Exhibit 10.4


 


Exhibit A


FORM OF


AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT


 


THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [ ], 2022, is made and entered into by and among
FG Merger Corp., a Delaware corporation (the “Company”), FG Merger Investors LLC, a Delaware limited liability
company (the “Sponsor”), ThinkEquity, a division of Fordham Financial Management, Inc. (“ThinkEquity”),
the equityholders designated as Legacy iCore Equityholders on Schedule A hereto (the “Legacy iCore Equityholders”),
the equityholders of the Company listed on Schedule B hereto (the “Legacy Company Equityholders, and each such party,
together with the Sponsor, ThinkEquity, the Legacy iCore Equityholders and any person or entity who hereafter becomes a party to this
Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).


 


RECITALS


 


WHEREAS, the Sponsor
holds [ ] Founder Shares;


 


WHEREAS, each of M.
Wesley Schrader, D. Kyle Cerminara, Jeff L. Sutton, Ryan Turner , Hassan R. Baqar and Larry G. Swets, Jr. own [ ] Founder Shares ([ ]
Founder Shares in aggregate);


 


WHEREAS, the Sponsor
holds [3,950,000] private placement warrants, each exercisable to purchase one share of Common Stock at a price of $11.50.00 per share
(the “11.50 Exercise Price Warrants”);


 


WHEREAS, the Sponsor
additionally holds [1,000,000] private placement warrants, each exercisable to purchase one share of Common Stock at a price of $15.00
per share (the “$15 Exercise Price Warrants”);


 


WHEREAS, the Sponsor
additionally holds [55,000] units (the “Private Units”), each Private Unit consisting of one share of Common
Stock (the “Private Shares”) and three-quarters of one warrant (the “Private Warrants”
and, together with the $11.50 Exercise Price Warrants and the $15 Exercise Price Warrants, the “Private Placement Warrants”);


 


[WHEREAS, the Sponsor
additionally holds [ ] units (the “Working Capital Loan Units”), each Working Capital Loan Unit consisting of
one share of Common Stock (the “Working Capital Loan Shares”) and three-quarters of one warrant (the “Working
Capital Loan Warrants”;]1


 





 






1
Note to draft: Only to be included to extent there are outstanding Working Capital Loan Units at Closing.


 






     


     


    

 


WHEREAS, ThinkEquity
holds [40,250] private units (the “Underwriter Units”), each Underwriter Unit consisting of one share of Common
Stock (the “Underwriter Shares”) and three-quarters of one warrant (the “Underwriter Warrants”);


 


WHEREAS, on February
25, 2022, the Company, the Sponsor, ThinkEquity and certain other parties entered into a Registration Rights Agreement (the “Original
Agreement”), pursuant to which the Company granted certain parties thereto certain registration rights with respect to certain
securities of the Company;


 


WHEREAS, upon the closing
of the transactions (such transactions, the “Transactions”) contemplated by that certain Merger Agreement and
Plan of Reorganization, dated as of [ ], 2022 (the “Merger Agreement”), by and among the Company, [ ] Merger
Sub LLC, a Nevada corporation (“Merger Sub”), and iCoreConnect Inc., a Nevada corporation (“iCore”),
iCore shall be merged with Merger Sub, with iCore being the surviving entity (“NewCo”);


 


WHEREAS, in connection
with the closing of the Transactions, the Company and the stockholders of the Company shall have effectuated an equity conversion, whereby
the Common stock of the Company will be converted into a single class of preferred stock of the Company (the “Parent Preferred
Stock”);


 


WHEREAS, concurrently
with the Merger, each share of iCore Common Stock that is issued and outstanding immediately prior to the Effective Time (as defined in
the Merger Agreement) shall be canceled and converted into shares of Company Common Stock;


 


WHEREAS, in connection
with the consummation of the Transactions, the Company and the Holders party to the Original Agreement desire to amend and restate the
Original Agreement in order to provide the Holders 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.
Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Merger Agreement.


 


“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the
Company, (a) 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, (b) would not be required to be made at such time if the Registration Statement were not
being filed, and (c) the Company has a bona fide business purpose for not making such information public.


 






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“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.


 


“Converted Common
Stock” shall mean shares of Common Stock issued pursuant to the conversion of Parent Preferred Stock.


 


“Commission”
shall mean the Securities and Exchange Commission.


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


 


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


 


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


 


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


 


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


 


“Demanding Holder”
shall have the meaning given in subsection 2.1.1.


 


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


 


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


 


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


 


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


 


“Form S-4”
shall mean Form S-4 for the registration of securities under the Securities Act promulgated by the Commission.


 






    3


     


    

 


“Founder Shares”
shall mean the shares of common stock, par value $0.0001 per share, of the Company, initially purchased by the Sponsor in a private placement
and which are issued and outstanding prior to the signing of the Merger Agreement.


 


“Founder Shares
Lock-up Period” shall mean, with respect to the Founder Shares, the period ending 180 days after the Merger Closing Date,
as set forth in the Lock-up Agreement.


 


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


 


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


 


“Insider Letter”
shall mean that certain letter agreement, dated as of February 25, 2022, by and among the Company, the Sponsor, and each of the Company’s
officers and directors.


 


“Lock-Up Agreement”
shall have the meaning given in the Merger Agreement.


 


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


 


“Merger Agreement”
shall have the meaning given in the Recitals hereto.


 


“Merger Closing
Date” shall mean the date on which the Transactions are consummated in accordance with the Merger Agreement.


 


“Minimum Demand
Threshold” shall mean $25,000,000.


“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
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.


 


“Original Agreement”
shall have the meaning given in the Recitals hereto.


 


“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period, Underwriter Lock-up Periodor any other lock-up
period, as the case may be, under the Insider Letter, the Lock-Up Agreement, this Agreement and any other applicable agreement between
such Holder and the Company, and to any transferee thereafter.


 


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


 


“Private
Placement Lock-up Period” shall mean, with respect to Private Units and Private Placement Warrants that are held by
the initial purchasers of such Private Placement Warrants and Private Units or their Permitted Transferees, the Private Units, the
securities underlying such Private Units, the Private Placement Warrants, the shares of Common Stock issuable upon the exercise or
conversion of the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their
Permitted Transferees the period ending thirty (30) days after the Merger Closing Date.


 






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“Private Units”
shall have the meaning given in the Recitals hereto.


 


“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.


 


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


 


“Private Warrants”
shall have the meaning given in the Recitals hereto.


 


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


 


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


 


“Registrable
Security” shall mean (a) the Founder Shares and the shares of Parent Preferred Stock issued or issuable upon
conversion of the Founder Shares, (b) the Private Placement Warrants (including any shares of Common Stock or Parent Preferred Stock
issued or issuable upon the exercise of the Private Placement Warrants), (c) [the Working Capital Loan Units (including the Working
Capital Loan Shares, the Working Capital Loan Warrants and any shares of Common Stock or Parent Preferred Stock issued or issuable
upon the exercise of the Working Capital Loan Warrants”), (d)]2
the Underwriter Units (including the Underwriter Shares, the Underwriter Warrants and any shares of Common Stock or Parent Preferred
Stock issued or issuable upon the exercise of the Underwriter Warrants), (e) the Private Units (including the Private Shares, the
Private Warrants and any shares of Common Stock or Parent Preferred Stock issued or issuable upon the exercise of the Private
Warrants), (f) the shares of Common Stock issued or issuable in connection with the Transactions, (h) any outstanding shares of
Parent Preferred Stock, or Converted Common Stock, owned or acquired by Holder, and (h) any other shares of Common Stock or any
other equity security (including, without limitation, the shares of Common Stock issued or issuable upon the exercise or conversion
of any other equity security, warrant and rights, including the Parent Preferred Stock) of the Company otherwise acquired or owned
by a Holder following the date hereof, as well as any other equity security issued or issuable with respect to any such share of
Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or reorganization]; provided, however, that, as to any particular Registrable Security, such securities
shall cease to be Registrable Securities when: (i) 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; (ii) 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; (iii) such securities shall have ceased to
be outstanding; (iv) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or
any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations); or (v) such
securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.


 





 






2 Note to draft:
Only to be included to extent there are outstanding Working Capital Loan Units at Closing.


 






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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 is 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;


 


(f) reasonable fees and expenses
of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered
for offer and sale in the applicable Registration; and


 


(g) the costs and expenses
of the Company and any of its officers, directors, counsel or other representatives in connection with presentations or meetings undertaken
in connection with the offering of the Registrable Securities, including, without limitation, expenses associated with the production
of road show slides and graphics and the production and hosting of any electronic road shows, fees and expenses of any consultants engaged
in connection with road show presentations, and travel, lodging, transportation, and other expenses of the officers, directors, counsel
and other representatives of the Company incurred in connection with any such presentations or meetings.


 


“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.


 






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“Requesting Holder”
shall have the meaning given in subsection 2.1.1.


 


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


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“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.


 


“Underwriter Lock-up
Period” shall mean, with respect to the Underwriter Units and the securities underlying such Underwriter Units that are
held by ThinkEquity or its Permitted Transferees, the period ending after the completion of the Merger Closing Date.


 


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


 


“Underwriter Units”
shall have the meaning given in the Recitals hereto.


 


“Underwriter Warrants”
shall have the meaning given in the Recitals hereto.


 


“Underwritten
Block Trade” shall have the meaning given in Section 2.1.1(b).


 


“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.


 






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ARTICLE II

REGISTRATIONS


2.1 Demand Registration.


 


2.1.1 Shelf Registration
Statement.


 


(a) As soon as practicable
but no later than twenty (20) Business Days after the Merger Closing Date (the “Filing Date”), the Company
shall prepare and file with (or confidentially submit to) the Commission a shelf registration statement under Rule 415 of the
Securities Act (such registration statement, a “Shelf Registration Statement”) covering the resale of all
the Registrable Securities (determined as of two (2) Business Days prior to such filing) on a delayed or continuous basis and shall
use its commercially reasonable efforts to have such Shelf Registration Statement declared effective as soon as practicable after
the filing thereof and no later than the earlier of (i) the sixtieth (60th) calendar day (or ninetieth (90th)
calendar day if the Commission notifies the Company that it will “review” the Registration Statement) following the date
hereof and (ii) the tenth (10th) Business Day after the date the Company is notified (orally or in writing, whichever is
earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further
review. Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included therein pursuant to
any method or combination of methods legally available to, and requested by, any Holder named therein. The Company shall maintain
the Shelf Registration Statement in accordance with the terms hereof, and shall prepare and file with the Commission such
amendments, including post-effective amendments supplements and new registration statements as contemplated by Rule 415(a)(6) as may
be necessary to keep a Shelf Registration Statement continuously effective, available for use to permit all Holders named therein to
sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as
there are no longer any Registrable Securities. In the event the Company files the Shelf Registration Statement on a Form S-1 (the
 “Form S-1 Shelf”), the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf
(and any subsequent Shelf Registration Statement) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use
Form S-3. As soon as practicable following the effective date of a Shelf Registration Statement but in any event within one (1)
business day of such date, the Company shall notify the Holders of the effectiveness of such Shelf Registration Statement..


 






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(b) Subject to Section
2.3 and Section 2.4, at any time and from time to time, any of (i) the Sponsor Holder, (ii) the Holders of a majority in
interest of the then-outstanding number of Registrable Securities, or (iii) any Holder or group of Holders, if the total offering
price is reasonably expected to equal or exceed, in the aggregate, the Minimum Demand Threshold, may make a written demand from time
to time to elect to sell all or any part of their Registrable Securities (the “Demanding Holder(s)”),
pursuant to an Underwritten Offering pursuant to the Shelf Registration Statement, which written demand shall describe the amount
and type of securities to be included in such Registration and the intended method(s) of distribution thereof. The Demanding Holders
shall make such election by delivering to the Company a written request (a “Shelf Underwriting Request”)
for such Underwritten Offering specifying the number of Registrable Securities that the Demanding Holders desire to sell pursuant to
such Underwritten Offering (the “Shelf Underwriting”). As promptly as practicable, but no later than three
(3) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf
Underwriting Notice”) of such Shelf Underwriting Request to the Holders of record of other Registrable Securities
registered on such Shelf Registration Statement (“Shelf Registrable Securities”). The Company, subject to Section
2.1.3, shall include in such Shelf Underwriting (i) the Registrable Securities of the Demanding Holders and (ii) the Shelf
Registrable Securities of any other Holder of Shelf Registrable Securities which shall have made a written request to the Company
for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to
be disposed of by such Holder) within five (5) calendar days after the receipt of the Shelf Underwriting Notice. The Company shall,
as expeditiously as possible (and in any event within ten (10) Business Days after the receipt of a Shelf Underwriting Request), but
subject to Section 2.3, use its commercially reasonable efforts to effect such Shelf Underwriting. The Company shall, at the
request of any Demanding Holders, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic
shelf registration statement, any post-effective amendments and otherwise take any action necessary to include therein all
disclosure and language deemed necessary or advisable by the Demanding Holders or any other Holder of Shelf Registrable Securities
to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, each Demanding Holder may
request, and the Company shall be required to facilitate, an aggregate of three (3) Shelf Underwritings pursuant to this subsection
2.1.1(b) with respect to any or all Registrable Securities; provided, however, that a Shelf Underwriting shall not
be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested by
such Demanding Holder to be registered in such Shelf Underwriting have been sold; and provided, further, that the number of Shelf
Underwritings the Demanding Holders shall be entitled to request shall be reduced by each Demand Registration effected for such
Demanding Holder pursuant to Section 2.1.2. Notwithstanding the foregoing, if a Demanding Holder wishes to engage in an
underwritten block trade or similar transaction or other transaction with a two (2)-day or less marketing period (collectively,
 “Underwritten Block Trade”) off of a Shelf Registration Statement, then notwithstanding the foregoing time
periods, such Demanding Holder only needs to notify the Company of the Underwritten Block Trade two (2) Business Days prior to the
day such offering is to commence and the Holders of record of other Registrable Securities shall not be entitled to notice of such
Underwritten Block Trade and shall not be entitled to participate in such Underwritten Block Trade and
the Company shall as expeditiously as possible use its commercially reasonable efforts to facilitate such Block Trade; provided, however,
that the Demanding Holder requesting such Underwritten Block Trade shall use commercially reasonable efforts to work with the
Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement,
prospectus and other offering documentation related to the Underwritten Block Trade. A majority-in-interest of the Demanding Holders
shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable nationally
recognized investment banks), subject to the Company’s prior written approval (which shall not be unreasonably withheld,
conditioned or delayed).


 






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2.1.2 Other
Demand Registration. At any time that a Shelf Registration Statement provided for in Section 2.1.1(a) is not available
for use by the Holders following such Shelf Registration Statement being declared effective by the Commission (a “Demand
Registration Period”), subject to this Section 2.1.2 and Section 2.3 and Section 2.4, at any time
and from time to time during such Demand Registration Period, the Demanding Holders shall have the right to make a written demand to
effect one or more registration statements under the Securities Act covering all or any part of their Registrable Securities, with a
total offering price reasonably expected to equal or exceed, in the aggregate, the Minimum Demand Threshold, by delivering a written
demand therefor to the Company, which written demand shall describe the amount and type of securities to be included in such
Registration and the intended method(s) of distribution thereof. Any such request by any Demanding Holder pursuant to this subsection
2.1.2 is referred to herein as a “Demand Registration Request,” and the registration so requested is
referred to herein as a “Demand Registration” (with respect to any Demand Registration, the Demanding
Holders making such demand for registration being referred to as the “Initiating Holders”). Subject to Section
2.3, the Demanding Holders shall be entitled to request (and the Company shall be required to effect) an aggregate of three (3)
Demand Registrations in any twelve (12)-month period pursuant to this subsection 2.1.2 with respect to any or all Registrable
Securities; provided, however, that a Demand Registration shall not be counted for such purposes unless a Registration
Statement has become effective and all of the Registrable Securities requested by the Demanding Holders to be registered on behalf
of the Demanding Holders in such Demand Registration have been sold; provided, further, that the number of Demand
Registrations the Demanding Holders shall be entitled to request shall be reduced by each Shelf Underwriting effected for such
Demanding Holder pursuant to subsection 2.1.1(b). The Company shall give written notice (the “Demand Exercise
Notice”) of such Demand Registration Request to each of the Holders of record of Registrable Securities as promptly as
practicable but no later than three (3) Business Days after receipt of the Demand Registration Request. The Company, subject to Sections
2.3 and 2.4, shall include in a Demand Registration (a) the Registrable Securities of the Initiating Holders and (b) the
Registrable Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for
inclusion in such registration pursuant to Section 2.1.2 (which request shall specify the maximum number of Registrable
Securities intended to be disposed of by such Holder) within five (5) calendar days following the receipt of any such Demand
Exercise Notice. The Company shall, as expeditiously as possible, but subject to Section 2.3, use its commercially reasonable
efforts to (i) file or confidentially submit with the Commission (no later than (A) forty-five (45) days from the Company’s
receipt of the applicable Demand Registration Request if the Demand Registration is on Form S-1 or similar long-form registration or
(B) fifteen (15) days from the Company’s receipt of the applicable Demand Registration Request if the Demand Registration is
on Form S-3 or any similar short-form registration), (ii) cause to be declared effective as soon as reasonably practicable such
registration statement under the Securities Act that includes the Registrable Securities that the Company has been so requested to
register, for distribution in accordance with the intended method of distribution and (iii) if requested by the Initiating Holders,
obtain acceleration of the effective date of the registration statement relating to such registration.


 






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2.1.3 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Shelf
Underwriting or Demand Registration, in good faith, advises the Company, the Demanding Holders and any other Holders participating
in the Underwritten Registration (if any) (the “Requesting Holders”) in writing that the dollar amount or
number of Registrable Securities that such Holders desire to sell, taken together with all other 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 entered into after the date hereof 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: (a) the Registrable Securities
of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that
each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten
Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the
Maximum Number of Securities; (b) to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (a), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each
Holder has so requested) exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1
hereof, without exceeding the Maximum Number of Securities; and (c) to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (a) and (b), the Common Stock or other equity securities that the Company desires to sell, which
can be sold without exceeding the Maximum Number of Securities; and (d) to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (a), (b) and (c), the Common Stock or other equity securities of other persons or entities
that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements entered into after
the date hereof with such persons and that can be sold without exceeding the Maximum Number of Securities.


 


2.1.4 Demand Registration
Withdrawal. A majority-in-interest of the Demanding Holders initiating a Shelf Underwriting or Demand Registration, pursuant to a
Registration under subsections 2.1.1 or 2.1.2 shall have the right to withdraw from a Registration pursuant to such Shelf
Underwriting or 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 (a) in the case of a Shelf Underwriting, the filing of a preliminary
prospectus supplement setting forth the terms of the Underwritten Offering with the Commission and (b) in the case of a Demand Registration,
the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities
pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with a Registration pursuant to a Shelf Underwriting or Demand Registration prior to
its withdrawal under this subsection 2.1.4.


 


2.2 Piggyback Registration.


 


2.2.1 Piggyback
Rights. If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or
convertible into equity securities, for its own account or for the account of stockholders of the Company (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 (a) filed in connection with any employee stock option or other benefit plan, (b) for an exchange offer or offering of
securities solely to the Company’s existing stockholders, (c) for an offering of debt that is convertible into equity
securities of the Company or (d) for a dividend reinvestment plan, then the Company shall give written notice of such proposed
filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated
filing date of such Registration Statement, which notice shall (i) 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 (ii) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of
Registrable Securities as such Holders may request in writing within five (5) 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 Holders
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. All such Holders proposing to distribute their Registrable
Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in
customary form with the Underwriter(s) selected for such Underwritten Offering by the Company; provided, that no Holder shall be
required to make any representations or warranties, or provide any indemnity or legal opinion, regarding the Company, any other
Holder or any other matter not pertaining specifically to such Holder.


 






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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 Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the shares of Common Stock that the Company desires to sell, taken together with (x) the shares of Common
Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities
other than the Holders of Registrable Securities hereunder, (y) the Registrable Securities as to which registration has been requested
pursuant to Section 2.2 hereof, and (z) 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 entered into after the date hereof,
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 (i) the Common Stock or other equity securities that
the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (ii) to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising their rights
to register their Registrable Securities pursuant to subsection 2.2.1 hereof (Pro Rata based on the respective number of Registrable
Securities that such Holder has requested be included in such Registration), which can be sold without exceeding the Maximum Number of
Securities; and (iii) to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii),
the 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 entered into after the date hereof, Pro Rata, which can be sold without exceeding the Maximum Number
of Securities;


 


(b) If the Registration is
pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any
such Registration (i) the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the
Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (ii) to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata based on the number of
Registrable Securities that each Holder has requested be included in such Registration and the aggregate number of Registrable
Securities that the Holders have requested to be included in such Registration, which can be sold without exceeding the Maximum
Number of Securities; (iii) to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i)
and (ii), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the
Maximum Number of Securities; and (iv) to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i), (ii) and (iii), the 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 entered into after the date hereof with such
persons or entities, which can be sold without exceeding the Maximum Number of Securities.


 






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2.2.3 Piggyback Registration
Withdrawal. Any Holder of Registrable Securities 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 his, her or 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 Shelf Underwriting or Demand Registration effected under Section 2.1 hereof.


 


2.3 Restrictions
on Registration Rights. The Company shall not be obligated to effect any Shelf Underwriting or Demand Registration (a) during the
period starting with the date sixty (60) 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 Registration; provided, that the Company has delivered
written notice to the Holders pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all commercially
reasonable efforts to cause the applicable Registration Statement to become effective or (b) if the Holders have requested an Underwritten
Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer. If, in
the good faith judgment of the Board, any Registration would be materially 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 the Company shall furnish to such Holders a
certificate stating that in the good faith judgment of the Board it would be materially 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 once in any twelve (12)-month period.


 






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ARTICLE III

COMPANY PROCEDURES


 


3.1 General Procedures.
If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities, the Company shall
use its commercially reasonable 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 reasonably possible:


 


3.1.1 prepare and file
with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use 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;


 


3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be reasonably requested by the majority in interest of the Holders with Registrable Securities registered on such Registration
Statement 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;


 


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 Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel
for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;


 


3.1.4 prior to any public
offering of Registrable Securities, use its commercially reasonable efforts to (a) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request (or provide
evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and (b) take
such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement
to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify 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;


 






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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 commercially reasonable 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 five (5)
days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or
Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange Act, and the
rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order to reduce the number
of days that sales are suspended pursuant to Section 3.4) furnish a copy thereof to each seller of such Registrable Securities
and its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein),
including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration
Statement or Prospectus;


 


3.1.9 notify the Holders
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;


 


3.1.10 permit a
representative of the Holders (such representative to be selected by a majority-in-interest of the participating Holders), the
Underwriters, if any, and any attorney or accountant retained by such Holders 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 customary form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information; and provided, further, the Company may not include the name of any Holder or Underwriter
or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment or supplement to
such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or
Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter and providing
each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the
Company shall include unless contrary to applicable law;


 






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


 


3.1.12 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 Holders, the placement agent or sales agent, if any, and the Underwriters,
if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement
agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters,
and reasonably satisfactory to a majority in interest of the participating Holders;


 


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;


 


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 (1st) day of the Company’s first (1st) 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);


 


3.1.15 if the Registration
involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its commercially reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any Underwritten Offering; and


 


3.1.16 otherwise, in
good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by, the participating Holders, consistent
with the terms of this Agreement, in connection with such Registration.


 


3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that each
Holder shall bear, severally and not jointly, all Underwriters’ commissions and discounts, brokerage fees and, other than as set
forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the
Holders.


 






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3.3 Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering or other offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such
person’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by the
Company and (b) 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, sales,
distribution or placement arrangements. The exclusion of a Holder’s Registrable Securities as a result of this Section
3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.


 


3.4 Suspension of
Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it 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 he, she or 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 (a) require the Company to make an Adverse Disclosure, (b) require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control
or (c) in the good faith judgment of the majority of the Board, be seriously detrimental to the Company and the majority of the Board
concludes as a result that it is essential to defer such filing, initial effectiveness or continued use at such time, the Company may,
upon giving prompt written notice of such action to the Holders, 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 thirty (30) days, determined in good faith by the Company
to be necessary for such purpose, but in no event shall the Company delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement or Prospectus on more than three (3) occasions or for a time exceeding one hundred twenty (120) calendar days in
total, in each case during any twelve (12)-month period. In the event the Company exercises its rights under the preceding sentence, the
Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any
Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of
the expiration of any period during which it exercised its rights under this Section 3.4, and, upon the expiration of any such
period, the Holders shall be entitled to resume the use of any such Prospectus in connection with any sale or offer to sell Registrable
Securities.


 


3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to 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 Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action
as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock
held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any customary legal opinions.
Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether
it has complied with such requirements.


 






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ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION


 


4.1 Indemnification.


 


4.1.1 The Company agrees
to indemnify and hold harmless, to the greatest extent permitted by law, each Holder of Registrable Securities, the partners, members,
managers, officers, directors and stockholders of each such Holder and each other person who controls such Holder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and expenses (including without limitation any legal or other
fees and expenses incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result,
and pay promptly as any such expenses are incurred) (collectively, “Damages”), whether joint or several, 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 such Holder expressly for use therein), and any violation or alleged violation by the Company (or any of
its agents or affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any state securities law.


 


4.1.2 In connection with
any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, shall indemnify and hold harmless the Company, its directors, officers, agents and stockholders and
each person who controls the Company (within the meaning of the Securities Act), and any other Holder selling securities in such Registration
Statement, and any controlling person of any such other Holder, against any Damages resulting from any untrue or alleged untrue statement
of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue or alleged untrue statement or omission is contained in any information or affidavit
so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall
be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable
Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and
each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to indemnification of the Company.


 






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4.1.3 Any person
entitled to indemnification herein shall (a) 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 (b) 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). An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.


 


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


 


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


 






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ARTICLE V

MISCELLANEOUS


 


5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to the
party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier
service providing evidence of delivery, or (c) 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 (3rd) 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: [ ], 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 rights
granted to a Holder by the Company under this Agreement may be transferred or assigned (but only with all related obligations) by a
Holder; provided, that (a) such transfer or assignment of Registrable Securities is effected in accordance with applicable
securities laws, (b) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and
address of such transferee and the Registrable Securities with respect to which such rights are being transferred and (c) such
transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this
Agreement; provided, however, that prior to the expiration of the Founder Shares Lock-up Period, Private Placement
Lock-up Period, Underwriter Lock-up Period, or lock-up period as set forth in the Lock-Up Agreement as the case may be, no Holder
may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in
connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee
agrees to become bound by the transfer restrictions set forth in this Agreement. 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 (a) written notice of such assignment as provided in Section 5.1 hereof and (b) 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 5.2 shall be null and void.


 






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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 Holders, which shall include Permitted Transferees.


 


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 5.2 hereof.


 


5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced. The delivery of an electronic
signature to, or a copy/scan of a manual signature on a counterpart to, this Agreement by facsimile, email or other electronic transmission
shall be deemed an original signature for all purposes hereunder.


 


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
(A) 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 (B) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE
OF NEW YORK.


 


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


 


5.6 Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities has any
right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any
Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further,
the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar
terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this
Agreement shall prevail.


 






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5.7 Term. This
Agreement shall become effective upon the Merger Closing Date and shall terminate upon the earlier of (i) the tenth anniversary of the
Merger Closing Date 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 Holders of all Registrable Securities are permitted to sell the Registrable
Securities without registration pursuant to Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions
or limitations. The provisions of Section 3.5 and Article IV shall survive any termination.


 


[Signature Page Follows]


 






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


 


	 	COMPANY:
	 	 
	 	FG MERGER CORP.
	 	 
	 	By: 	 
	 	 	Name: 

Title: 


 


	 	HOLDERS:
	 	 
	 	 
	 	 
	 	 
	 	 





	 	 
	 	 
	 	 
	 	 





	 	 
	 	 
	 	 
	 	 
	 	 
	 	 





	 	FG MERGER INVESTORS, LLC
	 	 
	 	By: 	 
	 	 	Name: 

Title: 


 


	 	THINKEQUITY, a division of Fordham Financial Management, Inc.
	 	 
	 	By: 	 
	 	 	Name:.

Title: 


 


	 	[     ]
	 	 
	 	By: /	 
	 	 	Name: 

Title: 


 


	 	[     ]
	 	 
	 	By: 	 
	 	 	Name: 

Title: 
	 	 	 


[Signature Page to Registration Rights Agreement]


 






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Exhibit A


 






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Exhibit B


 






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