Exhibit 10.3

      

       

      

      
        Execution Version

      

       

      

      REGISTRATION RIGHTS AGREEMENT

       

      THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),




        dated as of March 2, 2022, is made and entered into by and between Kaspien Holdings Inc. (the “Company”) and Alimco Re Ltd. (the “Holder”).

       

      RECITALS

       

      WHEREAS, for value received in connection with the Holder providing a $5,000,000.00 loan to KASPIEN INC, a subsidiary of the Company, pursuant to that certain Amendment No. 2 to Subordinated Loan and Security Agreement dated as of even date
          herewith, the Company issued to the Holder that certain Common Stock Purchase Warrant (the “Warrant”) to purchase from the Company up to 320,000
          shares of Common Stock (as defined below) (the “Warrant Shares”); and

       

      WHEREAS, in connection with the issuance of the Warrant, the Company and the Holder desire to enter into this Agreement in order to provide the Holder with registration rights on the terms set forth herein.

       

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

       

      ARTICLE I

        DEFINITIONS

       

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

       

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

       

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

       

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

       

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

       

      
        
          


      

      
      “Commission” shall mean the Securities and Exchange Commission.

       

      “Common Stock” shall mean
        the Company’s shares of Common Stock, par value $0.01 per share.

       

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

       

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

       

      “Form S-1” shall have the meaning given in Section 2.1.1.

       

      “Form S-3” shall have the meaning given in Section 2.1.1.

       

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

       

      “Maximum Number of Securities” shall have the meaning given in Section 2.1.4.

       

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

       

      “Piggyback Registration”
        shall have the meaning given in Section 2.2.1.

       

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

       

      “Registrable Securities”
        shall mean (a) the Warrant Shares, and (b) any other equity security of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a) above by way of a stock dividend or stock split or in
        connection with a recapitalization, merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that, as to any particular
        Registrable Security, such securities shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such
        securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement by the Holder; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a
        legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D)
        such securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume or other restrictions or limitations including as to manner or timing of sale); and (E) such
        securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. For the purposes of the immediately preceding sentence, “beneficial ownership” shall be determined in
        accordance with Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (F)          reasonable fees and expenses of one (1) legal counsel selected by the Holder in initiating a Demand Registration to be
          registered for offer and sale in the applicable Registration.

       

      (G)        Notwithstanding the foregoing, under no circumstances shall the Company be obligated to pay any fees, discounts and/or
          commissions to any Underwriter or broker with respect to the Registrable Securities.

       

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

       

      “Rule 144” shall mean Rule 144 promulgated under the Securities Act (or any successor
        rule then in effect).

       

      “Securities Act” shall mean
        the Securities Act of 1933, as amended from time to time.

       

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

       

      
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      “Underwritten Registration” or “Underwritten



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

       

      “Warrant” shall have the meaning given in the Recitals hereto.

       

      “Warrant Shares” shall have the meaning given in the Recitals hereto.

       

      ARTICLE II

        REGISTRATIONS

       

      2.1          Demand Registration.

       

      2.1.1     Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time following the date of this Agreement, the Holder may
          make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof
          (such written demand a “Demand Registration”).  Under no circumstances shall the Company be obligated to effect more than an aggregate of one (1)
          Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided,
          however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and at least 50% of the Registrable  Securities requested by the Holder to be registered in such Form S-1 Registration have
          been sold, in accordance with Section 3.1 of this Agreement.

       

      2.1.2     Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement
          filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities
          in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect to such
          Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) the Holder thereafter affirmatively elects to continue with such
          Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further,
          that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is
          subsequently terminated.

       

      
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      2.1.3     Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if the Holder so advise the Company as part of their Demand Registration that the
          offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of the Holder to include its Registrable Securities in such Registration shall be conditioned upon such
          Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. The Holder, having proposed to distribute its Registrable Securities
          through an Underwritten Offering under this subsection 2.1.3, shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
          Offering by the Holder, with the consent of the Company (not to be unreasonably withheld).

       

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

            Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Holder that can be sold without exceeding the Maximum Number of Securities; (ii) second, to
          the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to
          separate written contractual arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
          foregoing clauses (i) and (ii), Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

       

      2.1.5      Demand Registration Withdrawal. The Holder, pursuant to a
          Registration under subsection 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification
          to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of its
          Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a
          Demand Registration prior to its withdrawal under this subsection 2.1.5.

       

      
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      2.2          Piggyback Registration.

       

      2.2.1      Piggyback Rights. If, at any time on or after the date of this
          Agreement, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities,
          for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1
          hereof), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering
          of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to the Holder as soon as practicable but not less than three (3)
          Business Days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
          proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to the Holder the opportunity to register the sale of such number of Registrable Securities as the Holder may request in writing within five (5) days after
          receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be
          included in such Piggyback Registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holder pursuant
          to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit
          the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The Holder, proposing to distribute its Registrable Securities through an Underwritten Offering under this subsection 2.2.1, shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

       

      2.2.2      Reduction of Piggyback Registration. If the managing
          Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holder in writing that the dollar amount or number of shares of Common Stock that the Company desires
          to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holder, (ii) the Registrable Securities
          as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to
          separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

       

      (A)          If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A)
          first, Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities has not been reached under
          the foregoing clause (A), the Registrable Securities of Holder exercising it right to register it Registrable Securities pursuant to subsection 2.2.1 hereof and Common Stock, if any, as
          to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company (pro rata based on the respective number of
          Registrable Securities that each stockholder holds prior to such Underwritten Registration), which can be sold without exceeding the Maximum Number of Securities;

       

      
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      (B)          If the Registration is pursuant to a request by persons or entities other than the Holder, then the Company shall
          include in any such Registration (A) first, Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holder, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the
          extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holder exercising its right to register its Registrable Securities pursuant to subsection 2.2.1 and Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
          or entities (pro rata based on the respective number of Registrable Securities that each stockholder holds prior to such Underwritten Registration), which can be sold without exceeding
          the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock or other equity securities that the Company desires to sell, which can
          be sold without exceeding the Maximum Number of Securities.

       

      2.2.3      Piggyback Registration Withdrawal. The Holder shall have the
          right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback Registration prior to the
          effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to
          separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything
          to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection


              2.2.3.

       

      2.2.4    Unlimited Piggyback Registration Rights. For purposes of
          clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

       

      2.2.5      Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it
          under this Section 2.2 prior to the effectiveness of such Registration whether or not the Holder of Registrable Securities has elected to include securities in such Registration.

       

      2.3          Registrations on Form S-3. The Holder may at any time, and from
          time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission if so requested), register the resale of any or all of their Registrable Securities
          on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”). As soon as practicable thereafter, but not
          more than thirty(30) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of the Holder’s Registrable Securities as are specified in such written request;
          provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if a Form S-3 is not available for such offering

       

      
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      Any request for an underwritten offering pursuant to a Form S-3 shall follow the procedures of Section 2.1 (including Section 2.1.4)
        but shall not count against the number of long form Demand Registrations that may be made pursuant to Section 2.1.1; provided, further, however, that the Company shall not be obligated to effect such request through an Underwritten Offering
        unless the Holder of Registrable Securities, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $1,000,000.

       

      2.4         Restrictions on Registration Rights If (A) during the period
          starting with the date forty-five (45) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holder prior to receipt of a Demand Registration pursuant to subsection 2.1.1
          and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holder has requested an Underwritten Registration and the Company and the Holder are unable to
          obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to
          defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to the Holder a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously
          detrimental to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing
          for a period of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this
          manner more than twice in any 12-month period.

       

      ARTICLE III

        COMPANY PROCEDURES

       

      3.1         General Procedures. If, at any time, the Company is required
          to effect the Registration of Registrable Securities, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof,
          and pursuant thereto the Company shall, as expeditiously as possible but no more than sixty (60) days following delivery of a Demand Registration:

       

      3.1.1      prepare and file with the Commission as soon as reasonably practicable a Registration Statement with respect to such
          Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; provided that
          the Company shall not be required to file such Registration Statement until such time as it has received any necessary information from the Holders;

       

      3.1.2     prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such
          supplements to the Prospectus, as may be requested by the Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the
          Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in
          such Registration Statement or supplement to the Prospectus;

       

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

       

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

       

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

       

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

       

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

       

      3.1.8     at least three (3) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to
          such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to the Holder of such Registrable Securities or its counsel;

       

      
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      3.1.9      notify the Holder at any time when a Prospectus relating to such Registration Statement is required to be delivered under
          the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

       

      3.1.10    permit a representative of the Holder, the Underwriters, if any, and any attorney or accountant retained by the Holder or
          Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative,
          Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or
          Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

       

      3.1.11    obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
          Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request;

       

      3.1.12    on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such
          date, of counsel representing the Company for the purposes of such Registration, addressed to the the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
          which such opinion is being given as the placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters; provided, however, that counsel for the Company shall
          not be required to provide any opinions with respect to any Holder,;

       

      3.1.13    in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
          customary form, with the managing Underwriter of such offering; provided that such underwriting agreement shall not require the Company or any of its directors and officers to be locked up for any period of time following the date of the
          underwriting agreement.

       

      3.1.14    make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
          least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
          thereunder (or any successor rule promulgated thereafter by the Commission); and

       

      3.1.15    otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
          Holder, in connection with such Registration, including, without limitation, making available senior executives of the Company to participate in any due diligence sessions that may be reasonably requested by the Underwriter in any Underwritten
          Offering.

       

      
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      3.2         Registration Expenses. The Registration Expenses of all
          Registrations shall be borne by the Company. It is acknowledged by the Holder that the Holder shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage
          fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holder.

       

      3.3          Requirements for Participation in Underwritten Offerings. No
          person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any
          underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably
          required under the terms of such underwriting arrangements.

       

      3.4         Suspension of Sales; Adverse Disclosure. Upon receipt of
          written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, the Holder shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus
          correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the
          use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the
          inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holder, delay the filing or
          initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than ninety (90) days, determined in good faith by the Company to be necessary for such purpose. In the event the
          Company exercises its rights under the preceding sentence, the Holder agrees to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer
          to sell Registrable Securities. The Company shall immediately notify the Holder of the expiration of any period during which it exercised its rights under this Section 3.4.

       

      3.5          Reporting Obligations. As long as the Holder shall own
          Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to
          be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holder with true and complete copies of all such filings (unless such filings are otherwise available on EDGAR). The
          Company further covenants that it shall take such further action as the Holder may reasonably request, all to the extent required from time to time to enable the Holder to sell shares of Common Stock held by the Holder without registration under
          the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions.

       

      
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      ARTICLE IV

        INDEMNIFICATION AND CONTRIBUTION

       

      4.1          Indemnification.

       

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

       

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

       

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

       

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

       

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

       

      
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      ARTICLE V

        MISCELLANEOUS

       

      5.1          Notices. Any notice or communication under this
          Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
          providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed
          sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy,
          telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this
          Agreement must be addressed, if to the Company, to the Company’s address, facsimile number or electronic mail address set forth on the signature page hereof, or at such other
            address as the Company shall have furnished to the Holder in writing, and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address for notice at
          any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section

              5.1.

       

      5.2          Assignment; No Third Party Beneficiaries.

       

      5.2.1      This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the
          Company in whole or in part.

       

      5.2.2      The Holder may, with prior written notice to the Company, assign or delegate the Holder’s rights, duties or obligations
          under this Agreement, in whole or in part, to a purchaser or transferee of Registrable Securities who agrees to become bound by the rights, duties or obligations set forth in this Agreement; provided that in the case of such transfer of less than
          100% of Registrable Securities where there would be more than one (1) Holder hereunder, the Company and the Holder and any additional holder agree to act in good-faith to revise this Agreement to include customary provisions for registration
          rights agreements of this type with multiple holders (including with respect to pro rata reductions in Registrable Securities and rights that must be exercised by a majority-in-interest of holders instead of each individual holder (including,
          without limitation registration demands and employment of one counsel for all holders)) and no assignment shall expand the obligations of the Company hereunder or increase the number of demand registrations that the Company is required to
          undertake.

       

      5.2.3     This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its
          successors and the permitted assigns of the Holder.

       

      5.2.4     This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly
          set forth in this Agreement and Section 5.1  hereof.

       

      
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      5.2.5      No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or
          obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section  5.1  hereof and (ii) the written agreement of the
          assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other
          than as provided in this Section 5.1  shall be null and void.

       

      5.3          Counterparts. This Agreement may be executed in multiple
          counterparts and delivered electronically (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. The words
          “execution,” “signed,” “signature” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other
          electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without
          limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
          record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
          including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

       

      5.4         Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS
          AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO
          AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT LOCATED WITHIN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, STATE OF NEW YORK.

       

      5.5      Trial By Jury. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND
            UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT
            OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

       

      
        15

        
          


      

      5.6          Amendments and Modifications. Upon the written consent of the
          Company and the Holder (or in the case where there are multiple holders under this Agreement, the majority-in-interest of all of the holders), compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
          waived, or any of such provisions, covenants or conditions may be amended or modified. No course of dealing between the Holder or the Company and any other party hereto or any failure or delay on the part of the Holder or the Company in
          exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of the Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a
          waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
          or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
          as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto
          and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties,
          whether oral or written.

       

      5.7         Term. This Agreement shall terminate upon the earlier of (i)
          the fifth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section
          4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holder is permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the
          Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of Section 3.5 and Article IV
          shall survive any termination.

       

      Signature Page Follows]

      

      

      
        16

        
          


      

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

       

      	 	
              COMPANY:

            
	 	 
	
              KASPIEN HOLDINGS INC.

            	 
	
              

              

            	 


      	

            	
              By:

            	
              /s/ Kunal Chopra

            	 


      	 	
              Name:

            	
              Kunal Chopra

            
	 	
              Title:

            	
              Principal Executive Officer

            
	

            	 	 


      	 	
              Address:

            	
              2818 N. Sullivan Road, Suite #130

            	 
	 	 	
              Spokane Valley, WA 99216

            	 


      	 	Attenion:

            	
              Edwin Sapienza

            	 


      	 	
              Facsimile:

            	
              

              

            	  


      	 	
              Email:

            	
              esapienza@kaspien.com

            	 


      

      

      
        [Signature Page to Registration Rights Agreement]

         

        

      

      
        
          


      

      HOLDER:

      

      

      	
              ALIMCO RE LTD.

            	 
	
              

              

            	 
	

            	
              By:

            	
              /s/ Jonathan Marcus

            	 


      	 	
              Name:

            	
              Jonathan Marcus

            	 
	

            	
              Title:

            	
              CEO

            	 


      

      

      
        [Signature Page to Registration Rights Agreement]