Exhibit 10.8


 


Registration Rights Agreement


 


This Registration Rights (this “Agreement”)
is made and entered into as of July 23, 2010 (the “Effective Date”) by and among Norwell, Inc., a Delaware
corporation (the “Company”) and the holders of Series A Preferred Stock (the “Series A
Preferred Stock”) as set forth on Exhibit A hereto (the “Holders” or the “Investors”).


 


RECITALS


 


A. The Company and the Investors are parties
to a Note Purchase Agreement dated February 7, 2010, as amended, pursuant to which Notes convertible into Series A Preferred Stock
were issued (the “Purchase Agreement”).


 


B. The Notes converted into Series A Preferred
Stock on the Effective Date and pursuant to the Purchase Agreement, this Agreement is required to be executed by the Company and
the Holders.


 


C. The Company expects to issue up to two
million shares of Series B Preferred Stock which will become subject to this Agreement when issued.


 


Therefore, the parties agree as follows:


 


1. Definitions.


 


1.1 “Affiliate”
means, with respect to any specified individual or entity, any other individual or entity who or that, directly or indirectly,
controls, is controlled by, or is under common control with such specified individual or entity, including without limitation any
partner, officer, director, manager or employee of such entity and any venture capital fund now or hereafter existing that is controlled
by or under common control with one or more general partners or managing members of, or shares the same management company with,
such individual or entity.


 


1.2 “Common Stock”
means the Common Stock of the Company.


 


1.3 “Equity Securities”
means (i) Common Stock, rights, options or warrants to purchase Common Stock, (ii) any security other than Common Stock having
voting rights in the election of the Board of Directors, other than rights contingent upon a failure to pay dividends, or (iii)
any security convertible into or exchangeable for any of the foregoing.


 


1.4 “Exchange Act”
means the Securities Exchange Act of 1934, as amended.


 


1.5 “Form S-3”
means such form under the Securities Act as is in effect on the date hereof or any successor registration form under the Securities
Act subsequently adopted by the SEC (as defined below) which permits inclusion or incorporation of substantial information by reference
to other documents filed by the Company with the SEC (as defined below).


 






    1



     


    

 


1.6 “Holder” means
any Investor that holds Registrable Securities or securities convertible into Registrable Securities or any assignee of record
of such Registrable Securities to whom rights under Section 2 have been duly assigned in accordance with Section 2.10 hereof.


 


1.7 “Preferred Stock”
means the Series A Preferred Stock and the Series B Preferred Stock.


 


1.8 “Register,”
“registered” and “registration” refer to a registration effected by the preparation
and filing of a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement.


 


1.9 “Registrable Securities”
means: (i) any and all shares of common stock of the Company (the “Common Stock”) issued or issuable
upon conversion of the shares of Preferred Stock, and (ii) any shares of Common Stock issued as (or issuable upon the conversion
or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, in exchange
for, or in replacement of, such shares of Common Stock described in clause (i); provided, however, that particular
shares of any of the foregoing shall cease to be Registrable Securities once they have been sold to in any public offering or transferred
by the Holder in a transaction in which its rights under this Agreement are not assigned in accordance with the provisions of this
Agreement.


 


1.10 “Registrable Securities
then outstanding” means the number of shares of Common Stock which are Registrable Securities and (i) are then
issued and outstanding or (ii) are then issuable pursuant to the exercise or conversion of options, warrants or convertible
securities.


 


1.11 “SEC” means
the United States Securities and Exchange Commission.


 


1.12 “Securities Act”
means the Securities Act of 1933, as amended.


 


2. Registration Rights.


 


2.1 Demand Registration.


 


(a) Request by Holders. If the Company
shall receive at any time within six (6) months after the effective date of the first registration statement for a public offering
of securities of the Company (other than a registration statement relating to the sale of securities to employees of the Company
pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction) a written request from the Holders
of at least a majority of the Registrable Securities then outstanding, amounting to at least 500,000 shares of Registrable Securities,
(“Initiating Holders”) that the Company file a registration statement under the Securities Act covering
the registration of such Registrable Securities, then the Company shall, within ten (10) business days of the receipt of such written
request, give written notice of such request (“Demand Notice”) to all Holders and, as soon as practicable,
file a registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested
to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders,
as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given,
and in each case, subject to the limitations of this Section 2.


 






    2



     


    

 


(b) Underwriting. If the Initiating
Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so
advise the Company as a part of their request made pursuant to Section 2.1(a) and the Company shall include such information
in the Demand Notice. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder)
to the extent provided herein. The underwriters will be selected by the Company and shall be reasonably acceptable to the Company.
All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision
of this Section 2.1, if the managing underwriters advise the Company in writing that marketing factors require a limitation
of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities that would
otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the
underwriting shall be reduced as required by the underwriters and allocated among the Holders on a pro rata basis according to
the number of Registrable Securities held by each Holder requesting registration (including the Initiating Holders); provided,
however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not
be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable
Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration.


 


(c) Exceptions to Registration Obligations.
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 2.1: (i)
during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing
of, and ending on the date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration,
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
statement to become effective; (ii) after the Company has effected two (2) such registration; or (iii) if the Initiating Holders
propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made
pursuant to Section 2.3. A registration shall not be counted as “effected” for purposes of this Section 2.1 until such
time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their
request for such registration and forfeit their right to one demand registration pursuant to Section 2.5.


 


(d) Deferral of Registration. Notwithstanding
the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.1 a certificate
signed by the President or Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors
of the Company, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed
and it is therefore essential to defer the filing of such registration statement, then the Company shall have the right to defer
such filing for a period of not more than 120 days following receipt of the request of the Initiating Holders; provided, however,
that the Company may not utilize this right more than once in any 12-month period.


 






    3



     


    

 


(e) Other Company Shares. If the managing
underwriters have not limited the Registrable Securities to be underwritten, the Company may include securities for its own account
or for the account of others in such registration if the managing underwriters so agree and if the number of Registrable Securities
which would otherwise have been included in such registration and underwriting will not thereby be limited.


 


2.2 Company Registration.


 


(a) Notice to Holders. If (but without
any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for
shareholders other than the Holders) any of its stock in connection with the public offering of such stock (other than a registration
relating solely to the issuance of securities by the Company pursuant to a stock option, stock purchase or similar benefit plan
or a SEC Rule 145 transaction, or a registration in which the only stock being registered is stock issuable upon conversion of
debt securities that are also being registered), the Company shall promptly give each Holder written notice of such registration.
Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject
to the provisions of Section 2.2(c), use all reasonable efforts to cause to be registered all of the Registrable Securities that
each such Holder has requested to be included in such registration.


 


(b) Right to Terminate Registration.
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective
date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses
of such withdrawn registration shall be borne by the Company in accordance with Section 2.5.


 


(c) Underwriting. If a registration
of which the Company gives notice under this Section 2.2 is for an underwritten offering, then the Company shall so advise
the Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriters selected
for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriters advise the Company in
writing that marketing factors require a limitation of the number of securities to be underwritten, then the managing underwriters
may exclude shares (including Registrable Securities) from the registration and the underwriting, and the number of shares that
may be included in the registration and the underwriting shall be allocated, first, to the Company, and second, to each of the
Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total
number of Registrable Securities then held by each such Holder; provided, however, that no such reduction shall reduce the
amount of securities of the selling Holders included in the registration below 20% of the total amount of securities included in
such registration, unless such offering is the initial public offering, in which event all Registrable Securities may be excluded.
In no event will shares of any other selling shareholder be included in such registration which would reduce the number of shares
that may be included by selling Holders without the written consent of not less than a majority in interest of the selling Holders.
If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice
to the Company and the managing underwriters. Any Registrable Securities excluded or withdrawn from such underwriting shall be
excluded and withdrawn from the registration. For any Holder that is a partnership, limited liability company or corporation, the
partners or members, retired partners or members or shareholders of such Holder, the estates and immediate family members of any
of the foregoing persons and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single Holder,
and any pro rata reduction with respect to such Holder shall be based upon the aggregate amount of shares carrying registration
rights owned by all entities and individuals included in such Holder.


 






    4



     


    

 


2.3 Form S-3 Registration. Following
its initial public offering, the Company shall use commercially reasonable efforts to qualify for registration on Form S-3 or its
successor form or forms. In case the Company shall receive from any Holder or Holders of at least 20% of the Registrable Securities
then outstanding a written request or requests that the Company effect a registration on Form S-3 or a successor form and
any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders,
then the Company shall:


 


(a) promptly give written notice of the proposed
registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other
Holders of Registrable Securities; and


 


(b) as soon as practicable, use commercially
reasonable efforts to effect such registration as would permit or facilitate the sale and distribution of all or such portion of
such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holders joining in such request as are specified in a request given to the Company within
fifteen (15) days after the S-3 Notice is given; provided, however, that the Company shall not be obligated to effect any
such registration pursuant to this Section 2.3:


 


(i) if Form S-3 is not then available for
such offering by the Holders;


 


(ii) if the Holders, together with the holders
of any other securities of the Company entitled to and requesting inclusion in such registration, propose to sell Registrable Securities
and such other securities (if any) at an aggregate price to the public of less than $1,000,000;


 


(iii) if the Company furnishes to the Holders
a certificate signed by the President or Chief Executive Officer of the Company stating that, in the good-faith judgment of the
Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for such registration
to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement
for a period of not more than 120 days after receipt of the request of the Initiating Holders under this Section 2.3; provided,
however, that the Company shall not invoke this right more than once in any twelve (12) month period; or


 






    5



     


    

 


(iv) if the Company has, within the twelve
(12) month period preceding the date of such request, already effected one registration on Form S-3 for the Holders pursuant to
this Section 2.3.


 


(c) Registrations effected
pursuant to this Section 2.3 shall not be counted as demands for registration effected pursuant to Section 2.1.


 


(d) If the registration is for an underwritten
offering, the provisions of Section 2.1(b) hereof shall apply to such registration.


 


2.4 Obligations of the Company. Whenever
required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as
reasonably possible:


 


(a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use commercially reasonable efforts to cause such registration statement
to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep
such registration statement effective for up to one hundred twenty (120) days.


 


(b) prepare and file with the SEC such amendments
and supplements to such registration statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement;


 


(c) furnish to the selling Holders such number
of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such
other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them
that are included in such registration;


 


(d) use commercially reasonable efforts to
register and qualify the securities covered by such registration statement under such other securities or blue sky laws of such
states or other jurisdictions as shall be reasonably requested by the selling Holders, provided that the Company shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service
of process in any such states or jurisdictions;


 


(e) in the event of any underwritten public
offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriters of such offering (it being understood and agreed that, as a condition to the Company’s obligations under this
clause (e), each Holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement);


 


(f) notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities
Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances then existing;


 






    6



     


    

 


(g) in the event of an underwritten public
offering, use its best efforts to furnish, at the request of the managing underwriters, on the date that such Registrable Securities
are delivered to the underwriters for sale, (i) an opinion, dated as of such date, of the counsel representing the Company
for the purposes of such registration, in form and substance customarily given to underwriters in an underwritten public offering,
addressed to the underwriters, and (ii) a “comfort” letter dated as of such date, from the independent public
accountants of the Company, in form and substance customarily given by independent public accountants to underwriters in an underwritten
public offering, addressed to the underwriters;


 


(h) use commercially reasonable efforts to
cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange and trading system
(if any) on which similar securities issued by the Company are then listed;


 


(i) provide a transfer agent and registrar
for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities,
in each case not later than the effective date of such registration; and


 


(j) promptly make available for inspection
by the selling Holders, any managing underwriter participating in any disposition pursuant to such registration statement, and
any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and
other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors, employees
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with any such registration statement. This inspection right is necessary to enable the selling Holders and
underwriters to undertake their due-diligence investigation in connection with the distribution. In facilitating the due-diligence
investigations, the Company must be sensitive to its obligations under Regulation FD.


 


(k) Furnish Information. It shall be
a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.1, 2.2 or 2.3 hereof that
the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them
and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable
Securities.


 


2.5 Expenses. All expenses (other
than underwriting discounts and commissions and stock transfer taxes and fees) incurred in connection with a registration pursuant
to Sections 2.1, 2.2 and 2.3 including, without limitation, registration, filing and qualification fees, printers’ and
accounting fees, fees and disbursements of counsel for the Company shall be borne by the Company. Notwithstanding the foregoing,
the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 or
2.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such expenses on a pro rata basis based on the number of Registrable
Securities that were to requested be included in the withdrawn registration), unless the Holders of a majority of the Registrable
Securities then outstanding agree to forfeit their right to one demand registration pursuant to Section 2.1.


 






    7



     


    

 


2.6 Delay of Registration. No Holder
shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any
controversy that might arise with respect to the interpretation or implementation of this Section 2.


 


2.7 Indemnification. In the event
any Registrable Securities are included in a registration statement under Sections 2.1, 2.2 or 2.3 hereof:


 


(a) By the Company. To the extent permitted
by law, the Company shall indemnify and hold harmless each Holder, the partners, members, officers and directors of each Holder,
legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person,
if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any expenses,
losses, claims, damages or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange
Act or other federal or state law, insofar as such expenses, losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”):


 


(i) any untrue statement or alleged untrue
statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto;


 


(ii) 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) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by such
registration statement;


 


and the Company shall reimburse each such Holder, partner, officer
or director, underwriter or controlling person for any legal or other expenses reasonably incurred by them, as incurred, in connection
with investigating or defending any such loss, claim, damage liability or action; provided, however, that the indemnity
agreement contained in this Section 2.7(a) shall not apply to amounts paid in settlement of any such expense, loss, claim,
damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent
that it arises out of or is based upon actions or omissions made in reliance upon and in conformity with written information furnished
by or on behalf of any such Holder, partner, officer or director, underwriter or controlling person expressly for use in connection
with such registration by such Holder, partner, officer, director, underwriter or controlling person.


 






    8



     


    

 


(b) By Selling Holders. To the extent
permitted by law, each selling Holder shall indemnify and hold harmless the Company, each of its directors, each of its officers
who have signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities
Act, legal counsel and accountants for the Company, any underwriter and any other Holder selling securities under such registration
statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder within the
meaning of the Securities Act or the Exchange Act, against any expenses, losses, claims, damages or liabilities (joint or several)
to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or state law,
insofar as such expenses, losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon
any Violation, in each case to the extent (and only to the extent) that such Violation arises out of or is based on actions or
omissions made in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection
with such registration; and each such Holder shall reimburse the Company and such other persons for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this Section 2.7(b) shall not apply to amounts paid in settlement of
any such expense, loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which
consent shall not be unreasonably withheld; and provided further, that the total amounts payable in indemnity by a Holder
under this Section 2.7(b) in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered
offering out of which such Violation arises except in the case of fraud or willful misconduct by such Holder.


 


(c) Notice. Promptly after receipt
by an indemnified party under this Section 2.7 of notice of the commencement of any action (including any governmental action)
for which a party may be entitled to indemnification hereunder, such indemnified party shall, if a claim in respect thereof is
to be made against any indemnifying party under this Section 2.7, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to participate in such action and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party to which notice has been given, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain its own counsel, with the fees
and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying
party of any liability to the indemnified party under this Section 2.7, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.7.


 






    9



     


    

 


(d) Contribution. In order to provide
for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.7 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal
or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact
that this Section 2.7 provides for indemnification in such case, or (ii) contribution under the Securities Act may be
required on the part of any party hereto for which indemnification is provided under this Section 2.7; then, and in each such
case, such parties will contribute to the aggregate expenses, losses, claims, damages or liabilities to which they may be subject
(after contribution from others) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and
the indemnified party in connection with the Violation that resulted in such expense, loss, claim, damage or liability as well
as other equitable considerations. The relative fault of such parties shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material fact or the omission or alleged omission of a material fact relates
to information supplied by the indemnifying party or indemnified party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case,
(A) no such Holder will be required to contribute any amount in excess of the net proceeds from the sale of all such Registrable
Securities offered and sold by such Holder pursuant to such registration statement, and (B) no individual or entity guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any individual or entity who was not guilty of such fraudulent misrepresentation; and provided further, that in no
event shall a Holder’s liability pursuant to this Section 2.7(d), when combined with the amounts paid or payable by such
Holder pursuant to Section 2.7(b), exceed the net proceeds from the offering received by such Holder, except in the case of willful
misconduct or fraud by such Holder.


 


(e) Survival. Unless otherwise superseded
by an underwriting agreement entered into in connection with the offering, the obligations of the Company and Holders under this
Section 2.7 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2,
and otherwise shall survive the termination of this Agreement.


 


2.8 Rule 144 Reporting. With a view
to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable
Securities to the public without registration, after such time as a public market exists for the Common Stock, the Company agrees
to:


 


(a) make and keep public information available,
as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the
first registration under the Securities Act filed by the Company for an offering of its securities to the general public;


 


(b) use commercially reasonable efforts to
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements); and


 






    10



     


    

 


(c) furnish to any Holder, so long as the
Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company as to its compliance with
the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration
statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange
Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent
annual or quarterly report of the Company and (iii) such other reports and documents of the Company as a Holder may reasonably
request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration
(at any time after the Company has become subject to the reporting requirements of the Exchange Act).


 


2.9 “Market Stand-Off” Agreement.
Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriters, during the period commencing
on the effective date of registration statement relating to any registered public offering of the Company’s Common Stock
and ending on the date specified by the Company and the managing underwriters (such period not to exceed one hundred eighty (180)
days or, if required by such managing underwriters, such longer period of time as is necessary to enable such underwriters to issue
a research report or make a public appearance that relates to an earnings release or announcement by the Company within twenty
(20) days before or after the date that is one hundred eighty (180) days after the effective date of the registration statement
relating to the initial public offering, but in any event not to exceed two hundred ten (210) days following the effective date
of the registration statement relating to such offering) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to
be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.9
shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the
Holders only if all officers, directors and shareholders individually owning more than one percent (1%) of the Company’s
outstanding Common Stock are subject to the same restrictions. The underwriters in connection with the offering are intended third-party
beneficiaries of this Section 2.9 and shall have the right, power, and authority to enforce the provisions hereof as though they
were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the managing underwriters
in the offering that are consistent with this Section 2.9 or that are necessary to give further effect thereto.


 


In order to enforce the foregoing covenant,
the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or
securities of every other person subject to the foregoing restriction) until the end of such period.


 


2.10 Assignment of Registration Rights.
The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned to a transferee or
assignee in connection with any transfer or assignment of Registrable Securities by the Holder, provided that (i) such transfer
or assignment may otherwise be effected in accordance with applicable securities laws, (ii) written notice is promptly given to
the Company and (iii) such transferee or assignee agrees to be bound by the provisions of this Agreement, provided that
all such transferees or assignees agree in writing to appoint a single representative as their attorney-in-fact for the purpose
of exercising any rights, receiving notices, or taking any action under this Section 2.


 






    11



     


    

 


2.11 Termination of Registration Rights.
The Company’s obligations pursuant to Sections 2.1, 2.2 and 2.3 shall terminate (i) three (3) years after the closing
date of the Company’s first firmly underwritten public offering of its Common Stock pursuant to a Registration Statement
filed with, and declared effective by, the SEC under the Securities Act or (ii) as to any Holder, at such time following such
initial public offering, as all Registrable Securities that such Holder holds or has the right to acquire may immediately be sold
in any three-month period without registration pursuant to Rule 144 under the Securities Act.


 


2.12 Limitations on Subsequent Registration
Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders
of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of
any securities of the Company that provides such holder or prospective holder with registration rights with respect to such securities
unless (i) such other registration rights are subordinate to the registration rights granted to the Holders hereunder and the inclusion
of such securities will not reduce the amount of the Registrable Securities of the Holders that are included in a given registration
and (ii) the holders of such rights are subject to market standoff obligations no more favorable to such persons than those contained
herein, provided however, that the Company may add signatories to this Agreement representing up to two (2) million shares of the
Company's Series B Preferred Stock.


 


Miscellaneous.


 


2.13 Notices. Any notice, request
or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) if
delivered to Investor, by electronic mail at the email address set forth below such Investor’s signature, and (ii) if
to the Company, by regular mail, at 415 Jackson Hill Street, Houston, Texas 77007


 


Any party hereto may by notice so given,
change its address for future notices hereunder.


 


2.14 Successors and Assigns. Each
Investor agrees that it may not assign any of its rights or obligations hereunder unless such rights and obligations are assigned
by such Investor to an individual or entity to which Registrable Securities are transferred by such Investor pursuant to Section
2.10. Such assignee shall be deemed an “Investor” for purposes of this Agreement, provided that such assignment
shall be contingent upon the assignee providing a written instrument to the Company notifying the Company of such assignment and
agreeing in writing to be bound by the terms of this Agreement. Except as otherwise provided herein, the provisions of this Agreement
shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto.


 


2.15 Amendments and Waivers. Any
provision of this Agreement may be amended and the observance thereof may be waived, either generally or in a particular instance
and either retroactively or prospectively, only with the written consent of the Company and the holders of a majority of the Registrable
Securities; provided, however, that this Agreement may not be amended and the observance of any term hereof may not be waived
with respect to any Investor without the written consent of such Investor unless such amendment or waiver applies to all Investors
in the same fashion (it being agreed that a waiver of the provisions with respect to a particular transaction shall be deemed to
apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors
may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt notice
of any amendment hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment or waiver. Any
amendment or waiver effected in accordance with this Section 2.15 shall be binding upon each Investor, each permitted successor
or assignee of such Investor and the Company.


 






    12



     


    

 


2.16 Entire Agreement. This Agreement,
together with all the exhibits hereto, constitutes and contains the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties
or obligations between the parties with respect to the subject matter hereof.


 


2.17 Governing Law. This Agreement
shall be governed by and construed exclusively in accordance with the laws of the State of New York.


 


2.18 Severability. If any provision
of this Agreement is held to be unenforceable under applicable law, then such provision shall be excluded from this Agreement and
the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.


 


2.19 Delays or Omissions. No delay
or omission to exercise any right, power or remedy accruing to any party under Agreement upon any breach or default of any other
party under this Agreement shall impair any such right, power or remedy of the nonbreaching or nondefaulting party, nor shall it
be construed to be a waiver of any such breach or default, or an acquiescence therein, or waiver of or acquiescence in any similar
breach or default theretofore or thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default therefore or thereafter occurring. All remedies, either under this Agreement or by law or otherwise
afforded to any Holder, shall be cumulative and not alternative.


 


2.20 Captions. The captions to sections
of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret
this Agreement.


 


2.21 Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.


 


2.22 Costs and Attorneys’ Fees.
In the event that any action, suit or other proceeding is instituted concerning or arising out of this Agreement or any transaction
contemplated hereunder, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in
each such action, suit or other proceeding, including any and all appeals or petitions therefrom.


 






    13



     


    

 


2.23 Adjustments for Recapitalization
Events. Wherever in this Agreement there is a reference to a specific number of shares of Common Stock or Preferred Stock of
the Company or a specific dollar amount per share, then, upon the occurrence of any stock split, stock dividend, reverse stock
split or similar recapitalization event affecting such shares, the specific number of shares or dollar amount so referenced in
this Agreement, if any, shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such
class or series of stock of such recapitalization event.


 


2.24 Aggregation of Stock. All shares
held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under
this Agreement.


 


2.25 Additional Investors. Notwithstanding
anything to the contrary contained herein, if the Company issues additional shares of the Preferred Stock after the date hereof
pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing
and delivering a counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” and “Holder”
for all purposes hereunder, without the need for any consent, approval or signature of any Investor.


  


[Remainder of This Page Intentionally
Left Blank]


 






    14



     


    

 


IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.


 


	 	Company:
	 	 
	 	Norwell, Inc.
	 	 
	 	By: _______________________
	 	Snehal Petal, Chief Financial Officer
	 	and Secretary
	 	 
	 	Investors
	 	 
	 	____________________________________
	 	Snehal S. Patel Roth IRA
	 	snehalpatel2@yahoo.com
	 	 
	 	____________________________________
	 	Snehal S. Patel
	 	snehalpatel2@yahoo.com
	 	 
	 	____________________________________
	 	Dave McWilliams
	 	dmcwilliams3@comcast.net
	 	 
	 	____________________________________
	 	Eric Rothe
	 	ericrothe@msn.com
	 	 
	 	____________________________________
	 	Chris Lentz
	 	chris.lentz@comcast.net
	 	 
	 	____________________________________
	 	Joel Vanderhoof
	 	jv@cambriacapital.com