Document:

Exhibit 10.2

    

     

    

    SUBORDINATION AGREEMENT

     

    

    This SUBORDINATION AGREEMENT, dated as of April 20, 2021, is between Leviston Resources, LLC, a Delaware limited liability company (“Creditor”), and NH EXPANSION CREDIT FUND HOLDINGS LP (“North Haven Expansion”), as agent for the Holders (as
      hereafter defined; in such capacity, together with its successors or permitted assigns, “Agent”).

    R E C I T A L S

     

    

    A.          SANUWAVE HEALTH, INC., a Nevada corporation (“Issuer”)
      has requested and/or obtained certain credit accommodations from the Holders under, and as defined in, that certain Note and Warrant Purchase and Security Agreement dated as of August 6, 2020 (as amended, restated, amended and restated, supplemented
      or otherwise modified from time to time) by and among Agent, Issuer and the Holders from time to time signatory thereto, including North Haven Expansion in its capacity as a Holder (each, a “Holder”
      and collectively, the “Holders”), which credit accommodations are or may be from time to time secured by assets and property of Issuer.

     

    

    B.           Creditor is the holder of the Future Advance Convertible Promissory Note dated April 20, 2021 in the original principal amount of up to $3,402,000
      (the “Convertible Note”).

     

    

    C.          In order to induce each Holder to extend credit to Issuer and, at any time or from time to time, at each Holder’s option, to make such further
      loans, extensions of credit, or other accommodations to or for the account of Issuer, or to extend credit upon any instrument or writing in respect of which Issuer may be liable in any capacity, or to grant such renewals or extension of any such
      loan, extension of credit, or other accommodation as any Holder may deem advisable, Creditor is willing to subordinate: (i) all of Issuer’s indebtedness and obligations to Creditor pursuant to the Convertible Note, whether presently existing or
      arising in the future (the “Subordinated Debt”) to all of Issuer’s indebtedness and obligations to Agent, for the ratable benefit of each Holder; and (ii) all of Creditor’s security
      interests, if any, to all of Agent’s (for the ratable benefit of each Holder’s) security interests in the property of Issuer.  Notwithstanding the foregoing, Subordinated Debt shall not include any equity interests of the Issuer into which the
      Subordinated Debt may be converted.

     

    

    NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

     

    

    1.          Creditor acknowledges and agrees that the Subordinated Debt is unsecured and that Creditor does not now have, and shall not assert at any time in the future, any
      lien, security interest or other encumbrance with respect to any assets of Issuer. Notwithstanding the foregoing, Creditor subordinates to Agent, for the ratable benefit of each Holder, any security interest or lien that Creditor may have in any
      property of Issuer. Notwithstanding the respective dates of attachment or perfection of the security interest of Creditor and the security interest of Agent, the security interest of Agent in the accounts, including health care receivables, chattel
      paper, general intangibles, inventory, equipment, instruments, including promissory notes, deposit accounts, investment property, documents, letter of credit rights, any commercial tort claim of Issuer which is now or hereafter identified by Issuer
      or Agent (or any Holder), and all other property of the Issuer (collectively, the “Collateral”) shall at all times be prior to the security interest of Creditor.

     

    

    2.           All Subordinated Debt is subordinated in right of payment to all obligations of Issuer to Agent and each Holder now existing or hereafter arising, together with all
      costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after the commencement by or against Issuer of any bankruptcy, reorganization or similar proceeding (the “Senior Debt”).

     

    

    3.

    (a)         Creditor will not demand or receive from Issuer (and Issuer will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment,
      prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise any remedy with respect to the Collateral or any other collateral securing the Subordinated Debt, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to
      commence, prosecute or participate in any administrative, legal or equitable action against Issuer, until such time as all the Senior Debt is fully paid in cash, and all of Agent’s and each Holder’s obligations owing to Issuer have been terminated.
      The foregoing notwithstanding, Creditor shall be entitled to receive payment of all amounts that constitute Subordinated Debt, in whole but not in part, solely from the proceeds of an substantially contemporaneous equity financing by Issuer, provided that a Potential Default or an Event of Default under the Senior Debt has not occurred and is not continuing and would not exist immediately after such payment. Nothing in the foregoing paragraph shall
      prohibit Creditor from enforcing it rights in respect of the conversion all or any part of the Subordinated Debt into equity securities of Issuer in accordance with the terms of any related note or note purchase agreement.

     

    

    
      1

      
        

    

    (b)          Notwithstanding anything to the contrary contained in Section 3(a) or elsewhere in this Agreement, if Agent delivers to Creditor written notice (a
      “Blockage Notice”) which states that there has been a default under the documents evidencing the Senior Debt (the “Senior Debt Documents”)

      that has not been cured then, during any Blockage Period (as defined below), Creditor shall not accept or receive any payment of any kind of or on account of the Subordinated Debt, or take any action to enforce its rights or remedies with respect to
      the Subordinated Debt (other than conversion of the Subordinated Debt to equity securities of the Issuer in accordance with the terms of any related note or note purchase agreement; which is expressly permitted hereunder) unless and until the earlier
      of (A) the time Agent notifies Creditor in writing that the default by the Issuer has been cured by the Issuer or waived by Agent, or (B) the expiration of the Blockage Period for such Blockage Notice.

     

    

    As used herein, “Blockage Period” means a period of time beginning on the date a Blockage Notice is delivered to Creditor and terminating
      on the earlier to occur of:

     

    

    (1)         120 days following such date; provided that if, prior to the expiration of such 120-day period, Agent has commenced and is diligently pursuing a judicial proceeding or non-judicial
      actions to collect or enforce the Senior Debt or foreclose on any collateral for the Senior Debt, or a case or proceeding by or against Issuer is commenced under the United States Bankruptcy Code or any other insolvency law, then such period shall be
      extended during the continuation of such proceedings and actions until the payment in cash in full of the Senior Debt; or

     

    

    (2)          the written consent of Agent to such termination.

     

    

    provided that, in no event shall any payment in cash be made to or received by Creditor before 91 days after the Maturity Date under (and as defined in) the Senior Debt Documents.

     

    

    4.           Creditor shall promptly deliver to Agent in the form received (except for endorsement or assignment by Creditor where required by Agent) for application to the
      Senior Debt any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement.

     

    

    5.           In the event of Issuer’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these
      provisions shall remain in full force and effect, and Agent’s and each Holder’s claims against Issuer and the estate of Issuer shall be paid in full before any payment is made to Creditor. For the avoidance of any doubt, Senior Debt includes, without
      limitation, Agent’s and each Holder’s claims against Issuer and the estate of Issuer arising from the granting of credit under Section 364 or the use of cash collateral under Section 363 of the United States Bankruptcy Code, and Creditor agrees that
      it will raise no objection thereto.

     

    

    6.          Until the Senior Debt is fully paid in cash, and all of Agent’s and each Holder’s obligations owing to Issuer have been terminated, Creditor agrees that it will not
      object to or oppose (i) the sale of the Issuer, or (ii) the sale or other disposition of any property of the Issuer or the estate of Issuer, if Agent has consented to such sale of the Issuer or sale or disposition of any property of the Issuer or the
      estate of Issuer. If requested by Agent, Creditor shall affirmatively consent to such sale or disposition and shall take all necessary actions and execute such documents and instruments as Agent may reasonably request in connection with and to
      facilitate such sale or disposition.

      

    

    7.           Until the Senior Debt is fully paid in cash, and all of each Holder’s obligations owing to Issuer have been terminated, Creditor irrevocably appoints Agent as
      Creditor’s attorney-in-fact, and grants to Agent a power of attorney with full power of substitution, in the name of Creditor or in the name of Agent or any Holder, for the use and benefit of Agent and each Holder, without notice to Creditor, to
      perform at Agent’s or such Holder’s option the following acts in any bankruptcy, insolvency or similar proceeding involving Issuer: (i) to file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does
      not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if Agent elects, in its sole discretion, to file such claim or claims; and (ii) to accept or reject any plan of reorganization or arrangement on behalf
      of Creditor and to otherwise vote Creditor’s claims in respect of any Subordinated Debt in any manner that Agent deems appropriate for the enforcement of its rights hereunder.

     

    

    
      2

      
        

    

    8.          Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement.
      No amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the
      subordination of the security interest or lien that Creditor may have in any property of Issuer. By way of example, such instruments shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate
      the payment of the principal or interest or any other portion of the Subordinated Debt.

     

    

    9.           This Agreement shall remain effective for so long as Issuer owes any amounts to Agent or any Holder. If, at any time after payment in full of the Senior Debt, any
      payments of the Senior Debt must be disgorged by Agent or any Holder for any reason (including, without limitation, the bankruptcy of Issuer), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such
      disgorged payments as though such payments had not been made and Creditor shall immediately pay over to Agent, for itself and for the benefit of each Holder, all payments received with respect to the Subordinated Debt to the extent that such payments
      would have been prohibited hereunder. At any time and from time to time, without notice to Creditor, Agent and each Holder may take such actions with respect to the Senior Debt and the Collateral as Agent and/or such Holder, in its sole discretion,
      may deem appropriate, including, without limitation, terminating advances to Issuer, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any
      documents affecting the Senior Debt and any Collateral , judicial foreclosure, nonjudicial foreclosure, exercise of a power of sale, and taking a deed, assignment or transfer in lieu of foreclosure as to any of the Collateral, and enforcing or
      failing to enforce any rights against Issuer or any other person. No such action or inaction shall impair or otherwise affect Agent’s or any Holder’s rights hereunder.  Creditor agrees not to assert against Agent or any Holder (a) any rights which a
      guarantor or surety could exercise; but nothing in this Agreement shall constitute Creditor a guarantor or surety; (b) the right, if any, to require Agent or any Holder to marshal or otherwise require Agent or any Holder to proceed to dispose of or
      foreclose upon any of the Collateral in any manner or order; and (c) any right of subrogation, contribution, reimbursement, or indemnity which it may have against Issuer arising directly or indirectly out of this Agreement.

     

      

    10.         This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of Agent and each Holder. This Agreement is solely for
      the benefit of Creditor, Agent and each Holder and not for the benefit of Issuer or any other party. Creditor further agrees that if Issuer is in the process of refinancing a portion of the Senior Debt with a new lender, and if Agent or any Holder
      makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.

     

    

    11.          This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

     

    

    12.         CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER

     

    

    13.         New York law governs this Agreement without regard to principles of conflicts of law.  Creditor, Agent and each Holder each submit to the exclusive jurisdiction of
      the State and Federal courts in New York County, City of New York, New York; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Agent or any Holder from bringing suit or taking other legal action in any other
      jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Agent and/or any Holder.  Issuer and Creditor each expressly submits and consents in advance to such
      jurisdiction in any action or suit commenced in any such court, and Issuer and Creditor each hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
      granting of such legal or equitable relief as is deemed appropriate by such court.

     

    

    
      3

      
        

    

    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, CREDITOR, ISSUER, AGENT AND EACH HOLDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS
      AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT.  NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS
      AGREEMENT OR ANYWHERE ELSE, CREDITOR AND ISSUER EACH AGREES THAT IT SHALL NOT SEEK FROM AGENT OR ANY HOLDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES.  EACH PARTY HAS
      REVIEWED THIS WAIVER WITH ITS COUNSEL.

     

    

    14.        This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. Creditor
      is not relying on any representations by Agent or any Holder or Issuer in entering into this Agreement, and Creditor has kept and will continue to keep itself fully apprised of the financial and other condition of Issuer. This Agreement may be
      amended only by written instrument signed by Creditor and Agent.

     

    

    15.        In the event of any legal action to enforce the rights of a party under this Agreement, the party prevailing in such action shall be entitled, in addition to such
      other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in such action.

    

    

    [Balance of Page Intentionally Left Blank]

     

    

    
      4

      
        

    

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

     

    

    	
            CREDITOR:

          	 
	 	 
	
            Leviston Resources, LLC

          	 
	 	 
	
            By: /s/ R. Rogol

          	 	 
	
            Name: R. Rogol

          	 	 

    	
            Title: Chief Financial Officer

          	 	 
	 	 
	
            Address for Notices:

          	 
	
            78 SW 7th St.

            Miami, FL 33130 

            

          	 
	 	 

    	
            Attn:

          	
            Roman Rogol

          	 

    

    

    [Signature Page to Subordination Agreement – Leviston Resources, LLC]

    [Signatures Continued, Next Page]

    

    

    
      
        

    

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

     

    

    AGENT:

     

    

    	
            NH EXPANSION CREDIT FUND HOLDINGS LP

          	

          
	 

          	

          
	
            By:

          	
            MS Expansion Credit GP, L.P.

          	

          
	
            Its:

          	
            General Partner

          	

          
	 

          	

          
	
            By:

          	
            MS Expansion Credit GP Inc.

          	

          
	
            Its:

          	
            General Partner

          	

          
	 

          	

          

    	
            By /s/ William Reiland

          	

          

    	
            Name: William Reiland

          	 

          	

          

    	
            Title: Managing Director

          	 

          	

          
	 

          	

          
	
            Address for Notice:

          	

          
	
            1585 Broadway, 39th Floor

          	

          
	
            New York, NY 10036

          	

          

    	
            Attn:

          	
            Debra Abramovitz

          	

          

    	
            Expansion_creidt_reporting@morganstanley.com

          	

          
	 

          	

          
	
            with a copy to:

          	

          
	
              

            

          	

          

    	
            1585 Broadway, 37th Floor

          	

          
	
            New York, NY 10036

          	

          
	
            Attn:

          	
            William Reiland

          	

          
	
             

            

          	

          
	
            and

          	

          
	 

          	

          

    	
            555 California Street, 14th Floor

          	

          
	
            San Francisco, CA  94104

          	

          
	
            Attn:

          	
            Melissa Daniels

          	

          
	 

          	

          
	
            with a copy, not constituting notice, to:

          	

          
	
                    

            

          	

          

    	
            Barnes & Thornburg LLP

          	

          
	
            655 W. Broadway, Suite 1300

          	

          
	
            San Diego, CA 92101

          	

          
	
            Attn:

          	
            Troy Zander

          	

          

    

    

    [Signature Page to Subordination Agreement - Leviston Resources, LLC]

    [Signatures Continued, Next Page]

    

    

    
      
        

    

    IN WITNESS WHEREOF, the undersigned approves of the terms of this Agreement.

     

    

    ISSUER:

    

    

    	
            SANUWAVE HEALTH, INC.

          	

          
	 

          	

          
	
            By: /s/ Kevin A. Richardson II

          	

          	
                   

            

          
	 

          	

          	
                   

            

          
	
            Name: Kevin A. Richardson II

          	 

          	 

          
	 

          	
               

            

          	
                   

            

          
	
            Title: Chief Executive Officer

          	 

          	
                

            

          
	 

          	
               

            

          	
               

            

          
	
            Address for Notices:

          	
                  

            

          
	
                 

            

          	
                

            

          
	
            SANUWAVE HEALTH, INC.

          	
                 

            

          
	
            3360 Martin Farm Road, Suite 100

          	
                   

            

          
	
            Suwanee, Georgia 30024

          	 

          

    	
            Attn:

          	
            Kevin A. Richardson, Chief Executive Officer

          	 

          

    	
            Email:

          	
            kevin.richardson@sanuwave.com

          	 

          
	
              

            

          	 

          
	
            with a copy, not constituting notice, to:

          	 

          
	
              

            

          	 

          
	
            Morrison & Foerster LLP

          	 

          
	
            425 Market Street

          	 

          
	
            San Francisco, CA 94105

          	 

          

    	
            Attention:

          	
            Murray Indick

          	 

          

    	
            Email:

          	
            MIndick@mofo.com

          	 

          

    

    

    [Signature Page to Subordination Agreement - Leviston Resources, LLC]Exhibit 10.3

      

       

        

      REGISTRATION RIGHTS AGREEMENT

      

      

      THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of April _20, 2021 (the “Closing Date”), by and among Sanuwave Health, Inc., a Nevada corporation (the “Company”),

        and the lender identified on the signature pages hereto (including its successors and assigns, the “Lender”).

      

      

      RECITALS

      

      

      WHEREAS, the Company and the Lender are parties to a certain Securities Purchase Agreement (the “Purchase Agreement”), dated as of the date hereof, as such may be amended and supplemented
        from time to time, pursuant to which the Company has issued to the Lender a certain Future Advance Convertible Promissory Note, dated as of the date hereof, as such may be amended and supplemented from time to time (the “Note”);

      

      

      WHEREAS, the Company and the Lender are parties to an Common Stock Purchase Warrant (the “Warrant”) of even date herewith for the purchase of 16,666,667 shares of Common Stock;

      

      

      WHEREAS, the Lender’s obligations under the Purchase Agreement and the Note are conditioned upon certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”);
        and

      

      

      WHEREAS, the Lender and the Company desire to provide for the rights of registration under the Securities Act as are provided herein upon the execution and delivery of this Agreement by the Lender
        and the Company.

      

      

      NOW, THEREFORE, in consideration of the promises, covenants and conditions set forth herein, the parties hereto hereby agree as follows:

      

      

      1. Registration Rights.

      

      

      1.1 Definitions. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the meanings set
        forth below:

      

      

      (a)          “Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York generally are
        authorized or required by law or other government actions to close.

      

      

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

      

      

      (c)          “Common Stock” means the Company’s common stock, par value $0.001.

      

      

      
        1

        
          

      

      (d)          “Effectiveness Date” means the 60th day following the Closing Date if the Commission provides 4 or fewer comments on the registration statement covering the
        Registrable Securities, or the 90th day following the Closing Date the Commission provides 5 or more comments on the registration statement covering the Registrable Securities.

      

      

      (e)          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

      

      

      (f)          “Filing Date” means thirty (30) days after the Closing Date.

      

      

      (g)          “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of
          Registrable Securities.

      

      

      (h)          The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in
        compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document.

      

      

      (i)          “Registrable Securities” means 100% of the maximum number of the Shares issuable upon conversion of the Note and exercise of the Warrant issued pursuant to the Purchase
        Agreement as of the effective date of the registration statement described in Section 1.2(a) below; provided, however, that Registrable Securities shall not include any securities of the Company that have previously been registered
        and remain subject to a currently effective registration statement or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a private transaction in which the transferor’s rights
        under this Section 1 are not assigned.

      

      

      (j)          “Rule 144” means Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be
        promulgated by the Commission.

      (k)          “Rule 415” means Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any
        similar successor rule that may be promulgated by the Commission.

      (l)          “Shares” means shares
          the Company’s common stock.

      1.2 Company Registration.

       

        

      (a) On or prior to the Filing Date, the Company shall prepare and file with the Commission a registration statement covering the Registrable Securities for an offering to be made on a continuous
        basis pursuant to Rule 415. The registration statement shall be on Form S-1 or, if the Company is so eligible, on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-1 or Form S-3, as the
        case may be, in which case such registration shall be on another appropriate form in accordance herewith) and shall contain (unless otherwise directed by Holders holding an aggregate of at least a majority of the Registrable Securities on a fully
        diluted basis) substantially the “Plan of Distribution” attached hereto as Annex A. The Company shall cause the registration statement to become effective and remain effective as provided herein. The Company shall use its reasonable
        best efforts to cause the registration statement to be declared effective under the Securities Act as soon as possible and, in any event, by the Effectiveness Date. The Company shall use its best efforts to keep the registration statement
        continuously effective under the Securities Act until all Registrable Securities covered by such registration statement have been sold, or may be sold without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction
        or limitation pursuant to Rule 144, as determined by the counsel to the Company (the “Effectiveness Period”).

      

      

      
        2

        
          

      

      (b) The Company shall prepare and file with the Commission such amendments, including post-effective amendments, to the Registration Statement as may be necessary to keep the Registration Statement
        continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements as necessary in order to register for resale under the Securities Act
        all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424 (or any similar provisions then in force)
        promulgated under the Securities Act; (iii) respond as promptly as possible, but in no event later than twenty (20) Business Days, to any comments received from the Commission with respect to the Registration Statement or any amendment thereto and
        as promptly as possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to the Registration Statement; (iv) file the final prospectus pursuant to Rule 424 of the Securities Act no later than
        two (2) Business Days following the date the Registration Statement is declared effective by the Commission; and (v) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of
        all Registrable Securities covered by the Registration Statement during the Effectiveness Period in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such
        Prospectus as so supplemented.

      

      

      (c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock then registered in a registration statement, the
        Company shall file as soon as reasonably practicable an additional registration statement covering the resale of not less than the number of such Registrable Securities.

      

      

      (d) The Company shall bear and pay all costs and expenses incurred in connection with any registration, filing or qualification of Registrable Securities with respect to the registrations pursuant
        to this Section 1.2 for each Holder, including (without limitation) all registration, filing and qualification fees, printer’s fees, accounting fees and fees and disbursements of counsel for the Company, but excluding any brokerage or underwriting
        fees, discounts and commissions relating to Registrable Securities and fees and disbursements of counsel for the Holder. The Company shall also pay for the services of one (1) counsel or advisor, for all Lenders, to review the Registration
        Statement.  The Company covenants it will provide the proposed Registration Statement to Holder and its counsel at least two (2) business days before filing for their review and comment.  The Company agrees it will accept all such comments and
        changes unless such comments and changes would reasonably be expected to result in a violation of applicable securities laws.

      

      

      
        3

        
          

      

      (e) If at any time during the Effectiveness Period there is not an effective Registration Statement covering all of the Registrable Securities, then the Company shall notify each Holder in writing
        at least fifteen (15) days prior to the filing of any registration statement under the Securities Act, in connection with a public offering of shares of Common Stock (including, but not limited to, registration statements relating to secondary
        offerings of securities of the Company but excluding any registration statements (i) on Form S-4 or S-8 (or any successor or substantially similar form), or of any employee stock option, stock purchase or compensation plan or of securities issued
        or issuable pursuant to any such plan, or a dividend reinvestment plan, (ii) otherwise relating to any employee, benefit plan or corporate reorganization or other transactions covered by Rule 145 promulgated under the Securities Act, (iii) on any
        registration form which does not permit secondary sales or does not include substantially the same information as would be required to be included in a registration statement covering the resale of the Registrable Securities. In the event the
        Holder desires to include in any such registration statement all or any part of the Registrable Securities held by such Holder, the Holder shall within ten (10) days after the above-described notice from the Company, so notify the Company in
        writing, including the number of such Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the
        Company such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to the offering of the
        securities, all upon the terms and conditions set forth herein.  In the event the Company files a registration statement on Form S-1 in connection with an uplisting of the Common Stock to Nasdaq, the Effective Date shall be delayed upon mutual
        agreement of the Company and the Holder in order to make any necessary amendments to the Registration Statement.

      

      

      1.3 Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

      

      

      (a) Prepare and file with the Commission a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective and
        to keep such registration statement effective during the Effectiveness Period;

      

      

      (b) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to
        comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement;

      

      

      (c) Furnish to the Holder, at no cost or expense to the Holder, such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities
        Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them (provided that the Company would not be required to print such prospectuses if readily available to Holder
        from any electronic service, such as on the EDGAR filing database maintained at www.sec.gov);

      

      

      
        4

        
          

      

      (d) Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities’ or blue sky laws of such jurisdictions as shall be
        reasonably requested by the Holder; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

      

      

      (e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such
        offering (each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement);

      

      

      (f) Promptly notify each Holder holding Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities
        Act, within one business day, (i) of the effectiveness of such registration statement, or (ii) of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
        statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

      

      

      (g) Cause all such Registrable Securities registered pursuant hereto to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the
        Company are then listed; and

      

      

      (h) Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the
        effective date of such registration.

      

      

      (i) Comply in all material respects with all applicable rules and regulations of the Commission and make generally available to its security holders all documents filed or required to be filed with
        the Commission, including, but not limited, to, earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 not later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month
        period if such period is a fiscal year) commencing on the first day of the first fiscal quarter of the Company after the effective date of the Registration Statement, which statement shall conform to the requirements of Rule 158.

      

      

      (j) If requested by the Holders of a majority in interest of the Registrable Securities, (i) promptly incorporate in a Prospectus supplement or post-effective amendment to the Registration
        Statement such information as the Company reasonably agrees should be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received
        notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment.

      

      

      
        5

        
          

      

      (k) Prior to any resale of Registrable Securities, use its commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or
        qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder requests in writing, to keep
        each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable
        Securities covered by a Registration Statement; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to
        general service of process in any such jurisdiction where it is not then so subject or subject the Company to any material tax in any such jurisdiction where it is not then so subject.

      

      

      (l) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold pursuant to a Registration Statement, which
        certificates, to the extent permitted by the Purchase Agreement and applicable federal and state securities laws, shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such
        names of the Holder in connection with any sale of Registrable Securities.

      

      

      (m) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the natural persons
        thereof that have voting and dispositive control over the Registrable Securities. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any
        Holder fails to furnish such information within five (5) Business Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of
        such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

       

      

      If the Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (if such reference to such
        Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force) the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent
        to the time that such reference ceases to be required.

       

      

      Each Holder covenants and agrees that it will not sell any Registrable Securities under the Registration Statement until the Company has electronically filed the Prospectus as then amended or
        supplemented as contemplated in Section 1.3(j) and notice from the Company that the Registration Statement and any post-effective amendments thereto have become effective as contemplated by Section 1.3(f).

       

      

      Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 1.3(f), such
        Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement contemplated by Section
        1.3(j), or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to
        be incorporated by reference in such Prospectus or Registration Statement.

       

      

      
        6

        
          

      

      (n)  If (i) there is material non-public information regarding the Company which the Company’s Board of Directors (the “Board”) determines not to be in the Company’s best interest to disclose and
        which the Company is not otherwise required to disclose, (ii) there is a significant business opportunity (including, but not limited to, the acquisition or disposition of assets (other than in the ordinary course of business) or any merger,
        consolidation, tender offer or other similar transaction) available to the Company which the Board determines not to be in the Company’s best interest to disclose, or (iii) the Company is required to file a post-effective amendment to the
        Registration Statement to incorporate the Company’s annual reports and audited financial statements on Forms 10-K, then the Company may (x) postpone or suspend filing of a registration statement for a period not to exceed thirty (30) consecutive
        days or (y) postpone or suspend effectiveness of a registration statement for a period not to exceed thirty (30) consecutive days; provided that the Company may not postpone or suspend effectiveness of a registration statement under this Section
        1.3(n) for more than sixty (60) days in the aggregate during any three hundred sixty (360) day period; provided, however, that no such postponement or suspension shall be permitted for consecutive twenty (20) day periods arising out of the same set
        of facts, circumstances or transactions.

      

      

      1.4 Furnish Information. It shall be a condition precedent to the Company’s obligations to take any action pursuant to this Section 1 with respect to the Registrable Securities of any
        selling Holder that such Holder shall furnish to the Company such information regarding such Holder, the Registrable Securities held by such Holder, and the intended method of disposition of such securities in the form attached to this Agreement as
        Annex B, or as otherwise reasonably required by the managing underwriters, if any, to effect the registration of such Holder’s Registrable Securities.

      1.5 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any
        controversy that might arise with respect to the interpretation or implementation of this Section 1.

        

      

      
        7

        
          

      

      1.6 Indemnification.

      

      

      (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, any underwriter (as defined in the Securities Act) for such Holder and each of their directors,
        officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls each
        Holder and underwriter (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally
        equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person and their respective heirs, personal representatives, successors and assigns, against any losses, claims, damages or
        liabilities (joint or several) to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or state securities law, insofar as such losses, claims, damages or liabilities (or actions in
        respect thereof), as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken, arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”):
        (i) any untrue statement or alleged untrue statement of a material fact contained in a registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto (collectively, the “Filings”),
        (ii) the omission or alleged omission to state in the Filings a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities
        Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law, as determined by a final judgment of a court of competent jurisdiction from which no
        appeal may be taken; and the Company will pay any legal or other expenses reasonably incurred by any person to be indemnified pursuant to this Section 1.6(a) in connection with investigating or defending any such loss, claim, damage, liability or
        action; provided, however, that the indemnity agreement contained in this Section 1.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the
        consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is
        based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling person.

      

      

      (b) To the extent permitted by law, each Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if
        any, who controls the Company within the meaning of the Securities Act or the Exchange Act, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder,
        against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or state securities law, insofar as such losses, claims,
        damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information
        furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay any legal or other expenses reasonably incurred by any person to be indemnified pursuant to this Section 1.6(b) in connection with
        investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 1.6(b) shall not apply to amounts paid in settlement of any such loss, claim,
        damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, in no event shall any indemnity under this
        subsection 1.6(b) exceed the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

       

      

      
        8

        
          

      

      (c) Promptly after receipt by an indemnified party under this Section 1.6 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in
        respect thereof is to be made against any indemnifying party under this Section 1.6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the
        extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
        (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
        indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure
        to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the
        indemnified party under this Section 1.6, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.6.

      

      

      (d) If the indemnification provided for in Sections 1.6(a) and 1.6(b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage
        or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or expense in
        such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in
        such loss, liability, claim or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or
        alleged untrue statement of a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
        statement or omission. In no event shall any Holder be required to contribute an amount in excess of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

      

      

      (e) If a claim for indemnification under Section 1.6(a) or 1.6(b) is due but unavailable to an Indemnified Party because of a failure or refusal of a governmental authority to enforce such
        indemnification in accordance with its terms (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a
        result of such Losses, in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Party on the one hand and the Indemnified Party on the other from the offering of the Preferred Stock and Warrants. If, but
        only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing
        sentence but also the relative fault, as applicable, of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The
        relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue statement of a material fact or omission of a material fact, has been
        taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The
        amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 1.6(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with
        any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. In no event shall any selling Holder be
        required to contribute an amount under this Section 1.6(e) in excess of the gross proceeds received by such Holder upon sale of such Holder’s Registrable Securities pursuant to the Registration Statement giving rise to such contribution obligation.

       

      

      
        9

        
          

      

      The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 1.6(e) were determined by pro rata allocation or by any other method of allocation that
        does not take into account the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
        contribution from any Person who was not guilty of such fraudulent misrepresentation.

      

      

      (f) The obligations of the Company and Holder under this Section 1.6 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and
        otherwise.

      

      

      (g) The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties pursuant to applicable
        law.

      

      

      1.7 Reports Under Securities Exchange Act. With a view to making available the benefits of certain rules and regulations of the Commission, including Rule 144, that may at any time permit
        the Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-1 or Form S-3, the Company agrees to:

      

      

      (a) make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the Final Closing Date;

      

      

      (b) take such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holder to utilize Form S-1 for the sale of their
        Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the registration statement is declared effective;

      

      

      (c) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

      

      

      (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements
        of Rule 144 the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-1 or Form S-3 (at any time after it
        so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule
        or regulation of the Commission that permits the selling of any such securities without registration or pursuant to such form.

       

      

      
        10

        
          

      

      1.8 Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be transferred or assigned, but only
        with all related obligations, by the Holder to a transferee or assignee who (a) acquires at least 25,000 Shares (subject to appropriate adjustment for stock splits, stock dividends and combinations) from such transferring Holder, unless waived in
        writing by the Company, or (b) holds Registrable Securities immediately prior to such transfer or assignment; provided, that in the case of (a), (i) prior to such transfer or assignment, the Company is
        furnished with written notice stating the name and address of such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, (ii) such transferee or assignee agrees in
        writing to be bound by and subject to the terms and conditions of this Agreement and (iii) such transfer or assignment shall be effective only if immediately following such transfer or assignment the further disposition of such securities by the
        transferee or assignee is restricted under the Securities Act.

      1.9 Filing Obligations. The Company covenants to timely file (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 Section 13(a) or 15(d) of the Exchange Act. As long as any Holder owns Warrants or Registrable Securities, if the Company is not required to file reports pursuant to Section 13(a) or 15(d)
        of the Exchange Act, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c) promulgated under the Securities Act, annual and quarterly financial statements, together with a discussion and analysis of
        such financial statements in form and substance substantially similar to those that would otherwise be required to be included in reports required by Section 13(a) or 15(d) of the Exchange Act, as well as any other information required thereby, in
        the time period that such filings would have been required to have been made under the Exchange Act. The Company further covenants that it will take such further action as any Holder may reasonably request, all to the extent reasonably required
        from time to time to enable such Person to sell the Conversion Shares and the Warrant Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including
        providing any legal opinions relating to such sale pursuant to Rule 144. 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.

      

      

      2. Legend.

      

      

      (a)  Each certificate representing Shares held by the Holder shall be endorsed with the following legend:

      

      

      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
        NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
        ACCEPTABLE TO THE COMPANY. THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

      

      

      
        11

        
          

      

      (b)  The legend set forth above shall be removed, and the Company shall issue a certificate without such legend to the transferee of the Shares represented thereby, if, unless otherwise required by
        state securities laws, (i) such Shares have been sold under an effective registration statement under the Securities Act, (ii) in connection with a sale, assignment or other transfer, such holder provides the Company with an opinion of counsel,
        reasonably acceptable to the Company, to the effect that such sale, assignment or transfer is being made pursuant to an exemption from the registration requirements of the Securities Act, or (iii) such holder provides the Company with reasonable
        assurance that the Shares are being sold, assigned or transferred pursuant to Rule 144 or Rule 144A under the Securities Act.

      

      

      3. Miscellaneous.

      

      

      3.1 Governing Law. The parties hereby agree that any dispute which may arise between them arising out of or in connection with this Agreement shall be governed by and construed and enforced
        in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
        contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal
        courts sitting in the State of New York and County of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any
        dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in
        any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
        waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
        in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
        other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of the Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable
        attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

       

      

      
        12

        
          

      

      3.2 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND
          INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY

      

      

      3.3 Remedies. Except as otherwise provided in Section 3.6 below, in the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, such Holder or the
        Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement, and each of the
        Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
        for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

      

      

      3.4 No Inconsistent Agreements. The Company has not entered into, and shall not enter into on or after the date of this Agreement, any agreement with respect to its securities that is
        inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company has not previously entered into any agreement that is currently in effect granting any registration rights with
        respect to any of its securities to any Person. Without limiting the generality of the foregoing, without the written consent of the Holders of a majority of the then outstanding Registrable Securities, the Company shall not grant to any Person the
        right to request the Company to register any securities of the Company under the Securities Act unless the rights so granted are subject in all respects to the prior rights in full of the Holders set forth herein, and are not otherwise in conflict
        with the provisions of this Agreement.

      

      

      3.5 No Piggyback on Registrations for Other Securities. Neither the Company nor any of its security holders may include securities of the Company in the Registration Statement, and the
        Company shall not after the date hereof enter into any agreement providing such right to any of its security holders, unless the right so granted is subject in all respects to the prior rights in full of the Holders set forth herein, and is not
        otherwise in conflict with the provisions of this Agreement.

      

      

      
        13

        
          

      

      3.6 Failure to File Registration Statement and Other Events. The Company and the Holders agree that the Holders will suffer damages if the Registration Statement is not filed on or prior to
        the Filing Date and not declared effective by the Commission on or prior to the Effectiveness Date and maintained in the manner contemplated herein during the Effectiveness Period or if certain other events occur. The Company and the Holders
        further agree that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, if (A) the Registration Statement is not filed on or prior to the Filing Date, or (B) the Registration Statement is not declared
        effective by the Commission on or prior to the Effectiveness Date, or (C) the Registration Statement is filed with and declared effective by the Commission but thereafter ceases to be effective as to all Registrable Securities at any time prior to
        the expiration of the Effectiveness Period, without being succeeded immediately by a subsequent Registration Statement filed with and declared effective by the Commission in accordance with Section 1.2(a) hereof (any such failure or breach being
        referred to as an “Event,” and for purposes of clauses (A) and (B) the date on which such Event occurs, or for purposes of clause (C) after more than fifteen (15) Business Days, being referred to as “Event Date”), then the Company shall pay as
        liquidated damages to all Holders, pro rata according to their respective holdings of Registrable Securities, (i) a one-time aggregate amount of $250,000 in cash, plus (ii) for each thirty (30) day period after such Event Date during which such
        Event continues, an aggregate amount of cash equal to one percent (1%) of the aggregate principal amount then outstanding under the Note; provided, that no liquidated damages shall be payable with respect to Registrable Securities that may then be
        sold pursuant to Rule 144. Liquidated damages payable by the Company pursuant to Section 3.6(i) shall be payable on the first Business Day following the Event Date, and liquidated damages payable by the Company pursuant to Section 3.6(ii) shall be
        payable on the thirtieth (30th) day (or, if such day is not a Business Day, then on the first Business day following) following the Event Date, and on each 30th day thereafter, until such Event is cured. Notwithstanding
        anything to the contrary contained herein, in no event shall any liquidated damages be payable with respect to the Warrants or the Warrant Shares.  The foregoing liquidated damages shall be each Holder’s sole and exclusive remedy in respect of any
        Event. Notwithstanding anything to the contrary in this Section 3.6, if (a) any of the Events described in clauses (A), (B), or (C) shall have occurred, (b) on or prior to the applicable Event Date, the Company shall have exercised its rights under
        Section 1.3(n) hereof and (c) the postponement or suspension permitted pursuant to such Section 1.3(n) shall remain effective as of such applicable Event Date, then the applicable Event Date shall be deemed instead to occur on the second Business
        Day following the termination of such postponement or suspension.

      

      

      3.7 Waivers and Amendments. This Agreement may be terminated and any term of this Agreement may be amended or waived (either generally or in a particular instance and either retroactively
        or prospectively) with the written consent of the Company and Holders holding at least a majority of the Registrable Securities then outstanding. No such amendment or waiver shall reduce the aforesaid percentage of the Registrable Securities, the
        holders of which are required to consent to any termination, amendment or waiver without the consent of the record holders of all of the Registrable Securities. Any termination, amendment or waiver effected in accordance with this Section 3.3 shall
        be binding upon each holder of Registrable Securities then outstanding, each future holder of all such Registrable Securities and the Company.

      

      

      3.8 Successors and Assigns. Except as otherwise expressly provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted
        assigns, heirs, executors and administrators of the parties hereto. This agreement may not be assigned by the Company without the consent Holders holding at least a majority of all then-outstanding Registrable Securities.

      

      

      3.9 Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with regard to the subject matter hereof, and no party shall be liable or
        bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein.

      

      

      
        14

        
          

      

      3.10 Notices. All notices and other communications required or permitted under this Agreement shall be in writing and shall be delivered personally by hand or by overnight courier, mailed
        by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic mail directed (a) if to a Holder, at such Holder’s address, facsimile number or electronic mail address set forth in the Company’s records, or at such other
        address, facsimile number or electronic mail address as such Holder may designate by ten (10) days’ advance written notice to the other parties hereto or (b) if to the Company, to its address, facsimile number or electronic mail address set forth
        on its signature page to this Agreement and directed to the attention of its President, or at such other address, facsimile number or electronic mail address as the Company may designate by ten (10) days’ advance written notice to the other parties
        hereto. All such notices and other communications shall be effective or deemed given upon delivery, on the date that is three (3) days following the date of mailing, upon confirmation of facsimile transfer or upon confirmation of electronic mail
        delivery.

      

      

      3.11 Interpretation. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The titles and subtitles
        used in this Agreement are used for convenience only and are not considered in construing or interpreting this Agreement.

      3.12 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement, and
        the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be enforceable in accordance with its terms.

      

      

      3.13 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

      

      

      3.14 Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

      

      

      3.15 Shares Held by the Company and its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
        Securities held by the Company or its Affiliates (other than any Holder or transferees or successors or assigns thereof if such Holder is deemed to be an Affiliate solely by reason of its holdings of such Registrable Securities) shall not be
        counted in determining whether such consent or approval was given by the Holders of such required percentage.

      

      

      3.16 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may
        be delivered by one or more parties hereto by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and
        effective for all purposes. At the request of any party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof.

      

      

      [SIGNATURE PAGE FOLLOWS]

       

      

      
        15

        
          

      

      IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed by their duly authorized officers, as of the date, month and year first set forth above.

       

        

      Company:

      

      

      SANUWAVE HEALTH, INC.

      

      

      	
              By:

            	
              /s/ Kevin A. Richardson II

            	 
	
              Name:

            	
              Kevin A. Richardson II

            	 
	
              Title:

            	
              CEO

            	 

      

      

      Address for notice:

      3360 Martin Farm Road

      Suite 100

      Suwanee, GA 30024

      Attn:  Kevin A. Richardson II

      Email: kevin.richardson@sanuwave.com

      

      

      Lender:

      

      

      LEVISON RESOURCES, LLC

      

      

      	
              By:

            	
              /s/ R. Rogol

            	 
	
              Name:

            	
              R. Rogol

            	 
	
              Title:

            	
              CFO

            	 

      

      

      Address for notice:

      78 SW 7th St

      Miami, FL 33130

      

      

      [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

      

      

      
        16

        
          

      

      Annex A

       

        

      Plan of Distribution

      

      

      Each selling stockholder of the common stock and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of common stock on the NASDAQ
        Capital Markets or any other stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. A selling stockholder may use any one or more of the following
        methods when selling shares:

      

      

      	

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

            

      	

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

            

      	

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

            

      	

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

            

      	

            	•	
              privately negotiated transactions;

            

      	

            	•	
              settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

            

      	

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

            

      	

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

            

      	

            	•	
              a combination of any such methods of sale; or

            

      	

            	•	
              any other method permitted pursuant to applicable law.

            

      

      

      The selling stockholders may also sell shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus.

      

      

      Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholders
        (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary
        brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

      

      

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

       

      

      
        17

        
          

      

      The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, as amended, in
        connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act of
        1933, as amended. Each selling stockholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the common stock.

       

      

      We are required to pay certain fees and expenses incurred by us incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims,
        damages and liabilities, including liabilities under the Securities Act of 1933, as amended.

      

      

      Because selling stockholders may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, as amended, they will be subject to the prospectus delivery requirements of the
        Securities Act of 1933, as amended, including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of 1933, as amended may be sold under Rule 144 rather
        than under this prospectus. There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling stockholders.

      

      

      We agreed to keep this prospectus effective until the earlier of (i) the date on which the shares may be resold by the selling stockholders without registration and without the requirement to be in compliance with Rule
        144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale shares will be
        sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified for sale in the
        applicable state or an exemption from the registration or qualification requirement is available and is complied with.

      

      

      Under applicable rules and regulations under the Securities Exchange Act of 1934, as amended, any person engaged in the distribution of the resale shares may not simultaneously engage in market making activities with
        respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions of the Securities Exchange
        Act of 1934, as amended, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common stock by the selling stockholders or any other person. We will make copies of this
        prospectus available to the selling stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act of 1933,
        as amended).

       

      

      
        18

        
          

      

      Annex B

       

      

      Selling Securityholder Notice and Questionnaire

      

      

      The undersigned beneficial owner of common stock (the “Registrable Securities”) of Sanuwave Health, Inc., a Nevada corporation (the “Company”), understands that the Company has filed or intends to file
        with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
        of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the
        Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

      

      

      Certain legal consequences arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own
        securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Registration Statement and the related prospectus.

      

      

      NOTICE

      

      

      The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

      

      

      The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

      

      

      QUESTIONNAIRE

      

      

      1. Name.

      

      

      (a) Full Legal Name of Selling Securityholder

      

      

      (b) Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:

      

      

      (c) Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

      

      

      
        19

        
          

      

      2. Address for Notices to Selling Securityholder:

      

      

      Telephone:

      Fax:

      Contact Person:

      

      

      3. Broker-Dealer Status:

      

      

      (a) Are you a broker-dealer?

      

      

      Yes           No

       

      (b) If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?

      Yes          No

      

      

      Note:          If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

      

      

      (c) Are you an affiliate of a broker-dealer?

      

      

      Yes          No

      

      

      (d) If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or
        understandings, directly or indirectly, with any person to distribute the Registrable Securities?

      

      

      Yes          No

      

      

      Note:          If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

      

      

      4. Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder.

      

      

      Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase Agreement.

      

      

      (a) Type and Amount of other securities beneficially owned by the Selling Securityholder:

      

      

      5. Relationships with the Company:

      

      

      Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or
        office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

      

      

      
        20

        
          

      

      State any exceptions here:

      

      

      The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective.

      

      

      By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related
        prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus.

      

      

      
        21

        
          

      

      IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

       

      

      Date:

      

      

      Beneficial Owner:

      

      

      	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      [SIGNATURE PAGE FOR SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE]

      

      

      

      

      22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]