Exhibit 10.2


 


EXHIBIT G TO PLAN OF REORGANIZATION

 APPENDIX H TO INFORMATION STATEMENT


 


FORM OF


 


REGISTRATION RIGHTS AGREEMENT


 


THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among each of
Healthcare Royalty, Inc. (the “Company”) and HCRX Feeder Fund, L.P., a Delaware limited partnership the (“Continuing
Investor Partnership”), together with any person or entity who hereafter becomes a party to this Agreement pursuant
to Section 5.2 of this Agreement (each, a “Holder” and collectively, the “Holders”).


 


RECITALS


 


WHEREAS, the Company
has issued the Continuing Investor Partnership an aggregate of [__________] shares (the “Class B Shares”) of
the Company’s Class B common stock, $0.01 par value per share (the “Class B Common Stock”) and an aggregate
of [________] Class B units (“Class B Units”) of Healthcare Royalty Holdings, L.P. (“Holdings LP”);


 


WHEREAS, each Class
B Share, together with a Class B Unit, is convertible into a share of the Company’s Class A common stock, par value $0.01 per share
(the “Common Stock”), on the terms and conditions provided in the Company’s amended and restated certificate
of incorporation;


 


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


 


Article I

DEFINITIONS


 


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


 


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


 


“Affiliate”
of a person or entity means any other person or entity directly or indirectly controlling, controlled by or under common control with
such person or entity.


 


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


 






     


     


    

 


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


 


“Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking
institutions are generally authorized or required by law or regulation to close in the City of New York, New York.


 


“Commission”
shall mean the United States Securities and Exchange Commission and any successor agency performing comparable functions.


 


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


 


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


 


“Demand
Exercise Notice” shall have the meaning given in subsection 2.1.2.


 


“Demanding Holders”
shall mean Holders of a number of Registrable Securities with an aggregate Fair Market Value at least equal to $300,000,000, determined
as of the applicable date of any Demand Registration Request or Shelf Underwriting Request.


 


“Demand
Registration” shall have the meaning given in subsection 2.1.2.


 


“Demand
Registration Period” shall have the meaning given in subsection 2.1.2.


 


“Demand
Registration Request” shall have the meaning given in subsection 2.1.2.


 


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


 


“Fair Market Value”
shall mean the VWAP of the shares of Common Stock issued or issuable upon conversion, exercise or exchange of any Registrable Security.


 


“Filing
Date” shall have the meaning given in subsection 2.1.1(a).


 


“Form
S-1” shall mean Form S-1 for the registration of securities under the Securities Act promulgated by the Commission.


 


“Form
S-3” shall mean Form S-3 for the registration of securities under the Securities Act promulgated by the Commission.


 


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


 


“Holdings”
shall have the meaning set forth in the Recitals hereto.


 


“Initiating
Holders” shall have the meaning given in subsection 2.1.2.


 


“Joinder Agreement”
means a joinder agreement, substantially in the form attached hereto as Annex A.


 






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“Lock-Up Agreement”
means that certain Lock-Up Agreement by and between the Company and the Holders of even date herewith.


 


“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.3.


 


“Minimum
Demand Threshold” shall mean $500,000,000.


 


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


 


“Permitted
Transferees” shall mean with respect to any Holder, (i) any Affiliates of such Holder, (ii) any general or limited
partner thereof and any managing director, general partner, director, limited partner, officer or employee of any Affiliate thereof, or
any spouse, lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of any of
the foregoing persons described in this clause, (iii) any trust, the beneficiaries of which, or any corporation, limited liability company
or partnership, the stockholders, members or general or limited partners of which, consist solely of any one or more of such Holder or
Permitted Transferee, any general or limited partner of such Holder or Permitted Transferee, their spouses or their lineal descendants
or (iv) any other Holder.


 


“Piggy-back
Registration” shall have the meaning given in Section 2.2.1.


 


“Pro
Rata” shall have the meaning given in Section 2.1.3.


 


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


 


“Registrable
Security” shall mean (a) the shares of Common Stock issued or issuable upon the conversion of any Class B Shares
and Class B Units, (b) any shares of Common Stock acquired by a Holder after the date hereof and prior to the termination of this Agreement
and (c) any other equity security of the Company issued or issuable with respect to any such shares of Common Stock by way of a stock
dividend or stock split or in connection with a combination of stock, acquisition, recapitalization, consolidation, reorganization, stock
exchange, stock reconstruction and amalgamation or contractual control arrangement with, purchasing all or substantially all of the assets
of, or engagement in any other similar transaction; provided, however, that, as to any particular Registrable Security,
such securities shall cease to be Registrable Securities when: (i) if a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act, the date that such securities shall have been sold, transferred, disposed of or
exchanged pursuant to such Registration Statement; (ii) such securities shall have ceased to be outstanding; (iii) such securities have
been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction; or (iv) such
securities shall have been sold or transferred pursuant to Rule 144. For the avoidance of doubt, it being understood that any Common
Stock issuable pursuant to subsection (a) of this definition and held by the Holder of the Class B Units with respect to which it is
issuable for all purposes hereunder prior to its issuance or a Permitted Transferee thereof shall be considered a Registrable Security.


 


“Registration”
shall 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.


 






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


 


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


 


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


 


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


 


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


 


(E)          reasonable fees and expenses of a single firm of legal counsel for the Holders participating in such Registration; and


 


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


 


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


 


“Requesting
Holder” shall have the meaning given in subsection 2.1.3.


 


“Requisite Holders”
means Holders (including Permitted Transferees) that are parties to this Agreement and hold a majority of the aggregate number of outstanding
Registrable Securities; provided that, for the purpose of this definition, Class B Units are to be counted as if all such Class
B Units have been exchanged for shares of Common Stock.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder.


 


“Shelf
Registrable Securities” shall have the meaning given in subsection 2.1.1(b).


 


“Shelf
Registration Statement” shall have the meaning given in subsection 2.1.1(a).


 






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“Shelf
Underwriting” shall have the meaning given in subsection 2.1.1(b).


 


“Shelf
Underwriting Notice” shall have the meaning given in subsection 2.1.1(b).


 


“Shelf
Underwriting Request” shall have the meaning given in subsection 2.1.1(b).


 


“Synthetic
Secondary Transaction” shall have the meaning given in subsection 2.5.


 


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


 


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


 


“VWAP”
shall mean the volume-weighted average price of the Common Stock on the principal market on which such shares of Common Stock are traded
for the ten trading days immediately preceding the date of determination of Fair Market Value.


 


Article II

REGISTRATIONS


 


2.1          Demand Registration.


 


2.1.1       Shelf
Registration Statement. (a) As soon as practicable but no later than sixty (60) Business Days after the later of (x) the first anniversary
of the date hereof or (y) the first date upon which the Company shall have qualified for the use of a Registration Statement on Form
S-3 or any other form which permits incorporation of substantial information by reference to other documents filed by the Company with
the Commission (the “Filing Date”), the Company shall prepare and file
with (or confidentially submit to) the Commission a shelf registration statement under Rule 415 of the Securities Act (such registration
statement, a “Shelf Registration Statement”) covering the resale of
all the Registrable Securities (determined as of two Business Days prior to such filing) on a delayed or continuous basis (and which
may also cover any other securities of the Company) and shall use its commercially reasonable efforts to have such Shelf Registration
Statement declared effective as soon as practicable after the filing thereof and no later than the earlier of (x) the 60th
calendar day (or 80th calendar day if the Commission notifies the Company that it will “review” the Registration
Statement) following the Filing Date and (y) the fifth (5th) Business Day after the date the Company is notified (orally or
in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be
subject to further review. Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included therein
pursuant to any method or combination of methods legally available to, and reasonably requested by, any Holder named therein. The Company
shall use its commercially reasonable efforts to maintain the Shelf Registration Statement in accordance with the terms hereof, and shall
prepare and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep
a Shelf Registration Statement continuously effective, available for use to permit all Holders named therein to sell their Registrable
Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities.


 






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(b)            Subject to Section 2.3 and Section 2.4, at any time after the effectiveness of the Shelf Registration Statement,
the Demanding Holders may make a written demand from time to time to elect to sell all or any part of their Registrable Securities, with
a total offering price reasonably expected to exceed, in the aggregate, the Minimum Demand Threshold, pursuant to an Underwritten Offering
pursuant to the Shelf Registration Statement, which written demand shall describe the amount and type of securities to be included in
such Registration and the intended method(s) of distribution thereof. The Demanding Holders shall make such election by delivering to
the Company a written request (a “Shelf Underwriting Request”) for such
Underwritten Offering specifying the number of Registrable Securities that the Demanding Holders desire to sell pursuant to such Underwritten
Offering (the “Shelf Underwriting”). As promptly as practicable, but
no later than two (2) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf
Underwriting Notice”) of such Shelf Underwriting Request to the Holders of record of other Registrable Securities
registered on such Shelf Registration Statement (“Shelf Registrable Securities”).
The Company, subject to Section 2.1.3, shall include in such Shelf Underwriting (x) the Registrable Securities of the Demanding
Holders and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities that shall have made a written request
to the Company for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities
intended to be disposed of by such Holder) within five (5) days after the receipt of the Shelf Underwriting Notice. The Company shall,
as expeditiously as possible (and in any event within fifteen (15) Business Days after the receipt of a Shelf Underwriting Request),
but subject to Section 2.3, use its reasonable best efforts to effect such Shelf Underwriting. The Company shall, at the request
of any Demanding Holders, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration
statement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed
necessary or advisable by the Demanding Holders or any other Holder of Shelf Registrable Securities to effect such Shelf Underwriting.
Once a Shelf Registration Statement has been declared effective, the Demanding Holders may request, and the Company shall be required
to facilitate an aggregate of two (2) Shelf Underwritings pursuant to this subsection 2.1.1(b) with respect to any or all Registrable
Securities, which number of Shelf Underwritings that the Company shall be required to facilitate shall be reduced by the number of any
Demand Registrations pursuant to subsection 2.1.2; provided, however, that, in each case, a Shelf Underwriting shall
not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested
by the Demanding Holders to be registered on behalf of the Demanding Holders in such Shelf Underwriting have been sold.


 


2.1.2        Other
Demand Registration. At any time after the date of this Agreement that a Shelf Registration Statement provided for in Section
2.1.1(a) is not available for use by the Holders (a “Demand Registration
Period”), subject to this Section 2.1.2 and Section 2.3 and Section 2.4, the Demanding
Holders shall have the right to make a written demand from time to time to effect one or more registration statements under the
Securities Act covering all or any part of their Registrable Securities, with a total offering price reasonably expected to exceed,
in the aggregate, the Minimum Demand Threshold, by delivering a written demand therefor to the Company, which written demand shall
describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof.
Any such request by any Demanding Holder pursuant to this Section 2.1.2 is referred to herein as a “Demand
Registration Request,” and the registration so requested is referred to herein as a “Demand
Registration” (with respect to any Demand Registration, the Demanding Holders making such demand for
registration being referred to as the “Initiating Holders”).
Subject to Section 2.3, the Demanding Holders shall be entitled to request (and the Company shall be required to effect) an
aggregate of two (2) Demand Registrations pursuant to this subsection 2.1.2 with respect to any or all Registrable Securities
held by the Holders; provided, however, that a Demand Registration shall not be counted for such purposes unless a
Registration Statement has become effective and more than two-thirds (2/3) of the Registrable Securities requested by the Demanding
Holders to be registered on behalf of the Demanding Holders in such Demand Registration have been sold; and provided, further,
that the number of Demand Registrations the Demanding Holders shall be entitled to request shall be reduced by each Shelf
Underwriting effected for such Demanding Holder pursuant to Section 2.1.1(b). The Company shall give written notice (the
 “Demand Exercise Notice”) of such Demand Registration Request to
each of the Holders of record of Registrable Securities as promptly as practicable but no later than two (2) Business Days after
receipt of the Demand Registration Request. The Company, subject to Sections 2.3 and 2.4, shall include in a Demand
Registration (x) the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any other Holder of
Registrable Securities which shall have made a written request to the Company for inclusion in such registration pursuant to Section
2.1.2 (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder)
within five (5) days following the receipt of any such Demand Exercise Notice. The Company shall, as expeditiously as possible, but
subject to Section 2.3, use its reasonable best efforts to (x) file or confidentially submit with the Commission no later
than sixty (60) days from the Company’s receipt of the applicable Demand Registration Request, (y) cause to be declared
effective as soon as reasonably practicable such registration statement under the Securities Act that includes the Registrable
Securities which the Company has been so requested to register, for distribution in accordance with the intended method of
distribution and (z) if requested by the Initiating Holders, obtain acceleration of the effective date of the registration statement
relating to such registration.


 






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2.1.3       Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Shelf Underwriting
or Demand Registration, in good faith, advises the Company, the Demanding Holders and any other Holders participating in the Underwritten
Registration (if any) (the “Requesting Holders”) in writing that the
dollar amount or number of Registrable Securities that such Holders desire to sell, taken together with all other shares of Common Stock
or other equity securities that the Company desires to sell and the shares of Common Stock, if any, as to which a Registration has been
requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell,
exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of such securities, as applicable, the “Maximum Number of
Securities”), then the Company shall include in such Underwritten Offering, as follows:


 


		(i)	first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if
                                                              any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any)
                                                              has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding
                                                              Holders and Requesting Holders have collectively
requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; provided, that any securities
thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining Holders in like manner;



 


		(ii)	second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (i), the shares of Common Stock or other equity securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; and



 


		(iii)	third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the shares of Common Stock or other equity securities of other persons or entities that the Company
is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold
without exceeding the Maximum Number of Securities.



 






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2.1.4       Demand Registration Withdrawal. Any Demanding Holder initiating a Shelf Underwriting or Demand Registration, pursuant
to a Registration under subsection 2.1.1 or 2.1.2 shall have the right in their sole discretion to withdraw from a Registration
pursuant to such Demand Registration 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 Shelf Underwriting, the filing of a preliminary prospectus supplement
setting forth the terms of the Underwritten Offering with the Commission and (ii) in the case of a Demand Registration, the effectiveness
of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such
Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with a Registration pursuant to a Shelf Underwriting or Demand Registration prior to its withdrawal under
this Section 2.1.4; provided, however, that a Demand Registration shall not be counted for such purposes of Section 2.1.2
if such Demand Registration is withdrawn pursuant to this Section 2.1.4.


 


2.2          Piggy-back
Registration.


 


2.2.1       Piggy-back
Rights. If, at any time on or after the date hereof, 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, for its own account or for the account of stockholders of the Company, other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer, as part of a
merger, consolidation or similar transaction or for an offering of securities solely to the Company’s existing stockholders,
(iii) for an offering of debt that is convertible into equity securities of the Company, or (iv) for a dividend reinvestment plan,
(v) filed pursuant to Section 2.1 hereof, then the Company shall give written notice of such proposed filing to all of the
Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such
Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and
(B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable
Securities as such Holders may request in writing within five (5) Business Days after receipt of such written notice (such
Registration a “Piggy-back Registration”). The Company shall, in
good faith, cause such Registrable Securities to be included in such Piggy-back Registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the
Holders pursuant to this subsection 2.2.1 to be included in a Piggy-back Registration on the same terms and conditions as any
similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering. The Company may postpone or withdraw
the filing or the effectiveness of a Piggy-back Registration at any time in its sole discretion.


 






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2.2.2       Reduction
of Piggy-back Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggy-back
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggy-back Registration
in writing that the dollar amount or number of the shares of Common Stock that the Company desires to sell, taken together with (i) the
shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with
persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration
has been requested pursuant to Section 2.2.1 hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been
requested pursuant to separate written contractual piggy- back registration rights of other stockholders of the Company, exceeds the
Maximum Number of Securities, then:


 


(a)            If
the Registration is undertaken for the Company’s account, the Company shall include in any such Registration


 


			(A) first, the shares of Common Stock or other equity securities that the Company desires to
                                                              sell, which can be sold without exceeding the Maximum Number of Securities;



 


			(B) second, to the extent that the Maximum Number of Securities has not been reached under
                                                              the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
                                                              Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of
                                                              Securities; provided, that any securities thereby allocated to a Holder that exceed such Holder’s request shall be
                                                              reallocated among the remaining Holders in like manner; and



 


			(C) third, to the extent that the Maximum Number of Securities has not been reached under the
                                                              foregoing clauses (A) and (B), the shares of Common Stock, if any, as to which Registration has been requested
                                                              pursuant to written contractual registration rights of other stockholders of the Company, with such priorities among them as the
                                                              Company shall determine, which can be sold without exceeding the Maximum Number of Securities; and



 






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(b)           If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration


 


			(A) first, the shares of Common Stock or other equity securities, if any, of such requesting
                                                              persons or entities, which can be sold without exceeding the Maximum Number of Securities;



 


			(B) second, to the extent that the Maximum Number of Securities has not been reached under
                                                              the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
                                                              Securities pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; provided,
                                                              that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining
                                                              Holders in like manner;



 


			(C) third, to the extent that the Maximum Number of Securities has not been reached under the
                                                                 foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that the Company desires to sell
                                                                 which can be sold without exceeding the Maximum Number of Securities; and



 


			(D) fourth, to the extent that the Maximum Number of Securities has not been reached under
                                                              the foregoing clauses (A), (B) and (C), the shares of Common Stock or other equity securities for the account
                                                              of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with
                                                              such persons or entities, with such priorities among them as the Company shall determine, which can be sold without exceeding the
                                                              Maximum Number of Securities.



 


2.2.3       Piggy-back
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggy-back Registration for
any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its
intention to withdraw from such Piggy-back Registration prior to the effectiveness of the Registration Statement filed with the Commission
with respect to such Piggy-back Registration. The Company (in its sole discretion or as the result of a request for withdrawal by persons
pursuant to separate written contractual obligations) may postpone or withdraw the filing or effectiveness of a Piggy-back Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
connection with the Piggy-back Registration prior to its withdrawal under this subsection 2.2.3.


 


2.2.4       Unlimited Piggy-back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section
2.2 hereof shall not be counted as a Registration pursuant to a Shelf Underwriting or Demand Registration effected under Section
2.1 hereof.


 






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2.3          Restrictions on Registration Rights. The Company shall not be obligated to effect any Shelf Underwriting or Demand
Registration within 90 days after the effective date of a previous Shelf Underwriting or Demand Registration or a previous Piggy-back
Registration in which holders of Registrable Securities were permitted to register 75% of the Registrable Securities requested to be
included therein, if any. If in the good faith judgment of the Board, Registration would be detrimental to the Company and the Board
concludes as a result that it is essential to defer the filing of such Registration Statement or the undertaking of such Underwritten
Offering at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board
stating that in the good faith judgment of the Board it would be detrimental to the Company for such Registration Statement to be filed
or to undertake such Underwritten Offering in the near future and that it is therefore essential to defer the filing of such Registration
Statement or undertaking of such Underwritten Offering, then in such event, the Company shall have the right to defer its obligation
for up to 120 days; provided, however, that the Company shall not defer its obligation in this manner more than twice in
any period of twelve consecutive months.


 


2.4          Lock-Up.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be obligated to effect any Shelf Underwriting, Demand
Registration or Piggy-back Registration of any Registrable Securities if the Transfer (as defined in the Lock-Up Agreement) of such Registrable
Securities is prohibited by the Lock-Up Agreement, subject to any waiver or release set forth therein.


 


2.5          Synthetic Secondary Transactions. The Company may, in its sole discretion, fulfill its obligations to effect a Shelf
Underwriting or Demand Registration under Section 2.1 and any Piggy-Back Registration under Section 2.2 for any Holder  by selling newly issued shares of Common Stock, the proceeds of which will
be used to purchase a number of such Holder’s Registrable Securities (or redeem such number of Class B Units held by the Holder
that are exchangeable into such Registrable Securities) at the closing of the offering at a price per share equal to the price per share
of Common Stock received by the Company (net of all underwriting discounts and commissions) in such offering and to pay related offering
expenses, except for any Registration Expenses payable by the
Company pursuant to this Agreement (such sale, a “Synthetic Secondary Transaction”). If the Company elects to conduct a Synthetic Secondary
Transaction with respect to a Holder’s Registrable Securities, such Holder shall execute and deliver a purchase agreement and other
documents and instruments in such form and substance as is reasonably requested by the Company. Notwithstanding anything herein to the
contrary, a Synthetic Secondary Transaction may be conducted in combination with sales directly by the Holder pursuant to its rights hereunder.


 






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Article III

COMPANY PROCEDURES


 


3.1          General
Procedures. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities,
the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company shall:


 


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


 


3.1.2       
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such
supplements to the Prospectus, as may be reasonably requested by any Holder or any Underwriter of Registrable Securities or as may be
required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or
rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the
Prospectus and either (i) any Underwriter overallotment option has terminated by its terms or (ii) the Underwriters have advised the Company
that they will not exercise such option or any remaining portion thereof;


 


3.1.3       
furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration,
or such Holders’ legal counsel, copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein),
and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal counsel
for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders;


 


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


 


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


 


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


 


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


 






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3.1.8       
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus (or promptly upon filing, with respect to any document that is to be incorporated by reference into
such Registration Statement or Prospectus), furnish a copy thereof to each seller of such Registrable Securities and its counsel, including,
without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement
or Prospectus. The Company shall not include the name of any Holder or any information regarding any Holder in any Registration Statement
or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference
into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder
and providing each such Holder or its counsel a reasonable amount of time to review and comment on such applicable document, which comments
the Company shall include unless contrary to applicable law or the Company reasonably expects that so doing would cause the Prospectus
to 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;


 


3.1.9       
in the event of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter or underwriters,
with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public
accountants or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of
any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required
to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort
letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and
brought down to the closing under the underwriting agreement;


 


3.1.10   
in the event of an Underwritten Offering, permit the participating Holders to rely on any opinion(s) of counsel representing
the Company for the purposes of such Registration issued to the managing Underwriter of such offering covering legal matters with respect
to the Registration;


 


3.1.11   
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter of such offering;


 


3.1.12   
furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement,
copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and
their respective counsel, (y) subject to applicable law, make such changes in such documents concerning the Holders prior to the filing
thereof as such Holders, or their counsel, may reasonably request;


 






    13 


     


    

 


3.1.13   
 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and which requirement
will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange
Act and otherwise complies with Rule 158 under the Securities Act;


 


3.1.14   
use its 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 thereof; and


 


3.1.15   
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Holders, in connection with such Registration.


 


3.2          Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and fees, applicable transfer taxes and expenses of legal counsel
representing the Holders in excess or in addition to the legal fees and expenses included as Registration Expenses.


 


3.3          Requirements
for Registration; Participation in Underwritten Offerings.


 


3.3.1       
The Company may require each participating Holder promptly to furnish in writing to the Company such information regarding
the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may
be legally required or the Company may deem reasonably advisable in connection with such Registration and shall not have any obligation
to include a Holder on any Registration Statement if such information is not promptly provided.


 


3.3.2       
The Company shall have the right to select an Underwriter or Underwriters in connection with any Underwritten Offering. No
person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company
hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.


 






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3.4          Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it
is advised in writing by the Company that the use of the Prospectus may be resumed and he, she or it has received copies of a
supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as reasonably practicable after the time of such notice) and, if so directed by the
Company, each Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then
in such Holder’s possession, of the Prospectus covering such Registrable Securities at the time of receipt of such notice. If
the continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an
Adverse Disclosure, or would require the inclusion in such Registration Statement of (i) financial statements that are unavailable
to the Company for reasons beyond the Company’s control, (ii) audited financial statements as of a date other than the
Company’s fiscal year end (unless the Holders requesting Registration agree to pay the reasonable expenses of this audit), or
(iii) pro forma financial statements that are required to be included in a registration statement, the Company may, upon giving
prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend the use of, such
Registration Statement for no more than 90 days per delay or suspension or more than 120 total calendar days, in each case during
any twelve-month period. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend,
immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in
connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration
of any period during which it exercised its rights under this Section 3.4.


 


3.5          Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be reporting under
the Exchange Act, covenants to use reasonable best 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 upon request by a Holder furnish such Holder with true and complete copies of such filings. The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to
time to enable such Holder to remove restrictive legends from shares that may be transferred without such restrictions and to sell shares
of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144 promulgated under the Securities Act, including providing any reasonably requested 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.


 


3.6          Additional Shares. The Company, at its option, may register, under any Registration Statement and any filings under
any state securities laws filed pursuant to this Agreement, any number of unissued, treasury or other shares of Common Stock to be sold
by the Company or any of its subsidiaries or any shares of Common Stock or other securities of the Company owned by any other security
holder or security holders of the Company.


 






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Article IV

INDEMNIFICATION AND CONTRIBUTION


 


4.1          Indemnification.


 


4.1.1        The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and
expenses (including reasonable and documented attorneys’ fees) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by or on
behalf of such Holder expressly for use therein.


 


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


 


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


 






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


 


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


 






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Article V

MISCELLANEOUS


 


5.1          Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by
courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or
communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the
case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the
addressee (with the delivery receipt of the intended recipient or the affidavit of messenger) or at such time as delivery is refused
by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to


 


	the Company at:
	[Conform to other documents]
	 
	with a copy to:
	 
	Morgan, Lewis & Bockius LLP
 1701 Market St.
 Philadelphia, PA 19103
 Attention: Andrew R. Mariniello
	Jeffrey A. Letalien
	 
	Telephone: (215) 963-5000
	 
	Email:  andrew.mariniello@morganlewis.com
	 Jeffrey.letalien@morganlewis.com




 


 


and to the Holders, at such Holder’s
address referenced in Schedule A.


 


Any party may change its address for notice at
any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty
(30) days after delivery of such notice as provided in this Section 5.1.


 


5.2          Assignment;
No Third Party Beneficiaries.


 


5.2.1       
This Agreement and the rights, duties and obligations hereunder may not be assigned or delegated, in whole or in part, by operation
of law or otherwise, by any party, except for any assignment or delegation (i) by a Holder to a Permitted Transferee who agrees to become
bound by the transfer restrictions, if any, set forth in this Agreement and the Lock-Up Agreement, or (ii) with the prior written consent
of the Company, with respect to an assignment by a Holder, or the Requisite Holders, with respect to an assignment by the Company.


 


5.2.2       
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Holders, the permitted
assigns and its successors and the permitted assigns of the Holders.


 


5.2.3       
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly
set forth in this Agreement and Section 5.2 hereof.


 


5.2.4        No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment or delegation from the assignor and
assignee and (ii) the written agreement of the assignee, by execution of a Joinder Agreement, to be bound by the terms and
provisions of this Agreement. Any transfer, assignment or delegation made other than as provided in this Section 5.2 shall be
null and void.


 






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


 


5.4          Governing Law; Venue. THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts located in
the State of Delaware or the Delaware Court of Chancery, and each party irrevocably submits to the exclusive jurisdiction of such courts
in any such suit, action or proceeding.


 


5.5          WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY OR TO THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 5.5.


 


5.6          Amendments
and Modifications. Upon the written consent of the Company and the Requisite Holders, 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, (i) any amendment hereto or waiver hereof
that adversely affects one Holder or a group of Holders, solely in its or their 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 each
Holder so affected and (ii) this Agreement may be amended and restated or amended without consent of the Holders solely to allow for
the addition of new Holders and the granting to such new Holders rights hereunder and any additional rights after the date hereof
that does not adversely affect or is not inconsistent with the existing rights and priorities of the Holders (other than by virtue
of adding a Person with additional similar rights and Common Stock). Notwithstanding the foregoing, a consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose
securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the rights of
other Holders of Registrable Securities may be given by each Holder of the Registrable Securities being sold by such Holders
pursuant to such Shelf Registration Statement; provided, however, that the provisions of this sentence may not be
amended, modified, or waived except in accordance with the provisions of the immediately preceding sentence. Each Holder of
Registrable Securities outstanding at the time of any such amendment, modification or waiver or thereafter shall be bound by any
such amendment, modification or waiver effected pursuant to this Section 5.6, whether or not any notice, writing or marking
indicating such amendment, modification or waiver appears on the Registrable Securities or is delivered to such Holder. 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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5.7          Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in
any Registration filed by the Company for the sale of securities for its own account or for the account of any other person.


 


5.8          Termination.
This Agreement shall terminate upon the date as of which (A) all of the Registrable Securities have either been sold pursuant to a Registration
Statement or cease to be Registrable Securities (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 (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities
under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.5 and Article IV shall survive any termination.


 


5.9          Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.


 


5.10        Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to be a complete and
exclusive statement of the agreement and understanding of the Parties in respect of the subject matter contained herein and the registration
rights granted by the Company with respect to the Registrable Securities. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to the
Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the Parties with respect to such registration
rights. No party shall have any rights, duties or obligations other than those specifically set forth in this Agreement.


 


[Signature
Pages Follow]


 






    20 


     


    

 


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


 


	 	COMPANY:
	 	 	 
	 	HEALTHCARE ROYALTY, INC.
	 	a Delaware corporation
	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	HOLDERS:
	 	 	 
	 	HCRX FEEDER FUND, L.P.
	 	a Delaware limited partnership
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 


Schedule A


 


	
    Holder
	 	
    Address

	 	 	 


 






     


     


    

 


Annex
A


FORM
OF JOINDER AGREEMENT


 


This JOINDER AGREEMENT (“Joinder”),
dated [________], is executed by [________] (the “Transferee”) and by [________] (the “Transferor”)
pursuant to the terms of the Registration Rights Agreement, dated as of [__], 20[__] (the “Registration Rights Agreement”),
by and among Healthcare Royalty, Inc. (the “Company”), HCRX Feeder Fund, L.P. and any Holders party thereto.
Capitalized terms used but not otherwise defined herein have the meanings set forth in the Registration Rights Agreement.


 


		1.	Acknowledgment. Transferee and Transferor each acknowledge that Transferee is acquiring Registrable
Securities of the Company from Transferor, upon the terms and subject to the conditions of the Registration Rights Agreement.



 


		2.	Assignment. Transferor hereby assigns its rights under the Registration Rights Agreement to the
Transferee.



 


Transferor and Transferee each confirm
that Transferee is a Permitted Transferee and that Transferor and Transferee have each provided notice of this assignment to the Company
pursuant to Section 5.2.4 of the Registration Rights Agreement.


 


		3.	Agreement. Transferee agrees that it shall be fully bound by and subject to the terms of this Joinder
and the Registration Rights Agreement as a Holder thereunder.



 


		4.	Notice. Any notice required or permitted by the Agreement shall be given to Transferee at the address
listed beside Transferee’s signature below.



 


[SIGNATURE PAGE FOLLOWS]


 






     


     


    

 


	 	TRANSFEROR
	 	 
	 	[	 	]
	 	 
	 	By:	                
	 	Name:
	 	Title:
	 	 
	 	TRANSFEREE
	 	 
	 	[	 	]
	 	 
	 	By:	              
	 	Name:
	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 



 


[Signature Page to Joinder
Agreement to Registration Rights Agreement]