Document:

exhibit44

    EXECUTION VERSION        REGISTRATION RIGHTS AGREEMENT  by and among  DOLE PLC  and  THE HOLDERS LISTED ON SCHEDULE A HERETO    Dated as of August 3, 2021                  

 

        TABLE OF CONTENTS  Page  1. Definitions and Interpretation ..............................................................................................3  2. Reserved ...............................................................................................................................8  3. Shelf Registration.................................................................................................................8  4. Piggyback Registration ......................................................................................................13  5. Lock-up Agreements ..........................................................................................................14  6. Other Registration Rights ..................................................................................................15  7. Registration Procedures .....................................................................................................16  8. Indemnification by the Company.......................................................................................19  9. Indemnification by Participating Shareholders ..................................................................20  10. Conduct of Indemnification Proceedings...........................................................................20  11. Survival ..............................................................................................................................21  12. Contribution .......................................................................................................................21  13. Participation in Public Offering .........................................................................................22  14. Compliance with Rule 144.................................................................................................22  15. Selling Expenses ................................................................................................................23  16. Prohibition on Requests; Holders’ Obligations .................................................................23  17. Miscellaneous ....................................................................................................................23    SCHEDULE I — Holders of Registrable Securities  ANNEX A — Form of Joinder Agreement    

 

  3    This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered  into as of August 3, 2021, by and among Dole plc, a company incorporated in Ireland (the  “Company”), and the persons listed on Schedule A hereto (such persons, in their capacity as  holders of Registrable Securities, including any Permitted Transferees hereunder, the “Holders”  and each a “Holder” and, the Holders together with the Company, the “Parties”).  RECITALS  WHEREAS, in connection with the initial public offering (the “IPO”) of the ordinary  shares of Company, $0.01 par value per share, the Company intends to consummate the  transactions (collectively, the “Transactions”) described in the Company’s registration statement  on Form F-1(Registration No. 333-257621) and the Transaction Agreement, dated as of February  16, 2021, by and among the Company, Total Produce plc, Total Produce USA Holdings Inc.,  DFC Holdings, LLC, the Holders and the other parties named therein (the “Transaction  Agreement”).    WHEREAS, following the consummation of the Transactions, including the IPO, the  Holders will hold Ordinary Shares (as defined below); and  WHEREAS, the Company desires to enter into this Agreement with the Holders in order  to provide the Holders the registration rights described herein.  NOW, THEREFORE, in consideration of the foregoing Recitals and the representations,  warranties, covenants and agreements set forth in this Agreement, and intending to be legally  bound by this Agreement, the Parties agree as follows:  1. Definitions and Interpretation.   (a) Definitions. In addition to those terms separately defined in this Agreement, each  of the following capitalized terms has the meaning specified in this Section 1(a).    “Adverse Disclosure” means (A) public disclosure of material non-public information  that, in the good faith judgment of the chief executive officer or chief financial officer of the  Company, after consultation with counsel to the Company, (i) would be required to be made in  any Registration Statement filed with the SEC by the Company so that such Registration  Statement would not be materially misleading; (ii) would not be required to be made at such time  but for the filing of such Registration Statement and (iii) the Company has a bona fide business  purpose for not disclosing publicly or (B) the inclusion of financial statements of the Company  or any business that has been acquired or is proposed to be acquired by the Company in any  Registration Statement or prospectus that, in the good faith judgment of the chief executive  officer or chief financial officer of the Company, (i) are not then available for inclusion in such  Registration Statement or prospectus, (ii) would not be required to be publicly filed by the  Company but for the filing of such Registration Statement or the commencement of an  Underwritten Shelf Take Down pursuant to Section 3 and (iii) are being prepared by the  Company as promptly as reasonably practicable.    

 

  4    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly  Controls, is Controlled by, or is under common Control with, such Person; provided, that no  shareholder of the Company shall be deemed an Affiliate of any other shareholder solely by  reason of any investment in the Company.  “Board” means the board of directors of the Company.  “Business Day” means any day except a Saturday, Sunday or other day on which  commercial banks in in Dublin, Ireland, or New York, New York are authorized by Law to close.  “Control” means the possession, directly or indirectly, 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, and “Controls” and “Controlled” each has a correlative  meaning.   “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any  successor federal statute, and the rules and regulations of the SEC thereunder, as the same shall  be in effect from time to time.  “FINRA” means the Financial Industry Regulatory Authority, Inc., and any successor  regulator performing comparable functions.  “Governmental Entity” means any foreign, United States federal or state, regional or  local legislative, executive or judicial body or agency, any court of competent jurisdiction, any  department, commission, political subdivision or other governmental entity or instrumentality, or  any arbitral authority, in each case, whether domestic or foreign.  “Joinder Agreement” means a joinder agreement, a form of which is attached as Annex A  to this Agreement.  “Judgments” means any legally binding judgments, injunctions, orders, stays, decrees,  writs, rulings, or awards of any court or other judicial authority or any other Governmental  Entity.  “Law” means all laws (including common law), statutes, ordinances, rules, regulations,  orders, decrees or legally-binding guidance of any Governmental Entity, or Judgments.  “Majority Holders” means Holders holding a majority of the Registrable Securities.  “Material Adverse Change” means (i) any general suspension of trading in, or limitation  on prices for, securities on any national securities exchange or in the over-the-counter market in  the United States (other than ordinary course limitations on hours or number of days of trading);  (ii) a material outbreak or escalation of armed hostilities or other international or national  calamity involving the United States or the declaration by the United States of a national  emergency or war or a material adverse change in national or international financial, political or  economic conditions; or (iii) any event, change, circumstance or effect that is or is reasonably  likely to be materially adverse to the business, properties, assets, liabilities, condition (financial  

 

  5    or otherwise), operations or results of operations of the Company and its Subsidiaries, taken as a  whole.  “Ordinary Shares” means the ordinary shares, par value $0.01 per share, of the Company  and any securities issued in respect thereof, or in substitution therefor, in connection with any  share split, dividend or combination, or any reclassification, recapitalization, amalgamation,  merger, consolidation, scheme of arrangement, exchange or other similar reorganization.  “Participating Shareholder” means, with respect to any registration, any Holder of  Registrable Securities covered by the applicable Registration Statement.  “Permitted Transferee” means with respect to any Holder, (i) any Affiliate of such Holder  that is Controlled by or under common Control with such Holder, or (ii) any other Person to  whom a Holder has pledged Registrable Securities pursuant to Section 5.1(g) of the Transaction  Agreement.   “Person” means any individual, corporation, partnership, limited liability company, joint  venture, association, joint-stock company, trust, unincorporated organization, governmental  entity or any other entity.  “Public Offering” means any public offering and sale of Ordinary Shares of the Company  or its successor for cash pursuant to an effective registration statement (other than on Form S-4,  Form F-4, Form S-8 or a comparable form) under the Securities Act.  “Registrable Securities” means Ordinary Shares owned by a Holder as of the closing date  of the IPO, and any securities issued or issuable in respect of such Ordinary Shares by way of  conversion, amalgamation, exchange, share dividend, split or combination, recapitalization,  merger, consolidation, other reorganization or otherwise until the earliest to occur of (solely with  respect to such particular Ordinary Shares) (i) a Registration Statement covering such Ordinary  Shares has been declared effective by the SEC and such Ordinary Shares have been sold or  otherwise disposed of pursuant to such effective Registration Statement, (ii) such Ordinary  Shares are otherwise transferred to a Person that is not a Permitted Transferee thereof, (iii) such  Ordinary Shares are repurchased by the Company or a Subsidiary of the Company or cease to be  outstanding or (iv) such Ordinary Shares may be resold without registration pursuant to Rule 144  without regard to volume or manner of sale limitations, whether or not any such sale has  occurred.  “Registration Expenses” means any and all expenses of, and incident to the performance  of or compliance with, any registration or marketing of securities, including all (i) registration  and filing fees, and all other fees and expenses payable in connection with the listing of  securities on any securities exchange or automated interdealer quotation system, (ii) fees and  expenses of compliance with any securities or “blue sky” Laws (including fees and  disbursements of counsel in connection with “blue sky” qualifications of the securities  registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of  any Registration Statements, prospectuses and other documents in connection therewith and any  amendments or supplements thereto, (iv) security engraving and printing expenses, (v)(a) fees  

 

  6    and disbursements of counsel for the Company and (v)(b) reasonable fees and disbursements of  one counsel selected by the Majority Holders, up to an aggregate of one hundred thousand  dollars ($100,000) for all registrations hereunder, and (v)(c)customary fees and expenses for  independent certified public accountants retained by the Company (including the expenses  relating to any required audits of the financial statements of the Company or any comfort letters  or costs associated with the delivery by independent certified public accountants of any comfort  letters requested pursuant to Section 7(l)), (vi) fees and expenses of any special experts retained  by the Company in connection with such registration, (vii) fees and expenses in connection with  any review by FINRA of the underwriting arrangements or other terms of the offering, and all  fees and expenses of any “qualified independent underwriter,” including the fees and expenses of  any counsel thereto, but excluding any underwriting fees, discounts and commissions attributable  to the sale of Registrable Securities, (viii) transfer agents’ and registrars’ fees and expenses and  the fees and expenses of any other agent or trustee appointed in connection with such offering,  (ix) expenses relating to any analyst or investor presentations or any “road shows” undertaken in  connection with the registration, marketing or selling of the Registrable Securities and (x) all  costs and expenses incurred by the Company or its appropriate officers in connection with their  compliance with Section 7(m). For the avoidance of doubt, “Registration Expenses” shall include  expenses of the type described in clauses (i) - (x) to the extent incurred in connection with the  “take down” of Ordinary Shares pursuant to a Registration Statement previously declared  effective. Except for the foregoing Registration Expenses (including reasonable fees and  expenses of counsel to Holders referenced in item (v)(b) above and subject to the limitation  therein), or as otherwise provided in this Agreement, Registration Expenses shall not include any  other out-of-pocket expenses of any Holders (or the agents who manage their accounts), or any  Selling Expenses.  “Registration Statement” means any registration statement of the Company that covers  Registrable Securities pursuant hereto filed with, or to be filed with, the SEC under the rules and  regulations promulgated under the Securities Act, including the related prospectus, pre- and post- effective amendments and supplements to such registration statement and all exhibits and all  material incorporated by reference in such registration statement.  “Representatives” means, with respect to any Person, (i) any of such Person’s partners,  stockholders, shareholders, members, directors, officers, employees, agents, counsel,  accountants, trustees, equity financing partners, investment advisors or representatives, Affiliates  and investment vehicles managed or advised by such Person, (ii) the partners, stockholders,  shareholders, members, directors, officers, employees, agents, counsel, accountants, trustees,  equity financing partners, investment advisors or representatives of such Persons listed in clause  (i), and (iii) any other Person acting on behalf of such Person with respect to the Company and  any of its Subsidiaries.  “Rule 144” means Rule 144 (or any successor provisions) under the Securities Act.  “Rule 415” means Rule 415 (or any successor provisions) under the Securities Act.  “SEC” means the United States Securities and Exchange Commission and any successor  agency performing comparable functions.  

 

  7    “Securities Act” means the Securities Act of 1933, as amended from time to time, and the  rules and regulations promulgated thereunder.  “Selling Expenses” means all underwriting discounts and selling commissions, and stock  or share transfer taxes applicable to the sale of Registrable Securities.  “Shelf Registration Statement” means a Registration Statement of the Company filed  with the SEC on Form S-1, Form F-1, Form S-3 or Form F-3 (or any successor form or other  appropriate form under the Securities Act) or a prospectus supplement to an existing Form S-1,  Form F-1, Form S-3 or Form F-3, in each case in accordance with and pursuant to Rule 415  under the Securities Act (or any similar rule that may be adopted by the SEC) covering all of the  Registrable Securities, as applicable, and which may also cover any other securities of the  Company.  “Subsidiary” means, as to a Person, any corporation, partnership, limited liability  company or other organization, whether incorporated or unincorporated, of which at least a  majority of the securities or other interests having by their terms voting power to elect a majority  of the board of directors or others performing similar functions with respect to such corporation  or other organization is directly or indirectly beneficially owned or controlled by such Person.  “Underwritten Offering” means a registration in which Company Securities are sold to an  underwriter or underwriters on a firm commitment basis.  (b) Interpretation.  (i) When calculating the period of time before which, within which or  following which any act is to be done or step taken pursuant to this  Agreement, (A) the date that is the reference date in calculating such  period shall be excluded and (B) if the last day of such period is a not a  Business Day, the period in question shall end on the next succeeding  Business Day.  (ii) When a reference is made herein to a Section, such reference shall be to a  Section of this Agreement unless otherwise indicated. The table of  contents and headings contained herein are for reference purposes only  and shall not affect in any way the meaning or interpretation of this  Agreement.  (iii) Whenever the words “include,” “includes” or “including” are used herein,  they shall be deemed to be followed by the words “without limitation.”  (iv) The words “hereof,” “hereto,” “hereby,” “herein” and “hereunder” and  words of similar import when used herein shall refer to this Agreement as  a whole and not to any particular provision of this Agreement.  

 

  8    (v) The word “extent” in the phrase “to the extent” means the degree to which  a subject or other thing extends, and such phrase shall not mean simply  “if.”  (vi) Any law or regulation defined or referred to herein means such law or  regulation as from time to time amended, modified or supplemented,  unless otherwise specifically indicated.   (vii) References to a person are also to its successors and permitted assigns.  (viii) Any reference to the “filing” of a Registration Statement shall include a  confidential submission made in accordance with the rules of the SEC.  (ix) The Annexes to this Agreement are incorporated and made a part hereof  and are an integral part of this Agreement. Any capitalized term used in  any Annex but not otherwise defined therein shall have the meaning given  to such term herein.  2. Reserved.  3. Shelf Registration.   (a) Filing. By not later than the forty-fifth (45th) day following the closing date of the  IPO, the Company shall file with the SEC a Shelf Registration Statement on Form S-1 or Form  F-1 (or any similar long-form Registration Statement), in each case, relating to the offer and sale  of all Registrable Securities by the Holders from time to time in accordance with the methods of  distribution elected by such Holders and set forth in the Shelf Registration Statement (a “Shelf  Registration”), and no later than ninety (90) days after the closing of the IPO, the Company shall  use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective  under the Securities Act on or prior to such date, provided that if the distribution of the  Registrable Securities will be made through an Underwritten Offering, the procedures in respect  of an Underwritten Offering set forth in Section 3(e) shall apply.  (b) Continued Effectiveness. The Company shall use its reasonable best efforts to  keep such Shelf Registration Statement (or a replacement Shelf Registration Statement on  another form) continuously effective under the Securities Act (including, if necessary, by  renewing or refiling a Shelf Registration Statement prior to expiration of the existing Shelf  Registration Statement or by filing with the SEC a post-effective amendment or a supplement to  the Shelf Registration Statement or any document incorporated therein by reference or by filing  any other required document or otherwise supplementing or amending 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, the  Exchange Act, any state securities or blue sky Laws, or any rules and regulations thereunder) in  order to permit the prospectus forming a part thereof to be usable by Holders for the disposition  of Registrable Securities until there are no longer any Registrable Securities outstanding (the  “Shelf Period”).   

 

  9    (c) Reserved.   (d) Suspension of Registration. If the filing of or the continued use of a Shelf  Registration Statement at any time would require the Company to make an Adverse Disclosure  or if the Company is required to file a post-effective amendment to a Shelf Registration  Statement on Form F-1 or S-1 to update the audited financial statements included therein (an  “Audited Financial Statements Update”), the Company may, upon giving at least 10 calendar  days’ prior written notice of such action to the Holders, suspend use of the Shelf Registration  Statement (a “Shelf Suspension”) for a period of time not to exceed thirty (30) days per Shelf  Suspension, as determined in good faith by the Company to be necessary for such purpose;  provided, that (x) the Company shall not be permitted to exercise a Shelf Suspension more than  three (3) times during any 12-month period and (y) such Shelf Suspension shall terminate at such  time as the Company would no longer be required to make any Adverse Disclosure or, in the  case of an Audited Financial Statements Update, within three (3) business days after the SEC has  completed its review of the updated Shelf Registration Statement. In the case of a Shelf  Suspension, the Holders agree to suspend use of the applicable prospectus and any issuer free  writing prospectus in connection with any sale or purchase of, or offer to sell or purchase,  Registrable Securities, upon receipt of the notice referred to above. The Company shall (i) as  soon as reasonably practicable notify the Holders upon the termination of any Shelf Suspension,  (ii) as soon as reasonably practicable, amend or supplement the prospectus and any issuer free  writing prospectus, if necessary, so it does not contain any untrue statement or omit to state a  material fact required to be stated therein or necessary to make the statements therein not  misleading and (iii) as soon as reasonably practicable, furnish to the Holders such numbers of  copies of the prospectus and any issuer free writing prospectus as so amended or supplemented  as the Holders may reasonably request. The Company agrees, if necessary, as soon as reasonably  practicable, to supplement or make amendments to the Shelf Registration Statement, if required  by the registration form used by the Company for the Shelf Registration or by the instructions  applicable to such registration form or by the Securities Act or the rules or regulations  promulgated thereunder or as may reasonably be requested by the Holders, including to keep the  Shelf Registration Statement effective until all Registrable Securities covered by such Shelf  Registration Statement are sold in accordance with the intended plan of distribution set forth in  such Shelf Registration Statement or supplement to the prospectus.  Notwithstanding anything in  this Agreement to the contrary, the Company shall not be permitted to file a registration  statement to register for sale, or to conduct any Public Offering (including any “take-downs” off  of an effective shelf registration statement) either for its own account or the account of any other  Person during any Shelf Suspension.  (e) Underwritten Shelf Takedown.  (i) At any time during which a Shelf Registration Statement on Form F-1 or  S-1 is in effect, the Majority Holders may elect to offer Registrable  Securities with a total offering price reasonably expected to be at least  thirty million dollars ($30,000,000) pursuant to the Shelf Registration  Statement in the form of an Underwritten Offering by written notice  (which notice may be given by email) to the Company of such intention at  least thirty (30) Business Days prior to the date on which such  

 

  10    Underwritten Offering is anticipated to launch, specifying the number of  Registrable Securities for which the Majority Holders are requesting  registration under this Section 3(e) and the other material terms of such  Underwritten Offering to the extent known (such request, a “Long-Form  Underwritten Shelf Takedown Request,” and any Underwritten Offering  conducted pursuant thereto, an “Long-Form Underwritten Shelf  Takedown”), and the Company shall promptly, but in no event later than  five (5) Business Days following the receipt of such Long-Form  Underwritten Shelf Takedown Request, give written notice of such  Underwritten Shelf Takedown Request (such notice, an “Long-Form  Underwritten Shelf Takedown Notice”) to the other Holders and such  Long-Form Underwritten Shelf Takedown Notice shall offer the other  Holders the right to register as part of such Long-Form Underwritten Shelf  Takedown such number of Registrable Securities as each such other  Holder may request in writing. Subject to Section 3(e)(iii) and Section  3(e)(iv), the Company shall cause the underwriter(s) to include as part of  the Long-Form Underwritten Shelf Takedown all Registrable Securities  that are requested to be included therein by any of the other Holders in  accordance with the immediately prior sentence; provided, that all such  other Holders requesting to participate in the Long-Form Underwritten  Shelf Takedown must sell their Registrable Securities to the underwriters  on the same terms and conditions as apply to the Majority Holders  requesting the Long-Form Underwritten Shelf Takedown; provided,  further, that, if at any time after making an Long-Form Underwritten Shelf  Takedown Request and prior to the launch of the Long-Form Underwritten  Shelf Takedown, the Majority Holders requesting the Long-Form  Underwritten Shelf Takedown shall determine for any reason or no reason  not to proceed with or to delay such Long-Form Underwritten Shelf  Takedown, such Majority Holders shall give written notice to the  Company of such determination and the Company shall give written  notice of the same to each other Holder and, thereupon, (A) in the case of  a determination not to proceed, the Company shall be relieved of its  obligations to cause the underwriter(s) to include any Registrable  Securities of the other Holders as part of such Long-Form Underwritten  Shelf Takedown (but the Company shall not be relieved from its  obligation to pay the Registration Expenses in connection therewith),  without prejudice, however, to the other registration rights contained  herein, and (B) in the case of a determination by the Majority Holders to  delay such Long-Form Underwritten Shelf Takedown, the Company shall  be relieved of its obligations to cause the underwriter(s) to include any  Registrable Securities of the other Holders as part of such Long-Form  Underwritten Shelf Takedown for the same period as the Majority Holders  determine to delay such Long-Form Underwritten Shelf Takedown.  

 

  11    (ii) At any time during which a Shelf Registration Statement on Form F-3 or  S-3 is in effect, the Majority Holders may elect to offer Registrable  Securities with a total offering price reasonably expected to be at least  thirty million dollars ($30,000,000) pursuant to the Shelf Registration  Statement in the form of an Underwritten Offering by written notice  (which notice may be given by email) to the Company of such intention at  least ten (10) Business Days prior to the date on which such Underwritten  Offering is anticipated to launch, specifying the number of Registrable  Securities for which the Majority Holders are requesting registration under  this Section 3(e) and the other material terms of such Underwritten  Offering to the extent known (such request, an “Short-Form Underwritten  Shelf Takedown Request,” and any Underwritten Offering conducted  pursuant thereto, an “Short-Form Underwritten Shelf Takedown” and,  together with any Long-Form Underwritten Shelf Takedown, an  “Underwritten Shelf Takedown”), and the Company shall promptly, but in  no event later than two (2) Business Days following the receipt of such  Short-Form Underwritten Shelf Takedown Request, give written notice of  such Short-Form Underwritten Shelf Takedown Request (such notice, an  “Short-Form Underwritten Shelf Takedown Notice”) to the other Holders  and such Short-Form Underwritten Shelf Takedown Notice shall offer the  other Holders the right to register as part of such Underwritten Shelf  Takedown such number of Registrable Securities as each such other  Holder may request in writing. Subject to Section 3(e)(iii) and Section  3(e)(iv), the Company shall cause the underwriter(s) to include as part of  the Short-Form Underwritten Shelf Takedown all Registrable Securities  that are requested to be included therein by any of the other Holders in  accordance with the immediately prior sentence; provided, that all such  other Holders requesting to participate in the Short-Form Underwritten  Shelf Takedown must sell their Registrable Securities to the underwriters  on the same terms and conditions as apply to the Majority Holders  requesting the Short-Form Underwritten Shelf Takedown; provided,  further, that, if at any time after making a Short-Form Underwritten Shelf  Takedown Request and prior to the launch of the Short-Form  Underwritten Shelf Takedown, the Majority Holders requesting the Short- Form Underwritten Shelf Takedown shall determine for any reason or no  reason not to proceed with or to delay such Short-Form Underwritten  Shelf Takedown, such Majority Holders shall give written notice to the  Company of such determination and the Company shall give written  notice of the same to each other Holder and, thereupon, (A) in the case of  a determination not to proceed, the Company shall be relieved of its  obligations to cause the underwriter(s) to include any Registrable  Securities of the other Holders as part of such Short-Form Underwritten  Shelf Takedown (but the Company shall not be relieved from its  obligation to pay the Registration Expenses in connection therewith),  without prejudice, however, to the other registration rights contained  

 

  12    herein, and (B) in the case of a determination by the Majority Holders to  delay such Short-Form Underwritten Shelf Takedown, the Company shall  be relieved of its obligations to cause the underwriter(s) to include any  Registrable Securities of the other Holders as part of such Short-Form  Underwritten Shelf Takedown for the same period as the Majority Holders  determine to delay such Short-Form Underwritten Shelf Takedown.  (iii) If the managing underwriter or underwriters of an Underwritten Shelf  Takedown, in good faith, advise the Company and the Majority Holders  requesting the Underwritten Shelf Takedown that, in their good faith  determination, the number of Registrable Securities that the Participating  Shareholder(s) intend to include in such registration exceeds the largest  number of shares that can be sold without adversely affecting the proposed  offering price, timing or distribution of the shares offered in such offering  (the “Maximum Offering Size”), the Company shall cause the  underwriter(s) to include in such Underwritten Shelf Takedown, in the  following priority, up to the Maximum Offering Size:  (A) first, all Registrable Securities requested to be included in such  registration by the requesting Majority Holders;  (B) second, and only if all of the securities referred to in clause (A)  have been included, all Registrable Securities requested to be included in such  registration by any other Holders pursuant to Section 3(e)(i) (allocated, if necessary for  the offering not to exceed the Maximum Offering Size, pro rata among such Holders on  the basis of the relative number of Registrable Securities owned by such Holders;  provided, that any securities thereby allocated to a Holder that exceed such Holder’s  request shall be reallocated among the remaining Holders in like manner); and  (C) third, and only if all of the securities referred to in clauses (A) and  (B) have been included, any securities proposed to be registered for the account of the  Company or any other Persons with such priorities among them as the Company shall  determine.  (iv) Each Holder shall be permitted to withdraw for any or no reason all or part  of its Registrable Securities from an Underwritten Shelf Takedown at any  time on the Business Day prior to (i) with respect to a registration  statement on Form F-1 or S-1, the date on which effectiveness of the  registration statement is requested, and (ii) with respect to a registration  statement on Form F-3 or S-3, the date on which the Underwritten Shelf  Takedown is anticipated to launch.  (f) Payment of Expenses for Shelf Registrations. The Company shall be liable for  and pay all Registration Expenses in connection with any Shelf Registration, regardless of  whether such registration is effected, and any takedown with respect thereto (including, an  Underwritten Shelf Takedown).  

 

  13    4. Piggyback Registration.   (a) Participation. If, following the closing date of the IPO, the Company at any time  proposes to sell in an underwritten Public Offering (including, for the avoidance of doubt, a  “take-down” pursuant to a prospectus supplement to Shelf Registration Statement) or file a  Registration Statement with respect to any offering of its equity securities, or securities or other  obligations exercisable or exchangeable for, or convertible into equity securities (“Company  Securities”), for its own account or for the account of any other Persons (other than (i) an  underwritten Public Offering or Registration Statement under Section 3, (ii) a Registration  Statement on Form F-4, Form S-4, Form F-8 or Form S-8 or any successor form to such forms,  or (iii) a registration of Ordinary Shares solely relating to an offering and sale to employees or  directors of the Company pursuant to any employee share plan or other employee benefit plan  arrangement, then, as soon as reasonably practicable (but in no event less than ten (10) calendar  days prior to the proposed date of the launch of the underwritten Public Offering or the filing of  such Registration Statement, as applicable), the Company shall give written notice of such  proposed offering or filing to the Holders (which notices shall describe the amount and type of  securities to be included in such offering, the intended method(s) of distribution, and the name of  the proposed managing underwriter or underwriters, if any, in such offering), and such notice  shall offer the Holders the right to register under such Registration Statement or include in such  underwritten Public Offering such number of Registrable Securities as each such Holder may  request in writing (a “Piggyback Registration”). Subject to Section 4(b) and Section 4(c), the  Company shall include in such Registration Statement or underwritten Public Offering all such  Registrable Securities that are requested to be included therein within five (5) calendar days after  the receipt by such Holders of any such notice; provided, that if at any time after giving written  notice of its intention to sell any Company Securities in an underwritten Public Offering and  prior to the launch date, or to register any Company Securities and prior to the effective date of  the Registration Statement filed in connection with such registration, the Company shall  determine for any reason not to sell or register or to delay such sale or registration, the Company  shall give prompt written notice of such determination to each Holder and, thereupon, (A) in the  case of a determination not to sell or register, shall be relieved of its obligation to register any  Registrable Securities in connection with such sale or registration (but not from its obligation to  pay the Registration Expenses in connection therewith), without prejudice, however, to the rights  of the Holders with respect to a Shelf Registration, including the right to request an Underwritten  Shelf Takedown related thereto (subject to the provisions governing withdrawal set forth in  Section 3(e)(i) or (ii)), and (B) in the case of a determination to delay selling or registering, in the  absence of a Shelf Registration or request for an Underwritten Shelf Takedown related thereto,  shall be permitted to delay selling or registering any Registrable Securities, for the same period  as the delay in registering such other Company Securities; provided, that if such registration or  sale involves an underwritten Public Offering, all such Holders requesting to be included in the  Company’s registration or sale must sell their Registrable Securities to the underwriters on the  same terms and conditions as apply to the Company or the other Person requesting such  registration or sale, as applicable, with, in the case of a combined primary and secondary  offering, such differences, including any with respect to representations and warranties and  indemnification, as may be customary or appropriate in combined primary and secondary  offerings, and the Company shall make arrangements with the managing underwriter or  

 

  14    underwriters so that each such Holder may participate in such Underwritten Offering on the  foregoing terms.  (b) Priority of Registrations Pursuant to a Piggyback Registration. If a Piggyback  Registration involves an underwritten Public Offering (other than any Underwritten Shelf  Takedown, in which case the provisions with respect to priority of inclusion in such offering set  forth in Section 3(e)(iii) shall apply) and the managing underwriter or underwriters advise the  Company that, in its view, the number of Company Securities that the Company and such  Holders intend to include in such registration exceeds the Maximum Offering Size, the Company  shall include in such registration, in the following priority, up to the Maximum Offering Size:  (i) first, so much of the Company Securities proposed to be registered for the  account of the Company (or for the account of such other initiating Person  requesting registration, if applicable) as would not cause the offering to  exceed the Maximum Offering Size;  (ii) second, and only if all of the securities referred to in clause (i) have been  included, all Registrable Securities requested to be included in such  registration by any Holders pursuant to this Section 4 (allocated, if  necessary for the offering not to exceed the Maximum Offering Size, pro  rata among such Holders and such other holders of Registrable Securities  on the basis of the relative number of Registrable Securities owned by  such Holders and such other holders; provided, that any securities thereby  allocated to a Holder that exceed such Holder’s request shall be  reallocated among the remaining Holders and other holders in like  manner); and  (iii) third, and only if all of the securities referred to in clauses (i) and (ii) have  been included, any securities proposed to be registered for the account of  any other Persons with such priorities among them as the Company shall  determine.  (c) Piggyback Withdrawal. Each Holder shall be permitted to withdraw all or part of  its Registrable Securities from a Piggyback Registration at any time on the Business Day prior to  the date of effectiveness of such Registration Statement or at any time on the Business Day prior  to the date on which the underwritten Public Offering is anticipated to launch, as the case may  be. Subject to Section 16, no registration effected under this Section 4 shall relieve the Company  of its obligations to effect a Shelf Registration or Underwritten Shelf Takedown to the extent  required by Section 3.  (d) Payment of Expenses for Piggyback Registrations. The Company shall pay all  Registration Expenses in connection with each Piggyback Registration, regardless of whether  such registration is effected.  5. Lock-up Agreements.   

 

  15    (a) To the extent requested by the managing underwriter in connection with any  Underwritten Offering, the Company and each Holder shall agree not to effect any public sale or  distribution of any Company Securities or other security of the Company (except as part of such  Underwritten Offering) during the period beginning on the date that is estimated by the  Company, in good faith and provided in writing to such Holder, to be the seventh (7th) calendar  day prior to the effective date of the applicable Registration Statement (or the anticipated launch  date in the case of a “take-down” off of an already effective Shelf Registration Statement) until  the earlier of (i) such time as the Company and the lead managing underwriter shall agree and  (ii) ninety (90) calendar days after the effective date of the applicable Registration Statement (or  the pricing date in the case of a “take-down” off of an already effective Shelf Registration  Statement); provided, that the Company shall cause all directors and executive officers of the  Company, and all other Persons with registration rights with respect to the Company's securities  (whether or not pursuant to this Agreement) to enter into agreements similar to those contained  in this Section 5(a) (without regard to this proviso), subject to exceptions for gifts, sales pursuant  to pre-existing 10b5-1 plans and other customary exclusions agreed to by such managing  underwriter; provided further, that the lead managing underwriter may extend such period as  necessary to comply with applicable FINRA rules.  (b) Notwithstanding the foregoing, the Company may effect a public sale or  distribution of securities of the type described above and during the periods described above if  such sale or distribution is made pursuant to registrations on Form F-4, S-4 or Form S-8 or any  successor form to such forms or as part of any registration of securities for offering and sale to  employees or directors of the Company pursuant to any employee share plan or other employee  benefit plan arrangement.   6. Other Registration Rights.   The Company represents and warrants that it is not a party to, or otherwise subject to, any  agreement granting registration rights to any other Person with respect to any Company  Securities, and that no other Person has any right to require the Company to register any  Company Securities or to include Company Securities in any Registration Statement filed by the  Company for the sale of Company Securities for its own account or for the account of any other  Person. The Company shall not grant to any Person the right, except to employees or directors of  the Company with respect to registrations on Form S-8, to request the Company to register any  Company Securities except such rights as do not violate, conflict with or contravene the rights or  adversely affect the priorities of the Holders set forth herein (and represents and warrants that in  the event of such violation, conflict or contravention, the terms of this Agreement shall prevail).   Notwithstanding the foregoing, if a Holder transfers Registrable Securities to another Person for  an aggregate purchase price of at least fifty million dollars ($50,000,000), upon the request of  such Holder and at such Holder’s expense (including the related reasonable third-party attorney  costs and expenses actually paid by the Company), the Company agrees to enter into a  registration rights agreement with such transferee providing for registration rights substantially  similar to those set forth herein, which shall include and be subject to the same minimum  thresholds applicable to any Underwritten Shelf Takedown, and this Section 6 shall not apply to  such registration rights agreement (for the avoidance of doubt, it being understood and agreed,  

 

  16    that a Holder shall be permitted to transfer to any Person any amount of Registrable Securities at  its sole election).   7. Registration Procedures.   In connection with any registration pursuant to Section 3 or Section 4, subject to the  provisions of such Sections:  (a) At least five (5) Business Days prior to filing a Registration Statement covering  Registrable Securities or prospectus or any amendment or supplement thereto, the Company  shall furnish to each Participating Shareholder and each underwriter, if any, of the Registrable  Securities covered by such Registration Statement, and their respective counsel, copies of such  Registration Statement as proposed to be filed, and thereafter the Company shall furnish to such  Participating Shareholder and underwriter, if any, and their respective counsel, without charge  such number of copies of such Registration Statement, each amendment and supplement thereto  (in each case including all exhibits thereto and documents incorporated by reference therein), the  prospectus included in such Registration Statement (including each preliminary prospectus and  any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the  Securities Act and such other documents as such Participating Shareholder or underwriter may  reasonably request in order to facilitate the disposition of the Registrable Securities owned by  such Participating Shareholder. Each Participating Shareholder shall have the right to request  that the Company modify any information contained in such Registration Statement, amendment  and supplement thereto pertaining to such Participating Shareholder and the Company shall use  all reasonable efforts to comply with such request; provided, that the Company shall not have  any obligation to so modify any information if the Company reasonably expects that so doing  would cause the prospectus to contain an untrue statement of a material fact or omit to state any  material fact required to be stated therein or necessary to make the statements therein not  misleading.  (b) In connection with any filing of any Registration Statement or prospectus or  amendment or supplement thereto, the Company shall cause such document (i) to comply in all  material respects with the requirements of the Securities Act and the rules and regulations of the  SEC thereunder and (ii) with respect to information supplied by or on behalf of the Company for  inclusion in the Registration Statement, to not 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.  (c) The Company shall promptly notify each Holder of such Registrable Securities  and the underwriter(s) and, if requested by such Holder or the underwriter(s), confirm in writing,  when a Registration Statement has become effective and when any post-effective amendments  and supplements thereto become effective.  (d) The Company shall furnish counsel for each underwriter, if any, and for the  Holders of such Registrable Securities with copies of any written comments from the SEC or any  state securities authority or any written request by the SEC or any state securities authority for  

 

  17    amendments or supplements to a Registration Statement or prospectus or for additional  information generally.  (e) After the filing of the Registration Statement, the Company shall (i) cause the  related prospectus to be supplemented by any required prospectus supplement, and, as so  supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply in all  material respects with the provisions of the Securities Act with respect to the disposition of all  Registrable Securities covered by such Registration Statement during the applicable period in  accordance with the intended methods of disposition by the Participating Shareholders set forth  in such Registration Statement or supplement to such prospectus and (iii) promptly notify each  Participating Shareholder holding Registrable Securities covered by such Registration Statement  of any stop order issued or threatened by the SEC or any state securities commission or the  initiation or threatening of any proceeding for such purpose and promptly use its reasonable best  efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order  should be issued.  (f) The Company shall use all reasonable best efforts to (i) register or qualify the  Registrable Securities covered by such Registration Statement under such securities or “blue  sky” Laws of such jurisdictions in the United States as any Participating Shareholder holding  such Registrable Securities reasonably (in light of such Participating Shareholder’s intended plan  of distribution) requests and (ii) cause such Registrable Securities to be registered with or  approved by such other Governmental Entity as may be necessary by virtue of the business and  operations of the Company and take such actions as are reasonably necessary to consummate the  disposition of the Registrable Securities owned by such Participating Shareholder, provided, that  the Company shall not be required to (A) qualify generally to do business in any jurisdiction  where it would not otherwise be required to qualify but for this Section 7(f), (B) subject itself to  taxation in any such jurisdiction or (C) consent to general service of process in any such  jurisdiction.  (g) The Company shall list such Registrable Securities on the principal securities  exchange on which the Company's Ordinary Shares are then listed and provide a transfer agent,  registrar and CUSIP number for all such Registrable Securities not later than the effective date of  such Registration Statement.  (h) The Company shall reasonably cooperate with each Holder and the underwriter or  managing underwriter, if any, to, facilitate the timely preparation and delivery of certificates (or  its book-entry equivalent) representing Registrable Securities to be sold and not bearing any  restrictive legends (including by delivering to the transfer agent a Company instruction letter and  a written opinion from counsel to the Company stating unlegended stock certificates (or its book  entries equivalent) may be issued in respect of any Registrable Securities); and enable such  Registrable Securities to be in such denominations (consistent with the provisions of the  governing documents thereof) and registered in such names as each Holder or the underwriter or  managing underwriter, if any, may reasonably request at least two (2) Business Days prior to any  sale of Registrable Securities.  

 

  18    (i) The Company shall promptly notify each Participating Shareholder holding such  Registrable Securities covered by such Registration Statement, at any time when a prospectus  relating thereto is required to be delivered under the Securities Act, of the occurrence of an event  requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter  delivered to the purchasers of such Registrable Securities, such prospectus will not contain an  untrue statement of a material fact or omit to state any material fact required to be stated therein  or necessary to make the statements therein not misleading and promptly prepare and make  available to each such Participating Shareholder and file with the SEC any such supplement or  amendment subject to any suspension rights contained herein.  (j) (1) The Majority Holders shall have the right to select an underwriter or  underwriters in connection with any underwritten Public Offering resulting from the exercise of  an Underwritten Shelf Takedown, subject to the Company’s written consent (which consent shall  not be unreasonably withheld or delayed), and (2) the Company shall have the right to select an  underwriter or underwriters in connection with any other underwritten Public Offering. In  connection with any Public Offering, the Company shall enter into (and perform its obligations  under) customary agreements (including an underwriting agreement in customary form) and take  all other actions as are reasonably required and customary (and permitted pursuant to the terms  of this Agreement) in order to expedite or facilitate the disposition of such Registrable Securities  in any such Public Offering, including the engagement of a “qualified independent underwriter”  in connection with the qualification of the underwriting arrangements with FINRA.  (k) Upon execution of confidentiality agreements or other similar arrangements in  form and substance reasonably satisfactory to the Company, the Company shall make available  during regular business hours for inspection by any underwriter participating in any disposition  pursuant to a Registration Statement being filed by the Company pursuant to this Section 7 and  any attorney, accountant or other professional retained by any such underwriter (collectively, the  “Inspectors”), all financial and other records, pertinent corporate documents and properties of the  Company (collectively, the “Records”) as are reasonable in connection with a customary due  diligence investigation, and cause the Company’s officers, directors and employees to supply all  information reasonably requested by any Inspectors in connection with such Registration  Statement (including by participation in a reasonable number of diligence calls during regular  business hours).   (l) In connection with an Underwritten Offering, the Company shall furnish to each  underwriter a signed counterpart, addressed to such underwriter(s), of (i) an opinion or opinions  of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s  independent certified public accountants, each in customary form and covering such matters of  the kind customarily covered by opinions or comfort letters, as the case may be, as the managing  underwriter therefor reasonably requests, and reasonably satisfactory to the Majority Holders.  (m) In connection with an Underwritten Offering, the Company shall have appropriate  officers of the Company (i) prepare and make presentations at any “road shows” and before  analysts and rating agencies, as the case may be, and (ii) otherwise cooperate as reasonably  requested by the underwriters in the offering, marketing or selling of the Registrable Securities,  including by executing customary underwriting agreements.  

 

  19    (n) The Company shall use reasonable best efforts to ensure that any free-writing  prospectus utilized in connection with any Underwritten Shelf Takedown or other offering off of  a Shelf Registration Statement or Piggyback Registration hereunder complies in all material  respects with the Securities Act, is filed in accordance with the Securities Act to the extent  required thereby, is retained in accordance with the Securities Act to the extent required thereby  and, when taken together with the related prospectus, shall not 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.  (o) The Company may reasonably require each such Participating Shareholder  promptly to furnish in writing to the Company such customary information regarding the  Participating Shareholder and the distribution of the Registrable Securities as the Company may  from time to time reasonably request and such other information as may be legally required or  the Company may deem reasonably advisable in connection with such registration and shall not  have any obligation to include a Participating Shareholder on any Registration Statement if such  information is not promptly provided.  (p) Except as required by applicable Law, the Company may not include the name of  any Holder or any information regarding any Holder in any Registration Statement or prospectus,  any amendment or supplement to such Registration Statement or prospectus, any document that  is to be incorporated by reference into such Registration Statement or prospectus, without the  prior written consent of such Holder and providing each such Holder a reasonable amount of  time to review and comment on such applicable document.  (q) The Company shall otherwise, in good faith, cooperate reasonably with, and take  such customary actions as may reasonably be requested by the Holders, in connection with the  exercise by the Holders of any registration rights hereunder.   8. Indemnification by the Company.   (a) The Company agrees to indemnify and hold harmless each Holder, each member,  trustee, limited or general partner thereof, each member, trustee, limited or general partner of  each such member, limited or general partner, each of their respective Affiliates, officers,  directors, stockholders, shareholders, employees, advisors and agents, each Person, if any, who  controls such Person within the meaning of Section 15 of the Securities Act or Section 20 of the  Exchange Act and each of their Representatives from and against any and all losses, claims,  damages, liabilities and expenses (including reasonable expenses of investigation and reasonable  attorneys’ fees and expenses) (“Damages”) caused by or relating to (i) any untrue statement or  alleged untrue statement of a material fact contained in any Registration Statement or prospectus  relating to the Registrable Securities (as amended or supplemented if the Company shall have  furnished any amendments or supplements thereto), any preliminary prospectus or any “issuer  free writing prospectus” (as defined in Rule 433 of the Securities Act), (ii) any omission or  alleged omission to state therein a material fact required to be stated therein or necessary to make  the statements therein not misleading, or (iii) any violation or alleged violation by the Company  of the Securities Act or any other similar federal or state securities Laws or any rule or regulation  promulgated thereunder applicable to the Company and relating to action or inaction required of  

 

  20    the Company in connection with any such registration, qualification or compliance, except in all  cases insofar as such Damages are caused by or related to any such untrue statement or omission  or alleged untrue statement or omission so made based upon or contained in any information  furnished in writing to the Company by such Holder expressly for use therein or by such  Holder’s failure to deliver a copy of the prospectus, the issuer free writing prospectus or any  amendments or supplements thereto after the Company has furnished such Holder with a  sufficient number of copies of the same.  (b) The Company also agrees to indemnify any underwriters of the Registrable  Securities, their officers and directors and each Person who controls such underwriters within the  meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially  the same basis as that of the indemnification of the Participating Shareholders provided in this  Section 8 or otherwise on commercially reasonable terms negotiated on an aim’s length basis  with such underwriters.  9. Indemnification by Participating Shareholders.   Each Participating Shareholder holding Registrable Securities included in any  Registration Statement agrees, severally but not jointly, to indemnify and hold harmless the  Company, its officers, directors and agents and each Person, if any, who controls the Company  within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act  to the same extent as the indemnity from the Company contained in Section 8(a)(i) and Section  8(a)(ii) to such Participating Shareholder, but only with respect to information furnished in  writing by such Participating Shareholder or on such Participating Shareholder’s behalf  expressly for use in any Registration Statement or prospectus relating to the Registrable  Securities, or any amendment or supplement thereto, any preliminary prospectus or any “issuer  free writing prospectus.” Each such Participating Shareholder also agrees to indemnify and hold  harmless any underwriters of the Registrable Securities, their officers and directors and each  Person who controls such underwriters within the meaning of either Section 15 of the Securities  Act or Section 20 of the Exchange Act on substantially the same basis as that of the  indemnification of the Company provided in this Section 9. As a condition to including  Registrable Securities in any Registration Statement filed in accordance herewith, the Company  may require that it shall have received an undertaking reasonably satisfactory to it from any  underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters  with respect to similar securities. No Participating Shareholder shall be liable under this Section  9 for any Damages in excess of the net proceeds realized by such Participating Shareholder in the  sale of Registrable Securities of such Participating Shareholder to which such Damages relate.  10. Conduct of Indemnification Proceedings.   If any proceeding (including any governmental investigation) shall be instituted involving  any Person in respect of which indemnity may be sought pursuant to Section 8 or Section 9, such  Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity  may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party may, at its  option, assume the defense thereof, including the employment of counsel reasonably satisfactory  to such Indemnified Party, and shall assume the payment of all fees and expenses; provided, that  

 

  21    the failure of any Indemnified Party to so notify the Indemnifying Party shall not relieve the  Indemnifying Party of its obligations hereunder except to the extent and only to the extent that  the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding,  any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of  such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party  and the Indemnified Party shall have mutually agreed in writing to the retention of such counsel,  (ii) the Indemnifying Party shall have failed to assume the defense of such claim or to employ  counsel reasonably satisfactory to the Indemnified Party, or (iii) in the reasonable judgment of  such Indemnified Party representation of both parties by the same counsel would be  inappropriate due to actual or potential differing interests between them. It is understood that, in  connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying  Party shall not be liable for the reasonable fees and expenses of more than one separate firm of  attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that  all such fees and expenses shall be reimbursed as they are incurred. In the case of any such  separate firm for the Indemnified Parties, such firm shall be designated in writing by the  Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any  proceeding effected without its written consent (but such consent shall not be unreasonably  withheld or delayed). Without the prior written consent of the Indemnified Party (which consent  shall not be unreasonably withheld or delayed), no Indemnifying Party shall consent to the entry  of any judgment or effect any settlement of any pending or threatened proceeding in respect of  which any Indemnified Party is or could have been a party and indemnity could have been  sought hereunder by such Indemnified Party, unless such judgment or settlement is either (i)  settled in all respects by the payment of money (and such money is so paid by the Indemnifying  Party pursuant to the terms of such settlement) or (ii) includes an unconditional release of such  Indemnified Party from all liability arising out of such proceeding.  11. Survival.   Section 8, Section 9, Section 10 and Section 12 hereto will remain in full force and effect  regardless of any investigation made by or on behalf of the Indemnified Party or any officer,  director or controlling Person of such Indemnified Party and will survive the transfer of  securities.  12. Contribution.   (a) If the indemnification provided for herein is unavailable to the Indemnified  Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying  such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified  Party as a result of such Damages  in such proportion as is appropriate to reflect the relative fault  of the Indemnifying Party and the Indemnified Party, as well as any other relevant equitable  considerations. The relative fault of the Indemnifying Party and the Indemnified Party 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 such Indemnifying Party or Indemnified Party, and the parties’ relative  intent, knowledge, access to information and opportunity to correct or prevent such statement or  omission.  

 

  22    (b) The Company and the Holders agree that it would not be just and equitable if  contribution pursuant to this Section 12 were determined by pro rata allocation (even if the  underwriters were treated as one entity for such purpose) or by any other method of allocation  that does not take account of the equitable considerations referred to in the immediately  preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the  Damages referred to in the immediately preceding paragraph shall be deemed to include, subject  to the limitations set forth above, any out-of-pocket legal or other expenses reasonably incurred  by such Indemnified Party in connection with investigating or defending any such action or  claim. Notwithstanding the provisions of this Section 12, no Participating Shareholder shall be  required to contribute any amount for Damages in excess of the gross proceeds realized by  Participating Shareholder in the sale of Registrable Securities of Participating Shareholder to  which such Damages relate. No Person guilty of fraudulent misrepresentation (within the  meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person  who was not guilty of such fraudulent misrepresentation. Each Participating Shareholder’s  obligation to contribute pursuant to this Section 12 is several in the proportion that the net  proceeds of the offering received by Participating Shareholder bears to the total net proceeds of  the offering received by all such Participating Shareholders and not joint.  13. Participation in Public Offering.   (a) No Person may participate in any Public Offering hereunder unless such Person  (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements  approved by the Persons entitled hereunder to approve such arrangements (provided, that no  Holder of Registrable Securities will be required to sell more than the number of Registrable  Securities that such Holder has requested the Company include in any Registration Statement)  and (ii) completes, executes and delivers or causes to be delivered all questionnaires, powers of  attorney, indemnities, underwriting agreements and other documents and instruments reasonably  required under the terms of such underwriting arrangements and the provisions set forth herein in  respect of registration rights.  (b) Each Person that is participating in any registration hereunder agrees that, upon  receipt of notice from the Company of the occurrence of any event of the kind described in  Section 7(i) above, such Person shall immediately discontinue the disposition of its Registrable  Securities pursuant to the Registration Statement until such Person’s receipt of the copies of a  supplemented or amended prospectus as contemplated by Section 7(i). In the event the Company  has given any such notice, the applicable time period during which a Registration Statement is to  remain effective shall be extended (provided, that the Company shall not cause any Registration  Statement to remain effective beyond the latest date allowed by applicable Law) by the number  of days during the period from and including the date of the giving of such notice pursuant to  Section 7(i) to and including the date when each Holder of Registrable Securities covered by  such Registration Statement shall have received the copies of the supplemented or amended  prospectus contemplated by Section 7(i).   14. Compliance with Rule 144.   

 

  23    The Company shall timely file any reports required to be filed by it under the Securities  Act and the Exchange Act. The Company shall also take such further action as any Holder may  reasonably request (including making available adequate current public information with respect  to the Company meeting the current public information requirements of Rule 144(c)), to the  extent required to enable such Holder to sell Registrable Securities without registration under the  Securities Act within the limitation of the exemptions provided by Rule 144. Notwithstanding  the foregoing, nothing in this Section 14 shall be deemed to require the Company to register any  of its securities pursuant to the Exchange Act.  15. Selling Expenses.   All Selling Expenses relating to the offer and sale of Registrable Securities registered  under the Securities Act pursuant to this Agreement shall be borne and paid by the Holders of  such Registrable Securities, in proportion to the number of Registrable Securities included in  such registration for each such Holder.  16. Prohibition on Requests; Holders’ Obligations.   No Holder shall, without the Company’s consent, be entitled to deliver a request for a  Underwritten Shelf Takedown if less than forty-five (45) calendar days have elapsed since (A)  the effective date of a final prospectus supplement to an already effective Shelf Registration  Statement in connection with a Shelf Registration or Piggyback Registration, or (B) the pricing  date of any Underwritten Offering effected by the Company; provided, in each case, that such  Holder has been provided with a right to participate in the prior offering in accordance with the  terms of this Agreement and either (i) has refused or not promptly accepted such opportunity or  (ii) has not been cut back to less than 50% of the Registrable Securities requested to be included  by such Holder.  17. Miscellaneous.   (a) Remedies; Specific Performance.  (i) Except as otherwise provided herein, any and all remedies herein  expressly conferred upon a Party shall be deemed cumulative with and not  exclusive of any other remedy conferred by this Agreement, or by law or  equity upon such Party, and the exercise by a Party of any one remedy  shall not preclude the exercise of any other remedy.  (ii) The Parties acknowledge and agree that irreparable damage would occur  in the event that any of the provisions of this Agreement were not  performed in accordance with their specific terms or were otherwise  breached and that monetary damages, even if available, would not be an  adequate remedy therefor. It is accordingly agreed that, at any time prior  to the termination of this Agreement pursuant to Section 17(j), the Parties  shall be entitled to an injunction or injunctions to prevent breaches of this  Agreement and to enforce specifically the performance of terms and  

 

  24    provisions of this Agreement in any court referred to in Section 17(g),  without proof of actual damages (and each Party waives any requirement  for the securing or posting of any bond in connection with such remedy),  this being in addition to any other remedy to which they are entitled at law  or in equity. The Parties further agree not to assert that a remedy of  specific enforcement is unenforceable, invalid, contrary to law or  inequitable for any reason, nor to assert that a remedy of monetary  damages would provide an adequate remedy for any such breach.  (b) Amendments and Waivers. The provisions of this Agreement, including the  provisions of this sentence, may not be amended, modified or supplemented, and waivers or  consents to departures from the provisions hereof may not be given, without the written consent  of the Company and the Majority Holders. Notwithstanding the foregoing, a waiver or consent to  depart from the provisions hereof with respect to a matter that relates exclusively to the rights of  Holders of Registrable Securities whose securities are being sold pursuant to a Shelf Registration  Statement and that does not directly or indirectly affect the rights of other Holders of Registrable  Securities may be given by each Holder of the Registrable Securities being sold by such Holders  pursuant to such Shelf Registration Statement; provided, however, that the provisions of this  sentence may not be amended, modified, or supplemented except in accordance with the  provisions of the immediately preceding sentence. Each Holder of Registrable Securities  outstanding at the time of any such amendment, modification, supplement, waiver or consent or  thereafter shall be bound by any such amendment, modification, supplement, waiver or consent  effected pursuant to this Section 17(b), whether or not any notice, writing or marking indicating  such amendment, modification, supplement, waiver or consent appears on the Registrable  Securities or is delivered to such Holder.    (c) Notices. Any notice, request, instruction or other document or communication to  be given hereunder by any Party to the others shall be in writing and shall be deemed duly given  (a) on the date of delivery if delivered personally; (b) on the date sent if sent by email if sent  before 5:00 p.m. Pacific Time on a Business Day, or otherwise, the first Business Day following  such date; (c) on the first Business Day following the date of dispatch if delivered utilizing a  next-day service by a recognized next-day courier; or (d) on the earlier of confirmed receipt or  the fifth Business Day following the date of mailing if delivered by registered or certified mail,  return receipt requested, postage prepaid. All notices hereunder shall be delivered to the  addresses set forth below, or pursuant to such other instructions as may be designated in writing  by the Party to receive such notice:  (i) if to the Company, to:  Dole plc  29 North Anne Street      Dublin 7, D07 PH36  Ireland  Email: jdevine@totalproduce.com  Attn:  Jacinta Devine, Company Secretary  

 

  25    with a copy (which shall not constitute notice) to:  Arthur Cox  Earlsfort Centre  Earlsfort Terrace  Dublin 2, Ireland   Email: stephen.hegarty@arthurcox.com  Attention: Stephen Hegarty  Skadden, Arps, Slate, Meagher & Flom LLP  300 South Grand Avenue, 34th Floor  Los Angeles, California 90071  Email: david.eisman@skadden.com   michelle.gasaway@skadden.com  Attention: David C. Eisman, P. Michelle Gasaway  (ii) if to a Holder, at the most current address given by such Holder to the  Company in a Notice, Agreement and Questionnaire or any amendment  thereto or, at the Company’s option, pursuant to the Legal Notice System  on DTC, or successor system thereto;  or to such other address as such Person may have furnished to the other Persons  identified in this Section 17(c) in writing in accordance herewith.  (d) Majority of Registrable Securities. For purposes of determining what constitutes  Holders of a majority of Registrable Securities, as referred to in this Agreement, a majority shall  constitute a majority of the Ordinary Shares that constitute Registrable Securities.  (e) Assignability; Third-Party Rights. Neither this Agreement nor any of the rights,  interests or obligations under this Agreement may be assigned, in whole or in part, by operation  of law or otherwise, by any Party, and any such assignment shall be null and void, except for any  assignment (i) by a Holder to a Permitted Transferee who executes a Joinder Agreement to the  extent provided in the Joinder Agreement, and any such assignment permitted hereunder shall be  effected hereunder upon giving written notice thereof to the Company or (ii) with the prior  written consent of the Company, with respect to an assignment by a Holder, or the Majority  Holders, with respect to an assignment by the Company. This Agreement shall be binding upon,  and shall be enforceable by and inure to the benefit of, the Parties and their respective successors  and assigns. Nothing in this Agreement is intended to or shall confer upon any Person (other than  the Parties) any right, benefit or remedy of any nature whatsoever.  (f) Counterparts. This Agreement may be executed in any number of counterparts  and by the Parties in separate counterparts, each of which when so executed shall be deemed to  be an original and all of which taken together shall constitute one and the same agreement.  (g) Governing Law and Venue; Jurisdiction; WAIVER OF JURY TRIAL.   

 

  26    (i) THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN  ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND  GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE  STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF  LAW PRINCIPLES, WHETHER OF THE STATE OF DELAWARE OR  ANY OTHER JURISDICTION.  Each of the Parties hereby irrevocably  and unconditionally consents and submits, for itself and with respect to its  property, to the exclusive jurisdiction of the Court of Chancery of the  State of Delaware and the appropriate respective appellate courts  therefrom (or only if the Court of Chancery of the State of Delaware  declines to accept or does not have jurisdiction over a particular matter,  any federal or other state court located in the State of Delaware and the  appropriate respective appellate courts therefrom) solely in respect of the  interpretation and enforcement of the provisions of this Agreement, and  hereby waives, and agrees not to assert, as a defense in any action, suit or  proceeding for the interpretation or enforcement hereof, that it is not  subject to jurisdiction thereto or that such action, suit or proceeding may  not be brought or is not maintainable in said courts or that the venue  thereof may not be appropriate or that this Agreement may not be enforced  in or by such courts, and the Parties hereto irrevocably agree that all  claims with respect to such action or proceeding shall be heard and  determined in the Court of Chancery of the State of Delaware (or only if  the Court of Chancery of the State of Delaware declines to accept or does  not have jurisdiction over a particular matter, any federal or other state  court located in the State of Delaware).  The Parties hereby consent to and  grant any such court jurisdiction over the person of such Parties and, to the  extent permitted by Law, over the subject matter of such dispute and agree  that mailing of process or other papers in connection with any such action  or proceeding in the manner provided in Section 7(c) or in such other  manner as may be permitted by Law shall be valid and sufficient service  thereof.  (ii) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY  CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT  IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES,  AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY  AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT IT  MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY  LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR  RELATING TO THIS AGREEMENT OR THE TRANSACTIONS  CONTEMPLATED HEREBY AND THEREBY OR TO THE ACTIONS  OF THE PARTIES HERETO IN THE NEGOTIATION,  ADMINISTRATION, PERFORMANCE AND ENFORCEMENT  HEREOF.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT  

 

  27    (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY  OTHER PARTY HAS REPRESENTED, EXPRESSLY OR  OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE  EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING  WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS  CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH  PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH  PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT  BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND  CERTIFICATIONS IN THIS SECTION 8(g).  (h) Severability. Any term or provision of this Agreement that is invalid or  unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of  the remaining terms and provisions hereof or the validity or enforceability of the offending term  or provision in any other situation or in any other jurisdiction.  (i) Entire Agreement. This Agreement is intended by the Parties as a final expression  of their agreement and is intended to be a complete and exclusive statement of the agreement and  understanding of the Parties in respect of the subject matter contained herein and the registration  rights granted by the Company with respect to the Registrable Securities. There are no  restrictions, promises, warranties or undertakings, other than those set forth or referred to herein,  with respect to the registration rights granted by the Company with respect to the Registrable  Securities. This Agreement supersedes all prior agreements and undertakings among the Parties  with respect to such registration rights. No Party shall have any rights, duties or obligations other  than those specifically set forth in this Agreement.  (j) Termination. This Agreement and the obligations of the Parties hereunder shall  terminate upon such time as there are no Registrable Securities, except for the provisions of  Sections 3(f), 4(d), 8, 9, 10, 11, 12, 15, 17(c), 17(g) and this 17(j), which shall survive such  termination.   [SIGNATURE PAGE FOLLOWS] 

 

 

 

[Signature Page to Registration Rights Agreement]    HOLDERS:  THE MURDOCK GROUP, LLC,   a California limited liability company        By:     Name: Gary Wong  Title: President, Chief Financial Officer, and   Treasurer      By:     Name: Ryan Gores  Title: Vice President, General Counsel, and   Secretary            

 

[Signature Page to Registration Rights Agreement]    HOLDERS:  CASTLE & COOKE HOLDINGS, INC.,  a Delaware corporation    By:     Name: Gary Wong  Title: President, Chief Financial Officer, and   Treasurer      By:     Name: Ryan Gores  Title: Vice President, General Counsel, and   Secretary   

 

    SCHEDULE A  HOLDERS OF REGISTRABLE SECURITIES    The Murdock Group, LLC  Castle & Cooke Holdings, Inc.       

 

      ANNEX A  FORM OF JOINDER AGREEMENT  This JOINDER AGREEMENT (“Joinder”), dated [________], is executed by  [________] (the “Transferee”) and by [________] (the “Transferor”) pursuant to the terms of the  Registration Rights Agreement, dated as of [__], 20[__] (the “Registration Rights Agreement”),  by and among Dole plc, a corporation incorporated in Ireland (the “Company”), and the Holders  party thereto.  Capitalized terms used but not otherwise defined herein have the meanings set  forth in the Registration Rights Agreement.  1. Acknowledgment. Transferee and Transferor each acknowledge that Transferee is  acquiring Ordinary Shares of the Company from Transferor, upon the terms and subject  to the conditions of the Registration Rights Agreement.   2. Assignment. Transferor hereby assigns all rights under the Registration Rights  Agreement to Transferee and Transferor and Transferee each confirm that Transferee  is a Permitted Transferee and that Transferor and Transferee have each provided notice  of this assignment to the Company pursuant to Section 17(e) of the Registration Rights  Agreement.   3. Agreement.  Transferee agrees that it shall be fully bound by and subject to the terms  of the Registration Rights Agreement and the terms of this Joinder.    4. Notice. Any notice required or permitted by the Agreement shall be given to Transferee  at the address listed beside Transferee’s signature below.   [SIGNATURE PAGE FOLLOWS]    

 

  [Signature Page to Joinder Agreement to Registration Rights Agreement]    TRANSFEROR  [________________________________]  By:_________________________________  Name:   Title:     TRANSFEREE  [________________________________]  By:_________________________________  Name:   Title:   Address for Notices:  _________________________________  _________________________________  _________________________________Exhibit 10.1

 

March 21, 2022

 

 

The Holder of Common Stock Purchase Warrants of
InMed Pharmaceuticals Inc. issued February 12, 2021

 

	 	Re:	Amendment of Purchase Agreement and Common Stock Purchase Warrant 

 

Dear Holder:

 

InMed Pharmaceuticals Inc.
(the “Company”) desires to amend (i) the Securities Purchase Agreement, dated as of February 5, 2021, by and among
the Company and the purchasers signatory thereto pursuant to which the Company issued, among other securities, the Warrants (as defined
below) (the “Purchase Agreement”) and (ii) the Common Stock Purchase Warrant issued February 12, 2021, by the Company
and the purchaser(s) signatory thereto pursuant to which the Company issued the Warrants (as defined below) (the “Warrant Agreement”).

 

We understand that you (collectively
with your Affiliates) are the holder (the “Holder”) of Common Stock purchase warrants of the Company issued pursuant
to the Purchase Agreement with an expiration date of August 12, 2026 and exercise price of $4.85 per share (the Common Stock purchase
warrants held by you, the “Warrants”). Capitalized terms not otherwise defined herein shall have the meanings set
forth in the Purchase Agreement. 

 

Upon consummation of the transaction
contemplated by this letter agreement (this “Agreement”), the Holder irrevocably agrees that the Purchase Agreement
shall be amended to remove in its entirety Section 4.13(b) and Section 4.13(c) of the Purchase Agreement (which related to prohibitions
on variable rate transactions) The Amendment shall be effective immediately upon Company’s receipt of fully executed agreements
of holders of the warrants issued under the Purchase Agreement representing at least 50.1% in interest of the Shares based on the initial
Subscription Amounts under the Purchase Agreement (such date being the “Effective Date”). In addition, upon the later
of the Effective Date and the receipt by the Company of a fully executed copy of this Agreement, the Warrant Agreement of the Holder shall
be amended as set forth on Exhibit A.

 

Expressly subject to the paragraph
immediately following this paragraph below, Holder may accept this offer by signing this Agreement below.

 

Additionally, the Company
agrees to the representations, warranties and covenants set forth on Annex A attached hereto and the Holder agrees to the representations,
warranties and covenants set forth on Annex B attached hereto.

 

Prior to the opening of the
market on March 22, 2022, the Company shall file a Current Report on Form 8-K with the Securities and Exchange Commission disclosing all
material terms of the transactions contemplated hereunder, including a form of this Agreement as an exhibit thereto (“8-K Filing”).
Effective upon the filing of the 8-K Filing, the Company represents to the Holder that, to the Company’s knowledge, the Holder shall
not be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries and each of their respective
officers, directors, employees or agents that is not disclosed in the 8-K Filing. Effective upon the filing of the 8-K Filing, the Company
acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between
the Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents, on the one hand, and the Holder
or any of its affiliates, on the other hand, shall terminate. The Company shall not, and shall cause each of its Subsidiaries and its
and each of their respective officers, directors, employees and agents not to, provide the Holder with any material, non-public information
regarding the Company or any of its Subsidiaries from and after the Effective Date without the express prior written consent of the Holder.
To the extent that the Company, any of its Subsidiaries or any of their respective officers, directors, employees and agents delivers
any material non-public information to the Holder without the Holder’s consent, the Company hereby covenants and agrees that the
Holder shall not have any duty of confidentiality with respect to, or a duty to not trade of the basis of, such material, non-public information.

 

     

     

    

 

The Company acknowledges and
agrees that the obligations of the Holder under this Agreement are several and not joint with the obligations of any other holder or holders
of warrants to purchase Common Stock of the Company that were issued by the Company on February 12, 2021 (each, an “Other Holder”)
under any other agreement related to the amendment of such warrants (“Other Warrant Amendment Agreement”), and the Holder
shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such Other Warrant Amendment
Agreement. Nothing contained in this Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder
and the Other Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect
to such obligations or the transactions contemplated by Agreement or any Other Warrant Amendment Agreement. The Company and the Holder
confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its
own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any
proceeding for such purpose.

 

The Company hereby represents
and warrants as of the date hereof and covenants and agrees from and after the date hereof until April 30, 2022, that none of the terms
offered to any Other Holder with respect to any Other Warrant Amendment Agreement (or any amendment, modification or waiver thereof) relating
to warrants that were sold concurrently with the Warrants, is or will be more favorable to such Other Holder than those of the Holder
and this Agreement unless such terms are concurrently offered to the Holder. If, and whenever on or after the date hereof until April
30, 2022, the Company enters into an Other Warrant Amendment Agreement relating to warrants that were sold concurrently with the Warrants,
then (i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions
of this Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically
and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case
may be) set forth in such Other Warrant Amendment Agreement, provided that upon written notice to the Company at any time the Holder may
elect not to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this
Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and equally to each such Other Warrant
Amendment Agreement.

 

Except as expressly set forth
herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. This Agreement
shall be governed by the laws of the State of New York without regard to the principles of conflicts of law thereof.

 

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

 

    2

     

    

 

To accept this offer,
Holder must counter execute this Agreement and return the fully-executed Agreement to the Company at e-mail:
bcolwill@inmedpharma.com, attention: Bruce Colwill.

 

Please do not hesitate to
call me if you have any questions.

 

	 	Sincerely yours,
	 	 
	 	INMED PHARMACEUTICALS INC.
	 	 	 
	 	By:	                                
	 	Name: 	 
	 	Title:	 

 

    3

     

    

 

 

[INM HOLDER SIGNATURE PAGES]

 

Accepted and Agreed to:

 

Name of Holder: ______________________________________________________

 

Signature of Authorized Signatory of Holder:
_________________________________

 

Name of Authorized Signatory: _______________________________________

 

Title of Authorized Signatory: _______________________________________

 

Number of Shares purchasable upon exercise of
Warrants: _______________________________________

 

    4

     

    

 

Annex A

 

Representations, Warranties
and Covenants of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

		(a)	Authorization; Enforcement. The Company has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder. The
execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of
directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance
with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

		(b)	No Conflicts. The execution, delivery and performance of this Agreement by the Company and the
consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of
the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of
any Lien upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other
material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a party or by which
any property or asset of the Company is bound or affected; or (iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected.

 

		(c)	Nasdaq Corporate Governance. The transactions contemplated under this Agreement, comply with all
applicable rules of the Nasdaq Stock Market.

 

		(d)	Shell Company. The Company has never been an issuer subject to Rule 144(i) under the Securities
Act.

 

		(e)	Company Standstill. From the date hereof until 08:00 am (New York time) on April 4, 2022, neither
the Company nor any Subsidiary shall (A) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any
Common Shares or Common Share Equivalents (as defined in the Purchase Agreement) nor (B) file a shelf registration statement or a prospectus,
except for, if required, a prospectus supplement in connection with the transaction contemplated by this Agreement. The provisions of
this paragraph shall not apply to any Exempt Issuance. As used herein “Exempt Issuance” means the issuance of (x) shares of
Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such
purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee
directors established for such purpose for services rendered to the Company, (y) securities upon the exercise or exchange of or conversion
of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock
issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement
to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other
than in connection with stock splits or combinations) or to extend the term of such securities, and (z) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the
filing of any registration statement in connection therewith during the prohibition period in this paragraph, and provided that any such
issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company
or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits
in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the
purpose of raising capital or to an entity whose primary business is investing in securities.

 

    5

     

    

 

Annex B

 

Representations, Warranties
and Covenants of the Holder. The Holder hereby makes the following representations and warranties to the Company:

 

	 	(a)	Ownership; Authorization; Enforcement. The Holder is the record and beneficial owner of all the Warrants described on the signature page hereof, and has no interest in any other Warrants. The Holder has not transferred and will not transfer any of the Warrants to any third party, and no third party has any interest in the Warrants. The Holder has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Holder and the consummation by the Holder of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Holder and no further action is required by the Holder, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by the Holder and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Holder enforceable against the Holder in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
	 	 	 
	 	(b)	
    No Conflicts. The execution, delivery and
    performance of this Agreement by the Holder and the consummation by the Holder of the transactions contemplated hereby do not and will
    not: (i) conflict with or violate any provision of the Holder’s certificate or articles of incorporation, bylaws or other organizational
    or charter documents; or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
    a default) under, result in the creation of any Lien upon any of the properties or assets of the Holder in connection with, or give to
    others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material
    agreement, credit facility, debt or other material instrument (evidencing Holder debt or otherwise) or other material understanding to
    which such Holder is a party or by which any property or asset of the Holder is bound or affected; or (iii) conflict with or result in
    a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
    to which the Holder is subject (including federal and state securities laws and regulations), or by which any property or asset of the
    Holder is bound or affected.

     

		(c)	Holder Status. Holder is either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Securities Act or (ii) a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act.

 

    6

     

    

 

Exhibit
A

 

Amendment

 

The Termination Date in the first sentence of the Warrant Agreement
is replaced with March 31, 2023.

 

Section 2.3(b) of the Warrant Agreement shall be deleted in its entirety
and replaced with the following new Section 2.3(b):

 

“b) Exercise Price. The exercise price per
share of Common Shares under this Warrant shall be $0.45, subject to adjustment hereunder (the “Exercise Price”).”

 

Section 2.3(c) of the Warrant Agreement shall be deleted in its entirety
and replaced with the following new Section 2.3(c):

 

“c) Cashless Exercise.
This Warrant may be exercised, in whole or in part, by means of a “cashless exercise” in which the Holder shall be entitled
to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable: (i) the VWAP on
the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a)
hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding the date of the applicable
Notice of Exercise as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2)
hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the Exercise Price of this Warrant,
as adjusted hereunder; and

 

(X) = the number of Warrant Shares that
would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
exercise rather than a cashless exercise.”

 

 

7

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