Document:

Exhibit 10.4

 

ESCROW AGREEMENT

 

ESCROW AGREEMENT (“Agreement”)
dated October 1, 2014 by and among QUARTET HOLDCO LTD., a Bermuda company (“Holdco”), GREGORY MONAHAN (the “Representative”),
as the representative of the former stockholders of QUARTET MERGER CORP., a Delaware corporation (“Quartet”), EDWARD
COLL, ANTHONY LAURA, LAGOA INVESTMENTS, PANGAEA ONE, L.P., PANGAEA ONE PARALLEL FUND (B), L.P. and PANGAEA ONE PARALLEL FUND, L.P.
(together the “Stockholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as escrow agent (the “Escrow
Agent”).

 

Holdco, Quartet, Quartet
Merger Sub, Ltd., a wholly-owned subsidiary of Holdco (“Merger Sub”), Pangaea Logistics Solutions Ltd. (“Company”)
and the Stockholders as the former securityholders of the Company are the parties to an Agreement and Plan of Reorganization dated
as of April 30, 2014 (the “Merger Agreement”) pursuant to which (i) Quartet has merged with and into Holdco, with Holdco
being the surviving entity of such merger and (ii) Merger Sub has merged with and into the Company, with the Company being the
surviving entity of such merger and remaining a wholly-owned subsidiary of Holdco. Pursuant to the Merger Agreement, Holdco is
to be indemnified in certain respects. The parties desire to establish an escrow fund as the sole remedy for the indemnification
obligations set forth in Article VII of the Merger Agreement. The Stockholders, together with their permitted transferees, are
referred to herein as the “Owners”. Capitalized terms used herein that are not otherwise defined herein shall have
the meanings ascribed to them in the Merger Agreement.

 

The parties agree as
follows:

 

1.             (a)Concurrently with the execution hereof, each of the Stockholders (or Holdco, on their behalf) is delivering to the
Escrow Agent, to be held in escrow pursuant to the terms of this Agreement, stock certificates in the amounts set forth in Schedule
A hereto issued in the name of such Stockholder representing a portion of the shares of Holdco Shares issued to such Stockholder
in the Transaction Merger. The Holdco Shares represented by the stock certificates so delivered by the Stockholders to the Escrow
Agent are herein referred to in the aggregate as the “Escrow Fund.” The Escrow Agent shall maintain a separate account
for each Stockholder’s, and, subsequent to any transfer permitted pursuant to Paragraph 1(d) hereof, each Owner’s,
portion of the Escrow Fund.

 

(a)               
The Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant to the
terms and conditions hereof. It shall treat the Escrow Fund as a trust fund in accordance with the terms of this Agreement and
not as the property of Holdco. The Escrow Agent’s duties hereunder shall terminate upon its distribution of the entire Escrow
Fund in accordance with this Agreement.

 

(b)              
Except as herein provided, the Owners shall retain all of their rights as shareholders of Holdco with respect to shares
of Holdco Stock constituting the Escrow Fund during the period the Escrow Fund is held by the Escrow Agent (the “Escrow Period”),
including, without limitation, the right to vote their shares of Holdco Stock included in the Escrow Fund.

 

    	 

    	 

    

  

(c)               
During the Escrow Period, all dividends payable in cash with respect to the shares of Holdco Stock included in the Escrow
Fund shall be paid to the Owners, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Fund”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

(d)              
During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the shares of Holdco Stock
in the Escrow Fund except (i) to a “Permitted Transferee” (as hereinafter defined), (ii) by virtue of the laws of descent
and distribution upon death of any Owner, or (iii) pursuant to a qualified domestic relations order; provided, however, that such
permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement. As used in this Agreement, the term “Permitted Transferee” shall include: (1) members
of a Stockholder’s “Immediate Family” (as hereinafter defined); (2) an entity in which (A) a Stockholder and/or
members of a Stockholder’s Immediate Family beneficially own 100% of such entity’s voting and non-voting equity securities,
or (B) a Stockholder and/or a member of such Stockholder’s Immediate Family is a general partner and in which such Stockholder
and/or members of such Stockholder’s Immediate Family beneficially own 100% of all capital accounts of such entity; (3) a
revocable trust established by a Stockholder during his lifetime for the benefit of such Stockholder or for the exclusive benefit
of all or any of such Stockholder’s Immediate Family; and (4) any Affiliate. As used in this Agreement, the term “Immediate
Family” means, with respect to any Stockholder, a spouse, parent, lineal descendants, the spouse of any lineal descendant,
and brothers and sisters (or a trust, all of whose current beneficiaries are members of an Immediate Family of the Stockholder).
As used in this Agreement, “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with, such Person. For purposes of this definition, “control”
(including with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.
As used in this Agreement, “Person” means any individual, corporation (including any non-profit corporation), general
partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any limited liability
company or joint stock company), firm or other enterprise, association, organization, entity or governmental entity. In connection
with and as a condition to each permitted transfer, the Permitted Transferee shall agree in writing to be bound by the terms and
conditions of this Agreement. Upon receipt of such agreement, the Escrow Agent shall deliver to Holdco’s transfer agent the
original stock certificate out of which the assigned shares are to be transferred, and shall request that Holdco issue new certificates
representing (m) the number of shares, if any, that continue to be owned by the transferring Stockholder, and (n) the number of
shares owned by the Permitted Transferee as the result of such transfer. Holdco, the transferring Stockholder and the Permitted
Transferee shall cooperate in all respects with the Escrow Agent in documenting each such transfer and in effectuating the result
intended to be accomplished thereby. During the Escrow Period, no Owner shall pledge or grant a security interest in such Owner’s
shares of Holdco Stock included in the Escrow Fund or grant a security interest in such Owner’s rights under this Agreement.

 

    	-2-

    	 

    

  

2.                 
(a)Holdco, acting through the Representative, may make a claim for indemnification pursuant to the Merger Agreement
(“Indemnification Claim”) against the Escrow Fund by giving notice (a “Notice”) to the Stockholder Nominee
(defined below), with a copy to the Escrow Agent, specifying (i) the covenant, representation, warranty, agreement, undertaking
or obligation contained in the Merger Agreement which it asserts has been breached or otherwise entitles Holdco to indemnification,
(ii) in reasonable detail, the nature and dollar amount of any Indemnification Claim, (iii) whether the Indemnification Claim is
a Basic Indemnification Claim or an Environmental Indemnification Claim, and (iv) whether the Indemnification Claim results from
a Third Party Claim against Holdco or the Company. The Representative also shall deliver to the Escrow Agent (with a copy to the
Stockholder Nominee), concurrently with its delivery to the Escrow Agent of the Notice, a certification as to the date on which
the Notice was delivered to the Stockholders. As used herein, “Basic Indemnification Claim” means an Indemnification
Claim other than an Environmental Indemnification Claim.

 

(b)              
If the Stockholder Nominee shall give a notice to the Representative (with a copy to the Escrow Agent and Holdco) (a “Counter
Notice”), within 30 days following the date of receipt (as specified in the Representative’s certification) by the
Stockholder Nominee of a copy of the Notice, disputing whether the Indemnification Claim is indemnifiable under the Merger Agreement,
the Representative and Stockholder Nominee shall attempt to resolve such dispute by voluntary settlement as provided in paragraph
2(c) below. If no Counter Notice with respect to an Indemnification Claim is received by the Escrow Agent from the Stockholder
Nominee within such 30-day period, the Indemnification Claim shall be deemed to be an Established Claim (as hereinafter defined)
for purposes of this Agreement.

 

(c)               
If the Stockholder Nominee delivers a Counter Notice to the Representative and the Escrow Agent, the Representative and
Stockholder Nominee shall, during the period of 60 days following the delivery of such Counter Notice or such greater period of
time as the parties may agree to in writing (with a copy to the Escrow Agent), attempt to resolve the dispute with respect to which
the Counter Notice was given. If the Representative and Stockholder Nominee shall reach a settlement with respect to any such dispute,
they shall jointly deliver written notice of such settlement to the Escrow Agent specifying the terms thereof. If the Representative
and Stockholder Nominee shall be unable to reach a settlement with respect to a dispute, such dispute shall be resolved by arbitration
pursuant to paragraph 2(d) below.

 

(d)              
If the Representative and Stockholder Nominee cannot resolve a dispute prior to expiration of the 60-day period referred
to in paragraph 2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted
(and either party may submit such dispute) for arbitration in accordance with Section 8.

 

(e)               
As used in this Agreement, “Established Claim” means any (i) Indemnification Claim deemed established pursuant
to the last sentence of paragraph 2(b) above, (ii) Indemnification Claim resolved in favor of Holdco by settlement pursuant to
paragraph 2(c) above, resulting in an award to Holdco, (iii) Indemnification Claim established by the decision of an arbitrator
pursuant to paragraph 2(d) above, resulting in a dollar award to Holdco, (iv) Third Party Claim that has been sustained by a final
determination (after exhaustion of any appeals) of a court of competent jurisdiction, or (v) Third Party Claim that the Representative
and Stockholder Nominee have jointly notified the Escrow Agent has been settled in accordance with the provisions of the Merger
Agreement; provided that, subject to the terms of the Merger Agreement, notwithstanding anything herein, no Indemnification Claim
by Holdco shall become an Established Claim unless and until the aggregate amount of indemnification Losses exceeds (i) $2,000,000
(the “Deductible”), in which event only the amount of such Established Claim(s) in excess of the Deductible
shall be payable. The aggregate liability for Losses shall not in any event exceed the Escrow Shares in the case of Basic Indemnity
Claims or the Environmental Indemnity Shares in the case of Environmental Indemnity Claims.

 

    	-3-

    	 

    

  

(f)                
(i)Promptly after an Indemnification Claim becomes an Established Claim, the Representative and Stockholder Nominee
shall jointly deliver a notice to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to Holdco,
and the Escrow Agent promptly shall deliver Escrow Shares to Holdco, the dollar amount of which shall equal the Loss (as defined
in the Merger Agreement) resulting from the Established Claim (or, if at such time there remains in the Escrow Fund less than the
full amount so payable, the full amount remaining in the Escrow Fund).

 

(ii)               
Payment of an Established Claim shall be made from Escrow Shares pro rata from the account maintained on behalf of each
Owner. For purposes of each payment, such shares shall be valued at the “Fair Market Value” (as defined below). However,
in no event shall the Escrow Agent be required to calculate Fair Market Value or make a determination of the number of shares to
be delivered to Holdco in satisfaction of any Established Claim; rather, such calculation shall be included in and made part of
the Joint Notice. The Escrow Agent shall transfer to Holdco out of the Escrow Fund that number of shares of Holdco Stock necessary
to satisfy each Established Claim, as set out in the Joint Notice. Any dispute between the Representative and Stockholder Nominee
concerning the calculation of Fair Market Value or the number of shares necessary to satisfy any Established Claim, or any other
dispute regarding a Joint Notice, shall be resolved between the Representative and Stockholder Nominee in accordance with the procedures
specified in paragraph 2(d) above, and shall not involve the Escrow Agent. Each transfer of shares in satisfaction of an Established
Claim shall be made by the Escrow Agent delivering to Holdco one or more stock certificates held in each Owner’s account
evidencing not less than such Owner’s pro rata portion of the aggregate number of shares specified in the Joint Notice, together
with assignments separate from certificate executed in blank by such Owner and completed by the Escrow Agent in accordance with
instructions included in the Joint Notice. Upon receipt of the stock certificates and assignments, Holdco shall deliver to the
Escrow Agent new certificates representing the number of shares owned by each Owner after such payment. The parties hereto (other
than the Escrow Agent) agree that the foregoing right to make payments of Established Claims in shares of Holdco Stock may be made
notwithstanding any other agreements restricting or limiting the ability of any Owner to sell any shares of Holdco stock or otherwise.
The Representative and Stockholder Nominee shall be required to exercise utmost good faith in all matters relating to the preparation
and delivery of each Joint Notice. As used herein, “Fair Market Value” means the average reported closing price for
the Holdco Stock for the ten trading days ending on the last trading day prior to (x) the day the Established Claim is paid with
respect to Indemnification Claims paid on or before the Basic Indemnity Escrow Termination Date, (y) the Basic Indemnity Escrow
Termination Date with respect to shares constituting the Pending Claims Reserve (as hereinafter defined) on the Basic Indemnity
Escrow Termination Date, and (z) with respect to shares placed in the Pending Claims Reserve for an Environmental Indemnification
Claim asserted after the Basic Indemnity Escrow Termination Date, the day such Environmental Indemnification Claim is asserted.
If Holdco Stock is not then listed or admitted to trading on any national securities exchange, the “Fair Market Value”
means the average of the reported closing bid and asked prices of Holdco Stock on such date on the principal over the counter market
on which Holdco Stock is traded, and if Holdco Stock is not so traded, a market price per share determined in good faith by the
Holdco Board of Directors.

 

    	-4-

    	 

    

  

(iii)              
Notwithstanding anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim,
the Stockholders shall have the right to substitute for the Escrow Shares that otherwise would be paid in satisfaction of such
claim (the “Claim Shares”), cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted
Cash”). In such event (i) the Joint Notice shall include a statement describing the substitution of Substituted Cash for
the Claim Shares, and (ii) substantially contemporaneously with the delivery of such Joint Notice, the Stockholders shall cause
currently available funds to be delivered to the Escrow Agent in an amount equal to the Substituted Cash. Upon receipt of such
Joint Notice and Substituted Cash, the Escrow Agent shall (y) in payment of the Established Claim described in the Joint Notice,
deliver the Substituted Cash to Holdco in lieu of the Claim Shares, and (z) cause the Claim Shares to be returned to the Owners.

 

3.                 
(a)On the first Business Day after the Basic Indemnity Escrow Termination Date, upon receipt of a Joint Notice, the
Escrow Agent shall distribute and deliver to each Owner certificates representing shares of Holdco Stock then in such Owner’s
account in the Escrow Fund equal to one-half of the original number of shares placed in such Owner’s account less that number
of shares in such Owner’s account equal to the sum of (i) the number of shares applied in satisfaction of Indemnification
Claims made prior to that date and (ii) the number of shares in the Pending Claims Reserve allocated to such Owner’s account,
as provided in the following sentence, and shall continue to hold the remaining shares in such Owner’s account as Environmental
Indemnity Shares. If, at such time, there are any Indemnification Claims with respect to which Notices have been received but which
have not been resolved pursuant to Section 2 hereof or in respect of which the Escrow Agent has not been notified of, and received
a copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the case may be (in
either case, “Pending Claims”), and which, if resolved or finally determined in favor of Holdco, would result in a
payment to Holdco, the Escrow Agent shall retain in the Pending Claims Reserve that number of shares of Holdco Stock having a Fair
Market Value equal to the dollar amount for which indemnification is sought in such Indemnification Claim, allocated pro rata from
the account maintained on behalf of each Owner. The Representative and Stockholder Nominee shall certify to the Escrow Agent the
Fair Market Value to be used in calculating the Pending Claims Reserve and the number of shares of Holdco Stock to be retained
therefor. Thereafter, if any Pending Claim becomes an Established Claim, the Representative and Stockholder Nominee shall deliver
to the Escrow Agent a Joint Notice directing the Escrow Agent to deliver to Holdco the number of shares in the Pending Claims Reserve
in respect thereof determined in accordance with paragraph 2(f) above and to deliver to each Owner the remaining shares in the
Pending Claims Reserve allocated to such Pending Claim, all as specified in a Joint Notice. If any Pending Claim is resolved against
Holdco, the Representative and Stockholder Nominee shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent
to pay to each Owner its pro rata portion of the number of shares allocated to such Pending Claim in the Pending Claims Reserve.

 

    	-5-

    	 

    

  

(b)              
On the first Business Day after the Environmental Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent
shall distribute and deliver to each Owner certificates representing the remaining shares of Holdco Stock then in such Owner’s
account in the Escrow Fund other than Environmental Indemnity Shares in the Pending Claims Reserve. Upon the subsequent resolution
of a Claim for which shares remain in the Pending Claims Reserve, upon receipt of a Joint Notice, the Escrow Agent shall distribute
and deliver such shares to Holdco, if the Claim is resolved in favor of Holdco, or to the Owners pro rata to the accounts maintained
for them, if the Claim is resolved against Holdco. Upon resolution of all Pending Claims, the Representative and Stockholder Nominee
shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Owner the remaining portion of his or
her account in the Escrow Fund.

 

(c)               
As used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number
of shares of Holdco Stock in the Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar amounts claimed
to be due with respect to all Pending Claims (as shown in the Notices of such Claims).

 

4.                 
The Escrow Agent, the Representative and Stockholder Nominee shall cooperate in all respects with one another in the calculation
of any amounts determined to be payable to Holdco and the Owners in accordance with this Agreement and in implementing the procedures
necessary to effect such payments.

 

5.                 
(a)The Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that
the Escrow Agent is not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

(b)              
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own
best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper
person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the
duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

(c)               
The Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Holdco pursuant to the
terms of this Agreement or, if such notice is disputed by the Representative or Stockholder Nominee, the settlement with respect
to any such dispute, whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction,
is to pay to Holdco the amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity, authenticity
or enforceability of any specification or certification made in such notice.

 

    	-6-

    	 

    

  

(d)              
The Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within
the rights or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and
complete authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good
faith and in accordance with the opinion of such counsel.

 

(e)               
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become
effective at such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the
Representative and Stockholder Nominee. If no new escrow agent is so appointed within the 60 day period following the giving of
such notice of resignation, the Escrow Agent may deposit the Escrow Fund with any court it reasonably deems appropriate. the Escrow
Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other
parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by
a successor escrow agent as provided in this Section 5(e).

 

(f)                
The Escrow Agent shall be indemnified and held harmless by Holdco from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Fund held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in the any state or federal
court located in New York County, State of New York.

 

(g)               
The Escrow Agent shall be entitled to reasonable compensation from Holdco for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from Holdco for all expenses paid or incurred by it in the administration
of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and
all taxes or other governmental charges.

 

(h)               
From time to time on and after the date hereof, the Representative and Stockholder Nominee shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the
Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

 

(i)                 
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its
own gross negligence or its own willful misconduct.

 

    	-7-

    	 

    

 

6.                 
This Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto.
No implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound
by the provisions of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms
and conditions of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger
Agreement.

 

7.                 
This Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns
and legal representatives shall be governed by and construed in accordance with the law of New York applicable to contracts made
and to be performed therein. This Agreement cannot be changed or terminated except by a writing signed by the Representative, the
Escrow Agent and a majority of the Stockholders.

 

8.                 
All disputes arising under this Agreement between the Representative and Stockholder Nominee, including a dispute arising
from a party’s failure or refusal to sign a Joint Notice, shall be submitted to arbitration to the American Arbitration Association
in New York City. The Representative and Stockholders each hereby consents to the exclusive jurisdiction of the federal and state
courts sitting in New York County, State of New York, with respect to any claim or controversy arising out of this Agreement. Service
of process in any action or proceeding brought against the Representative or Stockholders in respect of any such claim or controversy
may be made upon it by registered mail, postage prepaid, return receipt requested, at the address specified in Section 10, with
copies delivered by nationally recognized overnight carrier to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New
York, N.Y. 10174, Attention: David Alan Miller, Esq., and to Willkie Farr & Gallagher LLP, 787 7th Avenue, New York, NY 10036,
Attention: Kirk A. Radke, Esq.

 

9.                 
The Stockholders hereby appoint Edward Coll to act on their behalf (the “Stockholder Nominee”) to take any and
all actions and make any decisions required or permitted to be taken by such Stockholders under this Agreement. Should the Stockholder
Nominee resign or be unable to serve, a new Stockholder Nominee will be selected by a majority of the Stockholders, whose appointment
shall be effective upon execution by such successor of a joinder agreement providing for such successor to become a party to the
Escrow Agreement as the Stockholder Nominee, in which case such successor shall for all purposes of this Agreement be the Stockholder
Nominee (and the prior acts taken by the succeeded Stockholder Nominee shall remain valid for purposes of this Agreement). The
Stockholder Nominee shall not be liable to the Stockholders for any liability, loss, damage, penalty, fine, cost or expense incurred
without gross negligence or willful misconduct by the Stockholder Nominee while acting in good faith and arising out of or in connection
with the acceptance or administration of its duties hereunder.

 

10.             
All notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand
or delivered by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified
mail, postage prepaid, return receipt requested), to the respective parties as follows:

 

    	-8-

    	 

    

  

		A.	If to the Representative, to it at:

 

Gregory Monahan

c/o Crescendo Advisors II LLC

777 Third Avenue, 37th Floor

New York, New York 10017

Telecopier No.: 212-319-0760

 

with a copy to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174-1901

Attention: David Alan Miller, Esq.

Telecopier No.: 212-818-8881

 

		B.	If to the Stockholders, to each at the address listed on Schedule A hereto

 

with a copy to:

Edward Coll

c/o Quartet Holdco Ltd.

109 Long Wharf

Newport, RI 02840

Telecopier No.:

 

with a copy to:

Willkie Farr & Gallagher LLP

757 Seventh Avenue

New York, New York 10019

Attention: Kirk A. Radke, Esq.

Telecopier No.: 212-728-9210

 

		C.	If to the Stockholder Nominee, to it at:

 

Edward Coll

c/o Quartet Holdco Ltd.

109 Long Wharf

Newport, RI 02840

E-mail: ecoll@phoenixbulkus.com

 

with a copy to:

 

Cartesian Capital Group

505 Fifth Avenue, 15th
Floor

New York, NY 10017

Attention: Peter Yu

Paul Hong

Telecopy: 212 461 6366

 

    	-9-

    	 

    

 

		D.	If to the Escrow Agent, to it at:

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attention: Mark Zimkind

Telecopier No.: 212-509-5150

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

11.             
(a)If this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the
matter shall be submitted to arbitration pursuant to paragraph 2(d) of this Agreement.

 

(b)              
All notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being
delivered and, if applicable, shall clearly specify the aggregate dollar amount due and payable to Holdco.

 

(c)               
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument
and all of which together shall constitute a single agreement.

 

[Signatures are on following page]

 

    	-10-

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Agreement on the date first above written.

 

 

	 	QUARTET HOLDCO LTD.
	 	 	 
	 	By:	/s/ David D. Sgro
	 	Name:	David D. Sgro
	 	Title:	CFO
	 	 	 
	 	 	 
	 	THE REPRESENTATIVE
	 	 	 
	 	/s/ Gregory Monahan
	 	Gregory Monahan
	 	 	 
	 	 	 
	 	STOCKHOLDERS
	 	 	 
	 	/s/ Edward Coll
	 	Edward Coll
	 	 	 
	 	/s/ Anthony Laura
	 	Anthony Laura
	 	 	 
	 	 	 
	 	LAGOA INVESTMENTS
	 	 	 
	 	By:	/s/ Deborah L. Davis
	 	Name:	Deborah L. Davis
	 	Title:	Director

 

 

 

[Signature Page – Escrow Agreement]

 

    	 

    	 

    

 

	 	PANGAEA ONE, L.P.
	 	 	 
	 	By: 	Pangaea One GP, LLC
	 	Its: 	General Partner
	 	 	 
	 	By:	/s/ Peter Yu
	 	Name:	 Peter Yu
	 	Its:	 Managing Member
	 	 	 
	 	 	 
	 	PANGAEA ONE PARALLEL FUND (B), L.P.
	 	 	 
	 	By: 	Pangaea One GP, LLC
	 	Its: 	General Partner
	 	 	 
	 	By:	/s/ Peter Yu
	 	Name: 	Peter Yu
	 	Its: 	Managing Member
	 	 	 
	 	 	 
	 	PANGAEA ONE (CAYMAN), L.P.
	 	 	 
	 	By: 	Pangaea One GP (Cayman), L.P.
	 	Its:	 General Partner
	 	 	 
	 	By: 	Pangaea One GP (Cayman), Co.
	 	Its: 	General Partner
	 	 	 
	 	By:	/s/ Peter Yu
	 	Name: 	Peter Yu
	 	Its: 	Director
	 	 	 
	 	 	 
	 	PANGAEA ONE PARALLEL FUND, L.P.
	 	 	 
	 	By:	 Pangaea One GP2 (Cayman), L.P.
	 	Its: 	General Partner
	 	 	 
	 	By: 	Pangaea One GP2 (Cayman), Co.
	 	Its: 	General Partner
	 	 	 
	 	By:	/s/ Peter Yu
	 	Name: 	Peter Yu
	 	Its: 	Director

 

 

 

[Signature Page – Escrow Agreement]

 

    	 

    	 

    

 

	 	ESCROW AGENT
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	 	 
	 	By:	/s/ Mark Zimkind
	 	Name:	Mark Zimkind

	 	Title:	Vice President and Director of Shareholder Services

 

 

 

[Signature Page – Escrow Agreement]

 

    	 

    	 

    

 

Schedule A

 

	Name and Address of Stockholder	 	No. of Shares in Escrow
	Edward Coll 
c/o Quartet Holdco Ltd. 
109 Long Wharf 
Newport, RI 02840	 	263,230
	 	 	 
	Anthony Laura
 2420 NW 53rd St.
 Boca Raton, FL 33496
	 	82,170
	 	 	 
	Lagoa Investments 
3rd Floor, Par la Ville Place 
14 Par la Ville Road, Hamilton HM08, Bermuda	 	263,230
	 	 	 
	Pangaea One, L.P.
 c/o Cartesian Capital Group
 505 Fifth Avenue, 15th Floor
 New York, NY 10017
	 	211,310
	 	 	 
	Pangaea One Parallel Fund (B), L.P.
 c/o Cartesian Capital Group
 505 Fifth Avenue, 15th Floor
 New York, NY 10017
	 	54,890
	 	 	 
	Pangaea One (Cayman), L.P.
 c/o Cartesian Capital Group
 505 Fifth Avenue, 15th Floor
 New York, NY 10017
	 	116,380
	 	 	 
	Pangaea One Parallel Fund, L.P.
 c/o Cartesian Capital Group
 505 Fifth Avenue, 15th Floor
 New York, NY 10017
	 	108,790
	 	 	 
	Total	 	1,100,00Exhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

among

 

Quartet
Holdco Ltd.

 

and

 

certain holders identified herein

 

 

 

Dated: October 1, 2014

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	1
	 	 	 
	2.	General; Securities Subject to this Agreement	6
	 	 	 
	3.	Demand Registration	7
	 	 	 
	4.	Incidental or “Piggy-Back” Registration	10
	 	 	 
	5.	Shelf Registration	11
	 	 	 
	6.	Lock-up Agreements	13
	 	 	 
	7.	Registration Procedures	14
	 	 	 
	8.	Indemnification; Contribution	22
	 	 	 
	9.	Miscellaneous	24

 

    	 

    	 

    

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of the 1st day of October, 2014, by and among Quartet Holdco
Ltd., a Bermuda company (the “Company”), and each of the persons or entities listed under the caption “Stockholders”
on the signature page hereof (each a “Stockholder” and collectively the “Stockholders”).
Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in Section 1.

 

R E C I T A L S :

 

WHEREAS, the Stockholders
and the Company desire to enter into this Agreement to provide the Stockholders with certain rights relating to the registration
of shares issued to Stockholders and that may be issued to Stockholders pursuant to that certain Agreement and Plan of Reorganization,
dated as of April 30, 2014, by and among Quartet Merger Corp., a Delaware corporation (“Quartet”), the Company,
Quartet Merger Sub, Ltd., a Bermuda company, Pangaea Logistics Solutions Ltd., a Bermuda company (“Pangaea Logistics”),
and the Stockholders (the “Merger Agreement”);

 

WHEREAS, at the effective
time of the Mergers, among other things, the Stockholders shall receive shares of Common Stock in exchange for the shares of preferred
and common stock of Pangaea Logistics formerly held by them; and

 

WHEREAS, the Company
and the Stockholders desire to enter into this Agreement to provide the Stockholders with certain rights relating to the registration
of shares of Common Stock to be received by them, whether pursuant to the Mergers or otherwise, and any other securities that fall
within the definition of “Registrable Securities” hereunder;

 

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

 

1.                 
Definitions and Interpretation.

 

(a)               
Certain Definitions. As used in this Agreement, and unless the context requires a different meaning, the following
terms have the meanings indicated:

 

“Agreement”
means this Agreement, as the same may be amended, supplemented or modified from time to time in accordance to the terms hereof.

 

“Affiliate”
means any Person who is an “affiliate” as defined in Rule 12b-2 promulgated under the Exchange Act.

 

“Approved Underwriter”
has the meaning set forth in Section 3(f).

 

“Automatic Shelf
Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 promulgated
under the Securities Act.

 

    	1

    	 

    

 

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

 

“Pangaea Logistics”
has the meaning set forth in the Recitals.

 

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

 

“CCG
Holders” means Pangaea One, L.P., Pangaea
One Parallel Fund (B), L.P., Pangaea One (Cayman), L.P., and Pangaea One Parallel Fund, L.P.

 

“Closing Price”
means, with respect to the Registrable Securities, as of the date of determination, (i) if the Registrable Securities are
listed on a national securities exchange, the closing price per share of a Registrable Security officially reported on the principal
national securities exchange on which the Registrable Securities are then listed or admitted to trading; or (ii) if the Registrable
Securities are not then listed or admitted to trading on any national securities exchange, the average of the reported closing
bid and asked prices of the Registrable Securities on such date on the principal over the counter market on which the Registrable
Securities are traded; or (iii) if neither of clause (i) or (ii) is applicable, a market price per share determined in
good faith by the disinterested members of the Board of Directors or, if such determination is not satisfactory to the Holder for
whom such determination is being made, by a nationally recognized investment banking firm mutually selected by the Company and
such Holder, the expenses for which shall be borne equally by the Company and such Holder. If trading is conducted on a continuous
basis on any exchange, then the closing price shall be at 4:00 P.M. New York City time.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company or any other capital stock of the Company (or any successor
entity) into which such stock is reclassified or reconstituted and any other common stock of the Company (or any successor entity).

 

“Company”
has the meaning set forth in the Preamble.

 

“Company Underwriter”
has the meaning set forth in Section 4(a).

 

“Contemporaneous
Company Offering” has the meaning set forth in Section 5(b).

 

“Demand Registration”
has the meaning set forth in Section 3(a).

 

“Determination
Date” has the meaning set forth in Section 5(f).

 

“Disclosure
Package” means, with respect to any offering of securities, (i) the preliminary Prospectus, (ii) each Free
Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities
Act, to have been conveyed to purchasers of securities at the time of sale of such securities (including a contract of sale).

 

    	2

    	 

    

 

“Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations of the Commission promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free Writing
Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act.

 

“Hedging Counterparty”
means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate thereof.

 

“Hedging Transaction”
means any transaction involving a security linked to the Registrable Class Securities or any security that would be deemed to be
a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable
Class Securities or transaction (even if not a security) which would (where it a security) be considered such a derivative security,
or which transfers some or all of the economic risk of ownership of the Registrable Class Securities, including any forward contract,
equity swap, put or call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or similar
transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions:

 

(i)                
transactions by a Holder in which a Hedging Counterparty engages in short sales of Registrable Class Securities pursuant
to a Prospectus and may use Registrable Securities to close out its short position;

 

(ii)              
transactions pursuant to which a Holder sells short Registrable Class Securities pursuant to a Prospectus and delivers Registrable
Securities to close out its short position;

 

(iii)            
transactions by a Holder in which the Holder delivers, in a transaction exempt from registration under the Securities Act,
Registrable Securities to the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities
pursuant to a Prospectus or an exemption from registration under the Securities Act; and

 

(iv)            
a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a selling stockholder and sell
the loaned shares or, in an event of default in the case of a pledge, sell the pledged shares, in each case, in a public transaction
pursuant to a Prospectus.

 

“Holder”
means the Stockholders and any Permitted Transferee thereof to whom Registrable Securities are transferred in accordance with Section 9(g)
other than a transferee to whom Registrable Securities have been transferred pursuant to a Registration Statement under the Securities
Act or Rule 144 or Regulation S promulgated under the Securities Act.

 

“Holder Free
Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of the relevant Holder or used or referred
to by such Holder in connection with the offering of Registrable Securities.

 

    	3

    	 

    

 

“Holders’
Counsel” has the meaning set forth in Section 7(a)(i).

 

“Incidental
Registration” has the meaning set forth in Section 4(a).

 

“Indemnified
Party” has the meaning set forth in Section 8(c).

 

“Indemnifying
Party” has the meaning set forth in Section 8(c).

 

“Initiating
CCG Holder” has the meaning set forth in Section 3(a).

 

“Initiating
Holder” has the meaning set forth in Section 3(a).

 

“Initiating
Management Holder” has the meaning set forth in Section 3(a).

 

“Inspectors”
has the meaning set forth in Section 7(a)(viii).

 

“Liability”
has the meaning set forth in Section 8(a).

 

“Lock-up Agreements”
has the meaning set forth in Section 6(a).

 

“Long-Form Registration”
has the meaning set forth in Section 3(a).

 

“Management
Holders” means Edward Coll, Anthony Laura,
and Lagoa Investments.

 

“Market Price”
means, on any date of determination, the average of the daily Closing Price of the Registrable Securities for the immediately preceding
30 days on which the national securities exchanges are open for trading.

 

“Mergers”
has the meaning set forth in the Merger Agreement.

 

“Merger Agreement”
has the meaning set forth in Recitals.

 

“Merger Lock-Up
Agreement” means that certain Lock-Up Agreement dated as of the date hereof, as may be amended, among Quartet, the Company
and each Stockholder, a form of which is attached as Exhibit B to the Merger Agreement.

 

“Permitted Transferee”
means any Person to whom a Holder is permitted to transfer Common Stock according to the terms and conditions the Merger Lock-Up
Agreement.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association,
joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity.

 

“Prospectus”
means any “prospectus” as defined in Rule 405 promulgated under the Securities Act, including any amendment or supplement
thereto.

 

“Records”
has the meaning set forth in Section 7(a)(viii).

 

    	4

    	 

    

 

“Registrable
Class Securities” means the Registrable Securities and any other securities of the Company that are of the same class
as the relevant Registrable Securities.

 

“Registrable
Securities” means each of the following: (i) any and all shares of Common Stock owned after the date hereof by the
Holders (irrespective of when acquired) and any shares of Common Stock issuable or issued upon exercise, conversion or exchange
of other securities of the Company; and (ii) any securities of the Company issued in respect of the shares of Common Stock
issued or issuable to any of the Holders with respect to the Registrable Securities by way of stock dividend or stock split or
in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise and any
shares of Common Stock issuable upon conversion, exercise or exchange thereof.

 

“Registration
Expenses” has the meaning set forth in Section 7(d).

 

“Registration
Statement” means a registration statement filed pursuant to the Securities Act, including an Automatic Shelf Registration
Statement.

 

“Requested Shelf
Registered Securities” has the meaning set forth in Section 5(b).

 

“Seasoned Issuer”
means an issuer eligible to use Form S-3 or F-3 under the Securities Act for a primary offering in reliance on General Instruction
I.B.1 to those Forms.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations of the Commission promulgated thereunder.

 

“Shelf Initiating
Holders” has the meaning set forth in Section 5(a).

 

“Shelf Registered
Securities” means, with respect to a Shelf Registration, any Registrable Securities whose sale is registered pursuant
to the Registration Statement filed in connection with such Shelf Registration.

 

“Shelf Registration”
has the meaning set forth in Section 5(a).

 

“Shelf Requesting
Holder” has the meaning set forth in Section 5(b).

 

“Short-Form
Registration” has the meaning set forth in Section 3(a).

 

“Stockholder”
has the meaning set forth in the Preamble.

 

“Transfer”
means, with respect to any security, the offer for sale, sale, pledge, transfer or other disposition or encumbrance (or any transaction
or device that is designed to or could be expected to result in the transfer or the disposition by any Person at any time in the
future) of such security, and shall include the entering into of any swap, hedge or other derivatives transaction or other transaction
that transfers to another in whole or in part any rights, economic benefits or risks of ownership, including by way of settlement
by delivery of such security or other securities in cash or otherwise.

 

    	5

    	 

    

 

“underwritten
public offering” of securities means a public offering of such securities registered under the Securities Act in which
an underwriter, placement agent or other intermediary participates in the distribution of such securities, including a Hedging
Transaction in which a Hedging Counterparty participates.

 

“Valid Business
Reason” has the meaning set forth in Section 3(b).

 

“Well-Known
Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities
Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or
(ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible
to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities
Act.

 

(b)              
Interpretation. Unless otherwise noted:

 

(i)                
All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules,
regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the
time.

 

(ii)              
All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to
be references to the comparable successor thereto.

 

(iii)            
All references to agreements and other contractual instruments shall be deemed to be references to such agreements or other
instruments as they may be amended from time to time.

 

(iv)            
Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.”

 

2.                 
General; Securities Subject to this Agreement.

 

(a)               
Grant of Rights. Subject to, and conditioned upon, the consummation of the Mergers, the Company hereby grants registration
rights to the Holders upon the terms and conditions set forth in this Agreement.

 

(b)              
Registrable Securities. For the purposes of this Agreement, any given Registrable Securities will cease to be Registrable
Securities when (i) a Registration Statement covering such Registrable Securities has been declared effective under the Securities
Act by the Commission and such Registrable Securities have been disposed of pursuant to such effective Registration Statement,
(ii) such Registrable Securities have been sold pursuant to Rule 144 promulgated under the Securities Act, (iii)  such
Holder (together with any other person who would be considered a “person” with such Holder under Rule 144(a)(2) and
any person whose Common Stock would be aggregated with such Holder for purposes of Rule 144(e)) owning such Registrable Securities
owns less than 1% of the outstanding shares of Common Stock on a fully diluted basis, (iv) the Registrable Securities are
proposed to be sold or distributed by a Person not entitled to the registration rights granted by this Agreement, or (v) such
Registrable Securities are no longer outstanding.

 

    	6

    	 

    

 

(c)               
Holders of Registrable Securities. A Person is deemed to be a holder of Registrable Securities whenever such Person
owns of record or beneficially owns Registrable Securities, or holds an option granted by the Company to purchase, or a security
issued by the Company that is convertible into, or exercisable or exchangeable for, Registrable Securities whether or not such
purchase, conversion, exercise or exchange has actually been effected. If the Company receives conflicting instructions, notices
or elections from two or more Persons with respect to the same Registrable Securities, the Company may act upon the basis of the
instructions, notice or election received from the registered owner of such Registrable Securities. Registrable Securities issuable
upon exercise of an option granted by the Company or upon conversion, exercise or exchange of another security issued by the Company
shall be deemed outstanding for the purposes of this Agreement.

 

3.                 
Demand Registration.

 

(a)               
Request for Demand Registration. (i) CCG Holders holding at least a majority
of the outstanding Registrable Securities held by the CCG Holders (the “Initiating CCG Holders”) may make a
written request to the Company to register, and the Company shall register, in accordance with the terms of this Agreement, the
sale of the number of Registrable Securities stated in such request under the Securities Act (other than pursuant to a Registration
Statement on Form S-4 or S-8), at the election of the Initiating CCG Holders, on Form S-1 or any similar long-form registration
(a “Long-Form Registration”) and (ii) (x) the Initiating CCG Holders, or (y) Management Holders holding
held by the Management Holders, and any transferee of such the CCG Holders or other Holder, as the case may be
(the “Initiating Management Holders” and together with the Initiating CCG Holders, individually as applicable,
e CCG s) applicable $10,000,000.00anyEach
of theManagement Holders, and the Initiating CCG Holders, as the case may be.

 

(b)              
Limitations on Demand Registrations. If the Board of Directors, in its good faith judgment, determines that any registration
of Registrable Securities should not be made or continued because it would materially interfere with any material financing, acquisition,
corporate reorganization or merger or other material transaction involving the Company or is necessary to avoid premature disclosure
of a matter the Board of Directors has determined would not be in the best interests of the Company to be disclosed at such time
including any registration of Registrable Securities that is requested or continuing at a time during a “blackout period”
in accordance with the Company’s trading policies or at such time that any Initiating Holder may be deemed to hold material
non-public information regarding the Company, due to such person’s status as a director or officer of the Company, or otherwise
(a “Valid Business Reason”), (i) the Company may postpone filing a Registration Statement relating to a
Demand Registration until such Valid Business Reason no longer exists, and (ii) in case a Registration Statement has been
filed relating to a Demand Registration, the Company, upon the approval of a majority of the Board of Directors, may postpone amending
or supplementing such Registration Statement and, if determined by the Board of Directors to be in the best interests of the Company,
may cause such Registration Statement to be withdrawn and its effectiveness terminated. The Company shall give written notice to
all participating Holders of its determination to postpone or withdraw a Registration Statement and of the fact that the Valid
Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof. If the
Company gives notice of its determination to postpone or withdraw a Registration Statement pursuant to this Section 3(b),
the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement
(including, in the case of a Long-Form Registration, the period referred to in the second sentence of Section 3(d)) by the
number of days during the period from and including the date of the giving of such notice pursuant to this Section 3(b) to
and including the date when sellers of such Registrable Securities under such Registration Statement shall have received the copies
of the supplemented or amended Prospectus contemplated by and meeting the requirements of Section 7(a)(vi). Notwithstanding
anything to the contrary contained herein, the Company may not withdraw a filing under this Section 3(b) or Section 5(c)
due to a Valid Business Reason more than once in any 12 month period, and may not postpone an offering under this Section 3(b)
or Section 5(c) due to a Valid Business Reason for a period of greater than 120 days during any 12-month period.

 

    	7

    	 

    

 

(c)               
Incidental or “Piggy-Back” Rights with Respect to a Demand Registration. Any Holder which has not requested
the relevant Demand Registration under Section 3(a)) may offer such Holder’s Registrable Securities under any such Demand
Registration pursuant to this Section 3(c). The Company shall (i) as promptly as reasonably practicable but in no event
later than five days after the receipt of a request for a Demand Registration from any Initiating Holders, give written notice
thereof to all of the Holders (other than such Initiating Holders), which notice shall specify the number of Registrable Securities
subject to the request for Demand Registration, whether such Demand Registration is a Short-Form Registration or Long-Form Registration,
the names and notice information of the Initiating Holders and the intended method of disposition of such Registrable Securities
and (ii) subject to Section 3(f), include in the Registration Statement filed pursuant to such Demand Registration all
of the Registrable Securities requested by such Holders for inclusion in such Registration Statement from whom the Company has
received a written request for inclusion therein within 10 days after the receipt by such Holders of such written notice referred
to in clause (i) above. Each such request by such Holders shall specify the number of Registrable Securities proposed to be
registered and such Holder shall send a copy of such request to the Initiating Holders. The failure of any Holder to respond within
such 10-day period referred to in clause (ii) above shall be deemed to be a waiver of such Holder’s rights under this
Section 3(c) with respect to such Demand Registration. Any Holder may waive its rights under this Section 3(c) prior
to the expiration of such 10-day period by giving written notice to the Company, with a copy to the Initiating Holders. If a Holder
sends the Company a written request for inclusion of part or all of such Holder’s Registrable Securities in a registration,
such Holder shall not be entitled to withdraw or revoke such request (except as contemplated by Section 3(f)) without the prior
written consent of the Company in the Company’s sole discretion unless, as a result of facts or circumstances arising after
the date on which such request was made relating to the Company or to market conditions, such Holder reasonably determines that
participation in such registration would have a material adverse effect on such Holder.

 

(d)              
Effective Demand Registration. The Company shall use its reasonable best efforts to cause any such Demand Registration
to become effective within (i) 90 days after it receives a request under Section 3(a) for a Long-Form Registration and
(ii) 45 days after it receives a request under Section 3(a) for a Short-Form Registration, and in each case to remain
effective thereafter. A registration shall not constitute a Long-Form Registration until it has become effective and remains continuously
effective for the lesser of (A) the period during which all Registrable Securities registered in the Long-Form Registration
are sold and (B) 120 days; provided, however, that a registration shall not constitute a Long-Form Registration
if (x) after such Long-Form Registration has become effective, such registration or the related offer, sale or distribution
of Registrable Securities thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission
or other governmental agency, court or other Person for any reason not attributable to the Initiating Holders and such interference
is not thereafter eliminated or (y) the conditions specified in the underwriting agreement, if any, entered into in connection
with such Long-Form Registration are not satisfied or waived, other than by reason of a failure by the Initiating Holders.

 

    	8

    	 

    

 

(e)               
Expenses. The Company shall pay all Registration Expenses in connection with a Demand Registration, whether or not
such Demand Registration becomes effective; provided, however, that in no event shall the Company be responsible
for the expenses of any Holder who voluntarily withdraws Registrable Securities from any registration or offering (except as contemplated
by Section 3(f)) or was required to withdraw such Registrable Securities as a result of a breach, or failure to satisfy any
condition, of this Agreement.

 

(f)               
Underwriting Procedures. If the Company or the Initiating CCG Holders or Initiating Management Holders, as the case
may be, holding a majority of the Registrable Securities held by all of the applicable Initiating Holders so elect, the Company
shall use its reasonable best efforts to cause the offering made pursuant to such Demand Registration to be in the form of a firm
commitment underwritten public offering, and the managing underwriter or underwriters for such offering shall be an investment
banking firm or firms of national reputation selected to act as the managing underwriter or underwriters of the offering in accordance
with Section 3(g) (each, an “Approved Underwriter”). In connection with any Demand Registration under this
Section 3 involving an underwritten public offering, none of the Registrable Securities held by any Holder making a request
for inclusion of such Registrable Securities pursuant to Section 3(c) shall be included in such underwritten public offering
unless such Holder accepts the terms of the offering as agreed upon by the Company, the applicable Initiating Holders and the Approved
Underwriters, and then only in such quantity as will not, in the opinion of the Approved Underwriters, jeopardize the success of
such offering by the applicable Initiating Holders. If the Approved Underwriters advise the Company that the aggregate amount of
such Registrable Securities requested to be included in such offering is sufficiently large to have a material adverse effect on
the success of such offering, then the Company shall include in such registration only the aggregate amount of Registrable Securities
that the Approved Underwriters believe may be sold without any such material adverse effect and shall reduce the amount of Registrable
Securities to be included in such registration, first, as to the equity securities offered by the Company for its own account;
second, as to the Registrable Securities of Holders who are not Initiating Holders, as a group, if any, pro rata
within such group based on the number of Registrable Securities owned by each such party; and third, as to the Registrable
Securities of the Initiating Holders, as a group, pro rata within such group based on the number of Registrable Securities
owned by each such party; provided, however, that any party whose right to participate in such offering is reduced
by greater than thirty percent (30%) may withdraw all of its Registrable Securities from such registration.

 

    	9

    	 

    

 

(g)              
Selection of Underwriters in a Demand Registration. If an offering of Registrable Securities made pursuant to any
Demand Registration is in the form of an underwritten public offering, the applicable Initiating Holders holding a majority of
the Registrable Securities held by all of the applicable Initiating Holders shall select the Approved Underwriters; provided,
however, that the Approved Underwriters shall, in any case, also be reasonably acceptable to the Company.

 

4.                 
Incidental or “Piggy-Back” Registration.

 

(a)               
Request for Incidental or “Piggy-Back” Registration. If the Company proposes to file a Registration Statement
with respect to an offering by the Company for its own account (other than a Registration Statement on Form S-4 or S-8) or for
the account of any stockholder of the Company (other than for the account of any Holder pursuant to Section 3 or Section 5),
then the Company shall give written notice of such proposed filing to each of the Holders at least 10 days before the anticipated
filing date, and such notice shall describe the proposed registration, offering price (or reasonable range thereof) and distribution
arrangements, and offer such Holders the opportunity to include for sale the number of Registrable Securities as each such Holder
may request (an “Incidental Registration”). In connection with any Incidental Registration under this Section 4(a)
involving an underwritten public offering, the Company shall use its reasonable best efforts (within 10 days after the notice provided
for in the preceding sentence) to cause the managing underwriter or underwriters (the “Company Underwriter”)
to permit each of the Holders who has requested in writing to participate in the Incidental Registration to include the number
of such Holder’s Registrable Securities specified by such Holder in such offering on the same terms and conditions as the
securities of the Company or for the account of such other stockholder, as the case may be, included therein. In connection with
any Incidental Registration under this Section 4(a) involving an underwritten public offering, the Company shall not be required
to include any Registrable Securities in such underwritten public offering unless the Holders thereof accept the terms of the underwritten
public offering as agreed upon between the Company, such other stockholders, if any, and the Company Underwriter, and then only
in such quantity as the Company Underwriter believes will not jeopardize the success of the offering by the Company. If the Company
Underwriter advises the Company that the registration of all or part of the Registrable Securities which the Holders have requested
to be included would materially adversely affect the success of such offering, then the Company shall include in such Incidental
Registration only the aggregate amount of Registrable Securities that the Company Underwriter believes may be sold without any
such material adverse effect and shall include in such registration, first, all of the securities to be offered for the
account of the Company; second, the Registrable Securities to be offered for the account of the Holders pursuant to this
Section 4, as a group, pro rata based on the number of Registrable Securities owned by each such Holder; and third,
any other securities requested to be included in such offering by other security holders of the Company, pro rata based on the
number of relevant securities owned by the security holders in such group.

 

(b)              
Expenses. The Company shall bear all Registration Expenses in connection with any Incidental Registration pursuant
to this Section 4, whether or not such Incidental Registration becomes effective; provided, however, that in
no event shall the Company be responsible for the expenses of any Holder who voluntarily withdraws Registrable Securities from
any registration or offering (except as contemplated by Section 3(f)) or was required to withdraw such Registrable Securities
as a result of a breach, or failure to satisfy any condition, of this Agreement.

 

    	10

    	 

    

 

(c)               
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated
by it prior to the effectiveness of such registration whether or not any Holder has requested to include Registrable Securities
in such registration.

 

5.                 
Shelf Registration.

 

(a)               
Request for Shelf Registration. (i) Upon the Company becoming eligible for use of Form S-3 under the Securities Act
in connection with a secondary public offering of its equity securities, in the event that the Company shall receive from one or
more of the Holders (the “Shelf Initiating Holders”), a written request that the Company register, under the
Securities Act on Form S-3 in an offering on a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities
Act (a “Shelf Registration”), the sale by the Shelf Initiating Holders of at least $5,000,000.00 of Registrable
Securities owned by such Shelf Initiating Holders, the Company shall give written notice of such request to all of the Holders
(other than the Shelf Initiating Holders) as promptly as reasonably practicable but in no event later than 10 days before the anticipated
filing date of such Form S-3, and such notice shall describe the proposed Shelf Registration, the intended method of disposition
of such Registrable Securities and any other information that at the time would be appropriate to include in such notice, and offer
such Holders the opportunity to include for sale the number of Registrable Securities as each such Holder may request in writing
to the Company, given within 10 days after their receipt from the Company of the written notice of such Shelf Registration. The
“Plan of Distribution” section of such Form S-3 shall permit all lawful means of disposition of Registrable Securities,
including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases
or sales by brokers, Hedging Transactions, distributions to stockholders, partners or members of such Holders and sales not involving
a public offering. With respect to each Shelf Registration, the Company shall (i) as promptly as reasonably practicable after
the written request of the Shelf Initiating Holders, file a Registration Statement and (ii) use its reasonable best efforts
to cause such Registration Statement to be declared effective within 45 days after it receives a request therefor, and remain effective
until there are no longer any Shelf Registered Securities. The obligations set forth in this Section 5(a) shall not apply
if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable Securities in accordance
with Section 5(f) and has otherwise complied with its obligations pursuant to this Agreement.

 

(b)              
Shelf Underwriting Procedures. Upon written request made from time to time by a Holder of some or all of such Holder’s
Self Registered Securities (the “Shelf Requesting Holder”), which request shall, subject to Section 5(a),
specify the amount of such Shelf Requesting Holder’s Shelf Registered Securities to be sold (the “Requested Shelf
Registered Securities”), the Company shall use its reasonable best efforts to cause the sale of such Requested Shelf
Registered Securities to be in the form of a firm commitment underwritten public offering (unless otherwise consented to by the
Shelf Requesting Holder) if the anticipated aggregate offering price (calculated based upon the Market Price of the Registrable
Securities on the date of such written request and including any Registrable Securities subject to any applicable over-allotment
option) to the public equals or exceeds $10,000,000.00 (including causing to be produced and filed any necessary Prospectuses or
Prospectus supplements with respect to such offering). The managing underwriter or underwriters selected for such offering shall
be selected by the Shelf Requesting Holder and shall be reasonably acceptable to the Company, and each such underwriter shall be
deemed to be an Approved Underwriter with respect to such offering. Notwithstanding the foregoing, in connection with any offering
of Requested Shelf Registered Securities involving an underwritten public offering that occurs or is scheduled to occur within
45 days of a proposed registered underwritten public offering of equity securities for the Company’s own account (a “Contemporaneous
Company Offering”), the Company shall not be required to cause such offering of Requested Shelf Registered Securities
to take the form of an underwritten public offering but shall instead offer the Shelf Requesting Holder the ability to include
its Requested Shelf Registered Securities in the Contemporaneous Company Offering pursuant to Section 4.

 

    	11

    	 

    

 

(c)               
Limitations on Shelf Registrations. If the Board of Directors has a Valid Business Reason, (i) the Company may
postpone filing a Registration Statement relating to a Shelf Registration until such Valid Business Reason no longer exists and
(ii) in case a Registration Statement has been filed relating to a Shelf Registration, the Company may postpone the offering
of Registrable Securities thereunder. The Company shall give written notice to all participating Holders of its determination to
so suspend required registration actions and of the fact that the Valid Business Reason for such postponement or withdrawal no
longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained herein,
the Company may not cause such suspension due to a Valid Business Reason under this Section 5(c) or Section 3(b) more
than once in any 12 month period, and may not postpone an offering under this Section 5(c) or Section 3(b) due to a Valid
Business Reason for a period of greater than 120 days during any 12-month period.

 

(d)              
Expenses. The Company shall bear all Registration Expenses in connection with any Shelf Registration pursuant to
this Section 5, whether or not such Shelf Registration becomes effective; provided, however, that in no event
shall the Company be responsible for the expenses of any Holder who voluntarily withdraws Registrable Securities from any registration
or offering (except as contemplated by Section 3(f)) or was required to withdraw such Registrable Securities as a result of
a breach, or failure to satisfy any condition, of this Agreement.

 

(e)               
Additional Selling Stockholders. After the Registration Statement with respect to a Shelf Registration is declared
effective, upon written request by one or more Holders (which written request shall specify the amount of such Holders’ Registrable
Securities to be registered), the Company shall, as promptly as reasonably practicable after receiving such request, (i) if
it is a Seasoned Issuer or Well-Known Seasoned Issuer, or if such Registration Statement is an Automatic Shelf Registration Statement,
file a Prospectus supplement to include such Holders as selling stockholders in such Registration Statement or (ii) if it
is not a Seasoned Issuer or Well-Known Seasoned Issuer, and the Registrable Securities requested to be registered represent more
than 1% of the outstanding Registrable Securities, file a post-effective amendment to the Registration Statement to include such
Holders in such Shelf Registration and use reasonable best efforts to have such post-effective amendment declared effective.

 

    	12

    	 

    

 

(f)               
Automatic Shelf Registration. Upon the Company becoming a Well-Known Seasoned Issuer, (i) the Company shall
give written notice to all of the Holders as promptly as reasonably practicable but in no event later than five Business Days thereafter,
and such notice shall describe, in reasonable detail, the basis on which the Company has become a Well-Known Seasoned Issuer, and
(ii) the Company shall, as promptly as reasonably practicable, register, under an Automatic Shelf Registration Statement,
the sale of all of the Registrable Securities in accordance with the terms of this Agreement. The Company shall use its reasonable
best efforts to file such Automatic Shelf Registration Statement within 10 Business Days after it becomes a Well-Known Seasoned
Issuer, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until there are no longer any Registrable
Securities. The Company shall give written notice of filing such Registration Statement to all of the Holders as promptly as reasonably
practicable thereafter. At any time after the filing of an Automatic Shelf Registration Statement by the Company, if it is reasonably
likely that it will no longer be a Well-Known Seasoned Issuer as of a future determination date (the “Determination Date”),
at least 30 days prior to such Determination Date, the Company shall (A) give written notice thereof to all of the Holders
as promptly as reasonably practicable but in no event later than 10 Business Days prior to such Determination Date and (B) if
the Company is eligible to file a Registration Statement on Form S-3 with respect to a secondary public offering of its equity
securities, file a Registration Statement on Form S-3 with respect to a Shelf Registration in accordance with Section 5(a),
treating all selling stockholders identified as such in the Automatic Shelf Registration Statement (and amendments or supplements
thereto) as Shelf Requesting Holders and use all commercially reasonable efforts to have such Registration Statement declared effective
prior to the Determination Date. Any registration pursuant to this Section 5(f) shall be deemed a Shelf Registration for purposes
of this Agreement.

 

(g)              
Not a Demand Registration. No Shelf Registration pursuant to this Section 5 shall be deemed a Demand Registration
pursuant to Section 3.

 

6.                 
Lock-up Agreements.

 

(a)               
Demand Registration. With respect to any Demand Registration, the Company shall not (except as part of such Demand
Registration) effect any Transfer of Registrable Class Securities, or any securities convertible into or exchangeable or exercisable
for Registrable Class Securities (except pursuant to a Registration Statement on Form S-4 or Form S-8), during the period beginning
on the effective date of any Registration Statement in which the Holders are participating and ending on the date that is 120 days
after date of the final Prospectus relating to such offering, except as part of such Demand Registration. Upon request by the Approved
Underwriters or the Company Underwriter (as the case may be), the Company shall, from time to time, enter into customary Lock-up
agreements (“Lock-up Agreements”) on terms consistent with the preceding sentence.

 

(b)              
Shelf Registration. With respect to any Shelf Registration and offering of Requested Shelf Registered Securities
that takes the form of an underwritten public offering, the Company shall not (except as part of such offering) effect any Transfer
of Registrable Class Securities, or any securities convertible into or exchangeable or exercisable for such Registrable Class Securities
(except pursuant to a Registration Statement on Form S-4 or Form S-8), during the period beginning on the date the Shelf Requesting
Holder delivers its request pursuant to the first sentence of Section 5(b) and ending on the date that is 90 days after date
of the final Prospectus relating to such offering, except as part of such Shelf Registration. Upon request by the Approved Underwriters
or the Company Underwriter (as the case may be), the Company shall, from time to time, enter into Lock-up Agreements on terms consistent
with the preceding sentence.

 

    	13

    	 

    

 

(c)               
Additional Lock-up Agreements. With respect to each relevant offering, the Company shall use its reasonable best
efforts to cause all of its officers, directors and holders of more than 1% of the Registrable Class Securities (or any securities
convertible into or exchangeable or exercisable for such Registrable Class Securities) (but excluding any Holder) to execute lock-up
agreements that contain restrictions that are no less restrictive than the restrictions contained in the Lock-up Agreements executed
by the Company.

 

(d)              
Third Party Beneficiaries in Lock-up Agreements. Any Lock-up Agreements executed by the Company, its officers, its
directors or other stockholders pursuant to this Section 6 shall contain provisions naming the selling stockholders in the
relevant offering that are Holders as intended third-party beneficiaries thereof and requiring the prior written consent of such
stockholders holding a majority of the Registrable Securities for any amendments thereto or waivers thereof.

 

7.                 
Registration Procedures.

 

(a)               
Obligations of the Company. Whenever registration of Registrable Securities has been requested or required pursuant
to Section 3, Section 4 or Section 5, the Company shall, subject to any terms, conditions or limitations set forth
in Section 3, Section 4 or Section 5, as applicable, use its reasonable best efforts to effect the registration
and sale of such Registrable Securities in accordance with the intended method of distribution thereof as promptly as reasonably
practicable, and in connection with any such request or requirement, the Company shall:

 

(i)                
as soon as reasonably practicable, prepare and file with the Commission a Registration Statement on any form for which the
Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of
such Registrable Securities in accordance with the intended method of distribution thereof, and cause such Registration Statement
to become effective; provided, however, that (A) before filing a Registration Statement or Prospectus or any
amendments or supplements thereto (including any documents incorporated by reference therein), or before using any Free Writing
Prospectus, the Company shall provide the single law firm selected as counsel by the Holders holding a majority of the Registrable
Securities being registered in such registration (“Holders’ Counsel”) and any other Inspector with
an adequate and appropriate opportunity to review and comment on such Registration Statement, each Prospectus included therein
(and each amendment or supplement thereto), each document incorporated by reference therein and each Free Writing Prospectus to
be filed with the Commission, subject to such documents being under the Company’s control, and (B) the Company shall
notify the Holders’ Counsel and each seller of Registrable Securities pursuant to such Registration Statement of any stop
order issued or threatened by the Commission and take all actions required to prevent the entry of such stop order or to remove
it if entered;

 

    	14

    	 

    

 

(ii)              
as soon as reasonably practicable, prepare and file with the Commission such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for:
(x) the lesser of (A) 120 days and (B) such shorter period which will terminate when all Registrable Securities covered
by such Registration Statement have been sold ; provided, that in the case of a Shelf Registration, the Company shall keep
such Registration Statement effective until all Registrable Securities covered by such Registration Statement shall have been sold,
and shall comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement;

 

(iii)            
as soon as reasonably practicable, furnish to each seller of Registrable Securities, prior to filing a Registration Statement,
at least one copy of such Registration Statement as is proposed to be filed, and thereafter such number of copies of such Registration
Statement, each amendment and supplement thereto (in each case including all exhibits thereto), the Prospectus included in such
Registration Statement (including each preliminary Prospectus), any Prospectus filed pursuant to Rule 424 promulgated under the
Securities Act and any Free Writing Prospectus as each such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller;

 

(iv)            
as soon as reasonably practicable, register or qualify such Registrable Securities under such other securities or “blue
sky” laws of such jurisdictions as any seller of Registrable Securities may request, and to continue such registration or
qualification in effect in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long
as any such seller requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other
acts and things which may be reasonably necessary or advisable to enable any such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller; provided, however, that the Company shall not be
required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this Section 7(a)(iv), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service
of process in any such jurisdiction;

 

(v)              
as soon as reasonably practicable, notify each seller of Registrable Securities: (A) when a Prospectus, any Prospectus
supplement, any Free Writing Prospectus, a Registration Statement or a post-effective amendment to a Registration Statement has
been filed with the Commission, and, with respect to a Registration Statement or any post-effective amendment, when the same has
become effective; (B) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement, related Prospectus or Free Writing Prospectus or for additional information; (C) of
the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness
of a Registration Statement or the initiation or threatening of any proceedings for that purpose; (D) of the receipt by the Company
of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose; (E) of the existence
of any fact or happening of any event of which the Company has knowledge which makes any statement of a material fact in such Registration
Statement, related Prospectus or Free Writing Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue or which would require the making of any changes in the Registration Statement, Prospectus or Free Writing Prospectus in
order that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case
of such Prospectus or Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading; and (F) of the determination by counsel of the Company that a post-effective amendment to a Registration
Statement is advisable;

 

    	15

    	 

    

 

(vi)            
as soon as reasonably practicable, upon the occurrence of any event contemplated by Section 7(a)(v)(E) or, subject
to Sections 3(b) and 5(c), the existence of a Valid Business Reason, as promptly as reasonably practicable, prepare a supplement
or amendment to such Registration Statement, related Prospectus or Free Writing Prospectus and furnish to each seller of Registrable
Securities a reasonable number of copies of such supplement to or an amendment of such Registration Statement, Prospectus or Free
Writing Prospectus as may be necessary so that, after delivery to the purchasers of such Registrable Securities, in the case of
the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading, and that in the case of such Prospectus or Free
Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(vii)          
enter into and perform customary agreements (including underwriting and indemnification and contribution agreements in customary
form with the Approved Underwriter or the Company Underwriter, as applicable) and take such other commercially reasonable actions
as are required in order to expedite or facilitate each disposition of Registrable Securities and shall provide all reasonable
cooperation, including causing appropriate officers to attend and participate in “road shows” and other information
meetings organized by the Approved Underwriter or Company Underwriter, if applicable, and causing counsel to the Company to deliver
customary legal opinions in connection with any such underwriting agreements;

 

(viii)        
make available at reasonable times for inspection by any seller of Registrable Securities, any managing underwriter participating
in any disposition of such Registrable Securities pursuant to a Registration Statement, Holders’ Counsel and any attorney,
accountant or other agent retained by any such seller or any managing underwriter (collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively,
the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s and its subsidiaries’ officers, directors and employees, and the independent public accountants
of the Company, to supply all information reasonably requested by any such Inspector in connection with such Registration Statement.
Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall
not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company if the
Company shall so request) unless (A) the disclosure of such Records is necessary, in the Inspector’s judgment, to avoid
or correct a misstatement or omission in the Registration Statement, (B) the release of such Records is ordered pursuant to
a subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or (C) the information
in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made
generally available to the public. Each seller of Registrable Securities agrees that it shall, upon learning that disclosure of
such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s
expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential;

 

    	16

    	 

    

 

(ix)            
if such sale is pursuant to an underwritten public offering, use its commercially reasonable best efforts to obtain a “cold
comfort” letter or letters, dated as of such date or dates as the Holders’ counsel or the managing underwriter reasonably
requests, from the Company’s independent public accountants in customary form and covering such matters of the type customarily
covered by “cold comfort” letters as Holders’ Counsel or the managing underwriter reasonably requests;

 

(x)              
furnish, at the request of any seller of Registrable Securities on the date such securities are delivered to the underwriters
for sale pursuant to such registration or, if such securities are not being sold through underwriters, on the date the Registration
Statement with respect to such securities becomes effective, an opinion with respect to legal matters and a negative assurance
letter with respect to disclosure matters, dated such date, of counsel representing the Company for the purposes of such registration,
addressed to the underwriters, if any, and to the seller making such request, covering such matters with respect to the registration
in respect of which such opinion and letter are being delivered as the underwriters, if any, and such seller may reasonably request
and are customarily included in such opinions and negative assurance letters;

 

(xi)            
with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no
Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such
Free Writing Prospectus or other materials without the prior written consent of the Holders of the Registrable Securities covered
by such registration statement, which Free Writing Prospectuses or other materials shall be subject to the review of Holders’
Counsel;

 

    	17

    	 

    

 

(xii)          
as soon as reasonably practicable and within the deadlines specified by the Securities Act, make all required filings of
all Prospectuses and Free Writing Prospectuses with the Commission;

 

(xiii)        
as soon as reasonably practicable and within the deadlines specified by the Securities Act, make all required filing fee
payments in respect of any Registration Statement or Prospectus used under this Agreement (and any offering covered thereby);

 

(xiv)        
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon
as reasonably practicable but no later than 15 months after the effective date of the Registration Statement, an earnings statement
covering a period of 12 months beginning after the effective date of the Registration Statement, in a manner which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

 

(xv)          
cause all such Registrable Securities to be listed on each securities exchange on which Registrable Class Securities issued
by the Company are then listed, provided that the applicable listing requirements are satisfied;

 

(xvi)        
as expeditiously as practicable, keep Holders’ Counsel advised in writing as to the initiation and progress of any
registration under Section 3, Section 4 or Section 5 and provide Holders’ Counsel with all correspondence
with the Commission in connection with any such Registration Statement;

 

(xvii)      
cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(xviii)    
if such registration is pursuant to a Registration Statement on Form S-3 or any similar short-form registration, include
in the body of the prospectus included in such Registration Statement such additional information for marketing purposes as the
managing underwriter reasonably requests; and

 

(xix)        
take all other steps reasonably necessary to effect the registration and disposition of the Registrable Securities contemplated
hereby.

 

(b)              
Seller Obligations. In connection with any offering under any Registration Statement under this Agreement:

 

(i)                
each Holder shall promptly furnish to the Company in writing such information with respect to such Holder and the intended
method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law for use
in connection with any related Registration Statement or Prospectus (or amendment or supplement thereto) and all information required
to be disclosed in order to make the information previously furnished to the Company by such Holder not contain a material misstatement
of fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material
fact with respect to such Holder necessary in order to make the statements therein not misleading;

 

    	18

    	 

    

 

(ii)              
each Holder shall comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply
with all applicable regulations in connection with the registration and the disposition of the Registrable Securities;

 

(iii)            
each Holder shall not use any Free Writing Prospectus without the prior written consent of the Company;

 

(iv)            
with respect to any underwritten offering pursuant to Section 3, (x) each Initiating Holder and each Holder participating
in such offering pursuant to Section 3(c) shall enter into an underwriting agreement in customary form with the managing underwriter
or underwriters and (y) no selling Holder may participate in any such underwritten offering unless such selling Holder completes
and/or provides all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents or information
reasonably required under the terms of, or in connection with, such underwriting agreement; and

 

(v)              
each Shelf Requesting Holder shall enter into an underwriting agreement in customary form with managing underwriter or underwriters,
and no Shelf Requesting Holder shall participate in any underwritten registration pursuant to Section 5(b) unless such selling
Holder completes and/or provides all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
or information reasonably required under the terms of, or in connection with, such underwriting agreement.

 

(c)               
Notice to Discontinue. Each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 7(a)(v)(E), such Holder shall forthwith discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of
the supplemented or amended Prospectus or Free Writing Prospectus contemplated by Section 7(a)(vi) and, if so directed by
the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies
then in such Holder’s possession, of the Prospectus or Free Writing Prospectus covering such Registrable Securities which
is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period
during which such Registration Statement shall be maintained effective pursuant to this Agreement (including the period referred
to in Section 7(a)(ii)) by the number of days during the period from and including the date of the giving of such notice pursuant
to Section 7(a)(v)(E) to and including the date when sellers of such Registrable Securities under such Registration Statement
shall have received the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by and meeting
the requirements of Section 7(a)(vi).

 

    	19

    	 

    

 

(d)              
Registration Expenses. Subject to the last sentence of this Section 7(d), and except as otherwise provided
in this Agreement, the Company shall pay all expenses arising from or incident to its performance of, or compliance with, this
Agreement, including (i) Commission, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses
incurred in complying with securities or “blue sky” laws (including reasonable fees, charges and disbursements of
counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as
may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses, (iv) the reasonable
fees, charges and expenses of Holders’ Counsel, any necessary counsel with respect to state securities law matters, counsel
to the Company and of its independent public accountants, and any other accounting fees, charges and expenses incurred by the
Company (including any expenses arising from any “cold comfort” letters or any special audits incident to or required
by any registration or qualification), (v) all fees and expenses in connection with maintaining the
effectiveness of any Registration Statement, including the reasonable fees, charges and expenses of counsel to the Company, including
regulatory counsel, and (viany liability insurance or other premiums for insurance obtained in connection with any Demand
Registration or piggy-back registration thereon, Incidental Registration or Shelf Registration pursuant to the terms of this Agreement,
regardless of whether such Registration Statement is declared effective. All of the expenses described in the preceding sentence
of this Section 7(d) are referred to herein as “Registration Expenses.” Notwithstanding the foregoing,
(x) the Holders of Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s
commission or underwriter’s discount or commission relating to the registration and sale of such Holders’ Registrable
Securities and, subject to clause (iv) above, shall bear the fees and expenses of their own counsel, and (y) in no event
shall the Company be responsible under the foregoing clause (iv) above for any fees, charges or expenses with respect to
any Holder who voluntarily withdraws Registrable Securities from any registration or offering (except as contemplated by Section 3(f))
or was required to withdraw such Registrable Securities as a result of a breach, or failure to satisfy any condition, of this
Agreement.

 

    	20

    	 

    

 

(e)               
Hedging Transactions.

 

(i)                
The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of Holders’
Counsel, it is necessary or desirable to register under the Securities Act such Hedging Transaction or sales or transfers (whether
short or long) of Registrable Class Securities in connection therewith, then the Company shall use its reasonable best efforts
to take such actions (which may include, among other things, the filing of a post-effective amendment to a Registration Statement
to include additional or changed information that is material or is otherwise required to be disclosed, including a description
of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates
as underwriters or potential underwriters, if applicable, or any change to the plan of distribution) as may reasonably be required
to register such Hedging Transaction or sales or transfers of Registrable Class Securities in connection therewith under the Securities
Act in a manner consistent with the rights and obligations of the Company hereunder with respect to the registration of Registrable
Securities. Any information provided by the Holders regarding the Hedging Transaction that is included in a Registration Statement,
Prospectus or Free Writing Prospectus pursuant to this Section 7(e) shall be deemed to be information provided by the Holders
selling Registrable Securities pursuant to such Registration Statement for purposes of Section 7(b).

 

(ii)              
All Registration Statements in which Holders may include Registrable Securities under this Agreement shall be subject to
the provisions of this Section 7(e), and the registration of Registrable Class Securities thereunder pursuant to this Section 7(e)
shall be subject to the provisions of this Agreement applicable to any such Registration Statements; provided, however,
that the selection of any Hedging Counterparty shall not be subject to Section 3(g), but the Hedging Counterparty shall be
selected by the Holders of a majority of the Registrable Class Securities subject to the Hedging Transaction that are proposed
to be included in such Registration Statement.

 

(iii)            
If in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is (or may be considered) an
underwriter or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the plan
of distribution and like matters.

 

(iv)            
The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption),
in each Registration Statement, and any related Prospectus (to the extent such inclusion is permitted under applicable Commission
regulations and is consistent with comments received from the Commission during any Commission review of the Registration Statement),
language substantially in the form of Schedule 1 hereto and to include in each Prospectus supplement filed in connection
with any proposed Hedging Transaction language mutually agreed upon by the Company, the relevant Holders and the Hedging Counterparty
describing such Hedging Transaction.

 

    	21

    	 

    

 

8.                 
Indemnification; Contribution.

 

(a)               
Indemnification by the Company. The Company shall indemnify and hold harmless each Holder, its stockholders, partners,
members, directors, managers, officers, employees, trustees, attorneys, advisors, Affiliates and each Person who controls (within
the meaning of Section 15 of the Securities Act) such Holder from and against any and all losses, claims, damages, liabilities
and expenses, or any action or proceeding in respect thereof (including reasonable costs of investigation and reasonable attorneys’
fees and expenses) (each, a “Liability”) arising out of or based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in the Disclosure Package, the Registration Statement, the Prospectus, any Free Writing
Prospectus or in any amendment or supplement thereto, (ii) the omission or alleged omission to state in the Disclosure Package,
the Registration Statement, the Prospectus, any Free Writing Prospectus or in any amendment or supplement thereto any material
fact required to be stated therein or necessary to make the statements therein not misleading, and (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any other federal law, any state or foreign securities
law, or any rule or regulation promulgated under any of the foregoing laws, relating to the offer or sale of the Registrable Securities;
provided, however, that the Company shall not be liable in any such case to the extent that any such Liability arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Disclosure
Package, Registration Statement, Prospectus or preliminary prospectus or amendment or supplement thereto in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the Holder (including the information provided
pursuant to Section 7(b)(i)) expressly for use therein.

 

(b)              
Indemnification by Holders. In connection with any offering in which a Holder is participating pursuant to Section 3,
4 or 5, such Holder shall indemnify and hold harmless the Company, each other Holder, their respective directors, officers, other
Affiliates and each Person who controls the Company, and such other Holders (within the meaning of Section 15 of the Securities
Act) from and against any and all Liabilities arising out of or based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in the Disclosure Package, the Registration Statement, the Prospectus, any Holder Free Writing Prospectus
or in any amendment or supplement thereto, and (ii) the omission or alleged omission to state in the Disclosure Package, the
Registration Statement, the Prospectus, any Holder Free Writing Prospectus or in any amendment or supplement thereto any material
fact required to be stated therein or necessary to make the statements therein not misleading, in each case, to the extent such
Liabilities arise out of or are based upon written information furnished by such Holder or on such Holder’s behalf expressly
for inclusion in the Disclosure Package, the Registration Statement, the Prospectus or any amendment or supplement thereto relating
to the Registrable Securities (including the information provided pursuant to Section 7(b)(i)); provided, however,
that the obligation to indemnify shall be individual, not joint and several, for each Holder and the total amount to be indemnified
by such Holder pursuant to this Section 8(b) shall be limited to the net proceeds (after deducting the underwriters’
discounts and commissions) received by such Holder in the offering to which the Registration Statement, Prospectus, Disclosure
Package or Holder Free Writing Prospectus relates.

 

    	22

    	 

    

 

(c)               
Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified
Party”) shall give prompt written notice to the indemnifying party (the “Indemnifying Party”) after
the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation
or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to
this Agreement; provided, however, that the failure to so notify the Indemnifying Party shall not relieve the Indemnifying
Party of any Liability that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party forfeits
substantive rights or defenses by reason of such failure). If notice of commencement of any such action is given to the Indemnifying
Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with
any other Indemnifying Party similarly notified, to assume the defense of such action at its own expense, with counsel chosen by
it and reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the Indemnified
Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense
of such action with counsel reasonably satisfactory to the Indemnified Party or (iii) the named parties to any such action
(including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and such parties have been advised
by such counsel that either (A) representation of such Indemnified Party and the Indemnifying Party by the same counsel would
be inappropriate under applicable standards of professional conduct or (B) there may be one or more legal defenses available
to the Indemnified Party which are different from or additional to those available to the Indemnifying Party. In any of such cases,
the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party; it being
understood, however, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) for all Indemnified Parties. No Indemnifying Party shall be liable for any settlement
entered into without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the written consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which
such Indemnified Party is a party and indemnity has been sought hereunder by such Indemnified Party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability for claims that are the subject matter of such proceeding.

 

(d)              
Contribution. If the indemnification provided for in this Section 8 from the Indemnifying Party is unavailable
to an Indemnified Party hereunder in respect of any Liabilities referred to herein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative faults
of such 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, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable
by a party as a result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth in
Sections 8(a), 8(b) and 8(c), any legal or other fees, charges or expenses reasonably incurred by such party in connection
with any investigation or proceeding; provided, that the total amount to be contributed by any Holder shall be limited to
the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Holder in the offering. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

    	23

    	 

    

 

(e)               
Exchange Act Reporting and Rule 144. The Company covenants that it shall (a) file any reports required to be
filed by it under the Exchange Act and (b) take such further action as each Holder may reasonably request (including providing
any information necessary to comply with Rule 144 promulgated under the Securities Act), all to the extent required from time to
time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by (i) Rule 144 promulgated under the Securities Act, as such rule may be amended from time to time,
or Regulation S promulgated under the Securities Act or (ii) any similar rules or regulations hereafter adopted by the Commission.
The Company shall, upon the request of any Holder, deliver to such Holder a written statement as to whether it has complied with
such requirements.

 

9.                 
Miscellaneous.

 

(a)               
Termination. In the event the Merger Agreement is terminated, this Agreement shall automatically terminate and be
of no further force and effect. This Agreement shall automatically terminate with respect to a Holder once such Holder no longer
owns Registrable Securities.

 

(b)              
Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to (i) the shares of Common Stock and (ii) any and all securities of the Company or any successor or assign
of the Company (whether by merger, consolidation, sale of assets, recapitalization, reorganization or otherwise) which may be issued
in respect of, in conversion of, in exchange for or in substitution of, the shares of Common Stock and shall be appropriately adjusted
for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof.
The Company shall cause any successor or assign (whether by merger, consolidation, sale of assets, recapitalization, reorganization
or otherwise) to assume this Agreement or enter into a new registration rights agreement with the Holders on terms substantially
the same as this Agreement as a condition of any such transaction.

 

(c)               
No Inconsistent Agreements. The Company represents and warrants that it has not granted to any Person the right to
request or require the Company to register any securities issued by the Company, other than the rights granted to the Holders herein.
The Company shall not enter into any agreement with respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or grant any additional registration rights to any Person or with respect to any securities which are
not Registrable Securities which are prior in right to or inconsistent with the rights granted in this Agreement. Any agreement
pursuant to which the Company or any subsidiary has granted the Holders any registration rights with respect to the Company’s
or its subsidiary’s securities, as applicable, shall automatically terminate and be of no further force and effect at the
effective time of the Mergers.

 

    	24

    	 

    

 

(d)              
Remedies. The Holders, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, shall be entitled to specific performance of their rights under this Agreement, without need for a bond. The Company agrees
that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate
or that there is need for a bond.

 

(e)               
Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to
in writing by (i) the Company and (ii) the Holders holding Registrable Securities representing (after giving effect to
any adjustments) at least a majority of the aggregate number of Registrable Securities owned by all of the Holders; provided
that such majority shall include the Investors. Any such written consent shall be binding upon the Company and all of the Holders.

 

(f)               
Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing
and shall be made by registered or certified first-class mail, return receipt requested, telecopy, electronic transmission, courier
service or personal delivery:

 

(i) if to the
Company:

 

Pangaea Logistics Solutions Ltd.

109 Long Wharf, 2nd Floor

Newport, RI 02840

Attention: Edward Coll

Telephone: 401 846 7790

Telecopy:

E-mail: ecoll@phoenixbulkus.com

 

with a copy
to:

			

			Cartesian Capital Group

505 Fifth Avenue

15th Floor

New York, NY 10017

Attention: Peter Yu

   Paul Hong

Telephone: 212 461 6363

Telecopy: 212 461 6366

E-mail: peter.yu@cartesiangroup.com

             paul.hong@cartesiangroup.com

 

    	25

    	 

    

 

with a copy
to:

 

Willkie Farr & Gallagher LLP

787 7th Avenue

New York, NY 10036

Attention: Kirk A. Radke

Telephone: 212 728 8996

Telecopy: 212 728 9996

E-mail: kradke@willkie.com.

 

(ii) if to
the Investors, at the addresses set forth on the signature pages hereto;

 

(iii) if to
any Holder, as set forth in the applicable joinder agreement.

 

All such notices, demands and other communications
shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered
by commercial courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt
is acknowledged, if telecopied or electronically transmitted. Any party may by notice given in accordance with this Section 9(f)
designate another address or Person for receipt of notices hereunder.

 

(g)              
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the successors and permitted assigns of the parties hereto as provided herein. The registration rights and requirements and related
rights of the Holders contained in this Agreement, shall be with respect to any Registrable Security, transferred to any Person
who is the transferee of such Registrable Security (including for avoidance of doubt, any Permitted Transferee), without the consent
of the Company, but only if transferred in compliance with this Agreement and only to the extent such transfer would not cause
the Registrable Securities to cease being Registrable Securities under Section 2(b). At the time of the transfer of any Registrable
Security as contemplated by this Section 9(g), such transferee shall execute and deliver to the Company a joinder agreement,
in form and substance attached as Exhibit A hereto, to evidence its agreement to be bound by, and to comply with, this Agreement
as a Holder. All of the obligations of the Company hereunder shall survive any such transfer. The Company shall not assign this
Agreement, in whole or in part. Except as provided in Section 8, no Person other than the parties hereto and their successors
and permitted assigns is intended to be a beneficiary of this Agreement.

 

(h)              
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

(i)                
GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF THAT WOULD APPLY THE LAWS OF ANOTHER
JURISDICTION. The parties hereto irrevocably submit to the exclusive jurisdiction of any state or federal court sitting in the
County of New York, in the State of New York over any suit, action or proceeding arising out of or relating to this Agreement or
the affairs of the Company. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably
waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction
of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

    	26

    	 

    

 

(j)                
WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE OR CONTROVERSY THAT MAY ARISE, WHETHER
IN WHOLE OR IN PART, UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(k)              
Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions
held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

(l)                
Rules of Construction. Unless the context otherwise requires, references to sections or subsections refer to sections
or subsections of this Agreement. Terms defined in the singular have a comparable meaning when used in the plural, and vice versa.

 

(m)            
Interpretation. The parties hereto acknowledge and agree that (i) each party hereto and its counsel reviewed
and negotiated the terms and provisions of this Agreement and have contributed to its revision, (ii) the rule of construction
to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this
Agreement and (iii) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto, regardless
of which party was generally responsible for the preparation of this Agreement.

 

(n)              
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter
contained herein. There are no restrictions, promises, representations, warranties or undertakings with respect to the subject
matter contained herein, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings
among the parties with respect to such subject matter.

 

(o)              
Further Assurances. Each of the parties shall execute such documents and perform such further acts as may be reasonably
required or desirable to carry out or to perform the provisions of this Agreement.

 

    	27

    	 

    

 

(p)              
Other Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or release from, any obligations
any party hereto may have under, or any restrictions on the transfer of Registrable Securities or other securities of the Company
imposed by, any other agreement, including the Merger Agreement.

 

(q)              
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

[Remainder of page intentionally left blank]

 

 

    	28

    	 

    

 

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

 

	 	COMPANY:
	 	 
	 	QUARTET HOLDCO LTD.
	 	 
	 	By:	/s/ David D. Sgro
	 	 	Name: David D. Sgro
	 	 	Title: CFO

 

	 	STOCKHOLDERS:
	 	 
	 	/s/ Edward Coll
	 	Edward Coll
	 	 
	 	/s/ Anthony Laura
	 	Anthony Laura

 

	 	LAGOA INVESTMENTS
	 	 
	 	By:	/s/ Deborah L. Davis
	 	 	Name: Deborah L. Davis
	 	 	Title: Director

 

	 	PANGAEA ONE, L.P.
	 	 
	 	By:	/s/ Peter Yu
	 	 	Name: Peter Yu
	 	 	Title: Managing Member

 

	 	PANGAEA ONE PARALLEL FUND (B), L.P.
	 	 
	 	By:	/s/ Peter Yu
	 	 	Name: Peter Yu
	 	 	Title: Managing Member
	 	 	 

 

[Signature Page – Registration Rights
Agreement]

 

    	 

    	 

    

 

	 	PANGAEA ONE (CAYMAN), L.P.
	 	 
	 	By:	/s/ Peter Yu
	 	 	Name: Peter Yu
	 	 	Title: Director

 

	 	PANGAEA ONE PARALLEL FUND, L.P.
	 	 
	 	By:	/s/ Peter Yu
	 	 	Name: Peter Yu
	 	 	Title: Director

 

 

    	 

    	 

    

 

Schedule 1

 

Plan of Distribution

 

A selling stockholder
may also enter into hedging and/or monetization transactions. For example, a selling stockholder may:

 

(a)               
enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third party in connection with which
that other party will become a selling stockholder and engage in short sales of the common stock under this prospectus, in which
case the other party may use shares of common stock received from the selling stockholder to close out any short positions;

 

(b)              
itself sell short common stock under this prospectus and use shares of common stock held by it to close out any short position;

 

(c)               
enter into options, forwards or other transactions that require the selling stockholder to deliver, in a transaction exempt
from registration under the Securities Act, common stock to a broker-dealer or an affiliate of a broker-dealer or other third party
who may then become a selling stockholder and publicly resell or otherwise transfer that common stock under this prospectus; or

 

(d)              
loan or pledge common stock to a broker-dealer or affiliate of a broker-dealer or other third party who may then become
a selling stockholder and sell the loaned shares or, in an event of default in the case of a pledge, become a selling stockholder
and sell the pledged shares, under this prospectus.

 

 

    	 

    	 

    

 

Exhibit A

 

Form of Joinder Agreement

 

ACKNOWLEDGMENT AND
AGREEMENT

 

Joinder to Registration
Rights Agreement 

Relating to Quartet
Holdco Ltd. Common Stock

 

 

The undersigned (the
“Transferee”) wishes to receive, from _____________ (the “Transferor”), __________ shares,
par value $0.0001 per share, of common stock (the “Common Stock”), of Quartet Holdco Ltd., a Bermuda company
(the “Company”);

 

The Common Stock is subject
to that certain Registration Rights Agreement, dated as of October 1, 2014 and as further amended from time to time (the “Agreement”),
by and among the Company and certain investors named therein. Capitalized terms used herein and not otherwise defined are given
the meaning assigned to such terms in the Agreement;

 

The Transferee has been
given a copy of the Agreement and afforded ample opportunity to read it, and the Transferee is thoroughly familiar with its terms;

 

Pursuant to the terms
of the Agreement, the Transferor is prohibited from transferring the registration rights and requirements and related rights of
Holders conferred in the Agreement related to the Common Stock that constitutes the Registrable Securities unless in compliance
with the Agreement and in accordance with Section 9(g) thereof. This Acknowledgment and Agreement constitutes a joinder agreement
as contemplated by Section 9(g) of the Agreement.

 

NOW, THEREFORE, in consideration
of the mutual premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and to induce the Transferor to transfer such Common Stock to the Transferee and the Company to permit such
transfer, the Transferee does hereby acknowledge and agree that (i) the Transferee has been given a copy of the Agreement and ample
opportunity to read it, and is thoroughly familiar with its terms, (ii) the Common Stock are subject to the terms and conditions
set forth in the Agreement and (iii) the Transferee shall become a party to the Agreement and shall be fully bound by, and subject
to, all of the covenants, terms and conditions of the Agreement as though an original party thereto.

 

 

 

Signed this ____ day
of _________, 20___,

 

 

	 	 	 	 	 
	 	Transferee:	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:

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