Exhibit 4.1


 





 



 


REGISTRATION RIGHTS AGREEMENT


 


STANDARD DIVERSIFIED OPPORTUNITIES INC.


 


dated as of June 1, 2017


 





 



 




    	 	 	 



     


    

 


	1.	Definitions and Interpretations	1
	 	 	 	 
	 	(a)	Definitions	1
	 	 	 	 
	 	(b)	Interpretations	7
	 	 	 	 
	2.	Incidental Registrations	7
	 	 	 	 
	 	(a)	Right to Include Registrable Securities	7
	 	 	 	 
	 	(b)	Priority in Incidental Registrations	8
	 	 	 	 
	3.	Registration on Request.	9
	 	 	 	 
	 	(a)	Request by the Demand Party	9
	 	 	 	 
	 	(b)	Priority on Demand Registration	10
	 	 	 	 
	 	(c)	Cancellation of a Demand Registration	11
	 	 	 	 
	 	(d)	Limitations on Demand Registrations	11
	 	 	 	 
	 	(e)	Postponements in Requested Registrations	11
	 	 	 	 
	 	(f)	Shelf Registrations	12
	 	 	 	 
	 	(g)	Shelf Take-Downs	14
	 	 	 	 
	 	(h)	No Notice in Block Sales	14
	 	 	 	 
	 	(i)	Registration Statement Form	15
	 	 	 	 
	 	(j)	Selection of Underwriters	15
	 	 	 	 
	4.	Registration Procedures	15
	 	 	 	 
	5.	Hedging Transactions.	22
	 	 	 	 
	6.	Indemnification.	23
	 	 	 	 
	 	(a)	Indemnification by the Company	23
	 	 	 	 
	 	(b)	Indemnification by Holder of Registrable Securities	24
	 	 	 	 
	 	(c)	Conduct of Indemnification Proceedings	25
	 	 	 	 
	 	(d)	Contribution	26
	 	 	 	 
	 	(e)	Deemed Underwriter	26


 




    	 	 	 



     


    

 


	 	(f)	Other Indemnification	27
	 	 	 	 
	 	(g)	Non-Exclusivity	27
	 	 	 	 
	 	(h)	Primacy of Indemnification	27
	 	 	 	 
	7.	Registration Expenses	27
	 	 	 	 
	8.	Rule 144; Other Exemptions	28
	 	 	 	 
	9.	Certain Additional Agreements	29
	 	 	 	 
	10.	Miscellaneous	29
	 	 	 	 
	 	(a)	Termination	29
	 	 	 	 
	 	(b)	Holdback Agreement	29
	 	 	 	 
	 	(c)	Amendments and Waivers	30
	 	 	 	 
	 	(d)	Successors, Assigns and Transferees	30
	 	 	 	 
	 	(e)	Notices	30
	 	 	 	 
	 	(f)	Further Assurances	31
	 	 	 	 
	 	(g)	Other Registration Rights	31
	 	 	 	 
	 	(h)	Entire Agreement; No Third Party Beneficiaries	32
	 	 	 	 
	 	(i)	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	32
	 	 	 	 
	 	(j)	Severability	32
	 	 	 	 
	 	(k)	Enforcement	33
	 	 	 	 
	 	(l)	Titles and Subtitles	33
	 	 	 	 
	 	(m)	No Recourse	33
	 	 	 	 
	 	(n)	Counterparts; Facsimile Signatures	33


 


Exhibit A — Joinder Agreement


 




    	 	 	 



     


    

 


This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of June 1, 2017 by and among Standard Diversified Opportunities Inc. (f/k/a
Special Diversified Opportunities Inc.), a Delaware corporation (the “Company”), Standard General Master Fund
L.P., a Cayman Islands limited partnership, P Standard General Ltd., a British Virgin Islands company, and Standard General Focus
Fund L.P., a Delaware limited partnership, and any Person who becomes a party hereto pursuant to Section 10(d). Capitalized terms
used herein shall have the meaning assigned to such terms in the text of this Agreement or in Section 1.


 


WHEREAS, on or prior to the date hereof,
the Company amended and restated the certificate of incorporation of the Company to provide for, among other things, (x)
the reclassification of the Company’s common stock, par value $0.01 per share, into a new class of common stock, par value
$0.01 per share, designated as “Class A Common Stock” (the “Class A Common Stock”), and (y)
the authorization for issuance of an additional class of common stock, par value $0.01 per share, designated as “Class B
Common Stock” (the “Class B Common Stock”);


 


WHEREAS, on or prior to the date hereof,
pursuant to that certain contribution and exchange agreement, dated November 25, 2016, the Standard General Parties have purchased
or otherwise acquired shares of Class A Common Stock (the “Acquisition”);


 


WHEREAS, on or prior to the date hereof,
the Company distributed a dividend of one share of Class B Common Stock for each outstanding share of Class A Common Stock; and


 


WHEREAS, the Parties desire to provide the
Holders with rights to registration under the Securities Act of Registrable Securities, on the terms and subject to the conditions
set forth herein.


 


NOW, THEREFORE, in consideration of the
foregoing recitals and of the mutual promises hereinafter set forth, the Parties agree as follows:


 


AGREEMENT


 


1.           Definitions
and Interpretations 


 


(a)          Definitions.
As used in this Agreement, the following capitalized terms shall have the following respective meanings:


 


“Acquisition”
has the meaning given to such term in the Preamble.


 


“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with,
such person as of the date on which, or at any time during the period for which, the determination of affiliation is being made
(including any investment fund the primary investment advisor to which is such Person or an Affiliate thereof); provided,
that for purposes of this Agreement, no Holder shall be deemed an Affiliate of the Company or any of its Subsidiaries.


 




    	 	 	 



     


    

 


“Agreement”
has the meaning given to such term in the Preamble, as the same may be amended, supplemented or restated from time to time.


 


“Automatic Shelf Registration
Statement” has the meaning given to such term in Section 3(f)(iii).


 


“Blackout Period”
has the meaning given to such term in Section 3(f)(ii).


 


“Board” means
the Board of Directors of the Company.


 


“Business Day”
means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in New
York City.


 


“Charitable Organization”
means a charitable organization as described by Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time
to time.


 


“Class A Common Stock”
has the meaning given to such term in the Preamble.


 


“Class B Common Stock”
has the meaning given to such term in the Preamble.


 


“Closing Price”
means, with respect to the Registrable Securities, as of the date of determination, (i) if the Registrable Securities are
listed on a national securities exchange, the closing price per share of a Registrable Security officially reported on the principal
national securities exchange on which the Registrable Securities are then listed or admitted to trading; or (ii) if the
Registrable Securities are not then listed or admitted to trading on any national securities exchange, the average of the reported
closing bid and asked prices of the Registrable Securities on such date on the principal over the counter market on which the Registrable
Securities are traded; or (iii) if none of clauses (i) or (ii) is applicable, a market price per share determined in good
faith by the disinterested members of the Board of Directors or, if such determination is not satisfactory to the Holder for whom
such determination is being made, by a nationally recognized investment banking firm mutually selected by the Company and such
Holder, the expenses for which shall be borne equally by the Company and such Holder. If trading is conducted on a continuous basis
on any exchange, then the closing price shall be at 4:00 P.M. New York City time.


 


“Company” has
the meaning given to such term in the Preamble.


 


“control” (including
the terms “controlling”, “controlled by” and “under common control with”),
with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power
to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise.


 


“Covered Person”
has the meaning given to such term in Section 6(a).


 


“Demand Follow-Up Notice”
has the meaning given to such term in Section 3(a).


 




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“Demand Notice”
has the meaning given to such term in Section 3(a).


 


“Demand Registration”
has the meaning given to such term in Section 3(a).


 


“Equity Securities”
means (x) any and all shares of common stock or other equity securities of the Company (which, for the avoidance of doubt,
shall include Class A Common Stock and Class B Common Stock) held, directly or indirectly, by the Standard General Parties from
time to time and (y) any and all shares of common stock or other equity securities of the Company, securities of the Company
convertible into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares
of common stock or other equity securities.


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and regulations of the SEC
promulgated thereunder.


 


“FINRA” means
the Financial Industry Regulatory Authority.


 


“Form S-1 Shelf Registration
Statement” has the meaning given to such term in Section 3(f)(i).


 


“Form S-3 Shelf Registration
Statement” has the meaning given to such term in Section 3(f)(i).


 


“Free Writing Prospectus”
has the meaning given to such term in Section 4(a).


 


“Hedging Counterparty”
means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate thereof.


 


“Hedging Transaction”
means any transaction involving a security linked to any Registrable Securities or any security that would be deemed to be a “derivative
security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to any Registrable Securities or
transaction (even if not a security) which would (were it a security) be considered such a derivative security, or which transfers
some or all of the economic risk of ownership of any Registrable Securities, including, without limitation, any forward contract,
equity swap, put or call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or similar
transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions: (i) transactions
by a Holder in which a Hedging Counterparty engages in short sales of Registrable Securities pursuant to a Prospectus and may use
Registrable Securities to close out its short position; (ii) transactions pursuant to which a Holder sells short Registrable
Securities pursuant to a Prospectus and delivers Registrable Securities to close out its short position; (iii) transactions
by a Holder in which the Holder delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities
to the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities pursuant to a Prospectus
or an exemption from registration under the Securities Act; and (iv) a loan or pledge of Registrable Securities to a Hedging
Counterparty who may then become a selling stockholder and sell the loaned securities


 




    	 	3	 



     


    

 


or, in an event of default in the
case of a pledge, sell the pledged securities, in each case, in a public transaction pursuant to a Prospectus.


 


“Holdback Period”
means 90 days after and during the 10 days before the effective date of the related Registration Statement or, in the case of a
takedown from a Shelf Registration Statement, 90 days after the date of the Prospectus supplement filed with the SEC in connection
with such takedown and during such prior period (not to exceed 10 days) as the Company has given reasonable written notice to the
holder of Registrable Securities; provided that, in each case, the Holdback Period with respect to any offering will end
on the first date on which the underwriter(s) of such offering have released the Company and all Holders from the lock-up agreements
entered into in connection with such offering.


 


“Holder” means
any of (i) the Standard General Parties, (ii) any other Person entitled to incidental or piggyback registration rights
hereunder upon entering into a Joinder Agreement substantially in the form of Exhibit A hereto or (iii) any direct
or indirect transferee of a Holder who has acquired Registrable Securities from a Holder and who has entered into a Joinder Agreement
substantially in the form of Exhibit A hereto.


 


“Indemnified Party”
has the meaning given to such term in Section 6(c).


 


“Indemnifying Party”
has the meaning given to such term in Section 6(c).


 


“Indemnitors”
has the meaning given to such term in Section 6(h).


 


“Inspector”
has the meaning given to such term in Section 4(o).


 


“Losses” has
the meaning given to such term in Section 6(a).


 


“Market Price”
means, on any date of determination, the volume weighted average of the daily Closing Price of the Registrable Securities for the
immediately preceding 30 days on which the national securities exchanges are open for trading.


 


“Parties” means
the parties to this Agreement.


 


“Permitted Transferee”
means, with respect to any Holder, to the extent applicable, (i) a Charitable Organization to which such Holder wishes to
make or has made a bona fide charitable contribution of Equity Securities, (ii) an Affiliate of such Holder, (iii)
in the case of a Holder that is a corporation, partnership, limited liability company or any foreign equivalent thereof, any wholly-owned
subsidiary of such entity or the direct or indirect stockholders, partners, members or foreign equivalent thereof of such Holder,
or (iv) any transferee of Registrable Securities that is not an Affiliate that holds (after giving effect to such Transfer)
in excess of 5% of the then-outstanding Equity Securities; provided, however, that any such transferee shall agree
in a writing in the form attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this
Agreement.


 




    	 	4	 



     


    

 


“Person” means
any individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, government
or any department or agency thereof or any other entity.


 


“Pledgee” has
the meaning given to such term in Section 10(e).


 


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


 


“Records” has
the meaning given to such term in Section 4(o).


 


“Registrable Securities”
means (a) any Equity Securities held by a Holder and (b) any other equity securities or equity interests issued or
issuable, directly or indirectly, with respect to the securities described in clause (a) by way of conversion or exchange thereof
or stock dividends, stock splits or in connection with a combination of shares, reclassification, recapitalization, merger, consolidation
or other reorganization. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable
Securities when (i) they are disposed of pursuant to an effective Registration Statement under the Securities Act, (ii)
they are sold to the public pursuant to Rule 144 or Rule 145 (or other exemption from registration under the Securities Act),
(iii) the entire amount of the Registrable Securities owned by the relevant Holder may be sold in a single sale without
any limitation as to volume pursuant to Rule 144 (or other exemption from registration under the Securities Act), (iv) they
shall have ceased to be outstanding, or (v) they have been sold in a private transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of the securities.


 


“Registration Statement”
means any registration statement of the Company filed with the SEC under the Securities Act which covers any of the Registrable
Securities pursuant to the provisions of this Agreement, including any Prospectus, Free Writing Prospectus, amendments and supplements
to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.


 


“Rule 144”
means Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.


 


“Rule 145”
means Rule 145 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.


 




    	 	5	 



     


    

 


“Rule 405”
means Rule 405 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.


 


“SEC” means
the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange
Act.


 


“Securities Act”
means the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated
thereunder.


 


“Shelf Registration”
has the meaning given to such term in Section 3(f)(i).


 


“Shelf Registration Statement”
has the meaning given to such term in Section 3(f)(i).


 


“Shelf Underwritten Offering”
has the meaning given to such term in Section 3(g).


 


“Standard General Parties”
means any of Standard General Master Fund L.P., a Cayman Islands limited partnership, P Standard General Ltd., a British Virgin
Islands company, and Standard General Focus Fund L.P., a Delaware limited partnership, or any investment fund that is an Affiliate
of any of the foregoing.


 


“Subsidiary”
means (i) any corporation of which a majority of the securities entitled to vote generally in the election of directors
thereof, at the time as of which any determination is being made, are owned by another entity, either directly or indirectly and
(ii) any joint venture, general or limited partnership, limited liability company or other legal entity in which an
entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner.


 


“Suspension Event”
has the meaning given to such term in Section 3(e).


 


“Take-Down Notice”
has the meaning given to such term in Section 3(g).


 


“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Equity Securities beneficially owned by a Person
or any interest in any Equity Securities beneficially owned by a Person. In the event that any Holder that is a corporation, partnership,
limited liability company or other legal entity (other than an individual, trust or estate) ceases to be, directly or indirectly,
controlled by the Person controlling such Holder as of the date hereof or a Permitted Transferee thereof, such event shall be deemed
to constitute a “Transfer” subject to the restrictions on Transfer contained or referenced herein; provided,
however that, with respect to any Standard General Party or Affiliate thereof that is an investment fund, a change of control of
the direct or indirect general partner or investment advisor of such investment fund shall not constitute a Transfer.


 




    	 	6	 



     


    

 


“Underwritten Offering”
means a public offering of securities registered under the Securities Act in which one or more underwriters, placement agents or
other intermediaries participate in the distribution of such securities, including, without limitation, a Hedging Transaction in
which a Hedging Counterparty participates.


 


“WKSI” has
the meaning given to such term in Section 3(f)(iii).


 


(b)          Interpretations. For purposes of this Agreement, unless otherwise noted:


 


(i)           All
references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations
and forms, as amended from time to time or, to the extent replaced, the comparable successor laws, rules, regulations and forms
thereto in effect at the time.


 


(ii)          All
references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references
to the comparable successor thereto.


 


(iii)         All
references to agreements and other contractual instruments shall be deemed to be references to such agreements or other instruments
as they may be amended, waived, supplemented or modified from time to time.


 


(iv)         All
references to any amount of securities (including Registrable Securities) shall be deemed to be a reference to such amount measured
on an as-converted or as-exercised basis.


 


(v)          If
any of the Standard General Parties is dissolved or effects any distribution of 25% or more of the Registrable Securities then
held by such partnership, Standard General L.P. shall have the sole right to make all decisions with respect to any Registrable
Securities that were distributed by such Standard General Party as if it were the Holder of such Registrable Securities, including,
without limitation, the right to make a request for any incidental or piggy-back registrations under Section 2 or any Demand Registration
or right to initiate any Form S-1 Shelf Registration Statement or Form S-3 Shelf Registration Statement and any offering or sale
with respect to any Registrable Securities included in any Shelf Registration Statement under Section 3 and the right to consent
or approve any amendment to this Agreement, the amount of Registrable Securities deemed to be held by Standard General L.P. shall
be the amount of Registrable Securities distributed by the Standard General Parties less any amount of Registrable Securities transferred
or sold by the distributees or their Permitted Transferees.


 


2.           Incidental
Registrations.


 


(a)          Right
to Include Registrable Securities. If the Company determines to register its Equity Securities under the Securities Act (other
than pursuant to a Registration Statement filed by the Company on Form S-4 or S-8, or any successor or other forms promulgated
for similar purposes or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan),
whether or not for sale for its own account, in a manner which would permit registration of Registrable Securities for sale to
the public under the


 




    	 	7	 



     


    

 


Securities Act, it will, at least 20 days
before the anticipated filing date, give written notice to all Holders of Registrable Securities of its intention to do so and
of such Holders’ rights under this Section 2. Upon the written request of any such Holder made within 15 days after
the receipt of any such notice (which request shall specify the Registrable Securities intended to be disposed of by such Holder
and the intended method or methods of disposition thereof), the Company will use its reasonable best efforts to effect the registration
under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders thereof,
to the extent required to permit the disposition of the Registrable Securities so to be registered; provided that (i)
if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the
Registration Statement filed in connection with such registration, the Company shall determine for any reason not to proceed with
the proposed registration of the securities to be sold by it, the Company may, at its election, give written notice of such determination
to each Holder of Registrable Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities
in connection with such registration (but not from its obligation to pay the expenses in connection therewith) without prejudice
to the rights of the Holders to request that such registration be effected as a registration under Section 3 and (ii) if
such registration involves an Underwritten Offering, all Holders of Registrable Securities requesting to be included in the Company’s
registration must sell their Registrable Securities to the underwriters selected by the Company on the same terms and conditions
as apply to the Company, with such differences, including any with respect to indemnification and liability insurance, as may be
customary in combined primary and secondary offerings. The Company shall not be required to maintain the effectiveness of the Registration
Statement for a registration requested pursuant to this Section 2(a) beyond the earlier to occur of (i) 180 days after
the effective date thereof and (ii) consummation of the distribution by the Holders of the Registrable Securities included
in such Registration Statement. Any Holder of Registrable Securities who has elected to sell Registrable Securities in an offering
pursuant to this Section 2 shall be permitted to withdraw from such registration by written notice to the Company if (x)
the price to the public at which the Registrable Securities are proposed to be sold will be less than 85% of the average Closing
Price of the class of stock being sold in the offering during the 10 trading days preceding the date on which the Demand Notice
of such offering was given pursuant to this Section 2(a) or (y) such withdrawal is as a result of factors or circumstances
arising after the date on which a request for a Demand Registration was made and the initiating Holders reasonably determine that
participation in such registration would have a material adverse effect on the initiating Holders.


 


(b)          Priority
in Incidental Registrations. The Company shall use reasonable efforts to cause the managing underwriter(s) of a proposed Underwritten
Offering to permit Holders of Registrable Securities who have requested to include Registrable Securities in such offering to include
in such offering all Registrable Securities so requested to be included on the same terms and conditions as any other shares of
capital stock, if any, of the Company included in the offering. Notwithstanding the foregoing, if the managing underwriter(s) of
such Underwritten Offering have informed the Company in writing that in its reasonable view the total number or dollar amount of
securities that such Holders and the Company intend to include in such offering is such as to likely have a material adverse effect
on the timing, price or distribution of such offering, then there shall be included in such Underwritten Offering the number or
dollar amount of Registrable Securities that in the reasonable view of such managing underwriter(s) can be sold without adversely
affecting such offering, and such number of


 




    	 	8	 



     


    

 


Registrable Securities shall be allocated
as follows, unless the underwriters require a different allocation: first, all securities of the Company requested to be included
by the Company in such registration; second, all securities of the Company requested to be included by the Standard General Parties
or their Affiliates among such Holders as determined by the Standard General Parties in their sole discretion; third, all securities
of the Company requested to be included by the Holders of Registrable Securities (other than the Standard General Parties and their
Affiliates) requesting such registration pro rata among such Holders on the basis of the percentage of the Registrable Securities
requested to be included in such registration by such Holders; and fourth, any other securities of the Company requested to be
included in such offering by other security holder of the Company, pro rata among such security holders on the basis of
the percentage of the Registrable Securities requested to be included in such registration by such security holders.


 


3.           Registration
on Request.


 


(a)          Request
by the Demand Party. Subject to Section 3(d), each of the Standard General Parties and their Affiliates that are Holders
of Registrable Securities shall have the right to require the Company to register, pursuant to the terms of this Agreement, under
and in accordance with the provisions of the Securities Act, the number of Registrable Securities of such Holder and its Affiliates
requested to be so registered pursuant to this Agreement, in each case by delivering written notice to the Company (any such written
notice, a “Demand Notice” and any such registration, a “Demand Registration”). Subject to
Section 3(d), following receipt of a Demand Notice for a Demand Registration in accordance with this Section 3(a), the
Company shall use its reasonable best efforts to file a Registration Statement as promptly as practicable, and to cause such Registration
Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof.


 


No Demand Registration shall be deemed to
have occurred for purposes of the first sentence of the preceding paragraph if (i) the Registration Statement relating thereto
(x) does not become effective, (y) is not maintained effective for the period required pursuant to this Section 3,
or (z) the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction,
or similar order or requirement of the SEC during such period, (ii) more than 80% of the Registrable Securities requested
by the demanding Holder to be included in such registration are not so included pursuant to Section 3(b) or (iii) the
conditions to closing specified in any underwriting agreement, purchase agreement or similar agreement entered into in connection
with the registration relating to such request are not satisfied (other than as a result of a material default or breach thereunder
by such demanding Holder or its Affiliates) or otherwise waived by such demanding Holder.


 


Within 5 days after receipt by the Company
of a Demand Notice in accordance with this Section 3(a), the Company shall give written notice (the “Demand Follow-Up
Notice”) of such Demand Notice to all other Holders of Registrable Securities and shall, subject to the provisions of
Section 3(b) and Section 3(h) hereof, include in such registration all Registrable Securities with respect to which the Company
received written requests for inclusion therein within 5 days after such Demand Follow-Up Notice is given by the Company to such
Holders. The failure of any Holder receiving a Demand Follow-Up Notice to respond within such 5-day period referred to in the preceding
sentence shall be deemed to be a waiver of such Holder’s rights under this


 




    	 	9	 



     


    

 


Section 3(a) with respect to such Demand Registration.
Any Holder receiving a Demand Follow-Up Notice may waive its rights under this Section 3(a) with respect to such Demand Follow-Up
Notice prior to the expiration of such 5-day period by giving written notice to the Company, with a copy to the demanding Holders.
If a Holder receiving a Demand Follow-Up Notice sends the Company a written request for inclusion of part or all of such Holder’s
Registrable Securities in a Demand Registration, such Holder shall not be entitled to withdraw or revoke such request without the
prior written consent of the Company in the Company’s sole discretion unless, as a result of facts or circumstances arising
after the date on which such request was made relating to the Company or to market conditions, such Holder reasonably determines
that participation in such Demand Registration would have a material adverse effect on such Holder.


 


All requests made pursuant to this Section 3
will specify the number of Registrable Securities to be registered and the intended method or methods of disposition thereof.


 


The Company shall be required to maintain
the effectiveness of the Registration Statement with respect to any Demand Registration for a period of at least 180 days after
the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement
have actually been sold; provided, however, that such period shall be extended for a period of time equal to the
period the Holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the
request of the Company or an underwriter of the Company pursuant to the provisions of this Agreement.


 


(b)          Priority
on Demand Registration. If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in
an Underwritten Offering, and the managing underwriter(s) advise the Holders of such securities that in its reasonable view the
total number or dollar amount of Registrable Securities proposed to be sold in such offering (including, without limitation, securities
proposed to be included by other Holders of securities entitled to include securities in such Registration Statement pursuant to
incidental or piggyback registration rights) is such as to adversely affect the success of such offering, then there shall be included
in such Underwritten Offering the number or dollar amount of Registrable Securities that in the reasonable view of such managing
underwriter(s) can be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated
as follows, unless the underwriters require a different allocation:


 


(i)           first,
to the Standard General Parties and their Affiliates requesting such registration (whether pursuant to a Demand Notice or pursuant
to incidental or piggyback registration rights) among such Holders as determined by the Standard General Parties in their sole
discretion, until with respect to each such Holder, all Registrable Securities requested for registration by such Holders have
been included in such registration;


 


(ii)          second,
among the Holders of Registrable Securities (other than the Standard General Parties and their Affiliates) requesting such registration
pursuant to incidental or piggyback registration rights pro rata on the basis of the percentage of Registrable Securities
owned by each such Holder relative to the number of Registrable Securities owned by all such Holders until, with respect to each
such Holder, all Registrable Securities requested for registration by such Holders have been included in such registration; and


 




    	 	10	 



     


    

 


(iii)         third,
the securities for which inclusion in such Demand Registration was requested by the Company.


 


(c)          Cancellation
of a Demand Registration. Each Holder that submitted a Demand Notice pursuant to a particular offering and the Holders of a
majority of the Registrable Securities that are to be registered in a particular offering pursuant to this Section 3 shall
have the right, prior to the effectiveness of the Registration Statement, to notify the Company that it or they, as the case may
be, have determined that the Registration Statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw
such Registration Statement. Any Holder of Registrable Securities who has elected to sell Registrable Securities in an Underwritten
Offering pursuant to this Section 3 (including the Holder who delivered the Demand Notice of such registration) shall be permitted
to withdraw from such registration by written notice to the Company at least two Business Days prior to the effective date of the
Registration Statement filed in connection with such registration, or, in the case of an Underwritten Offering, at least two Business
Days prior to the earlier of the anticipated filing of the “red herring” prospectus, if applicable, and the anticipated
pricing date.


 


(d)          Limitations
on Demand Registrations. The Standard General Parties and their Affiliates shall, collectively, be entitled to initiate no
more than five (5) Demand Registrations (other than Shelf Registrations and shelf take-downs to effect a Shelf Underwritten Offering).
Notwithstanding the foregoing, the Company shall not be obligated to effect a Demand Registration under this Section 3 (other than
Shelf Registrations and shelf take-downs to effect a Shelf Underwritten Offering) unless the aggregate offering price of the Registrable
Securities to be sold in such offering is reasonably expected to be at least $25 million, unless such Demand Registration includes
all of the then-outstanding Registrable Securities of the demanding Holder.


 


(e)          Postponements
in Requested Registrations. If the filing, initial effectiveness or continued use of a Registration Statement, including a
Shelf Registration Statement, with respect to a Demand Registration would require the Company to make a public disclosure of material
non-public information, which disclosure in the good faith judgment of the Board (after consultation with external legal counsel)
(i) would be required to be made in any Registration Statement so that such Registration Statement would not contain any
untrue statement of material fact or omit to state a material fact necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading, (ii) would not be required to be made at such time
but for the filing, effectiveness or continued use of such Registration Statement and (iii) would reasonably be expected
to have a material adverse effect on the Company or its business or on the Company’s ability to effect a bona fide material
proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction (collectively, “Suspension
Events”), and the Company furnishes to the Holders a certificate signed by the Chief Executive Officer or any other senior
executive officer of the Company stating such, then the Company may, upon giving prompt written notice of such action to the Holders
participating in such registration, delay the filing or initial effectiveness (but not the preparation) of, or suspend use of,
such Registration Statement; provided that the Company shall be permitted to do so once in any 6-month period for a period
not to exceed the earlier of (i) the termination of any such Suspension Event and (ii) 45 days following notice of
any such Suspension Event and provided further, that the Company may not postpone or suspend


 




    	 	11	 



     


    

 


for periods exceeding, in the aggregate, 120
days during any 12-month period. In the event that the Company exercises its rights under the preceding sentence, such Holders
agree to suspend, promptly upon receipt of the notice referred to above, the use of any Prospectus relating to such registration
in connection with any sale or offer to sell Registrable Securities. The Company covenants and agrees that it shall not deliver
a suspension notice with respect to a suspension period unless all of the Company’s employees, officers and directors who
are subject to Company’s Insider Trading Policy, and who are prohibited by the terms thereof from effecting any public sales
of securities of the Company beneficially owned by them, are so prohibited for the duration of such suspension period. If the Company
so postpones the filing of a Prospectus or the effectiveness of a Registration Statement, the demanding Holder shall be entitled
to withdraw such request and, if such request is withdrawn, such registration request shall not count for the purposes of the limitations
set forth in Section 3(d). The Company shall promptly give the Holders requesting registration thereof pursuant to this Section 3
written notice of any postponement made in accordance with the preceding sentence.


 


(f)           Shelf
Registrations.


 


(i)           If
requested by the Standard General Parties and their Affiliates that are Holders of Registrable Securities and available to the
Company, the Company shall use its reasonable best efforts to file a “shelf” registration statement providing for the
registration of (a “Shelf Registration”), and the sale on a continuous or delayed basis of, the Registrable
Securities, pursuant to Rule 415 or otherwise on Form S-1 (a “Form S-1 Shelf Registration Statement”). The Company
shall notify the Holders of Registrable Securities named in the Form S-1 Shelf Registration Statement promptly once the Company
confirms effectiveness thereof with the SEC. In the event that the Company qualifies for registration on Form S-3 or any comparable
or successor form or forms or any similar short-form registration (a “Form S-3 Shelf Registration Statement”
and, together with a Form S-1 Shelf Registration Statement, a “Shelf Registration Statement”), the Company shall
use its commercially reasonable efforts to convert any Form S-1 Shelf Registration Statement to a Form S-3 Shelf Registration Statement.
The Standard General Parties and their Affiliates that are Holders of Registrable Securities shall be entitled to request an unlimited
number of Shelf Registrations, if available to the Company, with respect to the Registrable Securities held by the Holders and
their Affiliates in addition to the other registration rights provided in Section 2 and this Section 3. No Shelf Registration
shall count as a Demand Registration for purposes of calculating how many Demand Registrations the Standard General Parties and
their Affiliates have initiated pursuant to the provisions of Section 3.


 


(ii)          Upon
filing any Shelf Registration Statement, the Company shall use its reasonable best efforts to keep such Shelf Registration Statement
effective with the SEC at all times and to re-file such Shelf Registration Statement upon its expiration, and to cooperate in any
shelf take-down, whether or not underwritten, by amending or supplementing any Prospectus related to such Shelf Registration Statement
as may be reasonably requested by the Standard General Parties and their Affiliates that are Holders of Registrable Securities
or as otherwise required, until such time as all Registrable Securities that could be sold in such Shelf Registration Statement
have been sold or are no longer outstanding. To the extent that the Company becomes ineligible to use a


 




    	 	12	 



     


    

 


previously filed and effective Form
S-3 Registration Statement, the Company shall file a Form S-1 Shelf Registration Statement not later than 30 days after the date
of such ineligibility and use its reasonable best efforts to have such registration statement declared effective as promptly as
practicable. Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to
time, by providing written notice, to require any Holder of Registrable Securities to suspend the use of any Prospectus for sales
of Registrable Securities pursuant to a Form S-1 Shelf Registration Statement during the period after the end of the Company’s
fiscal quarter and prior to the opening of business on the second Business Day following the first public announcement of the results
for such fiscal quarter during which the Company is in possession of material non-public information regarding the results of operations
for such quarter (such period, a “Blackout Period”). After the expiration of any Blackout Period and without
any further request from the Holders, the Company to the extent necessary shall as promptly as reasonably practicable and, if a
Holder has delivered a Take-Down Notice during any Blackout Period, the next succeeding Business Day following such expiration,
prepare and file a post-effective amendment or supplement to the Form S-1 Shelf Registration Statement or the Prospectus, or any
document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Securities included therein, the Prospectus will not include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.


 


(iii)         To
the extent the Company is a well-known seasoned issuer (as defined in Rule 405) (a “WKSI”) at the time any Demand
Notice for a Shelf Registration is submitted to the Company and such Demand Notice requests that the Company file a Form S-3 Shelf
Registration Statement, the Company shall file an automatic shelf registration statement (as defined in Rule 405) on Form S-3 (an
“Automatic Shelf Registration Statement”) in accordance with the requirements of the Securities Act and the
rules and regulations of the SEC thereunder, which covers the number or class of Registrable Securities which are requested to
be registered. If registering a number of Registrable Securities, the Company shall pay the registration fee for all Registrable
Securities to be registered pursuant to an Automatic Shelf Registration Statement at the time of filing of the Automatic Shelf
Registration Statement and shall not elect to pay any portion of the registration fee on a deferred basis. The Company shall use
its reasonable best efforts to remain a WKSI (and not to become an ineligible Company (as defined in Rule 405)) during the period
during which any Automatic Shelf Registration Statement is effective. If at any time following the filing of an Automatic Shelf
Registration Statement when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI,
the Company shall use its reasonable best efforts to post-effectively amend the Automatic Shelf Registration Statement to a Form
S-3 Shelf Registration Statement or file a new Form S-3 Shelf Registration Statement or, if such form is not available, a Form
S-1 Shelf Registration Statement, have such Shelf Registration Statement declared effective by the SEC and keep such Shelf Registration
Statement effective during the period during which such Shelf Registration Statement is required to be kept effective in accordance
with Section 3(f)(ii). To the extent that the Company is eligible to file an Automatic Shelf Registration Statement and the
Standard


 




    	 	13	 



     


    

 


General Parties notify the Company
that it wishes to engage in a block sale off of such an Automatic Shelf Registration Statement and the Company does not have an
Automatic Shelf Registration Statement related to the Registrable Securities, the Company shall use its commercially reasonable
efforts to file an Automatic Shelf Registration Statement within three days of such notification by the Standard General Parties.


 


(g)          Shelf
Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities is effective, subject to the terms
and conditions of this Section 3(g), if any Standard General Party or its Affiliates delivers a notice to the Company (a “Take-Down
Notice”) stating that it intends to effect an Underwritten Offering of all or part of its Registrable Securities included
by it on the shelf registration statement (a “Shelf Underwritten Offering”), then the Company shall amend or
supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed
pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other Holders pursuant
to Section 3(g)(i)). The Standard General Parties and their Affiliates that are Holders of Registrable Securities shall be
entitled to request an unlimited number of shelf take-downs to effect a Shelf Underwritten Offering, if available to the Company,
with respect to the Registrable Securities held by such Holders and their Affiliates in addition to the other registration rights
provided in Section 2 and this Section 3. In connection with any Shelf Underwritten Offering:


 


(i)           the
Company shall also deliver the Take-Down Notice to all other Holders with securities included on such shelf registration statement
and permit each such Holder to include its Registrable Securities included on the Shelf Registration Statement in the Shelf Underwritten
Offering if such Holder notifies the proposing Holder and the Company within two days after distribution or dissemination (including
via e-mail, if available) of the Take-Down Notice to such Holder;


 


(ii)          in
the event that the underwriter advises such requesting Holder and the Company in its reasonable view that the total number or dollar
amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering
(including, without limitation, adversely affect the per share offering price), then the underwriter may limit the number of shares
which would otherwise be included in such take-down offering in the same manner as described in Section 3(b) with respect
to a limitation of shares to be included in a registration; and


 


(iii)         if
at any time or from time to time, the Standard General Parties desire to sell Registrable Securities in an Underwritten Offering
pursuant to a Shelf Underwritten Offering, the underwriters, including the managing underwriter, shall be selected by the Standard
General Parties, subject to the approval of the Company, not to be unreasonably withheld.


 


(h)          No
Notice in Block Sales. Notwithstanding any other provision of this Agreement, if the requesting Holder wishes to engage in
a block sale (including a block sale off of a Shelf Registration Statement or an effective Automatic Shelf Registration Statement,
or in connection with the registration of the Standard General Parties’ Registrable Securities under an Automatic Shelf Registration
Statement for purposes of effectuating a block sale), then


 




    	 	14	 



     


    

 


notwithstanding the foregoing or any other
provisions hereunder (including without limitation Section 2 of this Agreement), no Holder shall be entitled to receive any notice
of or have its Registrable Securities included in such block sale.


 


(i)           Registration
Statement Form. If any registration requested pursuant to this Section 3 which is proposed by the Company to be effected
by the filing of a Registration Statement on Form S-3 (or any successor or similar short-form registration statement) shall be
in connection with an underwritten public offering, and if the managing underwriter(s) shall advise the Company that, in its good
faith opinion, the use of another form of Registration Statement is of material importance to the success of such proposed offering
or is otherwise required by applicable law, then such registration shall be effected on such other form.


 


(j)           Selection
of Underwriters. If the Standard General Parties or their Affiliates intend that the Registrable Securities requested to be
covered by a Demand Registration requested by such Holder shall be distributed by means of an Underwritten Offering, such demanding
Holder shall so advise the Company as a part of the Demand Notice, and the Company shall include such information in the Notice
sent by the Company to the other Holders with respect to such Demand Registration. In such event, the lead underwriter to administer
the offering shall be chosen by the demanding Holder, subject to the approval of the Company, not to be unreasonably withheld.
If the offering is underwritten, the right of any Holder to registration pursuant to this Section 3 will be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
(unless otherwise agreed by the demanding Holder) and each such Holder will (together with the Company and the other Holders distributing
their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter(s) selected
for such underwriting (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option
requested by the managing underwriter(s)), provided that (A) no Holder shall be required to sell more than the number
of Registrable Securities that such Holder has requested the Company to include in any registration and (B) if any Holder
disapproves of the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to the Company, the
managing underwriter(s) and, in connection with an underwritten registration pursuant to this Section 3, the demanding Holder,
provided further that no such Person (other than the Company) shall be required to make any representations or warranties
other than those related to title and ownership of, and power and authority to transfer, shares and as to the accuracy and completeness
of statements made in a Registration Statement, Prospectus or other document in reliance upon, and in conformity with, written
information prepared and furnished to the Company or the managing underwriter(s) by such Person pertaining exclusively to such
Holder. Notwithstanding the foregoing, no Holder shall be required to agree to any indemnification obligations on the part of such
Holder that are greater than its obligations pursuant to Section 6. If any Shelf Registration Statement is in the form of a Hedging
Transaction, the demanding Holder shall select and obtain an investment banking firm of national or regional reputation to act
as the Hedging Counterparty of the Hedging Transaction.


 


4.           Registration
Procedures. If and whenever the Company is required to use its reasonable best efforts to effect the registration of any Registrable
Securities under the Securities Act as provided in Section 2 and Section 3, the Company shall effect such registration
to permit the sale of such Registrable Securities in accordance with the intended method or methods of


 




    	 	15	 



     


    

 


disposition thereof, and pursuant thereto
the Company shall cooperate in all reasonable respects in the sale of such Registrable Securities and shall, as quickly as practicable:


 


(a)          prepare
and file, in each case as promptly as practicable, with the SEC a Registration Statement or Registration Statements on such form
as shall be available for the sale of the Registrable Securities by the Holders thereof or by the Company in accordance with the
intended method or methods of distribution thereof, make all required filings with FINRA, and, if such Registration Statement is
not automatically effective upon filing, use its reasonable best efforts to cause such Registration Statement to be declared effective
as soon as practicable and to remain effective as provided herein; provided, however, that before filing a Registration
Statement or Prospectus or any amendments or supplements thereto (including free writing prospectuses under Rule 433 (each a “Free
Writing Prospectus”)) and, to the extent reasonably practicable, documents that would be incorporated by reference or
deemed to be incorporated by reference in a Registration Statement filed pursuant to a Demand Notice (other than a Shelf Registration
Statement), the Company shall furnish or otherwise make available to the Holders of the Registrable Securities covered by such
Registration Statement, their counsel and the managing underwriter(s), if any, copies of all such documents proposed to be filed
(including exhibits thereto), which documents will be subject to the reasonable review and comment of such counsel, and such other
documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide
such counsel reasonable opportunity to participate in the preparation of such Registration Statement and each Prospectus included
therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including
reasonable access to the Company’s books and records, officers, accountants and other advisors. The Company will include
comments to any Registration Statement and any amendments or supplements thereto from Holders of a majority in aggregate principal
amount of the Registrable Securities covered by such Registration Statement, or their counsel, or the managing underwriters, if
any, as reasonably requested on a timely basis. The Company shall not file any such Registration Statement or Prospectus, or any
amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed incorporated by
reference therein and including Free Writing Prospectuses) with respect to a Demand Registration to which the demanding Holder
or the Holders of a majority of the Registrable Securities covered by such Registration Statement (or their counsel) or the managing
underwriter(s), if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, such filing
is necessary to comply with applicable law;


 


(b)          prepare
and file with the SEC such amendments, including post-effective amendments, and supplements to such Registration Statement and
the Prospectus used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to
keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;
cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of the securities covered by such


 




    	 	16	 



     


    

 


Registration Statement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act in each case,
until such time as all of such securities have been disposed of in accordance with the intended method or methods of disposition
by the seller or sellers thereof set forth in such Registration Statement; and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with
the intended methods of disposition by the sellers thereof set forth in such Registration Statement;


 


(c)          notify
each selling Holder of Registrable Securities, its counsel and the managing underwriter(s), if any, promptly after the Company
receives notice thereof (i) when a Prospectus or any Prospectus supplement or post-effective amendment or any Free Writing
Prospectus has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements
to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any
stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings for
that purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company
contained in any agreement (including any underwriting agreement) contemplated by Section 4(n) below cease to be true and
correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of such Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding
for such purpose, and (vi) of the existence of any fact or happening of any event that makes any statement made in such
Registration Statement or related Prospectus, Free Writing Prospectus, amendment or supplement thereto, or any document incorporated
or deemed to be incorporated therein by reference, as then in effect, untrue in any material respect or that requires the making
of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading (which notice shall notify the selling Holders only of the occurrence of such an event
and shall provide no additional information regarding such event to the extent such information would constitute material non-public
information);


 


(d)          use
its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or
the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction at the earliest date reasonably practical;


 


(e)          if
requested by the managing underwriter(s), if any, a Holder making a Demand Notice with respect to such offering or the Holders
of a majority of the then-issued and outstanding Registrable Securities being sold in connection with an


 




    	 	17	 



     


    

 


Underwritten Offering, promptly
include in a Prospectus supplement or post-effective amendment such information as the managing underwriter(s), if any, or such
Holder or Holders, as the case may be, may reasonably request in order to facilitate the disposition of the Registrable Securities
in accordance with the intended method or methods of distribution of such securities set forth in the Registration Statement and
make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company
has received such request; provided, however, that the Company shall not be required to take any actions under this
Section 4(e) that are not, in the opinion of counsel for the Company, in compliance with applicable law;


 


(f)           deliver
to each seller of Registrable Securities, its counsel, and the underwriters, if any, without charge, as many copies of the Prospectus
or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto (including any Free Writing Prospectus)
as such Persons may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities in
accordance with the intended method or methods of disposition thereof; and the Company, subject to the last paragraph of this Section 4,
hereby consents to the use of such Prospectus and each amendment or supplement thereto by each seller of Registrable Securities
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any such amendment or supplement thereto;


 


(g)          prior
to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the
sellers of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the
securities or blue sky laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in
writing and to use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective and to take any other action that may be necessary
or advisable to enable such sellers of Registrable Securities to consummate the disposition of such Registrable Securities in such
jurisdiction in accordance with the intended method or methods of disposition thereof; provided, however, that the
Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this Section 4(g), (ii) subject itself to taxation in any jurisdiction wherein it is not
so subject or (iii) take any action that would subject it to general service of process in any such jurisdiction where it
is not then so subject (other than service of process in connection with such registration or qualification or any sale of Registrable
Securities in connection therewith);


 


(h)          cooperate
with the sellers of Registrable Securities and the managing underwriter(s), if any, to facilitate the timely preparation and delivery
of certificates (not bearing any legends unless required under applicable law) representing Registrable Securities to be sold,
and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriter(s),
if any, or sellers may request at least two Business Days prior to any sale of Registrable Securities in a firm


 




    	 	18	 



     


    

 


commitment public offering, but
in any other such sale, within 5 Business Days prior to having to issue the securities;


 


(i)           use
its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities within the United States as may be necessary in light of the business
or operations of the Company to enable the seller or sellers thereof or the managing underwriter(s), if any, to consummate the
disposition of such Registrable Securities, in accordance with the intended method or methods thereof, except as may be required
solely as a consequence of the nature of such seller’s business, in which case the Company will cooperate in all reasonable
respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller
or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities in accordance with
the intended method or methods thereof;


 


(j)           upon
the occurrence of any event contemplated by Section 4(c)(vi) above, promptly prepare a supplement or post-effective amendment
to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable
Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading;


 


(k)          prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for each type
of the Registrable Securities;


 


(l)           provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date
of such Registration Statement. In connection therewith, if required by the Company’s transfer agent, the Company will promptly
after the effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration
Statement to be delivered to and maintained with such transfer agent, together with any other authorizations, certificates and
directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without
any such legend upon sale by a seller or the underwriter or managing underwriter of an Underwritten Offering of Registrable Securities,
if any, of such Registrable Securities under the Registration Statement;


 


(m)         use
its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be listed on
a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange,
prior to the effectiveness of such Registration Statement;


 




    	 	19	 



     


    

 


(n)          enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings)
and take all such other customary actions reasonably requested by a Holder submitting a Demand Notice with respect to such offering
or the Holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested
by the managing underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection,
whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (i)
make such representations and warranties to the Holders of such Registrable Securities and the underwriters, if any, with respect
to the business of the Company and its Subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated
or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers
to underwriters in Underwritten Offerings, and, if true, confirm the same if and when reasonably requested, (ii) use its
reasonable best efforts to furnish to the sellers of such Registrable Securities opinions of outside counsel (and/or internal counsel
if acceptable to the managing underwriter(s)) to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriter(s), if any, and counsels to the sellers of the Registrable
Securities), addressed to each seller of Registrable Securities and each of the underwriters, if any, covering the matters customarily
covered in opinions requested in Underwritten Offerings and such other matters as may be reasonably requested by such counsel and
underwriters, (iii) use its reasonable best efforts to obtain “cold comfort” letters and updates thereof from
an independent registered public accounting firm with respect to the Company (and, if necessary, any other independent certified
public accountants of any Subsidiary of the Company or of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration Statement) who have certified the financial statements
included in such Registration Statement, addressed to each selling Holder of Registrable Securities (unless such accountants shall
be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters,
if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort”
letters as the managing underwriter reasonably requests, (iv) if an underwriting agreement is entered into, the same shall
contain indemnification provisions and procedures that are customary for underwriting agreements in connection with Underwritten
Offerings except as otherwise agreed by the parties thereto and (v) deliver such documents and certificates as may be reasonably
requested by a Holder making a Demand Notice with respect to such offering, the Holders of a majority of the Registrable Securities
being sold pursuant to such Registration Statement, its or their counsel, as the case may be, or the managing underwriter(s), if
any, to evidence the continued validity of the representations and warranties made pursuant to Section 4(n)(i) above and to
evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the
Company. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required
thereunder;


 


(o)          upon
reasonable notice, make available for inspection by a representative of the selling Holders of Registrable Securities, the underwriters
participating in any such


 




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disposition of Registrable Securities,
if any, and any attorneys or accountants retained by such selling Holders or underwriter (collectively, the “Inspectors”)
at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents
and properties of the Company and its Subsidiaries (collectively, the “Records”), as shall be reasonably necessary
to enable them to exercise their due diligence responsibility, and cause the officers, directors and employees of the Company and
its Subsidiaries to supply all information in each case reasonably requested by any such representative, underwriter, attorney
or accountant in connection with such Registration Statement; provided, however, that any information and Records
that are not generally publicly available at the time of delivery of such information shall be kept confidential by the Inspectors
unless (i) disclosure of such information or Records is required by court or administrative order, (ii) disclosure
of such information or Records, in the opinion of counsel to such Inspector, is required by law or applicable legal process, (iii)
such information or Records become generally available to the public other than as a result of a disclosure or failure to safeguard
by such Inspector, (iv) such information or Records becomes available to such Inspector on a non-confidential basis from
a source other than the Company or (v) such information or Records is independently developed by such Inspector. In the
case of a proposed disclosure pursuant to (i) or (ii) above, such Inspector shall be required to give the Company written notice
of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent
or limit the proposed disclosure;


 


(p)          cause
its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration
Statement (including, without limitation, participation in such number of “road shows” as the underwriter(s) reasonably
request);


 


(q)          cooperate
with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with the FINRA;


 


(r)          otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable (but no more than fifteen months), an earnings statement covering the period of at least
twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;
and


 


(s)          take
no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that any prohibition
is applicable to the Company, the Company will take all reasonable action to make such prohibition inapplicable.


 


The Company may require each Holder of Registrable
Securities as to which any registration is being effected to furnish to the Company in writing such information required in connection
with such registration regarding such seller and the distribution of such Registrable


 




    	 	21	 



     


    

 


Securities as the Company may, from time to
time, reasonably request and the Company may exclude from such registration the Registrable Securities of any Holder who unreasonably
fails to furnish such information within a reasonable time after receiving such request.


 


The Company agrees not to file or make any
amendment to any Registration Statement with respect to any Registrable Securities, or any amendment of or supplement to the Prospectus
or any Free Writing Prospectus used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies
such Holder as the holder of any securities of the Company, without the consent of such Holder, such consent not to be unreasonably
withheld or delayed, unless and to the extent such disclosure is required by law, rule or regulation, in which case the Company
shall provide prompt written notice to such Holders prior to the filing of such amendment to any Registration Statement or amendment
of or supplement to the Prospectus or any Free Writing Prospectus.


 


If the Company files any Shelf Registration
Statement for the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall use
its reasonable best efforts to include in such registration statement such disclosures as may be required by Rule 430B under the
Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the
securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time
through the filing of a Prospectus supplement rather than a post-effective amendment.


 


Each Holder of Registrable Securities agrees
if such Holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 4(c)(ii), 4(c)(iii), 4(c)(iv), 4(c)(v) and 4(c)(vi) hereof,
such Holder will promptly discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(j) hereof,
or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies
of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided,
however, that the time periods under Section 3 with respect to the length of time that the effectiveness of a Registration
Statement must be maintained shall automatically be extended by the amount of time the Holder is required to discontinue disposition
of such securities.


 


5.           Hedging
Transactions.


 


(a)          In
any Shelf Registration, the demanding Holder may elect to engage in a Hedging Transaction. The Company agrees that, in connection
with any proposed Hedging Transaction, if, in the reasonable judgment of counsel to the demanding Holder, it is necessary or desirable
to register under the Securities Act such Hedging Transaction or sales or transfers (whether short or long) of Registrable Securities
in connection therewith, then the Company shall use commercially reasonable efforts to take such actions (which may include, among
other things, the filing of a prospectus supplement or post-effective amendment to a Registration Statement to include additional
or changed information that is material or is otherwise required to be disclosed, including, without limitation, a description
of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates
as


 




    	 	22	 



     


    

 


underwriters or potential underwriters, if
applicable, or any change to the plan of distribution) as may reasonably be required to register such Hedging Transaction or sales
or transfers of Registrable Securities in connection therewith under the Securities Act in a manner consistent with the rights
and obligations of the Company hereunder with respect to the registration of Registrable Securities. Any information regarding
the Hedging Transaction included in a Registration Statement, Prospectus or Free Writing Prospectus pursuant to this Section 5(a)
shall, for purposes of Section 6 hereof, be deemed to be information provided by the Standard General Party that is party to such
Hedging Transaction and is selling Registrable Securities pursuant to such Registration Statement for purposes of Section 6 hereof.


 


(b)          If
in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is (or may be considered) an underwriter
or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the plan of distribution
and like matters. The Prospectus shall permit, in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate
thereof to sell shares of the Registrable Securities covered by such Prospectus and the applicable prospectus supplement, including
short sales.


 


6.           Indemnification.


 


(a)          Indemnification
by the Company. The Company shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted
by law, each Holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus,
the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them,
each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) each
such Holder and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees
of each such controlling person, each underwriter, if any, and each Person who controls (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) such underwriter (each such person being referred to herein as a
“Covered Person”), from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such
party in connection with any investigation or proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement
(collectively, “Losses”), as incurred, arising out of or based upon (i) any untrue or alleged untrue
statement of a material fact contained in any Prospectus, offering circular, or other document (including any related Registration
Statement, notification, or the like or Free Writing Prospectus or any amendment thereof or supplement thereto or any document
incorporated by reference therein) incident to any such registration, qualification, or compliance, (ii) with respect any
Registration Statement or any amendment or supplement thereto (including any document incorporated by reference therein), the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, (iii) with respect to any Prospectus, offering circular or other document (including any related notification,
or the like or Free Writing Prospectus or any amendment thereof or supplement thereto or any document incorporated by reference
therein) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein in the light of the circumstances under which they were made not misleading, or (iv) any violation by
the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or


 




    	 	23	 



     


    

 


regulation thereunder applicable to the Company
and relating to any action or inaction in connection with the related offering of Registrable Securities, and will reimburse each
such Covered Person for any legal and any other expenses reasonably incurred in connection with investigating and defending or
settling any such Loss, provided that the Company will not be liable in any such case to the extent that any such Loss arises
out of or is based on any untrue statement or omission by such Covered Person relating to such Covered Person or its Affiliates
(other than the Company or any of its Subsidiaries), but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, Free Writing Prospectus
or any amendment thereof or supplement thereto, or any document incorporated by reference therein, or other document in reliance
upon and in conformity with written information furnished to the Company by such Covered Person with respect to such Covered Person
expressly for use therein.


 


(b)          Indemnification
by Holder of Registrable Securities. As a condition to including any Registrable Securities in any Registration Statement filed
in accordance with Section 4 hereof, the Company shall have received an undertaking reasonably satisfactory to it from the
prospective seller of such Registrable Securities to indemnify, to the fullest extent permitted by law, severally and not jointly
with any other Holders of Registrable Securities, the Company, its directors and officers and each Person who controls (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company from and against all
Losses arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Prospectus,
offering circular, or other document (including any related Registration Statement, notification, or the like or Free Writing Prospectus
or any amendment thereof or supplement thereto or any document incorporated by reference therein) incident to any such registration,
qualification, or compliance, (ii) with respect any Registration Statement or any amendment or supplement thereto (including
any document incorporated by reference therein), the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, or (iii) with respect to any Prospectus, offering
circulate or other document (including any related notification, or the like or Free Writing Prospectus or any amendment thereof
or supplement thereto or any document incorporated by reference therein) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they
were made not misleading, and will reimburse the Company, such directors and controlling persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such Loss, in each case to the extent, but only to the extent,
that such untrue statement or omission is made in such Registration Statement, Prospectus, Free Writing Prospectus, offering circular,
or other document in reliance upon and in conformity with written information furnished to the Company by such Holder with respect
to such Holder expressly for use in such Registration Statement, Prospectus, offering circular or other document; provided,
however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such Losses
(or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably
withheld); and provided, further, that the liability of such Holder of Registrable Securities shall be limited to
the net proceeds (after deducting the underwriters’ discounts and commissions) received by such selling Holder from the sale
of Registrable Securities to which the Prospectus, Registration Statement, Free Writing Prospectus or such amendment or supplement
thereto relates.


 




    	 	24	 



     


    

 


(c)          Conduct
of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “Indemnified Party”),
such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying Party”)
of any claim or of the commencement of any proceeding with respect to which such Indemnified Party seeks indemnification or contribution
pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve
the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced
by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party
promptly after the receipt of written notice from such Indemnified Party of such claim or proceeding, to, unless in the Indemnified
Party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect
of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or proceeding, with counsel reasonably
satisfactory to such Indemnified Party; provided, however, that an Indemnified Party shall have the right to employ
separate counsel in any such claim or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses;
(ii) the Indemnifying Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense
of such claim or proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party; or (iii) the named
parties to any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and
such parties have been advised by such counsel that either (x) representation of such Indemnified Party and the Indemnifying
Party by the same counsel would be inappropriate under the applicable standards of professional conduct or (y) there may
be one or more legal defenses available to the Indemnified Party that are different from or additional to those available to the
Indemnifying Party. In any such cases, the Indemnified Party shall have the right to employ counsel and to assume the defense of
such claim or proceeding at the Indemnifying Party’s expense; provided, further, however, that the Indemnifying
Party shall not, in connection with any one such claim or proceeding or separate but substantially similar or related claims or
proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties,
or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying
Party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably
withheld or delayed). The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement (without the
consent of such Indemnified Party) that (x) does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from
all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder
or (y) involves the imposition of equitable remedies or the imposition of any obligations on the Indemnified Party or adversely
affects such Indemnified Party other than as a result of financial obligations for which such Indemnified Party would be entitled
to indemnification hereunder. Notwithstanding the foregoing, if at any time an Indemnified Party shall have requested the Indemnifying
Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by this Section 6, the Indemnifying Party
agrees that it shall be liable for any settlement of any proceeding effected without the Indemnifying Party’s written


 




    	 	25	 



     


    

 


consent if (i) such settlement is entered
into more than 30 Business Days after receipt by the Indemnifying Party of the aforesaid request and (ii) the Indemnifying
Party shall not have reimbursed the Indemnified Party in accordance with such request or contested the reasonableness of such fees
and expenses prior to the date of such settlement.


 


(d)          Contribution.
If the indemnification provided for in this Section 6 is unavailable to an Indemnified Party in respect of any Losses (other than
in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with
the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, 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, has been made (or omitted) by, or relates to information supplied by, such Indemnifying
Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent any such action, statement or omission. The amount paid or payable by a party as a result of the Losses referred to
above shall be deemed to include, subject to the limitations set forth in Sections 6(a), 6(b) and 6(c) hereof, any reasonable and
documented out-of-pocket legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation
or proceeding; provided, that the total amount to be contributed by any Holder shall be limited to the net proceeds (after deducting
the underwriters’ discounts and commissions) received by such Holder in the offering.


 


The Parties agree that it would not be just
and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding
the provisions of this Section 6(d), an Indemnifying Party that is a selling Holder of Registrable Securities shall not be required
to contribute any amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required
to pay pursuant to Section 6(b) by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.


 


Notwithstanding the foregoing, to the extent
that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with
the underwritten public offering are more favorable to the Holders than the foregoing provisions, the provisions in the underwriting
agreement shall control.


 


(e)          Deemed
Underwriter. To the extent that any of the Holders is, or would be expected to be, deemed to be an underwriter of Registrable
Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that (i) the indemnification
and contribution provisions contained in this Section 6 shall be applicable to the benefit of such Holder in its role as deemed
underwriter in addition to its capacity as a Holder (so


 




    	 	26	 



     


    

 


long as the amount for which any other Holder
is or becomes responsible does not exceed the amount for which such Holder would be responsible if the Holder were not deemed to
be an underwriter of Registrable Securities) and (ii) such Holder and its representatives shall be entitled to conduct the
due diligence which would normally be conducted in connection with an offering of securities registered under the Securities Act,
including receipt of customary opinions and comfort letters.


 


(f)           Other
Indemnification. Indemnification similar to that specified in the preceding provisions of this Section 6 (with appropriate
modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration
or other qualification of securities under any federal or state law or regulation or governmental authority other than the Securities
Act.


 


(g)          Non-Exclusivity.
The obligations of the Parties under this Section 6 shall be in addition to any liability which any party may otherwise have to
any other party.


 


(h)          Primacy
of Indemnification.  The Company hereby acknowledges that certain of the Standard General Parties have certain rights
to indemnification, advancement of expenses and/or insurance provided by certain of its affiliates (collectively, the “Indemnitors”). 
The Company hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to the Standard General Parties
are primary and any obligation of the Indemnitors to advance expenses or to provide indemnification for the same Losses incurred
by any of the Standard General Parties are secondary to any such obligation of the Company), (ii) that it shall be liable
for the full amount of all Losses to the extent legally permitted and as required by the terms of this Agreement and the articles
and other organizational documents of the Company (or any other agreement between the Company and the Standard General Parties),
without regard to any rights the Standard General Parties may have against the Indemnitors, and (iii) it irrevocably waives,
relinquishes and releases the Indemnitors from any and all claims (x) against the Indemnitors for contribution, indemnification,
subrogation or any other recovery of any kind in respect thereof and (y) that the Standard General Parties must seek indemnification
from any Indemnitor before the Company must perform its indemnification obligations under this Agreement.  No advancement
or payment by the Indemnitors on behalf of the Standard General Parties with respect to any claim for which the Standard General
Parties has sought indemnification from the Company hereunder shall affect the foregoing.  The Indemnitors shall have a right
of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery which the Standard
General Parties would have had against the Company if the Indemnitors had not advanced or paid any amount to or on behalf of the
Standard General Parties.  The Company and the Standard General Parties agree that the Indemnitors are express third party
beneficiaries of this Section 6.


 


7.           Registration
Expenses. All reasonable fees and expenses incurred in the performance of or compliance with this Agreement by the Company
including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses with
respect to (A) filings required to be made with the SEC, all applicable securities exchanges and/or FINRA and (B)
compliance with securities or blue sky laws, including, without limitation, any fees and disbursements of counsel for the underwriters
in connection with blue sky qualifications of the Registrable Securities pursuant to Section 4(g)), (ii) printing expenses


 




    	 	27	 



     


    

 


(including, without limitation, expenses of
printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing
Prospectuses if the printing of Prospectuses is requested by the managing underwriter(s), if any, or by a Holder making a Demand
Notice with respect to such offering or the Holders of a majority of the Registrable Securities included in any Registration Statement),
(iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company,
(v) expenses of the Company incurred in connection with any road show, (vi) fees and disbursements of all independent
registered public accounting firms referred to in Section 4(n) hereof (including, without limitation, the expenses of any
“cold comfort” letters required by this Agreement) and any other persons, including special experts retained by the
Company and (vii) fees and disbursements of separate counsel (but not more than one firm of counsel that shall serve as
corporate counsel for the Standard General Parties, in addition to one firm of counsel for each Standard General Party participating
in such offering that shall serve as local counsel for such Standard General Party, as may be required in such offering) for the
Standard General Parties and their Affiliates if any of them is participating in the offering (which counsel shall be selected
by such participating Holders) and, if none of them is participating in the offering, one counsel for the Holders of Registrable
Securities whose shares are included in a Registration Statement (which counsel shall be selected by the Holders of a majority
of the Registrable Securities included in such Registration Statement) shall be borne by the Company whether or not any Registration
Statement is filed or becomes effective. In addition, the Company shall pay its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit,
the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on
which similar securities issued by the Company are then listed and rating agency fees and the fees and expenses of any Person,
including special experts, retained by the Company.


 


The Company shall not be required to pay
(i) fees and disbursements of any counsel retained by any Holder of Registrable Securities or by any underwriter (except
as set forth above in this Section 7), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable
Securities (other than with respect to Registrable Securities sold by the Company) or (iii) any other expenses of the Holders
of Registrable Securities not specifically required to be paid by the Company pursuant to the first paragraph of this Section 7.


 


8.           Rule
144. The Company covenants that it will timely file the Form 8-K in connection with the closing of the Acquisition that includes
all Form 10 information (as defined in Rule 144(i)(3)) concerning the Company (including by promptly responding to any comments
by the SEC thereto), file the other reports required to be filed by it under the Securities Act and the Exchange Act and the rules
and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request
of any of any Holder, make publicly available such information so long as necessary to permit sales of Registrable Securities pursuant
to Rule 144), and it will take such further action as any Holder of Registrable Securities (or, if the Company is not required
to file reports as provided above, any Holder) may reasonably request, all to the extent required from time to time to enable such
Holder to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the


 




    	 	28	 



     


    

 


exemptions provided by Rule 144. Upon the
request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has
complied with such requirements and, if not, the specifics thereof.


 


9.           Certain
Additional Agreements. If any Registration Statement or comparable statement under state blue sky laws refers to any Holder
by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (a)
the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding
by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s
securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements
of the Company, or (b) in the event that such reference to such Holder by name or otherwise is not in the judgment of the
Company required by the Securities Act or any similar federal statute or any state blue sky or securities law then in force, the
deletion of the reference to such Holder.


 


10.         Miscellaneous.


 


(a)          Termination.
The provisions of this Agreement shall terminate upon the earliest to occur of (i) its termination by the written agreement
of all Parties or their respective successors in interest, (ii) with respect to a Holder, the date on which all Equity Securities
held by such Holder have ceased to be Registrable Securities, (iii) with respect to the Company, the date on which all Equity
Securities have ceased to be Registrable Securities and (iv) the dissolution, liquidation or winding up of the Company.
Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in this Agreement.
The provisions of Sections 6 and 7 shall survive any termination of this Agreement.


 


(b)          Holdback
Agreement. To the extent requested by the underwriter(s) managing any Underwritten Offering, each Holder (other than any Pledgee
or Hedging Counterparty) agrees not to effect any public sale or distribution of Registrable Securities, including, but not limited
to, any sale pursuant to Rule 144, without the prior written consent of the Company or such underwriters, as the case may be, during
the Holdback Period following the effective date of such registration (except as part of such Underwritten Offering).


 


Unless the Company shall have received the
prior written consent of the Holders of a majority of the Registrable Securities, the Company agrees not to (i) effect any
public sale or distribution of any of its securities, or any securities convertible into or exchangeable or exercisable for such
securities (other than a registration statement on Form S-4, Form S-8 or any successor forms promulgated for similar purposes),
(ii) file any Registration Statements relating to the registration of securities for the Company’s account (other
than a registration statement on Form S-4, Form S-8 or any successor forms promulgated for similar purposes), or (iii) make
any public announcements related to clause (i) or (ii), in each case, during the period beginning on the effective date of any
Registration Statement relating to a registration in which the Standard General Parties are participating and ending on the earlier
of (a) the date on which all Registrable Securities registered on such Registration Statement are sold and (b) the
Holdback Period after the effective date of such Registration Statement (except as part of such registration).


 




    	 	29	 



     


    

 


(c)          Amendments
and Waivers. This Agreement may be amended and the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only if any such amendment, action or omission to act, has received the written consent
of the Company, as the case may be, and the Standard General Parties and their Affiliates that are Holders of Registrable Securities,
or if no such Holders remain, the Holders of a majority of the Registrable Securities; provided that this Agreement may
not be amended in a manner that would, by its terms, adversely affect the rights or obligations of the Standard General Parties
or their Affiliates that are Holders of Registrable Securities without the consent of such Holders. The failure of any party to
enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. Any Holder
may waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose. Any such waiver shall
constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of
the Holder granting such waiver in any other respect or at any other time.


 


(d)          Successors,
Assigns and Transferees. Each Holder may transfer or pledge Registrable Securities with the associated registration rights
under this Agreement (including transfers occurring by operation of law or by reason of intestacy) to a Permitted Transferee or
a pledgee (“Pledgee”) only if such Permitted Transferee or Pledgee agrees in writing to be bound as a Holder
by the provisions of this Agreement, such agreement being substantially in the form of Exhibit A hereto. Upon any transfer
or pledge of Registrable Securities, other than as set forth in this Section 10(d), such securities shall no longer constitute
Registrable Securities, except that any Registrable Securities that are pledged or made the subject of a Hedging Transaction, which
Registrable Securities are not ultimately disposed of by the Holder pursuant to such pledge or Hedging Transaction shall be deemed
to remain “Registrable Securities,” notwithstanding the release of such pledge or the completion of such Hedging Transaction.


 


(e)          Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission) and
e-mail transmission if confirmed by telephone or return e-mail (including automated return receipt) and shall be given:


 


If to the Company, to:


 


Standard Diversified Opportunities Inc.


1521 Concord Pike, Suite 301


Wilmington, DE 19803


Fas No.: 302-504-4780


Attention: Kevin J. Bratton


 


with a copy (which shall not constitute notice) to:


 


Young Conway Stargatt & Taylor, LLP


Rodney Square, 1000 North King Street


Wilmington, DE 19801


Fax No.: 302-576-3460


Attention: James P. Hughes, Jr.


 




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if to any Standard General Party, to:


 


Standard General L.P.


767 Fifth Avenue, 12th Floor


New York, NY 10153


Fax No.: 212-257-4709


Attention: Gail Steiner, General Counsel


 


with a copy (which shall not constitute notice) to:


 


Debevoise & Plimpton LLP


919 Third Avenue


New York, NY 10022


Fax No.: 212-909-6836


Attention: Jonathan E. Levitsky


 


or such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the other Parties.


 


If to any other Holder of Registrable Securities,
to the e-mail or physical address of such other Holder as shown in the stock record book of the Company. Each Holder shall provide
the Company with an updated e-mail address or physical address if such address changes by notice to the Company pursuant to this
Section 10(e). The e-mail address or physical address shown on the stock record books of the Company shall be presumed to be current
for purposes of giving any notice under this Agreement.


 


All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:30 p.m. on a Business Day in the
place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding
Business Day in the place of receipt.


 


(f)           Further
Assurances. At any time or from time to time after the date hereof, the Parties agree to cooperate with each other, and at
the request of any other party, to execute and deliver any further instruments or documents and to take all such further action
as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated
hereby and to otherwise carry out the intent of the Parties hereunder.


 


(g)          Other
Registration Rights. The Company hereby represents and warrants that, as of the date hereof, no registration rights have been
granted to any other Person other than pursuant to this Agreement. Without the approval of the Standard General Parties and the
Holders holding a majority of the Registrable Securities, neither the Company nor any of its Subsidiaries shall (i) enter
into any agreement granting registration rights to any Person which rights are prior in right to or inconsistent with the registration
rights granted in this Agreement or (ii) enter into any agreement granting registration rights to any Person for such time
as the Standard General Parties hold 50% or more of the outstanding Equity Securities; provided that


 




    	 	31	 



     


    

 


this Section 10(g) shall not apply to the
extension of customary registration rights in connection with the sale of debt securities or convertible debt securities.


 


(h)          Entire
Agreement; No Third Party Beneficiaries. This Agreement (i) constitutes the entire agreement among the Parties with
respect to the subject matter of this Agreement and supersede any prior discussions, correspondence, negotiation, proposed term
sheet, agreement, understanding or agreement and there are no agreements, understandings, representations or warranties between
the Parties other than those set forth or referred to in this Agreement and (ii) except as provided in Section 6 with
respect to an Indemnified Party, is not intended to confer in or on behalf of any Person not a party to this Agreement (and their
successors and assigns) any rights, benefits, causes of action or remedies with respect to the subject matter or any provision
hereof.


 


(i)           Governing
Law; Jurisdiction and Forum; Waiver of Jury Trial.


 


(i)           This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts executed
and to be performed wholly within such State and without reference to the choice-of-law principles that would result in the application
of the laws of a different jurisdiction.


 


(ii)          Each
party to this Agreement irrevocably submits to the jurisdiction of the United States District Court for the Southern District of
New York or any court of the State of New York located in such district any suit, action or other proceeding arising out of or
relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such suit, action or proceeding may be
heard and determined in such court. Each party to this Agreement hereby irrevocably waives, to the fullest extent that it may effectively
do so, the defense of an inconvenient forum to the maintenance of such suit, action or other proceeding. The Parties further agree,
to the extent permitted by law, that final and unappealable judgment against any of them in any suit, action or other proceeding
contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit
on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment.


 


(iii)         EACH
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 HEREBY.


 


(j)           Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the


 




    	 	32	 



     


    

 


transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.


 


(k)          Enforcement.
Each Party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order
or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms
and provisions hereof.


 


(l)           Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and will
not affect the meaning or interpretation of this Agreement.


 


(m)         No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder (other than
the Standard General Parties) covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against any current or future director, officer, employee, shareholder,
general or limited partner or member of the Standard General Parties or of any Affiliate or assignee thereof, whether by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred
by any current or future director, officer, employee, shareholder, general or limited partner or member of the Standard General
Parties or of any Affiliate or assignee thereof, as such for any obligation of the Standard General Parties under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason
of such obligations or their creation.


 


(n)          Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts (including via facsimile and electronic
transmission), each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may
be executed by facsimile signature(s).


 


[Remainder of page left intentionally blank]


 




    	 	33	 



     


    

 


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


 


	 	STANDARD DIVERSIFIED OPPORTUNITIES INC.
	 	 	 
	 	By:	/s/ Kevin J. Bratton
	 	 	Name: Kevin J. Bratton
	 	 	Title: Chief Financial Officer
	 	 	 
	 	STANDARD GENERAL MASTER FUND, L.P.
	 	 	 
	 	By:	Standard General L.P., its investment manager
	 	 	 
	 	By:	/s/ Joseph Mause
	 	 	Name: Joseph Mause
	 	 	Title: Chief Financial Officer
	 	 	 
	 	P STANDARD GENERAL LTD.
	 	 	 
	 	By:	Standard General L.P., its investment manager
	 	 	 
	 	By:	/s/ Joseph Mause
	 	 	Name: Joseph Mause
	 	 	Title: Chief Financial Officer
	 	 	 
	 	STANDARD GENERAL FOCUS FUND
	 	 	 
	 	By:	Standard General L.P., its investment manager
	 	 	 
	 	By:	/s/ Joseph Mause
	 	 	Name: Joseph Mause
	 	 	Title: Chief Financial Officer


 


[Signature Page to Registration Rights
Agreement] 


 




    	 	 	 



     


    

 


Exhibit A


 


JOINDER AGREEMENT


 


Reference is made to the Registration Rights
Agreement, dated as of June 1, 2017 (as amended from time to time, the “Registration Rights Agreement”), by
and among Standard Diversified Opportunities Inc. (the “Company”), and the other parties thereto. The undersigned
agrees, by execution hereof, to become a party to, and to be subject to the rights and obligations under the Registration Rights
Agreement.


 


	[NAME]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 


 


Date:


 


Address:


 


	 	Acknowledged by:
	 	 
	 	STANDARD DIVERSIFIED OPPORTUNITIES INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title


 








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