Document:

gtbp_ex103

 

Exhibit
10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this
"Agreement"), dated as of
July 7, 2020, by and among GT Biopharma, Inc., a Delaware
corporation, with headquarters located at 9350 Wilshire Blvd, Suite
203, Beverly Hills, CA 90212 (the "Company"), and the investors listed on
the Schedule of Purchasers attached hereto (each, a "Purchaser" and collectively, the
"Purchasers").

 

WHEREAS:

 

A.            In
connection with the Securities Purchase Agreement by and among the
parties hereto of even date herewith (the "Securities Purchase Agreement"), the
Company has agreed, upon the terms and subject to the conditions of
the Securities Purchase Agreement, to issue and sell to each
Purchaser, a Convertible Note (collectively, the
“Notes”), which
will be convertible into shares of the Company's common stock, par
value $0.001 per share (the "Common
Stock") (the shares of Common Stock issuable upon conversion
of the Notes, collectively, the "Common Shares").

 

B.            In
accordance with the terms of the Securities Purchase Agreement, the
Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the
"1933 Act"), and applicable
state securities laws.

 

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

 

1. 

Definitions.

 

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

 

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

 

(b)            "Additional
Effectiveness Deadline" means the date which is the earlier
of (x) (i) in the event that the Additional Registration Statement
is not subject to a full review by the SEC, thirty (30) calendar
days after the earlier of the Additional Filing Date and the
Additional Filing Deadline or (ii) in the event that the Additional
Registration Statement is subject to a full review by the SEC,
fifty (50) calendar days after the earlier of the Additional Filing
Date and the Additional Filing Deadline and (y) the fifth
(5th)
Business Day after the date the Company is notified (orally or in
writing, whichever is earlier) by the SEC that such Additional
Registration Statement will not be reviewed or will not be subject
to further review; provided, however, that if the Additional
Effectiveness Deadline falls on a Saturday, Sunday or other day
that the SEC is closed for business, the Additional Effectiveness
Deadline shall be extended to the next Business Day on which the
SEC is open for business.

 

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

 

(d)            "Additional
Filing Deadline" means if Cutback Shares are required to be
included in any Additional Registration Statement, thirty (30) days
after the date substantially all of the Registrable Securities
registered under the immediately preceding Registration Statement
are sold.

 

 

(e)            "Additional
Registrable Securities" means, (i) any Cutback Shares not
previously included on a Registration Statement and (ii) any
capital stock of the Company issued or issuable with respect to the
Common Shares, or the Cutback Shares, as applicable, as a result of
any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise.

 

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

 

(g)            "Additional
Required Registration Amount" means (I) any Cutback Shares
not previously included on a Registration Statement, all subject to
adjustment as provided in Section 2(f) or (II) such other amount as
may be permitted by the staff of the SEC pursuant to Rule
415.

 

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

 

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

 

(j)            "Cutback
Shares" means any of the Initial Required Registration
Amount or the Additional Required Registration Amount (without
regard to clause (II) in the definition thereof) of Registrable
Securities not included in all Registration Statements previously
declared effective as contemplated hereunder as a result of a
limitation on the maximum number of shares of Common Stock of the
Company permitted to be registered by the staff of the SEC pursuant
to Rule 415. For the purpose of determining the Cutback Shares, in
order to determine any applicable Required Registration Amount,
unless an Investor gives written notice to the Company to the
contrary with respect to the allocation of its Cutback Shares, the
Common Shares shall be excluded on a pro rata basis among the
Investors until all of the Common Shares have been
excluded.

 

(k)            "Effective
Date" means the Initial Effective Date and the Additional
Effective Date, as applicable.

 

(l)            "Effectiveness
Deadline" means the Initial Effectiveness Deadline and the
Additional Effectiveness Deadline, as applicable.

 

(m)            "Eligible
Market" means the Principal Market, The New York Stock
Exchange, Inc., the NYSE American, The Nasdaq Capital Market, The
Nasdaq Global Select Market, The Nasdaq Global Market, the OTC
Bulletin Board, the OTCQB or the OTCQX (or any successor to any of
the foregoing).

 

(n)            "Filing
Deadline" means the Initial Filing Deadline and the
Additional Filing Deadline, as applicable.

 

(o)            "Initial
Effective Date" means the date that the Initial Registration
Statement has been declared effective by the SEC.

 

(p)
          "Initial Effectiveness Deadline" means
the date which is the earlier of (x) (i) in the event that the
Initial Registration Statement is not subject to a full review by
the SEC, forty-five (45) calendar days after the Initial Filing
Deadline, or (ii) in the event that the Initial Registration
Statement is subject to a full review by the SEC, ninety (90)
calendar days after the Initial Filing Deadline, and (y) the fifth
(5th)
Business Day after the date the Company is notified (orally or in
writing, whichever is earlier) by the SEC that such Initial
Registration Statement will not be reviewed or will not be subject
to further review; provided, however, that if the Initial
Effectiveness Deadline falls on a Saturday, Sunday or other day
that the SEC is closed for business, the Initial Effectiveness
Deadline shall be extended to the next Business Day on which the
SEC is open for business.

 

 

2

 

 

 

(q)            "Initial
Filing Date" means the date on which the Initial
Registration Statement is filed with the SEC.

 

(r)            "Initial
Filing Deadline" means thirty (30) days after the Initial
Closing (as defined in the Securities Purchase
Agreement).

 

(s)         
"Initial Registrable
Securities" means (i) the Common Shares issued or issuable
upon conversion of the Notes issued pursuant to the terms of the
Securities Purchase Agreement, and (ii) any capital stock of the
Company issued or issuable with respect to the Common Shares, or
the Notes as a result of any stock split, stock dividend,
recapitalization, exchange or similar event or otherwise without
regard to any limitations on conversion of the Notes.

 

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

 

(u)            "Initial
Required Registration Amount" means (i) the sum of the
number of Common Shares, or (ii) such other amount as may be
permitted by the staff of the SEC pursuant to Rule
415.

 

(v)            "Investor"
means a Purchaser or any transferee or assignee thereof to whom a
Purchaser assigns its rights under this Agreement and who agrees to
become bound by the provisions of this Agreement in accordance with
Section 9 and any transferee or assignee thereof to whom a
transferee or assignee assigns its rights under this Agreement and
who agrees to become bound by the provisions of this Agreement in
accordance with Section 9.

 

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

 

(x) 

"Principal Market" means The
OTCQB.

 

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

 

(z)            "Registrable
Securities" means the Initial Registrable Securities and the
Additional Registrable Securities.

 

(aa)          
"Registration Statement"
means the Initial Registration Statement and the Additional
Registration Statement, as applicable.

 

(bb)          
"Required Holders" means
holders of at least a majority of the Registrable
Securities.

 

 

3

 

(cc)
"Required Registration
Amount" means either the Initial Required Registration
Amount or the Additional Required Registration Amount, as
applicable.

 

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

 

(ee)
"SEC" means the United
States Securities and Exchange Commission. (ff) "Trading Day" means any day on which the
Common Stock is traded onthe Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock,
then on the principal securities exchange or securities market on
which the Common Stock is then traded; provided that "Trading Day"
shall not include any day on which the Common Stock is scheduled to
trade on such exchange or market for 3 or more hours or any day
that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or
market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00
p.m., New York time).

 

2. 

Registration.

 

(a)            Initial
Mandatory Registration. Promptly following the Closing Date,
the Company shall prepare, and, as soon as practicable but in no
event later than the Initial Filing Deadline, file with the SEC the
Initial Registration Statement on Form S-1 covering the resale of
all of the Initial Registrable Securities. In the event that Form
S-3 is unavailable for such a registration, the Company shall use
Form S-1 or such other form as is available for such a registration
on another appropriate form reasonably acceptable to the Required
Holders, subject to the provisions of Section 2(e). The Initial
Registration Statement prepared pursuant hereto shall register for
resale at least the number of shares of Common Stock equal to the
Initial Required Registration Amount determined as of the date the
Initial Registration Statement is initially filed with the SEC,
subject to adjustment as provided in Section 2(f). The Initial
Registration Statement shall contain (except if otherwise directed
by the Required Holders) the "Plan of Distribution" and
"Selling
Shareholders" sections in substantially the form attached
hereto as Exhibit
B, with such modifications as may be required by law. The
Company shall use its commercially reasonable efforts to have the
Initial Registration Statement declared effective by the SEC as
soon as practicable, but in no event later than the Initial
Effectiveness Deadline. By 9:30 a.m. New York time on the second
(2nd)
Business Day following the Initial Effective Date, the Company
shall file with the SEC in accordance with Rule 424 under the 1933
Act the final prospectus to be used in connection with sales
pursuant to such Initial Registration Statement. The Company
represents and warrants that it is the Company’s
understanding that the SEC will not cause there to be Cutback
Shares with respect to up to one- third of the Company’s
public float, calculated under SEC rules.

 

 

4

 

 

 

(b)            Additional
Mandatory Registrations. The Company shall prepare, and, as
soon as practicable but in no event later than the Additional
Filing Deadline, file with the SEC an Additional Registration
Statement on Form S-1 covering the resale of all of the Additional
Registrable Securities not previously registered on an Additional
Registration Statement hereunder. To the extent the staff of the
SEC does not permit the Additional Required Registration Amount to
be registered on an Additional Registration Statement, the Company
shall file Additional Registration Statements successively trying
to register on each such Additional Registration Statement the
maximum number of remaining Additional Registrable Securities until
the Additional Required Registration Amount has been registered
with the SEC; provided that after two rejections by the SEC of
Additional Registration Statements, the Company shall not be
required to file Additional Registration Statements more frequently
than once per sixty day period commencing subsequent to the second
rejection. In the event that Form S-3 is unavailable for such a
registration, the Company shall use Form S-1 or such other form as
is available for such a registration on another appropriate form
reasonably acceptable to the Required Holders, subject to the
provisions of Section 2(e). Each Additional Registration Statement
prepared pursuant hereto shall register for resale at least that
number of shares of Common Stock equal to the Additional Required
Registration Amount determined as of the date such Additional
Registration Statement is initially filed with the SEC, subject to
adjustment as provided in Section 2(f). Each Additional
Registration Statement shall contain (except if otherwise directed
by the Required Holders) the "Plan of Distribution" and
"Selling
Shareholders" sections in substantially the form attached
hereto as Exhibit
B, with such modifications as may be required by law. The
Company shall use its commercially reasonable efforts to have each
Additional Registration Statement declared effective by the SEC as
soon as practicable, but in no event later than the Additional
Effectiveness Deadline. By 9:30 a.m. New York time on the second
(2nd)
Business Day following the Additional Effective Date, the Company
shall file with the SEC in accordance with Rule 424 under the 1933
Act the final prospectus to be used in connection with sales
pursuant to such Additional Registration Statement.

 

(c)            Allocation
of Registrable Securities. The initial number of Registrable
Securities included in any Registration Statement and any increase
or decrease in the number of Registrable Securities included
therein shall be allocated pro rata among the Investors based on
the number of Registrable Securities held by each Investor at the
time the Registration Statement covering such initial number of
Registrable Securities or increase or decrease thereof is declared
effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor's Registrable Securities,
each transferee shall be allocated a pro rata portion of the then
remaining number of Registrable Securities included in such
Registration Statement for such transferor. Any shares of Common
Stock included in a Registration Statement and which remain
allocated to any Person which ceases to hold any Registrable
Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number
of Registrable Securities then held by such Investors which are
covered by such Registration Statement. In no event shall the
Company include any securities other than Registrable Securities on
any Registration Statement without the prior written consent of the
Required Holders.

 

(d)            Legal
Counsel. Subject to Section 5 hereof, the Required Holders
shall have the right to select one legal counsel to review and
oversee any registration pursuant to this Section 2 ("Legal Counsel"), which shall be Gary
Henrie, Esq., or such other counsel as thereafter designated by the
Required Holders. The Company and Legal Counsel shall reasonably
cooperate with each other in performing the Company's obligations
under this Agreement.

 

(e)           Ineligibility
for Form S-3. In the event that Form S-3 is not available
for the registration of the resale of Registrable Securities
hereunder, the Company shall (i) register the resale of the
Registrable Securities on Form S-1 or another appropriate form
reasonably acceptable to the Required Holders and (ii) undertake to
register the Registrable Securities on Form S-3 if such form
becomes available prior to any required post-effective amendment,
provided that the Company shall maintain the effectiveness of the
Registration Statement then in effect until such time as any such
Registration Statement on Form S- 3 filed by the Company covering
the Registrable Securities has been declared effective by the
SEC.

 

(f)            Sufficient
Number of Shares Registered. In the event the number of
shares available under a Registration Statement filed pursuant to
Section 2(a) or Section 2(b) is insufficient to cover the Required
Registration Amount of Registrable Securities required to be
covered by such Registration Statement or an Investor's allocated
portion of the Registrable Securities pursuant to Section 2(c), the
Company shall amend the applicable Registration Statement, or file
a new Registration Statement (on the short form available therefor,
if applicable), or both, so as to cover at least the Required
Registration Amount as of the Trading Day immediately preceding the
date of the filing of such amendment or new Registration Statement,
in each case, as soon as practicable, but in any event not later
than fifteen (15) days after the necessity therefor arises. The
Company shall use its commercially reasonable efforts to cause such
amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof. For
purposes of the foregoing provision, the number of shares available
under a Registration Statement shall be deemed "insufficient to
cover all of the Registrable Securities" if at any time the number
of shares of Common Stock available for resale under the
Registration Statement is less than the Required Registration
Amount.

 

 

5

 

 

 

(g)            Effect
of Failure to File and Obtain and Maintain Effectiveness of
Registration Statement. If (i) the Initial Registration
Statement when declared effective fails to register the Initial
Required Registration Amount of Initial Registrable Securities (a
"Registration Failure"),
(ii) a Registration Statement covering all of the Registrable
Securities required to be covered thereby and required to be filed
by the Company pursuant to this Agreement is (A) not filed with the
SEC on or before the applicable Filing Deadline (a "Filing Failure") or (B) not declared
effective by the SEC on or before the applicable Effectiveness
Deadline, (an "Effectiveness
Failure") or (iii) on any day after the applicable Effective
Date, sales of all of the Registrable Securities required to be
included on such Registration Statement cannot be made (other than
during an Allowable Grace Period (as defined in Section 3(r)))
pursuant to such Registration Statement or otherwise (including,
without limitation, because of the suspension of trading or any
other limitation imposed by an Eligible Market, a failure to keep
such Registration Statement effective, a failure to disclose such
information as is necessary for sales to be made pursuant to such
Registration Statement, a failure to register a sufficient number
of shares of Common Stock or a failure to maintain the listing of
the Common Stock) (a "Maintenance
Failure" and collectively with a Registration Failure, a
Filing Failure, and an Effectiveness Failure, the
“Failures” and
each a “Failure”), then, as partial relief
for the damages to any holder by reason of a Failure (which remedy
shall not be exclusive of any other remedies available at law or in
equity, including, without limitation, specific performance or the
additional obligation of the Company to register any Cutback
Shares), the Company shall pay to each holder of Registrable
Securities relating to such Registration Statement an amount in
cash equal to one percent (1.0%) of the aggregate Subscription
Amount (as defined in the Securities Purchase Agreement) of such
Investor's Registrable Securities whether or not included in such
Registration Statement, on each of the following dates: (i) the day
of a Registration Failure, (ii) the day of a Filing Failure; (iii)
the day of an Effectiveness Failure; (iv) the initial day of a
Maintenance Failure; (v) on the thirtieth day after the date of a
Registration Failure and every thirtieth day thereafter (pro rated
for periods totaling less than thirty days) until such Registration
Failure is cured; (vi) on the thirtieth day after the date of a
Filing Failure and every thirtieth day thereafter (pro rated for
periods totaling less than thirty days) until such Filing Failure
is cured; (vii) on the thirtieth day after the date of an
Effectiveness Failure and every thirtieth day thereafter (pro rated
for periods totaling less than thirty days) until such
Effectiveness Failure is cured; and (viii) on the thirtieth day
after the initial date of a Maintenance Failure and every thirtieth
day thereafter (pro rated for periods totaling less than thirty
days) until such Maintenance Failure is cured; provided however, in
the event that there shall be more than one Failure occurring
simultaneously, the 1.0% shall apply in the aggregate (e.g., during
any single or multiple Failure, 1% shall be due, however 1% shall
not be due “per Failure” if the Failures are
simultaneous and for so long as such Failures are simultaneous).
The payments to which a holder shall be entitled pursuant to this
Section 2(g) are referred to herein as "Registration Delay Payments."
Registration Delay Payments shall be paid on the earlier of (I) the
dates set forth above and (II) the third Business Day after the
event or failure giving rise to the Registration Delay Payments is
cured. In the event the Company fails to make Registration Delay
Payments in a timely manner, such Registration Delay Payments shall
bear interest at the rate of one percent (1%) per month (prorated
for partial months) until paid in full. Notwithstanding anything to
the contrary contained herein, Registration Delay Payments shall
(i) not, in the aggregate, exceed fifteen percent (15%) of the
aggregate Purchase Price, (ii) cease to accrue when all of the
Registrable Securities may be sold by non- affiliates of the
Company pursuant to Rule 144 without any restrictions or
limitations and (iii) cease to accrue upon the termination of the
Registration Period (as defined below).

 

(h)           Limitation
on Other Registration Statements. The Company shall not file
another registration statement under the 1933 Act prior to the
earlier of (i) date that the Initial Registration Statement is
declared effective by the SEC and (ii) the end of the Registration
Period (as defined in Section 3(a); provided that, this Section
2(h) shall not prevent the Company from filing a registration
statement on Form S-4 or Form S-8 with the SEC at any time
beginning thirty (30) days after the initial filing of the Initial
Registration Statement with the SEC.

 

 

6

 

 

 

3. 

Related
Obligations.

 

At such
time as the Company is obligated to file a Registration Statement
with the SEC pursuant to Section 2(a), 2(b), 2(e) or 2(f), the
Company will use its commercially reasonable efforts to effect the
registration of the Registrable Securities in accordance with the
intended method of disposition thereof and, pursuant thereto, the
Company shall have the following obligations:

 

(a)            The
Company shall promptly prepare and file with the SEC a Registration
Statement with respect to the Registrable Securities and use its
commercially reasonable efforts to cause such Registration
Statement relating to the Registrable Securities to become
effective as soon as practicable after such filing (but in no event
later than the Effectiveness Deadline). The Company shall keep each
Registration Statement effective pursuant to Rule 415 at all times
until the earlier of (i) the date that is two (2) years and six (6)
months after the Closing Date, (ii) the date on which the Investors
shall have sold all of the Registrable Securities required to be
covered by such Registration Statement or (iii) the date on which
all of the Registrable Securities may be sold by non-affiliates of
the Company pursuant to Rule 144 without any restrictions or
limitations (the "Registration Period"). The Company shall
ensure that each Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall
not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein, or necessary
to make the statements therein (in the case of prospectuses, in the
light of the circumstances in which they were made) not misleading.
The term "commercially reasonable efforts" shall mean, among other
things, that the Company shall submit to the SEC, within two (2)
Business Days after the later of the date that (i) the Company
learns that no review of a particular Registration Statement will
be made by the staff of the SEC or that the staff has no further
comments on a particular Registration Statement, as the case may
be, and (ii) the approval of Legal Counsel pursuant to Section 3(c)
(which approval is immediately sought), a request for acceleration
of effectiveness of such Registration Statement to a time and date
not later than two (2) Business Days after the submission of such
request. The Company shall respond in writing to comments made by
the SEC in respect of a Registration Statement as soon as
practicable, but in no event later than fifteen (15) days after the
receipt of comments by or notice from the SEC that an amendment is
required in order for a Registration Statement to be declared
effective.

 

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

 

7

 

(c)            The
Company shall (A) permit Legal Counsel to review and comment upon
(i) a Registration Statement at least three (3) Business Days prior
to its filing with the SEC and (ii) all amendments and supplements
to all Registration Statements (except for those filed by reason of
the Company filing Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K, and any similar or
successor reports) within a reasonable number of days prior to
their filing with the SEC, (B) permit each Investor to review and
comment on the “Plan of Distribution” and
“Selling Shareholders” sections of the Registration
Statement and all amendments and supplements to the Registration
Statement to the extent any changes are made to those sections, and
(C) not file any Registration Statement or amendment or supplement
thereto in a form to which Legal Counsel reasonably objects;
provided however, that if the delay in filing the Registration
Statement is due to Legal Counsel’s or an Investor’s
unreasonable objections (and unreasonable refusal to allow the
Company to file the Registration Statement) then in such event, no
Registration Failure (or similar event that triggers a Registration
Delay Payment) shall be deemed to have occurred with such delay
arising from Legal Counsel’s unreasonable objections, or
solely with respect to an Investor, arising from such
Investor’s unreasonable objections. The Company shall not
submit a request for acceleration of the effectiveness of a
Registration Statement or any amendment or supplement thereto
without the prior approval of Legal Counsel, which consent shall
not be unreasonably withheld; provided however, that if the delay
in filing the effectiveness of the Registration Statement is due to
Legal Counsel’s unreasonable objections (and unreasonable
refusal to allow the Registration Statement to become effective)
then in such event, no Effectiveness Failure (or similar event that
triggers a Registration Delay Payment) shall be deemed to have
occurred. The Company shall furnish to Legal Counsel, without
charge, copies of any correspondence from the SEC or the staff of
the SEC to the Company or its representatives relating to any
Registration Statement. The Company shall reasonably cooperate with
Legal Counsel in performing the Company's obligations pursuant to
this Section 3.

 

(d)            The
Company shall furnish to each Investor whose Registrable Securities
are included in any Registration Statement, without charge, (i)
promptly after the same is prepared and filed with the SEC, at
least one copy of such Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all
documents incorporated therein by reference, if requested by an
Investor, all exhibits and each preliminary prospectus, (ii) upon
the effectiveness of any Registration Statement, ten (10) copies of
the prospectus included in such Registration Statement and all
amendments and supplements thereto (or such other number of copies
as such Investor may reasonably request) and (iii) such other
documents, including copies of any preliminary or final prospectus,
as such Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned
by such Investor.

 

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

 

 

8

 

 

 

(f)            The
Company shall notify Legal Counsel in writing of the happening of
any event, as promptly as practicable but not later than the first
Business Day after becoming aware of such event, (i) as a result of
which the prospectus included in a Registration Statement, as then
in effect, includes an untrue statement of a material fact or
omission to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (provided
that in no event shall such notice contain any material, nonpublic
information), or (ii) that results in the lack of effectiveness of
any Registration Statement, and, subject to Section 3(r), promptly
prepare a supplement or amendment to such Registration Statement to
correct such untrue statement or omission, or lack of effectiveness
of any Registration Statement. The Company shall also promptly
notify Legal Counsel in writing (i) when a prospectus or any
prospectus supplement or post- effective amendment has been filed,
and when a Registration Statement or any post-effective amendment
has become effective (notification of such effectiveness shall be
delivered to Legal Counsel by facsimile or email on the same day of
such effectiveness and by overnight mail), (ii) of any request by
the SEC for amendments or supplements to a Registration Statement
or related prospectus or related information, and
(iii)
of the Company's reasonable determination that a post-effective
amendment to a Registration Statement would be appropriate. By 9:30
a.m. New York City time on the second (2nd) day following the
date any post-effective amendment has become effective, the Company
shall file with the SEC in accordance with Rule 424 under the 1933
Act the final prospectus to be used in connection with sales
pursuant to such Registration Statement.

 

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

 

(h)            If
any Investor is required by the SEC to be described in the
Registration Statement as an underwriter or the Company and an
Investor agree that it should be identified as an underwriter of
Registrable Securities in the Registration Statement and the
Registration Statement is so modified, the Company shall furnish to
such Investor, on the date of the effectiveness of the Registration
Statement and thereafter from time to time on such dates as an
Investor may reasonably request (i) a letter, dated such date, from
the Company's independent certified public accountants in form and
substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering,
addressed to the Investors, and (ii) an opinion, dated as of such
date, of counsel representing the Company for purposes of such
Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to
the Investors.

 

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

 

 

9

 

 

 

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

 

(k)            The
Company shall use its commercially reasonable efforts either to (i)
cause all of the Registrable Securities covered by a Registration
Statement to be listed on each securities exchange on which
securities of the same class or series issued by the Company are
then listed, if any, if the listing of such Registrable Securities
is then permitted under the rules of such exchange or (ii) secure
the inclusion for quotation of all of the Registrable Securities on
the Principal Market or (iii) if, despite the Company's
commercially reasonable efforts, the Company is unsuccessful in
satisfying the preceding clauses (i) and (ii), to secure the
inclusion for quotation on another Eligible Market for such
Registrable Securities and, without limiting the generality of the
foregoing, to use its commercially reasonable efforts to arrange
for at least two market makers to register with the Financial
Industry Regulatory Authority, Inc. ("FINRA") as such with respect to such
Registrable Securities. The Company shall pay all fees and expenses
in connection with satisfying its obligation under this Section
3(k).

 

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

 

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

 

 

10

 

 

 

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

 

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

 

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

 

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

 

(r)            Notwithstanding
anything to the contrary herein, at any time after the Effective
Date, the Company may delay the disclosure of material, non-public
information concerning the Company the disclosure of which at the
time is not, in the good faith opinion of the Board of Directors of
the Company and its counsel, in the best interest of the Company
and, in the opinion of counsel to the Company, otherwise required
(a "Grace Period");
provided, that the Company shall promptly (i) notify the Investors
in writing of the existence of material, non-public information
giving rise to a Grace Period (provided that in each notice the
Company will not disclose the content of such material, non-public
information to the Investors) and the date on which the Grace
Period will begin, and (ii) notify the Investors in writing of the
date on which the Grace Period ends; and, provided further, that no
Grace Period shall exceed thirty (30) consecutive Trading Days and
during any three hundred sixty five (365) day period such Grace
Periods shall not exceed an aggregate of sixty (60) Trading Days
and the first day of any Grace Period must be at least five (5)
Trading Days after the last day of any prior Grace Period (each, an
"Allowable Grace Period").
For purposes of determining the length of a Grace Period above, the
Grace Period shall begin on and include the date the Investors
receive the notice referred to in clause (i) and shall end on and
include the later of the date the Investors receive the notice
referred to in clause (ii) and the date referred to in such notice.
The provisions of Section 3(g) hereof shall not be applicable
during the period of any Allowable Grace Period. Upon expiration of
the Grace Period, the Company shall again be bound by the first
sentence of Section 3(f) with respect to the information giving
rise thereto unless such material, non-public information is no
longer applicable. Notwithstanding anything to the contrary, the
Company shall cause its transfer agent to deliver unlegended shares
of Common Stock to a transferee of an Investor in accordance with
the terms of the Securities Purchase Agreement in connection with
any sale of Registrable Securities with respect to which an
Investor has entered into a contract for sale, prior to the
Investor's receipt of the notice of a Grace Period and for which
the Investor has not yet settled.

 

 

11

 

 

 

(s)            Except
as required by applicable law, neither the Company nor any
Subsidiary or affiliate thereof shall identify any Investor as an
underwriter in any public disclosure or filing with the SEC, the
Principal Market or any Eligible Market and any Purchaser being
deemed an underwriter by the SEC shall not relieve the Company of
any obligations it has under this Agreement or any other
Transaction Document (as defined in the Securities Purchase
Agreement); provided, however, that the foregoing
shall not prohibit the Company from including the disclosure found
in the "Plan of Distribution" section attached hereto as
Exhibit B in the
Registration Statement. If the Company is required by law to
identify any Investor as an underwriter in any public disclosure or
filing with the SEC, the Principal Market or any Eligible Market,
prior to so identifying any such Investor, the Company shall
promptly notify each such Investor of the legal requirement and
give each such Investor a reasonable opportunity to persuade the
applicable regulator that said disclosure is not required. If the
applicable Investors are unable to eliminate the legal requirement
to be identified as an underwriter, the applicable Investor shall
have five (5) Business Days, or such shorter time as required by
the applicable regulator or applicable law, to consent to such
disclosure or to agree to withdraw as a selling shareholder under
the Registration Statement. If an Investor agrees to withdraw as a
selling shareholder under the Registration Statement, the Company
shall not be responsible for any such Failures with respect to any
such Investor.

 

(t)           Neither
the Company nor any of its Subsidiaries has entered, as of the date
hereof, nor shall the Company or any of its Subsidiaries, on or
after the date of this Agreement, enter into any agreement with
respect to its securities, that would have the effect of preventing
the Company from performing its obligations hereunder.

 

4. 

Obligations of the
Investors.

 

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

 

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

 

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

 

12

 

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

 

5. 

Expenses of
Registration.

 

All
reasonable expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees,
printers and accounting fees, and fees and disbursements of counsel
for the Company shall be paid by the Company.

 

6. 

Indemnification.

 

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

Agreement:

 

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

 

 

13

 

 

 

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

 

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

 

 

14

 

 

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

 

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

 

7. 

Contribution.

 

To the
extent any indemnification by an indemnifying party is prohibited
or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would
otherwise be liable under Section 6 to the fullest extent permitted
by law; provided, however, that: (i) no Person involved in the sale
of Registrable Securities which Person is guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933
Act) in connection with such sale shall be entitled to contribution
from any Person involved in such sale of Registrable Securities who
was not guilty of fraudulent misrepresentation; and (ii)
contribution by any seller of Registrable Securities shall be
limited in amount to the amount of net proceeds received by such
seller from the sale of such Registrable Securities pursuant to
such Registration Statement.

 

8. 

Reports Under the 1934
Act.

 

With a
view to making available to the Investors the benefits of Rule 144
promulgated under the 1933 Act or any other similar rule or
regulation of the SEC that may at any time permit the Investors to
sell securities of the Company to the public without registration
("Rule 144"), the Company
agrees to:

 

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

 

(b)            file
with the SEC in a timely manner all reports and other documents
required of the Company under the 1933 Act and the 1934 Act so long
as the Company remains subject to such requirements and the filing
of such reports and other documents is required for the applicable
provisions of Rule 144; and

 

(c)            furnish
to each Investor so long as such Investor owns Registrable
Securities, promptly upon request, a written statement by the
Company, if true, that it has complied with the reporting
requirements of the 1933 Act and the 1934 Act and that it has
satisfied the current public information provisions set forth in
Rule 144.

 

15

 

9. 

Assignment of Registration
Rights.

 

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

 

10. 

Amendment of Registration
Rights.

 

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

 

11. 

Miscellaneous.

 

(a)            A
Person is deemed to be a holder of Registrable Securities whenever
such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions,
notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis
of instructions, notice or election received from such record owner
of such Registrable Securities.

 

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

 

If to
the Company:

 

GT
Biopharma, Inc.

9350
Wilshire Blvd, Suite 203

Beverly
Hills, CA 90212

Attn:
Chief Financial Officer

Email:
sww@gtbiopharma.com

 

 

16

 

 

 

If to
the Transfer Agent:

Computershare

350
Indiana Street, Suite 800

Golden,
Colorado 80401

Fax:
(303) 262-0610

 

If to
Legal Counsel:

 

Gary R.
Henrie, Esq.

P.O.
Box 5174

Etna,
WY 83118

Email:
grhlaw@hotmail.com

 

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

 

(c)           Failure
of any party to exercise any right or remedy under this Agreement
or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

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

 

 

17

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)            All
consents and other determinations required to be made by the
Investors pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by the Required
Holders.

 

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

 

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

 

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

 

* * * *
* *

 

[Signature
Page Follows]

 

18

 

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

 

 

	

 

	

 

	

COMPANY:

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

GT
BIOPHARMA, INC.  

	

 

	

 

	

 

	

 
 

	

 

	

 

	

 

	

 
 

	

 

	

	
By:  

	
/s/

	

 

	

 

	

 

	
Name: Steven
Weldon

	

 

	

 

	

 

	

Title: Chief
Financial Officer  

	

 

 

 

 

 

 

 

[SIGNATURE PAGE OF
HOLDERS FOLLOWS]

 

19

 

 

[SIGNATURE PAGE OF PURCHASERS TO GT BIOPHARMA,
INC. RRA]

 

Name
of
Purchaser:______________________________________

Address of
Purchaser:_______________________________________________________

 

 

Signature of Authorized Signatory
of Purchaser:                                                               

 

Name of Authorized
Signatory:                                                               

Title
of Authorized Signatory:                                                                  

 

 

 

20Exhibit 10.2

    

     

      

    

      REORGANIZATION AGREEMENT

       

      

      This REORGANIZATION AGREEMENT (this “Agreement”), dated as of [•], 2020, is made and entered into by and among Trean Insurance Group, Inc., a Delaware corporation (“Trean”), BIC Holdings LLC, a Delaware
        limited liability company (“BIC Holdings”), Trean Holdings LLC, a Delaware limited liability company (“Trean Holdings”), Trean Corporation, a Minnesota corporation (“Trean Corporation”), Trean Compstar Holdings LLC, a Delaware
        limited liability company (“Trean Compstar”), and each of the individuals, trusts and entities admitted as members and listed in Schedule I hereto (each, the “Pre-IPO Unitholders”) of each of BIC Holdings and Trean Holdings in
        accordance with the terms of their respective Second Amended and Restated Limited Liability Company Agreements, each as amended (collectively, the “LLC Agreements”). Trean, BIC Holdings, Trean Holdings, Trean Corporation, Trean Compstar and
        the Pre-IPO Unitholders shall be referred to herein collectively as the “Parties” and each individually as a “Party.”

       

      

      WHEREAS, it is contemplated that Trean will consummate an initial public offering (the “IPO”) of its shares of common stock, par value $0.01 per share (the “Common
          Stock”); and

       

      

      WHEREAS, the Parties desire to effect a series of transactions intended to facilitate and in connection with the consummation of the IPO, including, without limitation, the steps
        more fully set forth below.

        

      

      NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of
        which are hereby acknowledged, the Parties agree as follows:

       

      

      	1.	
              The Reorganization. In order to facilitate and in connection with the consummation of the IPO, the Parties agree to effect a reorganization through the following transactions (collectively, the “Reorganization Transactions”)

                substantially simultaneously and in the following sequential order:

            

       

      

      	

            	(a)	
              Step 1. Contribution by BIC Holdings and Trean Holdings of all Assets and Liabilities to Trean. BIC Holdings, Trean Holdings and Trean shall enter into a contribution agreement, substantially in the form attached hereto as
                Exhibit A (the “HoldCo Contribution Agreement”) pursuant to which each of BIC Holdings and Trean Holdings shall contribute to Trean all of their respective assets and liabilities in exchange for an economically equivalent
                amount of shares of Common Stock as consideration.

            

       

      

      	

            	(b)	
              Step 2. Trean to Acquire All Equity Interests of Compstar Holding Owned by Blake Enterprises. Pursuant to an agreement dated as of June 3, 2020 by and among Blake Baker Enterprises I, Inc., Blake Baker Enterprises II, Inc.
                and Blake Baker Enterprises III, Inc. (collectively, “Blake Enterprises”), Blake Baker, Trean Holdings and Trean Compstar (the “Exchange Agreement”), substantially concurrently with the closing of the transactions contemplated
                by the HoldCo Contribution Agreement, Trean shall acquire all of the equity interests of Compstar Holding Company LLC (“Compstar Holding”) owned by Blake Enterprises in exchange for the amount of shares of Common Stock as
                consideration as specified in the Exchange Agreement.

            

       

      

      	

            	(c)	
              Step 3. Trean to Contribute All of its Equity Interest in Compstar Holding to Trean Compstar. Trean and Trean Compstar shall enter into a contribution agreement, substantially in the form attached hereto as Exhibit B
                (the “Compstar Holding Contribution Agreement”) pursuant to which Trean shall contribute all of its equity interest in Compstar Holding to Trean Compstar.  Following such contribution, Trean Compstar shall own 100% of Compstar
                Holding.

            

       

      

      
        
          

      

      
      	

            	(d)	
              Step 4. New Compstar Holding LLC Agreement.  Pursuant to the Exchange Agreement, the Limited Liability Company Agreement of Compstar Holding dated April 3, 2018, as amended, will terminate immediately following the
                contribution under the Compstar Holding Contribution Agreement.  Immediately thereafter, Trean Compstar will adopt the Limited Liability Company Agreement of Compstar Holding substantially in the form attached hereto as Exhibit C.

            

       

      

      	

            	(e)	
              Step 5. Distribution by BIC Holdings and Trean Holdings of Trean Common Stock to Pre-IPO Unitholders. Each of BIC Holdings and Trean Holdings shall distribute to the Pre-IPO Unitholders in accordance with the distribution
                provisions in the LLC Agreements all of their respective shares of Common Stock in complete redemption of all units held by the Pre-IPO Unitholders in each of BIC Holdings and Trean Holdings, respectively. Upon completion of such
                distribution, each of BIC Holdings and Trean Holdings shall be dissolved pursuant to the terms of their respective LLC Agreements.

            

       

      

      	

            	(f)	
              Step 6. Termination of Consulting Agreements.  Trean Holdings, BIC Holdings, and Trean will enter into a Termination Agreement (the “Termination Agreement”) with Altaris Capital Partners, LLC (“Altaris”)
                substantially in the form attached hereto as Exhibit D pursuant to which the Consulting Agreement, dated as of July 31, 2015, between Altaris and BIC Holdings, and the Amended and Restated Consulting Agreement, dated as of May 1,
                2017, between Altaris and Trean Holdings, as amended, will, after the rights and obligations of Trean Holdings and BIC Holdings are transferred to Trean pursuant to Step 1 above, terminate immediately prior to the IPO, except with respect
                to the obligations in such agreements that are expressly specified to survive as provided in the Termination Agreement.

            

       

      

      	

            	(g)	
              Step 7. IPO of Trean. Trean shall issue shares of Common Stock to public investors in exchange for cash pursuant to the IPO.

            

       

      

      	2.	
              Intended Tax Treatment.  It is intended that the transactions contemplated by Sections 1(a), (b) and (g) above will be treated as part of an integrated transaction qualifying under Section 351 of the
                Internal Revenue Code of 1986, as amended.

            

       

      

      	3.	
              Consents and Approvals. Each of the Parties, by execution of this Agreement, hereby provides consent, authorization, ratification and approval to effect the Reorganization Transactions, as may be required under any organizational
                document governing any of the Parties, any laws or regulations applicable to any of the Parties or any other agreement or contract to which such Party is a party.

            

       

      

      	4.	
              Further Assurances. Each of the Parties shall use reasonable best efforts to consummate the Reorganization Transactions as promptly as practicable and shall take or cause to be taken, as applicable, all such other actions
                necessary to cause the Reorganization Transactions to be carried out in accordance with the terms of this Agreement and the exhibits hereto, including, without limitation, (i) executing, delivering and performing the agreements and other
                documents contemplated by Section 1 of this Agreement (collectively, the “Reorganization Documents”) or any agreements or other documents of the type contemplated by Section 1 of this Agreement and (ii) filing any
                certificates, notices or other instruments with applicable governmental authorities. Each Party shall cooperate fully with each of the other Parties in connection with the foregoing. Each Party shall, at any time and from time to time
                following the consummation of the Reorganization Transactions, without further consideration, execute, deliver and perform or cause the execution, delivery and performance of, as applicable, any and all documents, agreements, certificates,
                and instruments, and take or cause to be taken, as applicable, such other actions as any other Party may reasonably require to carry out the intent of this Agreement and to effect the Reorganization Transactions.

            

       

      

      
        2

        
          

      

      
        	
                5.

              	
                Power of Attorney. Each of the Pre-IPO Unitholders (other than AHP-TH LLC, ACP-TH LLC, AHP-BH LLC and ACP-BHC LLC, to which this Section 5 shall not apply) hereby agrees as follows:

              

      

       

      

      	

            	(a)	
              In connection with the foregoing, the undersigned hereby irrevocably appoints Andrew M. O’Brien, Chief Executive Officer of Trean and Julie A. Baron, Chief Financial Officer, Treasurer and Secretary of Trean, or their duly designated
                substitutes (the “Attorneys”), as attorneys-in-fact with full power and authority to act, including full power of substitution, in the name of and for and on behalf of the undersigned with respect to all matters arising in connection
                with the Reorganization Transactions and the IPO, including, but not limited to:

            

       

      

      	

            	(i)	
              entering into and approving, as applicable, the Reorganization Documents, receipt of drafts of which herewith is hereby acknowledged, containing such additions to or changes in the terms, provisions and conditions thereof as the
                Attorneys in their sole discretion shall determine; and

            

       

      

      	

            	(ii)	
              making, exchanging, acknowledging and delivering all such other contracts, powers of attorney, orders, receipts, notices, requests, instructions, certificates, letters and other writings, including communications to the U.S. Securities
                and Exchange Commission (the “SEC”), and amendments to the underwriting agreement relating to the IPO, and in general to do all things and to take all actions, that the Attorneys in their sole discretion may consider necessary to
                effect the Reorganization Transactions and the IPO, as fully as could the undersigned if personally present and acting.

            

       

      

      	

            	(b)	
              The Power of Attorney set forth in this Section 5 and all authority conferred hereby shall be irrevocable and shall not be terminated by the undersigned or by the death or incapacity of the undersigned (if the undersigned is an
                individual), by the death or incapacity of any trustee or executor or the termination of any trust or estate (if the undersigned is a trust or an estate), or by the dissolution or liquidation of any corporation or partnership (if the
                undersigned is a corporation or partnership), or by the occurrence of any other event unless otherwise provided by law.

            

       

      

      Notwithstanding the foregoing, this Power of Attorney shall automatically terminate and be of no further effect, upon the earlier to occur of (i) the withdrawal by Trean of the registration statement filed with the SEC
        relating to the IPO and (ii) the consummation of the IPO; subject, however, to all lawful action done or performed by the Attorneys pursuant to this Agreement prior to such withdrawal or date.

       

      

      	

            	(c)	
              The undersigned shall ratify all actions that the Attorneys have taken or shall take pursuant to this Section 5.

            

       

      

      
        3

        
          

      

      	

            	(d)	
              The Attorneys shall be entitled to act and rely upon any statement, request, notice or instruction respecting the Power of Attorney set forth in this Section 5 given to the Attorneys by the undersigned.

            

       

      

      	

            	(e)	
              The undersigned agree to hold each Attorney free and harmless from any and all loss, damage or liability that the undersigned may sustain as a result of any action taken in good faith and within the authority granted herein, except where
                such loss, damage or liability is the result of bad faith, gross negligence or willful misconduct on the part of any Attorney. It is understood that the Attorneys shall serve without compensation.

            

       

      

      	6.	
              Representations and Warranties of the Pre-IPO Unitholders. Each of the Pre-IPO Unitholders hereby represents, warrants and acknowledges that, as of the date hereof:

            

       

      

      	

            	(a)	
              With respect to each Pre-IPO Unitholder, such Pre-IPO Unitholder owns beneficially and of record the respective number and type of units set forth in Schedule I hereto, free and clear of any lien, mortgage, pledge, hypothecation,
                assignment, security interest or other encumbrance, or any preemptive right, right of first refusal, right of first offer, right of consent, put right, default or other similar right (collectively, “Liens”), other than restrictions
                on transfer under the LLC Agreements.

            

       

      

      	

            	(b)	
              Any information which such Pre-IPO Unitholder has heretofore furnished in writing for the purposes of the transactions contemplated herein to BIC Holdings, Trean Holdings, Trean or their respective representatives is correct and complete
                as of the date of this Agreement and the date of the Reorganization Transaction to which such writing relates.

            

       

      

      	

            	(c)	
              Such Pre-IPO Unitholder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

            

       

      

      	

            	(d)	
              Such Pre-IPO Unitholder acknowledges that the shares of Common Stock received by such Pre-IPO Unitholder pursuant to the Reorganization Transactions, other than the shares of Common Stock issued to such Pre-IPO Unitholder in the IPO, if
                any, shall not be registered under the Securities Act or under any applicable state securities laws, and are being distributed in reliance on exemptions from the registration requirements of the Securities Act and all such laws.

            

       

      

      	

            	(e)	
              The Common Stock received by such Pre-IPO Unitholder pursuant to the Reorganization Transactions, other than the shares of Common Stock issued to such Pre-IPO Unitholder in the IPO, if any, are being acquired by such Pre-IPO Unitholder
                for its own account for the purpose of investment or for the benefit of its member and not with a view to distribute in violation of applicable securities laws, it being understood that the right to dispose of the shares of Common Stock
                shall be subject to the terms and conditions in the Amended and Restated By-Laws of Trean, in addition to the transfer restrictions under the Securities Act. Such Pre-IPO Unitholder will refrain from transferring or otherwise disposing of
                the shares of Common Stock or any interest therein in such manner as to cause Trean to violate the Securities Act or any applicable state securities or blue sky laws.

            

       

      

      	

            	(f)	
              Such Pre-IPO Unitholder represents that this Agreement has been duly executed and delivered by such Pre-IPO Unitholder and constitutes the legal, valid and binding obligation of such Pre-IPO Unitholder, and assuming the due execution,
                delivery and authorization of this Agreement by the other parties hereto, enforceable against such Pre-IPO Unitholder in accordance with its terms, except to the extent that such enforcement may be limited by applicable bankruptcy laws and
                other similar laws affecting creditors’ rights generally.

            

       

      

      
        4

        
          

      

      	

            	(g)	
              Such Pre-IPO Unitholder, unless a natural person, is an entity duly organized, validly existing and in good standing under the laws of its state of organization. The execution, delivery and performance by such Pre-IPO Unitholder of this
                Agreement has been duly authorized by all necessary action.

            

       

      

      	

            	(h)	
              The representations, warranties, agreements, undertakings and acknowledgments made by such Pre-IPO Unitholder in this Agreement shall survive the Reorganization Transactions. In addition, such Pre-IPO Unitholder shall notify Trean
                immediately of any change in any representation, warranty or other information relating to such Pre-IPO Unitholder set forth herein.

            

       

      

      	7.	
              Representations and Warranties of Trean, BIC Holdings and Trean Holdings. Each of Trean, BIC Holdings, Trean Holdings, Trean Corporation and Trean Compstar hereby represents and warrants with respect to itself that, as of the date
                hereof:

            

       

      

      	

            	(a)	
              It is a corporation, duly incorporated, or a limited liability company, duly organized, in each case, validly existing and in good standing under the laws of its state of organization.

            

       

      

      	

            	(b)	
              It has the requisite power, authority and legal right to execute and deliver this Agreement and to consummate the transactions contemplated hereby.

            

       

      

      	

            	(c)	
              This Agreement has been duly executed, delivered and authorized by it and constitutes the legal, valid and binding obligation of it, and assuming the due execution, delivery and authorization of this Agreement by the other parties
                hereto, is enforceable against it in accordance with its terms, except to the extent such enforcement may be limited by applicable bankruptcy laws and other similar laws affecting creditors’ rights generally.

            

       

      

      	

            	(d)	
              Neither the execution, delivery and performance by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with the terms and provisions hereof, will (with or without notice or lapse
                of time or both), (i) result in a breach, termination or suspension of, constitute a default under, or accelerate the payment or performance required by the terms, conditions or provisions of, any material contracts to which it is a party,
                (ii) constitute a material violation by it of any existing law, rule, or regulation or of any judgment, award, order or other determination of any governmental authority, in each case applicable to it or any of its respective properties,
                rights or assets or (iii) result in the creation of any Lien upon any equity interests, properties, rights or assets of it, except, in the case of clauses (i), (ii) and (iii), as would not reasonably be expected to result in, individually
                or in the aggregate, a material adverse effect on its ability to consummate the transactions contemplated by this Agreement.

            

       

      

      	

            	(e)	
              No authorization, filing or notification with any governmental authority, any counterparty to any of the contracts to which it is a party or any other Person is required to be made or obtained by it in connection with the execution,
                delivery or performance by it of this Agreement, or the consummation of the transactions contemplated hereby by it, except for the registration of the Common Stock under the Securities Act and those authorizations, filings and notifications
                already obtained or made and any such authorization, filing or notification, the failure of which to make or obtain would not reasonably be expected to result in, individually or in the aggregate, a material adverse effect on its ability to
                consummate the transactions contemplated by this Agreement.

            

       

      

      
        5

        
          

      

      	8.	
              Term. This Agreement shall remain in full force and effect until the earlier of the completion of all of the transactions contemplated by this Agreement and the exhibits attached hereto or the determination of the board of
                directors of Trean not to consummate the IPO.

            

       

      

      	9.	
              Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the successors and permitted assigns of each of the Parties.

            

       

      

      	10.	
              Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute the same instrument. This Agreement may be executed by electronic transmission
                (including by .pdf) and such execution shall have the same force and effect as manually executed counterparts.

            

       

      

      	11.	
              Amendment. This Agreement may not be altered, modified, changed or amended, in whole or in part with respect to any Party, except by a written instrument signed by each such affected Party and, if applicable, authorized by each
                such Party’s board of directors, board of managers, managing member or general partner, as the case may be.

            

       

      

      	12.	
              Severability. If one or more provisions of this Agreement are found by a court or arbitrator of competent jurisdiction, or any governmental authority with competent jurisdiction over the Parties to be illegal, invalid or
                unenforceable, in whole or in part, the remaining terms and provisions of this Agreement (including the remaining portion of a provision found to be illegal, invalid or unenforceable in part) shall remain in full force and effect
                disregarding such illegal, invalid or unenforceable provision or portion thereof and such court, arbitrator or governmental authority shall be empowered to modify such illegal, invalid or unenforceable provision or portion thereof to the
                extent necessary to make this Agreement enforceable in accordance with the intent and purposes of the Parties expressed in this Agreement to the fullest extent practicable and as permitted by applicable law.

            

       

      

      	13.	
              Headings. Headings used in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

            

       

      

      	14.	
              Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the
                State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
                transactions contemplated hereby may be instituted exclusively in the Chancery Court of the State of Delaware (or, in the event, but only in the event, that such court does not have subject matter jurisdiction over such action or
                proceeding, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware). Service of process, summons, notice or other document by mail to such Party’s principal office shall be effective
                service of process for any suit, action or other proceeding brought in any such court. The Parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and
                irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding has been brought in an inconvenient forum.

            

       

      

      [Signature Pages Follow]

      
        6

        
          

        

      

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

       

      

       

      

      	 	TREAN INSURANCE GROUP, INC.	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

      

      	 	BIC HOLDINGS LLC	 
	 	 	 	 
	
              

              

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title: 	Authorized Signatory 

            	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

      

      	 	TREAN HOLDINGS LLC	 
	 	 	 	 
	
              

              

            	
              By: 

            	

            	 
	 	Name	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	TREAN CORPORATION

            	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	TREAN COMPSTAR HOLDINGS, LLC

              	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title:	 Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	AHP-TH LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name	Daniel G. Tully

            	 
	 	Title	Authorized Signatory	 
	 	 	 	 

      

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	ACP-TH LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:

            	Daniel G. Tully	 
	 	Title: 

            	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	ACP-BHC LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Daniel G. Tully	 
	 	Title: 	Authorized Signatory	 
	 	 	 	 

      

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	ACP-BHC LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Daniel G. Tully	 
	 	Title: 	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	 	ANDREW M. O’BRIEN PREMARITAL TRUST	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title: 	Trustee	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      
        	 	
                LEE 2020 GST DYNASTY TRUST

              	 
	 	 	 	 	 
	 	
                By:

              	 	 	 
	 	Name: 

              	
                Steven B. Lee

              	 
	 	Title: 

              	
                Trustee

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                STEVEN B. LEE 2020 GRAT

              	 
	 	 	 	 	 
	 	
                By:

              	 	 	 
	 	Name: 

              	
                Steven B. Lee

              	 
	 	Title: 

              	
                Trustee

              	 
	 	 	 	 	 
	 	

              	 	 	 
	 	

              	
                STEVEN B. LEE

                

              	 

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	

            	
              

              

            	

            	 
	 	

            	KYLE A. PLATH	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	

            	

            	

            	 
	 	

            	DANIEL E. FOSTERLING	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	

            	

            	

            	 
	 	

            	BRAD D. SCHMITZ	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

       

      

       

      

      	

            	

            	

            	 
	 	 	SEAN P. RYAN	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

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

      

      

      

      	
              

              

            	

            	

            	 
	 	 	RANDALL D. JONES	 
	 	 	

            	 

       

      

       

      

    

    
      
        [Signature Page to Reorganization Agreement]

        
          

      

      Index of Exhibits and Schedules

       

        

       
        	
                 Exhibit A:     

                

              	
                 HoldCo Contribution Agreement

              
	
                 Exhibit B:

              	
                 Compstar Holding Contribution Agreement

              
	
                 Exhibit C:

              	
                 LLC Agreement of Compstar Holding

              
	
                 Exhibit D:

              	
                 Termination Agreement

                

              
	
                 Exhibit E: 

                

              	
                 Amended and Restated By-Laws 

                

              

      

       

        

    

     

      
         

      

       

      

      	Schedule I:	
              Trean Holdings LLC and BIC Holdings LLC Capitalization Table

            

      

      

      
        
          

      

      
      Exhibit A

      HoldCo Contribution Agreement

       

        

      
        A-1

        
          

      

      
      Exhibit B

      Compstar Holding Contribution Agreement

       

        

      
        B-1

        
          

      

      
      Exhibit C

      
        LIMITED LIABILITY COMPANY AGREEMENT

        OF

        COMPSTAR HOLDING COMPANY LLC

        

        

        This Limited Liability Company Agreement (this “Agreement”) of Compstar Holding Company LLC
          (the “Company”) is entered into as of _________, 2020 by Trean Compstar Holdings LLC as the sole member of the Company (the “Member”).

        

        

        WHEREAS, the Company was formed on February 5, 2018 as a Delaware limited liability company;

        

        

        WHEREAS, the initial limited liability company agreement of the Company was entered into as of April 3, 2018 (as amended, the “Original Agreement”); and

        

        

        WHEREAS, the Original Agreement was terminated as of the date hereof by the parties thereto, and the Member, which effective as of
          the date hereof owns 100% of the equity interests of the Company, desires to enter into this Agreement to set forth certain governance, capitalization and other terms with respect to the Company.

        

        

        NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
          sufficiency of which are hereby acknowledged, the Member, intending to be legally bound, hereby agrees as follows:

        

        

        1.          Organization.  The Company has been organized as a Delaware limited liability company by executing and delivering a Certificate of Formation to the Secretary of State of the State of Delaware on February 5, 2018 in accordance
            with and pursuant to the provisions of the Delaware Limited Liability Company Act, as amended (the “Act”).

        

        

        2.          Name.   The name of the Company is “Compstar Holding
            Company LLC”.  The Member may change the name of the Company at any time and from time-to-time.  The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Member.

        

        

        3.          Purpose.  The purpose and business of the Company shall be any business which may lawfully be conducted by a limited liability company organized pursuant to the Act.  The Company shall possess and may exercise all powers
            and privileges granted by the Act, any other law, or by this Agreement, including incidental powers thereto, to the extent that such powers and privileges are necessary, customary, convenient or incidental to the attainment of the Company’s
            purpose.

        

        

        4.          Principal Office; Agent for Service of Process.  The
            principal office of the Company shall be at such place or places and in such jurisdictions as the Member may deem advisable.  The name and address of the Company’s registered agent for service of process in the State of Delaware is National
            Registered Agents, Inc., 160 Greentree Drive, Suite 101, in the City of Dover, Kent County, Delaware 19904.  The Company may change its registered agent or registered office from time-to-time as the Member deems advisable.

        

        

        5.          Management.  The right to manage, control and conduct the business and affairs of the Company shall be vested solely in the Member, and the Member shall have the power and authority to exercise all of the rights, powers and
            privileges granted under the Act, any other applicable law and this Agreement.  The Member may appoint (and remove) such officers of the Company as the Member may from time-to-time determine to carry out the management, control and conduct of
            the business and affairs of the Company, all as aforesaid.  Any such appointments and any removals by the Member shall be in writing and shall be filed with the records of the Company.  The Member and any such officers so appointed shall have
            the authority to act as agent for the Company for purposes of conducting its business and affairs, including, without limitation, the opening of bank accounts, the making of deposits and withdrawals therefrom and the issuance of wire-transfer
            instructions with respect thereto, and the execution and delivery of any and all documents or agreements in the name of the Company and to which the Company shall be bound.  The Member and, except for situations in which members’ approval is
            expressly required by nonwaivable provisions of the Act, such officers shall have the right, authority and powers of an authorized person with respect to the business and assets of the Company as set forth in the Act and no person dealing with
            the Company shall be required to inquire into (and such persons may be entitled, without investigation, to rely upon) the authority of the Member or such officers to take any action on behalf of the Company.

        
          

          C-1

          
            

          

        

        6.          Membership Interests.  As of the date hereof, the only
            type of ownership interests in the Company are membership interests.  For the avoidance of doubt, all Class A Units and Class B Units (as such terms were defined in the Original Agreement) outstanding immediately prior to the effectiveness of
            this Agreement are hereby recapitalized by operation of this Agreement, with each such Class A Unit and Class B Unit now being a “membership interest” under this Agreement without any class designation.  As of the date hereof, 100% of the
            membership interests are owned by the Member.

        

        

        7.          Additional Contributions.  The Member is not required to
            make additional capital contributions to the Company.  All capital contributions shall be made at the option of the Member and shall be made as and when the Member deems appropriate.

        

        

        8.          Membership Interests.  Membership interests of the Company
            may be represented by certificates at the sole discretion of the Member.  The Company hereby irrevocably elects that, to the extent certificates representing membership interests are issued, all membership interests shall be deemed securities
            governed by Article 8 of the Uniform Commercial Code.  In the event the Member elects to issue certificates representing membership interests, such certificates shall bear the following legend:

        

        

        “THIS CERTIFICATE EVIDENCES AN INTEREST IN THE COMPANY AND SHALL BE A SECURITY FOR PURPOSES OF ARTICLE 8 OF THE UNIFORM COMMERCIAL
          CODE.”

        

        

        9.          Term.  The Company shall continue in existence in
            perpetuity until the termination of the Company in accordance with the provisions of Section 16 below.

        

        

        10.        Limited Liability.  Except as otherwise required by the
            Act, (a) the debts, expenses, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, expenses, obligations and liabilities of the Company and (b) the Member shall not have any
            liability for the obligations or liabilities of the Company solely by reason of being a member or acting as the Member of the Company.

        

        

        11.        Exculpation and Indemnification.

        

        

        (a)         The Company shall, to the full extent permitted by law, indemnify
            and hold harmless the Member and the officers of the Company and each affiliate, officer, controlling person, partner, employee or shareholder of any of the foregoing, together with their respective successors and assigns, heirs, executors and
            administrators (each, an “Indemnified Person”), from and against any and all losses, claims, costs, damages, liabilities, expenses (including legal fees and expenses), suits or
            proceedings (whether civil, criminal, administrative or investigative), judgments, fines, settlements and other amounts (collectively, “Claims”) arising from, related to or
            incurred or imposed upon such Indemnified Person in connection with, which arise out of, or relate to (i) the fact that such Indemnified Person is or was a member, officer, employee or agent of the Company, or is or was serving at the request
            of the Company as a manager, director, officer, employee or agent of another corporation, company, partnership, joint venture, trust or other enterprise, or (ii) otherwise with respect to the Company’s property, business or affairs.  An
            Indemnified Person’s expenses paid or incurred in investigating, preparing or defending itself against any Claim shall be reimbursed by the Company as paid or incurred.

        
          

          C-2

          
            

          

        

        (b)         The indemnification provided by this Section 11 shall not
            be deemed exclusive of any other rights to which an Indemnified Person may have or hereafter acquire under any statute, agreement, vote of members or otherwise.

        

        

        (c)         The Company may purchase and maintain insurance on behalf of any
            person or entity who is or was a Member, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, manager, officer, employee or agent of another corporation, company, partnership, joint
            venture, trust or other enterprise, against any liability asserted against such person or entity incurred by such person or entity in any such capacity, or arising out of such person’s or entity’s status as such, whether or not the Company
            would have the power to indemnify such person or entity against such liability under the provisions of this Section 11.

        

        

        (d)         For purposes of this Section 11, references to “the
            Company” shall include, in addition to the surviving company, any merging company (including any company having merged with a merging company) absorbed in a merger which, if its separate existence had continued, would have had the power and
            authority to indemnify its members, directors, managers, officers, employees or agents, so that any person or entity that is or was a member, director, manager, officer, employee or agent of such merging company, or is or was serving at the
            request of such merging company as a director, manager, officer, employee or agent of another corporation, company, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section
              11 with respect to the surviving company as such person or entity would have with respect to such merging corporation if its separate existence had continued.

        

        

        12.         Allocations and Distributions.  Each item of income,
            gain, loss, deduction and credit of the Company for Federal income tax purposes shall be allocated to the Member.  All distributions in respect of the ownership interests in the Company shall be made to the Member.

        

        

        13.         Fiscal Year.  The fiscal year of the Company shall end on
            December 31, unless otherwise determined by the Member.

        

        

        14.         Method of Accounting.  The method of accounting used by
            the Company shall be determined by the Member.

        

        

        15.         Business with the Company.   The Member shall be
            permitted to transact business with the Company.

        

        

        16.         Dissolution.  The Company will be dissolved upon the
            occurrence of any of the following events:

        

        

        (a)          the written agreement of the Member; or

        

        

        (b)          the entry of a decree of judicial dissolution
            under Section 18‐802 of the Act.

        
          

          C-3

          
            

          

        

        Dissolution of the Company will be effective on the day on which an event described in clause (a) or (b) above occurs, but the Company will not
          terminate until a certificate of cancellation is filed with the Secretary of State of the State of Delaware and the assets of the Company are distributed in accordance with the Act or applicable law.  Notwithstanding the dissolution of the
          Company, prior to the termination of the Company, the business of the Company will continue to be governed by this Agreement.

        

        

        17.         Successors and Assigns.  This Agreement shall be binding
            upon and shall inure to the benefit of the Company, the Member and their respective successors, successors-in-title, legal representatives, heirs and assigns.  None of the provisions of this Agreement shall be for the benefit of or enforceable
            by any person or entity other than a member or the Company, including without limitation any creditor of any member or the Company.

        

        

        18.         Amendments; Waivers.  No waiver, modification or
            amendment of this Agreement shall be valid or binding unless such waiver, modification or amendment is in writing duly executed by the Member.  No delay or omission in exercising any right under this Agreement shall operate as a waiver of that
            or any other right.

        

        

        19.         Governing Law.  This Agreement shall be governed by
            and interpreted, construed and enforced in accordance with the internal laws of Delaware.

        

        

        [Signature Page Follows]

        
          

          C-4

          
            

          

        

        The Member has executed this Agreement as of the day and year first above set forth.

        

        

        	 	
                TREAN COMPSTAR HOLDINGS LLC

              
	 	 	 
	 	
                By:

              	

              
	 	
                Name:

              	
                Andrew M. O’Brien

              
	 	
                Title:

              	
                Authorized Signatory

              

        

        

         

        

        [Signature Page to Compstar Holding Company LLC Limited Liability Company Agreement]

        

      

      
        C-5

        
          

      

      
      Exhibit D

      Termination Agreement

          

        

      
        D-1

        
          

      

      
      Exhibit E

      Amended and Restated By-Laws

       

        

      
        E-1

        
          

      

      
      Schedule I

      Trean Holdings LLC and BIC Holdings LLC Capitalization Table

      

      

      

      

    

  

  I-1

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