par value $0.0001 per share, including the shares of SPAC
Class B Common Stock converted into the SPAC’s Class A Common Stock following consummation of the transactions contemplated by
the Business Combination Agreement.

 

“SPAC
Class B Common Stock” shall mean the SPAC’s Class B common stock, par value $0.0001 per share.

 

“Sponsor”
shall have the meaning given in the Preamble hereto.

 

“Private
Unit Purchase Agreements” shall mean those certain Private Unit Purchase Agreements entered into by and between the SPAC
and the Initial Investors dated as of December, 20, 2021, pursuant to which the Initial Investors agreed to purchase an aggregate of
317,600 units (or 328,850 units if the underwriters’ over-allotment option is exercised) of the Company (“Private Units”),
each Private Unit comprised of one share of the SPAC Common Stock, and three- fourths of one warrant to purchase one share of the SPAC
Common Stock (“Private Warrant”), for an aggregate purchase price of $3,176,000 (or $3,288,500 if the underwriters’
over-allotment option is exercised), or $10.00 per Private Unit, in private placement transactions occurring simultaneously with the
closing of the SPAC’s initial public offering.

 

    	4

    	 

    

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

ARTICLE
II

 REGISTRATIONS

 

2.1
Demand Registration.

 

2.1.1
Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and
from time to time on or after the date that is one hundred and eighty (180) days from the date hereof, the Holders of at least a majority
in interest of the then-outstanding number of Registrable Securities (the “Demanding Holders”) may make a written
demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities
to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”).
The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders
of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion
of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all
or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall
so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt
by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled
to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon
thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration,
the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration.
Under no circumstances shall the Company be obligated to effect more than an aggregate of two (2) Registrations pursuant to a Demand
Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that
a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available
at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting
Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section
3.1 of this Agreement.

 

2.1.2
Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, at
any time and from time to time on or after the date that is one hundred and eighty (180) days from the date hereof, a Registration pursuant
to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission
with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has
complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such
Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration
is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency
the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i)
such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company
in writing, but in no event later than five (5) days, of such election; and provided, further, that the Company shall not
be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with
respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

    	5

    	 

    

 

2.1.3
Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest
of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder
(if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such
Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided
herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection
2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the majority-in-interest of the Demanding Holders initiating the Demand Registration, which such Underwriter(s) shall be reasonably
acceptable to the Company.

 

2.1.4
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a
Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken
together with all other Common Stock or other equity securities that the Company desires to sell and the Company Common Stock, if any,
as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other
stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of
Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities
of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that
each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number
of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration
(such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number
of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i),
the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested)
exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum
Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Company Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i), (ii) and (iii), the Company Common Stock or other equity securities of other persons or entities that the Company
is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold
without exceeding the Maximum Number of Securities.

 

2.1.5
Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a
Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter
or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

    	6

    	 

    

 

2.2
Piggyback Registration.

 

2.2.1
Piggyback Rights. If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for,
or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by
the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of
Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration
Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of
the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may
request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best
efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as
any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities
through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be
a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback
Registration in writing that the dollar amount or number of the shares of Company Common Stock that the Company desires to sell, taken
together with (i) the shares of Company Common Stock, if any, as to which Registration has been demanded pursuant to separate written
contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities
as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the shares of Company Common Stock, if any,
as to which Registration has been requested pursuant to separate written contractual piggy- back registration rights of other stockholders
of the Company, exceeds the Maximum Number of Securities, then:

 

(a)
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the
Company Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the
Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1
hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the Company Common Stock, if any, as to which Registration
has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be
sold without exceeding the Maximum Number of Securities;

 

    	7

    	 

    

 

(b)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration (A) first, the Company Common Stock or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata
based on the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold
without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), the Company Common Stock or other equity securities that the Company desires to sell, which
can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A), (B) and (C), the Company Common Stock or other equity securities for the account of
other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
or entities, which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or
its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission
with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for
withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback
Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3
Registrations on Form S-3. Any Holder of Registrable Securities may at any time, and from time to time, request in writing that
the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register
the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that may be available
at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from a Holder
or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration
on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include
all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing,
within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more
than twelve (12) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall
register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all
or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification
given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration
pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities,
together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the
Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $10,000,000.

 

    	8

    	 

    

 

2.4
Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause
the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company
and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment
of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential
to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate
signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company
for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration
Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

 

ARTICLE
III

COMPANY
PROCEDURES

 

3.1
General Procedures. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable
Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
covered by such Registration Statement have been sold;

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold
in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included in such
Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

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3.1.4
prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any
Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

3.1.5
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly
upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

 

3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10
permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense,
in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided,
however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information; and provided further, the Company may not include
the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus,
any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such
Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter
and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments
the Company shall include unless contrary to applicable law;

 

3.1.11
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered
by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
of the participating Holders;

 

    	10

    	 

    

 

3.1.12
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule
promulgated thereafter by the Commission); provided that the Company will be deemed to have satisfied such requirement to the extent
such information is filed on the Commission’s EDGAR or any successor system.

 

3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its commercially
reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.

 

3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the
Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3
Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities
of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary
questionnaires, powers of attorney, indemnities, lock- up agreements, underwriting agreements and other customary documents as may be
reasonably required under the terms of such underwriting arrangements.

 

    	11

    	 

    

 

3.4
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has
received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants
to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control,
the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend
use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith
by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders
agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration
in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration
of any period during which it exercised its rights under this Section 3.4.

 

3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that
it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder
to sell shares of the Company Common Stock held by such Holder without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission),
including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

3.6
Limitations on Registration Rights. Notwithstanding anything herein to the contrary, (i) the Representative may not exercise its
rights under Sections 2.1 and 2.2 hereunder after five (5) and seven (7) years after November 14, 2022, respectively, and
(ii) the Representative may not exercise its rights under Section 2.1 more than one time.

 

ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1
Indemnification.

 

4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and
expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same
are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company
shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of
the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

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4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein;
provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable
Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities
shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

 

4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

    	13

    	 

    

 

4.1.5
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the
liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3
above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to
in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such
fraudulent misrepresentation.

 

ARTICLE
V

MISCELLANEOUS

 

5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or
facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time
as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused
by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 2200 N.
Commerce Parkway, Suite 208, Weston, FL 33326, Attention: Stephen C. Glover, Chief Executive Officer, and, if to any Holder, at such
Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2
Assignment; No Third Party Beneficiaries.

 

5.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

5.2.2
Prior to the expiration of the Founder Shares Lock-up Period or the Representative Shares Lock- up Period, as the case may be, no Holder
may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection
with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become
bound by the transfer restrictions set forth in this Agreement.

 

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5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.2 hereof.

 

5.2.5
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment
made other than as provided in this Section 5.2 shall be null and void.

 

5.3
Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which
shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4
Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW
YORK COUNTY IN THE STATE OF NEW YORK.

 

5.5
Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the
Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder
of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall
require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any
failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a
waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement
by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6
Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further,
the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar
terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement
shall prevail.

 

5.7
Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date
as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by
the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under without registration
pursuant to Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.5 and Article IV shall survive any termination.

 

[Signature
Page Follows]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	ZYVERSA THERAPEUTICS, INC., a Delaware
    corporation
	 	 	 
	 	By:	 /s/
    Stephen C. Glover 
	 	Name:	Stephen C. Glover
	 	Title:	Chief Executive Officer

 

	 	HOLDERS:
	 	 
	 	SPONSOR:

    

	 	 
	 	LARKSPUR
    HEALTH LLC
	 	 
	 	By:	 /s/
Daniel J. O’Connor 
	 	Name:	Daniel
    J. O’Connor
	 	Title:	Manager

 

	 	REPRESENTATIVE:

    

	 	 
	 	A.G.P./ALLIANCE
    GLOBAL PARTNERS
	 	 	 
	 	By:	 /s/ Thomas J. Higgins            
	 	Name:	Thomas
    J. Higgins
	 	Title:	Managing
    Director

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	RAJ
    MEHRA

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	CHRISTOPHER
    TWITTY

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	GREGORY
    SKALICKY

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	INITIAL
    INVESTORS:
	 	 
	 	M2B
    FUNDING CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Daniel
    Kordash
	 	Title:	President

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	APOLLO
MANAGEMENT GROUP, INC.

	 	 	 
	 	By:	 
	 	Name:	Yohan
    Naraine
	 	Title:	President

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	ALPHA
CAPITAL ANSTALT

	 	 	 
	 	By:	 
	 	Name:	Nicola
    Feuerstein
	 	Title:	Director

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	RANGE
VENTURES, LLC

	 	 	 
	 	By:	 
	 	Name:	Stephen
    Christofferson
	 	Title:	Managing
    Member

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	Nicholas
    Kovacevich

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	Francis
    Knuettel II

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date first written above.

 

	 	 
	 	Thomas
    Poletti

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

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