Exhibit 10.4


 


COMMON STOCK PURCHASE AGREEMENT 


 


This COMMON STOCK PURCHASE AGREEMENT is made and entered into
as of February 24, 2022 (this “Agreement”), by and between CF Principal Investments LLC, a Delaware limited
liability company (the “Investor”), and Delwinds Insurance Acquisition Corp., a Delaware corporation (the “Company”).
For purposes of this Agreement, references to the “Company” shall also include any successor entity to the Company by any
Fundamental Transaction (as defined below), but only from and after the closing of such Fundamental Transaction, including but not limited
to, the resulting publicly listed company pursuant to the transactions contemplated by that certain Agreement and Plan of Merger (the
“Business Combination Agreement”), dated as of February 24, 2022, by and among the Company, DWIN Merger Sub
Inc. and FOXO Technologies Inc. (“FOXO”), such transactions being referred to herein as the “Merger.”


 


RECITALS 


 


WHEREAS, the parties desire that, upon the terms and subject
to the conditions and limitations set forth herein, the Company may issue and sell to the Investor, from time to time as provided herein,
and the Investor shall purchase from the Company, up to the lesser of (i) $40,000,000 in aggregate gross purchase price of newly issued
shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and (ii)
the Exchange Cap (to the extent applicable under Section 3.3);


 


WHEREAS, such sales of Common Stock by the Company to the Investor
will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act (“Section 4(a)(2)”) and/or
Rule 506(b) of Regulation D promulgated by the Commission under the Securities Act (“Regulation D”), and upon
such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the issuances
and sales of Common Stock by the Company to the Investor to be made hereunder;


 


WHEREAS, the parties hereto are concurrently entering into a
Registration Rights Agreement in the form attached as Exhibit A hereto (the “Registration Rights Agreement”),
pursuant to which the Company shall register the resale of the Registrable Securities (as defined in the Registration Rights Agreement),
upon the terms and subject to the conditions set forth therein; and


 


WHEREAS, in consideration for the Investor’s execution
and delivery of this Agreement, the Company shall deliver the Commitment Fee to the Investor on or prior to the Closing Date, pursuant
to and in accordance with Section 10.1(ii);


 


NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:


 


ARTICLE I 


DEFINITIONS 


 


Capitalized terms used in this Agreement shall have the meanings ascribed
to such terms in Annex I hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement.


 




     


     


    

 


ARTICLE II 


PURCHASE AND SALE OF COMMON STOCK 


 


Section 2.1. Purchase and Sale of Stock. Upon the terms
and subject to the conditions of this Agreement, during the Investment Period, the Company, in its sole discretion, shall have the right,
but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, up to the lesser of (i) $40,000,000
(the “Total Commitment”) in aggregate gross purchase price of duly authorized, validly issued, fully paid and
non-assessable shares of Common Stock and (ii) the Exchange Cap, to the extent applicable under Section 3.3 (such lesser amount of shares
of Common Stock, the “Aggregate Limit”), by the delivery to the Investor of VWAP Purchase Notices as provided
in Article III.


 


Section 2.2. Signing Date; Settlement Dates. This Agreement
shall become effective and binding upon the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement
executed by each of the parties hereto and thereto, to the offices of Covington & Burling LLP, 620 Eighth Avenue, New York, New York
10018, at 9:00 a.m., New York City time. In consideration of and in express reliance upon the representations, warranties and covenants
contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment Period, the Company, at its sole
option and discretion, may issue and sell to the Investor, and, if the Company elects to so issue and sell, the Investor shall purchase
from the Company, the Shares in respect of each VWAP Purchase. The delivery of Shares in respect of each VWAP Purchase, and the payment
for such Shares, shall occur in accordance with Section 3.2, provided that all of the conditions precedent in Article VII shall
have been fulfilled at the applicable times set forth in Article VII.


 


Section 2.3. Initial Public Announcements and Required Filings.
The Company shall, (i) not later than 9:00 a.m., New York City Time, no later than the first business day after the date of this Agreement,
file with the Commission a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor, and
(ii) within four business days after the date of this Agreement, file with the Commission a Current Report on Form 8-K describing the
material terms thereof and the Registration Rights Agreement, including, without limitation, the Commitment Fee deliverable by the Company
to the Investor in accordance with Section 10.1(ii), and attaching as exhibits thereto copies of each of this Agreement and the Registration
Rights Agreement (such Current Report on Form 8-K, together with the Current Report on Form 8-K referred to in clause (i) of this sentence,
including all exhibits thereto, the “Current Reports”). The Company shall provide the Investor and its legal
counsel a reasonable opportunity to comment on drafts of the Current Reports prior to the filing thereof with the Commission and shall
give due consideration to all such comments. From and after the filing of the Current Reports with the Commission, the Company shall have
publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives or agents) by
the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, agents or representatives (if any)
in connection with the transactions contemplated by the Transaction Documents. The Company shall use its commercially reasonable efforts
to prepare and, as soon as practicable following the Merger, file with the Commission the Initial Registration Statement and any New Registration
Statement covering only the resale by the Investor of the Registrable Securities in accordance with the Securities Act and the Registration
Rights Agreement. At or before 8:30 a.m. (New York City time) on the second (2nd) Trading Day immediately following the Effective Date
of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall
use its commercially reasonable efforts to file with the Commission in accordance with Rule 424(b) under the Securities Act the final
Prospectus to be used in connection with sales pursuant to such Registration Statement (or post-effective amendment thereto).


 




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ARTICLE III 


PURCHASE TERMS 


 


Subject to the satisfaction of the conditions set forth in Article
VII, the parties agree as follows:


 


Section 3.1. VWAP Purchases. Upon the initial satisfaction
of all of the conditions set forth in Section 7.2 (the “Commencement” and the date of initial satisfaction of
all of such conditions, the “Commencement Date”) and from time to time thereafter, subject to the satisfaction
of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the obligation, to direct the Investor, by
its timely delivery to the Investor of a VWAP Purchase Notice, in substantially the form attached hereto as Exhibit D, after 6:00
a.m., New York City time, but prior to 9:00 a.m., New York City time, on a VWAP Purchase Date, to purchase a number of Shares equal to
the VWAP Purchase Share Request at the applicable VWAP Purchase Price therefor on such VWAP Purchase Date in accordance with this Agreement
(each such purchase, a “VWAP Purchase”). In addition, the Investor may, in its sole discretion, accept a VWAP
Purchase Notice after 9:00 a.m., New York City time, on a VWAP Purchase Date, provided that such acceptance, once provided, shall be irrevocable
and binding and the Company’s obligation to deliver the shares that are the subject of such VWAP Purchase Notice shall be binding;
provided that, if the Investor does not accept a VWAP Purchase Notice that is delivered after 9:00 a.m., New York City time, such
VWAP Purchase Notice shall be deemed to be null and void. The Investor may also, in its sole discretion, accept additional VWAP Purchase
Notices within a Trading Day, in which case any prior VWAP Purchase Notice accepted by the Investor in such Trading Day shall be null,
void, superseded and replaced in its entirety by such subsequent VWAP Purchase Notice. The Company may timely deliver a VWAP Purchase
Notice to the Investor as often as every Trading Day (and may deliver multiple VWAP Purchase Notices in any given day, it being understood
that a subsequent VWAP Purchase Notice will supersede and replace all earlier VWAP Purchase Notices delivered within the same Trading
Day in their entirety), so long as all Shares subject to all prior VWAP Purchases theretofore required to have been received by the Investor
as DWAC Shares under this Agreement have been delivered to the Investor as DWAC Shares in accordance with this Agreement. The Investor
is obligated to accept each VWAP Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to
the satisfaction of the conditions contained in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor
to purchase a number of shares that is in excess of the applicable VWAP Purchase Share Amount, such VWAP Purchase Notice shall be void
ab initio to the extent of the amount by which the VWAP Purchase Share Estimate set forth in such VWAP Purchase Notice exceeds
such applicable VWAP Purchase Share Amount, and the Investor shall have no obligation to purchase such excess Shares in respect of such
VWAP Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the applicable VWAP Purchase
Share Amount in such VWAP Purchase. On the date of delivery of any VWAP Purchase Notice, the Company shall, prior to 9:00 a.m., New York
City time (or as promptly as practicable thereafter in the case of a VWAP Purchase Notice delivered after 9:00 a.m., New York City time,
that is accepted by the Investor), issue to the Investor a number of DWAC Shares equal to the VWAP Purchase Share Estimate (the date such
Shares are delivered, the “VWAP Purchase Share Delivery Date”). In no event shall the Investor purchase, pursuant
to any VWAP Purchase, a number of Shares constituting the applicable VWAP Purchase Share Amount that exceeds the VWAP Purchase Share Estimate
issued on the VWAP Purchase Date in connection with such VWAP Purchase Notice; however, the Investor will immediately return to the Company
any Shares issued pursuant to the VWAP Purchase Share Estimate that exceeds the number of Shares constituting the applicable VWAP Purchase
Share Amount the Investor actually purchases in connection with such VWAP Purchase. In no event shall the Investor purchase a number of
Shares that exceeds the specified VWAP Purchase Share Estimate included in a given VWAP Purchase Notice in connection with such VWAP Purchase.
In addition, it is acknowledged and agreed that the Company may not deliver any additional VWAP Purchase Notice to the Investor until
all Shares subject to a VWAP Purchase, and all Shares subject to all prior VWAP Purchase Notices, have been received by the Investor as
DWAC Shares in accordance with this Agreement. At or prior to 5:30 p.m., New York City time, on the VWAP Purchase Date for each VWAP Purchase,
the Investor shall provide to the Company a written confirmation for such VWAP Purchase (each, a “VWAP Purchase Confirmation”)
setting forth the applicable VWAP Purchase Price per Share to be paid by the Investor in such VWAP Purchase, and the total aggregate VWAP
Purchase Price to be paid by the Investor for the total VWAP Purchase Share Amount purchased by the Investor in such VWAP Purchase. Notwithstanding
the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the Post-Effective Amendment Period.


 






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Section 3.2. Settlement. For each VWAP Purchase, the
Investor shall pay to the Company an amount in cash equal to the product of (a) the total number of Shares purchased by the Investor in
such VWAP Purchase and (b) the applicable VWAP Purchase Price for such Shares (the “VWAP Purchase Amount”),
as full payment for such Shares purchased by the Investor in such VWAP Purchase, via wire transfer of immediately available funds, not
later than 5:00 p.m., New York City time, on the second Trading Day following the applicable VWAP Purchase Share Delivery Date for such
VWAP Purchase, provided the Investor shall have timely received, as DWAC Shares, all of such Shares purchased by the Investor in such
VWAP Purchase on such VWAP Purchase Share Delivery Date in accordance with the first sentence of this Section 3.2, or, if any of such
Shares are received by the Investor after 1:00 p.m., New York City time, then the Company’s receipt of such funds in its designated
account may occur on the third Trading Day next following the Trading Day on which the Investor shall have received all of such Shares
as DWAC Shares, but not later than 5:00 p.m., New York City time, on such next Trading Day. If the Investor fails to pay the VWAP Purchase
Amount when due, the Investor will return the DWAC Shares to the Company. If the Company or the Transfer Agent shall fail for any reason
to deliver to the Investor, as DWAC Shares, any Shares purchased by the Investor in a VWAP Purchase prior to 10:30 a.m., New York City
time, on the Trading Day immediately following the applicable VWAP Purchase Share Delivery Date for such VWAP Purchase, and if on or after
such Trading Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Investor of such Shares that the Investor anticipated receiving from the Company on such VWAP Purchase Share Delivery
Date in respect of such VWAP Purchase, then the Company shall, within one (1) Trading Day after the Investor’s request, either (i)
pay cash to the Investor in an amount equal to the Investor’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased (the “Cover Price”), at which point the Company’s obligation to
deliver such Shares as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC
Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total purchase price paid by
the Investor pursuant to this Agreement for all of the Shares purchased by the Investor in such VWAP Purchase. The Company shall not issue
any fraction of a share of Common Stock to the Investor in connection with any VWAP Purchase effected pursuant to this Agreement. If the
issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common
Stock up or down to the nearest whole share. All payments to be made by the Investor pursuant to this Agreement shall be made by wire
transfer of immediately available funds to such account as the Company may from time to time designate by written notice to the Investor
in accordance with the provisions of this Agreement.


 


Section 3.3. Compliance with Rules of Principal Market.


 


(a) Exchange Cap. The Company shall not issue or sell
any shares of Common Stock pursuant to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant
to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued
pursuant to this Agreement and the transactions contemplated hereby would exceed the maximum number of shares of Common Stock permitted
by Section 312.03 of the New York Stock Exchange Listed Company Manual NYSE Rule to be issued without a vote of the Company’s stockholders,
which number of shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant
to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement under applicable
rules of the Principal Market (such maximum number of shares, the “Exchange Cap”), unless the Company’s
stockholders have approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance with the
applicable rules of the Principal Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request its
stockholders to approve the issuance of Common Stock pursuant to this Agreement; provided, that if such stockholder approval is
not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all
times during the term of this Agreement.


 


(b) General. The Company shall not issue or sell any
shares of Common Stock pursuant to this Agreement if such issuance or sale would reasonably be expected to result in (A) a violation of
the Securities Act or (B) a breach of the rules of the Principal Market. The provisions of this Section 3.3 shall not be implemented in
a manner otherwise than in strict conformity with the terms of this Section 3.3 unless necessary to ensure compliance with the Securities
Act and the applicable rules of the Principal Market.


 






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Section 3.4. Beneficial Ownership Limitation. Notwithstanding
anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor shall not purchase or acquire,
any shares of Common Stock under this Agreement which, when aggregated with all other shares of Common Stock then beneficially owned by
the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would
result in the beneficial ownership by the Investor and its affiliates (on an aggregated basis) of more than 4.99% of the outstanding voting
power or shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written or oral request of
the Investor, the Company shall promptly (but not later than the next business day on which the Transfer Agent is open for business) confirm
orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate
in good faith in the determinations required under this Section 3.4 and the application of this Section 3.4. The Investor’s written
certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at
any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error. The provisions of this
Section 3.4 shall not be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4
unless necessary to properly give effect to the limitations contained in this Section 3.4.


 


ARTICLE IV 


REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE INVESTOR 


 


The Investor hereby makes the following representations, warranties
and covenants to the Company:


 


Section 4.1. Organization and Standing of the Investor.
The Investor is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware.


 


Section 4.2. Authorization and Power. The Investor has
the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the Registration Rights
Agreement and to purchase or acquire the Shares in accordance with the terms hereof. The execution, delivery and performance by the Investor
of this Agreement and the Registration Rights Agreement and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by all necessary action, and no further consent or authorization of the Investor or its sole member is required.
Each of this Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a valid
and binding obligation of the Investor enforceable against it in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating
to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application
(including any limitation of equitable remedies).


 


Section 4.3. No Conflicts. The execution, delivery and
performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation by the Investor of the transactions
contemplated hereby and thereby do not and shall not (i) result in a violation of such Investor’s applicable organizational instruments,
(ii) conflict with, constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give
rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture,
note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or is bound, or (iii) result in a violation
of any federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court or governmental agency
applicable to the Investor or by which any of its properties or assets are bound or affected, except, in the case of clauses (ii) and
(iii), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or
in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform
its obligations under this Agreement and the Registration Rights Agreement. The Investor is not required under any applicable federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement and the Registration
Rights Agreement or to purchase or acquire the Shares in accordance with the terms hereof; provided, however, that for purposes
of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant representations and
warranties and the compliance with the relevant covenants and agreements of the Company in the Transaction Documents to which it is a
party.


 






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Section 4.4. Investment Purpose. The Investor is acquiring
the Shares for its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale
or distribution thereof, in violation of the Securities Act or any applicable state securities laws; provided, however,
that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares
for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with, or pursuant to,
a registration statement filed pursuant to the Registration Rights Agreement or an applicable exemption under the Securities Act. The
Investor does not presently have any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of
the Shares. The Investor is acquiring the Shares hereunder in the ordinary course of its business.


 


Section 4.5. Accredited Investor Status. The Investor
is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.


 


Section 4.6. Reliance on Exemptions. The Investor understands
that the Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements of U.S. federal
and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Investor’s compliance
with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine
the availability of such exemptions and the eligibility of the Investor to acquire the Shares.


 


Section 4.7. Information. All materials relating
to the business, financial condition, management and operations of the Company and materials relating to the offer and sale of the Shares
which have been requested by the Investor have been furnished or otherwise made available to the Investor or its advisors, including,
without limitation, the Commission Documents. The Investor understands that its investment in the Shares involves a high degree of risk.
The Investor is able to bear the economic risk of an investment in the Shares and has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of a proposed investment in the Shares. The Investor and its advisors have
been afforded the opportunity to ask questions of and receive answers from representatives of the Company concerning the financial condition
and business of the Company and other matters relating to an investment in the Shares. Neither such inquiries nor any other due diligence
investigations conducted by the Investor or its advisors, if any, or its representatives shall modify, amend or affect the Investor’s
right to rely on the Company’s representations and warranties contained in this Agreement or in any other Transaction Document to
which the Company is a party or the Investor’s right to rely on any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transaction contemplated hereby. The Investor has sought such accounting, legal and tax
advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares. The Investor
understands that it (and not the Company) shall be responsible for its own tax liabilities that may arise as a result of this investment
or the transactions contemplated by this Agreement.


 


Section 4.8. No Governmental Review. The Investor understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Shares or the fairness or suitability of the investment in the Shares nor have such authorities passed upon or endorsed
the merits of the offering of the Shares.


 


Section 4.9. No General Solicitation. The Investor is
not purchasing or acquiring the Shares as a result of any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Shares.


 


Section 4.10. Not an Affiliate. The Investor is not an
officer, director or an Affiliate of the Company. During the Investment Period, the Investor will not acquire for its own account any
shares of Common Stock or securities exercisable for or convertible into shares of Common Stock, other than pursuant to this Agreement;
provided, however, that nothing in this Agreement shall prohibit or be deemed to prohibit the Investor from purchasing,
in an open market transaction or otherwise, shares of Common Stock necessary to make delivery by the Investor in satisfaction of a sale
by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement of a VWAP Purchase
if the Company or its transfer agent shall have failed for any reason (other than a failure of Investor or its Broker-Dealer (as defined
below) to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to such VWAP Purchase to the Investor
on the applicable VWAP Purchase Share Delivery Date by crediting the Investor’s or its designated Broker-Dealer’s account
at DTC through its DWAC delivery system in compliance with Section 3.2 of this Agreement. For the avoidance of doubt, the foregoing restriction
does not apply to any affiliate of the Investor, provided that any such purchases do not cause the Investor to violate any applicable
Exchange Act requirement, including Regulation M.


 






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Section 4.11. No Prior Short Sales. At no time prior
to the date of this Agreement has the Investor, its sole member, any of their respective officers, or any entity managed or controlled
by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account,
any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii)
hedging transaction, which establishes a net short position with respect to the Common Stock that remains in effect as of the date of
this Agreement.


 


Section 4.12. Statutory Underwriter Status. The Investor
acknowledges that it will be disclosed as an “underwriter” and a “selling stockholder” in each Registration Statement
and in any Prospectus contained therein to the extent required by applicable law and to the extent the Prospectus is related to the resale
of Registrable Securities.


 


Section 4.13. Resales of Shares. The Investor represents,
warrants and covenants that it will resell such Shares only pursuant to the Registration Statement in which the resale of such Shares
is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such Registration
Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations.


 


Section 4.14. Residency. The Investor is a resident of
the State of Delaware.


 


ARTICLE V 


REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE COMPANY 


 


The Company hereby makes the following representations, warranties
and covenants to the Investor:


 


Section 5.1. Organization, Good Standing and Power. The
Company and each of its Subsidiaries are duly organized, validly existing as a corporation and in good standing under the laws of their
respective jurisdictions of organization. The Company and each of its Subsidiaries are duly licensed or qualified as a foreign corporation
for transaction of business and in good standing under the laws of each other jurisdiction in which their respective ownership or lease
of property or the conduct of their respective businesses requires such license or qualification, and have all corporate power and authority
necessary to own or hold their respective properties and to conduct their respective businesses as described in the Commission Documents,
except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate,
have a material adverse effect or would reasonably be expected to have a material adverse effect on or affecting the assets, business,
operations, earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity or results of operations of
the Company and the Subsidiaries taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated
hereby (a “Material Adverse Effect”).


 


Section 5.2. Subsidiaries. The subsidiaries to be set
forth in Exhibit 21 to the Registration Statement (collectively, the “Subsidiaries”), are, or will be, as the case
may be, the Company’s only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission).
Except as set forth in the Commission Documents, the Company owns, directly or indirectly, all of the equity interests of the Subsidiaries
free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests
of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights. Except as required
by applicable law, no Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary
from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary of the
Company. Each Subsidiary of the Company has been duly formed or organized, is validly existing under the applicable laws of its jurisdiction
of incorporation or organization and has the organizational power and authority to own, lease and operate its assets and properties and
to conduct its business as it is now being conducted.


 


Section 5.3. Authorization, Enforcement. The Company
has the requisite corporate power and authority to enter into and perform its obligations under each of the Transaction Documents to which
it is a party and to issue the Shares in accordance with the terms hereof and thereof. Except for approvals of the Company’s Board
of Directors or a committee thereof as may be required in connection with any issuance and sale of Shares to the Investor hereunder (which
approvals shall be obtained prior to the delivery of any VWAP Purchase Notice), the execution, delivery and performance by the Company
of each of the Transaction Documents to which it is a party and the consummation by it of the transactions contemplated hereby and thereby
have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Company, its Board
of Directors or its stockholders is required. Each of the Transaction Documents to which the Company is a party has been duly executed
and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation,
conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies
or by other equitable principles of general application (including any limitation of equitable remedies).


 






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Section 5.4. Capitalization. The authorized capital
stock of the Company and the shares thereof issued and outstanding were as set forth in the Commission Documents as of the dates reflected
therein. Except as set forth in the Commission Documents, this Agreement and the Registration Rights Agreement, there are no agreements
or arrangements under which the Company is obligated to register the sale of any securities under the Securities Act. Except as set forth
in the Commission Documents, no shares of Common Stock or shares of any other capital stock or other securities of the Company are entitled
to preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings, or arrangements by which
the Company is or may become bound to issue additional shares of the capital stock of the Company or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for, any shares of capital stock of the Company other than those issued or granted in the ordinary course of business pursuant to the
Company’s equity incentive and/or compensatory plans or arrangements. No Person has any preemptive rights, resale rights, rights
of first refusal, rights of co-sale, or any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase
any Common Stock or shares of any other capital stock or other securities of the Company. Except for customary transfer restrictions contained
in agreements entered into by the Company to sell restricted securities or as set forth in the Commission Documents, the Company is not
a party to, and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the Company.
Except as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions
that will be triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein
or therein. The Company has filed or will file with the Commission true and correct copies of the Company’s Amended and Restated
Certificate of Incorporation as in effect on the Closing Date (the “Charter”), and the Company’s Amended
and Restated Bylaws as in effect on the Closing Date (the “Bylaws”).


 


Section 5.5. Issuance of Shares. The Shares to be issued
under this Agreement have been, or with respect to Shares to be purchased by the Investor pursuant to a particular VWAP Purchase Notice,
will be, prior to the delivery to the Investor hereunder of such VWAP Purchase Notice, duly and validly authorized by all necessary corporate
action on the part of the Company. The Shares, if and when issued and sold against payment therefor in accordance with this Agreement,
shall be validly issued and outstanding, fully paid and non-assessable and free from all liens, charges, taxes, security interests, encumbrances,
rights of first refusal, preemptive or similar rights and other encumbrances with respect to the issue thereof, and the Investor shall
be entitled to all rights accorded to a holder of Common Stock. At or prior to Commencement, the Company shall have duly authorized and
reserved a number of shares of Common Stock equal to the Exchange Cap for issuance and sale as Shares to the Investor pursuant to VWAP
Purchases that may be effected by the Company, in its sole discretion, from time to time from and after the Commencement Date, pursuant
to this Agreement.


 


Section 5.6. No Conflicts. The execution, delivery and
performance by the Company of each of the Transaction Documents to which it is a party and the consummation by the Company of the transactions
contemplated hereby and thereby do not and shall not (i) result in a violation of any provision of the Company’s Charter or Bylaws,
(ii) conflict with or constitute a material default (or an event which, with notice or lapse of time or both, would become a material
default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage,
deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company or any of its Subsidiaries
is a party or is bound, (iii) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment
or decree applicable to the Company or any of its Subsidiaries (including federal and state securities laws and regulations and the rules
and regulations of the Principal Market or applicable Principal Market), except, in the case of clauses (ii) and (iii), for such conflicts,
defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect or that have been waived. Except as specifically contemplated
by this Agreement or the Registration Rights Agreement and as required under the Securities Act, any applicable state securities laws
and applicable rules of the Principal Market, the Company is not required under any federal, state or local rule or regulation to obtain
any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute,
deliver or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the Shares to the Investor
in accordance with the terms hereof and thereof (other than such consents, authorizations, orders, filings or registrations as have been
obtained or made prior to the Closing Date); provided, however, that, for purposes of the representation made in this sentence,
the Company is assuming and relying upon the accuracy of the representations and warranties of the Investor in this Agreement and the
compliance by it with its covenants and agreements contained in this Agreement and the Registration Rights Agreement.


 






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Section 5.7. Commission Documents, Financial Statements; Disclosure
Controls and Procedures; Internal Controls Over Financial Reporting; Accountants.


 


(a) Since December 10, 2020, the Company has timely filed (giving effect
to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all filings required to be filed with or furnished to
the Commission by the Company under the Securities Act or the Exchange Act, including those required to be filed with or furnished to
the Commission under Section 13(a) or Section 15(d) of the Exchange Act. As of the date of this Agreement, no Subsidiary of the Company
is required to file or furnish any report, schedule, registration, form, statement, information or other document with the Commission.
As of its filing date (or, in the case of the Company’s Registration Statement on Form S-4 filed in connection with the Merger,
as of its effective date), each Commission Document filed with or furnished to the Commission prior to the Closing Date complied in all
material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws,
rules and regulations applicable to it, and, as of its filing date (or, if amended or superseded by a filing prior to the Closing Date,
on the date of such amended or superseded filing). Each Registration Statement, on the date it is filed with the Commission, on the date
it is declared effective by the Commission and on each VWAP Purchase Date shall comply in all material respects with the requirements
of the Securities Act (including, without limitation, Rule 415 under the Securities Act) and shall not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not
misleading, except that this representation and warranty shall not apply to statements in or omissions from such Registration Statement
made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf
of the Investor expressly for use therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement
or the Registration Rights Agreement after the Closing Date, when taken together, on its date and on each VWAP Purchase Date shall comply
in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities
Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that this
representation and warranty shall not apply to statements in or omissions from the Prospectus or any Prospectus Supplement made in reliance
upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly
for use therein. The statistical, demographic and market-related data included in the Registration Statement and Prospectus are based
on or derived from sources that the Company believes to be reliable and accurate. Each Commission Document (other than the Initial Registration
Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement thereto) to be filed with
or furnished to the Commission after the Closing Date and incorporated by reference in the Initial Registration Statement or any New Registration
Statement, or the Prospectus included therein or any Prospectus Supplement thereto required to be filed pursuant to this Agreement or
the Registration Rights Agreement (including, without limitation, the Current Reports), when such document is filed with or furnished
to the Commission and, if applicable, when such document becomes effective, as the case may be, shall comply in all material respects
with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations
applicable to it. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company under the Securities Act or the Exchange Act.


 


(b)The consolidated financial statements of the Company included or
incorporated by reference in the Commission Documents, together with the related notes and schedules, present fairly, in all material
respects, the consolidated financial position of the Company and its then consolidated subsidiaries as of the dates indicated, and the
consolidated results of operations, cash flows and changes in stockholders’ equity of the Company and its then consolidated subsidiaries
for the periods specified (subject, in the case of unaudited statements, to normal year-end audit
adjustments which will not be material, either individually or in the aggregate) and have been prepared in compliance with the
published requirements of the Securities Act and the Exchange Act, as applicable, and in conformity with generally accepted accounting
principles in the United States (“GAAP”) applied on a consistent basis. The summary consolidated financial data
included or incorporated by reference in the Commission Documents, if any, present fairly the information shown therein and have been
compiled on a basis consistent with that of the financial statements included or incorporated by reference in the Commission Documents,
as of and at the dates indicated. The pro forma condensed combined financial statements and the pro forma combined financial statements
and any other pro forma financial statements or data included or incorporated by reference in the Commission Documents comply with the
requirements of Regulation S-X of the Securities Act, including, without limitation, Article 11 thereof, and the assumptions used in the
preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments used therein are appropriate to
give effect to the circumstances referred to therein and the pro forma adjustments have been properly applied to the historical amounts
in the compilation of those statements and data. There are no financial statements (historical or pro forma) that are required to be included
or incorporated by reference in the Commission Documents that are not included or incorporated by reference as required. The Company and
the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations
or any “variable interest entities” as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not
described in Commission Documents which are required to be described in the Commission Documents. All disclosures contained or incorporated
by reference in the Commission Documents, if any, regarding “non-GAAP financial measures” (as such term is defined by the
rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included in the
Commission Documents fairly presents the information called for in all material respects and has been prepared in accordance with the
Commission’s rules and guidelines applicable thereto.


 






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(c) (i) Grant Thornton LLP, whose report on the consolidated financial
statements of the Company are included in the Registration Statement, is and, during the periods covered by its report, was an independent
public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To
the Company’s Knowledge, Grant Thornton LLP is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act
of 2002 (the “Sarbanes-Oxley Act”) with respect to the Company. (ii) From and after the Closing Date, KPMG LLP
(or any successor accounting firm for the Company), whose report on the consolidated financial statements of FOXO and the Company are
included in the Registration Statement, is and, during the periods covered by its report, was an independent public accounting firm within
the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s Knowledge,
KPMG LLP (or any successor accounting firm for the Company) is not in violation of the auditor independence requirements of the Sarbanes-Oxley
Act with respect to the Company.


 


(d) Each of the principal executive officer and the principal financial
officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company
as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules,
forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence,
“principal executive officer” and “principal financial officer” shall have the meanings given to such terms in
the Sarbanes-Oxley Act. The Company and the Subsidiaries will maintain and keep accurate books and records reflecting their assets and
maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and including
those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded
as necessary to permit the preparation of the Company’s consolidated financial statements in accordance with generally accepted
accounting principles, (iii) that receipts and expenditures of the Company are being made only in accordance with management’s
and the Company’s directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial statements.
The Company and the Subsidiaries will maintain such controls and other procedures, including, without limitation, those required by Sections
302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission’s rules and forms, including, without limitation, controls and procedures designed
to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the Company’s management, including its principal executive officer and principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information
relating to the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which
such periodic reports are being prepared.


 


Section 5.8. No Material Adverse Effect; Absence of Certain Changes.
Subsequent to the respective dates as of which information is given in the Commission Documents (including any document deemed incorporated
by reference therein), there has not been (i) any Material Adverse Effect , (ii) any transaction which is material to the Company and
the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations),
incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change
in the capital stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary
course of business or as otherwise disclosed in the Commission Documents (including any document deemed incorporated by reference therein).
The Company and its Subsidiaries have conducted their respective businesses in the ordinary course of business consistent with past practice
in all material respects.


 






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Section 5.9. No Material Defaults. Neither the Company
nor any of its Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term
leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant
to Section 13(a) or 15(d) of the Exchange Act indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred
stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which
defaults, individually or in the aggregate, would have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is (i) in
violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice
or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained
in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any
of its Subsidiaries are subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any Governmental
Authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually
or in the aggregate, have a Material Adverse Effect.


 


Section 5.10. No Preferential Rights.  Except as set
forth in the Commission Documents, (i) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection
with the offer and sale of the Common Stock, and (ii) no Person has the right, contractual or otherwise, to require the Company to
register under the Securities Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include
any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing
or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise.


 


Section 5.11. Material Contracts. Neither the
Company nor any of its Subsidiaries is in material breach of or default in any respect under the terms of any Material Contract and, to
the Knowledge of the Company, as of the date hereof, no other party to any Material Contract is in material breach of or default under
the terms of any Material Contract. Each Material Contract is in full force and effect and is a valid and binding obligation of the Company
or the Subsidiary of the Company that is party thereto and, to the Knowledge of the Company, is a valid and binding obligation of each
other party thereto. The Company has not received any written notice of the intention of any other party to a Material Contract to terminate
for default, convenience or otherwise, or not renew, any Material Contract.


 


Section 5.12. [Intentionally Omitted].


 


Section 5.13. Real Property; Intellectual Property.


 


(a) Except as set forth in the Commission Documents, the Company and
its Subsidiaries have good and marketable title in fee simple to all items of real property owned by them, good and valid title to all
personal property described in the Commission Documents as being owned by them, in each case free and clear of all liens, encumbrances
and claims, except those matters that (i) do not materially interfere with the use made and proposed to be made of such property by the
Company and any of its Subsidiaries or (ii) would not, individually or in the aggregate, have a Material Adverse Effect. Any real or personal
property described in the Commission Documents as being leased by the Company and any of its Subsidiaries is held by them under valid,
existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property
by the Company or any of its Subsidiaries or (B) would not be reasonably expected, individually or in the aggregate, to have a Material
Adverse Effect. Each of the properties of the Company and its Subsidiaries complies with all applicable codes, laws and regulations (including,
without limitation, building and zoning codes, laws and regulations and laws relating to access to such properties), except if and to
the extent disclosed in the Commission Documents or except for such failures to comply that would not, individually or in the aggregate,
reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property by the Company
and its Subsidiaries or otherwise have a Material Adverse Effect. None of the Company or its subsidiaries has received from any Governmental
Authorities any notice of any condemnation of, or zoning change affecting, the properties of the Company and its Subsidiaries, and the
Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere
in any material respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or otherwise have
a Material Adverse Effect, individually or in the aggregate.


 






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(b) Except as disclosed in the Commission Documents, the Company and
its Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service
marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain
names, know-how and other intellectual property (collectively, the “Intellectual Property”), necessary for the
conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise hold
adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect. Except
as disclosed in the Commission Documents (i) there are no rights of third parties to any such Intellectual Property owned by the Company
and its Subsidiaries; (ii) to the Company’s Knowledge, there is no infringement by third parties of any such Intellectual Property;
(iii) there is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by others challenging the
Company’s and its Subsidiaries’ rights in or to any such Intellectual Property, and the Company is unaware of any facts which
could form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company’s Knowledge,
threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (v) there
is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by others that the Company and its Subsidiaries
infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company’s
Knowledge, there is no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding
(as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described in the Commission Documents
as being owned by or licensed to the Company; and (vii) the Company and its Subsidiaries have complied with the terms of each agreement
pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and all such agreements are in full force
and effect, except, in the case of any of clauses (i)-(vii) above, for such rights of third parties, any such infringement by third parties
or any such pending or threatened suit, action, proceeding or claim as would not, individually or in the aggregate, result in a Material
Adverse Effect. The Company and its Subsidiaries have taken commercially reasonable efforts to maintain the confidentiality of all material
trade secrets and other material confidential information of the Company and its Subsidiaries and any confidential information owned by
any Person to whom the Company or any of its Subsidiaries has a written confidentiality obligation, except those that would not, individually
or in the aggregate, result in a Material Adverse Effect.


 


Section 5.14. Actions Pending. Except as set forth in
the Commission Documents, there are no actions, suits or proceedings by or before any Governmental Authority pending, nor, to the Company’s
Knowledge, any audits or investigations by or before any Governmental Authority to which the Company or a Subsidiary is a party or to
which any property of the Company or any of its Subsidiaries is the subject that, individually or in the aggregate, would have a Material
Adverse Effect and, to the Company’s Knowledge, no such actions, suits, proceedings, audits or investigations are threatened or
contemplated by any Governmental Authority or threatened by others; and (i) there are no current or pending audits or investigations,
actions, suits or proceedings by or before any Governmental Authority that are required under the Securities Act to be described in the
Commission Documents that are not so described; and (ii) there are no contracts or other documents that are required under the Securities
Act to be filed as exhibits to the Commission Documents that are not so filed.


 


Section 5.15. Compliance with Law. The Company and each
of its Subsidiaries are in compliance with all applicable laws, regulations and statutes (including all environmental laws and regulations)
in the jurisdictions in which it carries on business; the Company has not received a notice of non-compliance, nor knows of, nor has reasonable
grounds to know of, any facts that could give rise to a notice of non-compliance with any such laws, regulations and statutes, and is
not aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that
would materially adversely affect the business of the Company or the business or legal environment under which the Company operates.


 


Section 5.16. Certain Fees. Neither the Company nor any
of its Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection with
the transactions herein contemplated.


 


Section 5.17. Disclosure. The Company confirms that neither
it nor any other Person acting on its behalf has provided the Investor or any of its agents, advisors or counsel with any information
that constitutes or could reasonably be expected to constitute material, nonpublic information concerning the Company or any of its Subsidiaries,
other than the existence of the transactions contemplated by the Transaction Documents. The Company understands and confirms that the
Investor will rely on the foregoing representations in effecting resales of Shares under the Registration Statement.1


 






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Section 5.18. [Intentionally Omitted].


 


Section 5.19. Broker/Dealer Relationships. Neither the
Company nor any of the Subsidiaries (i) is required to register as a “broker” or “dealer” in accordance with
the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person
associated with a member” or “associated person of a member” (within the meaning set forth in the FINRA Manual).


 


Section 5.20. Disclosure Controls. The Company maintains
a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that complies with the
requirements of the Exchange Act and that has been designed to ensure that information required to be disclosed by the Company in reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated
to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company has carried out
any evaluations of the effectiveness of its disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.


 


Section 5.21. [Intentionally Omitted].


 


Section 5.22. Environmental Compliance. Except as set
forth in the Commission Documents, the Company and its Subsidiaries (i) are in compliance with any and all applicable federal, state,
local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses as described in the Commission Documents; and (iii) have not received notice of any actual
or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants
or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive
required permits, licenses, other approvals or liability as would not, individually or in the aggregate, have a Material Adverse Effect.


 


Section 5.23. No Improper Practices. (i) Neither
the Company nor the Subsidiaries, nor any director or officer of the Company or any Subsidiary nor, to the Company’s Knowledge,
any employee of the Company or any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, in the past
five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in
violation of applicable law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal,
or foreign office or other person charged with similar public or quasi-public duty in violation of any applicable law or of the character
required to be disclosed in the Commission Documents; (ii) no relationship, direct or indirect, exists between or among the Company
or any Subsidiary or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any
Subsidiary, on the other hand, that is required by the Securities Act to be described in the Commission Documents that is not so described;
(iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on the
one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand, that is required by the rules
of FINRA to be described in the Commission Documents that is not so described; (iv) except as described in the Commission Documents,
there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for
the benefit of any of their respective officers or directors or any of the members of the families of any of them; and (v) the Company
has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a
customer or supplier of the Company or any Subsidiary to alter the customer’s or supplier’s level or type of business with
the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information about the Company
or any Subsidiary or any of their respective products or services, and, (vi) neither the Company nor any Subsidiary nor any director,
officer or employee of the Company or any Subsidiary nor, to the Company’s Knowledge, any agent, affiliate or other person acting
on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively, “Anti-Corruption
Laws”), (B) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly
or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient, or
securing any improper advantage; or (C) made any payment of funds of the Company or any Subsidiary or received or retained any funds in
violation of any Anti-Corruption Laws.


 






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Section 5.24. Operations. The operations of the Company
and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which
the Company or its Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”);
and no action, suit or proceeding by or before any Governmental Authority involving the Company or any of its Subsidiaries with respect
to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened in writing.


 


Section 5.25. Off-Balance Sheet Arrangements. There are
no transactions, arrangements and other relationships between and/or among the Company, and/or any of its affiliates and any unconsolidated
entity, including, but not limited to, any structural finance, special purpose or limited purpose entity (each, an “Off-Balance
Sheet Transaction”) that could reasonably be expected to affect materially the Company’s liquidity or the availability
of or requirements for its capital resources, including those Off-Balance Sheet Transactions described in the Commission’s Statement
about Management’s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61),
required to be described in the Commission Documents which have not been described as required.


 


Section 5.26. Transactions With Affiliates. No relationship,
direct or indirect, exists between or among the Company or any of its Subsidiaries on the one hand, and the directors, officers, trustees,
managers, stockholders, partners, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which would be required
by the Securities Act or the Exchange Act to be disclosed in the Commission Documents, which is not so disclosed.


 


Section 5.27. Labor Disputes. None of the Company nor
any of its Subsidiaries is bound by or subject to any collective bargaining or similar agreement with any labor union, and, to the Knowledge
of the Company, none of the employees, representatives or agents of the Company or any of its Subsidiaries is represented by any labor
union. The Company and its Subsidiaries have complied with all employment laws applicable to employees of the Company and its Subsidiaries,
except where non-compliance with any such employment laws would not have a Material Adverse Effect. No labor disturbance by or dispute
with employees of the Company or any of its Subsidiaries exists or, to the Knowledge of the Company, is threatened which would result
in a Material Adverse Effect.


 


Section 5.28. Use of Proceeds. The proceeds from the
sale of the Shares by the Company to Investor shall be used by the Company in the manner as will be set forth in the Prospectus included
in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to the Registration
Rights Agreement.


 


Section 5.29. Investment Company Act Status. The Company
is not, and as a result of the consummation of the transactions contemplated by the Transaction Documents and the application of the proceeds
from the sale of the Shares as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment
thereto) and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement the Company will not be an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.


 


Section 5.30. Margin Rules. Neither the issuance, sale
and delivery of the Shares nor the application of the proceeds thereof by the Company as described in the Commission Documents will violate
Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.


 


Section 5.31. Taxes. The Company and each of its Subsidiaries
have filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through
the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where the failure to
so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Commission Documents,
no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would have, individually or
in the aggregate, a Material Adverse Effect. The Company has no Knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect.


 






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Section 5.32. ERISA. To the Knowledge of the Company,
each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees
or former employees of the Company and any of its Subsidiaries has been maintained in material compliance with its terms and the requirements
of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as
amended (the “Code”); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975
of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions
effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412
of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has been incurred,
whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions)
exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.


 


Section 5.33. Stock Transfer Taxes. All stock transfer
or other taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Shares to be sold
hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have
been fully complied with.


 


Section 5.34. Insurance. The Company and each of its
Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and each of its Subsidiaries reasonably
believe are adequate for the conduct of their properties and as is customary for companies engaged in similar businesses in similar industries.


 


Section 5.35. Exemption from Registration. Subject to,
and in reliance on, the representations, warranties and covenants made herein by the Investor, the offer and sale of the Shares in accordance
with the terms and conditions of this Agreement is exempt from the registration requirements of the Securities Act pursuant to Section
4(a)(2) and/or Rule 506(b) of Regulation D; provided, however, that at the request of and with the express agreements of
the Investor (including, without limitation, the representations, warranties and covenants of Investor set forth in Section 4.9 through
4.13), the Shares to be issued from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued
to the Investor or its designee only as DWAC Shares and will not bear legends noting restrictions as to resale of such securities under
federal or state securities laws, nor will any such securities be subject to stop transfer instructions.


 


Section 5.36. No General Solicitation or Advertising.
Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person acting on its or their behalf, has engaged in any form
of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.


 


Section 5.37. No Integrated Offering. None of the Company,
its Subsidiaries or any of their Affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales
of any security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any
of the Shares under the Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Shares
to require approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation,
under the rules and regulations of the Principal Market. None of the Company, its Subsidiaries, their Affiliates nor any Person acting
on their behalf will take any action or steps referred to in the preceding sentence that would require registration of the issuance of
any of the Shares under the Securities Act or cause the offering of any of the Shares to be integrated with other offerings.


 


Section 5.38. Dilutive Effect. The Company is aware and
acknowledges that issuance of the Shares could cause dilution to existing stockholders and could significantly increase the outstanding
number of shares of Common Stock. The Company further acknowledges that its obligation to issue the Shares to be purchased by the Investor
pursuant to a VWAP Purchase is, upon the Company’s delivery to the Investor of a VWAP Purchase Notice for a VWAP Purchase in accordance
with this Agreement, absolute and unconditional following the delivery of such VWAP Purchase Notice to the Investor, regardless of the
dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.


 






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Section 5.39. Manipulation of Price. Neither the Company
nor any of its officers, directors or Affiliates has, and, to the Knowledge of the Company, no Person acting on their behalf has, (i)
taken, directly or indirectly, any action designed or intended to cause or to result in the stabilization or manipulation of the price
of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result
in, the stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any
of the Shares, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid or
agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. Neither the Company
nor any of its officers, directors or Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person
acting on their behalf will during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.


 


Section 5.40. [Intentionally Omitted].


 


Section 5.41. Listing and Maintenance Requirements; DTC Eligibility.
The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which
to its Knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act, nor has the
Company received any notification that the Commission is contemplating terminating such registration. The Company has not received notice
from the Principal Market to the effect that the Company is not in compliance with the listing or maintenance requirements of the Principal
Market. The Common Stock is eligible for participation in the DTC book entry system and has shares on deposit at DTC for transferred electronically
to third parties via DTC through its Deposit/Withdrawal at Custodian (“DWAC”) delivery system. The Company has
not received notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock,
electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated.


 


Section 5.42. Application of Takeover Protections. The
Company and its Board of Directors will, as of the Closing Date, have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar
anti-takeover provision under the Company’s Charter or the laws of its state of incorporation that is or could become applicable
to the Investor as a result of the Investor and the Company fulfilling their respective obligations or exercising their respective rights
under the Transaction Documents (as applicable), including, without limitation, as a result of the Company’s issuance of the Shares
and the Investor’s ownership of the Shares.


 


Section 5.43. OFAC. Neither the Company nor any of its
Subsidiaries (collectively, the “Entity”), nor any director, officer, employee, agent, affiliate or representative
of the Company, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions administered or enforced
by the (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant
sanctions authorities, including, without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List
or OFAC’s Foreign Sanctions Evaders List or other relevant sanctions authority (collectively, “Sanctions”),
nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with
that country or territory (including, without limitation, the Crimea region of the Ukraine, Cuba, Iran, North Korea, Sudan and Syria (the
“Sanctioned Countries”)). The Entity will not, directly or indirectly, use the proceeds from the sale of Shares,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) to fund or
facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation,
is the subject of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions by any
Person (including any Person participating in the transactions contemplated by this Agreement, whether as underwriter, advisor, investor
or otherwise). For the past five years, the Entity has not engaged in, and is now not engaged in, any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned
Country.


 






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Section 5.44. Information Technology; Compliance with Data Privacy
Laws.


 


(a) The Company and its subsidiaries’ information technology
assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT
Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation
of the business of the Company as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs,
malware and other corruptants. The Company and its subsidiaries have implemented and maintained reasonable best physical, technical and
administrative controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the
integrity, continuous operation, redundancy and security of all IT Systems and data, including all “Personal Data” (defined
below) and all sensitive, confidential or regulated data (“Confidential Data”) used in connection with their
businesses. “Personal Data” means (i) a natural person’s name, street address, telephone number, e-mail
address, photograph, social security number or tax identification number, driver’s license number, passport number, credit card
number, bank information, or customer or account number; (ii) any information which would qualify as “personally identifying information”
under the Federal Trade Commission Act, as amended; (iii) “personal data” as defined by the European Union General Data Protection
Regulation (“GDPR”) (EU 2016/679) to the extent GDPR is applicable to the Company’s business; (iv) any
information which would qualify as “protected health information” under the Health Insurance Portability and Accountability
Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”);
(v) any “personal information” as defined by the California Consumer Privacy Act (“CCPA”) to the
extent CCPA is applicable to the Company’s business; and (vi) any other piece of information that allows the identification of such
natural person, or his or her family, or permits the collection or analysis of any data related to an identified person’s health
or sexual orientation. There have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those
that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review
or investigations relating to the same. The Company and its subsidiaries are presently in material compliance with all applicable laws
or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal
policies and contractual obligations relating to the privacy and security of IT Systems, Confidential Data, and Personal Data and to the
protection of such IT Systems, Confidential Data, and Personal Data from unauthorized use, access, misappropriation or modification.


 


(b) The Company and its subsidiaries are, and at all prior times were,
in material compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation
HIPAA, CCPA, and the GDPR to the extent applicable (collectively, the “Privacy Laws”). To ensure compliance
with the Privacy Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance in all material respects
with their policies and procedures relating to data privacy and security and the collection, storage, use, processing, disclosure, handling,
and analysis of Personal Data and Confidential Data (the “Policies”). The Company has at all times made all
disclosures to users or customers required by applicable laws and regulatory rules or requirements, and none of such disclosures made
or contained in any Policy have been inaccurate or in violation of any applicable laws and regulatory rules or requirements in any material
respect. The Company further certifies that neither it nor any subsidiary: (i) has received notice of any actual or potential liability
under or relating to, or actual or potential violation of, any of the Privacy Laws, and has no Knowledge of any event or condition that
would reasonably be expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation,
remediation, or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes
any obligation or liability under any Privacy Law.


 






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Section 5.45. Acknowledgement Regarding Investor’s Acquisition
of Shares; Affiliate Relationships. The Company acknowledges and agrees, to the fullest extent permitted by law, that the Investor
is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement and the transactions contemplated by
the Transaction Documents, and Cantor Fitzgerald & Co. (“CF&CO”) is acting as a representative of the Investor in
connection with the transactions contemplated by the Transaction Documents, and of no other party, including the Company. The Company
further acknowledges that while the Investor will be deemed to be a statutory “underwriter” with respect to the Transaction
in accordance with interpretive positions of the Staff of the Commission, the Investor is a “trader” that is not required
to register with the Commission as a broker-dealer under Section 15(a) of the Securities Exchange Act of 1934. The Company further acknowledges
that the Investor and its representatives are not acting as a financial advisor or fiduciary of the Company (or in any similar capacity,
except as noted above) with respect to this Agreement and the transactions contemplated by the Transaction Documents, and any advice given
by the Investor or any of its representatives (including CF&CO) or agents in connection therewith is merely incidental to the Investor’s
acquisition of the Shares. The Company further represents to the Investor that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation of the transactions contemplated thereby by the Company
and its representatives. The Company acknowledges and agrees that the Investor has not made and does not make any representations or warranties
with respect to the transactions contemplated by the Transaction Documents other than those specifically set forth in Article IV. Affiliates
of the Investor, including CF&CO, engage in a wide range of activities for their own accounts and the accounts of customers, including
corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign
exchange, futures, asset management, custody, clearance and securities lending. In the course of its business, affiliates of Investor
may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity
securities and/or bank debt of, and/or derivative products relating to, the Company. Any such position will be created, and maintained,
independently of the position Investor takes in the Company, and Investor. In addition, at any given time affiliates of Investor, including
CF&CO, may have been and/or be engaged by one or more entities that may be competitors with, or otherwise adverse to, the Company
in matters unrelated to the transactions contemplated by the Transaction Documents, and affiliates of Investor, including CF&CO may
have or may in the future provide investment banking or other services to the Company in matters unrelated to the transactions contemplated
by the Transaction Documents. Activities of any of Investor’s affiliates performed on behalf of the Company may give rise to actual
or apparent conflicts of interest given Investor’s potentially competing interests with those of the Company. The Company expressly
acknowledges the benefits it receives from Investor’s participation in the transactions contemplated by the Transaction Documents,
on the one hand, and Investor’s affiliates’ activities, if any, on behalf of the Company unrelated to the transactions contemplated
by the Transaction Documents, on the other hand, and understands the conflict or potential conflict of interest that may arise in this
regard, and has consulted with such independent advisors as it deems appropriate in order to understand and assess the risks associated
with these potential conflicts of interest. Consistent with applicable legal and regulatory requirements, applicable affiliates of the
Investor have adopted policies and procedures to establish and maintain the independence of their research departments and personnel from
their investment banking groups and Investor. As a result, research analysts employed by affiliates of the Investor may hold views, make
statements or investment recommendations and/or publish research reports with respect to the Company or the transactions contemplated
by the Transaction Documents that differ from the views of Investor.


 


Section 5.46. [Intentionally Omitted].


 


Section 5.47. Emerging Growth Company Status. From the
time of the initial filing of the Company’s first registration statement with the Commission through the date hereof, the Company
has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth
Company”).


 


ARTICLE VI 


ADDITIONAL COVENANTS 


 


The Company covenants with the Investor, and the Investor covenants
with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period (and with
respect to the Company, for the period following the termination of this Agreement specified in Section 8.3 pursuant to and in accordance
with Section 8.3):


 


Section 6.1. Securities Compliance. The Company shall
notify the Commission and the Principal Market, if and as applicable, in accordance with their respective rules and regulations, of the
transactions contemplated by the Transaction Documents, and shall take all necessary action, undertake all proceedings and obtain all
registrations, permits, consents and approvals for the legal and valid issuance of the Shares to the Investor in accordance with the terms
of the Transaction Documents, as applicable.


 






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Section 6.2. Reservation of Common Stock. The Company
has available and the Company shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders,
the requisite aggregate number of authorized but unissued shares of Common Stock to enable the Company to timely effect the issuance,
sale and delivery of all Shares to be issued, sold and delivered in respect of each VWAP Purchase effected under this Agreement, at least
prior to the delivery by the Company to the Investor of the applicable VWAP Purchase Notice in connection with such VWAP Purchase. Without
limiting the generality of the foregoing, as of the Commencement Date the Company shall have reserved, out of its authorized and unissued
Common Stock, a number of shares of Common Stock equal to the Exchange Cap solely for the purpose of effecting VWAP Purchases under this
Agreement. The number of shares of Common Stock so reserved for the purpose of effecting VWAP Purchases under this Agreement may be increased
from time to time by the Company from and after the Commencement Date, and such number of reserved shares may be reduced from and after
the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant to any VWAP Purchase effected
from and after the Commencement Date pursuant to this Agreement.


 


Section 6.3. Registration and Listing. The Company shall
use its commercially reasonable efforts to cause the Common Stock to continue to be registered as a class of securities under Sections
12(b) of the Exchange Act, and to comply with its reporting and filing obligations under the Exchange Act, and shall not take any action
or file any document (whether or not permitted by the Securities Act or the Exchange Act) to terminate or suspend such registration or
to terminate or suspend its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted herein. The
Company shall use its commercially reasonable efforts to continue the listing and trading of its Common Stock and the listing of the Shares
purchased by the Investor hereunder on the Principal Market and to comply with the Company’s reporting, filing and other obligations
under the rules and regulations of the Principal Market. The Company shall not take any action which could be reasonably expected to result
in the delisting or suspension of the Common Stock on the Principal Market. If the Company receives any final and non-appealable notice
that the listing or quotation of the Common Stock on the Principal Market shall be terminated on a date certain, the Company shall promptly
(and in any case within 24 hours) notify the Investor of such fact in writing and shall use its commercially reasonable efforts to cause
the Common Stock to be listed or quoted on another Principal Market.


 


Section 6.4. Compliance with Laws.


 


(i) During the Investment Period, the Company shall comply with applicable
provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable state securities or “Blue Sky”
laws, and applicable listing rules of the Principal Market or Principal Market, in connection with the transactions contemplated by this
Agreement and the Registration Rights Agreement, except as would not, individually or in the aggregate, prohibit or otherwise interfere
with the ability of the Company to enter into and perform its obligations under this Agreement in any material respect or for Investor
to conduct resales of Shares under the Registration Statement in any material respect.


 


(ii) The Investor shall comply with all laws, rules, regulations and
orders applicable to the performance by it of its obligations under this Agreement and its investment in the Shares, except as would not,
individually or in the aggregate, prohibit or otherwise interfere with the ability of the Investor to enter into and perform its obligations
under this Agreement in any material respect. Without limiting the foregoing, the Investor shall comply with all applicable provisions
of the Securities Act and the Exchange Act, including Regulation M thereunder, and all applicable state securities or “Blue Sky”
laws, in connection with the transactions contemplated by this Agreement and the Registration Rights Agreement.


 


Section 6.5. Keeping of Records and Books of Account; Due Diligence.


 


(i) The Investor and the Company shall each maintain records showing
the remaining Total Commitment, the remaining Aggregate Limit and the dates and VWAP Purchase Share Amount for each VWAP Purchase.


 


(ii) Subject to the requirements of Section 6.12, from time to time
from and after the Closing Date, the Company shall make available for inspection and review by the Investor during normal business hours
and after reasonable notice, customary documentation reasonably requested by the Investor and/or its appointed counsel or advisors to
conduct due diligence; provided, however, that after the Closing Date, the Investor’s continued due diligence shall
not be a condition precedent to the Company’s right to deliver to the Investor any VWAP Purchase Notice or the settlement thereof
except to the extent expressly contemplated by this Agreement.


 






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Section 6.6. No Frustration; No Variable Rate Transactions.


 


(i) No Frustration. The Company shall not enter into,
announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict,
materially delay, conflict with or impair the ability or right of the Company to perform its obligations under the Transaction Documents
to which it is a party, including, without limitation, the obligation of the Company to deliver the Shares to the Investor in respect
of a VWAP Purchase not later than the VWAP Purchase Share Delivery Date. For the avoidance of doubt, nothing in this Section 6.6(i) shall
in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases to Section
8.3).


 


(ii) No Variable Rate Transactions. The Company shall
not effect or enter into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock
Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, other than in connection with an Exempt Issuance.
The Investor shall be entitled to seek injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which
remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other
security being required.


 


Section 6.7. Corporate Existence. The Company shall take
all steps necessary to preserve and continue the corporate existence of the Company; provided, however, that, except as
provided in Section 6.8, nothing in this Agreement shall be deemed to prohibit the Company from engaging in any Fundamental Transaction
with another Person. For the avoidance of doubt, nothing in this Section 6.7 shall in any way limit the Company’s right to terminate
this Agreement in accordance with Section 8.2 (subject in all cases to Section 8.3).


 


Section 6.8. Fundamental Transaction. If a VWAP Purchase
Notice has been delivered to the Investor and the transactions contemplated therein have not yet been fully settled in accordance with
the terms and conditions of this Agreement, the Company shall not effect any Fundamental Transaction until the expiration of five (5)
Trading Days following the date of full settlement thereof and the issuance to the Investor of all of the Shares issuable pursuant to
the VWAP Purchase to which such VWAP Purchase Notice relates.


 


Section 6.9. Selling Restrictions.


 


(i) Except as expressly set forth below, the Investor covenants that
from and after the Closing Date through and including the Trading Day next following the expiration or termination of this Agreement as
provided in Article VIII (the “Restricted Period”), none of the Investor any of its officers, or any entity
managed or controlled by the Investor (collectively, the “Restricted Persons” and each of the foregoing is referred
to herein as a “Restricted Person”) shall, directly or indirectly, (i) engage in any Short Sales of the Common
Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock, with respect to each of clauses
(i) and (ii) hereof, either for its own principal account or for the principal account of any other Restricted Person. Notwithstanding
the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would
otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling “long” (as defined under
Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of shares of Common Stock equal to the number of Shares
that such Restricted Person is unconditionally obligated to purchase under a pending VWAP Purchase Notice but has not yet received from
the Company or the Transfer Agent pursuant to this Agreement, so long as (X) such Restricted Person (or the Broker-Dealer, as applicable)
delivers the Shares purchased pursuant to such VWAP Purchase Notice to the purchaser thereof or the applicable Broker-Dealer promptly
upon such Restricted Person’s receipt of such Shares from the Company in accordance with Section 3.2 of this Agreement and (Y) neither
the Company or the Transfer Agent shall have failed for any reason to deliver such Shares to the Investor or its Broker-Dealer so that
such Shares are received by the Investor as DWAC Shares on the applicable VWAP Purchase Share Delivery Date in accordance with Section
3.2 of this Agreement, including, without limitation, within the time period specified for receipt of such Shares by the Investor or its
Broker-Dealer as DWAC Shares from the Company or the Transfer Agent.


 


(ii) In addition to the foregoing, in connection with any sale of Shares
(including any sale permitted by paragraph (i) above), the Investor shall comply in all respects with all applicable laws, rules, regulations
and orders, including, without limitation, the requirements of the Securities Act and the Exchange Act.


 






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Section 6.10. Effective Registration Statement. During
the Investment Period, the Company shall use its commercially reasonable efforts to maintain the continuous effectiveness of the Initial
Registration Statement and each New Registration Statement filed with the Commission under the Securities Act for the applicable Registration
Period pursuant to and in accordance with the Registration Rights Agreement.


 


Section 6.11. Blue Sky. The Company shall take such action,
if any, as is necessary by the Company in order to obtain an exemption for or to qualify the Shares for sale by the Company to the Investor
pursuant to the Transaction Documents, and at the request of the Investor, the subsequent resale of Registrable Securities by the Investor,
in each case, under applicable state securities or “Blue Sky” laws and shall provide evidence of any such action so taken
to the Investor from time to time following the date of this Agreement; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 6.11, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction.


 


Section 6.12. Non-Public Information. Neither the Company
or any of its Subsidiaries, nor any of their respective directors, officers, employees or agents shall disclose any material non-public
information about the Company to the Investor during any VWAP Purchase Period, unless a simultaneous public announcement thereof is made
by the Company in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any of
its Subsidiaries, or any of their respective directors, officers, employees and agents (as determined in the reasonable good faith judgment
of the Investor), (i) the Investor shall promptly provide written notice of such breach to the Company and (ii) after such notice has
been provided to the Company and, provided that the Company shall have failed to demonstrate to the Investor in writing within 24 hours
that such information does not constitute material, non-public information or the Company shall have failed to publicly disclose such
material, non-public information within 24 hours following demand therefor by the Investor, in addition to any other remedy provided herein
or in the other Transaction Documents, if the Investor is holding any Shares at the time of the disclosure of material, non-public information,
the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such
material, non-public information without the prior approval by the Company, any of its Subsidiaries, or any of their respective directors,
officers, employees or agents. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective
directors, officers, employees, stockholders or agents, for any such disclosure.


 


Section 6.13. Broker/Dealer. The Investor shall use one
or more broker-dealers to effectuate all sales, if any, of the Shares that it may purchase or otherwise acquire from the Company pursuant
to the Transaction Documents, as applicable, which (or whom) shall be a DTC participant (collectively, the “Broker-Dealer”).
The Investor shall, from time to time, provide the Company and the Transfer Agent with all information regarding the Broker-Dealer reasonably
requested by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer (if any), which shall
not exceed customary brokerage fees and commissions and shall be responsible for designating only a DTC participant eligible to receive
DWAC Shares.


 


Section 6.14. Disclosure Schedule. 


 


(i) The Company may, from time to time, update a disclosure schedule
(the “Disclosure Schedule”) as may be required to satisfy the conditions set forth in Section 7.2(i) and Section
7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i) as of a specific VWAP Purchase
Condition Satisfaction Time). For purposes of this Section 6.14, any disclosure made in a schedule to the Compliance Certificate shall
be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no update to the Disclosure
Schedule pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company contained in this Agreement
and made prior to the update and shall not affect any of the Investor’s rights or remedies with respect thereto.


 


(ii) Notwithstanding anything to the contrary contained in the Disclosure
Schedule or in this Agreement, the information and disclosure contained in any Schedule of the Disclosure Schedule shall be deemed to
be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule as though fully set forth in such Schedule
for which applicability of such information and disclosure is readily apparent on its face. The fact that any item of information is disclosed
in the Disclosure Schedule shall not be construed to mean that such information is required to be disclosed by this Agreement. Except
as expressly set forth in this Agreement, such information and the thresholds (whether based on quantity, qualitative characterization,
dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting the terms “material” or “Material
Adverse Effect” or other similar terms in this Agreement.


 






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Section 6.15. Delivery of Bring-Down Opinions and Compliance
Certificates Upon Occurrence of Certain Events. Following the Commencement, within three (3) Trading Days immediately following
each time the Company files (i) an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial
information or a material amendment to the previously filed Form 10-K); (ii) a quarterly report on Form 10-Q under the Exchange Act; (iii)
a current report on Form 8-K containing amended financial information (other than information “furnished” pursuant to Items
2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties
as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act; or (iv) the
Initial Registration Statement, any New Registration Statement, or any supplement or post-effective amendment thereto, and in any case,
not more than once per calendar quarter (each, a “Representation Date”), the Company shall (1) deliver to the
Investor a Compliance Certificate in the form attached hereto as Exhibit C, dated such date, (2) cause to be furnished to the Investor
opinions from outside counsel to the Company substantially in the forms mutually agreed to by the Company and the Investor prior to the
Closing Date (each such opinion, a “Bring-Down Opinion”) and (3) cause to be furnished to the Investor a comfort
letter or letters from the independent registered public accounting firm or firms (in the case of a post-effective amendment, only if
such amendment contains amended or new financial information) whose reports are included therein, modified, as necessary, to relate to
such Registration Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented by such Prospectus
Supplement, as applicable. The requirement to provide the documents identified in clauses (1), (2) and (3) of this Section 6.15 shall
be waived for any Representation Date if the Company or the Investor has given notice to the other party in writing (including by email
correspondence to the individual(s) of the other party set forth in Section 10.4 hereto, if receipt of such correspondence is actually
acknowledged by any individual to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to the individual(s) of the other party set forth in Section 10.4 hereto) of the suspension
of VWAP Purchases (a “Suspension”), which waiver shall continue until the earlier to occur of the date the Company
delivers a VWAP Purchase Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring
Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to deliver a VWAP Purchase Notice following a
Representation Date when a Suspension was in effect and did not provide the Investor with the documents identified in clauses (1), (2)
and (3) of this Section 6.15, then before the Investor accepts such VWAP Purchase Notice, the Company shall provide the Investor with
the documents identified in clauses (1), (2) and (3) of this Section 6.15, dated as of the date that the VWAP Purchase Notice is accepted
by the Investor.


 


ARTICLE VII 


CONDITIONS TO CLOSING AND CONDITIONS TO THE
SALE AND 


PURCHASE OF THE SHARES 


 


Section 7.1. Conditions Precedent to Closing. The closing
of the transactions contemplated by this Agreement is subject to the satisfaction of each of the conditions set forth in this Section
7.1.


 


(i) Accuracy of the Investor’s Representations and Warranties.
The representations and warranties of the Investor contained in this Agreement (a) that are not qualified by “materiality”
shall be true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties are
as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other
date and (b) that are qualified by “materiality” shall be true and correct as of the Closing Date, except to the extent such
representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct as
of such other date.


 


(ii) Accuracy of the Company’s Representations and Warranties.
The representations and warranties of the Company contained in this Agreement (a) that are not qualified by “materiality”
or “Material Adverse Effect” shall be true and correct in all material respects as of the Closing Date, except to the extent
such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct
in all material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in
which case, such representations and warranties shall be true and correct as of such other date.


 






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(iii) Payment of Commitment Fee. The Company shall have
delivered the Commitment Fee in accordance with Section 10.1(ii), all of which Commitment Fee shall be fully earned and non-refundable
as of the closing of the Merger, regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination
of this Agreement.


 


(iv) Performance of the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and
the Registration Rights Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Company
shall deliver to the Investor on the Closing Date (a) the secretary certificate substantially in the form attached hereto as Exhibit
B hereto, dated as of the Closing Date (the “Secretary Certificate”), and (b) a compliance certificate substantially
in the form attached hereto as Exhibit C (the “Compliance Certificate”), dated as of the Closing Date.


 


(v) Closing Deliverables. Prior to the Closing, counterpart
signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto shall have been delivered
as provided in Section 2.2. On the Closing Date, the Investor shall have received the opinions from outside counsel to the Company, dated
the Closing Date, in the forms mutually agreed to by the Company and the Investor prior to the Closing Date.


 


(vi) Merger. On or prior to the Closing Date, the transactions
contemplated by the Business Combination Agreement, including the Merger, shall have occurred.


 


Section 7.2. Conditions Precedent to Commencement. The
right of the Company to commence delivering VWAP Purchase Notices under this Agreement, and the obligation of the Investor to accept VWAP
Purchase Notices delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction, at Commencement,
of each of the conditions set forth in this Section 7.2.


 


(i) Accuracy of the Company’s Representations and Warranties.
The representations and warranties of the Company contained in this Agreement (a) that are not qualified by “materiality”
or “Material Adverse Effect” shall have been true and correct in all material respects when made and shall be true and correct
in all material respects as of the Commencement Date with the same force and effect as if made on such date, except to the extent such
representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in
all material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall have been true and correct when made and shall be true and correct as of the Commencement Date with the same force and effect as
if made on such date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct as of such other date.


 


(ii) Performance of the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and
the Registration Rights Agreement to be performed, satisfied or complied with by the Company at or prior to the Commencement. The Company
shall deliver to the Investor on the Commencement Date (a) a Secretary Certificate and (b) a Compliance Certificate, in each case dated
as of the Commencement Date.


 


(iii) Initial Registration Statement Effective. The Initial
Registration Statement covering the resale by the Investor of the Registrable Securities included therein required to be filed by the
Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement shall have been declared effective under the
Securities Act by the Commission, and the Investor shall be permitted to utilize the Prospectus therein to resell all of the Shares included
in such Prospectus.


 






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(iv) No Material Notices. None of the following events
shall have occurred and be continuing: (a) receipt of any request by the Commission or any other federal or state governmental authority
for any additional information relating to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement
thereto, or for any amendment of or supplement to the Initial Registration Statement, the Prospectus contained therein or any Prospectus
Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of the Initial Registration Statement or prohibiting or suspending the use of the Prospectus contained therein or any
Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Shares for offering or sale
in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence of any event
or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement,
the Prospectus contained therein or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes
to the statements then made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto
in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then
made therein (in the case of the Prospectus or any Prospectus Supplement, in the light of the circumstances under which they were made)
not misleading, or which requires an amendment to the Initial Registration Statement or a supplement to the Prospectus contained therein
or any Prospectus Supplement thereto to comply with the Securities Act or any other law. The Company shall have no Knowledge of any event
that could reasonably be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration Statement
or the prohibition or suspension of the use of the Prospectus contained therein or any Prospectus Supplement thereto in connection with
the resale of the Registrable Shares by the Investor.


 


(v) Other Commission Filings. The Current Reports shall
have been filed with the Commission as required pursuant to Section 2.3. The final Prospectus included in the Initial Registration Statement
shall have been filed with the Commission prior to Commencement in accordance with Section 2.3 and the Registration Rights Agreement.
All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with
the Commission pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant
to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement shall have been filed with the Commission.


 


(vi) No Suspension of Trading in or Notice of Delisting of Common
Stock. Trading in the Common Stock shall not have been suspended by the Commission, the Principal Market or the FINRA (except
for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Commencement
Date), the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Stock on the
Principal Market shall be terminated on a date certain (unless, prior to such date certain, the Common Stock is listed or quoted on any
other Principal Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the
Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that is continuing, the Company shall
not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common
Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated (unless,
prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose any such
suspension or restriction).


 


(vii) Compliance with Laws. The Company shall have complied
with all applicable federal, state and local governmental laws, rules, regulations and ordinances in connection with the execution, delivery
and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions
contemplated hereby and thereby, including, without limitation, the Company shall have obtained all permits and qualifications required
by any applicable state securities or “Blue Sky” laws for the offer and sale of the Shares by the Company to the Investor
and the subsequent resale of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom).


 


(viii) No Injunction. No statute, regulation, order,
decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any court or governmental
authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions
contemplated by the Transaction Documents.


 






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(ix) No Proceedings or Litigation. No action, suit or
proceeding before any arbitrator or any court or governmental authority shall have been commenced, and no inquiry or investigation by
any governmental authority shall have been commenced, against the Company or any Subsidiary, or any of the officers, directors or Affiliates
of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or
seeking material damages in connection with such transactions.


 


(x) Listing of Shares. All of the Shares that have been
and may be issued pursuant to this Agreement shall have been approved for listing or quotation on the Principal Market as of the Commencement
Date, subject only to notice of issuance.


 


(xi) No Material Adverse Effect. Since the date of this
Agreement, no condition, occurrence, state of facts or event constituting a Material Adverse Effect shall have occurred and be continuing.


 


(xii) No Bankruptcy Proceedings. No Person shall have
commenced a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law. The Company shall not have, pursuant
to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to the entry of an order for relief against
it in an involuntary case, (c) consented to the appointment of a Custodian of the Company or for all or substantially all of its property,
or (d) made a general assignment for the benefit of its creditors. A court of competent jurisdiction shall not have entered an order or
decree under any Bankruptcy Law that (I) is for relief against the Company in an involuntary case, (II) appoints a Custodian of the Company
or for all or substantially all of its property, or (III) orders the liquidation of the Company or any of its Subsidiaries.


 


(xiii) Delivery of Commencement Irrevocable Transfer Agent Instructions
and Notice of Effectiveness. The Commencement Irrevocable Transfer Agent Instructions shall have been executed by the Company
and delivered to acknowledged in writing by the Company’s transfer agent, and the Notice of Effectiveness relating to the Initial
Registration Statement shall have been executed by the Company’s outside counsel and delivered to the Transfer Agent, in each case
directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer all of the Shares included in the Initial Registration
Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.


 


(xiv) Reservation of Shares. As of the Commencement Date,
the Company shall have reserved out of its authorized and unissued Common Stock a number of shares of Common Stock equal to the Exchange
Cap solely for the purpose of effecting VWAP Purchases under this Agreement.


 


(xv) Opinions of Company Counsel. On the Commencement
Date, the Investor shall have received the opinions and negative assurances from outside counsel to the Company, dated the Commencement
Date, in the forms mutually agreed to by the Company and the Investor prior to the Closing Date.


 


(xvi) Comfort Letter of Accountant. On the Commencement
Date, the Investor shall have received, a comfort letter dated the Commencement Date addressed to the Investor, in form and substance
reasonably satisfactory to the Investor with respect to the audited and unaudited financial statements and certain financial information
contained in the Registration Statement and the Prospectus, and any Prospectus Supplement from each independent registered public accounting
firm whose report appears therein, except that the specific date referred to therein for the carrying out of procedures shall be no more
than three business days prior to the Commencement Date.


 






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(xvii)
Research. Neither the Investor nor any affiliate of the Investor shall have, in the prior 30 calendar days, published or
distributed any research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company.


 


Section
7.3. Conditions Precedent to VWAP Purchases after Commencement Date. The right of the Company to deliver VWAP Purchase Notices
under this Agreement after the Commencement Date, and the obligation of the Investor to accept VWAP Purchase Notices under this Agreement
after the Commencement Date, are subject to the satisfaction of each of the conditions set forth in this Section 7.3 at the applicable
VWAP Purchase Commencement Time for the VWAP Purchase to be effected pursuant to the applicable VWAP Purchase Notice timely delivered
by the Company to the Investor in accordance with this Agreement (each such time, a “VWAP Purchase Condition Satisfaction
Time”).


 


(i)
Satisfaction of Certain Prior Conditions. Each of the conditions set forth in subsections (i), (ii), (vii) through (xiv),
and (xvii) set forth in Section 7.2 shall be satisfied at the applicable VWAP Purchase Condition Satisfaction Time after the Commencement
Date (with the terms “Commencement” and “Commencement Date” in the conditions set forth in subsections (i) and
(ii) of Section 7.2 replaced with “applicable VWAP Purchase Condition Satisfaction Time”); provided, however,
that the Company shall not be required to deliver the Compliance Certificate after the Commencement Date, except as provided in Section
6.15 and Section 7.3(v).


 


(ii)
Initial Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor of the
Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights
Agreement, and any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement Date
and prior to the applicable VWAP Purchase Date pursuant to the Registration Rights Agreement, in each case shall have been declared effective
under the Securities Act by the Commission and shall remain effective for the applicable Registration Period (as defined in the Registration
Rights Agreement), and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell
all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto, that have been issued and
sold to the Investor hereunder pursuant to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable
VWAP Purchase Date and (c) all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto,
that are issuable pursuant to the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase
to be effected hereunder on such applicable VWAP Purchase Date.


 


(iii)
Any Required New Registration Statement Effective. Any New Registration Statement covering the resale by the Investor of
the Registrable Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission
pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, in each case
shall have been declared effective under the Securities Act by the Commission and shall remain effective for the applicable Registration
Period, and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all
of the Shares included in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to
the Investor hereunder pursuant to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase
Date and (b) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable
pursuant to the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected
hereunder on such applicable VWAP Purchase Date.


 


(iv)
Delivery of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness. With respect to any post-effective
amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration
Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall have delivered or caused
to be delivered to the Transfer Agent (a) irrevocable instructions in the form substantially similar to the Commencement Irrevocable
Transfer Agent Instructions executed by the Company and acknowledged in writing by the Transfer Agent and (b) the Notice of Effectiveness,
in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities
included therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement
and the Registration Rights Agreement.


 






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(v)
No Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request by
the Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration
Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration
Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification
of the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose;
or (c) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact
made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective
amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto untrue or which requires
the making of any additions to or changes to the statements then made in the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing
or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary
in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in the light of the circumstances
under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or any post-effective
amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the
foregoing or any Prospectus Supplement thereto to comply with the Securities Act or any other law (other than the transactions contemplated
by the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder
on such applicable VWAP Purchase Date and the settlement thereof). The Company shall have no Knowledge of any event that could reasonably
be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration Statement or any post-effective
amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the prohibition or suspension of the use
of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in connection with the resale of the Registrable
Securities by the Investor.


 


(vi)
Other Commission Filings. The final Prospectus included in any post-effective amendment to the Initial Registration Statement,
and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration
Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission
in accordance with Section 2.3 and the Registration Rights Agreement. The final Prospectus included in any New Registration Statement
and in any post-effective amendment thereto, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission
pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date,
shall have been filed with the Commission in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules,
registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant
to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or 15(d)
of the Exchange Act, after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission.


 


(vii)
No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended
by the Commission, the Principal Market or the FINRA (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the applicable VWAP Purchase Date), the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Principal Market shall be terminated on a date certain (unless, prior
to such date certain, the Common Stock is listed or quoted on any other Principal Market), nor shall there have been imposed any suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or
restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the
Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company
in writing that DTC has determined not to impose any such suspension or restriction).


 






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(viii)
Certain Limitations. The issuance and sale of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall
not (a) exceed the applicable VWAP Purchase Share Amount,(b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded,
or (c) cause the Exchange Cap (to the extent applicable under Section 3.3) to be exceeded, unless in the case of this clause (c), unless
the Company’s stockholders have theretofore approved the issuance of Common Stock under this Agreement in excess of the Exchange
Cap in accordance with the applicable rules of the Principal Market.


 


(ix)
Shares Authorized and Delivered. All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have
been duly authorized by all necessary corporate action of the Company. All Shares relating to all prior VWAP Purchase Notices required
to have been received by the Investor as DWAC Shares under this Agreement prior to the applicable VWAP Purchase Condition Satisfaction
Time for the applicable VWAP Purchase shall have been delivered to the Investor as DWAC Shares in accordance with this Agreement.


 


(x)
Bring-Down Opinions of Company Counsel, Bring-Down Comfort Letters and Compliance Certificates. The Investor shall have
received (a) all Bring-Down Opinions from outside counsel to the Company for which the Company was obligated to instruct its outside
counsel to deliver to the Investor prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase,
(b) all bring-down comfort letters provided by the Company’s auditors and delivered to the Investor prior to the applicable VWAP
Purchase Condition Satisfaction Time for the applicable VWAP Purchase and (c) all Compliance Certificates from the Company that the Company
was obligated to deliver to the Investor prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase,
in each case in accordance with Section 6.15.


 


(xi)
Material Non-Public Information. Neither the Company nor, in the Investor’s sole discretion, the Investor, shall
be in possession of any material non-public information concerning the Company.


 


ARTICLE
VIII 


TERMINATION



 


Section
8.1. Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the Effective Date of the Initial
Registration Statement (it being hereby acknowledged and agreed that such term may not be extended by the parties hereto), (ii) the date
on which the Investor shall have purchased the Total Commitment worth of Shares pursuant to this Agreement, (iii) the date on which the
Common Stock shall have failed to be listed or quoted on the Principal Market or any other Principal Market, (iv) the date on which,
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a
general assignment for the benefit of its creditors, and (v) the termination of the Business Combination Agreement prior to the closing
of the Merger.


 


Section
8.2. Other Termination. Subject to Section 8.3, the Company may terminate this Agreement after the Commencement Date effective
upon ten (10) Trading Days’ prior written notice to the Investor in accordance with Section 10.4; provided, however,
that (i) the Company shall have delivered the Commitment Fee to the Investor required to be paid pursuant to Section 10.1(ii) of this
Agreement prior to such termination, and (ii) prior to issuing any press release, or making any public statement or announcement, with
respect to such termination, the Company shall consult with the Investor and its counsel on the form and substance of such press release
or other disclosure. Subject to Section 8.3, this Agreement may be terminated at any time by the mutual written consent of the parties,
effective as of the date of such mutual written consent unless otherwise provided in such written consent. Subject to Section 8.3, the
Investor shall have the right to terminate this Agreement effective upon ten (10) Trading Days’ prior written notice to the Company,
which notice shall be made in accordance with Section 10.4 of this Agreement, if: (a) any condition, occurrence, state of facts or events
constituting a Material Adverse Effect has occurred and is continuing, (b) a Fundamental Transaction shall have occurred (other than
the Merger); (c) the Company is in breach or default in any material respect of any of its covenants and agreements the Registration
Rights Agreement, and, if such breach or default is capable of being cured, such breach or default is not cured within fifteen (15) Trading
Days after notice of such breach or default is delivered to the Company pursuant to Section 10.4 of this Agreement; (d) while a Registration
Statement, or any post-effective amendment thereto, is required to be maintained effective pursuant to the terms of the Registration
Rights Agreement and the Investor holds any Registrable Securities, the effectiveness of such Registration Statement, or any post-effective
amendment thereto, lapses for any reason (including, without limitation, the issuance of a stop order by the Commission) or such Registration
Statement or any post-effective amendment thereto, the Prospectus contained therein or any Prospectus Supplement thereto otherwise becomes
unavailable to the Investor for the resale of all of the Registrable Securities included therein in accordance with the terms of the
Registration Rights Agreement, and such lapse or unavailability continues for a period of forty-five (45) consecutive Trading Days or
for more than an aggregate of ninety (90) Trading Days in any three hundred and sixty-five (365)-day period, other than due to acts of
the Investor; (e) trading in the Common Stock on the Principal Market (or if the Common Stock is then listed on an Principal Market,
trading in the Common Stock on such Principal Market) shall have been suspended and such suspension continues for a period of five (5)
consecutive Trading Days; or (f) the Company is in material breach or default of any of its covenants and agreements contained in this
Agreement, and, if such breach or default is capable of being cured, such breach or default is not cured within fifteen (15) Trading
Days after notice of such breach or default is delivered to the Company pursuant to Section 10.4 of this Agreement. In addition, the
Investor shall have the right to terminate this Agreement immediately if, on the seventh Trading Day following the closing of the Merger,
the aggregate market value of the outstanding voting and non-voting common equity (as defined in Securities Act Rule 405) of the Company,
is less than $100 million (calculated by multiplying (x) the price at which the common equity of the Company closed on the Principal
Market on such date (y) the number outstanding shares on such date) as of that date. Unless notification thereof is required elsewhere
in this Agreement (in which case such notification shall be provided in accordance with such other provision), the Company shall promptly
(but in no event later than twenty-four (24) hours) notify the Investor (and, if required under applicable law, including, without limitation,
Regulation FD promulgated by the Commission, or under the applicable rules and regulations of the Principal Market (or if the Common
Stock is then listed on an Principal Market, under the applicable rules and regulations of such Principal Market), the Company shall
publicly disclose such information in accordance with Regulation FD and the applicable rules and regulations of the Principal Market
(or such Principal Market, as applicable)) upon becoming aware of any of the events set forth in the immediately preceding sentence.


 






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Section
8.3. Effect of Termination. In the event of termination by the Company or the Investor (other than by mutual termination)
pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions
contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided
in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i) the provisions of
Article V (Representations, Warranties and Covenants of the Company), Article IX (Indemnification), Article X (Miscellaneous) and this
Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long as
the Investor owns any Shares, the covenants and agreements of the Company contained in Article VI (Additional Covenants) shall remain
in full force and notwithstanding such termination for a period of thirty (30) days following such termination. Notwithstanding anything
in this Agreement to the contrary, no termination of this Agreement by any party shall (i) become effective prior to the second (2nd)
Trading Day immediately following the date on which the purchase of Shares by the Investor pursuant to any pending VWAP Purchase has
been fully settled, including, without limitation, the delivery by the Company to the Investor of all Shares purchased by the Investor
pursuant to such pending VWAP Purchase as DWAC Shares on the applicable VWAP Purchase Share Delivery Date therefor, and the delivery
by the Investor to the Company of the aggregate VWAP Purchase Price payable by the Investor for such Shares, in each case in accordance
with the settlement procedures set forth in Section 3.2 of this Agreement (it being hereby acknowledged and agreed that no termination
of this Agreement shall limit, alter, modify, change or otherwise affect any of the Company’s or the Investor’s rights or
obligations under the Transaction Documents with respect to any pending VWAP Purchase that has not fully settled, and that the parties
shall fully perform their respective obligations with respect to any such pending VWAP Purchase under the Transaction Documents), (ii)
limit, alter, modify, change or otherwise affect the Company’s or the Investor’s rights or obligations under the Registration
Rights Agreement, all of which shall survive any such termination, or (iii) affect the Commitment Fee payable to the Investor pursuant
to Section 10.1(ii), it being hereby acknowledged and agreed that the entire amount of the Commitment Fee shall be fully earned by the
Investor and shall be non-refundable as of the closing of the Merger, regardless of whether any VWAP Purchases are made or settled hereunder
or any subsequent termination of this Agreement. Nothing in this Section 8.3 shall be deemed to release the Company or the Investor from
any liability for any breach or default under this Agreement, the Registration Rights Agreement or any of the other Transaction Documents
to which it is a party, or to impair the rights of the Company and the Investor to compel specific performance by the other party of
its obligations under this Agreement, the Registration Rights Agreement or any of the other Transaction Documents to which it is a party.


 


ARTICLE
IX 


INDEMNIFICATION



 


Section
9.1. Indemnification of Investor. In consideration of the Investor’s execution and delivery of this Agreement and acquiring
the Shares hereunder and in addition to all of the Company’s other obligations under the Transaction Documents to which it is a
party, subject to the provisions of this Section 9.1, the Company shall indemnify and hold harmless the Investor, its affiliates, each
of their respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title), each
Person, if any, who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act),
and the respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such
controlling Persons (each, an “Investor Party”), from and against all losses, liabilities, obligations, claims,
contingencies, damages, costs and expenses (including all judgments, amounts paid in settlement, court costs, reasonable attorneys’
fees and costs of defense and investigation) (collectively, “Damages”) that any Investor Party may suffer or
incur (a) as a result of, relating to or arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in any Commission Document (or any amendment thereto), or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged
untrue statement of a material fact included in any Commission Document, or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that this indemnity in (a) shall not apply to any loss, liability, claim, damage or expense to the extent
arising out of an untrue statement or omission, or alleged untrue statement or omission in a Commission Document, made in reliance upon
and in conformity with information furnished in writing to the Company by the Investor for the Investor expressly for use in connection
with the preparation of the Registration Statement, Prospectus or Prospectus Supplement or any such amendment thereof or supplement thereto
(it being hereby acknowledged and agreed that the written information set forth on Exhibit C to the Registration Rights Agreement
is the only written information furnished to the Company by or on behalf of the Investor expressly for use in any Registration Statement,
Prospectus or Prospectus Supplement), (b) to the extent of the aggregate amount paid in settlement of any litigation, or any investigation
or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement
or omission, or any such alleged untrue statement or omission; provided that any such settlement is effected with the written
consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld, (c) in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party),
to the extent that any such expense is not paid under (a) or (b) above, (d) as a result of, relating to or arising out of any
breach by the Company of its representations, warranties, covenants or agreements under this Agreement, or (e) as a result of, relating
to or arising out of any other action, suit, claim or proceeding against an Investor Party arising out of or otherwise in connection
with the Transaction Documents (except solely to the extent in the case of this subsection (e), to the extent any Damage is determined
by a court of competent jurisdiction, not subject to further appeal, to have resulted primarily and directly from the bad faith or gross
negligence of such Investor Party).


 


The
Company shall reimburse any Investor Party promptly upon demand (with accompanying presentation of documentary evidence) for all legal
and other costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit, claim or proceeding,
whether at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents or (ii) any other any
action, suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this Section
9.1..




 






    29


     


    

 


To
the extent that the foregoing undertakings by the Company set forth in this Section 9.1 may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under applicable law,
provided that in no event shall the Investor be obligated to contribute any amount in excess of the fees it actually receives pursuant
to this Agreement.


 


Section
9.2. Indemnification Procedures.


 


(a)
Promptly after an Investor Party receives notice of a claim or the commencement of an action for which the Investor Party intends to
seek indemnification under Section 9.1, the Investor Party will notify the Company in writing of the claim or commencement of the
action, suit or proceeding; provided, however, that failure to notify the Company will not relieve the Company from
liability under Section 9.1, unless and solely to the extent it has been materially prejudiced by the failure to give such notice as
evidenced by the forfeiture of by the Company of substantive rights or defenses. The Company will be entitled to participate in the
defense of any claim, action, suit or proceeding as to which indemnification is being sought, and if the Company acknowledges in
writing the obligation to indemnify the Investor Party against whom the claim or action is brought, the Company may (but will not be
required to) assume the defense against the claim, action, suit or proceeding with counsel satisfactory to it. After the Company
notifies the Investor Party that the Company wishes to assume the defense of a claim, action, suit or proceeding, the Company will
not be liable for any further legal or other expenses incurred by the Investor Party in connection with the defense against the
claim, action, suit or proceeding unless (1) the employment of counsel by the Investor Party has been authorized in writing by the
Company, (2) the Investor Party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to
it or another Investor Party that are different from or in addition to those available to the Company, (3) a conflict or potential
conflict exists (based on advice of counsel to the Investor Party) between an Investor Party and the Company (in which case the
Company will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the Company has not
in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each
case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees,
disbursements and other charges of counsel will be at the expense of the Company. It is understood that the Company shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and
other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all
such similarly situated Investor Parties. The Company will not be liable for any settlement of any action effected without its prior
written consent, which consent shall not be unreasonably withheld, delayed or conditioned. The Company shall not, without the prior
written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding relating to the matters contemplated by this section (whether or not any indemnified party is a party
thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party,
in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation,
investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.


 


(b)
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Article IX for any reason is held to be unavailable or insufficient to hold an Investor Party harmless, the
Company and the Investor Party will contribute to the total losses, claims, liabilities, expenses and damages (including any
investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted) to which the Company and the Investor Party may be subject in such proportion as shall be
appropriate to reflect the relative benefits received by the Company on the one hand and the Investor on the other hand. The
relative benefits received by the Company on the one hand and the Investor Party on the other hand shall be deemed to be in the same
proportion as the total net proceeds from the aggregate of all VWAP Purchase Amounts (before deducting expenses) received by the
Company bear to the total compensation received by the Investor from the Company pursuant to this Agreement. If, but only if, the
allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in
such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the
relative fault of the Company, on the one hand, and the Investor Party, on the other hand, with respect to the statements or
omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company or the Investor Party, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Investor Party agree
that it would not be just and equitable if contributions pursuant to this Section 9.2(b) were to be determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The
amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect
thereof, referred to above in this Section 9.2(b) shall be deemed to include, for the purpose of this Section 9.2(b), any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim
to the extent consistent with Section 9.2(a) hereof. Notwithstanding the foregoing provisions of this Section 9.2(b), the Investor
shall not be required to contribute any amount in excess of the aggregate discount to the VWAP for all purchases made under this
Agreement received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 9.2(b), any person who controls a party to this Agreement within the meaning of the
Securities Act, any affiliates of the Investor Party and any officers, directors, partners, employees or agents of the Investor
Party or any of its affiliates, will have the same rights to contribution as that party, and each director of the Company and each
officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in
each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any
action against such party in respect of which a claim for contribution may be made under this Section 9.2(b), will notify any such
party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from
whom contribution may be sought from any other obligation it or they may have under this Section 9.2(b) except to the extent that
the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom
contribution is sought. No party will be liable for contribution with respect to any action or claim settled without its written
consent if such consent is required pursuant to Section 9.2(a) hereof.


 


The
remedies provided for in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Investor Party at law or in equity.


 






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ARTICLE
X 


MISCELLANEOUS



 


Section
10.1. Certain Fees and Expenses; Commitment Fee; Commencement Irrevocable Transfer Agent Instructions. 


 


(i)
Certain Fees and Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated by
this Agreement except that the Company will reimburse the fees and disbursements of legal counsel to the Investor in an amount not to
exceed $75,000 in connection with the entry into this Agreement and $25,000 per fiscal quarter in connection with the Investor’s
ongoing due diligence and review of deliverables subject to Section 6.15. The Company shall pay all U.S. federal, state and local stamp
and other similar transfer and other taxes and duties levied in connection with issuance of the Shares pursuant hereto.


 


(ii)
Commitment Fee. On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Investor the
Commitment Fee in accordance with instructions provided by the Investor on or prior to such date. For the avoidance of doubt, the entire
amount of the Commitment Fee shall be fully earned by the Investor and shall be non-refundable as of the closing of the Merger, regardless
of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.


 


(iii)
Irrevocable Transfer Agent Instructions; Notice of Effectiveness. On the Effective Date of the Initial Registration Statement
and prior to Commencement, the Company shall deliver or cause to be delivered to its Transfer Agent (and thereafter, shall deliver or
cause to be delivered to any subsequent transfer agent of the Company), (i) irrevocable instructions executed by the Company and acknowledged
in writing by the Company’s transfer agent (the “Commencement Irrevocable Transfer Agent Instructions”)
and (ii) the notice of effectiveness in the form attached as an exhibit to the Registration Rights Agreement (the “Notice
of Effectiveness”) relating to the Initial Registration Statement executed by the Company’s outside counsel, in each
case directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer at which the account or accounts to be credited
with the Shares being purchased by Investor are maintained any Registrable Securities included in the Initial Registration Statement
as DWAC Shares, if and when such Registrable Securities are issued in accordance with this Agreement and the Registration Rights Agreement.
With respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective
amendment to any New Registration Statement, in each case declared effective by the Commission after the Commencement Date, the Company
shall deliver or cause to be delivered to its Transfer Agent (and thereafter, shall deliver or cause to be delivered to any subsequent
transfer agent of the Company) (i) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer
Agent Instructions executed by the Company and acknowledged in writing by the Transfer Agent and (ii) the Notice of Effectiveness, in
each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included
therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration
Rights Agreement. For the avoidance of doubt, all Shares to be issued in respect of any VWAP Purchase Notice delivered to the Investor
pursuant to this Agreement shall be issued to the Investor in accordance with Section 3.2 by crediting the Investor’s account at
DTC as DWAC Shares, and the Company shall not take any action or give instructions to any transfer agent of the Company otherwise. The
Company represents and warrants to the Investor that, while this Agreement is effective, no instruction other than those referred to
in this Section 10.1(iii) will be given by the Company to its Transfer Agent, or any successor transfer agent of the Company, with respect
to the Shares from and after Commencement, and the Registrable Securities covered by the Initial Registration Statement or any post-effective
amendment thereof, or any New Registration Statement or post-effective amendment thereof, as applicable, shall otherwise be freely transferable
on the books and records of the Company and no stop transfer instructions shall be maintained against the transfer thereof. The Company
agrees that if the Company fails to fully comply with the provisions of this Section 10.1(iii) within three (3) Trading Days after the
date on which the Investor has provided any deliverables that the Investor may be required to provide to the Company or its Transfer
Agent (if any), the Company shall, at the Investor’s written instruction, purchase from the Investor all shares of Common Stock
purchased or acquired by the Investor pursuant to this Agreement that contain any restrictive legend or that have any stop transfer orders
maintained that prohibit or impede the transfer thereof in any respect at the greater of (i) the purchase price paid by the Investor
for such shares of Common Stock (as applicable) and (ii) the Closing Sale Price of the Common Stock on the date of the Investor’s
written instruction.


 






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Section
10.2. Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.


 


(i)
The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either
party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other
party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond
or other security being required), this being in addition to any other remedy to which either party may be entitled by law or equity.


 


(ii)
Each of the Company and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts of
the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out of or relating to this
Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue
of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 10.2 shall affect
or limit any right to serve process in any other manner permitted by law.


 


(iii)
EACH OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT 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 AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.


 


Section
10.3. Entire Agreement. The Transaction Documents set forth the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties,
both oral and written, with respect to such matters. There are no promises, undertakings, representations or warranties by either party
relative to subject matter hereof not expressly set forth in the Transaction Documents. All exhibits to this Agreement are hereby incorporated
by reference in, and made a part of, this Agreement as if set forth in full herein.


 






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Section
10.4. Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall
be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to be received), or the first business day following such
delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt
of such mailing, whichever shall first occur. The address for such communications shall be:


 


If
to the Company:


 


Delwinds
Insurance Acquisition Corp.


1021
Main Street, Suite 1960


Houston,
TX 77002


Telephone
Number: [***]


Email:
[***]


Attention:
Andrew J. Poole


 


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


 


Ellenoff
Grossman & Schole LLP


1345
Avenue of the Americas, 11th Floor


New
York, NY 10105


Telephone
Number: [***]


Email:
[***]


Attention:
Stuart Neuhauser, Esq.; Matthew A. Gray, Esq.


 


If
to the Investor:


 


CF
Principal Investments LLC


499
Park Avenue


New
York, NY 10022


Attention:
COO


Email:
[***]


 


and:


 


CF
Principal Investments LLC 499 Park Avenue


New
York, NY 10022


Attention:
General Counsel


Facsimile:
[***]


Email:
[***]


 


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


 


Covington
& Burling LLP


620
Eighth Avenue


New
York, NY 10018


Email:
[***]


Attention:
Matthew T. Gehl


 






    33


     


    

 


Either
party hereto may from time to time change its address for notices by giving at least five (5) days’ advance written notice of such
changed address to the other party hereto.


 


Section
10.5. Waivers. No provision of this Agreement may be waived by the parties from and after the date that is one (1) Trading
Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding
sentence, no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any
other right, power or privilege.


 


Section
10.6. Amendments. No provision of this Agreement may be amended by the parties from and after the date that is one (1) Trading
Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding
sentence, no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.


 


Section
10.7. Headings. The article, section and subsection headings in this Agreement are for convenience only and shall not constitute
a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. Unless the context
clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms
thereof. The terms “including,” “includes,” “include” and words of like import shall be construed
broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof”
and words of like import refer to this entire Agreement instead of just the provision in which they are found.


 


Section
10.8. Construction. The parties agree that each of them and their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference
to share prices (including the Threshold Price) and number of shares of Common Stock in any Transaction Document shall, in all cases,
be subject to adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar
transactions that occur on or after the date of this Agreement. Any reference in this Agreement to “Dollars” or “$”
shall mean the lawful currency of the United States of America. Any references to “Section” or “Article” in this
Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article of this Agreement.


 


Section
10.9. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors. Neither the Company nor the Investor may assign this Agreement or any of their respective rights or obligations hereunder
to any Person, except as provided in this paragraph. Following the Merger, this Agreement shall be deemed to have been assigned to the
publicly listed company resulting from the Merger, and all references herein to the Company shall be deemed to refer to such publicly
listed company.


 


Section
10.10. No Third Party Beneficiaries. Except as expressly provided in Article IX, this Agreement is intended only for the benefit
of the parties hereto and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any
other Person.


 


Section
10.11. Governing Law. This Agreement shall be governed by and construed in accordance with the internal procedural and substantive
laws of the State of New York, without giving effect to the choice of law provisions of such state that would cause the application of
the laws of any other jurisdiction.


 






    34


     


    

 


Section
10.12. Survival. The representations, warranties, covenants and agreements of the Company and the Investor contained in this
Agreement shall survive the execution and delivery hereof until the termination of this Agreement; provided, however, that
(i) the provisions of Article VIII (Termination), Article IX (Indemnification) and this Article X (Miscellaneous) shall remain in full
force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor owns any Shares, the covenants and
agreements of the Company and the Investor contained in Article VI (Additional Covenants), shall remain in full force and effect notwithstanding
such termination for a period of thirty (30) days following such termination.


 


Section
10.13. Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file, including any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.


 


Section
10.14. Publicity. The Company shall afford the Investor and its counsel with a reasonable opportunity to review and comment
upon, shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments
from the Investor or its counsel on, any press release, Commission filing or any other public disclosure made by or on behalf of the
Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated
thereby, prior to the issuance, filing or public disclosure thereof. For the avoidance of doubt, the Company shall not be required to
submit for review any such disclosure (i) contained in periodic reports filed with the Commission under the Exchange Act if it shall
have previously provided the same disclosure to the Investor or its counsel for review in connection with a previous filing or (ii) any
Prospectus Supplement if it contains disclosure that does not reference the Investor, its purchases hereunder or any aspect of the Transaction
Documents or the transactions contemplated thereby.


 


Section
10.15. Severability. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction
shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal
or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal
and enforceable to the maximum extent possible.


 


Section
10.16. Further Assurances. From and after the date of this Agreement, upon the request of the Investor or the Company, each
of the Company and the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary
or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.


 


Section
10.17. Waiver Against Trust. Reference is made to the final prospectus of the Company, dated as of December 10, 2020 and filed
with the Commission (File No. 333-248753) on December 11, 2020 (the “IPO Prospectus”). Investor hereby represents
and warrants that it has read the IPO Prospectus and understands that the Company has established a trust account (the “Trust
Account”) containing the proceeds of its initial public offering (the “IPO”) and the overallotment
securities acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including interest
accrued from time to time thereon) for the benefit of the Company’s public stockholders (including overallotment shares acquired
by the Company’s underwriters, the “Public Stockholders”), and that, except as otherwise described in
the IPO Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect
to redeem their the Company shares in connection with the consummation of the Company’s initial business combination (as such term
is used in the IPO Prospectus) (the “Business Combination”) or in connection with an extension of its deadline
to consummate a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within
eighteen (18) months after the closing of the IPO, subject to extension by an amendment to the Company’ organizational documents,
(c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000
in dissolution expenses, or (d) to the Company after or concurrently with the consummation of a Business Combination. For and in consideration
of the Company entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Investor hereby agrees that, notwithstanding anything to the contrary in this Agreement, Investor does have any right,
title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against the
Trust Account (including any distributions therefrom), in connection with, this Agreement, and regardless of whether such claim arises
based on contract, tort, equity or any other theory of legal liability (collectively, the “Released Claims”).
Investor hereby irrevocably waives any Released Claims that Investor has against the Trust Account (including any distributions therefrom)
as a result of, or arising out of, this Agreement and will not seek recourse against the Trust Account (including any distributions therefrom)
for any reason whatsoever (including for an alleged breach of this Agreement). Investor agrees and acknowledges that such irrevocable
waiver is material to this Agreement and specifically relied upon by the Company and its affiliates to induce the Company to enter in
this Agreement, and Investor further intends and understands such waiver to be valid, binding and enforceable against Investor under
applicable law. To the extent Investor commences any action or proceeding based upon, in connection with, relating to or arising out
of any matter relating to the Company, which proceeding seeks, in whole or in part, monetary relief against the Company, Investor hereby
acknowledges and agrees that Investor’s sole remedy shall be against funds held outside of the Trust Account and that such claim
shall not permit Investor (or any person claiming on its behalf or in lieu of it) to have any claim against the Trust Account (including
any distributions therefrom) or any amounts contained therein.


 




    35


     


    

 


IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the
date first above written.


 


	 	DELWINDS INSURANCE ACQUISITION CORP.:
	 	 	 
	 	By:	/s/
    Andrew J. Poole
	 	Name: 	Andrew
    J. Poole
	 	Title:	Chairman
    & Chief Executive Officer
	 	 	 
	 	CF Principal Investments LLC
	 	 	 
	 	By:	/s/
    Mark Kaplan
	 	Name: 	Mark
    Kaplan
	 	Title:	Global
    Chief Operating Officer


 


[Signature Page to Equity
Line Agreement]


 









     


     


    

 


ANNEX
I TO THE 


COMMON
STOCK PURCHASE AGREEMENT 


DEFINITIONS



 


“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control
with a Person, as such terms are used in and construed under Rule 144.


 


“Bankruptcy
Law” means Title 11, U.S. Code, or any similar U.S. federal or state law for the relief of debtors.


 


“Block”
shall mean any trade on in excess of 100,000 shares of Common Stock on a single Trading Day to a single purchaser, as reported by Bloomberg
through its “VWAP” function.


 


“Bloomberg”
means Bloomberg, L.P.


 


“Commitment
Fee” shall mean a number of shares of Common Stock equal to the quotient obtained by dividing (i) $1,600,000 by (ii) the
closing price of the Common Stock on the Principal Market on the Trading Day immediately preceding the date of delivery thereof.


 


“Closing
Date” means the date mutually agreed to by the Company and the Investor on which the closing of the transactions contemplated
by this Agreement shall occur, which date shall be on or following the effective date of the Merger and no later than one business day
prior to the date the Initial Registration Statement is filed with the Commission, and on which date the conditions set forth in Section
7.1 shall have been satisfied.


 


“Closing
Sale Price” means, for the Common Stock as of any date, the last closing trade price for the Common Stock on the Principal
Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the
closing trade price for the Common Stock, then the last trade price for the Common Stock prior to 4:00 p.m., New York City time, as reported
by Bloomberg. All such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations
or other similar transactions during such period.


 


“Commencement
Irrevocable Transfer Agent Instructions” shall have the meaning assigned to such term in Section 10.1(iv).


 


“Commission”
means the U.S. Securities and Exchange Commission or any successor entity.


 


“Commission
Documents” shall mean (1) any registration statement on Form S-4 filed by the Company with the Commission, including any
related prospectus or prospectuses, for the registration of the Common Stock to be issued pursuant to the Business Combination Agreement,
on file with the Commission at the time such registration statement became effective, including the financial statements, schedules,
exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of
the effective date of such registration statement under the Securities Act (the “Company Form S-4 Registration Statement”),
(2) any proxy statement or prospectus filed by the Company with the Commission, including all documents incorporated or deemed incorporated
therein by reference, whether or not included in a registration statement on Form S-4, in the form in which such proxy statement or prospectus
has most recently been filed with the Commission pursuant to Rule 424(b) under the Securities Act, (3) all reports, schedules, registrations,
forms, statements, information and other documents filed with or furnished to the Commission by the Company pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act since December 10, 2020, including, without limitation, the Current Reports, (4) each Registration
Statement, as the same may be amended from time to time, the Prospectus contained therein and each Prospectus Supplement thereto and
(5) all information contained in such filings and all documents and disclosures that have been and heretofore shall be incorporated by
reference therein.


 






     


     


    

 


“Common
Stock Equivalents” means any securities of the Company or its Subsidiaries which entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.


 


“Contract”
means any written or oral legally binding contract, agreement, understanding, arrangement, subcontract, loan or credit agreement, note,
bond, indenture, mortgage, purchase order, deed of trust, lease, sublease, instrument, or other legally binding commitment, obligation
or undertaking.


 


“Custodian”
shall mean any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.


 


“DTC”
means The Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.


 


“DWAC
Shares” means shares of Common Stock issued pursuant to this Agreement that are (i) issued in electronic form, (ii) freely
tradable and transferable and without restriction on resale and without stop transfer instructions maintained against the transfer thereof
and (iii) timely credited by the Company to the Investor’s or its designated Broker-Dealer at which the account or accounts to
be credited with the Shares being purchased by Investor are maintained specified DWAC account with DTC under its Fast Automated Securities
Transfer (FAST) Program, or any similar program hereafter adopted by DTC performing substantially the same function.


 


“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.


 


“Effective
Date” means, with respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights
Agreement (or any post-effective amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration
Rights Agreement (or any post-effective amendment thereto), as applicable, the date on which the Initial Registration Statement (or any
post-effective amendment thereto) or any New Registration Statement (or any post-effective amendment thereto) is declared effective by
the Commission.


 


“Encumbrance”
means any security interest, pledge, hypothecation, mortgage, lien or encumbrance, covenant, condition, restriction, easement, charge,
right of first refusal or first offer, or other restriction on title or transfer of any nature whatsoever.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.


 


“Exempt
Issuance” means the issuance of (a) Common Stock, options or other equity incentive awards to employees, officers, directors
or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Company’s Board of Directors
or a majority of the members of a committee of the Board of Directors established for such purpose, (b) (1) any Shares issued to the
Investor pursuant to this Agreement, (2) any securities issued upon the exercise or exchange of or conversion of any shares of Common
Stock or Common Stock Equivalents held by the Investor at any time, or (3) any securities issued upon the exercise or exchange of or
conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement, provided that such securities referred
to in this clause (3) have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions, divestitures,
licenses, partnerships, collaborations or strategic transactions approved by the Company’s Board of Directors or a majority of
the members of a committee of directors established for such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations
or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or
to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities, (d) Common Stock issued by the Company to the Investor or an Affiliate of the Investor in
connection with any “equity line of credit” or other continuous offering or similar offering of Common Stock pursuant to
a written agreement between the Company and the Investor or an Affiliate of the Investor, whereby the Company may sell Common Stock to
the Investor or an Affiliate of the Investor at a future determined price, or (e) Common Stock issued by the Company by any method deemed
to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act, exclusively to or through Cantor
Fitzgerald & Co., as the Company’s sales agent, pursuant to one or more written agreements between the Company and Cantor Fitzgerald
& Co.


 






     


     


    

 


“FINRA”
means the Financial Industry Regulatory Authority.


 


“Fundamental
Transaction” means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1) consolidate
or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result that the holders of the
Company’s capital stock immediately prior to such consolidation or merger together beneficially own less than 50% of the outstanding
voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of
all or substantially all of the properties or assets of the Company to another Person, or (3) take action to facilitate a purchase, tender
or exchange offer by another Person that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (excluding
any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party
to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement or other business combination), or (5) reorganize, recapitalize or reclassify its Common Stock, or (ii) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary
voting power represented by issued and outstanding Common Stock.


 


“Governmental
Authority” means (i) any federal, provincial, state, local, municipal, national or international government or governmental
authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court,
tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision
of any of the foregoing.


 


“Hazardous
Material” means any substance, material, or other matter regulated as toxic or hazardous, or as a contaminant or for which
standards are imposed, by any governmental authority because of its deleterious impact on the environment including but not limited to
petroleum and petroleum byproduct and distillates, asbestos and asbestos-containing materials, urea formaldehyde, polychlorinated biphenyls,
mold, radon gas, radioactive substances, and poly- and perfluoroalkyl substances.


 


“Initial
Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.


 


“Investment
Period” means the period commencing on the Effective Date of the Initial Registration Statement and expiring on the date
this Agreement is terminated pursuant to Article VIII.


 


“Knowledge”
means the actual knowledge of the Company’s Chief Executive Officer, the Company’s President, the Company’s Chief Financial
Officer, and the Company’s General Counsel in each case after reasonable investigation.


 


“Material
Contracts” means any Contract that is or would be required to be filed with the Commission as an exhibit to an annual report
on Form 10-K.


 


“New
Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.


 


“Post-Effective
Amendment Period” means the period commencing at 9:30 a.m., New York City time, on the fifth (5th) Trading Day immediately
prior to the filing of any post-effective amendment to the Initial Registration Statement or any New Registration Statement, and ending
at 9:30 a.m., New York City time, on the Trading Day immediately following, the Effective Date of such post-effective amendment.


 






     


     


    

 


“Person”
means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company,
trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.


 


“Principal
Market” means the New York Stock Exchange; provided however, that in the event the
Company’s Common Stock is ever listed or traded on the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market
or the Nasdaq Capital Market, then the “Principal Market” shall mean such other market or exchange on which the Company’s
Common Stock is then listed or traded.


 


“Prospectus”
means the prospectus in the form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement,
including the documents incorporated by reference therein.


 


“Prospectus
Supplement” means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant to Rule
424(b) under the Securities Act, including the documents incorporated by reference therein.


 


“Registrable
Securities” shall have the meaning assigned to such term in the Registration Rights Agreement.


 


“Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.


 


“Release”
means disposing, discharging, injecting, spilling, leaking, pumping, pouring, leaching, dumping, emitting, escaping or emptying into
or upon, from, or migrating through of Hazardous Materials, within or into, the air or any soil, sediment, subsurface strata, surface
water or groundwater, natural resources or structure.


 


“Remedial
Action” means any action required to investigate, clean up, remove or remediate, or conduct remedial, responsive, monitoring
or corrective actions with respect to, any presence or Release of Hazardous Materials.


 


“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect.


 


“Sale
Price” means any trade price for the shares of Common Stock on the Principal Market
during normal trading hours, as reported by the Principal Market.


 


“Section
4(a)(2)” shall have the meaning assigned to such term in the recitals of this Agreement.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.


 


“Shares”
shall mean the shares of Common Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one or more VWAP
Purchase Notices.


 


“Short
Sales” shall mean “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act.


 


“Subsidiary”
shall mean any corporation or other entity, other than Support.com, Inc., of which at least a majority of the securities or other ownership
interest having ordinary voting power for the election of directors or other persons performing similar functions are at the time owned
directly or indirectly by the Company and/or any of its other Subsidiaries.


 


“Threshold
Price” shall mean with respect to any particular VWAP Purchase Notice, the greater of (i) 90% of the Closing Sale Price
on the Business Day immediately preceding the VWAP Purchase Date or (ii) such higher price as set forth by the Company in the VWAP Purchase
Notice.


 


“Total
Commitment” shall have the meaning assigned to such term in Section 2.1.


 






     


     


    

 


“Trading
Day” shall mean any day on which the Principal Market or, if the Common Stock is then listed on an Principal Market, such
Principal Market is open for trading (regular way), including any day on which the Principal Market (or such Principal Market, as applicable)
is open for trading (regular way) for a period of time less than the customary time.


 


“Transaction
Documents” means, collectively, this Agreement (as qualified by the Commission Documents) and the exhibits hereto, the
Registration Rights Agreement and the exhibits thereto, and each of the other agreements, documents, certificates and instruments entered
into or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.


 


“Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any equity or debt securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents
either (A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices
of or quotations for the Common Stock at any time after the initial issuance of such equity or debt securities, or (B) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of such equity or debt security
or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for the Common Stock (including, without limitation, any “full ratchet” or “weighted average” anti-dilution provisions,
but not including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other
similar transaction), (ii) issues or sells any equity or debt securities, including without limitation, Common Stock or Common Stock
Equivalents, either (A) at a price that is subject to being reset at some future date after the initial issuance of such debt or equity
security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the
market for the Common Stock (other than standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend,
stock split or other similar transaction), or (B) that are subject to or contain any put, call, redemption, buy-back, price-reset or
other similar provision or mechanism (including, without limitation, a “Black-Scholes” put or call right, other than in connection
with a “fundamental transaction”) that provides for the issuance of additional equity securities of the Company or the payment
of cash by the Company, or (iii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity
line of credit or “at-the-market offering” or other continuous offering or similar offering of Common Stock or Common Stock
Equivalents, whereby the Company may sell Common Stock or Common Stock Equivalents at a future determined price.


 


“VWAP”
shall mean, for the Common Stock for a specified period, the dollar volume-weighted average price for the Common Stock as reported by
Bloomberg through its “VWAP” function. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination, recapitalization or other similar transaction during such period.


 


“VWAP
Purchase” shall have the meaning assigned to such term in Section 3.1 of this Agreement.


 


“VWAP
Purchase Amount” shall have the meaning assigned to such term in Section 3.2 of this Agreement.


 


“VWAP
Purchase Condition Satisfaction Time” shall have the meaning assigned to such term in Section 7.2 of this Agreement.


 


“VWAP
Purchase Confirmation” shall have the meaning assigned to such term in Section 3.1 of this Agreement.


 


“VWAP
Purchase Commencement Time” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New
York City time, on the applicable VWAP Purchase Date, or such later time on such VWAP Purchase Date publicly announced by the Principal
Market (or, if the Common Stock is then listed on an Principal Market, by such Principal Market) as the official open (or commencement)
of trading (regular way) on the Principal Market (or such Principal Market, as applicable) on such VWAP Purchase Date; provided, however,
that if a VWAP Purchase Notice is delivered after 9:00 a.m., New York City time, on a VWAP Purchase Date, then the VWAP Purchase Commencement
Time shall start only upon receipt by the Company of written confirmation (which may be by email) of acceptance by the Investor, and
which confirmation shall specify the VWAP Purchase Commencement Time.


 






     


     


    

 


“VWAP
Purchase Date” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor
receives, on such Trading Day, a valid VWAP Purchase Notice for such VWAP Purchase in accordance with this Agreement.


 


“VWAP
Purchase Maximum Share Percentage” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, twenty percent
(20%), unless mutually agreed in writing (which may be by email) between the Company and Investor prior to delivery of a VWAP Purchase
Notice in respect of such VWAP Purchase.


 


“VWAP
Purchase Notice” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice
delivered by the Company to the Investor in the form set forth in Exhibit D hereto.


 


“VWAP
Purchase Period” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, the period on the applicable
VWAP Purchase Date for such VWAP Purchase beginning at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP
Purchase Termination Time.


 


“VWAP
Purchase Price” shall mean the purchase price per Share to be purchased by the Investor in such VWAP Purchase on such VWAP
Purchase Date equal to ninety-seven percent (97%) of the VWAP over the applicable VWAP Purchase Period on such VWAP Purchase Date for
such VWAP Purchase. Notwithstanding anything in this Agreement (including the preceding sentence but excluding the succeeding sentence)
to the contrary, on any Trading Day on which the Company delivers, and the Investor accepts, a VWAP Purchase Notice for a VWAP Purchase
Share Request Percentage in excess of twenty percent (20%), the VWAP Purchase Price shall be calculated using the lower of: (i) the VWAP
over the applicable VWAP Purchase Period on such VWAP Purchase Date for such VWAP Purchase; and (ii) the lowest Sale Price in any Block
sold on such Trading Day following the delivery and acceptance of such VWAP Purchase Notice for a VWAP Purchase Share Request Percentage
in excess of twenty percent (20%). Notwithstanding anything herein to the contrary, in the case where the Sale Price falls below the
Threshold Price at any time on a VWAP Purchase Date, the VWAP Purchase Price shall be calculated using the volume weighted average price
of Common Stock as reported by Bloomberg through its “VWAP” function sold during the portion of the applicable VWAP Purchase
Period that the Sale Price is not below the Threshold Price, and, as applicable, using Blocks for which the Sale Price is not below the
Threshold Price.


 


“VWAP
Purchase Share Amount” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, a number of Shares equal
to the least of (i) a number of Shares which, when aggregated with all other shares of Common Stock then beneficially owned by the Investor
and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result
in the beneficial ownership by the Investor of more than the Beneficial Ownership Limitation; (ii) the VWAP Purchase Share Request; and
(iii) the VWAP Purchase Share Estimate.


 


“VWAP
Purchase Share Delivery Date” shall have the meaning assigned to such term in Section 3.2 of this Agreement.


 


“VWAP
Purchase Share Estimate” shall mean the number of Shares set forth in any VWAP Purchase Notice, representing the Company’s
good faith estimate of the number of Shares equivalent to the VWAP Purchase Share Request during the VWAP Purchase Period on any VWAP
Purchase Date.


 


“VWAP
Purchase Share Request” shall mean the number of Shares equal to (i) the total
volume of Shares as reported by Bloomberg through its “VWAP” function during the applicable VWAP Purchase Period (provided
that in the case where the Sale Price falls below the Threshold Price at any time on a VWAP Purchase Date, this volume shall be
calculated using the aggregate shares as reported by Bloomberg through its “VWAP” function for such portion of the VWAP Purchase
Date that the Sale Price is not below the Threshold Price) multiplied by (ii) the lesser of (A)
the VWAP Purchase Share Request Percentage and (B) the VWAP Purchase Maximum Share Percentage.


 


“VWAP
Purchase Share Request Percentage” shall mean the percentage set forth in ay VWAP Purchase Notice.


 


“VWAP
Purchase Termination Time” shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, 4:00 p.m., New York
City time, on the applicable VWAP Purchase Date, or such earlier time publicly announced by the Principal Market (or, if the Common Stock
is then listed on an Principal Market, by such Principal Market) as the official close of trading (regular way) on the Principal Market
on such applicable VWAP Purchase Date.


 




     


     


    

 


EXHIBIT
A


 


FORM
OF REGISTRATION RIGHTS AGREEMENT


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




     


     


    

 


EXHIBIT
B


 


SECRETARY
CERTIFICATE 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




     


     


    

 


EXHIBIT
C


 


COMPLIANCE
CERTIFICATE 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




     


     


    

 


EXHIBIT
D


 


FORM
OF VWAP PURCHASE NOTICE