Document:

Exhibit 10.1

 

AGREEMENT

 

This
AGREEMENT (this “Agreement”) is made as of this 14th day of July, 2022 by and among Arisz Acquisition Corp.
(“Arisz”), Finfront Holding Company, a Cayman Islands exempted company (the “Company”),
Bitfufu Inc., a Cayman Islands exempted company (“Purchaser”) and Arisz Investment LLC, a Delaware limited
liability company (the “Sponsor” and, along with any assignee of the Sponsor, the “Buyer”).

 

WHEREAS,
Arisz was organized for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business
combination, an operating business (“Business Combination”);

 

WHEREAS,
on January 21, 2022, Arisz entered into that certain Agreement and Plan of Merger (as amended as of April 4, 2022, and as may be further
amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between Arisz
and the Company, pursuant to which, among other things, Arisz will merge with and into Purchaser, with Purchaser as the surviving company
(the “Redomestication Merger”), a subsequent merger pursuant to which Merger Sub will merge with and into the
Company, with the Company as the surviving company in the merger (the “Acquisition Merger”) and, after giving
effect to the Redomestication Merger and the Acquisition Merger, the Company being a wholly owned subsidiary of Purchaser (the “Transaction”).
Following the Transaction, Purchaser shall be a publicly listed company on Nasdaq; and

 

WHEREAS,
Buyer agrees to purchase no less than US$1.25 million worth of shares of Arisz common stock par value $0.0001 per share (the “Shares”)
or Purchaser’s Class A ordinary shares (the “Purchaser Ordinary Shares”), as specified below.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE
I

Purchase
and Closing

 

Section
1.01 Purchase from Third Parties. The Buyer agrees that after the Purchaser files a registration statement relating to the
transactions contemplated by the Merger Agreement, the Buyer may acquire certain amount of Shares in open market or private transactions
from time to time at the then prevailing market price of the Shares.

 

Section
1.02 Purchase from the Purchaser. Concurrently with the closing of the transactions contemplated by the Merger Agreement
(the “Closing”), the Buyer shall purchase from the Purchaser a number of Purchaser Ordinary Shares equal to
the following: (a) (i) US$1.25 million, minus (ii) the amount paid by the Buyer for the Shares purchased pursuant to Section 1.01 of
this Agreement (if any) (the “Subscription Amount”), divided by (b) US$10.00, at US$10.00 per Purchaser Ordinary
Share purchased. At the Closing, the Buyer shall (1) deliver evidence of purchase and shareholding for any and all Shares purchased by
the Buyer pursuant to Section 1.01, and (2) pay the aggregate purchase price to the Purchaser by wire transfer of immediately available
funds to an account specified by the Purchaser, and the Purchaser shall deliver an instruction letter to its transfer agent to deliver
the Purchaser Ordinary Shares purchased by the Buyer. It shall be a condition precedent to the obligation of the Buyer on the one hand
and the Purchaser on the other hand, to consummate the transfer of the Purchaser Ordinary Shares and payment of the aggregate purchase
price contemplated hereunder that the other party’s representations and warranties are true and correct at the Closing with the
same effect as though made on such date, unless waived in writing by the party to whom such representations and warranties are made.
Notwithstanding the foregoing, it shall be a condition precedent to the obligation of the Buyer to purchase any Purchaser Ordinary Shares
from the Purchaser pursuant to this Agreement that the obligation of certain investors, including Bitmain Technologies, Ltd. (“Bitmain”),
to purchase Class A ordinary shares of Purchaser, for an aggregate cash amount of $70,000,000 at a purchase price of $10.00 per share,
pursuant to that certain Subscription Agreement dated as of January 21, 2022 by and among Arisz, the Company and certain interested accredited
investors shall not have been assigned to any person and shall either (a) be in full force and effect or (b) have been fulfilled by such
purchase by Bitmain.

 

     

     

    

 

With
regard to securities purchased pursuant to this Section 1.02, upon delivery of written notice from (or on behalf of) the Purchaser to
the Buyer (the “Closing Notice”), that the Purchaser reasonably expects all conditions precedent to the closing
of the Transaction to be satisfied or waived on an expected closing date that is not less than fifteen (15) business days from the date
on which the Closing Notice is delivered to the Buyer, the Buyer shall deliver to the Purchaser at least ten (10) business days prior
to the closing date of the Transaction, the amount referenced in the above paragraph by wire transfer of United States dollars in immediately
available funds, to be held in escrow until the Closing, to the account(s) specified by the Purchaser in the Closing Notice. On the Closing
Date, the Purchaser shall issue the Purchaser Ordinary Shares to the Buyer and promptly cause such Purchaser Ordinary Shares to be registered
in book entry form in the name of the Buyer on the Purchaser’s share register or register of members, as applicable. In the event
the closing of the Transaction does not occur within two (2) business days of the expected closing date in the Closing Notice, unless
otherwise agreed by the Purchaser and the Buyer, the Purchaser shall promptly (but not later than five (5) business days thereafter)
return the Subscription Amount to the Buyer by wire transfer of U.S. dollars in immediately available funds to the account specified
by the Buyer, and any book entries or share certificates shall be deemed cancelled, provided that, unless this Agreement has been terminated
pursuant to Section 8 hereof, such return of funds shall not terminate this Agreement or relieve the Buyer or its obligations to purchase
the Purchaser Ordinary Shares at the Closing.

 

Section
1.03 Non-Trading. The Buyer agrees that it will not redeem or transfer any Shares purchased pursuant to Section 1.01 of this
Agreement until and after the Closing.

 

Section
1.04 Buyer’s Election. The Buyer shall have the right, in its sole discretion, to elect to purchase no less than US$1.25
million worth of Shares or Purchaser Ordinary Shares under either Section 1.01 or Section 1.02, or a combination thereof.

 

ARTICLE
II

Representations
and Warranties of Arisz and the Purchaser

 

Each
of Arisz and the Purchaser hereby represents and warrants to Buyer on the date hereof and as of the Closing that:

 

Section
2.01 Organization. Such company is duly formed in the jurisdiction of its organization and has the requisite corporate power
and authority to execute, deliver and carry out the terms of this Agreement and to consummate the transactions contemplated hereby.

 

Section
2.02 Authority; Non-Contravention. This Agreement has been validly authorized, executed and delivered by such company and
assuming the due authorization, execution and delivery thereof by the other parties hereto, is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of
creditors’ rights generally. The execution, delivery and performance of this Agreement by such company does not and will not conflict
with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument
to which such company is a party which would prevent such company from performing its obligations hereunder or (ii) any law, statute,
rule or regulation to which such company is subject.

 

Section
2.03 Valid Issuance. The Purchaser Ordinary Shares purchased pursuant to Section 1.02 of this Agreement have been duly authorized
and, when issued and delivered to and paid for by the Buyer pursuant to this Agreement, will be validly issued, fully paid and non-assessable
and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of
pre-emption, third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities
Act.

 

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ARTICLE
III

Representations
and Warranties of the Buyer

 

Buyer
hereby represents and warrants to Arisz and the Purchaser on the date hereof and as of the Closing that:

 

Section
3.01 Organization. Buyer is a corporation, duly incorporated, validly existing and in good standing in the jurisdiction of
its incorporation. Buyer has the requisite corporate power and authority to execute, deliver and carry out the terms of this Agreement
and to consummate the transactions contemplated hereby.

 

Section
3.02 Authority; Non-Contravention. This Agreement has been validly authorized, executed and delivered by Buyer and assuming
the due authorization, execution and delivery thereof by the other parties hereto, is a valid and binding agreement enforceable in accordance
with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’
rights generally. The execution, delivery and performance of this Agreement by Buyer does not and will not conflict with, violate or
cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument to which Buyer is
a party which would prevent Buyer from performing its obligations hereunder or (ii) any law, statute, rule or regulation to which Buyer
is subject. The signature on this Agreement is genuine, and the signatory has legal competence and capacity to execute the same or the
signatory has been duly authorized to execute the same, and this Agreement constitutes a legal, valid and binding obligation of the Buyer,
enforceable against the Buyer in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii)
principles of equity, whether considered at law or equity

 

Section
3.03 Governmental Approvals. All consents, approvals, orders, authorizations, registrations, qualifications, designations,
declarations or filings with any governmental or other authority on the part of Buyer required in connection with the consummation of
the transactions contemplated in the Agreement have been or shall have been obtained prior to and be effective as of the Closing.

 

Section
3.04 Sophisticated Buyer. Buyer is sophisticated in financial matters and is able to evaluate the risks and benefits attendant
to the purchase of Purchaser Ordinary Shares, satisfying the applicable requirements set forth on Schedule A (and shall provide the requested
information set forth on Schedule A).  The Buyer acknowledges that it shall be responsible for any of its tax liabilities that may
arise as a result of the transactions contemplated by this Agreement, and that neither Arisz nor the Purchaser has provided any tax advice
or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Agreement. Alone, or
together with any professional advisor(s), the Buyer has adequately analyzed and fully considered the risks of an investment in the Purchaser
Ordinary Shares and determined that the Purchaser Ordinary Shares are a suitable investment for the Buyer and that the Buyer is able
at this time and in the foreseeable future to bear the economic risk of a total loss of the Buyer’s investment. The Buyer acknowledges
specifically that a possibility of total loss exists. Further, the Buyer acknowledges and agrees that no federal or state agency in any
jurisdiction has passed upon or endorsed the merits of the offering of the Purchaser Ordinary Shares or made any findings or determination
as to the fairness of this investment.

 

Section
3.05 No Brokers. No broker, investment banker, financial advisor, finder or other person has been retained by or is authorized
to act on behalf of Buyer that will be entitled to any fee or commission for which Arisz or the Company will be liable in connection
with the execution of this Agreement or the consummation of the transactions contemplated hereby.

 

Section
3.06 Securities Law Compliance. The Buyer has been advised that the Purchaser Ordinary Shares are being offered in a transaction
not involving any public offering within the meaning of the Securities Act and the offer and sale of the Purchaser Ordinary Shares by
the Purchaser has not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
or any other securities laws and, therefore, none of the Purchaser Ordinary Shares purchased at the Closing can be resold unless they
are registered under the Securities Act and applicable securities laws or unless an exemption from such registration requirements is
available. The Buyer understands that the Purchaser Ordinary Shares purchased from Purchaser will be considered to be “restricted
securities” under the Securities Act, and that, therefore, the Buyer will not be eligible to use Rule 144 promulgated under the
Securities Act (“Rule 144”) for at least one year after “Form 10” information relating to the Business
Combination has been filed with the SEC. The Buyer is acquiring the Purchaser Ordinary Shares for Buyer’s own account for investment,
not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof. The Buyer represents that
(i) it is an “accredited investor” as such term is defined in Rule 501 of Regulation D, promulgated under the Securities
Act, and that the Buyer is not subject to the “Bad Actor” disqualification, as such terms is defined in Rule 506 of Regulation
D, promulgated under the Securities Act or (ii) it is not a “U.S. person” as defined in Rule 902 of Regulation S, promulgated
under the Securities Act.

 

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Section
3.07. Information The Buyer acknowledges and agrees that the Buyer has received such information as the Buyer deems necessary
in order to make an investment decision with respect to the Purchaser Ordinary Shares, including, with respect to Arisz, Purchaser, their
businesses and the Transaction. The Buyer acknowledges that certain information received was based on projections, and such projections
were prepared based on assumptions and estimates that are inherently uncertain and subject to a wide variety of significant business,
economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in subject
projections. Without limiting the generality of the foregoing, the Buyer acknowledges that it has reviewed the Purchaser’s filings
with the SEC. The Buyer acknowledges and agrees that the Buyer and the Buyer’s professional advisor(s), if any, have had the full
opportunity to ask such questions, receive such answers and obtain such information as the Buyer and such Buyer’s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Purchaser Ordinary Shares.

 

Section
3.08 Material Non-Public Information. The Buyer is not in possession of any material non-public information relating to the
Purchaser, the Company, or the transactions contemplated by the Merger Agreement.

 

Section
3.09. No Solicitation. The Buyer acknowledges that the Purchaser Ordinary Shares (i) were not offered by any form of general solicitation
or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act, or any state securities laws. The Buyer acknowledges that it is not relying upon, and has not relied upon, any
statement, representation or warranty made by any person, firm or corporation (including, without limitation, Arisz, the Purchaser, any
placement agent for the, any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives
of any of the foregoing), other than the representations and warranties of Arisz and the Purchaser contained in Article III of this Agreement,
in making its investment or decision to invest pursuant to this Agreement.

 

Section
3.10 Sufficient Funds. The Buyer, has or has commitments to have and, when required to deliver payment pursuant to Section 1;02
above, will have sufficient funds to pay the purchaser price and consummate the purchase and sale of the Purchaser Ordinary Shares pursuant
to this Agreement.

 

Section
3.11 OFAC, Sanctions and Banking Regulations. Neither the Buyer nor any of its officers, directors, managers, managing members,
general partners or any other person acting in a similar capacity or carrying out a similar function, is (i) a person named on the Specially
Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any
other similar list of sanctioned persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, including
the United Kingdom (collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled by, or
acting on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in,
or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North
Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions
by the United States, the European Union or any individual European Union member state, including the United Kingdom; (iv) a Designated
National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services
indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). The Buyer represents that if it
is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as
amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively,
the “BSA/PATRIOT Act”), that the Buyer maintains policies and procedures reasonably designed to comply with
applicable obligations under the BSA/PATRIOT Act. The Buyer also represents that it maintains policies and procedures reasonably designed
to ensure compliance with sanctions administered by the United States, the European Union, or any individual European Union member state,
including the United Kingdom. The Buyer further represents that the funds held by the Buyer and used to purchase the Purchaser Ordinary
Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

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Section
3.12. ERISA. If the Buyer is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account
or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement
described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental
plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section
4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under
any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively,
“Similar Laws,” and together with ERISA Plans, “Plans”), the Buyer represents and
warrants that (A) neither Arisz, the Purchaser nor any of its affiliates (the “Transaction Parties”) has provided
investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and hold the Purchaser
Ordinary Shares, and none of the parties to the Transaction is or shall at any time be the Plan’s fiduciary with respect to any
decision in connection with the Buyer’s investment in the Purchaser Ordinary Shares; (B) the decision to invest in the Purchaser
Ordinary Shares has been made at the recommendation or direction of a fiduciary (for purposes of ERISA and/or Section 4975 of the Code,
or any applicable Similar Law) with respect to the Buyer’s investment in the Purchaser Ordinary Shares who is independent of the
parties to the Transaction; and (C) its purchase of the Purchaser Ordinary Shares will not result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code, or any applicable Similar Law.

 

Section
3.13 Outside Date for Closing. Buyer acknowledges that the parties to the Merger Agreement may revise the Outside Date (as defined
in the Merger Agreement and as it may be extended as described therein) at their discretion without the consent of the Buyer.

 

ARTICLE
IV

Registration
Rights

 

Section
4.01 Demand Registration Rights. The Purchaser hereby agrees with the Buyer or its permitted transferees (collectively, the
“Holders”) that at any time after the Closing, upon the written notice of the Holders holding a majority of
the Purchaser Ordinary Shares issued in connection with the private placements concurrently with the Closing (the “Requesting
Holders“), the Purchaser shall, within (i) thirty (30) days of receipt of such written notice (assuming no additional financial
statements are required or desirable to be included at the time of such filing) or (ii) ninety (90) calendar days following the receipt
of such written notice (assuming additional financial statements are required or desirable to be included at the time of such filing),
file a registration statement under the Securities Act providing for the proposed resale of such Purchaser Ordinary Shares (the “Requested
Shares”), all to the extent requisite to permit the sale or other disposition by the prospective seller or sellers of the
Requested Shares; provided that the Purchaser shall not be obligated to effect any such registration under any one of the following conditions:

 

a) During
the period starting with the date sixty (60) days prior to the Purchaser estimated date of filing of, and ending on the date immediately
following the effective date of, any registration statement pertaining to securities of the Purchaser (other than a registration of securities
in a transaction under Rule 145 promulgated under the Securities Act (“Rule 145”) or with respect
to an employee benefit plan), provided that the Purchaser is actively employing in good faith commercially reasonable efforts
to cause such registration statement to become effective;

 

b) After
the Purchaser has effected two (2) such registrations pursuant to this Section 4.01 and each such registration has been declared
or ordered effective;

 

c) If
any such Requesting Holders may dispose of shares of Registrable Securities (defined as of any date of determination, the Purchaser Ordinary
Shares and any other equity security of Purchaser issued or issuable with respect to the Purchaser Ordinary Shares by way of share split,
dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise) pursuant to an effective registration
statement on Form S-1 or Form S-3 or Form F-1 or Form F-3, as applicable, under the Securities Act as in effect on the date hereof or
any successor form under the Securities Act; or

 

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d) The
Purchaser shall not undertake, or be required to undertake, any action to qualify, register or list any securities on any exchange other
than the exchange on which its securities are traded at the time. 

 

Section
4.02 “Piggyback” Registration Rights. The Purchaser hereby agrees with the Holders that at any time after the
Closing, if the Purchaser shall determine to proceed with the actual preparation and filing of a new registration statement under the
Securities Act in connection with the proposed offer and sale of any of its securities by it or any of its security holders (other than
(a) a registration statement on Form F-4, F-8 or other limited purpose form or (b) any registration under Section 4.01 of this Agreement),
the Purchaser will give written notice of its determination to all Holders. Upon the written request from any Holders (the “Requesting
Piggyback Holders”), within 10 days after their receipt of any such notice from the Purchaser, the Purchaser will, except
as herein provided, cause all of the Purchaser Ordinary Shares covered by such request (the “Requested Piggyback Shares”)
held by the Requesting Piggyback Holders to be included in such registration statement, all to the extent requisite to permit the sale
or other disposition by the prospective seller or sellers of the Requested Piggyback Shares. If any registration pursuant to this Section
4.02 shall be underwritten in whole or in part, the Purchaser may require that the Requested Piggyback Shares be included in the underwriting
on the same terms and conditions as the securities otherwise being sold through the underwriters. In such event, the Requesting Piggyback
Holders shall, if requested by the underwriters, execute an underwriting agreement containing customary representations and warranties
by selling shareholders. If in the good faith judgment of the managing underwriter of such public offering the inclusion of all of the
Requested Piggyback Shares would reduce the number of shares to be offered by the Purchaser or interfere with the successful marketing
of the securities offered by the Purchaser, the number of shares of Requested Piggyback Shares otherwise to be included in the underwritten
public offering may be reduced pro rata (by number of shares) among the Requesting Piggyback Holders and all other holders of registration
rights with respect to the Purchaser’s shares who have requested inclusion of their securities or excluded in their entirety if
so required by the underwriter. Registration pursuant to this Section 4.02 shall not be deemed to be a demand registration as described
in Section 4.01 above. The Purchaser ’s obligations under this Section 4.02 shall not apply to the shares held by a Holder after
the earlier of (a) three (3) years from the date of this Agreement, (b) the date that such shares held by a Holder have been sold pursuant
to Rule 144 or an effective registration statement, and (c) such time as such shares held by a Holder are eligible for immediate resale
pursuant to Rule 144.

 

Section
4.03 Registration Procedures. To the extent required by Sections 4.01 and 4.02, the Purchaser will, except for such times
as Purchaser is permitted hereunder to suspend the use of the prospectus forming part of a registration statement, use its commercially
reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which Purchaser
determines to obtain, continuously effective with respect to the Holders; provided that Purchaser shall not be responsible for ensuring
the Holders’ ability to utilize the prospectus contained in the registration statement between April 1st of each year and the date
on which Purchaser files it annual report on form 20-F (if and to the extent Purchaser Issuer qualifies as a “foreign private issuer”
defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act), which shall be no later than April
30th of the same year, solely due to staleness under Regulation S-X of Purchaser’s financial statements contained or incorporated
by reference therein, and to keep the applicable registration statement or any subsequent shelf registration statement free of any material
misstatements or omissions, until the earliest of the following: (A) Holders ceases to hold any Registrable Shares, (B) the date all
Registrable Shares held by Holders may be sold without restriction under Rule 144, including without limitation, any volume and manner
of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for Purchaser to be in compliance
with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (C) two years from the date
of effectiveness of the applicable registration statement. The period of time during which Purchaser is required hereunder to keep a
registration statement under this Article IV effective is referred to herein as the “Registration Period” During
the Registration Period, the Purchaser shall:

 

a) prepare
and file with the SEC a registration statement with respect to such securities, and use its commercially reasonable efforts to cause
such registration statement to become effective as promptly as practicable after the filing thereof;

 

b) prepare
and file with the SEC such amendments to such registration statement and supplements to the prospectus contained therein as may be necessary
to keep such registration statement effective;

 

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c) use
its commercially reasonable efforts to register or qualify the securities covered by such registration statement under such state securities
or blue sky laws of such jurisdictions as the Holders may reasonably request in writing within 20 days following the original filing
of such registration statement, except that the Purchaser shall not for any purpose be required to execute a general consent to service
of process or to qualify to do business as a foreign corporation in any jurisdiction wherein it is not so qualified;

 

d) notify
the Holders, promptly after it shall receive notice thereof, of the time when such registration statement has become effective or a supplement
to any prospectus forming a part of such registration statement has been filed;

 

e) prepare
and file with the SEC, promptly upon the request of any Holders, any amendments or supplements to such registration statement or prospectus
which, in the opinion of counsel for such Holders (and concurred in by counsel for the Purchaser), is required under the Securities Act
or the rules and regulations thereunder in connection with the distribution of ordinary shares by such Holders;

 

f) prepare
and promptly file with the SEC and promptly notify such Holders of the filing of such amendment or supplement to such registration statement
or prospectus as may be necessary to correct any statements or omissions if, at the time when a prospectus relating to such securities
is required to be delivered under the Securities Act, any event shall have occurred as the result of which any such prospectus or any
other prospectus as then in effect would include an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances in which they were made, not misleading; and 

 

g) advise
the Holders, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending
the effectiveness of such registration statement or the initiation or threatening of any proceeding for that purpose.

 

It
is a condition precedent to the obligations of the Purchaser to take any action pursuant to this Article IV that the Requesting Holders
shall cooperate with the Purchaser in providing the information necessary to effect the registration of their Purchaser Ordinary Shares,
including completion of customary questionnaires and furnishing of information regarding itself, the securities of the Purchaser held
by it and intended method of disposition as shall be reasonably requested in writing by the Company. Failure to do so will at minimum
result in exclusion of such Holders’ Purchaser Ordinary Shares from the registration statement.

 

Notwithstanding
anything to the contrary in this Agreement, Purchaser shall be entitled to delay the filing or effectiveness of, or suspend the use of,
a registration statement if it determines that in order for the registration statement not to contain a material misstatement or omission,
(i) an amendment thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly,
or annual report under the Exchange Act, (ii) the negotiation or consummation of a transaction by Purchaser or its subsidiaries is pending
or an event has occurred, which negotiation, consummation or event Purchaser’s board of directors reasonably believes would require
additional disclosure by Purchaser in the registration statement of material information that Purchaser has a bona fide business purpose
for keeping confidential and the non-disclosure of which in the registration statement would be expected, in the reasonable determination
of Purchaser’s board of directors to cause the registration statement to fail to comply with applicable disclosure requirements,
or (iii) in the good faith judgment of the majority of Purchaser’s board of directors, such filing or effectiveness or use of such
registration statement, would be seriously detrimental to Purchaser and the majority of the Purchaser’s board of directors concludes
as a result that it is essential to defer such filing (each such circumstance, a “Suspension Event”); provided,
however, that Purchaser may not delay or suspend a registration statement on more than three occasions or for more than ninety (90) consecutive
calendar days, or more than one hundred and twenty (120) total calendar days in each case during any twelve-month period. Upon receipt
of any written notice from Purchaser of the happening of any Suspension Event during the period that the registration statement is effective
or if as a result of a Suspension Event the registration statement or related prospectus contains any untrue statement of a material
fact or omits 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, in the case of the prospectus) not misleading, the Buyer agrees that (i) it will immediately discontinue
offers and sales of the Registrable Shares under the registration statement (excluding, for the avoidance of doubt, sales conducted pursuant
to Rule 144) until the Buyer receives copies of a supplemental or amended prospectus (which Purchaser agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective
or unless otherwise notified by Purchaser that it may resume such offers and sales, and (ii) it will maintain the confidentiality of
any information included in such written notice delivered by Purchaser unless otherwise required by law or subpoena. If so directed by
Purchaser, the Buyer will deliver to Purchaser or, in the Buyer’s sole discretion destroy, all copies of the prospectus covering
the Registrable Shares in the Buyer’s possession; provided, however, that this obligation to deliver or destroy all copies of the
prospectus covering the Registrable Shares shall not apply (A) to the extent the Buyer is required to retain a copy of such prospectus
(1) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (2) in accordance with a bona
fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data
back-up.

 

    7

     

    

 

Section
4.04 Expenses. To the extent required by Sections 4.01 and 4.02, the Purchaser will:

 

a) Subject
to Section 4.04(b), with respect to the any registration required pursuant to Sections 4.01 and 4.02 hereof, all reasonable fees, costs
and expenses of and incidental to such registration, inclusion and public offering (as specified in paragraph (b) below) in connection
therewith shall be borne by the Purchaser. Notwithstanding the foregoing, the Purchaser shall not be required to pay for any expenses
of any registration process begun pursuant to this Section 4.04 if the registration request is subsequently withdrawn at the request
of the Holders or any subset thereof, unless the Holders agree that such registration constitutes the use by the Holders of one (1) demand
registration pursuant to Section 4.01.

 

b) The
fees, costs and expenses of registration to be borne by the Purchaser as provided in paragraph (a) above shall include, without limitation,
all registration, filing, and FINRA fees, printing expenses, fees and disbursements of counsel and accountants for the Purchaser, and
all legal fees and disbursements and other expenses of complying with state securities or blue sky laws of any jurisdictions in which
the securities to be offered are to be registered and qualified (except as provided in 4.04(a) above). Fees and disbursements of counsel
and accountants for the Holders and any other expenses incurred by the Holders not expressly included above, including any underwriting
discounts and selling commissions or other amounts payable to underwriter(s) or broker(s) in connection with the sale or disposition
of the Holders’ Purchaser Ordinary Shares, shall be borne by the Holders or the applicable Holders (as the case may be) on a pro
rata basis.

 

ARTICLE
V

Acknowledgement;
COVENANT; Waiver

 

Section
5.01 Acknowledgement; Waiver. Buyer (i) acknowledges that Arisz, the Company and the Purchaser may possess or have access
to material non-public information which has not been and will not be communicated to Buyer; (ii) hereby waives any and all claims, whether
at law, in equity or otherwise, that he, she, or it may now have or may hereafter acquire, whether presently known or unknown, against
Arisz, the Company, the Purchaser or any of their respective officers, directors, employees, agents, affiliates, subsidiaries, successors
or assigns relating to any failure to disclose any non-public information in connection with the transactions contemplated by this Agreement,
including without limitation, any such claims arising under the securities or other laws, rules and regulations, and (iii) is aware that
Arisz, the Company and the Purchaser are relying on the foregoing acknowledgement and waiver in clauses (i) and (ii) above, respectively,
in connection with the transactions contemplated by this Agreement.

 

5.02 Buyer
Covenant; The Buyer hereby agrees that, from the date of this Agreement, none of the Buyer, its controlled affiliates, or any person
or entity acting on behalf of Buyer or any of its controlled affiliates or pursuant to any understanding with the Buyer or any of its
controlled affiliates will engage in any Short Sales with respect to securities of Arisz prior to the Closing Date. For purposes of this
Section 5.02, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course
of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including
on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding
the foregoing, (i) nothing herein shall prohibit other entities under common management with the Buyer that have no knowledge of this
Agreement or of the Buyer’s participation in the Transaction (including the Buyer’s controlled affiliates and/or affiliates)
from entering into any Short Sales and (ii) in the case of the Buyer that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of the Buyer’s assets and the portfolio managers have no knowledge of the investment decisions
made by the portfolio managers managing other portions of such Buyer’s assets, the covenant set forth above shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Purchaser Ordinary
Shares covered by this Agreement.

 

    8

     

    

 

5.03 Trust
Account Waiver. The Buyer acknowledges that Arisz is a blank check company with the powers and privileges to effect a merger, asset
acquisition, reorganization or similar business combination involving Issuer and one or more businesses or assets. The Buyer further
acknowledges that, as described in Arisz’s prospectus relating to its initial public offering dated November 17, 2021 (the “IPO
Prospectus”) available at www.sec.gov, substantially all of Arisz’s assets consist of the cash proceeds of Issuer’s
initial public offering and private placement of its securities, and substantially all of those proceeds have been deposited in a trust
account (the “Trust Account”) for the benefit of Arisz, its public shareholders and the underwriter of Arisz’s
initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to Arisz
to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the IPO Prospectus.
For and in consideration of Arisz entering into this Agreement, the receipt and sufficiency of which are hereby acknowledged, the Buyer
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to
any monies held in the Trust Account, and irrevocably agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Agreement. The Buyer agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically
relied upon by Arisz and its affiliates to induce it to enter in this Agreement, and each such party further intends and understands
such waiver to be valid, binding and enforceable against the Buyer and its affiliates under applicable law. To the extent the Buyer commences
any action or proceeding based upon, in connection with, relating to or arising out of any matter relating to Arisz or its affiliates,
which proceeding seeks, in whole or in part, monetary relief against Arisz or its affiliates, the Buyer hereby acknowledges and agrees
that the Buyer’s sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit the
Buyer (or any person claiming on any of their behalf or in lieu of any of the Buyer) to have any claim against the Trust Account (including
any distributions therefrom) or any amounts contained therein and in the event of any action or proceeding based upon, in connection
with, relating to or arising out of any matter relating to Arisz or its affiliates, which proceeding seeks, in whole or in part, relief
against the Trust Account (including any distributions therefrom) in violation of this Agreement, Arisz shall be entitled to recover
from the Buyer and its affiliates, the associated legal fees and costs in connection with any such action, in the event Arisz or its
affiliates, as applicable, prevails in such action or proceeding. Notwithstanding anything else in this Section 5.03, nothing herein
shall be deemed to limit the Buyer’s right, title, interest or claim to the Trust Account by virtue of the Buyer’s (x) record
or beneficial ownership of common stock acquired by any means other than pursuant to this Agreement or (y) redemption rights in connection
with the Transaction with respect to any shares of common stock of Arisz owned by the Buyer.

 

ARTICLE
VI

Miscellaneous

 

Section
6.01 Termination. This Agreement shall terminate on the earlier of (i) July 31, 2022, (ii) the date agreed by all of
the parties hereto in writing, and (iii) the date the Merger Agreement is terminated.

 

Section
6.02 Counterparts; Facsimile. This Agreement may be executed in any number of 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 instrument. This Agreement or any
counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an original. 

 

Section
6.03 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance
with the laws of New York. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall, to the fullest extent applicable, be brought and enforced first in the Southern District of New York,
then to such other court in the State of New York as appropriate and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    9

     

    

 

Section
6.04 Remedies Cumulative. Each of the parties hereto acknowledges and agrees that, in the event of any breach of any covenant
or agreement contained in this Agreement by the other party, money damages may be inadequate with respect to any such breach and the
non-breaching party may have no adequate remedy at law. It is accordingly agreed that each of the parties hereto shall be entitled, in
addition to any other remedy to which they may be entitled at law or in equity, to seek injunctive relief and/or to compel specific performance
to prevent breaches by the other party hereto of any covenant or agreement of such other party contained in this Agreement. Accordingly,
Buyer hereby agrees that each of Arisz and the Purchaser is entitled to an injunction prohibiting any conduct by the Buyer in violation
of this Agreement and the Buyer shall not seek the posting of any bond in connection with such request for an injunction. Furthermore,
in any action by Arisz or the Purchaser to enforce this Agreement, Buyer waives its right to assert any counterclaims and its right to
assert set-off as a defense. The prevailing party agrees to pay all costs and expenses, including reasonable attorneys’ and experts’
fees that such prevailing party may incur in connection with the enforcement of this Agreement.

 

Section
6.05 Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

 

Section
6.06 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective legal representatives, successors and permitted assigns. Neither this Agreement nor any rights that may accrue to the
Buyer hereunder (other than the Shares acquired hereunder if any) may be transferred or assigned without the prior written consent of
Arisz.

 

Section
6.07 Publicity, Announcements and Regulatory Filings. As promptly as practicable following the date hereof, but in no event later
than four (4) business days following the signing of this Agreement, Arsiz shall, file with the SEC a Current Report on Form 8-K (the
“Disclosure Document”) disclosing (i) all material terms of the transactions contemplated hereby, (ii) all
material terms of the Transaction and (iii) any other material, nonpublic information that Arsiz has provided to the Buyer any time prior
to the filing of the Disclosure Document. All press releases or other public communications relating to the transactions contemplated
hereby between Arisz, Purchaser and the Buyer, and the method of the release for publication thereof, shall prior to the Closing be subject
to the prior approval of (i) Arsiz, (ii) the Purchaser, and (ii) to the extent such press release or public communication references
the Buyer by name, the Buyer, which approval shall not be unreasonably withheld or conditioned; provided that neither Arisz or the Purchaser
shall be required to obtain consent pursuant to this Section 6.07 to the extent any proposed release or statement is substantially equivalent
to the information that has previously been made public without breach of the obligation under this Section 6.07. The restriction in
this Section 6.07 shall not apply to the extent the public announcement is required by applicable securities law, any governmental authority
or stock exchange rule; provided, that in such an event, the applicable party shall use its commercially reasonable efforts to consult
with the other party in advance as to its form, content and timing.

 

Section
6.08 Headings. The descriptive headings of the Sections hereof are inserted for convenience only and do not constitute a
part of this Agreement.

 

Section
6.09 Entire Agreement; Changes in Writing. This Agreement constitutes the entire agreement among the parties hereto and supersedes
and cancels any prior agreements, representations and warranties, whether oral or written, among the parties hereto relating to the transaction
contemplated hereby. Neither this Agreement nor any provision hereof may be changed or amended orally, but only by an agreement in writing
signed by all of the parties hereto.

 

Section
6.10 Further Assurances. If at any time any of the parties hereto shall consider or be advised that any further documents
or actions are necessary or desirable to vest, perfect or confirm of record or otherwise the rights, title or interest in or to the Shares
or to the Purchaser Ordinary Shares or under or otherwise pursuant to this Agreement, the parties hereto shall execute and deliver such
further documents or take such actions and provide all assurances and to take and do all such other actions and things as may be necessary
or desirable to vest, perfect or confirm any and all right, title and interest in or to the Shares or to the Purchaser Ordinary Shares
or under or otherwise pursuant to this Agreement.

 

    10

     

    

 

Section
6.11 Notices. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly
given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service,
or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed, but excluding any automated reply,
such as an out-of-office notification), addressed as follows:

 

If
to the Buyer, to the address provided on the Buyer’s signature page hereto.

 

If
to Arisz:

 

Arisz
Acquisition Corp.

199
Water Street, 31st Floor

New
York, NY 10038

Attention:
Ms. Echo Hindle-Yang

Email:
hindleyang@ariszacquisition.com

 

with
copies to (which shall not constitute notice), to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attention:
Mitchell S. Nussbaum, Esq.

Email:
mnussbaum@loeb.com

 

And

 

If
to Purchaser, to:

 

Finfront
Holding Company

111
North Bridge Road, #15-01

Peninsula
Plaza, Singapore 179098

Attention:
Liang Lu

Email:
leo@bitfufu.com

 

and

Wilson
Sonsini Goodrich & Rosati

Professional
Corporation

Unit
2901, 29F, Tower C, Beijing Yintai Centre

No.
2 Jianguomenwai Avenue

Chaoyang
District, Beijing 100022

The
People’s Republic of China

Attention:
Dan Ouyang, Esq./Ke Li, Esq.

Email:
douyang@wsgr.com/keli@wsgr.com

 

or
to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel
shall not constitute notice.

 

(Signature
pages follow)

 

    11

     

    

 

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	ARISZ
    ACQUISITION CORP.	 
	 	 
	By: 	/s/ Echo Hindle-Yang 	 
	Name:  	 Echo Hindle-Yang	 
	Title: 	Chief Executive Officer	 
	 	 
	FINFRONT
    HOLDING COMPANY	 
	 	 
	By: 	/s/ Liang LU	 
	Name: 	Liang LU	 
	Title: 	Chief Executive Officer	 
	 	 
	BITFUFU
    INC.	 
	 	 
	By:	/s/  Liang LU	 
	Name: 	Liang LU	 
	Title: 	Director and Chief Executive Officer	 
	 	 
	ARISZ
    INVESTMENT LLC	 
	 	 
	By:	 /s/ Echo Hindle-Yang 	 
	Name: 	Echo Hindle-Yang	 
	Title: 	Manager	 

 

    12

     

    

 

Accepted
and agreed this 14th day of July, 2022.

 

BUYER:

 

	Signature of Buyer: Arisz Investment LLC	 	Signature of Joint Buyer, if applicable: N/A
	 	 	 
	By:	/s/ Echo Hindle-Yang	 	By:	     
	Name: 	Echo Hindle-Yang	 	Name:	 
	Title:	Manager	 	Title:	 

  

Date:
July 14, 2022

 

	Name
    of Buyer:Arisz Investment LLC	 	Name
    of Joint Buyer, if applicable:
	 	 	 
	 	 	 
	(Please
    print. Please indicate name and	 	(Please
    print. Please indicate name and
	Capacity
    of person signing above)	 	Capacity
    of person signing above)

 

	N/A	 	 
	Name
    in which securities are to be registered	 	 
	(if
    different from the name of Buyer listed directly above):	 	 

 

Email
Address:

 

If
there are joint investors, please check one:

 

		☐	Joint
Tenants with Rights of Survivorship

		☐	Tenants-in-Common

		☐	Community
Property

 

	Buyer’s
    EIN:	 	 	Joint
    Buyer’s EIN:	N/A

 

	Business
    Address-Street:	 	Mailing
    Address-Street (if different):
	 	 	 
	199
    Water Street, 31st Floor	 	 

 

	City,
    State, Zip: New York, NY 10038	 	City,
    State, Zip:
	 	 	 
	Attn:
    Echo Hindle-Yang	 	Attn:
	 	 	 
	Telephone
    No.: 212-845-9945	 	Telephone
    No.: _____________________
	 	 	 
	Facsimile
    No.: __________________________	 	Facsimile
    No.: ______________________

 

You
must pay the Subscription Amount by wire transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing,
to the account specified by Purchaser in the Closing Notice. To the extent the offering is oversubscribed, the number of Shares received
may be less than the number of Shares subscribed for.

 

    13

     

    

 

SCHEDULE
A

 

ELIGIBILITY
REPRESENTATIONS OF BUYER

 

A. QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐ 
                                            We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities
                                            Act of 1933, as amended (the “Securities Act”) (a “QIB”)).

 

		2.	☐ We
are subscribing for the Purchaser Ordinary Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account
is a QIB.

 

***
OR ***

 

		B.	INSTITUTIONAL
                                            ACCREDITED INVESTOR STATUS (Please check the applicable subparagraphs):

 

		☒	We
are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), and have marked and initialed
the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

		☒	We
are not a natural person.

 

***
AND ***

 

		C.	AFFILIATE
STATUS

(Please
check the applicable box)

 

BUYER

 

		☒	is:

 

		☐	is
not:

 

an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

***
AND ***

 

		D.	13d-3
beneficial ownership information

 

	 
	 
	 
	 

 

This
page should be completed by Buyer and constitutes a part of the Agreement.

 

    14

     

    

 

Rule
501(a) under the Securities Act, in relevant part, states that an “accredited investor” shall mean any person who comes within
any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time
of the sale of the securities to that person. Buyer has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to Buyer and under which Buyer accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                            bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association
                                            or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting
                                            in its individual or fiduciary capacity;

 

		☐	Any
                                            broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934,
                                            as amended;

 

		☐	Any
                                            insurance company as defined in section 2(a)(13) of the Securities Act;

 

		☐	Any
                                            investment company registered under the Investment Company Act of 1940, as amended (the “Investment
                                            Company Act”) or a business development company as defined in section 2(a)(48)
                                            of the Investment Company Act;

 

		☐	Any
                                            Small Business Investment Company licensed by the U.S. Small Business Administration under
                                            section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

 

		☐	Any
                                            plan established and maintained by a state, its political subdivisions, or any agency or
                                            instrumentality of a state or its political subdivisions, for the benefit of its employees,
                                            if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                            employee benefit plan within the meaning of the Employee Retirement Income Security Act of
                                            1974, as amended (“ERISA”), if (i) the investment decision is made
                                            by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings
                                            and loan association, an insurance company, or a registered investment adviser, (ii) the
                                            employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed
                                            plan, with investment decisions made solely by persons that are “accredited investors”;

 

		☐	Any
                                            private business development company as defined in section 202(a)(22) of the Investment Advisers
                                            Act of 1940, as amended;

 

		☐	Any
                                            (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar
                                            business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue
                                            Code of 1986, as amended, not formed for the specific purpose of acquiring the securities
                                            offered, and with total assets in excess of $5,000,000;

 

		☐	Any
                                            trust, with total assets in excess of $5,000,000, not formed for the specific purpose of
                                            acquiring the securities offered, whose purchase is directed by a sophisticated person as
                                            described in Section 230.506(b)(2)(ii) of Regulation D; or

 

		☐	Any
                                            entity in which all of the equity owners are “accredited investors” meeting one
                                            or more of the above tests.

 

		☐	Any
                                            director, executive officer, or general partner of the issuer of the securities being offered
                                            or sold, or any director, executive officer, or general partner of a general partner of that
                                            issuer;

 

    15

     

    

 

	☐	Any
    natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, exceeds
    $1,000,000. For purposes of calculating a natural person’s net worth under this category: (a) the person’s primary residence
    shall not be included as an asset; (b) indebtedness that is secured by the person’s primary residence, up to the estimated fair
    market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if
    the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding
    60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such
    excess shall be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of
    the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability.
    This category will not apply to any calculation of a person’s net worth made in connection with a purchase of securities in accordance
    with a right to purchase such securities, provided that (A) such right was held by the person on July 20, 2010, (B) the
    person qualified as an accredited investor on the basis of net worth at the time the person acquired such right
    and (C) the person held securities of the same issuer, other than such right, on July 20, 2010;

 

	 	☐	Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s
spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching
the same income level in the current year;

 

	☐	Any
    natural person holding in good standing one or more professional certifications or designations or credentials from an accredited
    educational institution that the Commission has designated as qualifying an individual for accredited investor status.
    In determining whether to designate a professional certification or designation or credential from an accredited educational institution
    for purposes of this category, the Commission will consider, among others, the following attributes: (i) the
    certification, designation, or credential arises out of an examination or series of examinations administered by a self-regulatory
    organization or other industry body or is issued by an accredited educational institution, (ii) the examination or series of
    examinations is designed to reliably and validly demonstrate an individual’s comprehension and sophistication in the areas of securities
    and investing, (iii) persons obtaining such certification, designation, or credential can reasonably be expected to have sufficient
    knowledge and experience in financial and business matters to evaluate the merits and risks of a prospective investment and (iv) an
    indication that an individual holds the certification or designation is either made publicly available by the relevant self-regulatory
    organization or other industry body or is otherwise independently verifiable;

 

	 	☐	Any
    natural person who is a “knowledgeable employee,” as defined in rule 3c-5(a)(4) under the Investment
    Company Act of 1940 (17 CFR 270.3c-5(a)(4)), of the issuer of the securities being offered or sold
    where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion
    provided by either section 3(c)(1) or section 3(c)(7) of such act;

 

	 	☐	Any
    “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17
    CFR 275.202(a)(11)(G)-1): (i) With assets under management in excess of $5,000,000, (ii) that is not formed for the
    specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has
    such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks
    of the prospective investment; and

 

	 	☐	Any
    “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17
    CFR 275.202(a)(11)(G)-1)), of a family office meeting the requirements in the prior category and whose prospective investment
    in the issuer is directed by such family office pursuant to clause (iii) thereunder.

 

 

16Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement
(this “Agreement”) is made and entered into as of July 22, 2022, between Digital Brands Group, Inc., a Delaware
corporation (the “Company”), and each of the several and the holder(s) of the Company’s Warrants and Notes
(as such terms are defined below) (each such holder, an “Investor” and, collectively, the “Investors”).

 

This Agreement is made pursuant
to the Securities Purchase Agreement, dated as of July 22, 2022, between the Company and the Investors named therein (the “Purchase
Agreement”).

 

The Company and each Investor
hereby agrees as follows:

 

1.            Definitions.

 

Capitalized terms used and
not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 7(c).

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share.

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 60th calendar
day following the date of a Liquidity Event (or, in the event of a “full review” by the Commission, the 75th calendar
day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant to Section 3(c) or
Section 3(c), the 20th calendar day following the date on which an additional Registration Statement is required
to be filed hereunder (or, in the event of a “full review” by the Commission, the 60th calendar day following
the date hereof); provided, however, that in the event the Company is notified by the Commission that one or more
of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date
as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes
the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness
Date shall be the next succeeding Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 3(a).

 

“Event”
shall have the meaning set forth in Section 3(d).

 

“Event
Date” shall have the meaning set forth in Section 3(d).

 

“Excluded
Registration” means any registration of equity securities of the Company solely for a Company sponsored employee benefit
plan.

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 45th calendar day following
the Scheduled Maturity Date (as defined in the Notes), and with respect to any Registration Statement which may be required pursuant to
Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

    1

     

    

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 6(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 6(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to Section 3 of this Agreement.

 

“Losses”
shall have the meaning set forth in Section 6(a).

 

“Notes”
has the meaning set forth in the Purchase Agreement.

 

“Piggyback
Registrations” has the meaning set forth in Section 1(a).

 

“Plan of
Distribution” shall have the meaning set forth in Section 3(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission
pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) the Warrants, (b) all Warrant Shares then issued and
issuable upon exercise of the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise
limitations therein), (c) all Conversion Shares then issued and issuable upon conversion of the Notes (assuming on such date
the Notes are exercised in full without regard to any exercise limitations therein), (d) any additional shares of Common Stock
then issued and issuable in connection with any anti-dilution provisions in Notes or the Warrants (assuming on such date that the
Notes are converted or Warrants are exercised in full without regard to any exercise limitations therein), and (e) any
securities issued or then issuable upon any share split, dividend or other distribution, recapitalization or similar event with
respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement
hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable
Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by
the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold
in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale
restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such
effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any
securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are
issuable, were at no time held by any Affiliate of the Company, as reasonably determined by the Company, upon the advice of counsel
to the Company.

 

    2

     

    

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2, Section 3(a), and
any additional registration statements contemplated by Section 4(b) or Section (c), including (in each case) the Prospectus,
amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Selling
Securityholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the
Commission staff and (ii) the Securities Act.

 

“Warrants”
has the meaning set forth in the Purchase Agreement.

 

2.            Piggyback
Registration.

 

(a)            Right
to Piggyback. (i) Whenever the Company after the date of a Triggering Financing (as such term is defined in the Purchase Agreement)
is required or proposes to register any of its equity securities under the Securities Act (including primary and secondary registrations,
and other than pursuant to an Excluded Registration) (a “Piggyback Registration”), the Company will give at
least thirty (30) days prior written notice to all Holders of its intention to effect such Piggyback Registration and, subject to the
terms of Sections 2(b) and 2(c), will include in such Piggyback Registration (and in all related registrations or qualifications
under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within twenty (20) days after delivery of the Company’s notice. Such written requests for inclusion
will inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder
decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder will
nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration
statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.
Any participating Holders may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none,
prior to the applicable registration statement becoming effective.

 

    3

     

    

 

(ii) If
a Registration Statement under which the Company gives notice under this Section 2 is for an underwritten offering, then the Company
will so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities
to be included in a registration pursuant to this Section 2 will be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their Registrable Securities through such underwriting will enter into an underwriting agreement in customary form with
the managing underwriter or underwriter(s) selected for such underwriting. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) Business
Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting
will be excluded and withdrawn from the registration but are eligible for a future registration. For any Holder which is a partnership
or corporation, the partners, retired partners and shareholders of such Holder, or the estates and Family Group of any such partners and
retired partners and any trusts for the benefit of any of the foregoing persons will be deemed to be a single “Holder,” and
any pro rata reduction with respect to such “Holder” will be based upon the aggregate amount of shares carrying registration
rights owned by all entities and individuals included in such “Holder,” as defined in this sentence.

 

(b)            Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the
managing underwriters advise the Company in writing that in their good faith opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability,
proposed offering price, timing or method of distribution of the offering, the Company will include in such registration:
(i) first, the securities the Company proposes to sell, (ii) second, any Investor Registrable Securities
requested to be included in such registration by any Investor which, in the opinion of the underwriters, can be sold without any
such adverse effect, pro rata among such Investors on the basis of the number of Registrable Securities owned by each such
Investor, and (iii) third, other securities requested to be included in such registration which, in the opinion of the
underwriters, can be sold without any such adverse effect.

 

(c)            Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the
Company’s equity securities and the managing underwriters advise the Company in writing that in their good faith opinion the number
of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting
the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration:
(i) first, the securities requested to be included therein by the Holders initially requesting such registration which, in
the opinion of the underwriters, can be sold without any such adverse effect, (ii) second, the Investor Registrable Securities
requested to be included in such registration, pro rata among the participating Holders holding such Investor Registrable Securities
on the basis of the number of Investor Registrable Securities owned by each such participating Holders which, in the opinion of the underwriters,
can be sold without any such adverse effect, (iii) third, other securities requested to be included in such registration which,
in the opinion of the underwriters, can be sold without any such adverse effect.

 

(d)            Right
to Terminate Registration. The Company will have the right to terminate or withdraw any registration initiated by it under this Section 2,
whether or not any holder of Registrable Securities has elected to include securities in such registration. The Company shall give prompt
written notice of such termination to all participating Holders.

 

(e)            Selection
of Underwriters. If any Piggyback Registration is an underwritten offering, the legal counsel for the Company, the investment banker(s) and
manager(s) for the offering shall be selected by the Company.

 

    4

     

    

 

3.            Shelf
Registration.

 

(a)            If
the Notes shall not have been paid in full in accordance with their term on or after the Scheduled Maturity Date under (and as defined
in) the Notes, then, on or prior to the Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering
the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to
be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-1 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-1, in which case such registration
shall be on another appropriate form in accordance herewith, subject to the provisions of Section 2(e)) and shall contain substantially
the “Plan of Distribution” attached hereto as Annex A and substantially the “Selling Securityholder”
section attached hereto as Annex B; provided, however, that no Holder shall be required to be named as an “underwriter”
without such Holder’s express prior written consent. Subject to the terms of this Agreement, the Company shall use its best efforts
to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness
Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the date
that all Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144,
or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company
to be in compliance with the current public information requirement under Rule 144, as determined by the counsel to the Company pursuant
to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness
Period”). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. (New York
City time) on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration
Statement on the same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date
requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. (New York City time) on the Trading Day
after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424. Failure
to so notify the Holder within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as
foresaid shall be deemed an Event under Section 3(d).

 

(b)            Notwithstanding
the registration obligations set forth in Section 3(a), if the Commission informs the Company that all of the Registrable Securities
cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement,
the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the
Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered
by the Commission, on Form S-1 or such other form available to register for resale the Registrable Securities as a secondary offering,
subject to the provisions of Section 3(e); with respect to filing on Form S-1 or other appropriate form, and subject to the
provisions of Section 3(d) with respect to the payment of liquidated damages; provided, however, that prior to filing
such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of
the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation
612.09.

 

    5

     

    

 

(c)            Notwithstanding
any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 3(d), if the Commission
or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration
Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the
registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable
Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

 

(i)            First,
the Company shall reduce or eliminate any securities to be included other than Registrable Securities;

 

(ii)            Second,
the Company shall reduce Registrable Securities represented by Warrant Shares (applied, in the case that some Warrant Shares may be registered,
to the Holders on a pro rata basis based on the total number of unregistered Warrant Shares held by such Holders); and

 

(iii)            Third,
the Company shall reduce Registrable Securities represented by Shares (applied, in the case that some Shares may be registered, to the
Holders on a pro rata basis based on the total number of unregistered Shares held by such Holders).

 

In the event of
a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations
as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing,
the Company will use its best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the
Company or to registrants of securities in general, one or more registration statements on Form S-1 or such other form available
to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

 

(d)            If:
(i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein,
the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities
Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission
that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii) prior to the
effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments
made by the Commission in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or
notice from the Commission that such amendment is required in order for such Registration Statement to be declared effective, or (iv) a
Registration Statement registering for resale all of the Registrable Securities, subject to the cutback limitations set forth in Section 3(c) of
this Agreement, is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after
the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as
to all Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus
therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen
(15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred
to as an “Event”, and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose
of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date
which such ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen
(15) calendar day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other
rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event
Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each
Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 2.0% multiplied by the aggregate
Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages
pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18%
per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such
partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages
pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event. The Company
shall not accrue any liquidated damages under this Section 3(d) beyond the 366th day from the date of this Agreement, provided,
that amounts that have accrued and interest due thereon will continue to accrue until paid in full.

 

    6

     

    

 

(e)            If
Form S-1 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall register the
resale of the Registrable Securities on another appropriate form.

 

(f)            Notwithstanding
anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or affiliate of a Holder as any
Underwriter without the prior written consent of such Holder.

 

4.            Registration
Procedures.

 

In connection with the Company’s
registration obligations hereunder, the Company shall:

 

(a)            Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day
prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be
incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all
such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will
be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent registered public
accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to
conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or
any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall
reasonably object in good faith, provided that, the Company is notified of such objection in writing no later than five
(5) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after
the Holders have been so furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to
furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a
 “Selling Securityholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to the
Filing Date or by the end of the fourth (4th) Trading Day following the date on which such Holder receives draft
materials in accordance with this Section.

 

    7

     

    

 

(b)            (i) Prepare
and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities
for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for
resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant
to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a
Registration Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders true and complete copies
of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information
contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply
in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of
all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this
Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in
such Prospectus as so supplemented.

 

(c)            If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock
then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the
applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of such Registrable
Securities.

 

(d)            Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person)
confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the
Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on
such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has
become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements
to a Registration Statement or Prospectus or for additional information, (iii) 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 covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose, (iv) 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 Proceeding for such purpose, (v) of the occurrence of any event or passage
of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made
in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration
Statement or the Prospectus, as the case may be, 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 (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the
Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow
continued availability of a Registration Statement or Prospectus; provided, however, that in no event shall any
such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

    8

     

    

 

(e)            Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)            Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested
by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission, provided that any such item which is available on the EDGAR system (or
successor thereto) need not be furnished in physical form.

 

(g)            Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)            Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the
United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(i)            If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted
by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holder may request.

 

    9

     

    

 

(j)            Upon
the occurrence of any event contemplated by Section 4(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of
Section 4(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then
the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be
resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 4(j) to suspend
the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant
to Section 3(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

(k)            Otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under the Securities Act
and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any
supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Holders in
writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as
a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take
such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

(l)            The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the
shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable
Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated
damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of
such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

 

5.            Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to
in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the shares of Common Stock
are then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the
Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all
other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition,
the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated
by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities
on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of
any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

    10

     

    

 

6.            Indemnification.

 

(a)            Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as
principal as a result of a pledge or any failure to perform under a margin call), investment advisors and employees (and any other
Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other
title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, members, shareholders, partners, agents and employees (and any
other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other
title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
 “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a
material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with
the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue
statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of
distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a
Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved
Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in
Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and
prior to the receipt by such Holder of the Advice contemplated in Section 6(c). The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this
Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in
accordance with Section 6(f).

 

(b)            Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents
and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable
law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were
made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information
so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to
the extent, but only to the extent, that such information relates to such Holder’s information provided in the Selling Securityholder
Questionnaire or the proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such
Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose),
such Prospectus or in any amendment or supplement thereto. In no event shall the liability of a selling Holder be greater in amount than
the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 6
and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received
by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification
obligation.

 

    11

     

    

 

(c)            Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the
 “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection
with defense thereof, provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party
of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially
and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing
to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and
to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such
Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified
Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified
Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to
employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense
thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party).
The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent
shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party,
effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

Subject to the terms
of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid
to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party, provided that the
Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions
for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not subject to appeal
or further review) not to be entitled to indemnification hereunder.

 

    12

     

    

 

(d)            Contribution.
If the indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party,
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with
the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault 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 of a material fact, has
been taken or 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, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have
been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance
with its terms.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding
paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount
of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of
any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

 

The indemnity and
contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

 

7.            Miscellaneous.

 

(a)            Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and each Holder agrees that
monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions
of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall
not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)            Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 4(d)(iii) through (vi), such Holder will forthwith discontinue disposition
of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its
best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees and acknowledges
that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject
to the provisions of Section 3(d).

 

    13

     

    

 

(c)            Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the
Company and the Holders of 50.1% or more of the then outstanding Registrable Securities (for purposes of clarification, this includes
any Registrable Securities issuable upon exercise or conversion of any Security), including the Lead Investor, provided that, if any amendment,
modification or waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately
impacted Holder (or group of Holders) shall be required. If a Registration Statement does not register all of the Registrable Securities
pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be registered
for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate which of its Registrable
Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or indirectly
affect the rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver
or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the first sentence of this Section 6(d). No consideration shall be offered or paid to
any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered
to all of the parties to this Agreement.

 

(d)            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth
in the Purchase Agreement.

 

(e)            Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder
without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective
rights hereunder in the manner and to the Persons as permitted under Section 5.06 of the Purchase Agreement.

 

(f)            No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company
or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

 

(g)            Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

    14

     

    

 

(h)            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement.

 

(i)            Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(j)             Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(k)            Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or
affect any of the provisions hereof.

 

(l)            Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the obligations
of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder
hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder
pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind
of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to
such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Holders
are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions.
Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement,
and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of
a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not the action or
decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by
any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Holder,
solely, and not between the Company and the Holders collectively and not between and among Holders.

 

********************

 

(Signature Pages Follow)

 

    15

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	DIGITAL BRANDS GROUP, INC.
	 	 	 
	 	By:	/s/ John
    Hilburn Davis IV
	 	Name:	 John Hilburn Davis IV
	 	Title:	 Chief Executive Officer

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

    16

     

    

 

[SIGNATURE
PAGE OF HOLDERS]

 

	Name of Holder:	Dragon Dynamic Funds Platform LTD.

 

	Signature of Authorized Signatory
    of Holder:	/s/ Gary Carr

 

	Name of Authorized Signatory:	Gary Carr

 

	Title of Authorized Signatory:	Director

 

[REGISTRATION RIGHTS AGREEMENT SIGNATURE PAGES
CONTINUE]

 

    17

     

    

 

	Name of Holder:	622 Capital LLC

 

	Signature of Authorized
    Signatory of Holder:	/s/ Gary Clyburn, Jr.

 

	Name of Authorized Signatory:	Gary Clyburn, Jr.

 

	Title of Authorized Signatory:	Managing Member

 

[END OF REGISTRATION RIGHTS AGREEMENT SIGNATURE
PAGES]

 

    18

     

    

 

Annex A

 

Plan of Distribution

 

Each Selling Securityholder
(the “Selling Securityholder”) of the securities and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market
or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A
Selling Securityholder may use any one or more of the following methods when selling securities:

 

	 	●	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
	 	 	 
	 	●	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;
	 	 	 
	 	●	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
	 	 	 
	 	●	an exchange distribution in accordance with the rules of the applicable exchange;
	 	 	 
	 	●	privately negotiated transactions;
	 	 	 
	 	●	settlement of short sales;
	 	 	 
	 	●	in transactions through broker-dealers that agree with the Selling Securityholders to sell a specified number of such securities at a stipulated price per security;
	 	 	 
	 	●	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
	 	 	 
	 	●	a combination of any such methods of sale; or
	 	 	 
	 	●	any other method permitted pursuant to applicable law.

 

The Selling Securityholders
may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the
 “Securities Act”), if available, rather than under this prospectus.

 

Broker-dealers engaged by
the Selling Securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Securityholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts
to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a
customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown
in compliance with FINRA Rule 2121.

 

In connection with the sale
of the securities or interests therein, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling
Securityholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the
securities to broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into option or other transactions
with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer
or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

    19

     

    

 

The Selling Securityholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within the
meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents
and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. Each Selling Securityholders has informed the Company that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the securities.

 

The Company is required to
pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify
the Selling Securityholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

 

We agreed to keep this prospectus
effective until the earlier of (i) the date on which the securities may be resold by the Selling Securityholders without registration
and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to
be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect
or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of
similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.

 

Under applicable rules and
regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market
making activities with respect to the shares of Common Stock for the applicable restricted period, as defined in Regulation M, prior to
the commencement of the distribution. In addition, the Selling Securityholders will be subject to applicable provisions of the Exchange
Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the shares
of Common Stock by the Selling Securityholders or any other person. We will make copies of this prospectus available to the Selling Securityholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).

 

SELLING SECURITYHOLDERS

 

The shares of Common Stock
being offered by the Selling Securityholders are those previously issued to the Selling Securityholders, and those issuable to the Selling
Securityholders, upon exercise of the warrants. For additional information regarding the issuances of those shares of Common Stock and
warrants, see “Private Placement of Common Stock and Warrants” above. We are registering the shares of Common Stock in order
to permit the Selling Securityholders to offer the shares for resale from time to time. Except for the ownership of the shares of Common
Stock and the Warrants, the Selling Securityholders have not had any material relationship with us within the past three years.

 

The table below lists the
Selling Securityholders and other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling
Securityholders. The second column lists the number of shares of Common Stock beneficially owned by each Selling Securityholder, based
on its ownership of the shares of Common Stock and warrants, as of ________, 2022, assuming exercise of the warrants held by the Selling
Securityholders on that date, without regard to any limitations on exercises.

 

    20

     

    

 

The third column lists the
shares of Common Stock being offered by this prospectus by the Selling Securityholders.

 

In accordance with the terms
of a registration rights agreement with the Selling Securityholders, this prospectus generally covers the resale of the sum of (i) the
number of shares of Common Stock issued to the Selling Securityholders in the “Private Placement of Common Stock and Warrants”
described above and (ii) the maximum number of shares of Common Stock issuable upon exercise of the related warrants, determined
as if the outstanding warrants were exercised in full as of the trading day immediately preceding the date this registration statement
was initially filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject
to adjustment as provided in the registration right agreement, without regard to any limitations on the exercise of the warrants. The
fourth column assumes the sale of all of the shares offered by the Selling Securityholders pursuant to this prospectus.

 

Under the terms of the warrants,
a Selling Securityholder may not exercise warrants to the extent such exercise would cause such Selling Securityholder, together with
its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which would exceed 4.99% or 9.99%, as applicable,
of our then outstanding shares of Common Stock following such exercise, excluding for purposes of such determination shares of Common
Stock issuable upon exercise of such warrants which have not been exercised. The number of shares in the second and fourth columns do
not reflect this limitation. The Selling Securityholders may sell all, some or none of their shares in this offering. See “Plan
of Distribution.”

 

    21

     

    

 

	Name of Selling Securityholder	 	Number of shares

 of Common Stock

 Owned Prior to

 Offering	 	Maximum Number

 of shares of 

Common Stock to

 be Sold Pursuant to

 this Prospectus	 	Number of shares

 of Common Stock 

Owned After

 Offering
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    22

     

    

 

Annex B

 

DIGITAL
BRANDS GROUP INC.

 

Selling Securityholder Notice and Questionnaire

 

The undersigned beneficial
owner of shares of Warrants and/or Common Stock (the “Registrable Securities”) of Digital Brands Group, Inc.,
a Delaware corporation (the “Company”), understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”)
for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”)
to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address
set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

 

Certain legal consequences
arise from being named as a Selling Securityholder in the Registration Statement and the related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being
named or not being named as a Selling Securityholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial owner (the “Selling
Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration
Statement.

 

The undersigned hereby provides the following information to the Company
and represents and warrants that such information is accurate:

 

    23

     

    

 

QUESTIONNAIRE

 

	1.	Name.

 

	 	(a)	Full Legal Name of Selling Securityholder
	 	 	 
	 	 	 

 

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 

 

	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	 

 

		2.	Address for Notices to Selling Securityholder:

 

	 
	 
	 

	Telephone:	 

	Fax:	 

	Contact Person:	 

 

		3.	Broker-Dealer Status:

 

	 	(a)	Are you a broker-dealer?

 

	 	 	 
	Yes    ̈              No    ̈

 

	 	(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?
	 	 	 
	Yes    ̈              No    ̈

 

	 	Note:	If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
	 

 

	 	(c)	Are you an affiliate of a broker-dealer?
	 	 	 
	Yes    ̈              No    ̈

 

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	 	(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
	 	 	 
	Yes    ̈
                 No    ̈

 

	 	Note:	If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder.

 

Except as set forth below in this
Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable
pursuant to the Purchase Agreement.

 

	 	(a)	Type and Amount of other securities beneficially owned by the Selling Securityholder:
	 	 	 
	 	 	 
	 	 	 

 

		5.	Relationships with the Company:

 

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

	 	 
	 	 

 

The undersigned agrees to promptly notify the
Company of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any
time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Company of
any changes to the number of securities held or owned by the undersigned or its affiliates.

 

By signing below, the undersigned consents to
the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration
Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will
be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus
and any amendments or supplements thereto.

 

    25

     

    

 

IN WITNESS WHEREOF the undersigned,
by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized
agent.

 

	Date:	 	 	Beneficial Owner:	 

 

	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF
THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

    26

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