Document:

EXHIBIT 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (as amended from time to time, this “Agreement”) is dated as of April 22, 2016, and is between NUO THERAPEUTICS,
INC., a Delaware corporation (the “Company”), and the stockholders listed on Schedule 1 hereto
(collectively, the “Stockholders” and, each individually, a “Stockholder”).
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan (as defined below).

 

INTRODUCTION

 

WHEREAS, on the date
hereof, the Company issued shares (the “Shares”) of common stock, par value $0.0001 per share (the “Common
Stock”), to the Stockholders pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities
Act”) and Rule 506 of Regulation D promulgated thereunder, and upon the terms set forth in the First Amended Plan
of Reorganization of the Company (as amended, modified or supplemented, the “Plan”) under Chapter 11
of the United States Bankruptcy Code (11 U.S.C. §101, et seq.), confirmed by order dated April 25, 2016 of the United States
Bankruptcy Court for the District of Delaware.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which is hereby acknowledged, the Company and each of the Stockholders agree as follows:

 

ARTICLE I

DEFINITIONS

 

In this Agreement:

 

“Applicable
Exchange” means The New York Stock Exchange, Inc. or the NASDAQ Stock Exchange, including the NASDAQ Global Market.

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Prospectus”
means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the Registrable
Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” shall mean any Shares issued to the Stockholders on the date hereof together with any securities issued
or issuable upon any stock split, dividend or other distribution, adjustment, recapitalization or similar event with respect to
the foregoing; provided, however, that any such securities shall cease to be Registrable Securities upon the earlier of the date
when (i) such Registrable Securities have been registered under the Securities Act and disposed of in accordance with a registration
statement filed under the Securities Act, including the Registration Statement, or such Registrable Securities have been disposed
of under Rule 144 promulgated under the Securities Act or (ii) such Registrable Securities may be sold without registration or
restriction pursuant to Rule 144(b) under the Securities Act or any successor provision.

 

     

     

    

 

“Registration
Statement” means the registration statement required to be filed under this Agreement, including the Prospectus,
amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

ARTICLE II

DEMAND AND PIGGYBACK RIGHTS

 

Section 2.01         Shelf
Registration.

 

(a)          The
Company shall use its best efforts to cause to prepare and file with the SEC a “Shelf” Registration Statement covering
the resale of all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities
Act on or prior to the 120th day (the “Filing Default Date”) following the Closing (such date of actual
filing, the “Filing Date”). The Registration Statement shall be on Form S 3; provided that if the Company
shall determine in good faith that Form S-3 is not then available to it, the Registration Statement shall be on Form S-1. Each
Stockholder will furnish to the Company, within five (5) business days after request by the Company, a completed questionnaire
in the form set forth as Exhibit A hereto. Each Stockholder agrees to promptly update such questionnaire in order to make
the information previously furnished to the Company by such Stockholder complete and not materially misleading. The Registration
Statement shall register the Registrable Securities for resale by the holders thereof.

 

(b)          The
Company shall use its best efforts to cause the Registration Statement to be declared effective by the SEC on or prior to the 150th
day following the Closing (the “No-Review Effectiveness Default Date”) if there is no SEC review of the
Registration Statement or the 210th day following the Closing (the “SEC-Review Effectiveness Default Date”)
in the event of an SEC review of the Registration Statement, and shall use its best efforts to keep the Registration Statement
continuously effective under the Securities Act until the earliest of (i) the date when all Registrable Securities covered thereby
may be sold without registration or restriction pursuant to Rule 144(b) under the Securities Act or any successor provision or
(ii) the date when all Registrable Securities covered by such Registration Statement have been sold (the “Effectiveness
Period”).

 

(c)          The
Company shall request effectiveness of the Registration Statement (and any post-effective amendments thereto) within five (5) business
days following the Company’s receipt of notice from the SEC that the Registration Statement will not be reviewed by the SEC
or that the SEC has completed its review of such Registration Statement and has no further comments. The Company shall request
effectiveness of the Registration Statement (and any post-effective amendments thereto) at 5:00 p.m., New York City time, on the
effective date, and file with the SEC and deliver the Prospectus (or any supplements thereto), which delivery may be made electronically,
by 8:00 a.m. New York City time on the business day after such effective date.

 

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Section 2.02         Registration
Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)          Use
its best efforts to (i) prepare and file with the SEC such amendments, including post-effective amendments, to the Registration
Statement as may be necessary to keep the Registration Statement continuously effective as to the Registrable Securities for the
Effectiveness Period, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and
as so supplemented or amended to be filed pursuant to Rule 424, and (iii) respond promptly to any comments received from the SEC
with respect to the Registration Statement or any amendment thereto.

 

(b)          Notify
the Stockholders as promptly as reasonably possible, and (if requested by the Stockholders) confirm such notice in writing of any
of the following events: (i) the SEC notifies the Company whether there will be a “review” of the Registration Statement,
(ii) the SEC comments in writing on the Registration Statement, (iii) the SEC or any other Federal or state governmental authority
in writing requests any amendment or supplement to the Registration Statement or Prospectus or requests additional information
related thereto, (iv) if the SEC issues any stop order suspending the effectiveness of the Registration Statement or initiates
any action, claim, suit, investigation or proceeding (a “Proceeding”) for that purpose, (v) the Company
receives notice in writing of any suspension of the qualification or exemption from qualification of any Registrable Securities
for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose; or (vi) the financial statements
included in the Registration Statement become ineligible for inclusion therein or any statement made in the Registration Statement
or Prospectus or any document incorporated or deemed to be incorporated therein by reference is untrue in any material respect
or any revision to the Registration Statement, Prospectus or other document is required so that it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing, the Company shall
not include any material non-public information in any notice provided to any Stockholder under this Section 2.02(b).

 

(c)          Use
its reasonable best efforts to avoid the issuance of or, if issued, obtain the prompt withdrawal of (i) any order suspending the
effectiveness of the Registration Statement or (ii) any suspension of the qualification (or exemption from qualification) of any
of the Registrable Securities for sale in any jurisdiction.

 

(d)          Use
its reasonable best efforts to deliver to each Stockholder, which delivery may be made electronically, by 8:00 a.m. New York City
time on the business day after the date first available, without charge, such reasonable number of copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Stockholders may reasonably request.
The Company hereby consents (except during the continuance of any event described in Section 2.02(b)(iii)-(vi) above)
to the use of such Prospectus and each amendment or supplement thereto by each of the selling Stockholders in connection with the
offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

 

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(e)          In
the event the Company’s Common Stock is then listed on an Applicable Exchange: (i) in the time and manner required by the
Applicable Exchange, prepare and file with Applicable Exchange an additional share listing application covering all of the Registrable
Securities, (ii) use its reasonable best efforts to take all steps reasonably necessary to cause such Registrable Securities to
be approved for listing on the Applicable Exchange as soon as possible thereafter, (iii) provide to the Stockholders notice of
such listing, and (iv) use its reasonable best efforts to maintain the listing of such Registrable Securities on the Applicable
Exchange.

 

(f)          To
the extent required by law, prior to any public offering of Registrable Securities, use its reasonable best efforts to register
or qualify or cooperate with the selling Stockholders in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and sale under the securities or “blue sky”
laws of such jurisdictions within the United States as any Stockholder requests in writing, to keep each such registration or qualification
(or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary
or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement;
provided, however, that the Company shall not be required for any such purpose to (i) qualify generally to do business as a foreign
corporation in any jurisdiction wherein it would not be otherwise required to qualify but for the requirements of this Section
2.02(f), (ii) file any general consent to service of process in any jurisdiction where it is not as of the date hereof
so subject, or (iii) otherwise subject itself to taxation.

 

(g)          Upon
the occurrence of any event described in Section 2.02(b)(iii)-(vi) above, as promptly as reasonably possible, prepare
a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus
or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus will contain an 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 light of the circumstances
under which they were made, not misleading; provided, however, that the Company may suspend sales pursuant to the Registration
Statement for a period of up to twenty (20) consecutive days or for a total of not more than forty-five (45) days in any twelve-month
period if the Company furnishes to the holders of the Registrable Securities a certificate signed by the Company’s Chief
Executive Officer stating that in the good faith judgment of the Company’s Board of Directors, there is some material development
relating to the operations or condition (financial or other) of the Company that has not been disclosed to the general public and
as to which it is in the Company’s best interests not to disclose such development, and the Company shall not disclose such
development to the Stockholders.

 

(h)          In
the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as
a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct
Rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or any successor thereto, as amended
from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement or sales agent
or a broker or dealer in respect thereof, or otherwise, cooperate with such broker-dealer in connection with any filings required
to be made by FINRA.

 

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Section 2.03         Registration
Expenses. The Company shall pay (or reimburse the Stockholders for) all fees and expenses incident to the performance of or
compliance with this Agreement by the Company, including without limitation (a) all registration and filing fees and expenses,
including without limitation those related to filings with the SEC and in connection with applicable state securities or “Blue
Sky” laws, (b) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities
and of printing copies of Prospectuses reasonably requested by the Stockholders), (c) messenger, telephone and delivery expenses,
(d) and fees and expenses of all other persons retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. Notwithstanding the foregoing, each Stockholder shall pay any and all costs, fees, discounts or
commissions attributable to the sale of its respective Registrable Securities.

 

Section 2.04        Indemnification.

 

(a)          Indemnification
by the Company. In consideration of each Stockholder’s execution and delivery of this Agreement and in addition to the
Company’s other obligations hereunder, the Company shall, notwithstanding any termination of this Agreement, indemnify, defend,
protect and hold harmless each Stockholder, its officers and directors, partners, members, agents, brokers and employees of each
of them, each person who controls any such Stockholder (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act) and the officers, directors, partners, members, agents and employees of each such controlling person, and each
underwriter of Registrable Securities, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, settlement costs and expenses, including without limitation costs of preparation and reasonable attorneys’
fees (collectively, “Losses”), as incurred, arising out of or relating to (A) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any Prospectus or form of prospectus or in any amendment
or supplement thereto, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto,
in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that
(i) such untrue statements or omissions are based upon information regarding such Stockholder furnished in writing to the Company
by such Stockholder expressly for use therein, or to the extent that such information related to such Stockholder or such Stockholder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Stockholder
expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto
(which shall, however, be deemed to include disclosure substantially in accordance with the “Plan of Distribution”
attached hereto), or (ii) in the case of an occurrence of an event of the type specified in Section 2.02(b) above,
the use by such Stockholder of an outdated or defective Prospectus after the Company has duly notified such Stockholder in writing
that the Prospectus is outdated or defective and prior to the receipt by such Stockholder of the Advice contemplated in Section
2.05 below, (B) any misrepresentation or material breach of any representation or warranty made by the Company in the Offering
Documents; or (C) any material breach of any covenant, agreement or obligation of the Company contained in the Offering Documents.
The Company shall notify the Stockholders promptly of the institution, threat or assertion of any Proceeding of which the Company
is aware in connection with the transactions contemplated by this Agreement.

 

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(b)          Indemnification
by Stockholders. Each Stockholder shall, severally and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest
extent permitted by applicable law, from and against all Losses (as determined by a court of competent jurisdiction in a final
judgment not subject to appeal or review) arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement, any Prospectus, or any form of prospectus or in any amendment or supplement thereto,
or arising out of or based upon any omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent, but only to the extent, that such untrue statement or omission is contained in any information
furnished in writing by such Stockholder to the Company specifically for inclusion in such Registration Statement or Prospectus
or to the extent that (i) such untrue statements or omissions are based upon information regarding such Stockholder furnished in
writing to the Company by such Stockholder expressly for use therein, or to the extent that such information related to such Stockholder
or such Stockholder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in
writing by such Stockholder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto (which shall, however, be deemed to include disclosure substantially in accordance with the “Plan
of Distribution” attached hereto), or (ii) in the case of an occurrence of an event of the type specified in Section
2.02(b) above, the use by such Stockholder of an outdated or defective Prospectus after the Company has notified such Stockholder
in writing that the Prospectus is outdated or defective and prior to the receipt by such Stockholder of the Advice contemplated
in Section 2.05 below. In no event shall the liability of any selling Stockholder hereunder be greater in amount
than the dollar amount of the net proceeds received by such Stockholder upon the sale of the Registrable Securities giving rise
to such indemnification obligation.

 

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(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof, provided, that the failure of any Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that such failure
shall have prejudiced the Indemnifying Party. An Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (ii) the
Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory
to such Indemnified Party in any such Proceeding; or (iii) the named parties to any such Proceeding (including any impleaded parties)
include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that
a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party
(in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel
at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such
counsel shall be at the expense of the Indemnifying Party; provided, however, that in the event that the Indemnifying Party shall
be required to pay the fees and expenses of separate counsel, the Indemnifying Party shall only be required to pay the fees and
expenses of one separate counsel for such Indemnified Party or Parties. The Indemnifying Party shall not be liable for any settlement
of any such Proceeding affected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding. All fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in
a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten trading days of written
notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled
to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse
all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification
hereunder).

 

(d)          Contribution.
If a claim for indemnification under Section 2.04(a) or Section 2.04(b) is unavailable to an Indemnified
Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions
that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or
related to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 2.04(c),
any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to
the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section
2.04(d) was available to such party in accordance with its terms. The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 2.04(d) were determined by pro rata allocation or by
any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding
section. Notwithstanding the provision of this Section 2.04(d), no Stockholder shall be required to contribute, in
the aggregate, any amount in excess of the amount of net proceeds actually received by such Stockholder from the sale of the Registrable
Securities subject to the Proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties
may have to the Indemnified Parties and any cause of action or similar right of the Indemnified Parties against the Indemnifying
Parties or others.

 

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Section 2.05        Dispositions.
Each Stockholder agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it
in connection with sales of Registrable Securities pursuant to the Registration Statement. Each Stockholder further agrees that,
upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 2.02(b),
such Stockholder will discontinue disposition of such Registrable Securities under the Registration Statement until such Stockholder’s
receipt of the copies of the supplemented Prospectus and/or amended Registration Statement contemplated by Section 2.02(g),
or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to
enforce the provisions of this section.

 

Section 2.06        Piggy-Back
Registrations.

 

(a)          If
at any time during the Effectiveness Period, other than any suspension period referred to in Section 2.02(g) above,
there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to
prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under
the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities
Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity
or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall
send to each Stockholder written notice of such determination and if, within ten (10) days after receipt of such notice, any such
Stockholder shall so request in writing, the Company shall use its reasonable best efforts to include in such registration statement
all or any part of such Registrable Securities not already covered by an effective Registration Statement such Stockholder requests
to be registered; provided, however, that the Company shall have the right to postpone or withdraw any registration effected pursuant
to this Section 2.06(a).

 

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(b)          If
the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall
so indicate in the notice given pursuant to Section 2.06(a). In such event the right of any Stockholder to registration
pursuant to Section 2.06(a) shall be conditioned upon Stockholder’s agreeing to participate in such underwriting
and in the inclusion of such Stockholder’s Registrable Securities in the underwriting to the extent provided herein. The
Stockholder shall (together with the Company and the other holders distributing their securities through such underwriting) enter
into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company
or by other holders exercising any demand registration rights. Notwithstanding any other provision of this Section 2.06,
if the underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the underwriter
may exclude some or all Registrable Securities or other securities from such registration and underwriting (hereinafter an “Underwriter
Cutback”). In the event of an Underwriter Cutback, the Company shall so advise the Stockholder and the other holders
distributing their securities through such underwriting, and the number of Registrable Securities that may be included in the registration
and underwriting shall be allocated in proportion, as nearly as practicable, to the respective amounts of Registrable Securities
held by the Stockholder and the other holders distributing their securities through such underwriting at the time of filing the
registration statement. If any Stockholder disapproves of the terms of any such underwriting, such Stockholder may elect to withdraw
therefrom by written notice to the Company and the underwriter. Any securities excluded or withdrawn from such underwriting shall
be withdrawn from such registration.

 

Section 2.07         Rule
144. Until the earlier of (i) one year following the effectiveness of the Registration Statement and (ii) the date when such
Registrable Securities may be sold without registration or restriction pursuant to Rule 144(b) under the Securities Act or any
successor provision, the Company agrees with each holder of Registrable Securities to:

 

(a)          use
its best efforts to comply with the requirements of Rule 144(c) under the Securities Act with respect to current public information
about the Company;

 

(b)          use
its best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act (at any time it is subject to such reporting requirements), and

 

(c)          furnish
to any holder of Registrable Securities upon request (i) a written statement by the Company as to its compliance with the requirements
of said Rule 144(c) and the reporting requirements of the Securities Act and the Exchange Act (at any time it is subject to such
reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports
and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the SEC
allowing it to sell any such securities without registration.

 

Section 2.08         Exchange
Act Registration. Promptly following the date hereof, the Company shall cause the Common Stock to be registered under Section
12(g) of the Exchange Act.

 

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ARTICLE III

MISCELLANEOUS

 

Section 3.01        Notices.
Any notice or other document required or permitted to be given or delivered to the Stockholders shall be in writing and sent (x)
by fax if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery
service (charges prepaid) or (y) by an internationally recognized overnight delivery service (with charges prepaid):

 

(a)          if
to the Company, at

 

Nuo Therapeutics, Inc.

207A Perry Parkway, Suite 1

Gaithersburg, MD 20877

Attention: Chief Executive Officer

Facsimile: (240) 499-2690

 

or such other address as it shall have
specified to the Stockholder in writing, with a copy (which shall not constitute notice) to:

 

Dentons US LLP

1221 Avenue of the Americas

New York, NY 10020-1089

Attention: Jeffrey A. Baumel, Esq.

Facsimile: (973) 912-7199

 

and

 

Dentons US LLP

1301 K Street, N.W.

Suite 600, East Tower

Washington, D.C. 20006

Attention: Sam J. Alberts, Esq.

Facsimile: (202) 408-6399

 

(b)          If
to a Stockholder, to the address set forth with respect to such Stockholder on Schedule 1 or to such other person or address
as such Stockholder shall furnish to the Company and the other Stockholders in writing.

 

Section 3.02         Section
Headings. The article and section headings in this Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Agreement. References in this Agreement to a designated “Article” or “Section”
refer to an Article or Section of this Agreement unless otherwise specifically indicated.

 

Section 3.03         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

Section 3.04         Consent
to Jurisdiction and Service of Process. The parties to this Agreement hereby agree to submit to the jurisdiction of the courts
of the State of Delaware and the courts of the United States of America located in the District of Delaware, and appellate courts
from any thereof in any action or proceeding arising out of or relating to this Agreement.

 

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Section 3.05         Waiver
of Jury Trial. Each of the parties to this Agreement hereby unconditionally agrees to waive, to the fullest extent permitted
by applicable law, its respective rights to a jury trial of any claim or cause of action (whether based on contract, tort or otherwise)
based upon, arising out of or relating to this Agreement or the transactions contemplated hereby. The scope of this waiver is intended
to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement,
including contract claims, tort claims and all other common law and statutory claims. Each party hereto: (i) acknowledges that
this waiver is a material inducement to enter into this Agreement, that each has already relied on this waiver in entering into
this Agreement, and that each will continue to rely on this waiver in their related future dealings, (ii) acknowledges that no
representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not in
the event of any action or proceeding, seek to enforce the foregoing waiver and (iii) warrants and represents that it has reviewed
this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with
legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL
WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 3.05 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section 3.06         Amendments.
This Agreement may be amended only by an instrument in writing executed by the Company and Stockholders holding at least 66 2/3%
of the Registrable Securities collectively held by them. Any such amendment will apply to all Stockholders equally, without distinguishing
between them.

 

Section 3.07         Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the transactions
contemplated hereby and thereby. The registration rights granted under this Agreement supersede any registration, qualification
or similar rights with respect to any of the shares of Common Stock granted under any other agreement, and any of such preexisting
registration rights are hereby terminated.

 

Section 3.08         Severability.
The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable any
of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable,
to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of
the parties to this Agreement.

 

Section 3.09         Arms
Length Negotiations. The Company acknowledges and each Stockholder confirms that it has independently participated in the negotiation
of the transaction contemplated hereby with the advice of its own counsel and advisors.

 

Section 3.10         Counterparts.
This Agreement may be executed in multiple counterparts, including by means of facsimile or electronic mail, each of which shall
be deemed an original, but all of which together shall constitute the same instrument.

 

(Signature Page Follows)

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their respective duly authorized officers as of the date first
above written.

 

	 	COMPANY
	 	 
	 	NUO THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	STOCKHOLDERS
	 	 
	 	[STOCKHOLDER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	12	 

     

    

 

EXHIBIT A

 

SELLING STOCKHOLDER QUESTIONNAIRE

 

To: Nuo Therapeutics, Inc.

c/o Dentons US LLP

1221 Avenue of the Americas

New York, NY 10020-1089

Attention: Jeffrey A.
Baumel, Esq.

Facsimile: (973) 912-7199

 

Reference is made to the Registration Rights
Agreement (the “Agreement”), made between Nuo Therapeutics, Inc., a Delaware corporation (the “Company”),
and the Stockholders noted therein.

 

Pursuant to Section 2.01(a) of the Agreement,
the undersigned hereby furnishes to the Company the following information for use by the Company in connection with the preparation
of the Registration Statement contemplated by Section 2 of the Agreement.

 

	1.	Name and Contact Information:	 

 

	 	Full legal name of record holder: 	 

 

	 	Address of record holder: 	 

 

	 	Social Security Number or Taxpayer Identification Number:  	 

 

	 	Identity of beneficial owner (if different than record holder): 	 

 

	 	Name of contact person: 	 

 

	 	Telephone number of contact person: 	 

 

	 	Fax number of contact person: 	 

 

	 	E-mail address of contact person: 	 

 

	2.	Beneficial Ownership of Registrable Securities:	 

 

	 	(a) Number of Registrable Securities owned
by Selling Stockholder:  	 

 

	 	(b) Number of Registrable Securities requested
to be registered:  	 

 

	3.	Beneficial Ownership of Other Securities of the Company
Owned by the Selling Stockholder:
	 	 
	 	Except as set forth below in this Item (3), the undersigned
is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in
Item (2)(a).

 

    	 	13	 

     

    

 

	 	Type and amount of other securities beneficially owned
by the Selling Stockholder:  
	 	 
	 	 

 

		4.	Relationships with the Company:

 

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

 

	 	State any exceptions here:  	 

 

		5.	Plan of Distribution:

 

Except as set forth below, the
undersigned intends to distribute pursuant to the Registration Statement the Registrable Securities listed above in Item (2) in
accordance with the “Plan of Distribution” section set forth therein:

 

	 	State any exceptions here: 	 

 

		6.	Selling Stockholder Affiliations:

 

		(a)	Is the Selling Stockholder a registered broker-dealer? _________________________________________

 

		(b)	Is the Selling Stockholder an affiliate of a registered
broker-dealers? (For purposes of this response, an “affiliate” of, or person “affiliated” with, a specified
person, is a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under
common control with, the person specified.)  _________________________________________________________________________

 

		(c)	If the answer to Item (6)(b) is yes, identify the registered
broker-dealers and describe the nature of the affiliations:  _________________________________________________________________________

 

		(d)	If the answer to Item (6)(b) is yes, did the Selling
Stockholder acquire the Registrable Securities in the ordinary course of business (if not, please explain)? __________________________________________

 

		(e)	If the answer to Item (6)(b) is yes, did the Selling
Stockholder, at the time of purchase of the Registrable Securities, have any agreements, plans or understandings, directly or
indirectly, with any person to distribute the Registrable Securities (if yes, please explain)?

 

		7.	Voting or Investment Control over the Registrable
Securities:

 

If the Selling Stockholder is
not a natural person, please identify the natural person or persons who have voting or investment control over the Registrable
Securities listed in Item (2) above:

 

_________________________________________________________________________________________

 

    	 	14	 

     

    

 

Pursuant to Section 2.02(g) of
the Agreement, the undersigned acknowledges that the Company may, by notice to each Stockholder at its last known address, suspend
or withdraw the Registration Statement and require that the undersigned immediately cease sales of Registrable Securities pursuant
to the Registration Statement under certain circumstances described in the Agreement. At any time that such notice has been given,
the undersigned may not sell Registrable Securities pursuant to the Registration Statement.

 

The undersigned hereby acknowledges
receipt of a draft of the Registration Statement dated ● and confirms that the undersigned has reviewed such draft including,
without limitation, the sections captioned “Selling Stockholders” and “Plan of Distribution,” and confirms
that, to the best of the undersigned’s knowledge, the same is true, complete and accurate in every respect except as indicated
in this Questionnaire. The undersigned hereby further acknowledges that pursuant to Section 2.04(b) of the Agreement, the undersigned
shall indemnify the Company and each of its directors and officers against, and hold the Company and each of its directors and
officers harmless from, any losses, claims, damages, expenses or liabilities (including reasonable attorney’s fees) to which
the Company or its directors and officers may become subject by reason of any statement or omission in the Registration Statement
made in reliance upon, or in conformity with, a written statement by the undersigned, including the information furnished in this
Questionnaire by the undersigned.

 

By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Items (1) through (7) above and the inclusion
of such information in the Registration Statement, any amendments thereto and the related prospectus. The undersigned understands
that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement
and the related prospectus.

 

The undersigned has reviewed
the answers to the above questions and affirms that the same are true, complete and accurate. THE UNDERSIGNED AGREES TO NOTIFY
THE COMPANY IMMEDIATELY OF ANY CHANGES IN THE FOREGOING INFORMATION.

 

	 	Dated: 	 
	 	 	 
	 	Signature of Record Holder:
	 	 
	 	 
	 	
        (Please sign your name in exactly the same

        manner as the certificates for the shares being

        registered)

 

    	 	15EXHIBIT 10.4

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933, AS AMENDED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.

 

COMMON STOCK PURCHASE WARRANT

 

NUO THERAPEUTICS, INC.

 

	
        Shares: _______
	Issue Date: May 5, 2016

 

THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received, [_____________] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after November 5, 2016 (the “Initial Exercise Date”) and on or prior to the close of business on the May
5, 2021 five (5) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from NUO THERAPEUTICS, INC., a Delaware corporation (the “Company”), up
to [______] shares (the “Shares”) of Common Stock, par value $0.0001 per share, of the Company (“Common
Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b).

 

1.           Purchase
of Shares.  Subject to the terms and conditions hereinafter set forth, the Holder is entitled, upon surrender of
this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in writing),
to purchase from the Company up to [______________] fully paid and nonassessable Shares at the Exercise Price.

 

2.           Definitions.

 

(a)          Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Common Stock Subscription Agreement
(the “Purchase Agreement”), dated on or about April 25, 2016, by and among the Company and the purchasers signatory
thereto.

 

(b)          Exercise
Price.  The exercise price for the Shares initially shall be $[____] per share, as adjusted from time to time (such
price, as adjusted from time to time, is herein referred to as the “Exercise Price”).

 

(c)          Exercise
Period.  This Warrant shall be exercisable, in whole or in part, during the term commencing on the date hereof and
ending on the Termination Date.

 

3.          Method
of Exercise.  While this Warrant remains outstanding and exercisable in accordance with the terms hereof, the Holder
may exercise, in whole or in part, the purchase rights evidenced hereby.  Such exercise shall be effected by:

 

(i)          the
surrender of the Warrant, together with a notice of exercise in substantially the form attached hereto as Exhibit A to the
Secretary of the Company at its principal offices; and

 

(ii)         the
payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased, in cash (through
a check payable to the Company or by wire transfer to an account designated by the Company).

 

4.          Certificates
for Shares.  Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the
number of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the
delivery of the subscription notice.

 

    1

     

    

  

5.          Issuance
of Shares.  The Company covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be
duly and validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance
thereof. The Company shall at all times reserve and keep available solely for the issuance and delivery upon the exercise of this
Warrant, such number of Shares sufficient to permit the exercise in full of this Warrant.

 

6.          Adjustment
of Exercise Price and Number of Shares.  The number of and kind of securities purchasable upon exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time as follows:

 

(a)          Subdivisions,
Combinations and Other Issuances.  If the Company shall at any time prior to the expiration of this Warrant subdivide
the Shares, by split-up or otherwise, or combine its Shares, or issue additional shares as a dividend, the number of Shares issuable
on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination.  Appropriate adjustments shall also be made to the purchase price
payable per share, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted)
shall remain the same.  Any adjustment under this Section 6(a) shall become effective at the close of business on the
date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record
date is fixed, upon the making of such dividend.

 

(b)          Reclassification,
Reorganization and Consolidation.  In case of any reclassification, capital reorganization, or change in the capital
stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 6(a) above),
then the Company shall make appropriate provision so that the Holder shall have the right at any time prior to the expiration of
this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares
of stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a
holder of the same number of Shares as were purchasable by the Holder immediately prior to such reclassification, reorganization,
or change.  In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder
so that the provisions hereof, including Sections 6(a), shall thereafter be applicable with respect to any shares of stock or other
securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share
payable hereunder, provided the aggregate purchase price shall remain the same.

 

(c)          Notice
of Adjustment.  When any adjustment is required to be made in the number or kind of shares purchasable upon exercise
of the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares
or other securities or property thereafter purchasable upon exercise of this Warrant, and furnish the Holder with a certificate
of its Chief Financial Officer, including computations of such adjustment in the number or kind of shares purchasable upon exercise
of the Warrant, or in the Exercise Price.

 

7.            No
Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of
the Exercise Price then in effect.

 

8.            Restrictive
Legend. The Shares (unless registered under the Securities Act of 1933, as amended (the “Act”)) shall be
stamped or imprinted with a legend in substantially the following form:

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  COPIES
OF THE AGREEMENT COVERING THE PURCHASE OF THESE SHARES AND RESTRICTING THEIR TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST
MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY.

 

    2

     

    

 

9.          Warrants
Transferable.  Subject to compliance with the terms and conditions of this Section 9, this Warrant and all rights
hereunder are transferable, in whole or in part, without charge to the Holder (except for transfer taxes), upon surrender of this
Warrant properly endorsed or accompanied by written instructions of transfer.  With respect to any offer, sale or other
disposition of this Warrant or any Shares acquired pursuant to the exercise of this Warrant prior to registration of such Warrant
or Shares, the Holder agrees to give written notice to the Company prior thereto, describing briefly the manner thereof, together
with a written opinion of such holder’s counsel, or other evidence, if requested by the Company, to the effect that such
offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any
federal or state securities law then in effect) of this Warrant or the Shares and indicating whether or not under the Act certificates
for this Warrant or the Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions
on transferability in order to ensure compliance with such law; provided, however, the Company shall not require an opinion of
counsel in any transaction in compliance with Rule 144 promulgated by the SEC under the Act.  Upon receiving such written
notice and reasonably satisfactory opinion or other evidence, if so requested, the Company, as promptly as practicable, shall notify
the Holder that such person may sell or otherwise dispose of this Warrant or such Shares, all in accordance with the terms of the
notice delivered to the Company.  If a determination has been made pursuant to this Section 9 that the opinion of counsel
for the Holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the Holder promptly
with details thereof after such determination has been made.  Each certificate representing this Warrant or the Shares
transferred in accordance with this Section 9 shall bear a legend as to the applicable restrictions on transferability in order
to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the Holder, such legend is not required in
order to ensure compliance with such laws.  The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions.

 

10.         Rights
of Stockholders.  No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends
or be deemed the holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the Shares
purchasable upon the exercise hereof shall have become deliverable, as provided herein.

 

11.         Amendments
and Waivers.  This Warrant may be modified or amended or the provisions hereof waived only with the written consent
of the Company and the Holder.

 

12.         Notices
of Certain Transactions.  In case (a) the Company shall take a record of the holders of its outstanding stock of
the same class as the Shares purchasable under this Warrant (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, (b) of any capital
reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital
stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital
stock of the surviving corporation), or any transfer of all or substantially all of the assets of the Company, or (c) of the voluntary
or involuntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company will mail or cause
to be mailed to the Holder a notice specifying, as the case may be, (i) the date on which a record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii)
the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation, redemption
or conversion is to take place, and the time, if any is to be fixed, as of which the holders of record of the Company’s outstanding
stock of the same class as the Shares purchasable under this Warrant (or such other stock or securities at the time deliverable
upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation, redemption or conversion)
are to be determined. Such notice shall be mailed at least ten (10) days prior to the record date or effective date for the event
specified in such notice.

 

    3

     

    

 

13.         Notices.  All
notices and other communications given or made hereunder shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours
of the recipient, and if not so confirmed, then on the next business day, with a copy to be sent by United States first class mail,
postage prepaid, (c) five (5) days after being sent by registered or certified mail, return receipt required, postage prepaid,
or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt.  All communications shall be sent to the respective parties at their address or fax number as set forth on
the signature page to the Purchase Agreement or to such electronic mail address, facsimile number or address as subsequently modified
by written notice given in according with this Section 13.

 

14.         No
Impairment.  The Company shall not, by amendment of its certificate of incorporation or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but shall at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment.

 

15.         Governing
Law.  This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware
or of any other state.

 

16.         Rights
and Obligations Survive Exercise of Warrant.  Unless otherwise provided herein, the rights and obligations of the
Company, of the Holder and of the holder of the Shares issued upon exercise of this Warrant, shall survive the exercise of this
Warrant.

 

[Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	NUO THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	 
	 	 	Title:

 

	 	Address:	
        207A Perry Parkway, Suite 1

         

        Gaithersburg, MD 20877

 

	Accepted and agreed:	 
	 	 
	 	 
	 	 
	 	 
	Name and Position	 
	 	 
	Address:	 

 

[Signature Page to Form of Warrant]

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

  

	TO:	NUO THERAPEUTICS, INC.	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Attention: Chief Executive Officer

 

1.          The
undersigned hereby elects to purchase __________ Shares of Nuo Therapeutics, Inc. common stock pursuant to the terms of the attached
Warrant.

 

2.          Please
issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified
below:

 

	
         

	(Name)
	 
	 
	 
	(Address)

 

3.          The
undersigned hereby represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for
investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no
present intention of distributing or reselling such shares and all representations and warranties of the undersigned set forth
in Section 10 of the attached Warrant are true and correct as of the date hereof.

 

	
         
	 	 
	 	 	(Signature)
	 	 	 
	 	 	(Name)
	 	 	 
	(Date)	 	(Title)

 

     

     

    

 

FORM OF TRANSFER

 

(To be signed only upon transfer of Warrant)

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _______________________________________________ the right represented
by the attached Warrant to purchase ____________ shares of  ________________________ of NUO THERAPEUTICS, INC..
to which the attached Warrant relates, and appoints ______________ Attorney to transfer such right on the books of __________,
with full power of substitution in the premises.

 

	
        Dated: ____________________

 

	 	 	 
	 	 	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Signed in the presence of:

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