Exhibit 10.1


 





 


FORM
OF REGISTRATION RIGHTS AGREEMENT


 


THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by
and among NextNav Inc. (f/k/a Spartacus Acquisition Shelf Corp.), a Delaware corporation (the “Company”), B.
Riley Principal Investments, LLC, a Delaware limited liability company (“B. Riley”), Spartacus Sponsor LLC,
a Delaware limited liability company (the “Sponsor,” and together with B. Riley, the “Initial
Investors”), each of the investors listed on the signature pages hereto under the caption “NextNav Investors”
(collectively, the “NextNav Investors,” and together with the Initial Investors and any person or entity who
hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder”
and collectively the “Holders”) and the FF Beneficial Investor (as defined herein).


 


RECITALS


 


WHEREAS,
on August 20, 2020, pursuant to a Securities Subscription Agreement, the Sponsor purchased an aggregate of 7,187,500 shares (the “Founder Shares”)
of the Class B common stock, par value $0.0001 per share, of Spartacus Acquisition Corporation (the “SPAC”),
of which 2,187,500 Founder Shares were forfeited to the SPAC for no consideration;


 


WHEREAS,
the Founder Shares were convertible into shares of the SPAC’s Class A common stock, par value $0.0001 per share (the “SPAC
Common Stock”), on the terms and conditions provided in the SPAC’s amended and restated certificate
of incorporation;


 


WHEREAS,
on October 19, 2020, simultaneously with the closing of the SPAC’s initial public offering, the Sponsor purchased 8,104,244 warrants
to purchase shares of the SPAC Common Stock (the “Sponsor Private Placement Warrants”),
and B. Riley purchased 645,756 warrants to purchase shares of the SPAC Common Stock (the “B. Riley Private Placement Warrants”
and together with the Sponsor Private Placement Warrants, the “Private Placement Warrants”);


 


WHEREAS,
on October 15, 2020, the SPAC and the Initial Investors entered into a Registration and Shareholder Rights Agreement (the “Original
Registration Agreement”), pursuant to which the SPAC granted the Initial Investors certain registration rights with respect
to certain securities of the SPAC;


 


WHEREAS,
on the date hereof, certain other investors (such other investors, collectively, the “Third-Party Investor Stockholders”)
purchased an aggregate of [●] shares of SPAC Common Stock in a transaction exempt from registration under the Securities Act (as
defined herein) pursuant to the respective Subscription Agreement, each dated as of June [●], 2021, entered into by and among the
Company, the SPAC and each of the Third-Party Investor Stockholders (each, a “Subscription Agreement” and,
collectively, the “Subscription Agreements”); 


 


WHEREAS,
on the date hereof, upon the closing (the “Closing”) of the transactions (such transactions, the “Transactions,”
and the date of such closing, the “Closing Date”) contemplated by that certain Agreement and Plan of Merger,
dated as of June [●], 2021 (the “Transaction Agreement”), by and among the Company, the SPAC, NextNav
Holdings, LLC, a Delaware limited liability company (“Holdings”), and the other entities named therein, (i)
the Company issued shares of its common stock, par value $0.0001 per share (the “Common Stock”), to, among
others, the Sponsor in exchange for the Founders Shares and to the NextNav Investors in exchange for their equity interests in Holdings,
as further described in the Transaction Agreement (such Common Stock issued to Sponsor in exchange for the Founders Shares and to the
NextNav Investors in exchange for their equity interests in Holdings, the “Transaction Shares”), and (ii) the
Private Placement Warrants by their terms became exercisable for shares of Common Stock, in each case, on the terms and subject to the
conditions set forth in the Transaction Agreement; and


 


WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company as set forth in this Agreement.


 



     


     


    

 


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


 


ARTICLE
I

DEFINITIONS


 


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


 


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


 


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


 


“Applicable
Lock-Up Period” shall have the meaning given in Section 5.1.


 


“Block
Trade” shall have the meaning given in Section 2.4.1.


 


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


 


“B.
Riley” shall have the meaning given in the Preamble.


 


“B.
Riley Private Placement Warrants” shall have the meaning given in the Recitals hereto.


 


“Closing
Date” shall have the meaning given in the Recitals hereto.


 


“Commission”
shall mean the Securities and Exchange Commission.


 


“Common Stock”
shall have the meaning given in the Recitals hereto.


 


“Company”
shall have the meaning given in the Preamble, and includes the Company’s successors by recapitalization,
merger, consolidation, spin-off, reorganization or similar transaction.


 


“Demanding Holder”
shall have the meaning given in Section 2.1.3.


 


“Effectiveness
Deadline” shall have the meaning given in Section 2.1.1.


 


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


 


“FF
Beneficial Investor” means Future Fund Investment Company No.3 Pty Ltd (ACN 134 338 882).


 


“FF
Investor” means The Northern Trust Company (ABN 62 126 279 918), a company incorporated in the State of Illinois in the
United States of America, in its capacity as custodian for the FF Beneficial Investor.


 


“FF
Permitted Transferee” means (i) the Future Fund Board of Guardians; (ii) any person controlling, controlled by, or under
common control with, the Future Fund Board of Guardians; (iii) the trustee of a trust in which all or substantially all of the beneficial
interests are held directly or indirectly by the Future Fund Board of Guardians; (iv) any person controlling, controlled by, or under
common control with, the Future Fund Board of Guardians; or (v) any custodian for any of the foregoing persons listed in (i)-(iv).


 






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“Filing
Deadline” shall have the meaning given in Section 2.1.1.


 


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


 


“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.


 


“Founder
Shares” shall have the meaning given in the Recitals hereto.


 


“Holder
Information” shall have the meaning given in Section 4.1.2.


 


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


 


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


 


“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.3


 


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


 


“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Applicable Lock-Up Period pursuant to Section 5.2.


 


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


 


“Private Placement Warrants”
shall have the meaning given in the Recitals hereto.


 


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


 


“Registrable Securities”
shall mean (a) any outstanding shares of Common Stock or any other equity security (including warrants to purchase shares of Common Stock
and shares of Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a Holder immediately
following the Closing (including any securities distributable pursuant to the Transaction Agreement), (b) any outstanding shares of Common
Stock or any other equity security (including warrants to purchase shares of Common Stock and shares of Common Stock issued or issuable
upon the exercise of any other equity security) of the Company acquired by a Holder following the date hereof to the extent that such
securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined
in Rule 144) of the Company, and (c) any other equity security of the Company or any of its subsidiaries issued or issuable with respect
to any securities referenced in clause (a) or (b) above by way of a stock dividend or stock split or in connection with a recapitalization,
merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that, as to any particular Registrable
Security, such securities shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement by the applicable Holder; (B) such securities shall have been
otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered
by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such
securities shall have ceased to be outstanding; (D) such securities (i) may be sold without registration pursuant to Rule 144 or any
successor rule promulgated under the Securities Act (but with no volume or other restrictions or limitations including as to manner or
timing of sale) and (ii) the holder of such securities has beneficial ownership of less than 5% of the outstanding Common Stock; and
(E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction. For the purposes of the immediately preceding sentence, “beneficial ownership” shall be determined in accordance
with Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


(F) reasonable
fees and expenses of one (1) legal counsel (for all Demanding Holders and Requesting Holders) selected by the majority-in-interest of
the Demanding Holders initiating an Underwritten Shelf Takedown.


 


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


 


“Requesting Holder”
shall have the meaning given in Section 2.1.4.


 


“Rule
144” shall mean Rule 144 promulgated under the Securities Act (or any successor rule then in effect).


 


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


 


“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in
accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).


 


“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including
a Piggyback Registration.


 


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


 


“Sponsor
Private Placement Warrants” shall have the meaning given in the Recitals hereto.


 






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“Subscription
Agreement” shall have the meaning given in the Preamble.


 


“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.


 


“Third-Party
Investor Stockholders” shall have the meaning given in the Preamble.


 


“Transaction
Agreement” shall have the meaning given in the Recitals hereto.


 


“Transaction
Shares” shall have the meaning given in the Recitals hereto.


 


“Transactions”
shall have the meaning given in the Recitals hereto.


 


“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).


 


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


 


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


 


“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.3.


 


“Warrant
Shares” shall mean shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants.


 


“Withdrawal
Notice” shall have the meaning given in the Section 2.1.5.


 


ARTICLE
II

REGISTRATIONS


 


2.1 Shelf
Registration.


 


2.1.1 Filing.
The Company shall file, as soon as practicable, but in any event within sixty (60) days after the Closing Date (the “Filing
Deadline”), a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”)
or, if the Company is eligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-3 (the “Form
S-3 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business days prior
to such filing) on a delayed or continuous basis. The Company shall use commercially reasonable efforts to cause such Shelf Registration
to be declared effective as soon as possible after filing, but in no event later than the earlier of (i) sixty (60) days following the
Filing Deadline and (ii) three (3) business days after the Commission notifies the Company that it will not review such Shelf Registration,
if applicable (the “Effectiveness Deadline”); provided, that, if such Shelf Registration filed pursuant to
this Section 2.1.1 is reviewed by, and the Company receives comments from, the Commission with respect to such Shelf Registration,
the Effectiveness Deadline shall be extended to ninety (90) days following the Filing Deadline. Such Shelf Registration shall provide
for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to,
and requested by, any Holder named therein (and the FF Beneficial Investor if the FF Investor submits such request). The Company shall
maintain a Shelf Registration in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf Registration continuously effective, available for use
and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the
event the Company files a Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and
any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3.


 






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2.1.2 Subsequent
Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to promptly
cause such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order
suspending the effectiveness of such Shelf Registration), and shall use its commercially reasonable efforts to promptly amend such Shelf
Registration in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration
or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”) registering
the resale of all Registrable Securities (determined as of two business days prior to such filing), and pursuant to any method or combination
of methods legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration is filed, the Company
shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities
Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be
an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known
seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination
date) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall
be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on
another appropriate form.


 


2.1.3 Requests
for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf Registration is on file with the Commission,
and subject to the expiration of the Applicable Lock-Up Period, one or more of the Holders (such Holder or Holders being in such case,
“Demanding Holders”) may request to sell all or any portion of its Registrable Securities in an Underwritten
Offering that is registered pursuant to the Shelf Registration (each, an “Underwritten Shelf Takedown”); provided,
however, that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable
Securities proposed to be sold by the Demanding Holders with a total offering price reasonably expected to exceed, in the aggregate,
$50,000,000 (the “Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made
by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold by
the Demanding Holders in the Underwritten Shelf Takedown. Subject to Section 2.4.4, the Company shall have the right to select
the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject to
the initial Demanding Holders’ prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Holders may
demand not more than two (2) Underwritten Shelf Takedowns in any twelve (12) month period.


 


2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or
other equity securities that the Company desires to sell and all other shares of Common Stock or other equity securities, if any, that
have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights
held by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of
Securities”), then the Company shall include in such Underwritten Offering, before including any shares of Common Stock
or other equity securities proposed to be sold by Company or by other holders of Common Stock or other equity securities, the Registrable
Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities
that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown and the aggregate
number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Shelf
Takedown) that can be sold without exceeding the Maximum Number of Securities.


 






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2.1.5 Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”)
to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Shelf Takedown; provided
that the other Initial Investors or the other NextNav Investors may elect to have the Company continue an Underwritten Shelf Takedown
if the Minimum Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf
Takedown by the other Initial Investors or the other NextNav Investors, as applicable. If withdrawn, a demand for an Underwritten Shelf
Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of Section 2.1.3, unless the Demanding
Holders reimburse the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown. Following the receipt of
any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate
in such Shelf Takedown.


 


2.2 Piggyback
Registration.


 


2.2.1 Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if the
Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1.3 hereof), other than a Registration Statement (or any registered offering with respect
thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form
S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii)
for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the
Company shall give written notice of such proposed offering to all of the Holders of Registrable Securities and the FF Beneficial Investor
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or, in the case
of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus supplement
used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering,
and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered offering such number of Registrable
Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such registered offering,
a “Piggyback Registration”). Subject to Section 2.2.2, the Company shall, in good faith, cause
such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts
to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities requested by the
Holders pursuant to this Section 2.2.1 to be included therein on the same terms and conditions as any similar securities
of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in a Piggyback Registration
shall be subject to such Holder agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering. Notwithstanding anything to the contrary in the foregoing, neither the FF Investor nor the FF Beneficial
Investor shall be required to execute any agreement, instrument or other document pursuant to this Section 2.2 unless such agreement,
instrument or other document contains a limitation of liability provision in the form of Section 6.10.


 






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


 


(a) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering: (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested
be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity
securities, if any, as to which Registration or a registered offering has been requested pursuant to written contractual piggy-back registration
rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;


 


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


 


(c) If
the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1
hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section 2.1.5.


 


2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1.5) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration (which, in no circumstance, shall include the Shelf Registration) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.5), the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.


 






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2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.5, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.


 


2.3 Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade), each Holder
of Registrable Securities agrees that it shall not Transfer any shares of Common Stock or other equity securities of the Company (other
than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the sixty
(60)-day period (or such shorter time agreed to by the managing Underwriter(s)) beginning on the date of pricing of such offering, except
in the event the Underwriters managing the offering otherwise agree by written consent. Each Holder of Registrable Securities agrees
to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and
conditions as all such Holders). For the sake of clarity, no Holder shall be obligated under the provisions of this Section 2.3
to the extent such Holder no longer owns Registrable Securities.


 


2.4 Block
Trades.


 


2.4.1 Notwithstanding
the foregoing, at any time and from time to time when an effective Shelf Registration is on file with the Commission, if a Demanding
Holder wishes to engage in an underwritten registered offering not involving a “roadshow,” an offer commonly known as a “block
trade” (a “Block Trade”), with a total offering price reasonably expected to exceed, in the aggregate,
either (x) $50 million or (y) all remaining Registrable Securities held by the Demanding Holder, then notwithstanding the time periods
provided for in Section 2.1.3, such Demanding Holder only need to notify the Company of the Block Trade at least five (5)
business days prior to the day such offering is to commence and the Company shall as expeditiously as possible use its commercially reasonable
efforts to facilitate such Block Trade; provided that the Demanding Holders representing a majority of the Registrable Securities
wishing to engage in the Block Trade shall use commercially reasonable efforts to work with the Company and any Underwriters prior to
making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related
to the Block Trade.


 


2.4.2 Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade,
a majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to submit a Withdrawal Notice to the
Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to
the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a block trade
prior to its withdrawal under this Section 2.4.2.


 


2.4.3 Notwithstanding
anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade initiated by a Demanding
Holder pursuant to this Agreement.


 


2.4.4 The
Demanding Holder in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall consist of one or
more reputable nationally recognized investment banks).


 


2.5 Original
Registration Agreement. The Initial Investors acknowledge and agree that this Agreement shall supersede the Original Registration
Agreement, which shall be of no further force or effect.


 






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ARTICLE
III

COMPANY PROCEDURES


 


3.1 General
Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall use its commercially
reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan
of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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


 


3.1.10 permit
a representative of the Holders and the FF Beneficial Investor, the Underwriters, if any, and any attorney or accountant retained by
such Holders, the FF Beneficial Investor or Underwriter to participate, at each such person’s own expense, in the preparation of
the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested
by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however,
that such representatives or Underwriters agree to confidentiality arrangements reasonably satisfactory to the Company, prior to the
release or disclosure of any such information;


 


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


 


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


 


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


 


3.1.14 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);


 


3.1.15 with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and


 


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


 


Notwithstanding
the foregoing, the Company shall not be required to provide any documents or information to an Underwriter if such Underwriter has not
then been named with respect to the applicable Underwritten Offering.


 


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


 






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3.3 Requirements
for Participation in Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide
the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities from the applicable
Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information is necessary to
effect the registration and such Holder continues thereafter to withhold such information. No person may participate in any Underwritten
Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees
to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes
and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements. The exclusion of a Holder’s Registrable
Securities as a result of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included
in such Registration.


 


3.4 Suspension
of Sales; Adverse Disclosure.


 


3.4.1 Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall
forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting
the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable
after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed.


 


3.4.2 Subject
to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of
financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment
of the majority of the Board, be detrimental to the Company and the majority of the Board concludes as a result that it is advisable
to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice of such
action to the Holders and the FF Beneficial Investor, delay the filing or initial effectiveness of, or suspend use of, such Registration
Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the
Company exercises its rights under this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice
referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable
Securities.


 


3.4.3 Subject
to Section 3.4.4, (a) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders (or the FF Beneficial
Investor) have requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters
to firmly underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders (or the FF Beneficial
Investor, if applicable), delay any other registered offering pursuant to Sections 2.1.4 or 2.4.


 


3.4.4 The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2
or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, not more than three
(3) times in any twelve-month period, and any such delay or suspension shall last for no more than sixty (60) days.


 


3.4.5 The
Company shall as promptly as commercially practicable notify the Holders and the FF Beneficial Investor of the expiration of any period
during which it exercised its rights under this Section 3.4.


 






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


 


ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION


 


4.1 Indemnification.


 


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


 


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


 


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


 






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


 


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


 


ARTICLE
V

LOCKP-UP


 


5.1 Lock-up.
Subject to Section 5.2, each Holder agrees that, until the end of the Applicable Lock-Up Period (as defined below), it, he
or she shall not Transfer (i) any Transaction Shares, (ii) Private Placement Warrants, or Warrant Shares. The “Applicable
Lock-Up Period” shall mean:


 


(a) With
respect to the Transaction Shares held by any of the Initial Investors, one year after the Closing Date; provided, however,
that such Applicable Lock-Up Period shall terminate earlier if, for at least 20 trading days within any 30-trading day period commencing
at least 150 days after the Closing Date, the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like);


 


(b) With
respect to the Transaction Shares held by any of the NextNav Investors, 180 days after the Closing Date; provided, however,
that such Applicable Lock-Up Period shall terminate earlier with respect to 50% of the Transactions Shares held by each of the NextNav
Investors if, for at least 20 trading days within any 30-trading day period commencing at least 60 days after the Closing Date, the last
sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like); and


 


(c) With
respect to the Private Placement Warrants and Warrant Shares, 30 days after the Closing Date.


 






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5.2 Permitted
Transfers. Notwithstanding the provisions set forth in Section 5.1, any Holder or its Permitted Transferees may Transfer
the Transaction Shares, Private Placement Warrants or Warrant Shares during the Applicable Lock-Up Period: (a) to (i) the Company’s
officers or directors, (ii) any affiliates or family members of the Company’s officers or directors, (iii) any direct or indirect
partners, members or equity holders of the Sponsor or any related investment funds or vehicles controlled or managed by such persons
or their respective affiliates, or (iv) any direct or indirect partners, members or equity holders of any NextNav Investor, any affiliates
of any NextNav Investor or any related investment funds or vehicles controlled or managed by such persons or their respective affiliates;
(b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case
of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant
to a qualified domestic relations order; (e) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability
company agreement upon dissolution of the Sponsor; (f) in connection with any bona fide mortgage, encumbrance or pledge to a financial
institution in connection with any bona fide loan or debt transaction or enforcement thereunder; (g) to the Company; (h) in connection
with a liquidation, merger, stock exchange, reorganization, tender offer approved by the Board or a duly authorized committee thereof
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares Common
Stock for cash, securities or other property subsequent to the Closing Date; or (i) in the case of the FF Investor and the FF Beneficial
Investor, to any FF Permitted Transferee provided, however, that in the case of clauses (a) through (e) these permitted
transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this ARTICLE
V.


 


5.3 Non-Transaction
Shares. For the avoidance of doubt, with respect to the Sponsor, only Common Stock issued in exchange for the Founder Shares shall
be considered Transaction Shares, and any other Common Stock held by the Sponsor or any of its affiliates shall not be considered Transaction
Shares or be subject to this ARTICLE V (other than the Warrant Shares).


 


ARTICLE
VI

MISCELLANEOUS


 


6.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by hand delivery, or facsimile. Each notice or communication that is mailed,
delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of
mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service,
hand delivery, or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger)
or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed,
if to the Company, to: 1775 Tysons Blvd., 5th Floor, McLean, VA 22102, Attention: Chief Financial Officer, and, if to any Holder, at
such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 6.1.


 


6.2 Assignment;
No Third Party Beneficiaries.


 


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


 


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


 






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6.2.3 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees. (and in the case of the FF Investor and the FF Beneficial
Investor, shall also include any FF Permitted Transferee).


 


6.2.4 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 6.2 hereof.


 


6.2.5 No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 6.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment
made other than as provided in this Section 6.2 shall be null and void. Notwithstanding the foregoing, the FF Investor
and the FF Beneficial Investor may transfer or assign any of their respective rights or obligations under this Agreement, without prior
written consent, to any FF Permitted Transferee, or otherwise with the consent of the Company. Following such transfer or assignment
to a FF Permitted Transferee, the FF Permitted Transferee shall be entitled to receive the benefit of the terms of this Agreement, as
if such FF Permitted Transferee had executed this Agreement


 


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


 


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


 


6.5 Trial
By Jury. EACH PARTY HERETO 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 TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING
OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.


 


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


 






    16


     


    

 


6.7 Other
Registration Rights. Other than (i) the Third-Party Investor Stockholders who have registration rights pursuant to their respective
Subscription Agreements and (ii) as provided in the Warrant Agreement, dated as of October 15, 2020, between the SPAC and Continental
Stock Transfer & Trust Company, the Company represents and warrants that no person, other than a Holder of Registrable Securities
or the FF Beneficial Investor (for so long as the FF Investor is a Holder of Registrable Securities), has any right to require the Company
to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company
for the sale of securities for its own account or for the account of any other person.


 


6.8 Term.
This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities. The
provisions of Section 3.5 and ARTICLE IV shall survive any termination.


 


6.9 Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities
held by such Holder in order for the Company to make determinations hereunder.


 


6.10 The
Northern Trust Company Limitation of Liability. The FF Investor enters into and is liable under (a) this Agreement, (b) any other
document or agreement which the FF Investor may be required to provide under this Agreement and (c) any document or agreement executed
by the Company or any other person as agent or attorney of the FF Investor under this Agreement, only in its capacity as custodian for
the FF Beneficial Investor, and to the extent that it is actually indemnified by the FF Beneficial Investor. To the extent that this
Section 6.10 operates to reduce the amounts for which the FF Investor would otherwise be liable to any person, the FF Beneficial
Investor will pay or procure the payment of such shortfall to such person.


 


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


  


	COMPANY:	 
	 	 
	NextNav Inc.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	INITIAL INVESTORS:	 
	 	 
	Spartacus Sponsor LLC	 
	 	 
	By:	its Managing Members:	
	 	 
	CCUR HOLDINGS, INC.	 
	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 
	 	 
	MILFAM CI LLC SPARTACUS	 
	By:	MILFAM CI Management LLC, its Manager	
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	B. Riley Principal Investments, LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 


 


[Signature
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NEXTNAV
INVESTORS:


  


Columbia:


 


Columbia
Capital Equity Partners IV (ECI), Ltd.


  


	By:	Columbia Capital Equity Partners IV (QP), L.P., its sole shareholder
	By:	Columbia Capital Equity Partners IV, L.P., its General Partner
	By:	Columbia Capital IV, LLC, its General Partner
	 	 	 
	By:	 	 
	 	Donald A. Doering	 
	 	Executive Vice President	 
	 	 	 
	Columbia Progeny Partners IV, Inc.	 
	 	 	 
	By:	 	 
	 	Donald A. Doering	 
	 	CFO and Secretary	 
	 	 	 
	Columbia Capital Employee Investors IV, L.P.
	 	 	 
	By:	Columbia Capital IV, LLC, its General Partner
	 	 	 
	By:	 	 
	 	Donald A. Doering	 
	 	Executive Vice President	 


 


[Signature
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NEXTNAV
INVESTORS:


   


	Telcom:	 
	 	 
	Telcom LMS Holdings LLC	 
	 	 	 
	By:	 	 
		Serge G. Martin	 
		Executive Vice President	 
	 	 	 
	Oak:	 	 
	 	 	 
	OAK NextNav Blocker, LLC	 
	 	 	 
	By:	Oak Investment Partners XIII, Limited Partnership, its Managing Member
	By:	Oak Associates XIII, LLC, its General Partner
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	FORTRESS:	 
	 	 	 
	CF NNAV-E LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 


 


[Signature
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NEXTNAV
INVESTORS:


   


	Goldman Sachs:	 
	 	 	 
	Global Long Short Partners Master LP	 
	 	 	 
	By:	GS Investment Strategies, LLC, its investment manager
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Global Long Short Partners Aggregating Holdings Del VII LLC
	 	 	 
	By:	GS Investment Strategies, LLC, its investment manager
	 	 	 
	By:	             	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Global Private Opportunities Partners LP
	 	 	 
	By:	GS Investment Strategies, LLC, its investment manager
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Global Private Opportunities Partners Holdings Del II LLC
	 	 	 
	By:	GS Investment Strategies, LLC, its investment manager
	 	 	 
	By:	       	 
	Name:	 	 
	Title:	 	 


 


[Signature
Page to Registration Rights Agreement]


  



     


     


    

 


NEXTNAV
INVESTORS:


   


	FF INVESTOR:	 
	 	 
	EXECUTED on behalf of THE NORTHERN

TRUST COMPANY (ABN 62 126 279 918),

a company incorporated in the State of Illinois

in the United States of America, in its capacity

as custodian for the Future Fund Investment

Company No.3 Pty Ltd. (ACN 134 338 882) by	 
	 	 
	 	 
	being a person who, in accordance with the laws

of that territory, is acting under the authority of

the company.	 
	 	 
	 	 
	By executing this agreement the signatory

warrants that the signatory is duly authorized

to execute this agreement on behalf of THE

NORTHERN TRUST COMPANY	 
	 	 
	FF BENEFICIAL INVESTOR:	 
	 	 
	EXECUTED by Future Fund Investment

Company No.3 Pty Ltd ACN 134 338 882

by its attorney under power of attorney dated

10 July 2019 (who, by signing, confirms they

have received no notice of revocation of that

power):	 
	 	 
	 	 
	(Attorney Signature)	 
	 	 
	 	 
	(Printed Name)	 


  


[Signature
Page to Registration Rights Agreement]