Exhibit 10.4


  


FORM OF STOCKHOLDER SUPPORT AGREEMENT 


 


This Stockholder Support Agreement
(this “Agreement”) is dated as of November 15, 2021, by and among Waldencast Acquisition Corp., a Cayman Islands
exempted company limited by shares (which shall migrate and domesticate as a public limited company incorporated under the Laws of Jersey
prior to the Closing (as defined in the Merger Agreement (as defined below))) (“Acquiror”), Cedarwalk Skincare Ltd.,
a Cayman Islands exempted company limited by shares (the “Company Stockholder”), and Obagi Global Holdings Limited,
a Cayman Islands exempted company limited by shares (the “Company”). Capitalized terms used but not defined herein
shall have the respective meanings ascribed to such terms in the Merger Agreement.


 


RECITALS


 


WHEREAS, as of the date hereof,
the Company Stockholder is the holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange
Act) of such number of shares of Company Common Stock as are indicated opposite the Company Stockholder’s name on Schedule I
hereto (all such shares of Company Common Stock, together with (as applicable) any shares of Company Common Stock that are deemed Subject
Shares pursuant to Section 1.3 hereof, are referred to herein as the “Subject Shares”);


 


WHEREAS, contemporaneously with
the execution and delivery of this Agreement, Acquiror, Obagi Merger Sub Limited, a Cayman Islands exempted company limited by shares
and an indirect wholly owned subsidiary of Acquiror (“Merger Sub”), and the Company, have entered into an Agreement
and Plan of Merger (as amended or modified from time to time, the “Merger Agreement”), dated as of the date hereof,
pursuant to which, among other transactions, Merger Sub is to merge with and into the Company, with the Company continuing on as the surviving
company and a direct wholly owned subsidiary of Acquiror, on the terms and conditions set forth therein (the “Merger”);


 


WHEREAS, contemporaneously with
the execution and delivery of this Agreement, Acquiror, Obagi Holdco 1 Limited, a Jersey limited company and wholly owned subsidiary of
Acquiror (“Holdco 1”), Waldencast Partners LP, a Cayman Island exempted limited partnership and subsidiary of Acquiror
(“Acquiror LP”), the members of Milk Makeup LLC, a Delaware limited liability company (“Milk”) and
Shareholder Representatives Services LLC, a Colorado limited liability company, as the representative of the equityholders of the Company,
have entered into the Equity Purchase Agreement, dated as of the date hereof, (the “Milk Equity Purchase Agreement”),
pursuant to which among other things, Holdco 1 and Acquiror LP agreed to acquire, and the members of Milk agreed to sell, the equity interests
of Milk (the “Milk Transaction”); and


 


WHEREAS, as an inducement to
Acquiror and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties hereto
desire to agree to certain matters as set forth herein.


 






    


     

    

 





AGREEMENT


 


NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree
as follows:


 


ARTICLE
I

STOCKHOLDER SUPPORT AGREEMENT; COVENANTS


 


Section 1.1
Binding Effect of Merger Agreement. The Company Stockholder hereby acknowledges that it has read the Merger Agreement and
this Agreement and has had the opportunity to consult with its tax and legal advisors. During the period commencing on the date hereof
and ending at the Expiration Time, the Company Stockholder shall be bound by and comply with Sections 6.8 (Acquisition Proposals)
and 11.12 (Publicity) of the Merger Agreement (and any relevant definitions contained in any such Sections) as if (a) the Company
Stockholder was an original signatory to the Merger Agreement with respect to such provisions, and (b) each reference to the “Company”
contained in Section 6.8 of the Merger Agreement (other than Section 6.8(a), and the last sentence of Section 6.8, or for purposes of
the definition of Acquisition Proposal) also referred to the Company Stockholder.


 


Section 1.2
No Transfer. During the period commencing on the date hereof and ending on the earliest of (a) the Effective Time, (b) such
date and time as the Merger Agreement shall be terminated in accordance with Section 10.1 thereof and (c) the liquidation of Acquiror
(the earlier of clauses (a), (b) and (c), the “Expiration Time”), the Company Stockholder shall not (except in each
case pursuant to the Merger Agreement and the transactions contemplated thereby) (i) sell, assign, transfer (including by operation of
Law), offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer
or dispose of, or agree to transfer or dispose of, directly or indirectly, file (or participate in the filing of) a registration statement
with the SEC (other than the Proxy Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Subject Shares, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Subject Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii) (the actions specified in clauses (i)-(iii), collectively,
a “Transfer”); provided, however, that the foregoing shall not prohibit Transfers between the Company
Stockholder and any Affiliate of such Company Stockholder, so long as prior to and as a condition to the effectiveness of any such Transfer,
such Affiliate executes and delivers to Acquiror and the Company a joinder to this Agreement in substantially the form attached hereto
as Annex A; provided, further, that any Transfer permitted under this Section 1.2 shall not relieve such Company
Stockholder of its obligations under this Agreement. Any Transfer in violation of this Section 1.2 shall be null and void.


 


Section 1.3 New
Shares. In the event that after the date hereof (a) any shares of Company Common Stock (or securities convertible into shares of
Company Common Stock) are issued to the Company Stockholder pursuant to any stock dividend, stock split, recapitalization,
reclassification, combination or exchange of shares of Company Common Stock or otherwise, (b) the Company Stockholder purchases or
otherwise acquires beneficial ownership of any shares of Company Common Stock (or securities convertible into shares of Company
Common Stock), or (c) the Company Stockholder acquires the right to vote or share in the voting of any shares of Company Common
Stock (collectively, the “New Securities”), then such New Securities acquired or purchased by the Company
Stockholder shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject Shares owned by
the Company Stockholder as of the date hereof.


 






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Section 1.4
Company Stockholder Agreements.


 


(a)
During the period commencing on the date hereof and ending at the Expiration Time, the Company Stockholder hereby unconditionally
and irrevocably agrees that, at any meeting of the stockholders of the Company (or any adjournment or postponement thereof), and in any
action by written consent of the stockholders of the Company distributed by the Board of Directors of the Company or otherwise undertaken
in respect of or as contemplated by the Merger Agreement or the transactions contemplated thereby, in a form reasonably acceptable to
Acquiror (which written consent shall be delivered promptly, and in any event within two (2) Business Days, after the Registration Statement
(as contemplated by the Merger Agreement) is declared effective under the Securities Act and delivered or otherwise made available to
stockholders of the Company), the Company Stockholder shall, if a meeting is held, appear at the meeting, in person or by proxy, or otherwise
cause its Subject Shares (to the extent such Subject Shares are entitled to vote on or provide consent with respect to such matter) to
be counted as present thereat for purposes of establishing a quorum, and the Company Stockholder shall vote or provide consent (or cause
to be voted or consent provided), in person or by proxy, all of its Subject Shares (to the extent such Subject Shares are entitled to
vote on or provide consent with respect to such matter):


 


(i)
to approve and adopt the Merger Agreement and the transactions contemplated thereby;


 


(ii)
to approve and adopt the Pre-Closing Restructuring and the transactions contemplated thereby;


 


(iii)
in any other circumstances upon which a consent, waiver or other approval is required under the Company’s Governing Documents
or under any agreements between the Company and its stockholders or otherwise sought with respect to the Merger Agreement or the transactions
contemplated thereby to vote, consent, waive or approve (or cause to be voted, consented, waived or approved) all of the Company Stockholder’s
Subject Shares held at such time in favor thereof (to the extent such Subject Shares are entitled to vote on or provide consent, waiver
or approval with respect to such matter);


 


(iv)
against any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding up of or by the Company (other than the Merger Agreement and the transactions contemplated thereby,
including the Merger;


 






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(v)
 against any change in the business, management or board of directors of the Company that would or would reasonably be expected
to adversely affect the ability of the Company to consummate the transactions contemplated by the Merger Agreement, including the Merger;
and


 


(vi)
against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Agreement,
the Merger Agreement or the transactions contemplated thereby, including the Merger, (B) result in a breach in any respect of any covenant,
representation, warranty or any other obligation or agreement of the Company under the Merger Agreement, (C) result in any of the conditions
set forth in Article IX of the Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization
of, including the voting rights of any class of capital stock or securities convertible into capital stock of, the Company.


 


The Company Stockholder hereby
agrees that it shall not commit or agree to take any action inconsistent with the foregoing.


 


Section 1.5
Affiliate Agreements. The Company Stockholder hereby agrees and consents to the termination of all Affiliate Agreements
to which the Company Stockholder is party, other than those set forth on Section 6.4 of the Company Disclosure Letter, subject to the
Closing and effective as of the Effective Time without any further liability or obligation to the Company, the Company’s Subsidiaries
or Acquiror.


 


Section 1.6
Registration Rights Agreement. The Company Stockholder agrees that it will deliver, substantially simultaneously with the
Effective Time, a duly executed copy of the Registration Rights Agreement substantially in the form attached as Exhibit G to the Merger
Agreement.


 


Section 1.7
Lock-up Agreement. The Company Stockholder agrees that it will deliver, substantially simultaneously with the Effective
Time, a duly executed copy of the Lock-up Agreement substantially in the form attached as Exhibit H to the Merger Agreement.


 


Section 1.8
Further Assurances. The Company Stockholder shall take, or cause to be taken, all actions and do, or cause to be done, all
things reasonably necessary (including under applicable Laws) to consummate the Merger and the other transactions contemplated by the
Merger Agreement and this Agreement, in each case, on the terms and subject to the conditions set forth therein and herein, as applicable.


 


Section 1.9
No Inconsistent Agreement. The Company Stockholder hereby represents and covenants that the Company Stockholder has not
entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of the Company Stockholder’s
obligations hereunder.


 


Section 1.10   No
Challenges. The Company Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all
actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Acquiror,
Merger Sub, the Company, Milk, Acquiror LP, Holdco 1 or any of their respective successors, assigns or directors, (a) challenging
the validity of, or seeking to enjoin the operation of, any provision of this Agreement, the Merger Agreement, or the Milk Equity
Purchase Agreement or the transactions contemplated thereby or (b) alleging a breach of any fiduciary duty of any Person in
connection with the evaluation, negotiation or entry into the Merger Agreement or the Milk Equity Purchase Agreement and the
transactions contemplated thereby. Notwithstanding the foregoing, nothing herein shall be deemed to prohibit the Company Stockholder
from enforcing the Company Stockholder’s rights under this Agreement and the other agreements entered into by the Company
Stockholder in connection herewith, including the Company Stockholder’s right to receive the Company Stockholder’s
portion of the Aggregate Merger Consideration as provided in the Merger Agreement.


 






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Section 1.11
Consent to Disclosure. The Company Stockholder hereby consents to the publication and disclosure in the Proxy Statement/Registration
Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities,
any other documents or communications provided by Acquiror, Milk or the Company to any Governmental Authority or to securityholders of
Acquiror or of Milk) of the Company Stockholder’s identity and beneficial ownership of Subject Shares and the nature of the Company
Stockholder’s commitments, arrangements and understandings under and relating to this Agreement and, if deemed appropriate by Acquiror,
Milk or the Company, a copy of this Agreement. The Company Stockholder will promptly provide any information reasonably requested by Acquiror,
Milk or the Company for any regulatory application or filing made or approval sought in connection with the transactions contemplated
by the Merger Agreement or the Milk Equity Purchase Agreement (including filings with the SEC).


 


ARTICLE
II

REPRESENTATIONS AND WARRANTIES


 


Section 2.1
Representations and Warranties of the Company Stockholder. The Company Stockholder represents and warrants as of the date
hereof to Acquiror and the Company as follows:


 


(a)
Organization; Due Authorization. The Company Stockholder is duly organized, validly existing and in good standing under
the Laws of the jurisdiction in which it is formed, organized or constituted, and the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby are within the Company Stockholder’s organizational powers and have
been duly authorized by all necessary organizational actions on the part of the Company Stockholder. This Agreement has been duly executed
and delivered by the Company Stockholder and, assuming due authorization, execution and delivery by the other parties to this Agreement,
this Agreement constitutes a legally valid and binding obligation of the Company Stockholder, enforceable against the Company Stockholder
in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’
rights and general principles of equity affecting the availability of specific performance and other equitable remedies). If this Agreement
is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter into
this Agreement on behalf of the Company Stockholder.


 






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(b)   Ownership.
The Company Stockholder is the record and beneficial owner (as defined in the Securities Act) of, and has good title to, all of the
Company Stockholder’s Subject Shares, and there exist no Liens or any other limitation or restriction (including any
restriction on the right to vote, sell or otherwise dispose of such Subject Shares (other than transfer restrictions under the
Securities Act)) affecting any such Subject Shares, other than pursuant to (i) this Agreement, (ii) the Company’s Governing
Documents, (iii) the Merger Agreement, and (iv) any applicable securities Laws. The Company Stockholder’s Subject Shares are
the only equity securities in the Company owned of record or beneficially by the Company Stockholder on the date of this Agreement,
and none of the Company Stockholder’s Subject Shares are subject to any proxy, voting trust or other agreement or arrangement
with respect to the voting of such Subject Shares other than as set forth hereunder. The Company Stockholder does not hold or own
any rights to acquire (directly or indirectly) any equity securities of the Company or any equity securities convertible into, or
which can be exchanged for, equity securities of the Company.


 


(c)
No Conflicts. The execution and delivery of this Agreement by the Company Stockholder does not, and the performance by the
Company Stockholder of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents
of the Company Stockholder or (ii) require any consent or approval that has not been given or other action that has not been taken by
any Person (including under any Contract binding upon the Company Stockholder or the Company Stockholder’s Subject Shares), in each
case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by the Company Stockholder
of its, his or her obligations under this Agreement.


 


(d)
Litigation. There are no Actions pending against the Company Stockholder, or to the knowledge of the Company Stockholder
threatened against the Company Stockholder, before (or, in the case of threatened Actions, that would be before) any arbitrator or any
Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by the Company
Stockholder of its obligations under this Agreement.


 


(e)  Adequate
Information. The Company Stockholder is a sophisticated stockholder and has adequate information concerning the business and
financial condition of Acquiror and the Company to make an informed decision regarding this Agreement and the transactions
contemplated by the Merger Agreement and has independently and without reliance upon Acquiror or the Company and based on such
information as the Company Stockholder has deemed appropriate, made its own analysis and decision to enter into this Agreement. The
Company Stockholder acknowledges that Acquiror and the Company have not made and do not make any representation or warranty, whether
express or implied, of any kind or character except as expressly set forth in this Agreement. The Company Stockholder acknowledges
that the agreements contained herein with respect to the Subject Shares held by the Company Stockholder are irrevocable.


 


(f)
Brokerage Fees. Except as described on Section 4.32 of the Company Disclosure Letter, no broker, finder, investment banker
or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated
by the Merger Agreement based upon arrangements made by the Company Stockholder, for which the Company or any of its Affiliates may become
liable.


 






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(g)   Acknowledgment.
The Company Stockholder understands and acknowledges that each of Acquiror and the Company is entering into the Merger Agreement in
reliance upon the Company Stockholder’s execution, delivery and performance of this Agreement.


 


ARTICLE
III

MISCELLANEOUS


 


Section 3.1
Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earliest
of the Expiration Time or the written agreement of such Company Stockholder, Acquiror and
the Company. Upon such termination of this Agreement, all obligations of the parties under
this Agreement will terminate, without any liability or other obligation on the part of any party hereto to any Person in respect hereof
or the transactions contemplated hereby, and no party hereto shall have any claim against another (and no person shall have any rights
against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided, however, that the
termination of this Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Agreement prior
to such termination. This ARTICLE III shall survive the termination of this Agreement.


 


Section 3.2
Governing Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon,
arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause
of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) will be
governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed and performed
entirely within such State, without giving effect to principals of or rules of conflict of Laws to the extent such principles or rules
would require or permit application of Laws of another jurisdiction.


 


Section 3.3
CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.


 


(a) THE PARTIES TO THIS
AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, TO THE EXTENT SUCH COURT DOES
NOT HAVE SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE OR, IF IT HAS OR CAN ACQUIRE JURISDICTION, THE
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF
THIS AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS AGREEMENT
WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT AND ANY RELATED
AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH ACTION MAY
NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT THEIR
PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE ACTION IS
IMPROPER AND FURTHER AGREES NOT TO BRING ANY PROCEEDING OR ACTION ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY IN ANY OTHER COURT. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS AGREEMENT BY
MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section
3.8.


 






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(b)
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH
SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.3.


 


Section 3.4
Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties
hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder will be assigned (including by operation of law) without the prior written consent of all of the other parties hereto.


 


Section 3.5
Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware (or, to the extent such court does not have
subject matter jurisdiction, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware),
this being in addition to any other remedy to which such party is entitled at law or in equity. In the event that any Action shall be
brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there
is an adequate remedy at law, and each party agrees to waive any requirement for the securing or posting of any bond in connection therewith.


 


Section 3.6 Amendment; Waiver.
This Agreement or any provision hereof may not be amended, changed, supplemented, waived or otherwise modified or terminated, except
upon the execution and delivery of a written agreement executed by Acquiror, the Company and the Company Stockholder.


 






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Section 3.7
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.


 


Section 3.8
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been
duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service
or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day, addressed as follows:


 


If to Acquiror:


 


	 	Waldencast Acquisition Corp.
	 	10 Bank Street, suite 560, White Plains, NY 10606
	 	Attention:	Tassilo Festetics
	 	Email:	tassilo@waldencast.com
	 	 	 
	 	with a copy to (which will not constitute notice):
	 	 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	One Manhattan West
	 	New York, New York 10001
	 	Attention:	Paul T. Schnell
	 	 	Maxim Mayer-Cesiano
	 	Email:	paul.schnell@skadden.com
	 	 	maxim.mayercesiano@skadden.com
	 	 	 
	 	If to the Company:
	 	 	 
	 	Obagi Global Holdings Limited
	 	3760 Kilroy Airport Way, Suite 500
	 	Attention:	Jaime Castle, President
	 	 	Sue Collins, General Counsel
	 	Email:	jaimec@obagi.com
	 		suec@obagi.com
	 	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Latham & Watkins LLP 
	 	650 Town Center Drive, 20th Floor
	 	Costa Mesa, CA 92626
	 	Attention:	Scott Shean
	 	 	Andrew Clark
	 	Email:	scott.shean@lw.com 
	 		andrew.clark@lw.com



 






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	 	If to the Company Stockholder:
	 	 
	 	Cedarwalk Skincare Ltd.
	 	Rm 3001-3010
	 	30/F, China Resource Building
	 	26 Harbour Road
	 	Wanchai, Hong Kong
	 	Attention:	Mr. Simon Dai
	 	Email:	Simon-dsc@hotmail.com
	 	 	 
	 	with copies to (which shall not constitute notice):
	 	 
	 	Nixon Peabody LLP
	 	Tower 46
	 	55 West 46th Street
	 	New York, New York 10036-4120
	 	Attention:	David Cheng, Esq.
	 	 	Michael Smith, Esq.
	 	Email:	dcheng@nixonpeabody.com
	 		masmith@nixonpeabody.com


 


Section 3.9
Counterparts. This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission),
each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument.


 


Section 3.10
Entire Agreement. This Agreement and the agreements referenced herein constitute the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by
or among the parties hereto to the extent they relate in any way to the subject matter hereof.


 


[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]


 






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IN WITNESS WHEREOF, the Company
Stockholder, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as of the date first written
above.


 


	 	COMPANY STOCKHOLDER:
	 	 	 	 
	 	CEDARWALK SKINCARE LTD.
	 	 	 	 
	 	By:	 
	 	 	Name:	             
	 	 	Title:	 



 


[Signature Page to Stockholder Support Agreement]


 






    


     

    

 





	 	ACQUIROR:
	 	 	 	 
	 	WALDENCAST Acquisition Corp.

	 	 	 	 
	 	By:	 
	 	 	Name:	          
	 	 	Title:	 


 


[Signature Page to Stockholder Support Agreement]


 






    


     

    

 





	 	COMPANY:
	 	 	 	 
	 	OBAGI GLOBAL HOLDINGS LIMITED
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 


 


[Signature Page to Stockholder Support Agreement]


 






    


     

    

 


Schedule I


 


Company Stockholder Subject Shares


 


	Company Stockholder	 	Shares of Common Stock
	Cedarwalk Skincare Ltd.	 	8,000,002



 


[Schedule I to Stockholder Support Agreement]


 






    


     

    

 


Annex A


 


Form of Joinder Agreement 


 


This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance with
the Stockholder Support Agreement, dated as of November 15, 2021 (as amended, supplemented or otherwise modified from time to time,
the “Support Agreement”), by and among Waldencast Acquisition Corp., a Cayman Islands exempted company limited by shares
(which shall migrate and domesticate as a public limited company incorporated under the Laws of Jersey), Obagi Global Holdings Limited,
a Cayman Islands exempted company limited by shares, and Cedarwalk Skincare Ltd., a Cayman Islands exempted company limited by shares.
Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Support Agreement.


 


The Joining Party hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to, and a “Company
Stockholder” under, the Support Agreement as of the date hereof and shall have all of the rights and obligations of the Company
Stockholder as if it had executed the Support Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound
by, all of the terms, provisions and conditions contained in the Support Agreement.


 


IN WITNESS WHEREOF, the undersigned has duly executed
this Joinder Agreement as of the date written below.


 


	Date: [•], 2021	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address for Notices:
	 	 	 	 
	 	With copies to: