Document:

Exhibit 10.1 

 

PURCHASE AGREEMENT

 

PURCHASE AGREEMENT (this “Agreement”)
dated as of February 14, 2022, by and between Blue Apron Holdings, Inc., a Delaware corporation (the “Company”)
and RJB Partners LLC, a Delaware limited liability company (the “Purchaser”).

 

W I T N E S S E T H:

 

WHEREAS, the Company agrees to sell to Purchaser,
and the Purchaser has agreed to so purchase, at the Closing (as defined below), for an aggregate purchase price of $5,000,000, (a) shares
of Class A Common Stock (the “PIPE Shares”), (b) $15 PIPE Warrants (as defined below), (c) $18 PIPE
Warrants (as defined below), and (d) $20 PIPE Warrants (as defined below) (such $15 PIPE Warrants, $18 PIPE Warrants, and $20 PIPE
Warrants, the “PIPE Warrants” and, collectively with the PIPE Shares, the “PIPE Securities”), in
each case as set forth on Annex C hereto, representing a per unit price of $14.00 for each (a) one (1) PIPE Share, (b) one
(1) $15 PIPE Warrant, (c) one (1) $18 PIPE Warrant, and (d) one (1) $20 PIPE Warrant, purchased together (such
transactions collectively, the “PIPE”); and

 

WHEREAS, the Company has agreed to grant the Purchaser
(including any of its permitted assignees) certain registration rights with respect to the PIPE Shares purchased by the Purchaser pursuant
to this Agreement and with respect to the PIPE Warrant Shares (as defined below) issued upon exercise of the PIPE Warrants, in each case
purchased by the Purchaser pursuant to this Agreement, in each case pursuant to a registration rights agreement in the form attached hereto
as Annex B (the “Registration Rights Agreement”).

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

Section 1. Certain Other Definitions.
The following terms used herein shall have the meanings set forth below:

 

“$15 PIPE Warrant” shall mean
a $15 Warrant to be issued and sold to a Purchaser in a PIPE pursuant to this Agreement.

 

“$15 Warrant” shall mean a seven-year
warrant to purchase 0.8 shares of Class A Common Stock substantially in the form attached hereto as Annex A with a strike price
per share of $15.00.

 

“$18 PIPE Warrant” shall mean
an $18 Warrant to be issued and sold to a Purchaser in a PIPE pursuant to this Agreement.

 

“$18 Warrant” shall mean a seven-year
warrant to purchase 0.4 shares of Class A Common Stock substantially in the form attached hereto as Annex A with a strike price
per share of $18.00.

 

“$20 PIPE Warrant” shall mean
a $20 Warrant to be issued and sold to a Purchaser in a PIPE pursuant to this Agreement.

 

     

     

    

 

“$20 Warrant” shall mean a seven-year
warrant to purchase 0.2 shares of Class A Common Stock substantially in the form attached hereto as Annex A with a strike price
per share of $20.00.

 

“Affiliate” of a Person shall
mean any Person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control
with, such other Person; for the purposes of this Agreement, the Company or its subsidiaries shall not be deemed to be an Affiliate of
any Purchaser.

 

“Affiliate Transferee” shall
have the meaning set forth in Section 8(a) hereof.

 

“Agreement” shall have the meaning
set forth in the preamble hereof.

 

“Anti-Money Laundering Laws”
shall have the meaning set forth in Section 3(dd) hereof.

 

“Blue Torch” shall mean Blue
Torch Finance, LLC.

 

“Board” shall mean the board
of directors of the Company.

 

“Business Day” shall mean any
day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York.

 

“Bylaws” shall mean the Company’s
Amended and Restated By-Laws, as amended to date, as the same may be further amended and/or restated from time to time.

 

“Capitalization Date” shall
mean February 8, 2022.

 

“Charter” shall mean the Company’s
Restated Certificate of Incorporation, as amended to date, as the same may be further amended and/or restated from time to time.

 

“Class A Common Stock”
shall mean the Class A common stock, par value $0.0001 per share, of the Company.

 

“Class B Common Stock”
shall mean the Class B common stock, par value $0.0001 per share, of the Company.

 

“Class C Capital Stock”
shall mean the Class C capital stock, par value $0.0001 per share, of the Company.

 

“Closing” shall mean the closing
of the purchases described in Section 2(a) hereof, which shall be held at 10:00 a.m. on the Closing Date at the offices
of Wilmer Cutler Pickering Hale and Dorr LLP located at 7 World Trade Center, 250 Greenwich Street, New York, NY 10007, or such other
time and place as may be agreed to by the parties hereto.

 

“Closing Date” shall mean the
date of this Agreement.

 

“Code” shall have the meaning
set forth in Section 3(x) hereof.

 

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“Commission” shall mean the
United States Securities and Exchange Commission, or any successor agency thereto.

 

“Company” shall have the meaning
set forth in the preamble hereof.

 

“Company Indemnified Persons”
shall have the meaning set forth in Section 11(b) hereof.

 

“Company SEC Documents” shall
mean all required reports, schedules, forms, statements and other documents (including exhibits and all other information incorporated
therein) required to be filed by the Company under the Securities Act or the Exchange Act, and any required amendments to any of the foregoing,
with the Commission.

 

“Control” (including the terms
 “controlling,” “controlled by” and “under common control with”) shall mean the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of
voting securities, by contract, or otherwise.

 

“Device and Activity Data” shall
have the meaning set forth in Section 3(ff) hereof.

 

“Environmental Laws” shall have
the meaning set forth in Section 3(y) hereof.

 

“Equity Incentive Plan” shall
have the meaning set forth in Section 3(c) hereof.

 

“ERISA” shall have the meaning
set forth in Section 3(x) hereof.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Financing Agreement” shall
mean that certain Financing Agreement, dated as of October 16, 2020, by and among the LLC Subsidiary, the Company, certain other
subsidiaries of the Company party thereto as subsidiary guarantors, the lenders party thereto from time to time, and Blue Torch, as administrative
agent and collateral agent for such lenders, as amended by that certain Amendment No. 1 to Financing Agreement, dated as of November 19,
2020, by and among the parties thereto, and that certain Amendment No. 2 to Financing Agreement, dated as of May 5, 2021, by
and among the parties thereto, as the same may be amended and/or restated from time to time.

 

“Financing Agreement Threshold”
shall have the meaning set forth in Section 6(f) hereof.

 

“Fraud” shall mean intentional
fraud (with scienter) under Delaware common law by a Person with respect to the making of the representations and warranties in this Agreement.

 

“GAAP” shall have the meaning
set forth in Section 3(n) hereof.

 

“Government Official” shall
have the meaning set forth in Section 3(cc) hereof.

 

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“Hazardous Substances” shall
mean any material, chemical, substance, waste, pollutant, contaminant, compound, mixture, or constituent thereof, in any form or amount,
including petroleum (including crude oil or any fraction thereof) and petroleum products, natural gas liquids, asbestos and asbestos containing
materials, and polychlorinated biphenyls, that is regulated or which can give rise to liability under any Environmental Law.

 

“Indemnified Losses” shall have
the meaning set forth in Section 11(a) hereof.

 

“Indemnified Persons” shall
have the meaning set forth in Section 11(b) hereof.

 

“Intellectual Property” shall
have the meaning set forth in Section 3(t) hereof.

 

“LLC Subsidiary” shall mean
Blue Apron, LLC, a Delaware limited liability company.

 

“Material Adverse Effect” shall
mean any change, development, circumstance, fact or effect that, individually or taken together with any other changes, developments,
circumstances, facts or effects is, or would reasonably be expected to be, materially adverse to the condition (financial or otherwise),
assets, liabilities (contingent or otherwise), business operations or results of operations of the Company and its Subsidiaries (taken
as a whole); provided, however, that no change, development, circumstance, fact or effect that resulted directly or indirectly
from the following shall be deemed to constitute or be taken into account in determining whether a Material Adverse Effect has occurred:
(i) any change in the United States or foreign economies or securities or financial markets in general that does not have a disproportionate
effect on the Company and its Subsidiaries (taken as a whole) relative to other participants in the industries in which the Company and
its Subsidiaries conduct their respective businesses; (ii) any change that generally affects the industry in which the Company and
its Subsidiaries operate that does not have a disproportionate effect on the Company and its Subsidiaries (taken as a whole) relative
to other participants in the industries in which the Company and its Subsidiaries conduct their respective businesses; (iii) any
change arising in connection with natural disasters, hostilities, acts of war, sabotage or terrorism or military actions that does not
have a disproportionate effect on the Company and its Subsidiaries (taken as a whole) relative to other participants in the industries
in which the Company and its Subsidiaries conduct their respective businesses; (iv) the effect of any changes in applicable laws
or accounting rules after the date of this Agreement that does not have a disproportionate effect on the Company and its Subsidiaries
(taken as a whole) relative to other participants in the industries in which the Company and its Subsidiaries conduct their respective
businesses; (v) the effect of any natural or man-made disaster or acts of God and any national or global communicable disease outbreak,
epidemic or pandemic or other national or international disaster or calamity, or any governmental response to any of the foregoing that
does not have a disproportionate effect on the Company and its Subsidiaries (taken as a whole) relative to other participants in the industries
in which the Company and its Subsidiaries conduct their respective businesses; (vi) any failure by the Company to meet any internal,
third-party or public projections or forecasts, budgets or estimates of revenues, earnings or other financial measures or results of operations
for any period; provided that the exception in this clause (vi) shall not prevent or otherwise affect a determination that
the facts underlying any such effect has resulted in, or contributed to, or would reasonably be expected to result in, or contribute to,
a Material Adverse Effect; (vii) a change in the market price, or change in trading volume, of the shares of Class A Common
Stock on the New York Stock Exchange; provided that the exception in this clause (vii) shall not prevent or otherwise affect
a determination that the facts underlying any such effect has resulted in, or contributed to, or would reasonably be expected to result
in, or contribute to, a Material Adverse Effect; or (viii) the announcement, pendency or consummation of the transactions contemplated
by this Agreement.

 

    	 	4	 

     

    

 

“Person” shall mean an individual,
corporation, partnership, association, joint stock company, limited liability company, joint venture, trust, governmental entity, unincorporated
organization or other legal entity.

 

“Personal Data” shall have the
meaning set forth in Section 3(ff) hereof.

 

“PIPE” shall have the meaning
set forth in the recitals hereof.

 

“PIPE Securities” shall have
the meaning set forth in the recitals hereof.

 

“PIPE Shares” shall have the
meaning set forth in the recitals hereof.

 

“PIPE Warrant Shares” shall
have the meaning set forth in Section 3(e) hereof.

 

“PIPE Warrants” shall have the
meaning set forth in the recitals hereof.

 

“Plan” shall have the meaning
set forth in Section 3(x) hereof.

 

“Prior Purchase Agreement” shall
mean that certain Purchase Agreement, dated as of September 15, 2021, by and among the Company, the Purchaser and Matthew B. Salzberg.

 

“Purchaser” shall have the meaning
set forth in the preamble hereof.

 

“Registrable Securities” shall
have the meaning set forth in Section 6(e) hereof.

 

“Registration Rights Agreement”
shall have the meaning set forth in the recitals hereof.

 

“Release” means any spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating into or through
the indoor or outdoor environment.

 

“Representative” shall mean,
for a party, such party’s and its affiliates’ respective directors, officers, employees, agents and legal, accounting and
financial advisors.

 

“Purchaser” shall have the meaning
set forth in the preamble hereof.

 

“Sanctions” shall have the meaning
set forth in Section 3(ee) hereof.

 

“Securities” shall mean the
PIPE Securities that are purchased by the Purchaser pursuant to Section 2 hereof.

 

“Securities Act” shall mean
the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

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“Shelf Registration Statement”
shall have the meaning set forth in Section 6(e) hereof.

 

“Purchaser Indemnified Persons”
shall have the meaning set forth in Section 11(a) hereof.

 

“Standstill Period” shall mean
the period from and after the date hereof until the occurrence of the earlier of the date that (i) is three (3) years from the
date hereof; (ii) a complete liquidation or dilution of the Company is completed; or (iii) the Class A common stock (or
any successor thereto) ceases to be registered pursuant to Section 12 of the Exchange Act.

 

“Subsidiary” of a Person shall
mean, with respect to such Person, any corporation, partnership or other legal entity of which such Person (either alone or through or
together with any other Subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests, has the power
to elect a majority of the board of directors or similar governing body, or has Control.

 

“Transfer” shall have the meaning
set forth in Section 8(a) hereof.

 

Section 2. Closing.

 

(a)            PIPE
Investment.

 

(i)            The
Purchaser hereby agrees, subject to the satisfaction or waiver of the applicable conditions set forth in Section 7, to purchase from
the Company, and the Company hereby agrees, subject to the satisfaction or waiver of the applicable conditions set forth in Section 7,
to sell to the Purchaser at the Closing, the PIPE Securities listed on Annex C hereto for an aggregate purchase price equal to $5,000,000.

 

(ii)            Payment
for the PIPE Securities shall be made in full, on the Closing Date, against delivery of certificates (including in book-entry format)
and/or warrants evidencing the PIPE Securities, in United States dollars by means of wire transfer of immediately available funds to the
order of the Company, to the account or accounts designated by the Company in writing prior to the Closing.

 

Section 3. Representations and Warranties
of the Company. The Company represents and warrants to the Purchaser (it being acknowledged and agreed that each representation and
warranty (other than the representations and warranties set forth in Sections 3(a), 3(b), 3(c), 3(e), 3(g), 3(i) and 3(gg)) is qualified
by and subject to the information set forth in any Company SEC Documents filed after January 1, 2021 and prior to the execution of
this Agreement, but excluding any disclosures set forth in any risk factors section or in any other section, in each case to the extent
they are forward-looking statements or cautionary, predictive or forward-looking in nature) as of the date hereof and as of the Closing
Date, except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations
and warranties will be true and correct as of such date) as follows:

 

(a)            Each
of the Company and its Subsidiaries is duly organized, validly existing and in good standing under the laws of its respective jurisdiction
of incorporation or formation and has all requisite power and authority to own its property and assets and to carry on its business as
now conducted, except, in the case of Subsidiaries of the Company, to the extent that the failure to be in good standing would not reasonably
be expected to have a Material Adverse Effect or prevent the consummation of the transactions contemplated hereby.

 

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(b)            The
Company has all corporate power and authority to execute and deliver this Agreement, the PIPE Warrants and the Registration Rights Agreement
to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. This Agreement
has been, and at the applicable Closing, the PIPE Warrants and the Registration Rights Agreement, as applicable, will be, duly and validly
authorized, executed and delivered by the Company and constitute binding obligations of the Company enforceable against it in accordance
with their respective terms, subject to (i) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws affecting creditors’ rights and remedies generally; (ii) as to enforceability, general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding
at law or in equity); and (iii) as to any indemnity or contribution provision, federal or state securities laws or considerations
of public policy.

 

(c)            The
authorized capital of the Company consists of (i) 1,500,000,000 shares of Class A Common Stock, of which (A) 32,182,704
shares were issued and outstanding as of the Capitalization Date, (B) 8,771,620 shares are reserved for issuance upon exercise of
outstanding warrants as of the Capitalization Date, (C) 1,923,462 shares are reserved for issuance upon exercise of options and other
awards granted under the Company’s stock option and incentive plans as of the Capitalization Date, and (D) 3,092,317 shares
available for future issuance under the Company’s 2017 Equity Incentive Plan (the “Equity Incentive Plan”) as
of the Capitalization Date; (ii) 175,000,000 shares of Class B Common Stock, none of which was issued and outstanding as of
the Capitalization Date; (iii) 500,000,000 shares of Class C Capital Stock, none of which was issued and outstanding as of the
Capitalization Date; and (iv) 10,000,000 shares of preferred stock, par value $0.0001 per share, none of which was issued and outstanding
as of the Capitalization Date. Except as set forth in the preceding sentence or as contemplated by this Agreement, there are no other
shares of capital stock issued and outstanding or securities convertible into or exchangeable for shares of capital stock of the Company.
Each of the outstanding shares of capital stock or other securities of the Company and its Subsidiaries have been duly authorized and
are validly issued, fully paid and nonassessable, and, in the case of shares of capital stock of the Company’s Subsidiaries, are
owned directly or indirectly by the Company. The Company does not have outstanding any bonds, debentures, notes or other obligations the
holders of which have the right to vote (or convertible into or exercisable for securities having the right to vote) with the stockholders
of the Company on any matter.

 

(d)            [Reserved.]

 

(e)            All
of the applicable PIPE Securities will have been duly authorized for issuance prior to the applicable Closing. All of the PIPE Shares,
when issued and delivered by the Company against payment therefor as provided in this Agreement, will be validly issued, fully paid and
non-assessable. All of the PIPE Warrants, when issued and delivered by the Company against payment therefor as provided in this Agreement,
will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.
All of the shares of Class A Common Stock issuable upon exercise of the PIPE Warrants (the “PIPE Warrant Shares”),
when issued and delivered by the Company against payment therefor upon exercise of the applicable PIPE Warrants as provided therein, will
be validly issued, fully paid and non-assessable. None of the Securities will have been issued in violation of the preemptive rights of
any security holders of the Company arising as a matter of law or under or pursuant to the Charter, the Bylaws, or any agreement or instrument
to which the Company is a party or by which it is bound.

 

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(f)            [Reserved.]

 

(g)            No
consent, approval, authorization, order, registration, notice, filing, recording or qualification of or with any court or governmental
agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their properties is required for the execution
and delivery by the Company of this Agreement, the PIPE Warrants or the Registration Rights Agreement, the performance by the Company
of its obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, except: (i) under
the Securities Act and the Exchange Act, (ii) as required to be made with the New York Stock Exchange, (iii) such consents,
approvals, authorizations, registrations or qualifications as may be required under state securities or “blue sky” laws, and
(iv) such consents, approvals, authorizations, registrations or qualifications, the absence of which would not reasonably be expected
to have a Material Adverse Effect or prevent the consummation of the transactions contemplated hereby.

 

(h)            Since
January 1, 2021, the Company has timely filed all Company SEC Documents required to be filed with the Commission. The Company SEC
Documents, as of the time they were filed, conformed in all material respects to the requirements of the Exchange Act and the Securities
Act, as applicable, and none of the Company SEC Documents contained any untrue statement of a material fact, or omitted to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(i)            The
execution and delivery by the Company of this Agreement, the PIPE Warrants, and the Registration Rights Agreement and compliance by the
Company with all of the provisions hereof and thereof and the consummation of the transactions contemplated hereby and thereby: (i) will
not violate of the provisions of the Charter or Bylaws or comparable organizational documents of the Company or any of its Subsidiaries,
(ii) assuming the compliance with the matters set forth in Section 3(g), will not violate any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their
properties or (iii) will not result in any default in the performance or observance of any obligation, agreement, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any
of its Subsidiaries is a party or by which any of the properties of the Company or any of its Subsidiaries may be bound, except, in the
case of clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect or prevent, materially delay or materially impair the consummation of the transactions contemplated
hereby.

 

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(j)            No
litigation or proceeding against the Company or its Subsidiaries is pending before any court, arbitrator or administrative or governmental
body, nor, to the Company’s knowledge, is any such proceeding threatened against the Company or its Subsidiaries except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent, materially delay or materially
impair the consummation of the transactions contemplated hereby.

 

(k)            Since
December 31, 2020, there has been no Material Adverse Effect.

 

(l)            The
Company and its Subsidiaries do not own any real property. The Company and its Subsidiaries have good and marketable title to all personal
property owned by them, in each case free and clear of all liens, encumbrances and defects except such as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(m)            Neither
the Company nor any of its Subsidiaries is (i) in violation of its Charter or Bylaws or similar organizational documents, (ii) in
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or any of its Subsidiaries or any of their properties or (iii) in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of clauses (ii) and
(iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect or prevent the consummation of the transactions contemplated hereby.

 

(n)            The
financial statements, including the notes thereto, and the supporting schedules included in the Company SEC Documents present fairly in
all material respects the financial position of the Company and its Subsidiaries at the dates indicated and for the periods indicated
therein, subject, in the case of unaudited financial statements, to normal year-end audit adjustments. Such financial statements and supporting
schedules have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applied on a
consistent basis throughout the periods involved except as disclosed therein.

 

(o)            Neither
the Company nor any of its Subsidiaries has any liabilities or obligations (accrued, absolute, contingent or otherwise), other than liabilities
or obligations (i) reflected on the most recent balance sheet of the Company included in the Company SEC Documents, (ii) incurred
in the ordinary course of business since the date of the most recent balance sheet of the Company included in the Company SEC Documents,
(iii) incurred in connection with this Agreement, (iv) incurred pursuant to contracts binding on the Company or any of its Subsidiaries
(other than those resulting from a breach thereof), or (v) that would not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect or prevent the consummation of the transactions contemplated hereby.

 

(p)            There
is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s directors or officers,
in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002, as amended, or of
the rules and regulations promulgated in connection therewith, in each case to the extent applicable to the Company.

 

    	 	9	 

     

    

 

(q)            The
Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the
Exchange Act) that complies with the requirements of the Exchange Act applicable to the Company and has been designed by the Company’s
principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets
is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for
assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The
Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its
internal control over financial reporting (it being understood that this subsection shall not require the Company to comply with Section 404
of the Sarbanes Oxley Act of 2002 as of an earlier date than it would otherwise be required to so comply under applicable law).

 

(r)            Since
the date of the latest audited financial statements included in the Company SEC Documents, there has been no change in the Company’s
internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely
affect, the Company’s internal control over financial reporting.

 

(s)            The
Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that
are designed to comply with the requirements of the Exchange Act applicable to the Company; such disclosure controls and procedures have
been designed to ensure that material information relating to the Company and its Subsidiaries is made known to the Company’s principal
executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective.
The Company has conducted evaluations of the effectiveness of its disclosure controls and procedures as required by Rule 13a-15 of
the Exchange Act.

 

(t)            Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) the Company and
its Subsidiaries own, or otherwise have the right to use (including pursuant to license, sublicense, agreement or permission), the patents,
trademarks, service marks, patent applications, trade names, copyrights, trade secrets, domain names, information, know-how, proprietary
rights and processes (collectively, “Intellectual Property”) reasonably necessary to conduct the business of the Company
and its Subsidiaries as described in the Company SEC Documents and as currently conducted (excluding commercially available off-the-shelf
software programs that are licensed to the Company or its Subsidiaries pursuant to “shrink-wrap” licenses for a total cost
of less than $30,000), without any known conflict with or infringement of the Intellectual Property of others, (ii) to the Company’s
knowledge, there has not been any infringement by any third party of any Intellectual Property or other similar rights of the Company
or any of its Subsidiaries, and (iii) neither the Company nor any of its Subsidiaries has received any written communications alleging
that the Company or any of its Subsidiaries has violated, infringed or conflicted with, or, by conducting its business as described in
the Company SEC Documents, would violate, infringe or conflict with any of the Intellectual Property of any other person or entity.

 

    	 	10	 

     

    

 

(u)            The
Company and its Subsidiaries have (i) paid all material federal, state, local and foreign taxes required to be paid through the date
hereof, except any such taxes being contested in good faith and for which adequate reserves have been established in accordance with GAAP,
and (ii) filed all material tax returns required to be filed through the date hereof, in each case except for those returns for which
a request for extension has been filed; and there is no tax deficiency that has been, or would reasonably be expected to be, asserted
against the Company or any of its Subsidiaries or any of their respective properties or assets, except where such deficiencies, individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

(v)            The
Company and its Subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations
and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership
or lease of their respective properties or the conduct of their respective businesses as described in the Company SEC Documents filed
prior to the date of this Agreement, except where the failure to so possess or to have made such declarations or filings would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has
received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe
that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except where such revocation or
modification would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.

 

(w)            No
labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the Company’s knowledge,
is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees
of any of the Company’s or any of its Subsidiaries’ principal suppliers, manufacturers, contractors or customers, except as
would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Neither the Company nor any of
its Subsidiaries has received any notice of cancellation or termination with respect to any collective bargaining agreement to which it
is a party.

 

(x)            Each
employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), for which the Company or any member of its “Controlled Group” (defined as any organization which
is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended
(the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its
terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to, ERISA and the
Code, except for noncompliance that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, excluding transactions
effected pursuant to a statutory or administrative exemption, has occurred with respect to any Plan that would, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any member of its Controlled Group have
ever maintained or contributed to or participated in a Plan that is subject to the funding rules of Section 412 of the Code
or Section 302 of ERISA) or a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA. There
is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor or any other governmental agency or
any foreign regulatory agency with respect to any Plan that would, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.

 

    	 	11	 

     

    

 

(y)            (i) The
Company and its Subsidiaries (A) are, and at all times for the two years preceding the date of this Agreement have been, in compliance
in all material respects with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions,
decrees, orders and other legally enforceable requirements relating to Hazardous Substances, the environment, natural resources or the
protection of human or worker health or safety (collectively, “Environmental Laws”), (B) have obtained and are
in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental
Laws for the conduct of their respective businesses as currently conducted, (C) have not received notice of any actual or potential
liability (including such liability of a third party that would reasonably be expected to materially and adversely affect the Company
or any of its Subsidiaries) under or relating to, or actual or potential violation of, any Environmental Laws, including for the investigation
or remediation of any Release or threat of Release of Hazardous Substances, (D) are not conducting or paying for, in whole or in
part, any investigation, remediation or other corrective action pursuant to any Environmental Law at any location, and (E) are not
a party to any order, decree or agreement that imposes any obligation or liability under any Environmental Law, and (ii) there are
no costs or liabilities associated with Environmental Laws of or relating to the Company or its Subsidiaries, except, in the case of each
of (i) and (ii) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost,
obligation or liability, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(z)            There
has been no storage, generation, transportation, use, handling, treatment, Release or threat of Release of Hazardous Substances by, due
to or caused by the Company or any of its Subsidiaries (or, to the Company’s knowledge, any other entity (including any predecessor)
for whose acts or omissions the Company or any of its Subsidiaries is or would reasonably be expected to be liable) at, on, under or from
any property or facility now or previously owned, operated or leased by the Company or any of its Subsidiaries, or at, on, under or from
any other property, in violation of any Environmental Laws or in a manner or amount or to a location that would reasonably be expected
to result in any liability under any Environmental Law, except for any violation or liability which would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(aa)     Except
as would not have a Material Adverse Effect, neither the Company nor any of its Subsidiaries has violated (i) any federal, state
or local law or foreign law relating to discrimination in hiring, promotion or pay of employees, or (ii) any applicable wage or hour
laws.

 

(bb)     Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) the Company and
its Subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption
insurance, which insurance is in amounts and insures against such losses and risks as are, in the reasonable judgment of the Company,
ordinary and customary for comparable companies in the same or similar businesses and (ii) neither the Company nor any of its Subsidiaries
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage at reasonable cost from similar insurers as may be necessary to continue its business.

 

    	 	12	 

     

    

 

(cc)     None
of the Company or any of its Subsidiaries, or any director, officer, or employee thereof, or, to the Company’s knowledge, any Affiliates,
agent, or representative of the Company or of any of its Subsidiaries or Affiliates, has taken or will take any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything
else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of
the foregoing, or any political party or party official or candidate for political office) (“Government Official”)
in order to influence official action, or to any person in violation in any material respect of any applicable anti-corruption laws. The
Company and each of its Subsidiaries and, to the Company’s knowledge, its Affiliates have conducted their respective businesses
in compliance in all material respects with applicable anti-corruption laws and have instituted and maintained policies and procedures
reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein. Neither
the Company nor any of its Subsidiaries will use, directly or indirectly, the proceeds of the transactions contemplated by this Agreement
in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to
any person in violation of any applicable anti-corruption laws.

 

(dd)     The
operations of the Company and each of its Subsidiaries are and have been conducted at all times in compliance in all material respects
with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and each of its Subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(ee)     None
of the Company, any of its Subsidiaries, or any director, officer, or employee thereof, or, to the Company’s knowledge, any agent,
affiliate or representative of the Company or any of its Subsidiaries, is Person that is, or is owned or controlled by one or more Persons
that are (A) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign
Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, “Sanctions”), or (B) located, organized or resident in a country or territory that is the subject
of Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria). The Company will not, directly or indirectly,
use the proceeds of the transactions contemplated by this Agreement, or lend, contribute or otherwise make available such proceeds to
any Subsidiary, joint venture partner or other Person (A) to fund or facilitate any activities or business of or with any Person
or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or (B) in any other
manner that will result in a violation of Sanctions by any Person. The Company and each of its Subsidiaries have not knowingly engaged
in and are not now knowingly engaged in any dealings or transactions with any Person, or in any country or territory, that at the time
of the dealing or transaction is or was the subject of Sanctions.

 

    	 	13	 

     

    

 

(ff)     Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) the Company and
its Subsidiaries have operated their business in a manner compliant with all applicable privacy, data security and data protection laws
and regulations, all contractual obligations and all Company policies applicable to the collection, handling, usage, disclosure and storage
of all personally identifiable data (“Personal Data”), along with all other data, including without limitation, IP
addresses, mobile device identifiers and website usage activity data (“Device and Activity Data”), (ii) in collecting,
handling, using, disclosing and/or storing Device and Activity Data, the Company and its Subsidiaries comply with all applicable industry
guidelines and codes of conduct, (iii) the Company has implemented and maintains policies and procedures designed to ensure the integrity,
security and confidentiality of Personal Data and all Device and Activity Data collected, handled used, disclosed and/or stored by the
Company in connection with the Company’s operation of its business, (iv) the Company has policies and procedures in place reasonably
designed to ensure privacy, data security and data protection laws are complied with and takes appropriate steps which are reasonably
designed to assure compliance with such policies and procedures, (v) the Company requires third parties to which it provides any
Personal Data or Device and Activity Data to maintain the privacy and security of such Personal Data or Device and Activity Data, as applicable,
and (vi) the Company has not experienced any security incident that has compromised the privacy and/or security of any Personal Data.

 

(gg)     Neither
the Company, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer and sale of the PIPE
Securities. Assuming the accuracy of the Purchaser’s representations and warranties, none of the Company, any of its Affiliates,
and any Person acting on their behalf has, directly or indirectly, made any offers or sales of any securities or solicited any offers
to buy any securities, under circumstances that would require registration of the issuance of the PIPE Securities, whether through integration
with prior offerings or otherwise.

 

Section 4. Representations and Warranties
of the Purchaser. The Purchaser represents and warrants to the Company as of the date hereof and as of the applicable Closing as follows:

 

(a)            The
Purchaser is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the laws
of its state of organization and has all requisite corporate or similar power and authority to own its property and assets and to carry
on its business as now conducted, except to the extent that the failure to be in good standing would not reasonably be expected to prevent
or materially impair the consummation of the transactions contemplated hereby.

 

    	 	14	 

     

    

 

(b)            The
Purchaser has all corporate or similar power and authority to execute and deliver this Agreement and the Registration Rights Agreement
and to perform its respective obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.
This Agreement and the Registration Rights Agreement have been or, in the case of the Registration Rights Agreement, will be at the applicable
Closing duly and validly authorized, executed and delivered by the Purchaser and constitute a binding obligation of the Purchaser, enforceable
against it in accordance with their respective terms, subject to (i) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting creditors’ rights and remedies generally; (ii) as to enforceability, general principles
of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought
in a proceeding at law or in equity); and (iii) as to any indemnity or contribution provision, federal or state securities laws or
considerations of public policy.

 

(c)            The
Purchaser is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act and is knowledgeable,
sophisticated and experienced in business and financial matters that are necessary to evaluate the risks and merits of an investment in
the PIPE Securities. The Purchaser is acquiring the PIPE Securities for investment for its own account, with no present intention of dividing
its participation with others or reselling or otherwise distributing the same in violation of the Securities Act or any applicable state
securities laws. The Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell (excluding
any pledge), transfer or grant participations to such Person or to any third person, with respect to any of the PIPE Securities.

 

(d)            The
Purchaser understands and acknowledges that: (i) other than pursuant to the Registration Rights Agreement and as set forth in this
Agreement, the resale of any PIPE Securities, or PIPE Warrant Shares has not been and is not being registered under the Securities Act
or any applicable state securities laws, and the PIPE Securities and the PIPE Warrant Shares may not be sold or otherwise transferred
unless (a) such securities are sold or transferred pursuant to an effective registration statement under the Securities Act, (b) at
the Company’s request, the Purchaser shall have delivered to the Company an opinion of counsel (which opinion shall be in form,
substance and scope reasonably satisfactory to the Company’s counsel) to the effect that such securities to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration, or (c) such securities are sold pursuant to Rule 144
promulgated under the Securities Act; (ii) any sale of any PIPE Securities, or PIPE Warrant Shares made in reliance on Rule 144
under the Securities Act may be made only in accordance with the terms of such Rule; and (iii) except as may be set forth in the
Registration Rights Agreement or this Agreement, neither the Company nor any other Person is under any obligation to register such PIPE
Securities or PIPE Warrant Shares under the Securities Act or any state securities laws or to comply with the terms and conditions of
any exemption thereunder. The Purchaser acknowledges that an appropriate restrictive legend will be placed on the certificate or certificates
(including in book-entry format) representing the PIPE Securities and the PIPE Warrant Shares.

 

(e)            The
Purchaser acknowledges and affirms that the PIPE Securities will be issued in a private placement in reliance upon exemptions contained
in the Securities Act, rules and regulations promulgated thereunder, or interpretations thereof and in the applicable state securities
laws.

 

    	 	15	 

     

    

 

(f)            At
the Closing, the Purchaser will have liquid, legally available cash on hand sufficient to consummate such Closing in accordance with the
terms and conditions of this Agreement. The Purchaser is able to bear the financial risk of its investment in the PIPE Securities, has
no need for liquidity with respect to its investment therein, and has adequate means for providing for its current needs and contingencies.

 

(g)            The
Purchaser has been given the opportunity to conduct a due diligence review of the Company and has been afforded access to information
about the Company and its financial condition and business sufficient to enable the Purchaser to evaluate its investment in the PIPE Securities.
Other than the representations and warranties set forth in Section 3, the Purchaser acknowledges and agrees that the Company is not
making any other representations or warranties, express or implied, regarding the PIPE Securities, or any other matter contemplated by
this Agreement. The Purchaser hereby disclaims any other express or implied representations or warranties, and the Purchaser is not relying
on, and will not assert any claim against, the Company, its Affiliates or any of their respective employees, directors, agents, stockholders
or representatives or hold the Company or any such Persons liable with respect to any statements, information or representations or warranties,
except with respect to the representations and warranties expressly contained in Section 3 in accordance with the terms of this Agreement.
Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall limit the Purchaser’s remedies with
respect to claims of Fraud.

 

(h)            As
of the date hereof, the Purchaser and its Affiliates are the beneficial owners of only the securities of the Company set forth adjacent
to such Person’s name on Annex D hereto.

 

Section 5. Deliveries at Closing.

 

(a)            Deliveries
at Closing.

 

(i)            At
the Closing, the Company shall deliver or cause to be delivered to the Purchaser evidence of the issuance (including in electronic book-entry
format) of the number of PIPE Shares and the number of PIPE Warrants issued to the Purchaser pursuant to Section 2 hereof.

 

(ii)            At
the Closing, the Purchaser shall deliver or cause to be delivered to the Company payment in cash, by wire transfer of immediately available
funds, of the aggregate purchase price of the PIPE Securities purchased by the Purchaser in accordance with Section 2 hereof.

 

Section 6. Covenants.

 

(a)            Financing
Matters. The Company agrees with the Purchaser to provide notice of, and a summary of the material terms of, any proposed repayment,
refinancing or restructuring of the Company’s existing indebtedness under the Financing Agreement, to the Purchaser a reasonable
time in advance of the proposed consummation of such repayment, refinancing or restructuring, to consult with the Purchaser regarding
such matters and to consider in good faith any reasonable comments provided on a reasonably timely basis by the Purchaser with respect
thereto; provided that, subject to the limitation in Section 6(f), for the avoidance of doubt, any decision to repay, refinance
or restructure the Company’s existing indebtedness as described above and any aspects of such decisions (including, but not limited
to, the type and timing of such proposed transaction) shall be made in the Company’s sole discretion; an

 

    	 	16	 

     

    

 

(b)            Listing.
The Company shall cause the PIPE Shares and the PIPE Warrant Shares, as applicable, to be authorized for listing on the New York Stock
Exchange at or prior to the Closing.

 

(c)            Registration
Rights. At or prior to the Closing, the Company and the Purchaser shall enter into the Registration Rights Agreement in the form attached
as Annex B.

 

(d)            Stabilization.
In connection with the transactions contemplated hereunder, the Purchaser will not take, and will not permit any of its respective Affiliates
to take, in each case directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization
or manipulation of the price of the Class A Common Stock in violation of Regulation M under the Exchange Act.

 

(e)            Registration
Rights. On the earliest of (x) February 14, 2023, (y) within thirty (30) days of the date requested by the Purchaser
and (z) such other date as mutually agreed by the Company and the Purchaser, the Company shall prepare and file with the Commission
a registration statement (the “Shelf Registration Statement”) relating to a “shelf” offering in accordance
with Rule 415 of the Securities Act, or any similar rule that may be adopted by the Commission, which covers all of the PIPE
Shares and PIPE Warrant Shares, including, without limitation, any other securities that may be acquired or issued upon exercise of the
PIPE Warrants or any other common equity securities of the Company issued as a dividend or distribution with respect to, or in exchange
for or in replacement of, the PIPE Shares and the PIPE Warrant Shares, in each case, held by the Purchaser (the “Registrable
Securities”), on an appropriate form under the Securities Act, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the prospectus contained therein and all exhibits thereto. Prior to filing
the Shelf Registration Statement and any amendments thereto with the Commission, the Company shall provide drafts thereof to the Purchaser
and its respective counsel and the Purchaser and its respective counsel shall be given a reasonable opportunity to review and comment
upon such Shelf Registration Statement. The Shelf Registration Statement, in the form in which it becomes effective, will conform in all
material respects with the requirements of the Securities Act and the rules and regulations of the Commission thereunder and will
not 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 the light of the circumstances under which they were made, not misleading. The Purchaser agrees, severally
but not jointly, to furnish to the Company all information with respect to the Purchaser required to be included in the Shelf Registration
Statement and any other information necessary to make any such information previously furnished to the Company by the Purchaser not misleading.
The Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later than sixty (60) days after the Shelf Registration Statement
is filed pursuant to this Section 6(e), and shall use commercially reasonable efforts to keep such Shelf Registration Statement continuously
effective under the Securities Act until, subject to the Registration Rights Agreement, the date that all Registrable Securities covered
by such Shelf Registration Statement (i) have been sold, thereunder or pursuant to Rule 144 under the Securities Act, 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 counsel to the Company pursuant to a written opinion
letter to such effect (and the Purchaser shall provide any information reasonably requested by the Company or its counsel in connection
with such determination), addressed and reasonably acceptable to the Company’s transfer agent and the Purchaser (the “144
Determination”); provided that, for all purposes hereunder “Registrable Securities” shall be deemed to not
include any PIPE Shares or PIPE Warrant Shares beneficially owned by a Purchaser for which there has been a 144 Determination with respect
to such securities.

 

    	 	17	 

     

    

 

(f)            Purchaser
Covenants. Notwithstanding anything else contained in this Agreement, following the applicable Closing Date and until such date that
no indebtedness remains outstanding under the Financing Agreement, the Purchaser shall not acquire any securities of the Company which
would result in it or any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of which it is a
member owning more than thirty-three percent (33%) of the aggregate outstanding voting power of the Equity Interests (as defined in the
Financing Agreement) of the Company without the prior written consent of the Company (the “Financing Agreement Threshold”);
provided, that, subject to the following sentence and the express provisions of the PIPE Warrants, in no event shall this Section 6(f) prevent
any Purchaser from acquiring any PIPE Securities pursuant to this Agreement or any PIPE Warrant Shares pursuant to the exercise of the
PIPE Warrants. The Purchaser acknowledges and agrees that (i) it may not exercise PIPE Warrants, and such warrants shall be deemed
to not be exercisable, to the extent that if such warrants were exercisable then the Financing Agreement Threshold would be met or exceeded,
(ii) the PIPE Warrants to which the limitation set forth in the foregoing clause (i) apply shall be, first, any $20 PIPE Warrants
held by the Purchaser and/or its Affiliates, and then, solely to the extent necessary, any $18 PIPE Warrants held by the Purchaser and/or
its Affiliates, and then, solely to the extent necessary, any $15 PIPE Warrants held by the Purchaser and/or its Affiliates, (iii) the
limitation on exercisability set forth in the foregoing clause (i) shall apply until the date that is 61 days after the Financing
Agreement is terminated and all amounts thereunder are fully paid and discharged or such earlier date as any required consent or waiver
under the Financing Agreement is obtained, and (iv) the Company may instruct its transfer agent or warrant agent, as applicable,
to apply restrictive legends or similar restrictions to enforce this covenant.

 

(g)            The
Company covenants that it shall exercise commercially reasonable efforts to submit to Purchaser and the Internal Revenue Service within
twenty (20) Business Days after the Purchaser’s written request therefor, such information (to the extent within the Company’s
possession) as may be reasonably required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder.

 

(h)            The
Company covenants to use proceeds from the issuance and sale of the PIPE Securities for working capital, capital expenditures and general
corporate purposes (including, without limitation, marketing, new product development and potential environmental, social and corporate
governance initiatives identified by the Company).

 

    	 	18	 

     

    

 

Section 7. Conditions to Closing.

 

(a)            Conditions
to Closing.

 

(i)            The
obligation of the Purchaser to consummate the applicable transactions contemplated hereunder, including the PIPE, is subject to the fulfillment,
prior to or on the Closing Date, of the following conditions:

 

1.            The
representations and warranties of the Company in Section 3(a) shall be true and correct in all material respects as of the date
hereof and as of the Closing Date as if made as of such date. The representations and warranties of the Company in Section 3(b),
Section 3(e), Section 3(k) and Section 3(gg) shall be true and correct as of the date hereof and as of the Closing
Date as if made as of such date. The representations and warranties of the Company in Section 3(c) shall be true and correct,
except for de minimis inaccuracies, as of the date hereof and as of the Closing Date as if made as of such date (except for representations
and warranties made as of a specified date, which shall be true and correct, except for de minimis inaccuracies, as of such specified
date). All other representations and warranties of the Company in Section 3 shall be true and correct (without giving effect to any
qualification as to materiality or Material Adverse Effect contained therein) as of the date hereof and as of the Closing Date as if made
as of such date (except for representations and warranties made as of a specified date, which shall be true and correct as of such specified
date), except where the failure of such representations and warranties to be true and correct (without giving effect to any qualification
as to materiality or Material Adverse Effect contained therein) would not have a Material Adverse Effect;

 

2.            The
Company shall have executed and delivered to the Purchaser a duly executed copy of the Registration Rights Agreement; and

 

3.            The
Company shall have performed in all material respects all of its obligations hereunder required to be performed by it, and complied with
the covenants hereunder applicable to it in all material respects, at or prior to the Closing.

 

(ii)            The
obligation of the Company to consummate the applicable transactions contemplated hereunder, including the PIPE, is subject to the fulfillment,
prior to or on the Closing Date, of the following conditions:

 

1.            The
representations and warranties of the Purchaser in Section 4 shall be true and correct (without giving effect to any qualification
as to materiality contained therein) as of the date hereof and as of Closing Date as if made as of such date (except for representations
and warranties made as of a specified date, which shall be true and correct as of such specified date), except where the failure of such
representations and warranties to be true and correct (without giving effect to any qualification as to materiality contained therein)
would not reasonably be expected to prevent, materially delay or materially impair the consummation of the transactions contemplated hereby;
and

 

2.            The
Purchaser shall have performed in all material respects all of its obligations hereunder required to be performed by it, and complied
with the covenants hereunder applicable to it in all material respects, at or prior to the Closing.

 

    	 	19	 

     

    

 

(iii)            The
obligations of each of the Company and the Purchaser to consummate the applicable transactions contemplated hereunder are subject to the
fulfillment, prior to or on the Closing Date, of the following conditions:

 

1.            No
judgment, injunction, decree or other legal restraint issued by a governmental entity shall prohibit, or have the effect of rendering
unachievable, the consummation of the transactions contemplated by this Agreement; and

 

2.            The
PIPE Shares and the PIPE Warrant Shares shall have been authorized for listing on the New York Stock Exchange.

 

(iv)            Neither
the Company nor the Purchaser may rely on the failure of any condition in this Section 7 to be satisfied if such failure was caused
by such party’s breach of its obligations under this Agreement.

 

Section 8. Restrictions on Transfer.

 

(a)            The
Purchaser shall not, and shall ensure that its Affiliates under common control do not, sell, transfer, assign, convey, gift or otherwise
dispose of, directly or indirectly (“Transfer”), any PIPE Securities or PIPE Warrant Shares; provided, however,
that the foregoing shall not restrict in any manner a Transfer of PIPE Shares or PIPE Warrant Shares (but, for clarity, the following
clauses (i) through (iv) shall not apply to any PIPE Warrants), (i) to any other person in a private transaction if the
Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such
Transfer is exempt from the registration requirements of the Securities Act, (ii) made in accordance with Rule 144 under the
Securities Act, provided that the Company shall have the right to receive an opinion of legal counsel for the holder, reasonably
satisfactory to the Company, to the effect that such Transfer is exempt from the registration requirements of the Securities Act, prior
to the removal of the legend subject to Rule 144, (iii) made pursuant to a registration statement declared effective by the
Commission, or (iv) pursuant to a tender offer, merger, consolidation, business combination, stock purchase or other similar transaction
or series of related transactions approved by the Board and, if applicable, made to all holders of the Company’s capital stock,
provided that in the event that such tender offer, merger, consolidation, business combination, stock purchase or transaction or
series of related transactions is not completed, the Purchaser’s PIPE Shares and PIPE Warrant Shares shall remain subject to the
restrictions set forth herein; provided, further, that the foregoing shall not restrict in any manner a Transfer of any
PIPE Securities or PIPE Warrant Shares by a Purchaser (1) solely to one or more of its Affiliates under common control, provided
that the transferee in each case agrees in writing to be subject to the terms of this Section 8 and, in the case of the Purchaser,
Section 9 hereof (such transferee, an “Affiliate Transferee”) or (2) pursuant to a pledge in connection with
a bona fide financing transaction with a third party. Any purported Transfers of any PIPE Securities or PIPE Warrant Shares in violation
of this Section 8 shall be null and void and no right, title or interest in or to such PIPE Securities or PIPE Warrant Shares issuable
upon exercise thereof, as applicable, shall be Transferred to the purported transferee, buyer, donee or assignee. The Company will not
give, and will not permit the Company’s transfer agent to give, any effect to such void purported Transfer in its stock records.
For the purposes of this Agreement, the Purchaser and Joseph N. Sanberg shall not be deemed to be under common control with any Person
solely because Mr. Sanberg serves as an officer, director or manager of such Person unless Mr. Sanberg also beneficially owns
a majority of the equity interests in such Person.

 

    	 	20	 

     

    

 

(b)            Restrictive
Legends. The Purchaser acknowledges and agrees that the PIPE Securities and the PIPE Warrant Shares will bear a legend substantially
similar to the legend set forth below in addition to any other legend that may be required by applicable law or by any agreement between
the Company and the Purchaser. The legend may be removed pursuant to Section 8(a)(iii) and Section 8(a)(iv) as provided
above.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED AND/OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.
THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION AND/OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, (B) IN
A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION AND/OR QUALIFICATION UNDER
APPLICABLE STATE SECURITIES LAWS PROVIDED THAT AT THE ISSUER’S REQUEST, THE TRANSFEROR THEREOF SHALL HAVE DELIVERED TO THE ISSUER
AN OPINION OF COUNSEL (WHICH OPINION SHALL BE IN FORM, SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE ISSUER) TO THE EFFECT THAT SUCH
SECURITIES MAY BE SOLD OR TRANSFERRED PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION, OR (C) SUCH SECURITIES MAY BE SOLD
PURSUANT TO RULE 144 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

Section 9. Certain Stockholder Matters.

 

(a)            The
Purchaser shall cause all of the voting securities of the Company that are beneficially owned by it, by Joseph N. Sanberg or any of its
or his respective Affiliates under common control or over which it or he or any of its or his respective Affiliates under common control
have voting control to be voted with respect to any action, proposal or matter to be voted on by the stockholders of the Company (including
through action by written consent), in proportion to and accordance with the vote of all stockholders of the Company; provided
that this Section 9(a) will only apply to voting securities beneficially owned by the Purchaser, together with its Affiliates,
in excess of 19.9% of the total voting power of the outstanding capital stock of the Company.

 

(b)            With
respect to any matter that the Purchaser, Joseph N. Sanberg, and/or its or his respective Affiliates under common control are required
to vote on in accordance with Section 9(a), the Purchaser shall (and shall cause Joseph N. Sanberg and any of its or his respective
Affiliates under common control to) (i) cause each voting security owned by it or over which it has voting control to be voted at
all meetings of stockholders of the Company, either by completing the proxy forms distributed by the Company or by having a designated
proxy present at the meeting, (ii) deliver the completed proxy form to the Company no later than three (3) Business Days prior
to the date of such meeting, and (iii) take such further action or execute such other instruments as may be reasonably necessary
to effectuate the intent of this Section 9.

 

    	 	21	 

     

    

 

(c)            In
furtherance of this Section 9, the Purchaser shall be, and shall cause Joseph N. Sanberg and each of its or his Affiliates under
common control to be, present in person or represented by proxy at all meetings of stockholders to the extent necessary so that all voting
securities of the Company as to which it is entitled to vote shall be counted as present for the purpose of determining the presence of
a quorum at such meeting.

 

(d)            During
the Standstill Period, the Purchaser hereby agrees that neither the Purchaser nor any of its Affiliates under common control will directly
or indirectly: (i) effect, offer or publicly propose to effect, or cause or participate in or in any way knowingly advise, assist
or encourage any other person to effect, offer or publicly propose to effect or participate in, (A) any acquisition in excess of
five percent (5%) of the issued and outstanding Class A Common Stock (or beneficial ownership thereof) of the Company, or any rights
to acquire any such securities (including derivative securities representing the right to vote or economic benefit of any such securities)
(but disregarding any securities acquired by the Purchaser under this Agreement and/or upon exercise of any PIPE Warrants); (B) any
tender or exchange offer, merger or other business combination involving the Company; (C) any liquidation or dissolution with respect
to the Company; or (D) any “solicitation” of “proxies” (as such terms are used in the proxy rules of
the Commission) or consents to vote any voting securities of the Company (other than in accordance with Section 9 hereof); (ii) form,
join or in any way participate in a “group” (as defined under the Exchange Act) with respect to any securities of the Company;
(iii) otherwise act, alone or in concert with others, to seek to control the management, Board or policies of the Company, provided
that the Purchaser is not precluded from engaging in direct, non-public conversations with the Board or management of the Company; (iv) take
any action which would be reasonably expected to force the Company to make a public announcement regarding any of the types of matters
set forth in (i) above; or (v) enter into any discussions or arrangements with any third party with respect to any of the foregoing.
Notwithstanding anything to the contrary contained in this Agreement, if, at any time during the Standstill Period, a third party (1) enters
into an agreement with the Company contemplating the acquisition (by way of merger, tender offer or otherwise) of at least 50% of the
outstanding capital stock of the Company or all or substantially all of its assets, then the restrictions set forth in this paragraph
shall terminate and cease to be of any further force or effect or (2) commences a tender offer, which was approved by the Board and
is made to all holders of the Company’s capital stock, for at least 50% of the outstanding capital stock of the Company or all or
substantially all of its assets, then the restrictions set forth in this paragraph shall be suspended and cease to be of any further force
or effect until the expiration or termination of such tender offer or until the public announcement of its withdrawal or abandonment.
Notwithstanding the foregoing, nothing in this Section 9(d) shall be construed to (i) prevent the Purchaser from purchasing
PIPE Securities pursuant to this Agreement, (ii) exercising any warrants acquired by the Purchaser pursuant to the Prior Purchase
Agreement, (iii) exercising any PIPE Warrants in accordance with their respective terms and conditions, (iv) subject to Section 9(a),
voting in favor of any stockholder proposal, (v) tendering any securities or receiving any consideration in connection with a bona
fide tender offer, merger, consolidation, business combination, stock purchase or other similar transaction or series of related transactions
that does not otherwise involve the Purchaser, (vi) subject to Section 9(a), announcing how Purchaser intends to vote on any
matter presented for a vote by the Company’s stockholders at an annual or special meeting of the Company, provided such announcement
does not include any non-public, confidential or competitively sensitive information of the Company or (vii) making any private proposals
to the Board or management of the Company or privately requesting any amendments of waivers to this Section 9(d) to the Company.
For the avoidance of doubt, the Company acknowledges and agrees that the Purchaser’s purchase of the PIPE Securities pursuant to
this Agreement and/or Purchaser’s exercise of any PIPE Warrants in accordance with their respective terms and conditions shall not
be deemed an acquisition of Class A Common Stock for purposes of Section 9(d) of the Prior Purchase Agreement.

 

    	 	22	 

     

    

 

Section 10. Termination.

 

(a)            This
Agreement may be terminated at any time prior to the Closing Date:

 

(i)            By
the Purchaser by written notice to the Company, if there is a material breach of this Agreement by the Company that is not cured by thirty
(30) days after receipt of written notice by the Company (provided that the right to terminate this Agreement under this Section 10(a)(i) shall
not be available to the Purchaser if it has failed to perform in any material respect any of its obligations under this Agreement or is
in breach of any representation or warranty such that the condition set forth in Section 7(b)(ii)(1) or Section 7(b)(ii)(2) would
not be satisfied (assuming that the date of such determination is the Closing Date)); or

 

(ii)            By
the Company by written notice to the Purchaser, if there is a material breach of this Agreement by the Purchaser that is not cured by
thirty (30) days after receipt of written notice by the Purchaser (provided that the right to terminate this Agreement under this
Section 10(a)(ii) shall not be available to the Company if it has failed to perform in any material respect any of its obligations
under this Agreement or is in breach of any representation or warranty such that the condition set forth in Section 7(b)(i)(1) or
Section 7(b)(i)(3) would not be satisfied (assuming that the date of such determination is the Closing Date)).

 

(b)            This
Agreement may be terminated at any time prior to the Closing Date, by the mutual written consent of the Company and the Purchaser.

 

(c)            If
this Agreement is terminated pursuant to this Section 10, this Agreement (other than Sections 11 through 22, which shall remain in
full force and effect) shall forthwith become wholly void and of no further force and effect. Nothing herein shall relieve any party from
liability for Fraud or willful breach of this Agreement.

 

Section 11. Indemnification.

 

(a)            The
Company agrees to indemnify and hold harmless the Purchaser and its respective directors, officers, members, employees, agents, Affiliates
and Representatives (all such Persons being hereinafter referred to, collectively, as the “Purchaser Indemnified Persons”),
against any losses, claims, damages or liabilities (“Indemnified Losses”), joint or several, to which any of the Purchaser
Indemnified Persons may become subject as a direct result of any (x) breach or inaccuracy by the Company of any of its representations
or warranties contained herein or (y) breach or failure to comply with any of its covenants or agreements contained herein; provided,
however, that the Company shall not be liable in any such case to any Purchaser Indemnified Person to the extent that any such
Indemnified Losses arise out of or are based upon (i) (x) any breach or inaccuracy of the applicable Purchaser’s representations
or warranties contained herein or (y) any breach or failure to comply with any of the applicable Purchaser’s covenants or agreements
contained herein or (ii) any violations by the Purchaser Indemnified Person of state or federal securities laws or any other conduct
by the Purchaser Indemnified Person which constitutes gross negligence, willful misconduct, or Fraud.

 

    	 	23	 

     

    

 

(b)            The
Purchaser agrees to indemnify and hold harmless the Company, its directors, officers, members, employees, agents, Affiliates and Representatives
(all such Persons being hereinafter referred to, collectively, as the “Company Indemnified Persons,” and together with
the Purchaser Indemnified Persons, the “Indemnified Persons”) against any Indemnified Losses to which any of the Company
Indemnified Persons may become subject as a direct result of any (x) breach or inaccuracy by the Purchaser of any of its representations
or warranties contained herein or (y) breach or failure to comply with any of its covenants or agreements contained herein; provided,
however, that the Purchaser shall not be liable in any such case to any Company Indemnified Person to the extent that any such
Indemnified Losses arise out of or are based upon (i) (x) any breach or inaccuracy of the Company’s representations or
warranties contained herein or (y) any breach or failure to comply with any of the Company’s covenants or agreements contained
herein or (ii) any violations by such Company Indemnified Person of state or federal securities laws or any other conduct by such
Company Indemnified Person which constitutes gross negligence, willful misconduct, or Fraud.

 

(c)            Any
Indemnified Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such
Indemnified Person, except to the extent the indemnifying party is actually and materially prejudiced thereby) and (ii) unless in
such Indemnified Person’s reasonable judgment a conflict of interest between such Indemnified Person and the indemnifying party
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party; provided, however, that any Indemnified Person shall have the right to employ separate counsel
and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party shall have failed
to assume the defense of such claim and employ counsel reasonably satisfactory to such Indemnified Person. If such defense is not assumed
by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made
by the Indemnified Person without the indemnifying party’s consent (but such consent will not be unreasonably withheld or delayed).
If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise
compromise the applicable claim unless (i) such settlement or compromise contains a full and unconditional release of the Indemnified
Person or (ii) the Indemnified Person otherwise consents in writing, which consent shall not be unreasonably withheld or delayed.
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any Indemnified Person, a conflict of interest may exist between such Indemnified Person and any other of such Indemnified
Persons with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements
of such additional counsel or counsels.

 

    	 	24	 

     

    

 

(d)            Absent
Fraud, willful misconduct or gross negligence by the party against whom a remedy is sought, from and after the date hereof, the sole and
exclusive remedies with respect to any and all claims relating to the subject matter of this Agreement shall be (i) monetary damages
in accordance with this Section 11, (ii) the remedies set forth in Section 20, and (iii) under the PIPE Warrants or
the Registration Rights Agreement.

 

(e)            Notwithstanding
any other provision of this Agreement, the liability for indemnification of any indemnifying party under this Agreement shall not include
punitive or exemplary damages except to the extent actually awarded pursuant to a third-party claim.

 

Section 12. Survival. The representations
and warranties of the Company and the Purchaser contained in this Agreement shall survive the Closing until the date that is twelve (12)
months after the Closing. All agreements and covenants in this Agreement to be performed prior to the Closing shall survive the Closing
until the date that is twelve (12) months after the Closing; each other agreement and covenant shall survive the Closing until the earlier
of its fulfilment and the expiration of the statute of limitations applicable thereto (except to the extent expressly provided in this
Agreement).

 

Section 13. Notices. All notices, communications
and deliveries required or permitted by this Agreement shall be made in writing signed by the party making the same, shall specify the
Section of this Agreement pursuant to which it is given or being made and shall be deemed given or made (i) on the date delivered
if delivered in person, (ii) on the third (3rd) Business Day after it is mailed if mailed by registered or certified mail (return
receipt requested) (with postage and other fees prepaid); (iii) on the date of confirmation of receipt (or the first Business Day
following such receipt if the date of such receipt is not a Business Day) of transmission by email; or (iv) on the day after it is
delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery on such day, as follows:

 

		(a)	if to the Purchaser, at:

 

RJB Partners LLC

[***]

 

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

 

Sullivan and Cromwell LLP

1888 Century Park East, Suite 2100

Los Angeles, CA 90067

Attention: Alison S. Ressler

Email: resslera@sullcrom.com

 

    	 	25	 

     

    

 

		(b)	if to the Company, at:

 

Blue Apron Holdings, Inc.

28 Liberty Street

New York, NY 10005

Attention: Chief Executive Officer

Email: legalnotices@blueapron.com

 

with copies (which shall not constitute notice) to:

 

Blue Apron Holdings, Inc.

28 Liberty Street

New York, NY 10005

Attention: General Counsel

Email: meredith.deutsch@blueapron.com

 

Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

Attention: David A. Westenberg, Esq.

Email: David.Westenberg@wilmerhale.com

 

and

 

Wilmer Cutler Pickering Hale and Dorr LLP

 

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: Christopher D. Barnstable-Brown, Esq.

Email: Chris.Barnstable-Brown@wilmerhale.com

 

or to such other representative or at such other address of a party
as such party hereto may furnish to the other parties in writing in accordance with this Section 13. If notice is given pursuant
to this Section 13 of any assignment to a permitted successor or assign of a party hereto, the notice shall be given as set forth
above to such successor or permitted assign of such party.

 

Section 14. Assignment. This Agreement
may not be assigned without the prior written consent of each of the parties hereto; provided, that, in the case of the Purchaser, this
Agreement may be assigned with only the prior written consent of the Company. This Agreement will be binding upon, and will inure to the
benefit of and be enforceable by, the parties hereto and their respective successors and assigns.

 

Section 15. Entire Agreement. This
Agreement, the Registration Rights Agreement, and the PIPE Warrants, embody the entire agreement and understanding between the parties
hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties, or undertakings,
other than those set forth or referred to herein or therein, with respect to the standby purchase commitments or the registration rights
granted by the Company with respect to the PIPE Securities, and the PIPE Warrant Shares. This Agreement supersedes all prior agreements
and understandings between the parties with respect to the subject matter of this Agreement.

 

    	 	26	 

     

    

 

Section 16. Governing Law. This Agreement
shall be governed by and construed in accordance with the internal laws of the State of New York (other than its rules of conflict
of laws to the extent the application of the laws of another jurisdiction would be required thereby).

 

Section 17. Waiver of Jury Trial; Consent
to Jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING
IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES
PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED
OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES
THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED
TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

 

Section 18. Severability. If any provision
of this Agreement or the application thereof to any person or circumstances is determined by a court of competent jurisdiction to be invalid,
void or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances other than those
as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired
or invalidated thereby. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
substitute provision to effect the original intent of the parties.

 

Section 19. [Reserved.].

 

Section 20. Specific Performance. Each
party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions of this Agreement
are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each
of the Company and the Purchaser, to the extent entitled to the benefit of the provisions hereof, shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement, and to enforce specifically this Agreement and its terms and provisions in any action
instituted in any court of the United States or any state having subject matter jurisdiction. Each party agrees that it will not oppose
the granting of such injunction, specific performance and other equitable relief on the basis that the other party has an adequate remedy
at law.

 

    	 	27	 

     

    

 

Section 21. Fees and Expenses. The
Company shall, contingent upon and reasonably promptly following the Closing, pay the professional fees, costs and expenses of outside
counsel incurred by the Purchaser and its Affiliates in connection with the negotiation, preparation and consummation of the transactions
contemplated hereunder, in an amount not to exceed, in the aggregate, $50,000.

 

Section 22. Miscellaneous.

 

(a)            The
Company shall not after the date of this Agreement take any action or enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to holders of the PIPE Securities in this Agreement.

 

(b)            The
headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement.

 

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

 

(d)            The
parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, 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.

 

(e)            This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken
together, shall constitute one and the same instrument.

 

[Remainder of this page intentionally
left blank.]

 

    	 	28	 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered as of the date first above written.

 

	 	BLUE APRON HOLDINGS, INC.
	 	By:	/s/ Linda Findley Kozlowski 
	 	Name:	Linda Findley Kozlowski 
	 	Title:	President and Chief Executive Officer 
	 	 
	 	RJB PARTNERS LLC
	 	By:	/s/ Joseph Sanberg
	 	Name:	Joseph Sanberg
	 	Title:	Managing Member

 

    	 		 

     

    

 

Annex A

 

FORM OF WARRANT

 

    	 	Annex A-1	 

     

    

 

Annex B

 

Form of Registration Rights Agreement

 

    	 	Annex B-1	 

     

    

 

Annex C

 

PIPE Securities

 

	Security	Number
	Class A Common Stock (referred to herein as the “PIPE Shares”)	357,143
	$15 Warrants (referred to herein as the “$15 PIPE Warrants”)	Warrants representing the right to purchase a total of 285,714 shares of Class A Common Stock
	$18 Warrants (referred to herein as the “$18 PIPE Warrants”)	Warrants representing the right to purchase a total of 142,857 shares of Class A Common Stock
	$20 Warrants (referred to herein as the “$20 PIPE Warrants”)	Warrants representing the right to purchase a total of 71,429 shares of Class A Common Stock

 

    	 	Annex C-1	 

     

    

 

Annex D

 

PURCHASER AND AFFILIATE OWNERSHIP

 

	Person	Company securities beneficially owned as of the date of this Agreement
	RJB Partners LLC	
    6,362,783 shares of Class A Common Stock

    20,645,731 warrants to purchase 0.8 shares of Class A Common Stock

    20,645,731 warrants to purchase 0.4 shares of Class A Common Stock

    20,645,731 warrants to purchase 0.2 shares of Class A Common Stock

	Joe Sanberg	214,293 shares of Class A Common Stock
	Aspiration Growth Opportunities II GP, LLC	1,250 shares of Class A Common Stock

 

    	 	Annex D-1Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of February 14, 2022, by and between Blue Apron Holdings, Inc., a Delaware corporation
(the “Company”), and RJB Partners LLC, a Delaware limited liability company (the “Purchaser”). Capitalized
terms used and not otherwise defined herein shall have the respective meanings assigned to them in the Purchase Agreement (as defined
below).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the
Purchaser are parties to that certain Registration Rights Agreement, by and among the Company, the Purchaser, and Matthew B. Salzberg,
dated as of November 4, 2021 (the “Prior Registration Rights Agreement”);

 

WHEREAS, the Company and the
Purchaser entered into that certain Purchase Agreement, dated as of February 14, 2022 (the “Purchase Agreement”);

 

WHEREAS, pursuant to the Purchase
Agreement, the Company agreed to sell to the Purchaser the PIPE Shares and the PIPE Warrants; and

 

WHEREAS, pursuant to the Purchase
Agreement, the Company agreed to grant certain registration rights to the Purchaser (including any of its Permitted Transferees) with
respect to the PIPE Shares and the PIPE Warrant Shares issued or issuable upon exercise of the PIPE Warrants; and

 

WHEREAS, in connection with
the consummation of the transactions contemplated by the Purchase Agreement, the parties desire to enter into this Agreement in order
to establish certain registration rights for the Purchaser as set forth below.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1. Certain Definitions.

 

In addition to the terms defined
elsewhere in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
of a Person shall mean any Person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is
under common Control with, such other Person; for the purposes of this Agreement, the Company or its subsidiaries shall not be deemed
to be an Affiliate of the Purchaser.

 

“Agreement”
means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any
of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes
operative.

 

“Business Day”
means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York.

 

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

 

“Financing Agreement”
shall mean that certain Financing Agreement, dated as of October 16, 2020, by and among the LLC Subsidiary, the Company, certain
other subsidiaries of the Company party thereto as subsidiary guarantors, the lenders party thereto from time to time, and Blue Torch,
as administrative agent and collateral agent for such lenders, as amended by that certain Amendment No. 1 to Financing Agreement,
dated as of November 19, 2020, by and among the parties thereto, and that certain Amendment No. 2 to Financing Agreement, dated
as of May 5, 2021, by and among the parties thereto, as the same may be amended and/or restated from time to time.

 

    	 	 	 

     

    

 

“Holders”
means the Purchaser and its Permitted Transferees.

 

“Lender Registration”
means a Registration Statement filed by the Company to register securities issued or issuable by the Company in connection with the Financing
Agreement.

 

“Permitted Transfer”
means with respect to any Registrable Securities any transfer of Registrable Securities in the manner permitted for such Registrable Securities
under clause (i), clause (1) or clause (2) of Section 8(a) of the Purchase Agreement.

 

“Permitted Transferee”
means any Person who receives Registrable Securities pursuant to a Permitted Transfer and executes a joinder to this Agreement in the
form attached hereto as Exhibit A.

 

“Person”
means an individual, corporation, partnership, association, joint stock company, limited liability company, joint venture, trust, governmental
entity, unincorporated organization or other legal entity.

 

“Prior Registration
Rights Agreement” shall have the meaning ascribed to it in the recitals of this Agreement.

 

“Prospectus”
means the prospectus or prospectuses (whether preliminary or final) included in any Registration Statement and relating to Registrable
Securities, as amended or supplemented and including all material incorporated by reference in such prospectus or prospectuses.

 

“Purchaser”
shall have the meaning ascribed to it in the first paragraph of this Agreement.

 

“Registrable Securities”
means the PIPE Shares, the PIPE Warrant Shares, and any other securities that may be acquired or issued upon exercise of the PIPE Warrants
or any other common equity securities of the Company issued as a dividend or distribution with respect to, or in exchange for or in replacement
of, the PIPE Shares and the PIPE Warrant Shares, in each case held by the Holders. Equity securities will cease being Registrable Securities
when they are (i) sold by the holder thereof pursuant to Rule 144, (ii) eligible to be sold by the holder thereof pursuant
to Rule 144 and such sale can be made without restriction as to volume or manner of sale under Rule 144 unless the applicable
Holder has determined in good faith that the inclusion of such securities as “Registrable Securities” is reasonably necessary
or advisable to implement the Holders’ strategy with respect to selling such securities (for the avoidance of doubt, including the
price, quantum and time at which such securities may be sold) or (iii) sold pursuant to any offering registered under the Securities
Act (including, for the avoidance of doubt, under the Shelf Registration Statement).

 

“Registration Statement”
means any registration statement of the Company which covers any of the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all documents incorporated by reference in such Registration Statement.

 

“SEC” means
the Securities and Exchange Commission or any successor agency.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Shares”
means any shares of Class A Common Stock and any other securities that may be issued after the date hereof in respect of, or in exchange
for such Class A Common Stock.

 

“Shelf Registration
Statement” means a “shelf” registration statement of the Company relating to a “shelf” offering in accordance
with Rule 415 of the Securities Act, or any similar rule that may be adopted by the SEC, pursuant to the provisions of Section 2(a) hereof
which covers all of the Registrable Securities held by the Holders, on an appropriate form under the Securities Act, and all amendments
and supplements to such registration statement, including post-effective amendments, in each case including the prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

 

    	 	- 2 -	 

     

    

 

“Termination Date”
means the first date on which there are no Registrable Securities or there are no Holders.

 

“underwritten offering”
means a registered offering in which securities of the Company are sold to one or more underwriters pursuant to an underwriting agreement.

 

Section 2. Shelf Registration.

  

(a)           Required
Registration. The Company shall (i) cause a Shelf Registration Statement to be filed with the SEC on the earliest of (x) February 14,
2023, (y) within thirty (30) days of the date that Holder requests the Company to make such filing and (z) such other date
as mutually agreed by the Company and the Holder, and (ii) use commercially reasonable efforts to cause such Shelf Registration
Statement to be declared effective by the SEC as promptly as possible but in any event no later than sixty (60) days after the Shelf
Registration Statement is filed pursuant to clause (i) (the “Shelf Registration”). Each Holder agrees, severally
but not jointly, to furnish to the Company (i) in writing, all information with respect to such Holder that the Company reasonably
deems required or advisable to be included in the Shelf Registration Statement and any other information necessary to make any such information
previously furnished to the Company by such Holder not misleading and (ii) completed and executed selling shareholder questionnaires,
powers of attorney, indemnities and other documents reasonably required by the Company at least five (5) days prior to the anticipated
filing date. Prior to filing the Shelf Registration Statement and any amendments thereto with the SEC, the Company shall provide drafts
thereof to the Purchaser and its counsel, and the Purchaser and its counsel shall be given a reasonable opportunity to review and comment
upon such Shelf Registration Statement. The Shelf Registration Statement, in the form in which it becomes effective, will conform in
all material respects with the requirements of the Securities Act and the rules and regulations of the SEC thereunder and will
not 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 the light of the circumstances under which they were made, not misleading. The Company agrees to use its commercially
reasonable efforts to keep the Shelf Registration Statement continuously effective for as long as the Holders hold any Registrable Securities.
The Company further agrees, if necessary, to promptly supplement or amend the Shelf Registration Statement, if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities
Act or by any other rules and regulations thereunder for shelf registrations, and the Company agrees to furnish to the Holders
copies of any such supplement or amendment promptly after its being used or filed with the SEC.

 

(b)           Right
to Request Registration. Subject to the provisions hereof, at any time the Shelf Registration Statement covering all Registrable
Securities is not effective, other than as permitted in accordance with Section 4 hereof, and until the Termination Date, a Holder
may at any time request registration under the Securities Act for resale of all, but not less than all, of the Registrable Securities
then-held by the applicable Holder(s) (a “Demand Registration” and each Holder who properly initiates such request
shall be referred to individually as an “Initiating Holder” and collectively as the “Initiating Holders”).
Subject to Section 2(f) and Sections 4 and 5 below, the Company shall (i) file a Registration
Statement registering for resale such number of Registrable Securities as requested to be so registered pursuant to this Section 2(b) (a
 “Demand Registration Statement”) within forty-five (45) days after the Initiating Holders’ request therefor
and (ii) use commercially reasonable efforts to cause such Demand Registration Statement to be declared effective by the SEC as
soon as practical thereafter. To the extent requested by the Initiating Holders, the Demand Registration Statement shall allow the offer
and sale of the Registrable Securities on a continuous basis pursuant to Rule 415 under the Securities Act, unless the Company
is not eligible to use a form which allows such offer and sale in which case the Demand Registration Statement shall allow such offer
and resale for so long a period as permitted by the Securities Act and the rules thereunder.

 

(c)           Number
of and Restrictions on Demand Registrations. Subject to the limitations of Sections 2(b) and 4(a), the Holders
collectively shall be entitled to effect one (1) Demand Registration hereunder, provided that the total number of Demand
Registrations effected hereunder plus the total number of Demand Registrations effected under the Prior Registration Rights Agreement
by RJB Holders (as such terms are defined therein) shall not exceed either (i) four (4) Demand Registrations in the aggregate
or (ii) two (2) Demand Registrations in any 12-month period. A Registration Statement shall not count as a permitted Demand
Registration unless and until it has become effective. Subject to Section 2(e), no Holder shall be entitled to request a
Demand Registration (i) if the Shelf Registration Statement is effective and not subject to suspension permitted under Section 4
hereof or (ii) if there is an effective Demand Registration Statement which permits the offer and sale of the Registrable Securities
on a continuous basis under Rule 415. Further, no Holder shall be entitled to request a Demand Registration at any time when the
Company is diligently pursuing a primary or secondary underwritten offering.

 

    	 	- 3 -	 

     

    

 

(d)           Priority
on Demand Registrations. The Company may include securities other than Registrable Securities in a Demand Registration for any accounts
(including for the account of the Company) on the terms provided below; and if such Demand Registration is an underwritten offering, such
securities may be included only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested
Demand Registration advise the Company and the Initiating Holder that in their opinion the number of securities proposed to be included
in the Demand Registration exceeds the number of securities which can be sold in such underwritten offering without materially delaying
or jeopardizing the success of the offering (including the price per share of any Shares proposed to be sold in such underwritten offering),
the Company shall include in such Demand Registration (i) first, the number of Registrable Securities that the Initiating Holder
proposes to sell, and (ii) second, the number of securities proposed to be included therein by any other Persons (including securities
to be sold for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of
securities which can be sold is less than the number of securities proposed to be registered pursuant to clause (i) above by the
Initiating Holder, the number of securities to be sold shall be allocated to the Initiating Holder in their entirety.

 

(e)           Underwritten
Offerings. The Holders shall be entitled to request an underwritten offering or a block trade (i) in connection with a Demand
Registration, subject to the terms and conditions of this Section 2 or (ii) at any time that a Shelf Registration
Statement covering Registrable Securities is effective (a “Shelf Underwritten Offering”). The Company shall as promptly
as reasonably practicable (and in any event within twenty (20) days) amend or supplement any Shelf Registration Statement as may be necessary
in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering and otherwise use its commercially
reasonable efforts to facilitate such Shelf Underwritten Offering, provided that, in the case of any Shelf Underwritten Offering,
the Holders agree to consult in good faith with the chief executive officer and/or chief financial officer of the Company regarding the
Company’s involvement in such Shelf Underwritten Offering and agree to consider in good faith any reasonable suggestions or comments
provided on a timely basis by such officer(s) with regard to the Company’s involvement in such Shelf Underwritten Offering
to such Holders, the managing underwriters, or their respective counsel. For the avoidance of doubt, a Shelf Underwritten Offering constitutes
a Demand Registration with respect to the applicable Holder. If any of the Registrable Securities are to be sold in an underwritten offering,
the Holders of a majority of the securities to be included in such offering shall select the managing underwriter or underwriters (which
shall be reasonably acceptable to the board of directors of the Company) to administer any such offering.

 

(f)            Effective
Period of Demand Registration. Upon the date of effectiveness of the Demand Registration (if the offering thereunder is an underwritten
offering) and if such offering is priced promptly on or after such date, the Company shall use commercially reasonable efforts to keep
such Demand Registration Statement effective for sale on a continuous basis under Rule 415, or if such rule is unavailable to
the Company, for a period equal to one hundred eighty (180) days from such date (or such longer period as in the opinion of counsel for
the underwriters a Prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or
dealer) or such shorter period which shall terminate when all of the Registrable Securities covered by such Demand Registration have been
sold by the Initiating Holder. If the Company shall withdraw the Demand Registration pursuant to Section 5 before the end
of such period, the Initiating Holder shall be entitled to a replacement Demand Registration which shall be subject to all of the provisions
of this Agreement. A Demand Registration shall not count as the one permitted Demand Registration hereunder if (i) after the Registration
Statement has become effective, such Registration Statement or the related offer, sale or distribution of Registrable Securities thereunder
becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other governmental agency or
court for any reason not attributable to the Initiating Holder or its Affiliates and such interference is not thereafter eliminated so
as to permit the completion of the contemplated distribution of Registrable Securities or (ii) if the Demand Registration is for
an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or waived for any
reason not attributable to the Initiating Holder or its Affiliates, and as a result of any such circumstances described in clause (i) or
(ii), less than seventy five percent (75%) of the Registrable Securities covered by the Registration Statement are sold by the Initiating
Holder pursuant to such Registration Statement.

 

    	 	- 4 -	 

     

    

 

Section 3. Piggyback Registrations.

 

(a)           Right
to Piggyback. Prior to the Termination Date, in the event the Shelf Registration Statement is not effective, whenever the Company
proposes to register any Shares under the Securities Act (other than on a registration statement on Form S-8, F-8, S-4 or F-4 or
pursuant to a Lender Registration), whether for its own account or for the account of one or more holders of securities, and the form
of registration statement to be used may be used for any registration of Registrable Securities (a “Piggyback Registration”),
the Company shall give written notice to the Holders of its intention to effect such a registration and, subject to Sections 3(b) and
3(c), shall include in such registration statement and in any offering of Shares to be made pursuant to that registration statement
all Registrable Securities with respect to which the Company has received a written request for inclusion therein from a Holder within
ten (10) days after such Holder’s receipt of the Company’s notice or, in the case of a primary offering, such shorter
time as is reasonably specified by the Company in light of the circumstances. The Company shall have no obligation to proceed with any
Piggyback Registration and may abandon, terminate and/or withdraw such registration for any reason at any time prior to the pricing thereof.
Any Holder may elect to withdraw its request for inclusion of Registrable Securities in any Piggyback Registration by giving written
notice to the Company of such request to withdraw at least five (5) days prior to the effectiveness of such Registration Statement
or prior to the pricing of the applicable offering. No registration effected under this Section 3 shall relieve the Company
of its obligations to effect any registration of the sale of Registrable Securities under Section 2(a) and no registration
effected pursuant to this Section 3 shall be deemed to have been effected pursuant to Section 2(b).

 

(b)           Priority
on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company
and the managing underwriters advise the Company and the Holders (if any Holders have elected to include Registrable Securities in such
Piggyback Registration) that in their good faith opinion the number of securities proposed to be included in such offering exceeds the
number of securities which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including
the price per security proposed to be sold in such offering), the Company shall include in such registration and offering (i) first,
the number of Shares that the Company proposes to sell, and (ii) second, the number of securities requested to be included therein
by holders of securities, including the Holders (if any Holders have elected to include Registrable Securities in such Piggyback Registration),
pro rata (as nearly as practicable) among all participating holders on the basis of the number of securities requested to be included
therein by all such holders or as such holders and the Company may otherwise agree.

 

(c)           Priority
on Secondary Piggyback Registrations. If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder
of securities other than a Holder and the managing underwriters advise the Company that in their good faith opinion the number of securities
proposed to be included in such registration exceeds the number of securities which can be sold in such offering without materially delaying
or jeopardizing the success of the offering (including the price per security proposed to be sold in such offering), then the Company
shall include in such registration (i) first, the number of securities requested to be included therein by the holder(s) requesting
such registration (including any Initiating Holders), (ii) second, the number of securities requested to be included therein by
other holders of securities including any other Holders (if any other Holders have elected to include Registrable Securities in such
Piggyback Registration), pro rata (as nearly as practicable) among participating holders on the basis of the number of securities requested
to be included therein by such holders or as such holders and the Company may otherwise agree and (iii) third, the number of securities
that the Company proposes to sell. For the avoidance of doubt, if a Piggyback Registration is effected pursuant to this Section 3
by certain Holders with regard to a Demand Registration Statement resulting from a Demand Registration initiated by one or more other
Holders that are parties hereto, the underlying Demand Registration would still be deemed to have been effected for the Initiating Holders.

 

(d)           Selection
of Underwriters. If any Piggyback Registration is a primary or secondary underwritten offering, subject to the terms and conditions
of Section 2 hereof, the Company shall have the sole right to select the managing underwriter or underwriters to administer
any such offering.

 

(e)           Basis
of Participation. The Holders may not sell Registrable Securities in any offering pursuant to a Piggyback Registration unless it
(i) agrees to sell such Registrable Securities on the same basis provided in the underwriting or other distribution arrangements
approved by the Company and that apply to the Company and/or any other holders involved in such Piggyback Registration and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, lockups and other documents required under
the terms of such arrangements.

 

    	 	- 5 -	 

     

    

 

Section 4. Suspension Periods.

 

(a)           Suspension
Periods. The Company may (i) delay the filing or effectiveness of a Registration Statement in conjunction with a Shelf Registration
or Demand Registration or (ii) prior to the pricing of any underwritten offering or other offering of Registrable Securities pursuant
to a Shelf Registration or Demand Registration, delay such underwritten or other offering (and, if it so chooses, withdraw any registration
statement that has been filed), but in each case described in clauses (i) and (ii) above, only if (A) the Company,
by decision of either its chief executive officer or its board of directors or similar governing body, determines in her or its reasonable
and good faith judgement (x) that proceeding with such an offering would require the Company to disclose material non-public information
that would not otherwise be required to be disclosed at that time and that the Company has, in the reasonable business judgment of its
chief executive officer, a valid business purpose to continue to retain as confidential or (y) that the registration or offering
to be delayed could, if not delayed, materially adversely affect any bona fide pending or proposed transaction that would be material
to the Company and its subsidiaries taken as a whole, including any debt or equity financing, any acquisition or disposition, any recapitalization
or reorganization or any other material transaction, whether due to commercial reasons, a desire to avoid premature disclosure of information
or any other reason or (B) the registration or offering to be delayed would, if not delayed, render the Company unable to comply
with requirements under the Securities Act or Exchange Act, the rules and regulations of the SEC, FINRA, or state securities authority,
or other applicable laws or the requirements of any securities exchange on which the Company’s securities are listed. Any period
during which the Company has delayed a filing, an effective date or an offering pursuant to this Section 4 is herein called
a “Suspension Period.” If pursuant to this Section 4 the Company delays or withdraws a Demand Registration
requested by the Holders, the Initiating Holders making the request shall be entitled to withdraw such request and, if they do so, such
request shall not count against the limitation on the number of such registrations set forth in Section 2. The Company shall
provide prompt written notice to participating Holders of the commencement and termination of any Suspension Period (and any withdrawal
of a registration statement pursuant to this Section 4), but shall not be obligated under this Agreement to disclose the
reasons therefor. Holders shall keep the existence of each Suspension Period confidential and refrain from making offers and sales of
Registrable Securities (and direct any other Persons making such offers and sales to refrain from doing so) during each Suspension Period
under the applicable Registration Statement. The Company may not commence a Suspension Period more than two (2) times during any
twelve (12) month-period. Each Suspension Period shall be in effect for no more than ninety (90) days and, in the aggregate, Suspension
Periods may not be in effect for more than one hundred and twenty (120) days in any twelve (12)-month period.

 

(b)           Other
Lockups. Notwithstanding any other provision of this Agreement, the Company shall not be obligated to take any action hereunder that
would violate any lockup or similar restriction binding on the Company in connection with a prior or pending registration or underwritten
offering.

 

    	 	- 6 -	 

     

    

 

Section 5. Holdback Agreements.

 

The restrictions in this Section 5
shall apply to a Holder for as long as such Holder is the beneficial owner of any Registrable Securities, as determined pursuant to Rule 13d-3
and Rule 13d-5 of the Exchange Act. If the Company proposes to sell Shares or other securities convertible into or exchangeable for
(or otherwise representing a right to acquire) Shares in a primary underwritten offering pursuant to any registration statement under
the Securities Act, or if any other Person proposes to sell securities in a secondary underwritten offering, in each case in which the
Holders have been provided piggyback rights in accordance with Section 3 hereof, and if the managing underwriters for such
offering advise the Company (in which case the Company promptly shall notify the Holders) that a public sale or distribution of securities
outside such offering would materially adversely affect such offering, then, if requested by the Company, each Holder shall agree, severally
and not jointly, as contemplated in this Section 5, not to (and to cause Affiliates controlled by such Holder or under common
control with such Holder, not to) sell, transfer, pledge, issue, grant or otherwise dispose of, directly or indirectly (including by means
of any short sale), or request the registration of, any Registrable Securities (or any securities of any Person that are convertible into
or exchangeable for, or otherwise represent a right to acquire, any Registrable Securities) for a period (each such period, a “Holdback
Period”) beginning on the tenth day before the pricing date for the underwritten offering and extending through the earlier
of (i) the ninetieth day after such pricing date (subject to customary automatic extension in the event of the release of earnings
results of or material news relating to the Company) and (ii) such earlier day (if any) as may be designated for this purpose by
the managing underwriters for such offering (each such agreement of the Holders, a “Holdback Agreement”). Each Holdback
Agreement shall be in writing in form and substance satisfactory to the Company and the managing underwriters. Notwithstanding the foregoing,
(i) the Holders shall not be obligated to enter a Holdback Agreement unless the Company and each selling shareholder in such offering,
if any, also execute agreements substantially similar to such Holdback Agreement, (ii) the Holdback Period applicable to the Holders
shall not be longer than that which is applicable to any other holder of Shares and (iii) any agreement with the underwriters with
respect to a Holdback Period shall provide that the underwriters may not waive the holdback period for any other holder of Shares unless
it is similarly waived for the Holders. A Holdback Agreement shall not apply to (i) the exercise of any warrants or options to purchase
securities of the Company (provided that such restrictions shall apply with respect to the securities issuable upon such exercise),
(ii) any securities included in the underwritten offering giving rise to the application of this Section 5 or (iii) any
Permitted Transfer.

 

Section 6. Registration Procedures.

 

(a)            Whenever
a Holder requests that any Registrable Securities be registered pursuant to this Agreement or requests a Shelf Underwritten Offering,
the Company shall use commercially reasonable efforts to effect, as soon as practical as provided herein, the registration and the sale
of such Registrable Securities in accordance with the intended methods of disposition thereof, and, pursuant thereto, the Company shall,
as soon as practical as provided herein, use its commercially reasonable efforts to:

 

(i)             subject
to the other provisions of this Agreement, in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and cause such Registration
Statement to become effective (unless it is automatically effective upon filing); provided, that before filing a Registration Statement
pursuant to this Agreement, the Company will furnish to counsel of the Holders in such offering copies of the registration statement,
any prospectus, and prospectus supplement, and such other documents proposed to be filed with the SEC as such Holders may reasonably request,
and the Company shall give the Holders and their counsel a reasonable opportunity to comment on such documents and keep such Holders reasonably
informed as to the registration process (and the Holders of the Registrable Securities covered by such Registration Statement shall have
the right to request that the Company modify any information contained in such Registration Statement pertaining to the Holders and the
Company will use its commercially reasonable efforts to address requests such Holders may reasonably propose);

 

(ii)            prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as
may be necessary to comply with the applicable requirements of the Securities Act and keep such Registration Statement effective for the
relevant period required hereunder, but no longer than is necessary to complete the distribution of the securities covered by such Registration
Statement, and to comply with the applicable requirements of the Securities Act with respect to the disposition of all the securities
covered by such Registration Statement during such period in accordance with the intended methods of disposition set forth in such Registration
Statement; provided, that before filing any amendments or supplements or any free writing prospectuses related thereto, the Company will
furnish to counsel of the Holders in such offering copies of the registration statement, any prospectus, and prospectus supplement, and
such other documents proposed to be filed with the SEC as such Holders may reasonably request, and the Company shall give the Holders
and their counsel a reasonable opportunity to comment on such documents and keep such Holders reasonably informed as to the registration
process (and the Holders of the Registrable Securities covered by such Registration Statement shall have the right to request that the
Company modify any information contained in such Registration Statement, amendment or supplement thereto pertaining to the Holders and
the Company will use its commercially reasonable efforts to address requests such Holders may reasonably propose);

 

(iii)           if
requested by the managing underwriters (if any) or the holders of a majority of the then outstanding Registrable Securities included in
such Registration Statement, promptly include in a prospectus supplement or post-effective amendment such information as the managing
underwriters (if any) or such holders may reasonably request in order to permit the intended method of distribution of such securities
and to make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company
has received such request;

 

    	 	- 7 -	 

     

    

 

(iv)           obtain
the withdrawal of any order suspending the effectiveness of any Registration Statement, or the lifting of any suspension of the qualification
or exemption from qualification of any Registrable Securities for sale in any jurisdiction in the United States;

 

(v)            deliver,
without charge, such number of copies of the Registration Statement, preliminary and final Prospectus and any supplement or exhibit thereto
or documents incorporated therein as the Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
of Holders covered by such Registration Statement in conformity with the requirements of the Securities Act, and the Company hereby consents
to the use of such Registration Statement, Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable
Securities and the underwriters or agents, if any, in connection with the offering and sale of the Registrable Securities covered thereby;

 

(vi)           register
or qualify such Registrable Securities under such other securities or blue sky laws as the Holders or underwriters reasonably request
and continue such registration or qualification in effect in such jurisdictions for as long as the applicable Registration Statement may
be required to be kept effective under this Agreement (provided that the Company will not be required to (A) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (v), (B) subject
itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

(vii)          notify
the Holders and each distributor of such Registrable Securities identified by the Holders, at any time when a Prospectus relating thereto
would be required under the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the
Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits a material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and, at the reasonable request
of the Holders, prepare, as soon as practical, a supplement or amendment to such Prospectus so that, as thereafter delivered to any prospective
purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(viii)         in
the case of an underwritten offering in which the Holders participate pursuant to a Demand Registration or a Piggyback Registration, enter
into an underwriting agreement, containing customary provisions (including provisions for indemnification, lockups, opinions of counsel
and comfort letters), and take all such other customary and reasonable actions as the managing underwriters of such offering may request
in order to facilitate the disposition of such Registrable Securities (including, making appropriate personnel of the Company available
at reasonable times and places to assist in customary road-shows that the managing underwriters determine are necessary or advisable to
effect the offering);

 

(ix)            in
the case of an underwritten offering in which the Holders participate pursuant to a Demand Registration or a Piggyback Registration, and
to the extent not prohibited by applicable law, (A) make reasonably available, for inspection by the managing underwriters of such
offering and one attorney and accountant acting for such managing underwriters, pertinent corporate documents and financial and other
records of the Company and its subsidiaries and controlled Affiliates (but excluding any documents incorporated by reference in such Registration
Statement, amendments or supplements that are available on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (or
any successor system)), (B) cause the Company’s officers and employees to supply information reasonably requested by such managing
underwriters or attorney in connection with such offering, (C) make the Company’s independent accountants available for any
such underwriters’ due diligence and have them provide customary comfort letters to such underwriters in connection therewith; and
(D) cause the Company’s counsel to furnish customary legal opinions to such underwriters in connection therewith; provided,
however, that such records and other information shall be subject to such confidential treatment as is customary for underwriters’
due diligence reviews;

 

(x)             cause
all such Registrable Securities to be listed on the New York Stock Exchange or such other national securities exchange (if any) on which
securities of the same class issued by the Company are then listed;

 

    	 	- 8 -	 

     

    

 

(xi)           provide
a transfer agent, registrar and CUSIP number (if applicable) for all such Registrable Securities not later than the effective date of
such Registration Statement and, at a reasonable time before any proposed sale of Registrable Securities pursuant to a Registration Statement,
provide the transfer agent with printed certificates or book entry statements for, or other indicia acceptable to the transfer agent of,
the Registrable Securities to be sold;

 

(xii)           make
generally available to its shareholders, as soon as reasonably practicable, a consolidated earnings statement (which need not be audited)
for a period of twelve (12) months beginning after the effective date of the Registration Statement as soon as reasonably practicable
after the end of such period, which earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of
the Securities Act and Rule 158 thereunder;

 

(xiii)         promptly
notify each Holder and the managing underwriters of any underwritten offering, if any:

 

(A)          when
the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or any post-effective amendment to
the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same
has become effective;

 

(B)           of
any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for any additional information
regarding the Holders;

 

(C)           of
the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order
suspending the effectiveness of the Registration Statement; and

 

(D)           of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale
under the applicable securities or blue sky laws of any jurisdiction.

 

(xiv)         cooperate
and assist in any filings required to be made with FINRA;

 

(xv)          if
the Shelf Registration Statement covering Registrable Securities has been outstanding for at least three years and any Registrable Securities
remain outstanding, at the end of the third year, file a new Shelf Registration Statement covering the Registrable Securities; and

 

(xvi)         take
such other actions and deliver such other documents and instruments as may be reasonably requested and are necessary to facilitate the
registration and disposition of Registrable Securities as contemplated hereby.

 

For the avoidance of doubt,
the provisions of clauses (viii) and (ix) of this Section 6(a) shall apply only in respect of an underwritten
offering.

 

(b)           No
Registration Statement (including any amendments thereto) shall contain any 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 not misleading, and no Prospectus (including any supplements
thereto) shall contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, in each case, except for any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information
furnished to the Company by or on behalf of the Holders or any underwriter or other distributor specifically for use therein.

 

    	 	- 9 -	 

     

    

 

(c)            At
all times after the Company has filed a Registration Statement with the SEC pursuant to the requirements of the Securities Act and until
the Termination Date, the Company shall use commercially reasonable efforts to continuously maintain in effect the Registration Statement
of Class A Common Stock under Section 12 of the Exchange Act and to use commercially reasonable efforts to file all reports
required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder,
all to the extent required to enable the Holders to be eligible to sell Registrable Securities (if any) pursuant to Rule 144 under
the Securities Act.

 

(d)            The
Company may require each Holder and each distributor of Registrable Securities as to which any registration is being effected to, and
each Holder severally and not jointly agrees to, and to cause any distributor to, furnish to the Company information regarding such Person
and the distribution of such securities as the Company may from time to time reasonably request in connection with such registration.

 

(e)            The
Holders agree that, upon being advised in writing by the Company of the occurrence of an event pursuant to Section 6(a)(vii),
such Holders will immediately discontinue (and direct any other Persons making offers and sales of Registrable Securities to immediately
discontinue) offers and sales of Registrable Securities pursuant to any Registration Statement (other than those pursuant to a plan that
is in effect prior to such time and that complies with Rule 10b5-1 of the Exchange Act) until it is advised in writing by the Company
that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 6(a)(vii),
and, if so directed by the Company, each such Holder will deliver to the Company all copies, other than permanent file copies then in
the Holders’ possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

(f)             The
Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the Securities Act)
in lieu of any supplement to a prospectus, and references herein to any “supplement” to a Prospectus shall include any such
issuer free-writing prospectus. Neither the Holders nor any other seller of Registrable Securities may use a free-writing prospectus to
offer or sell any such shares without the Company’s prior written consent.

 

(g)            It
is understood and agreed that any failure of the Company to file a Registration Statement or any amendment or supplement thereto or to
cause any such document to become or remain effective or usable within or for any particular period of time as provided in Sections
2, 4 or 6 or otherwise in this Agreement, due to reasons that are not reasonably within its control (including, for
the avoidance of doubt, bona fide delays related to the services to be provided by third parties including the Company’s auditors
or advisors), or due to any refusal of the SEC to permit a registration statement or prospectus to become or remain effective or to be
used because of unresolved SEC comments thereon (or on any documents incorporated therein by reference) despite the Company’s good
faith and commercially reasonable efforts to resolve those comments, shall not be a breach of this Agreement.

 

(h)            It
is further understood and agreed that the Company shall not have any obligations under this Section 6 at any time on or after
the Termination Date, unless an underwritten offering in which the Holders have participated has been priced but not completed prior to
the Termination Date, in which event the Company’s obligations under this Section 6 shall continue with respect to such
offering until it is so completed (but not more than sixty (60) days after the commencement of the offering).

 

(i)             Notwithstanding
anything to the contrary in this Agreement, the Company shall not be required to file a Registration Statement or include Registrable
Securities in a Registration Statement unless it has received from participating Holders, at least five (5) days prior to the anticipated
filing date of the Registration Statement, requested information required to be provided by such Holders for inclusion therein.

 

    	 	- 10 -	 

     

    

 

Section 7. Registration Expenses.

 

(a)            All
fees and expenses incurred by the Company incident to the Company’s performance of or compliance with this Agreement, including
all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, FINRA fees, listing application fees,
printing expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final form
as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants,
custodians and other Persons retained by the Company, internal expenses of the Company (including all salaries and expenses of its officers
and employees performing legal or accounting duties) and expenses in connection with participation in any road show, and the reasonable
and documented fees and disbursements of one (1) counsel for the Holders, collectively, shall be borne by the Company during the
term of this Agreement, provided that legal fees and disbursements payable hereunder in connection with Holders’ counsel
plus legal fees and disbursements payable under the Prior Registration Rights Agreement in connection with RJB Holders’ counsel
shall not exceed $150,000 in the aggregate. Subject to the preceding sentence, the applicable Holder shall bear the cost of all underwriting
discounts and commissions associated with any sale of Registrable Securities by such Holder and shall pay all fees and expenses of any
selling brokers, dealer managers or similar securities industry professionals or any other advisers representing such Holder and any related
stock transfer taxes.

 

(b)            The
obligation of the Company to bear the expenses described in Section 7(a) shall apply irrespective of whether a registration,
once properly demanded or requested becomes effective or is withdrawn or suspended.

 

Section 8. Indemnification.

 

(a)            The
Company shall indemnify, to the fullest extent permitted by law, each Holder, its respective officers, directors, members, employees,
agents, Affiliates, and Representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (collectively,
the “Holder Indemnified Persons”) against all losses, claims, damages, liabilities, judgments, costs (including reasonable
costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based upon (i) any untrue or
alleged untrue statement of a material fact contained or incorporated by reference in any Registration Statement or Prospectus, free writing
prospectus or any amendment thereof or supplement thereto, in the information conveyed by the Company or its representatives to a purchaser
at the time of sale to such purchaser or arising out of or based upon any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein not misleading or (ii) any violation or alleged violation by the Company
of the Securities Act or any other similar foreign, federal or state securities laws or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification
or compliance, provided, however, that the Company will not be liable in any such case if and to the extent that any such loss,
claim, damage or liability arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged
omission so made in reliance and in conformity with information furnished in writing to the Company by or on behalf of the applicable
Holder expressly for use therein; (ii) use by the applicable Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that such Prospectus is outdated or defective; (iii) an applicable Holder’s failure to send
or give a copy of the Prospectus or supplement (as then amended or supplemented), if required (and not exempted) to the Persons asserting
an untrue statement or omission or alleged untrue statement or omission at or prior to the written confirmation of the sale of Registrable
Securities (except to the extent caused by the Company’s breach of its obligations under this Agreement); (iv) the disposition
of any Registrable Securities pursuant to any Registration Statement or Prospectus covering such Registrable Securities by an applicable
Holder during a Suspension Period; (v) any breach or failure to comply with any of the Holder’s covenants or agreements contained
herein or (vi) any violations by such Holder Indemnified Person of state or federal securities laws. In connection with an underwritten
offering, in which any Holder participates, conducted pursuant to a registration effected hereunder, the Company shall indemnify each
participating underwriter and each Person who controls such underwriter (within the meaning of the Securities Act) to the same extent
as provided above with respect to the indemnification of any participating Holder.

 

(b)            In
connection with any Registration Statement in which a Holder is participating, such Holder shall furnish to the Company in writing such
information as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus, or amendment
or supplement thereto, and shall indemnify, severally and not jointly, to the fullest extent permitted by law, the Company, its officers,
directors, members, employees, agents, Affiliates, and Representatives and each Person who controls the Company (within the meaning of
the Securities Act) (collectively, the “Company Indemnified Persons”) against all losses, claims, damages, liabilities,
judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of
or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement or Prospectus, or any amendment
or supplement thereto, or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the extent that the same are made in reliance and in conformity
with information furnished in writing to the Company by or on behalf of such participating Holder expressly for use therein; provided,
however, that such Holder will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises
out of or is based upon (i) any breach or failure to comply with any of the Company’s covenants or agreements contained herein
or (ii) any violations by such Company Indemnified Person of state or federal securities laws. No Holder of Registrable Securities
shall be liable in respect of indemnity amounts for more than the net proceeds actually received by such Holder in connection with such
Registrable Securities.

 

    	 	- 11 -	 

     

    

 

(c)            Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of any claim with respect
to which it seeks indemnification and (ii) permit such indemnifying Person to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified Person. Failure to notify the indemnifying Person shall not relieve it from any liability that it may
have to an indemnified Person except to the extent that the indemnifying Person is materially and adversely prejudiced thereby. An indemnifying
Person who is entitled to, and elects to, assume the defense of a claim shall not be subject to any liability for any settlement made
by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An indemnifying Person who is entitled
to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition
to one local counsel) for all Persons indemnified (hereunder or otherwise) by such indemnifying Person with respect to such claim (and
all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified Person there may be one
or more legal or equitable defenses available to such indemnified Person which are in addition to or may conflict with those available
to another indemnified Person with respect to such claim). If an indemnifying Person is entitled to, and elects to, assume the defense
of a claim, the indemnified Person shall continue to be entitled to participate in the defense thereof, with counsel of its own choice,
but, except as set forth above, the indemnifying Person shall not be obligated to reimburse the indemnified Person for the costs thereof.
The indemnifying Person shall not consent to the entry of any judgment or enter into or agree to any settlement relating to a claim or
action for which any indemnified Person would be entitled to indemnification by any indemnified Person hereunder unless such judgment
or settlement imposes no ongoing obligations or imposition of equitable remedies on any such indemnified Person and includes as an unconditional
term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release, satisfactory in form and substance to
such indemnified Person, from all liabilities in respect of such claim or action for which such indemnified Person would be entitled to
with regard to such indemnification. The indemnifying Person shall not be liable hereunder for any amount paid or payable or incurred
pursuant to or in connection with any judgment entered or settlement effected with the consent of an indemnified Person unless the indemnifying
Person has also consented to such judgment or settlement (but such consent will not be unreasonably withheld).

 

(d)            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall survive the transfer
of securities and the Termination Date but only with respect to offers and sales of Registrable Securities made before the Termination
Date or during the period following the Termination Date referred to in Section 6(h).

 

(e)            If
the indemnification provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held
by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then
each applicable indemnifying Person, in lieu of indemnifying such indemnified Person, shall contribute to the amount paid or payable by
such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect
the relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other in connection with the statements
or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations.
The relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the indemnifying Person or by the indemnified Person, and by such Person’s relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability
of the indemnifying Person be greater in amount than the amount for which such indemnifying Person would have been obligated to pay by
way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had been available
under the circumstances.

 

    	 	- 12 -	 

     

    

 

Section 9. Securities Act Restrictions.

 

Subject to the terms and conditions
of the Purchase Agreement, to the extent the Registrable Securities are restricted securities under the Securities Act, they may not be
offered or sold except pursuant to an effective Registration Statement or an available exemption from registration under the Securities
Act. Accordingly, the Holders shall not, directly or through others, offer or sell any Registrable Securities except pursuant to a Registration
Statement as contemplated herein or pursuant to Rule 144 or another exemption from registration under the Securities Act, if available.
Prior to any transfer of Registrable Securities, other than pursuant to an effective registration statement or in accordance with Section 8(a) of
the Purchase Agreement, each Holder shall notify the Company of such transfer and the Company may require such Holder to provide, prior
to such transfer, such evidence that the transfer will comply with the Securities Act (including written representations or an opinion
of counsel) as the Company may reasonably request. The Company may impose stop-transfer instructions with respect to any Registrable Securities
that are to be transferred in contravention of this Agreement or, if applicable, the Purchase Agreement. Any certificates representing
the Registrable Securities may bear a legend (and the Company’s share registry may bear a notation) referencing the restrictions
on transfer contained in this Agreement (and the Purchase Agreement, if any), until such time as such securities have ceased to be (or
are to be transferred in a manner that results in their ceasing to be) Registrable Securities. Subject to the provisions of this Section 9,
the Company will replace any such legended certificates with unlegended certificates promptly upon surrender of the legended certificates
to the Company or its designee and cause shares that cease to be Registrable Securities to bear a general unrestricted CUSIP number, in
order to facilitate a lawful transfer or at any time after such shares cease to be Registrable Securities.

 

Section 10. Miscellaneous.

 

(a)            Notices.
All notices, communications and deliveries required or permitted by this Agreement shall be made in writing signed by the party making
the same, shall specify the Section of this Agreement pursuant to which it is given or being made and shall be deemed given or made
(i) on the date delivered if delivered in person, (ii) on the third (3rd) Business Day after it is mailed if mailed by registered
or certified mail (return receipt requested) (with postage and other fees prepaid); (iii) on the date of confirmation of receipt
(or the first Business Day following such receipt if the date of such receipt is not a Business Day) of transmission by email; or (iv) on
the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery on such day, as
follows:

 

(i)             if
to the Purchaser, at:

 

RJB Partners LLC

[***]

 

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

 

Sullivan and Cromwell LLP

1888 Century Park East, Suite 2100

Los Angeles, CA 90067

Attention: Alison S. Ressler

Email: resslera@sullcrom.com

 

(ii)            if
to the Company, at:

 

Blue Apron Holdings, Inc.

28 Liberty Street

New York, NY 10005

Attention: General Counsel

Email: legalnotices@blueapron.com

 

    	 	- 13 -	 

     

    

 

With copies (which shall not constitute notice) to:

 

Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

Attention: David A. Westenberg, Esq.

Email: David.Westenberg@wilmerhale.com

 

and

 

Wilmer Cutler Pickering Hale and Dorr LLP

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: Christopher Barnstable-Brown, Esq.

Email: Chris.Barnstable-Brown@wilmerhale.com

 

or to such other representative or at such other
address of a party as such party hereto may furnish to the other parties in writing in accordance with this Section 10. If
notice is given pursuant to this Section 10 of any assignment to a Permitted Transferee, permitted successor or assign of
a party hereto, the notice shall be given as set forth above to such Permitted Transferee, successor or permitted assign of such party.

 

(b)            No
Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. No waiver hereunder shall be effective unless it is in writing and signed by the party against whom the waiver is to be
enforced. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

(c)            Assignment.
Except in connection with any Permitted Transfer by a Holder, this Agreement may not be assigned by any Holder without the prior written
consent of the Company and this Agreement may not be assigned by the Company without the prior written consent of the Holders. This Agreement
will be binding upon, and will inure to the benefit of and be enforceable by, the parties hereto and their respective successors and assigns.

 

(d)            No
Third-Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person or entity
other than the Company and the Holders, any benefits, rights, or remedies (except as specified in Section 9 hereof).

 

(e)            Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York (other than its
rules of conflict of laws to the extent the application of the laws of another jurisdiction would be required thereby).

 

(f)             Waiver
of Jury Trial; Consent to Jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT
IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT,
ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY
HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING
A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER
THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

 

    	 	- 14 -	 

     

    

 

(g)            Entire
Agreement. This Agreement, the Purchase Agreement, the PIPE Warrants, and the Prior Registration Rights Agreement embody the entire
agreement and understanding between the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions,
promises, warranties, or undertakings, other than those set forth or referred to herein or therein, with respect to the registration rights
granted by the Company with respect to the PIPE Securities and the PIPE Warrant Shares. This Agreement supersedes all prior agreements
and understandings between the parties with respect to the subject matter of this Agreement.

 

(h)            Severability.
If any provision of this Agreement or the application thereof to any person or circumstances is determined by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances
other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected,
impaired or invalidated thereby. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable
and equitable substitute provision to effect the original intent of the parties.

 

(i)             Restriction
on Third-Party Registration Rights; Priority. The Company agrees that it shall not grant any registration rights to any third party
(i) unless such rights are expressly made subject to the rights of the Holders in a manner consistent with this Agreement or (ii) if
such registration rights are senior to, or take priority over, the registration rights granted to the Holders under this Agreement, and
in the event such registration rights are granted to a third party, the Company will so notify the Holders. The registration rights granted
in connection with this Agreement shall be junior and subordinate to all registration rights granted by the Company in connection with
the Prior Registration Rights Agreement.

 

(j)             Amendment.
No amendment of any provision of this Agreement will be effective unless made in writing and signed by an officer of a duly authorized
representative of the Company and the Holder against whom such amendment is to be effective.

 

(k)            Specific
Performance. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions
of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it
is agreed that each of the Company and each Holder, to the extent entitled to the benefit of the provisions hereof, shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement, and to enforce specifically this Agreement and its terms and provisions
in any action instituted in any court of the United States or any state having subject matter jurisdiction. Each party agrees that it
will not oppose the granting of such injunction, specific performance and other equitable relief on the basis that the other party has
an adequate remedy at law.

 

(l)             Miscellaneous.

 

(i)             The
headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement.

 

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

 

(iii)           The
parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, 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.

 

(iv)           This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken
together, shall constitute one and the same instrument.

 

[Signature page follows]

 

    	 	- 15 -	 

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	 	BLUE APRON HOLDINGS, INC.
	 	 
	 	By:	/s/ Linda Findley Kozlowski
	 	Name:	Linda Findley Kozlowski
	 	Title:	President and Chief Executive Officer
	 	 
	 	RJB PARTNERS LLC
	 	By:	/s/ Joseph Sanberg 
	 	Name:	Joseph Sanberg
	 	Title:	Managing Member

 

[Signature Page to Registration Rights Agreement]

 

    	 	 	 

     

    

 

Exhibit A

 

FORM OF JOINDER TO

REGISTRATION RIGHTS AGREEMENT

 

THIS JOINDER to the Registration Rights Agreement,
dated as of February 14, 2022, by and between Blue Apron Holdings, Inc., a Delaware corporation, and RJB Partners LLC, a Delaware
limited liability company (the “Registration Rights Agreement”), is made and entered into as of [●], by and between
the Company and [●] (“New Holder”). Capitalized terms used herein but not otherwise defined shall have
the meanings set forth in the Registration Rights Agreement.

 

WHEREAS, New Holder has acquired certain Registrable
Securities from [●].

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Joinder hereby agree as follows:

 

1.             Agreement
to be Bound. New Holder hereby agrees that upon execution of this Joinder, it shall become a party to the Registration Rights Agreement
and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement as though
an original party thereto and shall be deemed a Holder for all purposes thereof.

 

2.             Successors
and Assigns. This Joinder shall bind and inure to the benefit of and be enforceable by the Company, the Holders and their respective
successors, heirs and assigns and Holder and its successors, heirs and assigns.

 

3.             Counterparts.
This Joinder may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken
together, shall constitute one and the same instrument.

 

4.             Notices.
For purposes of Section 10(a) of the Registration Rights Agreement, all notices, demands or other communications to the
New Holder shall be directed to:

 

[Name]

[Address]

[Email Address]

 

5.             Governing
Law. This Joinder shall be governed by and construed in accordance with the internal laws of the State of New York (other than its
rules of conflict of laws to the extent the application of the laws of another jurisdiction would be required thereby).

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