Exhibit
10.1


 


REGISTRATION
RIGHTS AGREEMENT 


 


THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of September 28, 2022, by and among SHF
Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.), a Delaware corporation (the “Company”), SHF Holding
Co., LLC, a Colorado limited liability company (“SHF Holding”), and Partner Colorado Credit Union, a Colorado
corporation (“PCCU”).


 


WHEREAS,
on February 11, 2022, (i) the Company, (ii) 5AK, LLC, a Delaware limited liability company, in the capacity as the Purchaser Representative
(as defined in the Unit Purchase Agreement), (iii) PCCU, (iv) SHF Holding, and (v) SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited
liability company (the “Target”), entered into that certain Unit Purchase Agreement (as amended from time to
time in accordance with the terms thereof, the “Unit Purchase Agreement”), pursuant to which the parties thereto
intend to effect the purchase by the Company of 100% of the issued and outstanding Company Membership Interests (as defined in the Unit
Purchase Agreement) from SHF Holding, in exchange for the Purchase Consideration (as defined in the Unit Purchase Agreement), all upon
the terms and subject to the conditions set forth in the Unit Purchase Agreement and in accordance with the applicable provisions of
the Delaware General Corporation Law (as amended) and the Colorado Corporations and Association Act (as amended); and


 


WHEREAS,
pursuant to the Unit Purchase Agreement, SHF Holding and PCCU will be granted certain registration rights with respect to the shares
of Purchaser Common Stock received by them as part of the Purchase Consideration received by them pursuant to the Unit Purchase Agreement,
on the terms and subject to the conditions herein.


 


NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:


 


1.
DEFINITIONS.


 


1.1
Definitions. Terms used but not defined herein shall have their respective meanings set forth in the Unit Purchase Agreement.
The following capitalized terms used herein have the following meanings:


 


“Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company
Board: (i) would be required to be made in any Registration Statement filed with the Commission by the Company so that such Registration
Statement, from and after its effective date, does 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 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) the Company has a bona fide
business purpose for not disclosing publicly.


 


“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.


 


“Block
Trade” means any non-marketed underwritten offering taking the form of a block trade to a financial institution, “qualified
institutional buyer” or “institutional accredited investor,” bought deal, over-night deal or similar transaction that
does not include the filing of a Prospectus or Issuer Free Writing Prospectus with the Commission, “road show” presentations
to potential investors requiring substantial marketing effort from management, the issuance of a “comfort letter” by the
Company’s auditors or the issuance of legal opinions by the Company’s legal counsel (other than those delivered to the Company’s
transfer agent with respect to the removal of any legend).


 






    	 



     


    

 





“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.


 


“Class
A Common Stock” means the Class A common stock, par value $0.0001 per share, of the Company.


 


“Commission”
means the U.S. Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.


 


“Company”
is defined in the preamble to this Agreement.


 


“Company
Board” means the board of directors of the Company.


 


“Demand
Registration” is defined in Section 2.2.1.


 


“Demanding
Holder” is defined in Section 2.2.1.


 


“Effectiveness
Period” is defined in Section 3.1.3.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.


 


“Filing
Date” is defined in Section 2.1.1.


 


“Form
S-1” means a Registration Statement on Form S-1.


 


“Form
S-3” means a Registration Statement on Form S-3 or any similar short-form registration that may be available at such time.


 


“Holder
Indemnified Party” is defined in Section 4.1.


 


“Issuer
Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
to an offer of the Registrable Securities.


 


“Indemnified
Party” is defined in Section 4.3.


 


“Indemnifying
Party” is defined in Section 4.3.


 


“Lock-Up
Period” is defined in that certain Lock-Up Agreement dated as of the date hereof among the Company, PCCU, and SHF Holding
(the “Lock-Up Agreement”).


 


“Maximum
Number of Shares” is defined in Section 2.2.4.


 


“New
Registration Statement” is defined in Section 2.1.4.


 


“Notices”
is defined in Section 6.4.


 


“Piggy-Back
Registration” is defined in Section 2.3.1.


 


“Pro
Rata” is defined in Section 2.2.4.


 






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“Prospectus”
means (i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus.


 


“Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing
a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and
regulations promulgated thereunder, and such registration statement becoming effective.


 


“Registrable
Securities” means all outstanding shares of Class A Common Stock held by SHF Holding or PCCU immediately following the
Closing and all shares of Class A Common Stock issued therefrom by way of any stock split, stock dividend or other distribution, recapitalization,
stock exchange, stock reconstruction, amalgamation, contractual control arrangement or similar event. As to any Registrable Securities,
such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates or book-entry
positions for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities may be sold by the holders thereof without restriction
under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale; or (d) such securities shall have ceased to be outstanding.


 


“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).


 


“Requesting
Holder” is defined in Section 2.1.5(a).


 


“Resale
Shelf Registration Statement” is defined in Section 2.1.1.


 


“Restricted
Securities” is defined in the Lock-Up Agreement.


 


“Rule
144” means Rule 144 promulgated under the Securities Act (or any successor rule promulgated by the Commission).


 


“SEC
Guidance” means any publicly available written or oral guidance, comments, requirements, or requests of the Commission
staff.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.


 


“Selling
Holders” is defined in Section 2.1.5(a)(ii).


 


“Subsequent
Shelf Registration” is defined in Section 2.1.3.


 


“Suspension
Event” is defined in Section 3.1.1.


 






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“Transfer”
means to (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or
otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission
promulgated thereunder, with respect to any Restricted Securities or (ii) enter into any swap or hedging or other arrangement which is
designed to or which reasonably could be expected to lead to or result in a sale or disposition of the shares of Class A Common Stock,
or that transfers to another, in whole or in part, any of the economic consequences of ownership of any Class A Common Stock, whether
any such transaction described in clauses (i) or (ii) above is to be settled by delivery of such securities, in cash or otherwise.


 


“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.


 


“Underwritten
Demand Registration” shall mean an underwritten public offering of Registrable Securities pursuant to a Demand Registration,
as amended or supplemented.


 


“Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to the Resale Shelf Registration
Statement, as amended or supplemented.


 


“Unit
Purchase Agreement” is defined in the preamble to this Agreement.


 


2.
REGISTRATION RIGHTS.


 


2.1
Resale Shelf Registration Rights.


 


2.1.1
Registration Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and
filed with the Commission as soon as practicable after the Closing Date, but in any event no later than sixty (60) calendar days prior
to the expiration of the Lock-Up Period (the “Filing Date”), a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the holders of the
Registrable Securities of all of the Registrable Securities then held by such holders (the “Resale Shelf Registration Statement”).
The Resale Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting Registration of such Registrable
Securities for resale by such holders, or, if the Company is ineligible to use Form S-3, on Form S-1. The Company shall use commercially
reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective as soon as possible after filing, and once
effective, to keep the Resale Shelf Registration Statement continuously effective under the Securities Act at all times until the expiration
of the Effectiveness Period.


 


2.1.2
Notification and Distribution of Materials. The Company shall notify the holders of the Registrable Securities in writing of the
effectiveness of the Resale Shelf Registration Statement and shall furnish to them, without charge, such number of copies of the Resale
Shelf Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary
Prospectus and all related amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement
or such other documents as the holders of the Registrable Securities may reasonably request in order to facilitate the sale of the Registrable
Securities in the manner described in the Resale Shelf Registration Statement.


 






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2.1.3
Amendments and Supplements; Subsequent Shelf Registration. Subject to the provisions of Section 2.1.1 above, the Company
shall promptly prepare and file with the Commission from time to time such amendments and supplements to the Resale Shelf Registration
Statement and Prospectus used in connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and
to comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness
Period, or to file an additional Registration Statement as a shelf registration (a “Subsequent Shelf Registration”)
registering the resale of all outstanding Registrable Securities from time to time, and pursuant to any method or combination of methods
legally available to, and reasonably requested by, any holder. If a Subsequent Shelf Registration is filed, the Company shall use its
commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly
as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration continuously effective and to
comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities at all times during
the Effectiveness Period. For purposes of interpretation, a Subsequent Shelf Registration shall be deemed a Resale Shelf Registration
Statement hereunder.


 


2.1.4
Notwithstanding the registration obligations set forth in this Section 2.1, in the event the Commission informs the Company that
all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly (i) inform each of the holders thereof and use its commercially reasonable
efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale Shelf
Registration Statement and file a new registration statement (a “New Registration Statement”), in either case
covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available
to register for resale the Registrable Securities as a secondary offering. In the event the Company amends the Resale Shelf Registration
Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially
reasonable efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants
of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable
Securities that were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.


 


2.1.5
Notice of Certain Events. The Company shall promptly notify the holders of the Registrable Securities in writing of any request
by the Commission for any amendment or supplement to, or additional information in connection with, the Resale Shelf Registration Statement
or New Registration Statement required to be prepared and filed hereunder (or Prospectus relating thereto). The Company shall promptly
notify the holders of the Registrable Securities in writing of the filing of the Resale Shelf Registration Statement, New Registration
Statement, or any Prospectus, amendment or supplement related thereto or any post-effective amendment and the effectiveness of any post-effective
amendment.


 


(a)
If the Company shall receive a request from the holders of Registrable Securities (the requesting holder(s) shall be referred to herein
as the “Requesting Holder(s)”) that the Company effect the Underwritten Takedown of all or any portion of the
Requesting Holder’s Registrable Securities, and specifying the intended method of disposition thereof, then, subject to Section
3.5, the Company shall, if applicable, promptly give notice of such requested Underwritten Takedown at least three (3) Business Days
prior to the anticipated filing date of the Prospectus relating to such Underwritten Takedown to the other holders of Registrable Securities
and in any event use its commercially reasonable efforts to effect, as expeditiously as possible, the offering in such Underwritten Takedown
of:


 


(i)
subject to the restrictions set forth in Section 2.2.4, all Registrable Securities for which the Requesting Holder has requested
such offering under Section 2.1.5(a); and


 


(ii)
as applicable and subject to the restrictions set forth in Section 2.2.4, all other Registrable Securities that any holders of
Registrable Securities (all such holders, together with the Requesting Holder, the “Selling Holders”) have
requested the Company to offer by request received by the Company within two (2) Business Days after such holders receive the Company’s
notice of the Underwritten Takedown, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof
as aforesaid) of the Registrable Securities so to be offered.


 






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(b)
Promptly after the expiration of the period referred to in Section 2.1.5(a)(ii), the Company will notify all Selling Holders of
the identities of the other Selling Holders and the number of shares of Registrable Securities requested to be included therein.


 


(c)
The Company shall only be required to effectuate one Underwritten Takedown within any six-month period.


 


(d)
If the managing Underwriter in an Underwritten Takedown advises the Company and the Requesting Holder that, in its view, the number of
shares of Registrable Securities requested to be included in such underwritten offering exceeds the largest number of shares that can
be sold without having an adverse effect on such offering, including the price at which such shares can be sold, the shares included
in such Underwritten Takedown will be reduced by the Registrable Securities held by the Selling Holders (applied on a pro rata basis
based on the total number of Registrable Securities held by such Selling Holders, and, if reasonably applicable, subject to a determination
by the Commission that certain Selling Holders must be reduced first based on the number of Registrable Securities held by such Selling
Holders).


 


2.1.6
Selection of Underwriters. Selling Holders holding a majority in interest of the Registrable Securities requested to be sold in
an Underwritten Takedown shall have the right to select an Underwriter or Underwriters in connection with such Underwritten Takedown,
which Underwriter or Underwriters shall be reasonably acceptable to the Company. In connection with an Underwritten Takedown, the Company
shall enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of the Registrable Securities in such Underwritten Takedown, including, if
necessary, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting
arrangements with the Financial Industry Regulatory Authority, Inc. (“FINRA”).


 


2.1.7
Registrations effected pursuant to this Section 2.1 shall not be counted as Demand Registrations effected pursuant to Section
2.2.


 


2.1.8
Withdrawal. A Selling Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an
Underwritten Takedown pursuant to this Section 2.1 for any reason or no reason whatsoever upon written notice to the Company and
the Underwriter or Underwriters of its intention to withdraw from such Underwritten Takedown prior to the public announcement of such
Underwritten Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the registration
expenses incurred in connection with an Underwritten Takedown prior to a withdrawal under this Section 2.1.8. If all Registrable
Securities are withdrawn from an Underwritten Takedown pursuant to this Section 2.1.8, such withdrawn Underwritten Takedown shall
not be counted as an Underwritten Takedown effected pursuant to Section 2.1.5(c).


 


2.1.9
Block Trade. If the Company shall receive during the term hereof a request from the holders of Registrable Securities with an
estimated market value of at least $5.0 million that the Company effect the sale of all or any portion of the Registrable Securities
in a Block Trade, then the Company shall, as expeditiously as possible, effectuate the offering in such Block Trade of the Registrable
Securities for which such requesting holder has requested such offering under Section 2.1.9. Notwithstanding anything herein to
the contrary, a Block Trade shall not be counted as an Underwritten Takedown effected pursuant to Section 2.1.5(c).


 






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2.2
Demand Registration.


 


2.2.1
Request for Registration. Subject to Section 3.5, from time to time after the expiration of the Lock-Up Period, holders
of Registrable Securities may make a written demand for Registration under the Securities Act of all or any portion of their Registrable
Securities on Form S-1 or any similar long-form Registration or, if then available, on Form S-3. Each registration requested pursuant
to this Section 2.2.1 is referred to herein as a “Demand Registration.” Any demand for a Demand Registration
shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof.
Only to the extent applicable, the Company will notify all holders of Registrable Securities of the demand, and each such holder of Registrable
Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such
holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify
the Company within fifteen (15) calendar days after the receipt by the holder of the notice from the Company. Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.2.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect: (a) more than one (1) Demand
Registration during any six-month period; or (b) any Demand Registration at any time if there is an effective Resale Shelf Registration
Statement for the Registrable Securities on file with the Commission pursuant to Section 2.1.


 


2.2.2
Effective Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with the
Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations
under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission
or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to
have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall
not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration
or is terminated (including, but no limited to, as a consequence of a vote by a majority-in-interest of the Demanding Holders).


 


2.2.3
Underwritten Offering. If the Demanding Holders so elect and such holders so advise the Company as part of their written demand
for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an
underwritten offering. In such event, the right of any holder to include its 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 Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by the holders
initiating the Demand Registration, and subject to the approval of the Company.


 






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2.2.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Class A Common Stock or other securities which the Company desires to
sell and the Class A Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of
Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance with the number of Registrable Securities that each
such Demanding Holder has requested be included in such registration, regardless of the number of shares held by each such Person (such
proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Class A Common
Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Class A Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, as to which “piggy-back” registration has been requested by the holders thereof, Pro Rata, that can be
sold without exceeding the Maximum Number of Shares.


 


2.2.5
Withdrawal. Any Demanding Holder or Requesting Holder shall have the right to withdraw from a Registration pursuant to such Demand
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters, if any, of
their intention to withdraw from such Registration prior to (i) in the case of a Demand Registration not involving an Underwritten Offering,
the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities
pursuant to such Demand Registration or (ii) in the case of a Demand Registration involving an Underwritten Offering, the pricing of
such Underwritten Offering; provided, however, that upon withdrawal by a majority-in-interest of the Demanding Holders initiating a Demand
Registration, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement or complete the Underwritten
Offering, as applicable. Notwithstanding anything to the contrary in this Agreement, (a) upon withdrawal, such Registration shall no
longer be considered a Demand Registration and (b) the Company shall be responsible for the registration expenses incurred in connection
with a Demand Registration prior to its withdrawal under this Section 2.2.5.


 


2.3
Piggy-Back Registration.


 


2.3.1
Piggy-Back Rights. If at any time after the expiration of the Lock-Up Period, the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the
Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders
of Registrable Securities as soon as practicable but in no event less than ten (10) calendar days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable
Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may
request in writing within five (5) calendar days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its commercially reasonable efforts
to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested
to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit the
sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders
of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or
Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.


 






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2.3.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Class A Common
Stock which the Company desires to sell, taken together with Class A Common Stock, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder and the Registrable
Securities as to which registration has been requested under this Section 2.3, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration:


 


(a)
If the registration is undertaken for the Company’s account: (A) first, the Class A Common Stock or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; and (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Registrable Securities, as to which registration has been requested
pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares, Pro Rata; and (C) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the Class A Common Stock or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights
with such persons and that can be sold without exceeding the Maximum Number of Shares; and


 


(b)
If the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable
Securities, (A) first, the Class A Common Stock or other securities for the account of the demanding persons that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Class A Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and
(B), the Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A), (B) and (C), the Class A Common Stock or other securities for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the
Maximum Number of Shares.


 


2.3.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration
Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities
in connection with such Piggy-Back Registration as provided in Section 3.3.


 






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3.
REGISTRATION PROCEDURES.


 


3.1
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:





 


3.1.1
Filing Registration Statement. The Company shall use its commercially reasonable efforts to, as expeditiously as possible after
receipt of a request for a Demand Registration pursuant to Section 2.2, prepare and file with the Commission a Registration Statement
on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its commercially reasonable efforts to cause such Registration Statement to become effective and use its commercially reasonable
efforts to keep it effective until all Registrable Securities covered by such Registration Statement are cold in accordance with the
intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; provided, however, that if the
filing, initial effectiveness or continued use of any Registration Statement (including the Resale Shelf Registration Statement) at any
time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the
holders of Registrable Securities, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a “Suspension
Event”); provided, however, that the Company shall not be permitted to exercise a Suspension Event for more than a total
of ninety (90) calendar days in any three hundred sixty-five (365)-day period; and provided further that the Company shall not register
any securities for its own account or that of any other stockholder during any such Suspension Event, other than pursuant to a registration
relating to the sale or grant of securities to employees or directors of the Company or a subsidiary pursuant to a stock option, stock
purchase, equity incentive or similar plan; or a registration in which the only Class A Common Stock being registered is Class A Common
Stock issuable upon conversion of debt securities that are also being registered. In the case of a Suspension Event, the holders of Registrable
Securities agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable
Securities, as applicable, upon receipt of the notice referred to above. The Company shall immediately notify the holders of Registrable
Securities in writing upon the termination of any Suspension Event, amend or supplement the Prospectus, if necessary, so it does not
contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading and furnish to the holders of Registrable Securities such numbers of copies of the Prospectus as
so amended or supplemented as the holders of Registrable Securities may reasonably request. The Company shall, if necessary, supplement
or amend the Resale Shelf Registration Statement or Demand Registration Statement, if required by the registration form used by the Company
for the Resale Shelf Registration Statement or Demand Registration or by the instructions applicable to such registration form or by
the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the holders of Registrable
Securities holding a majority of Registrable Securities that are included in such Resale Shelf Registration Statement or Demand Registration
Statement.


 


3.1.2
Copies. The Company shall, prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish
without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal
counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders.


 


3.1.3
Amendments and Supplements. Until the earlier of (i) the first anniversary of the date of filing “Form 10 information”
(as defined in Rule 144 under the Securities Act) reflecting the consummation of the transactions contemplated by the Unit Purchase Agreement
or (ii) the date as of which all of the Registrable Securities, as applicable, have been sold pursuant to a Registration Statement (but
in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor
rule promulgated thereafter by the Commission)), the Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep
such Registration Statement effective and in compliance with the provisions of the Securities Act (the “Effectiveness Period”).


 






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3.1.4
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than three (3) Business
Days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all events within three (3) Business Days of the occurrence
of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take
all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for
any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for additional information or of the
occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to
the purchasers of the securities covered by such Registration Statement, such Prospectus will not contain an 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
promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment;
except that before filing with the Commission a Registration Statement or Prospectus or any amendment or supplement thereto, including
documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration
Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon.


 


3.1.5
Securities Laws Compliance. The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.


 


3.1.6
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement
in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to
or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such registration statement, and the representations, warranties and covenants of the holders of Registrable Securities
included in such registration statement in any underwriting agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the Company.


 






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3.1.7
Comfort Letter. The Company shall obtain a “cold comfort” letter from the Company’s independent registered public
accountants in the event of an underwritten offering, in customary form and covering such matters of the type customarily covered by
“cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
of the participating holders.


 


3.1.8
Opinions. On the date the Registrable Securities are delivered for sale pursuant to any Registration, the Company shall obtain
an opinion, dated such date, of one (1) counsel representing the Company for the purposes of such Registration, addressed to the holders,
the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration
in respect of which such opinion is being given as the holders, placement agent, sales agent, or Underwriter may reasonably request and
as are customarily included in such opinions, and reasonably satisfactory to a majority in interest of the participating holders.


 


3.1.9
Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting
officer of the Company, and all other officers and members of the management of the Company shall, in good faith, cooperate reasonably
with, and take such customary actions as may reasonably be requested by the holders of Registrable Securities, in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors. If an underwritten offering involves Registrable Securities with a total offering price (including
piggyback securities and before deducting underwriting discounts) to exceed $50.0 million, the Company will use its commercially reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in the underwritten offering.


 


3.1.10
Records. Upon execution of confidentiality agreements, the Company shall make available for inspection by the holders of Registrable
Securities included in such Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement
and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such Registration Statement
or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply
all information requested by any of them in connection with such Registration Statement.


 


3.1.11
Earnings Statement. The Company shall use its commercially reasonable efforts to comply with all applicable rules and regulations
of the Commission and the Securities Act, and make available to its shareholders, as soon as reasonably practicable, an earnings statement
covering a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.


 


3.1.12
Listing. The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any Registration
Statement to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company
are then listed or designated.


 


3.2
Obligation to Suspend Distribution. Upon receipt of any written notice from the Company of the happening of any event of the kind
described in Section 3.1.4(iv), or, upon any suspension by the Company, pursuant to a written insider trading compliance program
adopted by the Company Board, of the ability of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each holder of Registrable Securities included in any registration
shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such holder receives the supplemented or amended Prospectus contemplated by Section 3.1.4(iv) or the restriction
on the ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed
by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s
possession, of the most recent Prospectus covering such Registrable Securities at the time of receipt of such notice.


 






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3.3
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with the Resale Shelf Registration
Statement pursuant to Section 2.1, any Demand Registration pursuant to Section 2.2, any Underwritten Takedown pursuant
to Section 2.1.5(a)(i) or Section 2.2.1 and any Piggy-Back Registration pursuant to Section 2.3, and all expenses
incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes
effective or the Underwritten Takedown is consummated, as applicable, including, without limitation: (i) all registration and filing
fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel
in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred
in connection with the listing of the Registrable Securities as required by Section 3.1.12; (vi) FINRA fees; (vii) fees and disbursements
of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company; (viii) the fees
and expenses of any special experts retained by the Company in connection with such registration and (ix) the reasonable fees and expenses
of one (1) legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration
in an amount not to exceed $75,000. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable
to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by
such holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall bear the expenses of the Underwriter’s
marketing costs pro rata in proportion to the respective amount of shares each is selling in such offering.


 


3.4
Information. The holders of Registrable Securities shall promptly provide such information as may reasonably be requested by the
Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments
and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act and in connection
with the Company’s obligation to comply with Federal and applicable state securities laws; provided, however, that the Company
shall advise the disclosing person before using or relying upon such information in connection with the preparation of such Registration
Statement.


 


3.5
Compliance with Lock-Up Agreement. Notwithstanding anything to in this Agreement to the contrary, all sales of Registrable Securities,
including without limitation, the timing and amount of Registrable Securities sold, must comply with the terms of the Lock-Up Agreement.
In addition, the holders of Registrable Securities agree that they shall, prior to and in conjunction with any notice pursuant to Section
2.1.5(a) regarding a proposed Underwritten Takedown or pursuant to Section 2.2, consult with the Company regarding market
conditions and the advisability of undertaking such an offering of Registrable Securities at that time and agrees to delay or defer any
proposed offering as may be reasonably requested by the Company.


 






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4.
INDEMNIFICATION AND CONTRIBUTION.


 


4.1
Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each
holder of Registrable Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys
and agents, and each person, if any, who controls a holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, a “Holder Indemnified Party”), from and against any expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly
untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was
registered under the Securities Act, any Prospectus (including any preliminary Prospectus, final Prospectus or summary Prospectus) contained
in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission
(or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any such registration; and the Company shall promptly reimburse
the Holder Indemnified Party for any legal and any other expenses reasonably incurred by such Holder Indemnified Party in connection
with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon
any untrue statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement, Prospectus (including
any preliminary Prospectus, final Prospectus, or summary Prospectus), or any such amendment or supplement, in reliance upon and in conformity
with information furnished to the Company, in writing, by such selling holder expressly for use therein. The Company shall indemnify
the Underwriters, their officers, directors, and each person who controls such Underwriters (within the meaning of the Securities Act)
to the same extent as provided in the foregoing sentence with respect to the indemnification of the holders.


 


4.2
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any
registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling
holder, indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of its directors and officers, and each
other selling holder and each other person, if any, who controls another selling holder within the meaning of the Securities Act, against
any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, any Prospectus (including any
preliminary Prospectus, final Prospectus or summary Prospectus) contained in the Registration Statement, or any amendment or supplement
to the Registration Statement, or arise out of or are based upon any omission to state a material fact required to be stated therein
or necessary to make the statement therein not misleading, but only to the extent that such untrue statement or omission was made in
reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein.
Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be in proportion to and limited
to the aggregate amount of any net proceeds (after payment of any underwriting fees, discounts, commissions, or taxes) actually received
by such selling holder in connection with the sale of Registrable Securities under such Registration Statement or Prospectus. The selling
holders shall indemnify the Underwriters, their officers, directors, and each person who controls such Underwriters (within the meaning
of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Company.


 






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4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Sections 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or
action; provided, however, that the failure by the Indemnified Party to promptly notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to
the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect
to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim
or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with
counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or
other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation;
provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified
Party shall have the right to employ separate counsel (but no more than one such separate counsel, which counsel is reasonably acceptable
to the Indemnifying Party) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out
of any claim in respect of which indemnity may be sought against the Indemnifying Party, with the fees and expenses of such counsel to
be paid by such Indemnifying Party if, based upon the reasonable judgment of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or
threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder
by such Indemnified Party, unless such judgment or settlement: (a) is settled in all respects by the payment of money (and such money
is so paid by the Indemnifying Party pursuant to the terms of such settlement); (b) the Indemnified Party is not obligated to take or
restrict any action (other than comply with customary confidentiality obligations in connection therewith); and (c) includes an unconditional
release of such Indemnified Party from all liability arising out of such claim or proceeding.


 


4.4
Contribution.


 


4.4.1
If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified
Party in respect of any loss, claim, damage, liability or action referred to herein, then each such 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 loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying
Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by such Indemnified Party, the extent that such untrue or alleged untrue statement or
omission was made in reliance upon and in conformity with information furnished by the Indemnifying Party expressly for use in the applicable
Registration Statement or Prospectus, or such parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. Notwithstanding anything herein to the contrary, no party shall be obligated to contribute pursuant
to this Section unless and until it is determined to be an Indemnifying Party subject to the obligations of Section 4.1 or 4.2,
as applicable.


 


4.4.2
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4.2 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1.


 


4.4.3
The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section
4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the limitations on indemnity provided
under Section 4.2. 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.


 






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4.5
Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Party or any officer, director, or controlling person of such Indemnified Party and shall survive
the transfer of securities.


 


5.
UNDERWRITING AND DISTRIBUTION.


 


5.1
Rule 144. As long as any holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to use commercially reasonable efforts to file timely (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish such holders with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as any such holder may reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities held by such holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144, including providing any legal opinions. Upon the request of any holder, the Company shall deliver
to such holder a written certification of a duly authorized officer as to whether it has complied with such requirements.


 


6.
MISCELLANEOUS.


 


6.1
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not
be assigned or delegated by the Company in whole or in part. This Agreement and the provisions hereof shall be binding upon and shall
inure to the benefit of each of the parties hereto and their respective successors and assigns and the holders of Registrable Securities
and their respective successors and permitted assigns. This Agreement is not intended to confer any rights or benefits on any persons
that are not party hereto other than as expressly set forth in Section 4 and this Section 6.1.


 


6.2
Amendments and Modifications. Upon the written consent of the Company and the holders of at least a majority in interest of the
Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one holder or group of holders, solely in his, her or its
capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other holders (in
such capacity) shall require the consent of the holder or holders so affected. In addition, each party hereto may waive any right hereunder
(solely as applicable to such party) by an instrument in writing signed by such party. No course of dealing between any holder or the
Company and any other party hereto or any failure or delay on the part of a holder or the Company in exercising any rights or remedies
under this Agreement shall operate as a waiver of any rights or remedies of any holder or the Company. No single or partial exercise
of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies
hereunder or thereunder by such party.


 






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6.3
Term. This Agreement shall terminate, with respect to any Registrable Securities, as applicable, upon the earlier of (i) the fourth
anniversary of the date of this Agreement or (ii) the date as of which all of the Registrable Securities, as applicable, have been sold
pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities
Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)); provided that the provisions of Section
4 and Section 5 shall survive such termination.


 


6.4
Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally
served, delivered by reputable air courier service with charges prepaid, or transmitted by facsimile or email, addressed as set forth
below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given (i)
on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service
or transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business
Day (ii) one Business Day after being deposited with a reputable courier service with an order for next-day delivery, to the parties
as follows:


 


If
to the Company:


 


SHF
Holdings, Inc.

10 East 53rd Street, Suite 3001


New
York, NY 10022

Attn: John Darwin, Co-Chief Executive Officer

Telephone No.: (615) 554-0044

Email: jdarwin@luminouscap.ca


 


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


 


Nelson
Mullins Riley & Scarborough LLP

101 Constitution Avenue, NW, Suite 900


Washington,
D.C. 20001

Attn: Andrew M. Tucker, Esq.

Telephone No.: (202) 689-2987

Email: andy.tucker@nelsonmullins.com


 


If
to SHF Holding:


 


SHF
Holding Co, LLC

6221 Sheridan Boulevard


Arvada,
Colorado 80003

Attn: Chief Executive Officer

Email: FaganD@partnercoloradocu.org


 


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


 


Waller
Law, LLC

PO Box 3237


Evergreen,
CO 80437

Attn: David Waller

Telephone No.: (720) 583-1716

Email: dave@legalaspirin.com


 






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If
to PCCU:


 


Partner
Colorado Credit Union

6221 Sheridan Boulevard

Arvada, Colorado 80003

Attn: Chief Executive Officer

Email: FaganD@partnercoloradocu.org


 


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


 


Waller
Law, LLC

PO Box 3237


Evergreen,
CO 80437

Attn: David Waller

Telephone No.: (720) 583-1716

Email: dave@legalaspirin.com


 


If
to a holder of Registrable Securities, other than SHF Holding and PCCU, to the address set forth under such holder’s signature
to this Agreement or to such holder’s address as found in the Company’s books and records; or to such other address as the
party to whom notice is given may have previously furnished to the others in writing in the manner set forth above.


 


6.5
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.


 


6.6
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction)
that would cause the application of the law of any jurisdiction other than the State of Colorado.


 


6.7
Waiver of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY
PROCEEDING, CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT,
TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH PROCEEDING, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.7.


 






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6.8
Submission to Jurisdiction. Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of any state
or federal court located in Denver, Colorado, for the purposes of any Proceeding, claim, demand, action or cause of action (a) arising
under this Agreement or (b) in any way connected with or related or incidental to the dealings of the parties in respect of this Agreement
or any of the transactions contemplated hereby, and irrevocably and unconditionally waives any objection to the laying of venue of any
such Proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such Proceeding has been brought in an inconvenient forum. Each party hereby irrevocably and unconditionally waives, and agrees
not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Proceeding claim, demand, action or cause of action
against such party (i) arising under this Agreement or (ii) in any way connected with or related or incidental to the dealings of the
Parties in respect of this Agreement or any of the transactions contemplated hereby, (A) any claim that such party is not personally
subject to the jurisdiction of the courts as described in this Section 6.8 for any reason, (B) that such party or such party’s
property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and
(C) that (x) the Proceeding, claim, demand, action or cause of action in any such court is brought against such party in an inconvenient
forum, (y) the venue of such Proceeding, claim, demand, action or cause of action against such party is improper or (z) this Agreement,
or the subject matter hereof, may not be enforced against such party in or by such courts. Each party agrees that service of any process,
summons, notice or document by registered mail to such party’s respective address set forth in Section 6.4 shall be effective
service of process for any such Proceeding, claim, demand, action or cause of action.


 


6.9
Remedies. Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed cumulative with and
not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy
will not preclude the exercise of any other remedy. The parties agree that irreparable damage for which monetary damages, even if available,
would not be an adequate remedy, would occur in the event that the parties do not perform their respective obligations under the provisions
of this Agreement (including failing to take such actions as are required of them hereunder to consummate the transactions contemplated
by this Agreement) in accordance with their specific terms or otherwise breach such provisions. It is accordingly agreed that the parties
shall be entitled to seek an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement, in each case, without posting a bond and this being in addition
to any other remedy to which they are entitled at law or in equity. Each of the parties agrees that it will not oppose the granting of
an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement on the
basis that the other parties have an adequate remedy at law or an award of specific performance is not an appropriate remedy for any
reason at law or equity.


 


6.10
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which
taken together shall constitute one and the same instrument.


 


6.11
Entire Agreement. This Agreement and the Lock-Up Agreement (including all agreements entered into pursuant hereto and all certificates
and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between
the parties, whether oral or written.


 


[Signature
Page Follows]


 




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IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.





 





	 	SHF
  HOLDINGS, INC.
	 	 	
	 	By:
  	/s/
  John Darwin
	 	Name:	John Darwin
	 	Title:	Co-Chief Executive
  Officer



 


	 	SHF
  HOLDING CO., LLC
	 	 	
	 	By:
  	/s/
  Richard Bollig
	 	Name:	Richard Bollig
	 	Title:	Board Chair








 





	 	PARTNER
    COLORADO CREDIT UNION
	 	 	 
	 	By:	/s/
    Linda Head
	 	Name:	Linda Head
	 	Title:	Board Chair









 


[SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT]


 






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