Document:

Exhibit 10.1

 

FORM OF COMPANY SUPPORT AGREEMENT

 

This Company Support Agreement
(this “Agreement”) is made as of April 27, 2021, by and among (i) Blue Water Acquisition Corp.,
a Delaware corporation (“Parent”), (ii) Clarus Therapeutics, Inc., a Delaware corporation (the “Company”),
and (iii) the undersigned stockholder (“Holder”) of the Company. Any capitalized term used but not defined in
this Agreement will have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS, on or about
the date hereof, Parent, the Company and Blue Water Merger Sub Corp., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger
Sub”), have entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the
terms thereof, the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the Company, with
the Company continuing as the surviving entity (the “Merger”) and as a result of which, among other matters,
all of the issued and outstanding Company Capital Stock as of the Effective Time shall no longer be outstanding and shall automatically
be cancelled and shall cease to exist, in exchange for the right to receive the Closing Payment Shares as set forth in the Merger Agreement,
all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable provisions of
the DGCL;

 

WHEREAS, the Board
of Directors of the Company has: (a) approved the Merger Agreement, the Additional Agreements, the Merger and the other transactions contemplated
by any such documents (collectively, the “Transactions”); (b) determined that the Transactions are advisable
and fair to the Company and its stockholders (the “Company Stockholders”); and (c) recommended the approval
and adoption by each of the Company Stockholders of the Merger Agreement, the Additional Agreements, the Merger and the other Transactions;
and

 

WHEREAS, as a condition
to the willingness of Parent to enter into the Merger Agreement, and as an inducement and in consideration therefor, and in view of the
valuable consideration to be received by Holder thereunder, and the expenses and efforts to be undertaken by Parent and the Company to
consummate the Transactions, Parent, the Company and Holder desire to enter into this Agreement in order for Holder to provide certain
assurances to Parent regarding the manner in which Holder is bound hereunder to vote any shares of Company Capital Stock which Holder
beneficially owns, holds or otherwise has voting power (the “Shares”) during the period from and including the
date hereof through and including the date on which this Agreement is terminated in accordance with its terms (the “Voting
Period”) with respect to the Merger Agreement, the Merger, the Additional Agreements and the Transactions.

 

NOW, THEREFORE, in
consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and the mutual covenants
and agreements herein contained, and other good and valuable consideration, intending to be legally bound hereby, the parties hereby agree
as follows:

 

1. Covenant
to Vote in Favor of Transactions. Holder agrees, with respect to all of the Shares:

 

(a) during
the Voting Period, at each meeting of the Company Stockholders or any class or series thereof, and in each written consent or resolutions
of any of the Company Stockholders in which Holder is entitled to vote or consent, Holder hereby unconditionally and irrevocably agrees
to participate in such meeting and vote (in person or by proxy), or consent to any action by written consent or resolution with respect
to, as applicable, the Shares (i) in favor of, and adopt, the Merger, the Merger Agreement, the Additional Agreements, any amendments
to the Company’s organizational documents contemplated by the Merger Agreement, and all of the other Transactions (and any actions
required in furtherance thereof), (ii) solely with respect to effecting the Merger Agreement and the Merger, in favor of such other resolutions
upon which a consent or other approval is required under the Company’s amended and restated certificate of incorporation or applicable
law or otherwise sought, and (iii) in opposition to (A) any Alternative Proposal or (B) any other action or proposal involving the Company
that is intended, or would reasonably be expected, to prevent, impede, interfere with, delay, postpone or adversely affect in any material
respect the Transactions or would reasonably be expected to result in any of the conditions to the Closing under the Merger Agreement
not being fulfilled;

 

     

     

    

 

(b) to
execute and deliver all related documentation and take such other action in support of the Merger, the Merger Agreement, any Additional
Agreements and any of the Transactions as shall reasonably be requested by the Company or Parent in order to carry out the terms and provision
of this Section 1, including, without limitation, (i) delivery of the certificate(s) representing Holder’s Shares (or a lost
certificate affidavit in lieu of such certificate(s)), duly endorsed for transfer, to the Company and any related documents as may be
reasonably requested by the Company or Parent, (ii) any actions by written consent of the Company Stockholders presented to Holder, and
(iii) any applicable Additional Agreements (including, if applicable under the terms of the Merger Agreement, a Lockup Agreement and the
Registration Rights Agreement);

 

(c) not
to deposit, and to cause their Affiliates not to deposit any Shares owned by Holder or his/her/its Affiliates in a voting trust or, except
as provided in this Agreement, subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically
requested to do so by the Company and Parent in connection with the Merger Agreement, the Additional Agreements or any of the Transactions;
and

 

(d) except
as contemplated by the Merger Agreement or the Additional Agreements, make, or in any manner participate in, directly or indirectly, a
“solicitation” of “proxies” or consents (as such terms are defined in Rule 14a-1 under the Securities Exchange
Act of 1934, as amended) or grant powers of attorney or similar rights to vote, or seek to advise or influence any Person with respect
to the voting of, any shares of the Company Capital Stock in connection with any vote or other action with respect to the Transactions,
other than to recommend that stockholders of the Company vote in favor of adoption of the Merger Agreement and the Transactions and any
other proposal the approval of which is a condition to the obligations of the parties under the Merger Agreement (and any actions required
in furtherance thereof and otherwise as expressly provided by Section 1 of this Agreement).

 

2. Grant
of Proxy. Upon the failure of Holder to timely provide its consent or vote the Shares in
accordance with Section 1 pursuant to any action by written consent of the stockholders of the Company or at any applicable meeting
of the stockholders of the Company, the Holder shall be deemed to have irrevocably granted to, and appointed, Parent and any designee
thereof as Holder’s attorney-in-fact and proxy, with full power of substitution and resubstitution, for and in Holder’s name,
to vote, or cause to be voted (including by proxy or written consent, if applicable) any Shares owned (whether beneficially or of record)
by Holder with respect to any of the matters specified in Section 1. Holder hereby affirms that such irrevocable proxy is coupled
with an interest and, except upon the termination of this Agreement in accordance with Section 5(a), is intended to be irrevocable.
Parent agrees not to exercise, and will cause any of its designees not to exercise, the proxy granted herein for any purpose other than
the purposes described in this Section 2.

 

3. Other
Covenants. 

 

(a) No
Transfers. Subject to Section 3(b), Holder agrees that during the Voting Period it shall not, and shall cause its Affiliates
not to (except as may specifically be required by court order or by operation of law), without Parent’s prior written consent, (A)
offer for sale, sell (including short sales), transfer, tender, pledge, encumber, assign or otherwise dispose of (including by gift) (collectively,
a “Transfer”), or enter into any contract, option, derivative, hedging or other agreement or arrangement or
understanding (including any profit-sharing arrangement) with respect to, or consent to, a Transfer of, any or all of the Shares; (B)
other than as set forth herein or in the Investor Agreements, grant any proxies or powers of attorney with respect to any or all of the
Shares; (C) create any Lien of any nature whatsoever (other than those imposed by this Agreement, applicable securities Laws or the Company’s
organizational documents, as in effect on the date hereof) with respect to any or all of the Shares; or (D) take any action that would
have the effect of preventing, impeding, interfering with or adversely affecting Holder’s ability to perform its obligations under
this Agreement. The Company hereby agrees that it shall not permit any Transfer of the Shares in violation of this Agreement. Holder agrees
with, and covenants to, Parent and the Company that Holder shall not request that the Company register the Transfer (book-entry or otherwise)
of any certificate or uncertificated interest representing any Shares during the term of this Agreement without the prior written consent
of Parent, and the Company hereby agrees that it shall not effect any such Transfer in the absence of such consent.

 

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(b) Permitted
Transfers. Section 3(a) shall not prohibit a Transfer of Shares by Holder (i) to any family member or trust for the benefit
of any family member, (ii) to any stockholder, member or partner of Holder, if an entity, (iii) to any Affiliate of Holder, or (iv) to
any person or entity if and to the extent required by any non-consensual Order, by divorce decree or by will, intestacy or other similar
applicable Law, so long as, in the case of the foregoing clauses (i), (ii) and (iii), the assignee or transferee agrees to be bound by
the terms of this Agreement and executes and delivers to the parties hereto a written consent and joinder memorializing such agreement.
During the Voting Period, the Company will not register or otherwise recognize the transfer (book-entry or otherwise) of any Shares or
any certificate or uncertificated interest representing any of Holder’s Shares, except as permitted by, and in accordance with,
the last sentence of Section 3(a) or this Section 3(b).

 

(c) Changes
to Shares. In the event of a stock dividend or distribution, or any change in the shares of Company Capital Stock by reason of any
stock dividend or distribution, stock split, recapitalization, combination, conversion, exchange of shares or the like, the term “Shares”
shall be deemed to refer to and include the Shares as well as all such stock dividends and distributions and any securities into which
or for which any or all of the Shares may be changed or exchanged or which are received in such transaction.

 

(d) Compliance
with Merger Agreement. Holder agrees to not during the Voting Period take or agree or commit to take any action that would make any
representation and warranty of Holder contained in this Agreement inaccurate in any material respect. During the Voting Period, Holder
shall not authorize or permit any of its Representatives to, directly or indirectly, take any action that the Company is prohibited from
taking pursuant to Section 6.1 of the Merger Agreement (unless Parent shall have consented thereto).

 

(e) Registration
Statement. During the Voting Period, Holder agrees to provide to Parent, the Company and their respective Representatives any information
regarding Holder or the Shares that is reasonably requested by Parent, Company or their respective Representatives for inclusion in the
Form S-4.

 

(f) Publicity.
Except as required to comply with applicable law, Holder shall not, for a period of three (3) years following the date hereof, issue any
press release or otherwise make any public statements with respect to the Transactions or the transactions contemplated herein without
the prior written approval of the Company and Parent (other than to (i) directors, officers, managers, members, Affiliates, partners,
employees, agents, investors, attorneys, accountants and financial advisors of holder that are (A) bound by confidentiality restrictions,
or (B) made aware of the confidential nature of such information, directed by Holder to treat such information as confidential and bound
by legally enforceable codes of professional responsibility that require maintenance of confidentiality) or (ii) to any existing or potential
investor (including any limited partner) of such Holder, including as required by applicable law or the terms of any of such Holder’s
governing documents (including any limited partnership agreement), but only if such investor is bound by an agreement to keep such information
confidential. Holder hereby authorizes the Company and Parent to publish and disclose to the extent required by applicable law, rule or
regulation or SEC or Nasdaq requirements, Holder’s identity and ownership of the Shares and the nature of Holder’s commitments
and agreements under this Agreement, the Merger Agreement and any other Additional Agreements.

 

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(g) Waiver
of Appraisal Rights. Holder hereby irrevocably and unconditionally waives, and agrees not to assert, exercise or perfect (or attempt
to exercise, assert or perfect), any rights of appraisal or rights to dissent from the Merger or appraisal or dissenters’ rights
that it may at any time have under applicable Laws, including Section 262 of the DGCL.

 

(h) Termination
of Investor Agreements and Certain Other Agreements. By this Agreement, Holder hereby agrees that, subject to, contingent upon and
effective immediately prior to the Closing, the Third Amended and Restated Stockholders Agreement, dated as of May 21, 2014, by and among
the Company and the Company Stockholder parties thereto, the Third Amended and Restated Registration Rights Agreement, dated as of May
21, 2014, by and among the Company and the Company Stockholders party thereto and the Second Amended and Restated Voting Agreement, dated
as of May 21, 2014, by and among the Company and the Company Stockholders parties thereto and any management letter or other agreement
between Holder and the Company (excluding any employment agreement or offer letter, equity award or employment benefit agreement) (collectively,
the “Investor Agreements”) shall terminate without any further liability to the Company or its Affiliates.

 

4. Representations
and Warranties of Holder. Holder hereby represents and warrants to Parent as follows:

 

(a) Binding
Agreement. Holder (i) if a natural person, is of legal age to execute this Agreement and is legally competent to do so and (ii) if
not a natural person, is (A) a corporation, limited liability company, company or partnership duly organized and validly existing under
the laws of the jurisdiction of its organization and (B) has all necessary corporate power and authority to execute and deliver this Agreement,
to perform its obligations hereunder and to consummate the transactions contemplated hereby. If Holder is not a natural person, the execution
and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby
by Holder has been duly authorized by all necessary corporate, limited liability or partnership action on the part of Holder, as applicable.
This Agreement, assuming due authorization, execution and delivery hereof by the other parties hereto, constitutes a legal, valid and
binding obligation of Holder, enforceable against Holder in accordance with its terms (except as such enforceability may be limited by
the Enforceability Exceptions). Holder understands and acknowledges that Parent is entering into the Merger Agreement in reliance upon
the execution and delivery of this Agreement by Holder.

 

(b) Ownership
of Shares. As of the date hereof, Holder has beneficial ownership over the type and number of the Shares set forth under Holder’s
name on the signature page hereto, is the lawful owner of such Shares, has, except as set forth in the Investor Agreements, the sole power
to vote or cause to be voted such Shares, and has good and valid title to such Shares, free and clear of any and all pledges, mortgages,
encumbrances, charges, proxies, voting agreements, liens, adverse claims, options, security interests and demands of any nature or kind
whatsoever, other than those imposed by (i) this Agreement, (ii) applicable securities Laws, (iii) any risk of forfeiture with respect
to any Shares granted to Holder under an employee benefit plan of the Company, (iv) the Investor Agreements or (v) the Company’s
organizational documents, as in effect on the date hereof. Except for the Shares and other securities of the Company set forth under Holder’s
name on the signature page hereto, as of the date of this Agreement, Holder is not a beneficial owner or record holder of any: (i) equity
securities of the Company, (ii) securities of the Company having the right to vote on any matters on which the holders of equity securities
of the Company may vote or which are convertible into or exchangeable for, at any time, equity securities of the Company or (iii) options,
warrants or other rights to acquire from the Company any equity securities or securities convertible into or exchangeable for equity securities
of the Company.

 

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(c) No
Conflicts. No filing with, or notification to, any Authority, and no consent, approval, authorization or permit of any other person
is necessary for the execution of this Agreement by Holder, the performance of its obligations hereunder or the consummation by it of
the transactions contemplated hereby. Subject to the termination of the Investor Agreements, none of the execution and delivery of this
Agreement by Holder, the performance of its obligations hereunder or the consummation by it of the transactions contemplated hereby shall
(i) conflict with or result in any breach of the certificate of incorporation, bylaws or other comparable organizational documents
of Holder, if applicable, (ii) result in, or give rise to, a violation or breach of or a default under any of the terms of any Contract
or obligation to which Holder is a party or by which Holder or any of the Shares or its other assets may be bound, or (iii) violate any
applicable Law or Order, except for any of the foregoing in clauses (i) through (iii) as would not, individually or in the aggregate,
reasonably be expected to impair Holder’s ability to perform its obligations under this Agreement in any material respect or prevent
or delay the consummation of any of the transactions contemplated by this Agreement or the Merger Agreement.

 

(d) No
Brokers. There are no claims for finder’s fees or brokerage commission or other like payments in connection with this Agreement
or the transactions contemplated hereby payable by Holder pursuant to arrangements made by Holder.

 

(e) No
Other Representations and Warranties. Except for the representations
and warranties expressly contained in this Agreement, Holder has not made nor makes (and no other Person on behalf of Holder has made
or makes) any other express or implied representation or warranty, either written or oral, on behalf of Holder, including any representation
or warranty as to the accuracy or completeness of any information regarding Holder.

 

5. Miscellaneous.

 

(a) Termination.
Notwithstanding anything to the contrary contained herein, this Agreement shall automatically terminate, and none of Parent, the Company
or Holder shall have any rights or obligations hereunder, upon the earliest to occur of (i) the mutual written consent of Parent, the
Company and Holder, (ii) the Effective Time (following the performance of the obligations of the parties hereunder required to be performed
at or prior to the Effective Time), and (iii) the date of termination of the Merger Agreement in accordance with its terms. Upon
termination of this Agreement as provided in the immediately preceding sentence, none of the Parties shall have any further obligations
or liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing, the termination of this Agreement shall
not prevent any party hereunder from seeking any remedies (at law or in equity) against another party hereto or relieve such party from
liability for such party’s breach of any terms of this Agreement prior to such termination. Notwithstanding anything to the contrary
herein, the provisions of this Section 5(a) shall survive the termination of this Agreement. 

 

(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and
may not be assigned, transferred or delegated by Holder at any time without the prior written consent of Parent and the Company, and any
purported assignment, transfer or delegation without such consent shall be null and void. Parent may transfer or assign its rights and
obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates at any time; provided, that
such transfer or assignment shall not relieve Parent of any of its obligations hereunder.

 

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(c) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person that is not a party
hereto or thereto or a successor or permitted assign of such a party.

 

(d)
Arbitration.

 

(i) The
parties shall promptly submit any dispute, claim, or controversy arising out of or relating to this Agreement (including with respect
to the meaning, effect, validity, termination, interpretation, performance, or enforcement of this Agreement) or any alleged breach thereof
(including any action in tort, contract, equity, or otherwise), to binding arbitration before one arbitrator (the “Arbitrator”).
Binding arbitration shall be the sole means of resolving any dispute, claim, or controversy arising out of or relating to this Agreement
(including with respect to the meaning, effect, validity, termination, interpretation, performance or enforcement of this Agreement) or
any alleged breach thereof (including any claim in tort, contract, equity, or otherwise).

 

(ii) If
the parties cannot agree upon the Arbitrator, the Arbitrator shall be selected by the New York, New York chapter head of the American
Arbitration Association upon the written request of any party. The Arbitrator shall be selected within thirty (30) days of the written
request of any party.

 

(iii) The
laws of the State of Delaware shall apply to any arbitration hereunder. In any arbitration hereunder, this Agreement shall be governed
by the laws of the State of Delaware applicable to a contract negotiated, signed and to be performed wholly in the State of Delaware,
which laws the Arbitrator shall apply in rendering his decision. The Arbitrator shall issue a written decision, setting forth findings
of fact and conclusions of law, within sixty (60) days after he shall have been selected. The Arbitrator shall have no authority to award
punitive or other exemplary damages.

 

(iv) The
arbitration shall be held in New York, New York in accordance with and under the then-current provisions of the rules of the American
Arbitration Association, except as otherwise provided herein.

 

(v) On application
to the Arbitrator, any party shall have rights to discovery to the same extent as would be provided under the Federal Rules of Civil Procedure,
and the Federal Rules of Evidence shall apply to any arbitration under this Agreement; provided, however, that the Arbitrator shall limit
any discovery or evidence such that his decision shall be rendered within the period referred to in Section 5(d)(iii).

 

(vi) The
Arbitrator may, at his discretion and at the expense of the party who will bear the cost of the arbitration, employ experts to assist
him in his determinations.

 

(vii) The
costs of the arbitration proceeding and any proceeding in court to confirm any arbitration award or to obtain relief as provided in Section
5(d)(viii), as applicable (including actual attorneys’ fees and costs), shall be borne by the unsuccessful party and shall be
awarded as part of the Arbitrator’s decision, unless the Arbitrator shall otherwise allocate such costs in such decision. The determination
of the Arbitrator shall be final and binding upon the parties and not subject to appeal.

 

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(viii) Any
judgment upon any award rendered by the Arbitrator may be entered in and enforced by any court of competent jurisdiction. The parties
expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) in Delaware, to enforce any award of the Arbitrator
or to render any provisional, temporary, or injunctive relief in connection with or in aid of the arbitration. The parties expressly consent
to the personal and subject matter jurisdiction of the Arbitrator to arbitrate any and all matters to be submitted to arbitration hereunder.
None of the parties hereto shall challenge any arbitration hereunder on the grounds that any party necessary to such arbitration (including
the parties hereto) shall have been absent from such arbitration for any reason, including that such party shall have been the subject
of any bankruptcy, reorganization, or insolvency proceeding.

 

(ix) The
parties shall indemnify the Arbitrator and any experts employed by the Arbitrator and hold them harmless from and against any claim or
demand arising out of any arbitration under this Agreement or any agreement contemplated hereby, unless resulting from the gross negligence
or willful misconduct of the person indemnified; provided, however, that Parent’s indemnification obligations under this Section
5(d)(ix) shall be subject to the prior agreement of any applicable indemnitee to be bound by a customary waiver of claims against
Parent’s Trust Account.

 

(x) Notwithstanding
anything herein to the contrary, the parties agree that irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to seek an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, without the requirement to post any bond or other security or to prove that money
damages would be inadequate. The parties expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) in Delaware
to render such relief and to enforce specifically the terms and provisions of this Agreement.

 

(e) WAIVER OF JURY
TRIAL; Exemplary Damages.

 

(i) THE
PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO TRIAL BY JURY IN ANY
ACTION OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. NO
PARTY SHALL BE AWARDED PUNITIVE OR OTHER EXEMPLARY DAMAGES RESPECTING ANY DISPUTE ARISING UNDER THIS AGREEMENT.

 

(ii) Each
of the parties to this Agreement acknowledges that it has been represented in connection with the signing of the foregoing waiver by independent
legal counsel selected by it and that such party has discussed the legal consequences and import of such waiver with legal counsel. Each
of the parties to this Agreement further acknowledges that it has read and understands the meaning of such waiver and grants such waiver
knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

 

(f) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) the term “including”
(and with correlative meaning “include”) shall be deemed in each case to be followed by the words “without limitation”;
(iii) the words “herein,” “hereto,” and “hereby” and other words of similar import shall be deemed
in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv)
the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.

 

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(g) Notices.
Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand or recognized courier
service, by 5:00 PM on a Business Day, addressee’s day and time, on the date of delivery, and otherwise on the first Business Day
after such delivery; (b) if by email, on the date of transmission (subject to affirmative confirmation of receipt); or (d) five (5) days
after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective parties as follows
(excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to the others in accordance
with these notice provisions:

 

	
    If to Parent, to:

    Blue Water Acquisition Corp.

    15 E. Putnam Avenue, Suite 363

    Greenwich, CT 06830

    Attn: Joseph Hernandez, Chief Executive Officer

    Telephone No.: (646) 303-0737

    Email: hernandez_joe@yahoo.com
	
    with a copy (which will not constitute notice) to:

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, NY 10105

    Attn: Barry I. Grossman, Esq.

    Matthew A. Gray, Esq.

    Telephone No.: (212) 370-1300

    Email:     bigrossman@egsllp.com

                    mgray@egsllp.com

	 	 
	 	 
	
    If to the Company, to:

    Clarus Therapeutics, Inc.

    555 Skokie Boulevard, Suite 340

    Northbrook, IL 60062

    Attention: Steven A. Bourne,

    Chief Financial Officer

    E-mail: sbourne@clarustherapeutics.com

    Telephone: (847) 562-4300 X203
	
    with a copy (which will not constitute notice) to:

    Goodwin Procter LLP

    100 Northern Avenue

    Boston, MA 02210

    Attn:     Mitchell S. Bloom, Esq.

    Arthur R. McGivern, Esq.

    Daniel J. Espinoza, Esq.

    Telephone No.: 617-570-1055;

    617-570-1971;650-752-3152

    Email:   mbloom@goodwinlaw.com

    amcgivern@goodwinlaw.com

    despinoza@goodwinlaw.com

 

	If to Holder, to: the address set forth under Holder’s name on the signature page hereto, with a copy (which will not constitute notice) to, if not the party sending the notice, each of the Company and Parent (and each of their copies for notices hereunder).

 

(h) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent, in the case of an amendment by
each of Parent, the Company and the Holder, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure
or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition,
or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of
any such term, condition, or provision.

 

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(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

(j) Expenses.
Each party shall be responsible for its own fees and expenses (including the fees and expenses of investment bankers, accountants and
counsel) in connection with the entering into of this Agreement, the performance of its obligations hereunder and the consummation of
the transactions contemplated hereby.

 

(k) No
Partnership, Agency or Joint Venture. This Agreement is intended to create a contractual relationship among Holder, the Company and
Parent, and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship among the
parties hereto or among any other Company stockholders entering into voting agreements with the Company or Parent. Holder has acted independently
regarding its decision to enter into this Agreement. Nothing contained in this Agreement shall be deemed to vest in the Company or Parent
any direct or indirect ownership or incidence of ownership of or with respect to any Shares.

 

(l) Further
Assurances. From time to time, at another party’s reasonable request and without further consideration, each party shall execute
and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to consummate the transactions
contemplated by this Agreement.

 

(m) Entire
Agreement. This Agreement (together with the Merger Agreement to the extent referred to herein and any applicable Additional Agreement)
constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other
written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled; provided, that,
for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties under the Merger Agreement or any
Additional Agreement. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of Parent or
any of the obligations of Holder under any other agreement between Holder and Parent or any certificate or instrument executed by Holder
in favor of Parent, and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of Parent
or any of the obligations of Holder under this Agreement.

 

(n) Counterparts;
Facsimile. This Agreement may be executed and delivered by an executed counterpart, including facsimile or electronic signature or
by email in portable document format in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

 

    9

     

    

 

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

 

	 	Parent:
	 	 
	 	BLUE WATER ACQUISITION CORP. 
	 	 	 
	 	 	 
	 	By:	                          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	The Company:
	 	 
	 	CLARUS THERAPEUTICS, INC.
	 	 	 
	 	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 

 

     

     

    

 

	Holder:
	 
	[_____________________________________] 

 

	By:	 	 
	Name:	 
	Title:	 

 

Number and
Type of Shares:

 

Shares of Company Common Stock:___________________________

 

Shares of Company Preferred Stock (indicate
each series of Company Preferred Stock):

 

 

 

 

 

 

Address for Notice:

 

	Address:_______________________________		 
	______________________________________	 	 
	______________________________________	 	 
	 	 	 
	Telephone No.:__________________________	 
	Email:_________________________________	:Exhibit 10.2

 

PARENT SUPPORT AGREEMENT

 

This PARENT SUPPORT AGREEMENT
(this “Agreement”) is made and entered into as of April 27, 2021, by and among Blue Water Sponsor LLC,
a Delaware limited liability company (“Sponsor”), Blue Water Acquisition Corp., a Delaware corporation
(“Parent”), and Clarus Therapeutics, Inc., a Delaware corporation (the “Company”).
Capitalized terms used but not defined herein have the meanings assigned to them in the Agreement and Plan of Merger dated as of the date
of this Agreement (as amended from time to time, the “Merger Agreement”) by and among Parent, Blue Water Merger
Sub Corp., a Delaware corporation and a direct wholly-owned subsidiary of Parent (“Merger Sub”), and the Company.

 

WHEREAS, Sponsor owns 1,437,500
shares (including any shares of Class A Common Stock (as defined below) issued upon conversion of such shares, the “Founder
Shares”) of Class B common stock, par value $0.0001 per share, of Parent (the “Class B Common Stock”);

 

WHEREAS, in connection with
Parent’s initial public offering, Parent, Sponsor and certain officers and directors of Parent (collectively, the “Insiders”)
entered into a letter agreement, dated as of December 15, 2020 (the “Insider Letter”), pursuant to which Sponsor
and the Insiders agreed to certain voting requirements, transfer restrictions and waiver of redemption rights with respect to the Parent
securities owned by them;

 

WHEREAS, Article IV, Section
4.3(b)(ii) of Parent’s Amended and Restated Certificate of Incorporation (the “Parent Charter”) provides,
among other matters, that the Founder Shares will automatically convert into shares of Class A Common Stock, par value $0.0001 per share,
of Parent upon the consummation of an initial business combination, subject to adjustment if additional shares of Class A Common Stock
(“Class A Common Stock”), or Equity-linked Securities (as defined in the Parent Charter), are issued or deemed
issued in excess of the amounts sold in Parent’s initial public offering (the “Anti-Dilution Right”),
excluding certain exempted issuances;

 

WHEREAS, concurrently with
the execution and delivery of this Agreement, Parent, Merger Sub and the Company are entering into the Merger Agreement, pursuant to which,
upon the consummation of the transactions contemplated thereby (the “Closing”), among other matters, Merger
Sub will merger with and into the Company (with the Company surviving such merger as a wholly-owned subsidiary of Parent) upon the terms
and subject to the conditions set forth therein (the transactions contemplated by the Merger Agreement, the “Transaction”);
and

 

WHEREAS, as a condition and
inducement to the Company’s willingness to enter into the Merger Agreement, the Company has required that Sponsor enter into this
Agreement.

 

NOW, THEREFORE, in consideration
of the representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto agree as follows:

 

    

     

    

 

Section
1 Enforcement of Sponsor Voting Requirements, Transfer Restrictions and Redemption Waiver. During the
period beginning on the date of this Agreement and ending on the earlier of (x) the Effective Time and (y) the date on which the
Merger Agreement is validly terminated in accordance with its terms, for the benefit of the Company, (a) Sponsor agrees that it will
abide by the provisions of Sections 1 and 7 of the Insider Letter (the “Insider Letter Requirements”),
including voting in favor of the Transaction and not redeeming its shares of Parent Class B Common Stock in connection with the
Transaction, and that in the event of a transfer to a permitted transferee pursuant to Section 7(c) of the Insider Letter (other
than a transfer upon Parent’s liquidation), such permitted transferee must agree in writing to be bound by the restrictions
herein, (b) Parent agrees to enforce the Insider Letter Requirements in accordance with their terms, and (c) each of Sponsor and
Parent agree not to amend, modify or waive any of the Insider Letter Requirements (or related definitions or enforcement provisions)
without the prior written consent of the Company (not to be unreasonably withheld, delayed or conditioned).

 

Section
2 Waiver of Anti-Dilution Protection. Sponsor hereby agrees that subject to and conditioned upon the
consummation of the Transaction, Sponsor as the holder of a majority of the issued and outstanding shares of Class B Common Stock,
solely in connection with and only for the purpose of the proposed Transaction, hereby waives the Anti-Dilution Right pursuant to
Article IV, Section 4.3(b)(ii) of the Parent Charter, and agrees that the Class B Common Stock will convert only upon the Initial
Conversion Ratio (as defined in the Parent Charter) in connection with the Transaction. All other terms related to the Class B
Common Stock shall remain in full force and effect, except as modified as set forth directly above, which modification shall be
effective only upon the consummation of the Transaction.

 

Section
3 General.

 

(a) Termination.
This Agreement shall terminate at such time, if any, as the Merger Agreement is terminated in accordance with its terms prior to the Closing,
and upon such termination this Agreement shall be null and void and of no effect whatsoever, and the parties hereto shall have no obligations
under this Agreement; provided, however, that no termination of this Agreement shall relieve or release a party from any
obligations or liabilities arising out of such party’s breaches of this Agreement prior to such termination.

 

(f) Notices.
Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand or recognized courier
service, by 5:00 PM on a Business Day, addressee’s day and time, on the date of delivery, and otherwise on the first Business Day
after such delivery; (b) if by email, on the date of transmission (subject to affirmative confirmation of receipt); or (d) five (5) days
after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective parties as follows
(excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to the others in accordance
with these notice provisions:

 

    -2-

     

    

 

	
    If to Parent prior to the Closing, to:

     

    Blue Water Acquisition Corp.

    15 E. Putnam Avenue, Suite 363

    Greenwich, CT 06830

    Attn: Joseph Hernandez, Chief Executive Officer

    Telephone No.: (646) 303-0737

    Email: hernandez_joe@yahoo.com

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

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, NY 10105

    Attn: Barry I. Grossman, Esq.

    Matthew A. Gray, Esq.

    Telephone No.: (212) 370-1300

    Email: bigrossman@egsllp.com

    mgray@egsllp.com

     

	
    If to the Company, to:

     

    Clarus Therapeutics, Inc.

    555 Skokie Boulevard, Suite 340

    Northbrook, IL 60062

    Attention: Steven A. Bourne,

    Chief Financial Officer

    E-mail: sbourne@clarustherapeutics.com

    Telephone: (847) 562-4300 X203

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

     

    Goodwin Procter LLP

    100 Northern Avenue

    Boston, MA 02210

    

    Attn:       Mitchell S. Bloom, Esq.

    Arthur R. McGivern, Esq.

    Daniel J. Espinoza, Esq.

    Telephone No.: (617)-570-1055;

    (617)-570-1971;(650)-752-3152

    Email: mbloom@goodwinlaw.com

    amcgivern@goodwinlaw.com

    despinoza@goodwinlaw.com

     

	
    If to Parent from and after the Closing, to:

     

    Clarus Therapeutics Holdings, Inc.

    555 Skokie Boulevard, Suite 340

    Northbrook, IL 60062

    Attention: Steven A. Bourne,

    Chief Financial Officer

    E-mail: sbourne@clarustherapeutics.com

    Telephone: (847) 562-4300 X203

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

     

    Goodwin Procter LLP

    100 Northern Avenue

    Boston, MA 02210

    Attn:       Mitchell S. Bloom, Esq.

    Arthur R. McGivern, Esq.

    Daniel J. Espinoza, Esq.

    Telephone No.: (617)-570-1055;

    (617)-570-1971;(650)-752-3152

    Email:      mbloom@goodwinlaw.com

    amcgivern@goodwinlaw.com

    despinoza@goodwinlaw.com

     

	
    If to Sponsor, to:

     

    Blue Water Sponsor LLC

    15 E. Putnam Avenue, Suite 363

    Greenwich, CT 06830

    Attn: Joseph Hernandez, Managing Member

    Telephone No.: (646) 303-0737

    Email: hernandez_joe@yahoo.com

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

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, NY 10105

    Attn: Barry I. Grossman, Esq.

    Matthew A. Gray, Esq.

    Telephone No.: (212) 370-1300

    Email: bigrossman@egsllp.com

    mgray@egsllp.com

     

 

    -3-

     

    

 

(b) Entire
Agreement. This Agreement (including the Merger Agreement and each of the other documents and the instruments referred to herein,
to the extent incorporated herein) constitutes the entire agreement and understanding of the parties hereto in respect of the subject
matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof.

 

(c) Arbitration.

 

(i) The
parties shall promptly submit any dispute, claim, or controversy arising out of or relating to this Agreement (including with respect
to the meaning, effect, validity, termination, interpretation, performance, or enforcement of this Agreement) or any alleged breach thereof
(including any action in tort, contract, equity, or otherwise), to binding arbitration before one arbitrator (the “Arbitrator”).
Binding arbitration shall be the sole means of resolving any dispute, claim, or controversy arising out of or relating to this Agreement
(including with respect to the meaning, effect, validity, termination, interpretation, performance or enforcement of this Agreement) or
any alleged breach thereof (including any claim in tort, contract, equity, or otherwise).

 

(ii) If
the parties cannot agree upon the Arbitrator, the Arbitrator shall be selected by the New York, New York chapter head of the American
Arbitration Association upon the written request of any party. The Arbitrator shall be selected within thirty (30) days of the written
request of any party.

 

(iii) The
laws of the State of Delaware shall apply to any arbitration hereunder. In any arbitration hereunder, this Agreement shall be governed
by the laws of the State of Delaware applicable to a contract negotiated, signed and to be performed wholly in the State of Delaware,
which laws the Arbitrator shall apply in rendering his decision. The Arbitrator shall issue a written decision, setting forth findings
of fact and conclusions of law, within sixty (60) days after he shall have been selected. The Arbitrator shall have no authority to award
punitive or other exemplary damages.

 

(iv) The
arbitration shall be held in New York, New York in accordance with and under the then-current provisions of the rules of the American
Arbitration Association, except as otherwise provided herein.

 

(v) On
application to the Arbitrator, any party shall have rights to discovery to the same extent as would be provided under the Federal Rules
of Civil Procedure, and the Federal Rules of Evidence shall apply to any arbitration under this Agreement; provided, however, that the
Arbitrator shall limit any discovery or evidence such that his decision shall be rendered within the period referred to in Section
3(d)(iii).

 

(vi) The
Arbitrator may, at his discretion and at the expense of the party who will bear the cost of the arbitration, employ experts to assist
him in his determinations.

 

(vii) The
costs of the arbitration proceeding and any proceeding in court to confirm any arbitration award or to obtain relief as provided in Section
3(d)(viii), as applicable (including actual attorneys’ fees and costs), shall be borne by the unsuccessful party and shall be
awarded as part of the Arbitrator’s decision, unless the Arbitrator shall otherwise allocate such costs in such decision. The determination
of the Arbitrator shall be final and binding upon the parties and not subject to appeal.

 

    -4-

     

    

 

(viii) Any
judgment upon any award rendered by the Arbitrator may be entered in and enforced by any court of competent jurisdiction. The parties
expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) in Delaware, to enforce any award of the Arbitrator
or to render any provisional, temporary, or injunctive relief in connection with or in aid of the arbitration. The parties expressly consent
to the personal and subject matter jurisdiction of the Arbitrator to arbitrate any and all matters to be submitted to arbitration hereunder.
None of the parties hereto shall challenge any arbitration hereunder on the grounds that any party necessary to such arbitration (including
the parties hereto) shall have been absent from such arbitration for any reason, including that such party shall have been the subject
of any bankruptcy, reorganization, or insolvency proceeding.

 

(ix) The
parties shall indemnify the Arbitrator and any experts employed by the Arbitrator and hold them harmless from and against any claim or
demand arising out of any arbitration under this Agreement or any agreement contemplated hereby, unless resulting from the gross negligence
or willful misconduct of the person indemnified; provided, however, that Parent’s indemnification obligations under this Section
3(d)(ix) shall be subject to the prior agreement of any applicable indemnitee to be bound by a customary waiver of claims against
Parent’s Trust Account.

 

(x) Notwithstanding
anything herein to the contrary, the parties agree that irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to seek an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, without the requirement to post any bond or other security or to prove that money
damages would be inadequate. The parties expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) in Delaware
to render such relief and to enforce specifically the terms and provisions of this Agreement.

 

(d) WAIVER
OF JURY TRIAL; Exemplary Damages.

 

(i) THE
PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO TRIAL BY JURY IN ANY
ACTION OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. NO
PARTY SHALL BE AWARDED PUNITIVE OR OTHER EXEMPLARY DAMAGES RESPECTING ANY DISPUTE ARISING UNDER THIS AGREEMENT.

 

(ii) Each
of the parties to this Agreement acknowledges that it has been represented in connection with the signing of the foregoing waiver by independent
legal counsel selected by it and that such party has discussed the legal consequences and import of such waiver with legal counsel. Each
of the parties to this Agreement further acknowledges that it has read and understands the meaning of such waiver and grants such waiver
knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

 

    -5-

     

    

 

(e) Remedies.
All rights and remedies existing under this Agreement are cumulative to, and not exclusive of any rights or remedies otherwise available.
The parties hereto agree that irreparable damage could occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to seek
an injunction or injunctions to prevent breaches of this Agreement and to specific enforcement of the terms and provisions of this Agreement,
in addition to any other remedy to which any party is entitled at law or in equity. In the event that any Action shall be brought in equity
to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate
remedy at law, and each party agrees to waive any requirement for the securing or posting of any bond in connection therewith.

 

(f) Amendments
and Waivers. This Agreement may be amended or modified only with the written consent of Parent, the Company and Sponsor. The observance
of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively)
only with the written consent of the party against whom enforcement of such waiver is sought. No failure or delay by a party in exercising
any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

(g) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

(h) Assignment.
No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent
of the other parties; provided, that in the event that Sponsor liquidates and distributes to its members all securities of Parent (or
any successor public entity) that it owns in accordance with its organizational documents, Sponsor may, without obtaining the consent
of any other party hereto, transfer the Earnout Shares and its rights and obligations under this Agreement to its members so long as such
members agree in writing to be bound by the terms of this Agreement that apply to Sponsor hereunder. Any purported assignment in violation
of this Section 3(h) shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee. This Agreement shall be binding on the undersigned and their respective successors and permitted assigns.

 

    -6-

     

    

 

(i) Costs
and Expenses. Each party to this Agreement will pay its own costs and expenses (including legal, accounting and other fees) relating
to the negotiation, execution, delivery and performance of this Agreement.

 

(j) No
Joint Venture. Nothing contained in this Agreement shall be deemed or construed as creating a joint venture or partnership between
any of the parties hereto. No party is by virtue of this Agreement authorized as an agent, employee or legal representative of any other
party. Without in any way limiting the rights or obligations of any party hereto under this Agreement, prior to the Effective Time, (i)
no party shall have the power by virtue of this Agreement to control the activities and operations of any other and (ii) no party shall
have any power or authority by virtue of this Agreement to bind or commit any other party. No party shall hold itself out as having any
authority or relationship in contravention of this Section 3(j).

 

(k) Capacity
as Stockholder. Sponsor signs this Agreement solely in its capacity as a stockholder of Parent, and not in its capacity as a director
(including “director by deputization”), officer or employee of Parent, if applicable. Nothing herein shall be construed to
limit or affect any actions or inactions by Sponsor or any representative of Sponsor, as applicable, serving as a director of Parent or
any Subsidiary of Parent, acting in such person’s capacity as a director or officer of Parent or any Subsidiary of Parent.

 

(l) Headings;
Interpretation. The headings and subheadings in this Agreement are for convenience only and shall not be considered a part of or affect
the construction or interpretation of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any
pronoun used shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall
include the plural and vice versa; (ii) the term “including” (and with correlative meaning “include”) shall be
deemed in each case to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,”
and “hereby” and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and not
to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties
have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

(m) Counterparts.
This Agreement may also be executed and delivered by facsimile or electronic signature or by email in portable document format in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[The next page is the signature page]

 

    -7-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Sponsor Support Agreement as of the date first written above.

 

	 	BLUE WATER SPONSOR LLC
	 	 
	 	By:	 /s/ Joseph Hernandez
	 	Name:	 Joseph Hernandez
	 	Title:	 Managing Member
	 	 
	 	BLUE WATER ACQUISITION CORP.
	 	 
	 	By: 	/s/ Joseph Hernandez
	 	Name:	 Joseph Hernandez
	 	Title: 	Chief Executive Officer
	 	 
	 	CLARUS THERAPEUTICS, INC.
	 	 
	 	By:	 /s/ Robert E. Dudley
	 	Name: 	Robert E. Dudley
	 	Title: 	President and CEO

 

{Signature Page to Parent Support Agreement}

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