Document:

Exhibit 4.22

 

INDEMNIFICATION AGREEMENT 

 

This Indemnification Agreement (“Agreement”) is made as
of July 27, 2022 by and between Waldencast, plc, a public limited liability company incorporated under the laws of Jersey (the “Company”),
and Simon Dai, a member of the board of directors of the Company (“Indemnitee”). This Agreement supersedes and replaces any
and all previous agreements between the Company and Indemnitee covering indemnification and advancement.

 

RECITALS 

 

WHEREAS, the board of directors of the Company (the “Board”)
believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors unless they are provided
with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and
widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions and
trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The Memorandum and Articles of Association (the “Articles”) of the Company require indemnification of the directors
of the Company. The Articles expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts may be entered into between the Company and members of the Board with respect to indemnification and advancement of expenses;

 

WHEREAS, the uncertainties relating to such insurance, to indemnification,
and to advancement of expenses may increase the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined that the increased difficulty in
attracting and retaining such persons is detrimental to the best interests of the Company and its shareholders and that the Company should
act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable, prudent and necessary for the Company, subject
to the Companies (Jersey) Law 1991, as amended (the “Law”) (including, but not limited to, the Law and any amendments to or
replacements of the Law adopted after the date of this Agreement that expand the Company’s ability to indemnify its directors),
to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable
law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

 

WHEREAS, this Agreement is a supplement to and in furtherance of the
Articles and any resolutions adopted pursuant thereto, and is not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee
thereunder; and

 

WHEREAS, Indemnitee does not regard the protection available under
the Articles and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as a director
without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee
be so indemnified and be advanced expenses.

 

     

     

    

 

NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services to the Company. Indemnitee agrees to serve
as a director of the Company. Indemnitee may, at any time and for any reason, resign from such position (subject to any other contractual
obligation or any obligation, including any fiduciary duty, imposed by operation of law). This Agreement does not create any obligation
on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries
or any Enterprise (as defined herein)) and Indemnitee.

 

Section 2. Definitions. As used in this Agreement:

 

(a) “Agent” means any person who is authorized by the Company
or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

 

(b) A “Change in Control” occurs upon the earliest to occur
after the date of this Agreement of any of the following events:

 

i. Acquisition of Shares by Third Party. Any Person (as defined
below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless the change in relative beneficial
ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares
of securities entitled to vote generally in the election of directors;

 

ii. Change in Board. During any period of two consecutive years
(not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board,
and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv) of this Agreement) whose election by the Board or nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors
at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the Board;

 

iii. Corporate Transactions. The effective date of a merger
or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities
of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of
the board of directors or other governing body of such surviving entity;

 

iv. Liquidation. The approval by the shareholders of the Company
of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the
Company’s assets; and

 

v. Other Events. There occurs any other event of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any
similar schedule or form) promulgated under the Exchange Act (as defined herein), whether or not the Company is then subject to such reporting
requirement.

 

vi. For purposes of this Section 2(b), the following terms have the
following meanings:

 

	 	1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

 

	 	2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company. 

 

	 	3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the shareholders of the Company approving a merger of the Company with another entity. 

 

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(c) “Corporate Status” describes the status of a person
who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise.

 

(d) “Disinterested Director” means a director of the Company
who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

(e) “Enterprise” means any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request
of the Company as a director, officer, employee, or Agent.

 

(f) “Expenses” includes all reasonable attorneys’
fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection
with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any
cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) of this Agreement only, Expenses
incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement,
by litigation or otherwise. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee.

 

(g) “Independent Counsel” means a law firm, or a member
of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning
the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(h) The term “Proceeding” includes any threatened, pending
or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil, criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal
therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise arising out of
(i) Indemnitee’s Corporate Status, (ii) any action taken by Indemnitee (or a failure to take action by Indemnitee) or (iii) any
action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether
or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement
of Expenses can be provided under this Agreement.

 

Section 3. Indemnity in Third-Party Proceedings. The Company
will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to
or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments,
fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable
cause to believe that Indemnitee’s conduct was unlawful.

 

Section 4. Indemnity in Proceedings by or in the Right of the Company.
The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made,
a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section
4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company
will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee
has been finally adjudged by a court to be liable to the Company, unless subject to applicable law, and only to the extent that, the Delaware
Court of Chancery or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication
of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

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Section 5. Indemnification for Expenses of a Party Who is Wholly
or Partly Successful. To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee in connection with any Proceeding to the extent that Indemnitee is successful, on the merits
or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more
but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue
or matter to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim,
issue or matter.

 

Section 6. Indemnification For Expenses of a Witness. To the
fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee
is a witness, deponent, interviewee, or otherwise asked to participate.

 

Section 7. Partial Indemnification. If Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total
amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

Section 8. Additional Indemnification. Notwithstanding any limitation
in Sections 3, 4, or 5 of this Agreement, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including,
but not limited to, the Law and any amendments to or replacements of the Law adopted after the date of this Agreement that expand the
Company’s ability to indemnify its directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including
a Proceeding by or in the right of the Company to procure a judgment in its favor).

 

Section 9. Exclusions. Notwithstanding any provision in this
Agreement, the Company is not obligated under this Agreement to make any indemnification payment to Indemnitee in connection with any
Proceeding:

 

(a) for which payment has actually been made to or on behalf of Indemnitee
under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) of this Agreement and except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b) for (i) an accounting of profits made from the purchase and sale
(or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions
of applicable law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation
pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including
but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange
Act; or

 

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(c) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i)
the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including
a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding
(or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole discretion, pursuant
to the powers vested in the Company under applicable law.

 

Section 10. Advances of Expenses.

 

(a) The Company will advance, to the extent not prohibited by law,
the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any
Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s
rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant
to Section 14 of this Agreement or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The
Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such
advances from time to time, whether prior to or after final disposition of any Proceeding.

 

(b) Advances will be unsecured and interest free. Indemnitee undertakes
to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be
indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No
other form of undertaking is required other than the execution of this Agreement.

 

Section 11. Procedure for Notification of Claim for Indemnification
or Advancement.

 

(a) Indemnitee will notify the Company in writing of any Proceeding
with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable
following the receipt by Indemnitee of notice thereof. Indemnitee will include in the written notification to the Company a description
of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification
following the final disposition of such Proceeding. Indemnitee’s failure to notify the Company will not relieve the Company from
any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying the Company will not constitute a waiver
by Indemnitee of any rights under this Agreement to the extent such delay does not adversely impact the Company. The Secretary of the
Company will, promptly upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee
has requested indemnification or advancement.

 

(b) The Company will be entitled to participate in the Proceeding at
its own expense.

 

Section 12. Procedure Upon Application for Indemnification.

 

(a) Unless a Change of Control has occurred, the determination of Indemnitee’s
entitlement to indemnification will be made:

 

i. by a majority vote of the Disinterested Directors;

 

ii. by a committee of Disinterested Directors designated by a majority
vote of the Disinterested Directors;

 

iii. if there are no such Disinterested Directors or, if the number
of Disinterested Directors is less than a quorum of the Board or, if such Disinterested Directors so direct, by written opinion provided
by Independent Counsel selected by the Board; or

 

iv. if so directed by the Board, by the shareholders of the Company.

 

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(b) If a Change in Control has occurred, the determination of Indemnitee’s
entitlement to indemnification will be made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee
requests such selection be made by the Board).

 

(c) The party selecting Independent Counsel pursuant to subsection
(a)(iii) or (b) of this Section 12 will provide written notice of the selection to the other party. The notified party may, within ten
(10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to
such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection
will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will
act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or the Delaware Court of Chancery has determined that such objection
is without merit. If, within 30 days after the later of submission by Indemnitee of a written request for indemnification pursuant to
Section 11(a) of this Agreement and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected,
any objection to has not been resolved, either the Company or Indemnitee may petition the Delaware Court of Chancery for the appointment
as Independent Counsel of a person selected by such court or by such other person as such court designates. Upon the due commencement
of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved
of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d) Indemnitee will cooperate with the person, persons or entity making
the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity
upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that
is reasonably available to Indemnitee and reasonably necessary to such determination. The Company will, subject to applicable law, advance
and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination
irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is
or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied, and providing
a copy of any written opinion provided to the Board by Independent Counsel.

 

(e) If, subject to applicable law, it is determined that Indemnitee
is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.

 

Section 13. Presumptions and Effect of Certain Proceedings.

 

(a) In making a determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section
11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that
presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior
to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has
met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(b) If the determination of the Indemnitee’s entitlement to indemnification
has not made pursuant to Section 12 of this Agreement within sixty (60) days after the later of (i) receipt by the Company of Indemnitee’s
request for indemnification pursuant to Section 11(a) of this Agreement and (ii) the final disposition of the Proceeding for which Indemnitee
requested Indemnification (the “Determination Period”), the requisite determination of entitlement to indemnification will,
to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons
or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the
obtaining or evaluating of documentation and/or information relating thereto; provided that the Determination Period may be extended
an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the shareholders pursuant to Section
12(a)(iv) of this Agreement.

 

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(c) The termination of any Proceeding or of any claim, issue or matter
therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, will not (except as
otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption
that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct
was unlawful.

 

(d) For purposes of any determination of good faith, Indemnitee will
be deemed to have acted in good faith if Indemnitee acted based on the records or books of account of the Company, its subsidiaries, or
an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its
subsidiaries, or an Enterprise in the course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or
an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant
or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries,
or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of the Company,”
as referred to in this Agreement, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests
of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) is not exclusive and does not
limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth
in this Agreement.

 

(e) The knowledge and/or actions, or failure to act, of any director,
officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes
of determining Indemnitee’s right to indemnification under this Agreement.

 

Section 14. Remedies of Indemnitee.

 

(a) Indemnitee may commence litigation against the Company in the Delaware
Court of Chancery to obtain indemnification or advancement of Expenses provided by this Agreement in the event that (i) a determination
is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company
does not advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made
pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section
5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written
request therefor, (v) the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within 30 days after
a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person
takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or
Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder.
Alternatively, Indemnitee, at Indemnitee’s option, or the Company, at the Company’s option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
or the Company, as applicable, must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred and
eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this Section 14(a);
provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce
Indemnitee’s rights under Section 5 of this Agreement. The Company will not oppose Indemnitee’s right, and Indemnitee will
not oppose the Company’s right, to seek any such adjudication or award in arbitration.

 

(b) If a determination is made pursuant to Section 12 of this Agreement
that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 will
be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee may not be prejudiced by reason of
that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company will have the
burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and will not introduce
evidence of the determination made pursuant to Section 12 of this Agreement.

 

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(c) If a determination is made pursuant to Section 12 of this Agreement
that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding or arbitration
commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law.

 

(d) The Company is, to the fullest extent not prohibited by law, precluded
from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of
this Agreement are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Agreement.

 

(e) It is the intent of the Company that, to the fullest extent permitted
by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially
detract from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will
(within thirty (30) days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred
by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses
from the Company, or concerning any directors’ liability insurance policies maintained by the Company, and will indemnify Indemnitee
against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such action were made in bad
faith or were frivolous or are prohibited by law.

 

Section 15. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a) The indemnification and advancement of Expenses provided by this
Agreement are neither mutually exclusive and together or separately are not exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors, or otherwise.
The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration
or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status
occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a change in applicable law, whether by statute
or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles or
this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such
change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of
any other right or remedy.

 

(b) If, at the time of the receipt of a notice of a claim pursuant
to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim
or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective
policies.

 

(c) The Company’s obligation to indemnify or advance Expenses
hereunder to Indemnitee for any Proceeding concerning Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount
Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. Notwithstanding anything to the contrary
in this Agreement, the Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with
respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status
with such Enterprise. The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the
Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an
Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status
with such Enterprise.

 

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(d) Indemnitee will execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights.

 

Section 16. Duration of Agreement. This Agreement continues
until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee ceases to have a Corporate Status or (b) one
(1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification
or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto.
The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be
a director of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs,
devisees, executors and administrators and other legal representatives.

 

Section 17. Severability. If any provision or provisions of
this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any
way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision or provisions will
be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
will be construed so as to give effect to the intent manifested thereby.

 

Section 18. Interpretation. Any ambiguity in the terms of this
Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted
by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for indemnification and advancement
in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company shareholders
or disinterested directors, or applicable law.

 

Section 19. Enforcement.

 

(a) The Company expressly confirms and agrees that it has entered into
this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the
Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or
officer of the Company.

 

(b) This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between
the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to
and in furtherance of the Articles and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder.

 

Section 20. Modification and Waiver. No supplement, modification
or amendment of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this
Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing
waiver.

 

Section 21. Notice by Indemnitee. Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure
of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement
or otherwise.

 

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Section 22. Notices. All notices, requests, demands and other
communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other
party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt
of oral confirmation that such communication has been received:

 

(a) If to Indemnitee, at the address indicated on the signature page
of this Agreement, or such other address as Indemnitee provides to the Company.

 

(b) If to the Company to:

 

Waldencast plc

10 Bank Street, Suite 560

White Plains, NY 10606

	Attention: 	Michel Brousset
	Email:	michel.brousset@waldencast.com

 

with a copy, which shall not constitute notice, to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

	Attention: 	Paul T. Schnell
	 	Maxim Mayer-Cesiano
	Email:	paul.schnell@skadden.com
	 	maxim.mayercesiano@skadden.com

 

or to any other address as may have been furnished to Indemnitee by
the Company.

 

Section 23. Contribution. To the fullest extent permissible
under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the
Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable
event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s)
giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with such event(s) and/or transaction(s).

 

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Section 24. Applicable Law and Consent to Jurisdiction. This
Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to
Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or Proceeding
arising out of or in connection with this Agreement may be brought only in the Delaware Court of Chancery and not in any other state or
federal court in the United States of America or any other country, provided that if, and only if, the Delaware Court of Chancery lacks
jurisdiction, the parties agree that any such action or Proceeding may be brought in any state or federal court in the State of Delaware,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery (or, if applicable, any other state or federal
court in the State of Delaware) for purposes of any action or Proceeding arising out of or in connection with this Agreement, (iii) waive
any objection to the laying of venue of any such action or Proceeding in the Delaware Court of Chancery (or, if applicable, any other
state or federal court in the State of Delaware), and (iv) waive, and agree not to plead or to make, any claim that any such action or
Proceeding brought in the Delaware Court of Chancery (or, if applicable, any other state or federal court in the State of Delaware) has
been brought in an improper or inconvenient forum.

 

Section 25. Identical Counterparts. This Agreement may be executed
in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one
and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence
the existence of this Agreement.

 

Section 26. Headings. The headings of this Agreement are inserted
for convenience only and do not constitute part of this Agreement or affect the construction thereof.

 

[Signature Pages Follow]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
as of the day and year first above written.

 

	 	Waldencast plc
	 	 
	 	By:	/s/ Michel Brousset
	 	 	Name: 	 Michel Brousset
	 	 	Title:	 Chief Executive Officer

 

	 	Indemnitee
	 	By:	/s/ Simon Dai
	 	 	Name: 	Simon Dai
	 	 	Address:  	c/o Waldencast plc

 10 Bank Street, Suite 560

 White Plains, NY 10606

 

[Signature Page to Indemnification Agreement]

 

 

12Exhibit 4.28

 

EXECUTION VERSION

 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”)
is made as of July 27, 2022, by and between (i) Waldencast Acquisition Corp., a limited liability company organized under the laws of
Jersey (“Waldencast”), (ii) Cedarwalk Skincare Ltd.,
a limited liability company organized under the laws of the Cayman Islands (“Cedarwalk”),
(iii) Waldencast Long-Term Capital LLC, a limited liability company organized under the laws of the Cayman Islands (the “Sponsor”)
and (iv) CWC Skincare Ltd., a Cayman Islands exempted company limited by shares (the “Guarantor”)
(Waldencast, Cedarwalk, the Sponsor and the Guarantor shall sometimes be herein referred to collectively as the “Parties,”
and “Party” shall mean any of them).

 

RECITALS:

 

		(A)	The Sponsor organized Waldencast as a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for
the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses.

 

		(B)	The Guarantor owns all of the shares of Cedarwalk, and Cedarwalk owns and the Guarantor indirectly owns all of the shares of Obagi
Global Holdings Limited, a limited liability company organized under the laws of the Cayman Islands (“Obagi
Global”).

 

		(C)	Obagi Global owns all of the shares of Obagi Holdings Company Limited, a limited liability company organized under the laws of the
Cayman Islands (“Obagi Holdings”), which in turn owns
all of the shares of Obagi Hong Kong Limited, a limited liability company organized under the laws of the Hong Kong Special Administrative
Region (“Obagi Hong Kong”).

 

		(D)	Obagi Hong Kong owns all of the shares of Obagi (Shanghai) Cosmeceuticals Co., Ltd. (“Obagi
Shanghai”) and Obagi (Xi’an) Pharmaceutical Technology Co., Ltd. (“Obagi
Xi’an”), each of which is a limited liability company organized under the laws of the People’s Republic of
China.

 

		(E)	Pursuant to the distribution agreements by and between Obagi Holdings and Obagi Global and Obagi Global and Cedarwalk, in each case,
dated as of July 14, 2022, Obagi Holdings will distribute to Obagi Global and immediately thereafter, Obagi Global will distribute to
Cedarwalk, all of the shares of Obagi Hong Kong and a US$2.5 million promissory note by way of dividend distribution in specie to its
sole shareholder Cedarwalk.

 

		(F)	Waldencast entered into a merger agreement with Obagi Global, and Obagi Merger Sub Inc., a wholly owned subsidiary of Waldencast (“Merger
Sub”), dated as of November 15, 2021, pursuant to which, among other things and subject to the terms therein, Merger
Sub will merge with and into Obagi Global with Obagi Global surviving such merger as a wholly owned subsidiary of Waldencast. The distributions
in specie referred to in recital (E) above are expected to happen before the closing of such merger (the “Merger Closing”).

 

		(G)	Waldencast, Cedarwalk and the Guarantor agree that substantial damage may be suffered by Waldencast in the event the controlling interests
of Obagi Hong Kong, Obagi Shanghai or Obagi Xi’an are transferred from the Guarantor or Cedarwalk to third-party buyers.

 

		(H)	The Guarantor is entering into this Agreement for the purposes of (i) guaranteeing the obligations of Cedarwalk and (ii) undertaking
to Waldencast that, subject to certain exceptions of Permitted Transfers (as defined herein), it will not, without the prior written consent
of Waldencast, Transfer the shares of Cedarwalk to third parties.

 

    

     

    
 

		(I)	The Parties have determined that it is advisable and in each of their best interests to enter into this Agreement to establish their
respective rights and obligations with respect to the shares of Obagi Hong Kong, Obagi Shanghai and Obagi Xi’an.

 

NOW, THEREFORE, in consideration of the foregoing
premises, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties, intending
to be legally bound, hereby agree as follows:

 

		1.	Certain Definitions.

 

		1.1	Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
shall mean, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with, such first Person.

 

“Board”
means the board of directors of Waldencast.

 

“Business
Day” shall mean a day (other than a Saturday or Sunday) on which banks are generally open in Hong Kong Special Administrative
Region and China for normal business.

 

“Change of Control” shall mean the occurrence
of any of the following: (i) the beneficial ownership (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), of securities representing more than 50% of the combined voting
power of Waldencast is acquired by any “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other than Waldencast
or any of its subsidiaries), (ii) the merger or consolidation of Waldencast with or into another entity where the equity holders of Waldencast,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, securities representing in the aggregate 50% or more of
the combined voting power of the securities of the entity issuing cash or securities in the consolidation or merger (or of its ultimate
parent entity, if any) in substantially the same proportion as their ownership of Waldencast immediately prior to such merger or consolidation,
(iii) the sale or other disposition of all or substantially all of Waldencast’s assets to an entity, other than a sale or disposition
by Waldencast of all or substantially all of Waldencast’s assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned directly or indirectly by equity holders of Waldencast, immediately prior to the sale or disposition,
in substantially the same proportion as their ownership of Waldencast immediately prior to such sale or disposition, or (iv) the first
day on which a majority of the members of Waldencast’s Board are not Continuing Directors.

 

“Companies”
shall mean Obagi Hong Kong, Obagi Shanghai and Obagi Xi’an, and “Company”
shall mean any of them.

 

“Company
Equity Securities” shall mean (a) any Shares and (b) any other Equity Securities of any of the Companies.

 

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“Continuing Director” shall mean, as of
any date of determination, any member of the Board who (i) was a member of such Board on the date of this Agreement or (ii) was nominated
for election or elected to such Board with the approval of a majority of the Continuing Directors who were members of such Board at the
time of such nomination or election.

 

“Controlled Investment Affiliate” means,
as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control
with, such Person and (b) is organized by such Person primarily for the
purpose of making equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person
means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract
or otherwise.

 

“Dai Family” means Yumin Dai, Sijue (Steven)
Dai, Sicong (Simon) Dai, any of their spouses, lineal descendants or ancestors, and the respective heirs, executors and Controlled Investment
Affiliates of each of the foregoing.

 

“Encumbrances”
shall mean a mortgage, charge, pledge, lien, right of first refusal, right of pre-emption, restriction on transfer, encumbrance or security
interest or any agreement to create any of the foregoing.

 

“Equity
Securities” shall mean, with respect to any Person, any capital stock, shares, equity interests, membership interests,
partnership interests or registered capital, joint venture or other ownership interests in such Person and any options, warrants or other
securities (for the avoidance of doubt, including debt securities) that are directly or indirectly convertible into, or exercisable or
exchangeable for, such capital stock, shares, equity interests, membership interests, partnership interests or registered capital, joint
venture or other ownership interests (whether or not such derivative securities are issued by such Person).

 

“Governmental
Authority” shall mean any (a) multinational or supranational body exercising legislative, judicial or regulatory powers;
(b) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (c) federal,
state, local, municipal, foreign or other government; or (d) governmental or quasi-governmental, statutory or quasi-statutory or regulatory
authority of any nature, including any division, department, corporation, authority, agency, commission, instrumentality, official, organization,
unit, body or entity, any court or other tribunal, taxing authority, securities exchange, public international organization or other body
entitled under applicable Law to exercise executive, legislative, judicial or regulatory power of any nature.

 

“Law”
shall mean any applicable national, regional or local law, foreign or supranational statute, ordinance, rule, code, administrative interpretation
or guidance, regulation, judgment, decree, injunction, directive, or other legally binding obligation imposed by or on behalf of any Governmental
Authority, including rules governing the listing of securities on any securities exchange.

 

“Organizational
Documents” shall mean, with respect to any Person, the articles of association, articles or certificate of incorporation,
by-laws, charter or other similar organizational documents of such Person.

 

“Permitted Holders” shall mean any one
or more members of the Dai Family.

 

“Person”
shall mean any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, trust, Governmental Authority or instrumentality or other entity of any kind, its successors and assigns.

 

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“Requisite Time Period” shall mean (i)
sixty (60) days if the Transfer of the ROFO Offer Shares described in the ROFO Sale Notice is proposed to involve less than 50% of the
Equity Securities of a Subject Company and (ii) one hundred twenty (120) days if the Transfer of the ROFO Offer Shares described in the
ROFO Sale Notice is proposed to involve 50% or more of the Equity Securities of a Subject Company.

 

“Share”
shall mean a common share in the issued voting share capital of any Company, including any subdivisions, combinations or splits thereof.

 

“Subsidiary”
shall mean, with respect to any Person, (i) any Person which that Person owns or controls (either directly or through one or more other
Subsidiaries) more than 50% of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers
or trustees of such Person; or (ii) any Person which at any time has its financial statements consolidated with those of that Person or
which, under the Law or generally accepted accounting principles of the jurisdiction of incorporation of such Person from time to time,
should have its financial statements consolidated with those of that Person.

 

“Transfer”
shall mean to sell, transfer or otherwise dispose of, or grant an option, interest, charge, pledge, security interest or lien in respect
of, Equity Securities in a Person, and “Transfers,”
“Transferred” and “Transferee”
shall have correlative meanings.

 

“Waldencast
Competitor” shall mean (a) any Person who is “engaged” in the beauty or personal care business having aggregate
net revenue in its beauty or personal care business for the fiscal year immediately preceding the year of the proposed entry into the
relevant transaction in excess of US$300,000,000 if such transaction were entered into within three years of the date hereof or in excess
of US$500,000,000 if such transaction were entered into after the third anniversary of the date hereof or (b) any private equity fund
having a controlled Affiliate or a majority-owned or controlled portfolio company (i) described in (a) or (ii) “engaged” in
the beauty, personal care or wellness business that has a line of business in the dermal aesthetics skincare channel having aggregate
net revenue of at least US$75,000,000 in the dermal aesthetics skincare channel for the fiscal year immediately preceding the year of
the proposed entry into the relevant transaction. For the avoidance of doubt, a Person is deemed to be “engaged” in the beauty,
personal care of wellness business of Waldencast or any of its subsidiaries if it is directly engaged in such business.

 

		2.	Right of First Offer/Right of First Refusal.

 

		2.1	Proposed ROFO Offer. In the event Cedarwalk or any of its Subsidiaries or controlled Affiliates (a “Transferring
Shareholder”) proposes to Transfer any of the Equity Securities of a Company (a “Subject Company”)
held (directly or indirectly) by it in a transaction or a series of transactions, Cedarwalk must first offer to Transfer such Company
Equity Securities to Waldencast by serving a written offer notice (the “ROFO
Sale Notice”) on it, which notice shall set forth:

 

		2.1.1	the number of the Company Equity Securities (including the identity of the Companies) proposed to be Transferred (the “ROFO
Offer Shares”) and the minimum purchase price at which Cedarwalk would agree to Transfer the ROFO Offer Shares (the “Minimum
Purchase Price”), provided that no such Transfer of Company Equity Securities to a third party (other than Waldencast)
may be for less than the Minimum Purchase Price; and

 

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		2.1.2	the audited financial statements of each of the Companies for the three most recent financial years to the extent available and unaudited
financial statements for such periods in which audited financial statements are not available.

 

		2.2	ROFO Acceptance Period. The ROFO Sale Notice will be valid for the Requisite Time Period from the date of receipt by Waldencast
of the ROFO Sale Notice (the “ROFO Acceptance Period”).
Waldencast may, during the ROFO Acceptance Period, (i) subject to its delivering to Cedarwalk a confidentiality agreement in form and
substance reasonably satisfactory to Cedarwalk, conduct due diligence and raise questions with Cedarwalk relating to the Companies and
their respective businesses, and (ii) provide a binding offer to Cedarwalk for the purchase of the ROFO Offer Shares at a
purchase price at least equal to the Minimum Purchase Price (the “ROFO
Offer”) or decline to provide the ROFO Offer to Cedarwalk. The ROFO Offer must state that it will remain open for sixty
(60) days. Cedarwalk may seek other offers to purchase the ROFO Offer Shares at a price greater than the purchase price set forth in the
ROFO Offer provided that, if Cedarwalk seeks such other offers, Cedarwalk shall be bound by the ROFR mechanism contained in Article
2.6 below for the sale of the ROFO Offer Shares. Cedarwalk shall use its reasonable best efforts to assist with the due diligence investigation
carried out by Waldencast and provide answers to any questions reasonably raised by Waldencast. In the event the due diligence investigation
is not completed within the ROFO Acceptance Period, Waldencast may, at its option, extend the ROFO Acceptance Period by a period of thirty
(30) days. If at any time during the Requisite Time Period Waldencast determines not to submit a ROFO Offer, Waldencast shall promptly
notify Cedarwalk of such determination, whereupon Cedarwalk may seek other offers to purchase the ROFO Offer Shares at a price at least
equal to the Minimum Purchase Price subject to compliance with any applicable provisions of Article 2.6 below.

 

		2.3	No ROFO Offer. In the event Waldencast notifies Cedarwalk that it is not providing a binding offer for the purchase of the
ROFO Offer Shares or fails to make a binding offer prior to the end of the ROFO Acceptance Period, Cedarwalk may solicit interests from
one or more third-party buyers for the ROFO Offer Shares in accordance with Article 2.5 below; provided that Cedarwalk shall be
bound by the ROFR mechanism contained in Article 2.6 below for the sale of the ROFO Offer Shares.

 

		2.4	ROFO Offer. In the event Waldencast elects to submit the ROFO Offer for the purchase of the ROFO Offer Shares prior to the
end of the ROFO Acceptance Period, it shall serve a written notice to Cedarwalk, which notice shall set forth:

 

		2.4.1	the number of the Company Equity Securities (including the identity of the Companies) proposed to be purchased by Waldencast or its
Permitted Designee; and

 

		2.4.2	the purchase price for such Company Equity Securities proposed to be so purchased which must equal or exceed the Minimum Purchase
Price.

 

		2.5	Acceptance or Rejection of the ROFO Offer. Cedarwalk shall have a period of one hundred twenty (120) days following the receipt
of the ROFO Offer to either (i) accept the ROFO Offer or (ii) procure a bona fide binding third party offer for such Company Equity Securities
at a price higher than the ROFO Offer. Any such bona fide binding third party offer (the “Third
Party Offer”) shall (a) state the identity and background (including the ultimate controller) of the offeror, (b) be
for cash, equity securities, debt, any other form of securities, or a combination thereof (including, without limitation, earn-out provisions),
with closing to happen no later than ninety (90) days from the date of such offer (subject to any regulatory approval or filing requirements),
(c) state that such offeror is not an Affiliate of Cedarwalk or the Guarantor, (d) represent that the Third Party Offer was obtained through
an arms’ length process between such third party and the Guarantor, Cedarwalk or any of their Affiliates (e) equal or exceed the
Minimum Purchase Price and (f) state that the offeror has been informed of Waldencast’s right of first refusal provided for in this
Agreement. From time to time, during such one hundred twenty (120) day period, subject to requirements of applicable Law and contractual
obligations of Cedarwalk, Cedarwalk shall provide updates to Waldencast as to the status of its efforts to procure a Third Party Offer.

 

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		2.6	ROFR Offer. In the event (i) the Transfer of the ROFO Offer Shares, if consummated, would result in Cedarwalk ceasing to control
50% or more of the Equity Securities of any of the Companies, and (ii) Cedarwalk submits a Third Party Offer at a price higher than the
ROFO Offer (which must equal or exceed the Minimum Purchase Price) to Waldencast, Cedarwalk must at the same time of such submission provide
to Waldencast an offer for Waldencast to purchase the ROFO Offer Shares for the same consideration
and on substantially equal terms as set out in the Third Party Offer (the “ROFR
Offer”). Waldencast shall have a period of forty-five (45) days from the date of receipt of the ROFR Offer to accept
the offer contained therein. In the event Waldencast elects not to submit the ROFO Offer to Cedarwalk, Waldencast shall still be provided
with the ROFR Offer and may choose to accept the ROFR Offer in its sole discretion.

 

		2.7	Rejection of the ROFR Offer. In the event Waldencast elects not to accept the terms of the ROFR Offer and notifies Cedarwalk
of such election or fails to accept such terms within such forty-five (45) day-period, Cedarwalk may proceed to Transfer the ROFO Offer
Shares to the relevant third party offeror stated in the Third Party Offer; provided that the requirements set forth in Article
2.5 are complied with. Any Transfer in violation of this Article 2 shall be null and void and shall not be recorded by the corporate secretary
of the Companies in the books and records of the Companies, and Cedarwalk shall use its best efforts to unwind any such Transfer.

 

		2.8	Subsequent Transfers. In the event closing for the sale of the ROFO Offer Shares does not occur as a result of (i) the terms
of the Third Party Offer not having been met or (ii) the requirements of Article 3.1 not having been met, Cedarwalk shall be required
to follow the requirements of this Article 2 again in subsequent proposals to Transfer the Company Equity Securities. The terms of this
Article 2 shall not apply with respect to a Company after any Transfer of Equity Securities of such Company made in compliance with this
Article 2.

 

		2.9	Inapplicability of this Article. Notwithstanding any provision of this Agreement to the contrary, this Article 2 and Article
3 shall not apply to or in any way restrict any Transfer or series of Transfers of Equity Securities of any of the Companies (i) pursuant
to any Encumbrance in favor of any one or more bona fide financial institutions licensed to operate as commercial banks in connection
with any loan or credit facility obtained by Cedarwalk or any realization upon any such Encumbrance, provided that in the case
of (i), such loan or credit facility or any realization upon any Encumbrance is entered into in the ordinary course of business of the
financial institution, the terms of such transaction are made at arms’ length and on normal commercial terms, (ii) by way of gift
or other Transfer to any Permitted Holder; provided that in the case of (ii), any such transferee shall agree in writing, as a
condition to such Transfer, to be bound by all of the provisions of this Article 2 and 3 to the same extent as if such transferee were
Cedarwalk transferring such Equity Securities; (iii) by the will of Steven Dai or the laws of descent and distribution applicable to Steven
Dai upon his death; provided that in the case of (iii), such Equity Securities shall thereafter remain subject to the provisions
of this Agreement to the same extent they would be if held by Steven Dai; and (iv) any requirement of applicable Law or order of any Governmental
Authority (the Transfers referred to in this Article 2.9 being referred to as “Permitted
Transfers”).

 

    6

     

    

 

		3.	Closing.

 

		3.1	Closing. In the event either (i) Cedarwalk elects to accept the ROFO Offer in accordance with Article 2.5 or (ii) Waldencast
elects to accept the ROFR Offer in accordance with Article 2.6, Cedarwalk and Waldencast shall use their respective best efforts to ensure
that closing of the ROFO Offer Shares (“Closing”) will
take place on a date that is no later than the time period set forth in Article 2.5 or 2.6, as applicable; provided that such applicable
period may be extended for up to another sixty (60) days by either Waldencast or Cedarwalk if closing cannot occur due to one or more
regulatory approvals not having been issued. If closing cannot occur notwithstanding such extension, Cedarwalk shall be required to reinitiate
the process set forth in Article 2 for any subsequent Transfer of the Equity Securities of such Company.

 

		4.	Sale and Voluntary Liquidation.

 

		4.1	Waldencast Competitor. Notwithstanding Article 2 hereof, in the event Cedarwalk proposes to Transfer any of the Company Equity
Securities to a Waldencast Competitor, Cedarwalk shall be required to seek the prior written consent of Waldencast (such consent may be
given or withheld in Waldencast’s reasonable discretion).

 

		4.2	Voluntary Liquidation. In the event Cedarwalk or any of its Subsidiaries proposes to wind up, liquidate or dissolve one or
more of the Companies, Cedarwalk shall provide written notice thereof to Waldencast no later than ninety (90) days prior to the initiation
of such winding up, liquidation or dissolution, and Waldencast shall have the right, exercisable within sixty (60) days of receipt of
such notice, to purchase each such Company proposed to be wound up liquidated or dissolved at an amount equal to its net asset value as
determined by an independent financial expert appointed by Waldencast; provided that if Waldencast offers to acquire any such Companies
at its net asset value, Cedarwalk must sell such Company to Waldencast, and Waldencast shall be required to purchase such Company, for
an amount equal to such Company’s net asset value.

 

		5.	Governance.

 

		5.1	Board of Directors. At and following the Closing, for so long as Cedarwalk holds of record or beneficially owns common stock
of Waldencast equal to or exceeding the Minimum Ownership Threshold (as defined below), Waldencast will take all necessary action to cause
the Board to be comprised one (1) director nominated by Cedarwalk (the “Cedarwalk
Director”). Mr. Simon Dai shall be nominated for election to the Board as the initial Cedarwalk Director and shall be
nominated to serve in the class of Waldencast directors having the longest prospective term (i.e., at least three years). For so long
as the Permitted Holders hold of record or beneficially own common stock of Waldencast in an aggregate amount equal to or exceeding the
Minimum Ownership Threshold, Waldencast shall cause the Cedarwalk Director to be nominated as a director of Waldencast and Waldencast
shall take all action necessary or appropriate to cause the Cedarwalk Director to be nominated for election to the Board and shall use
substantially the same efforts to support the Cedarwalk Director’s election to the Board as the other Board nominees.

 

    7

     

    

 

		5.2	Replacement Directors. If the then current Cedarwalk Director is unable or unwilling to serve as a director, resigns as a director,
is removed as a director or is otherwise not serving as a director prior to termination of this Agreement, and at such time (A) the Permitted
Holders’ aggregate beneficial ownership of Waldencast common stock (which, for purposes of this Agreement, shall be determined under
Rule 13d-3 promulgated under the Exchange Act is at least 5.0% of the then-outstanding common stock of Waldencast (the “Minimum
Ownership Threshold”) and (B) Cedarwalk or the Guarantor has not committed a material breach of this Agreement, Cedarwalk
shall have the ability to name a replacement director, subject to the approval of the Board of Directors of Waldencast (such approval
not to be unreasonably withheld, conditioned or delayed) (any such replacement director shall be referred to as the “Replacement
Director”). Any Replacement Director named by Cedarwalk shall be required to satisfy the guidelines and policies with
respect to service on the Board applicable to all non-management directors. Subject to applicable rules of Nasdaq and the rules and regulations
of the SEC, Waldencast shall take all necessary action to nominate or cause the Board to appoint, as applicable, the Replacement Director
to the Board and to any applicable committee of the Board of which the Cedarwalk Director was a member of immediately prior to such director’s
resignation or removal; provided that such Replacement Director is qualified to serve on any such committee of the Board. The terms
and conditions applicable to the Cedarwalk Director under this Agreement shall apply to any such Replacement Director as if such person
were the Cedarwalk Director.

 

		5.3	Indemnification. Waldencast shall provide each of its directors with the same expense reimbursement, benefits, indemnity, exculpation
and other arrangements provided to the other directors of Waldencast and Waldencast shall not amend, alter or repeal any right to indemnification
or exculpation covering or benefiting any director nominated or appointed pursuant to this Agreement as and to the extent consistent with
applicable Law, the Organizational Documents of Waldencast and any indemnification agreements with directors (whether such right is contained
in the Organizational Documents or another document) (except to the extent such amendment or alteration permits Waldencast to provide
broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto). Waldencast shall at all times purchase
and maintain directors’ and officers’ liability insurance with liability limits, exclusions and self-retention amounts substantially
comparable to those maintained by public companies of a similar size, industry and risk profile as Waldencast.

 

		5.4	Reimbursement of Expenses. Waldencast shall reimburse the directors for all reasonable out-of-pocket expenses incurred in connection
with their attendance at meetings of the Board and any committees thereof, including travel, lodging and meal expenses.

 

		6.	Termination.

 

		6.1	Termination Generally. This Agreement shall terminate in its entirety immediately upon the occurrence of any of the following
events:

 

		6.1.1	on the date on which this Agreement is terminated by the written agreement of the Parties;

 

		6.1.2	with respect to any Company, on the date on which such Company is wound up, liquidated or dissolved or a Transfer of the Equity Securities
of such Company directly or indirectly owned by Waldencast has been effected in accordance with the terms of this Agreement, provided
that this Article 6.1.2 shall not apply in the event Waldencast chooses to exercise its right of purchase provided under Article 4.2;

 

		6.1.3	on the date on which Waldencast is wound up, liquidated or dissolved; or

 

		6.1.4	on the date on which a Change of Control shall have occurred.

 

		6.2	Consequences of Termination. In the event of termination of this Agreement pursuant to this Article 6, this Agreement shall
become null and void and have no effect, and the further obligations of the Parties under this Agreement shall terminate, and there will
be no liability on the part of any Party; provided that:

 

		6.2.1	Articles 9, 10 and 11 and this Article 6 shall survive any termination of this Agreement; and

 

    8

     

    

 

		6.2.2	no Party shall be relieved or released from any liability arising (i) as a result of a breach occurring at or before termination or
(ii) out of fraud.

 

		7.	Guarantee and Covenant to Own Cedarwalk.

 

		7.1	Guarantee. The Guarantor hereby guarantees as principal obligor to Waldencast the due and punctual payment of all amounts payable
by Cedarwalk under this Agreement. The Guarantor will maintain at all times assets sufficient to satisfy its obligations under this Agreement
including in accordance with this Section 7.1. The obligations of the Guarantor hereunder are unconditional and absolute and will not
be released, discharged or otherwise affected by (i) any change in the corporate existence, structure or ownership of Cedarwalk or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting Cedarwalk or its assets or any resulting release or discharge of any
obligation of Cedarwalk contained in this Agreement; (ii) the existence of any claim, set-off or other rights which the Guarantor may
have at any time against Cedarwalk or Waldencast, whether in connection with this Agreement or any unrelated transactions; (iii) any invalidity,
irregularity or unenforceability relating to or against Cedarwalk for any reason of this Agreement; (iv) any Permitted Transfers; or (v)
any other act or omission to act or delay of any kind by Cedarwalk or Waldencast.

 

		7.2	Covenant to Own Cedarwalk. Except for (i) Permitted Transfers and (ii) Transfers made in accordance with this Agreement, the
Guarantor hereby undertakes to directly or indirectly own and control at least 60% of the outstanding shares of Cedarwalk, to control
voting power over all outstanding shares of Cedarwalk and to vote all such shares in a block for so long as this Agreement shall remain
effective.

 

		7.3	Non-Disparagement. Subject to any applicable legal obligation to do so in response to or compliance with a subpoena, a validly
issued legal process or a request by a Governmental Authority, each of the Parties covenants and agrees that, during the term of this
Agreement, or until such earlier time as Waldencast and the Sponsor, on the one hand, and the Guarantor and Cedarwalk on the other hand,
or any of their respective Representatives (as defined below) shall have breached this Article 7.3, none of the Parties nor any of their
respective agents, Subsidiaries, Affiliates, successors, assigns, principals, equityholders, officers, employees or directors (collectively,
“Representatives”) shall publicly criticize, attempt
to discredit, disparage, call into disrepute, or otherwise defame or slander, with respect to Waldencast and the Sponsor, the brands or
products, of the Guarantor, Cedarwalk, or their respective Subsidiaries and Affiliates, and with respect to Cedarwalk and the Guarantor,
the brands or products of Waldencast, the Sponsor or their respective subsidiaries, except that the Parties may (i) make any factual statement
required by law or (ii) respond to any breach by the other Parties of this Article 7.3.

 

		7.4	Non-Solicitation. During the term of this Agreement, Waldencast and the Sponsor, and their respective Subsidiaries, on the
one hand, and the Guarantor and Cedarwalk and their respective Subsidiaries (including the Companies), on the other hand, shall not (i)
solicit, induce or attempt to solicit or induce any employee, consultant or independent contractor of the other Parties to leave the employ
or engagement of such Parties, or in any way materially interfere with the relationship between such Parties and any employees, consultant
or independent contractor thereof, or (ii) hire or engage any person who was an employee, or known by such Person to be a consultant or
independent contractor of any of the other Parties at any time during the three (3) month period immediately prior to the date on which
such hiring or engagement would take place; provided that the foregoing shall not prohibit soliciting by general advertisements or other
general recruitment techniques so long as such advertisements or techniques are not specifically directed at the employees, consultants
or independent contractors of such other Party or Parties or any hiring resulting from such general advertisements or recruitment techniques.

 

    9

     

    

 

		8.	Representations and Warranties.

 

		8.1	Representations and Warranties. Each Party severally warrants to each of the other Parties that:

 

		8.1.1	such Party is duly organized and validly existing under the Laws of the jurisdiction of its organization.

 

		8.1.2	such Party has the requisite organizational power and authority to enter into and to perform its obligations under this Agreement.

 

		8.1.3	all organizational actions on the part of such Party necessary for the authorization of this Agreement have been taken.

 

		8.1.4	assuming the due authorization, execution and delivery of this Agreement by the other Parties, this Agreement constitutes legally
binding and enforceable obligations of such Party (i) except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or other Laws of general application affecting enforcement of creditors’ rights, and (ii) subject to general
principles of equity.

 

		8.1.5	the execution, delivery and performance by such Party of this Agreement will not: (i) breach or violate any provision of such Party’s
Organizational Documents; (ii) result in a breach or violation of any applicable Law; or (iii) result in a breach of, or constitute a
default under, any contract or agreement to which such Party is a party or by which such Party is bound, except in any of the cases under
sub-clauses (ii) or (iii) where such breach, violation or default would not materially and adversely affect such Party’s ability
to enter into or perform its obligations under this Agreement.

 

		8.1.6	all necessary consents, licenses, approvals or authorizations of, exemptions by or registrations with or declarations by, any Governmental
Authority required by such Party for the execution and delivery of this Agreement have been obtained or made, are valid and subsisting
and will not be contravened by the execution and delivery of this Agreement.

 

		8.2	Other Guarantor Representations and Warranties. The Guarantor is a creditworthy entity and has assets sufficient to satisfy
its obligations under this Agreement, including in accordance with Section 7.1.

 

		9.	Governing Law; Dispute Resolution.

 

		9.1	Governing Law. This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region, without reference
to any choice of law principle or rule that would require the application of the law of any other jurisdiction.

 

    10

     

    

 

		9.2	Dispute Resolution. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the
existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising
out of or relating to it (each, a “Dispute”) that is not resolved by negotiation between the parties shall be submitted
to mediation pursuant to the Mediation Rules of the Hong Kong International Arbitration Centre (“HKIAC”).  The
submission or reference to mediation does not prevent the parties from seeking any urgent interim measure or urgent relief in any court
or before any arbitral tribunal as referred to in clause 7 below. Any Dispute that is not resolved in writing within 60 days following
submission to mediation (and any question of the arbitral tribunal’s jurisdiction) shall be referred to and finally resolved by
arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration
Rules in force when the Notice of Arbitration is submitted (the “Rules”), except as modified herein.

 

		9.3	The seat of arbitration shall be Hong Kong, and the arbitration shall be conducted in the English language. The arbitration proceedings
shall be governed by, and the law of the arbitration clause shall be, Hong Kong law.

 

		9.4	The arbitration shall be conducted by three arbitrators, two of whom who shall be designated by the parties in Notice of Arbitration
and the Answer to the Notice of Arbitration. If there are two or more than two parties to an arbitration, then any of Waldencast or Sponsor
that are parties to the arbitration shall designate one arbitrator,
and any of Cedarwalk or Guarantor that are parties to the arbitration shall designate one arbitrator. The two arbitrators so designated
shall designate the third and presiding arbitrator within twenty (20) days of the confirmation of the second arbitrator. Any arbitrator
not timely designated as provided herein shall be appointed by HKIAC in accordance with the Rules.

 

		9.5	The parties agree that any claims arising under this Agreement and any of the Obagi China Distribution Agreement, dated as of July
14, 2022, by and between Obagi Holdings and Cedarwalk; the Transition Services Agreement, dated as of July 14, 2022, by and between Obagi
Cosmeceuticals LLC, a Delaware limited liability company (“Obagi Cosmeceuticals”) Obagi Netherlands B.V., (“Obagi Netherlands”),
Obagi Holdings and Obagi Hong Kong (the “TSA”); the Global Supply Services Agreement dated as of July 14, 2022 by and
between Obagi Cosmeceuticals and Obagi Hong Kong (the “Supply Agreement”); the Intellectual Property License Agreement
by and between Obagi Cosmeceuticals, Obagi Holdings and Obagi Hong Kong (the “License Agreement”); and the Letter Agreement
dated as of July 14, 2022 by and between Obagi Holdings, Obagi Cosmeceuticals and Cedarwalk (the “Obagi License Letter Agreement”),
can be made in a single arbitration as though all of the claims had arisen under the same agreement. The parties agree that when two or
more arbitrations have been commenced pursuant to this Agreement and any of such agreements referenced in the preceding sentence, they
can be consolidated in a single arbitration as though all of the claims in the arbitrations were made under the same arbitration agreement.

 

		9.6	In addition to monetary damages, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to
an injunction and specific performance of any obligation under this Agreement.

 

		9.7	By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction,
pre-arbitral attachment or other order in aid of arbitration proceedings. Without prejudice to such provisional remedies that may be granted
by a court, the arbitral tribunal shall have full authority to grant provisional remedies, to order a party to request that a court modify
or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitrator’s
orders to that effect.

 

		9.8	The award of the arbitral tribunal shall be final and binding upon the parties thereto, and shall be the sole and exclusive remedy
between the parties regarding any disputes presented to the arbitrators. Judgment upon any award may be entered in any court having jurisdiction
over any party or any of its assets.

 

    11

     

    

 

		9.9	Any arbitration hereunder shall be confidential, and the parties and their agents agree not to disclose to any third party (i) the
existence or status of the arbitration, (ii) all information made known and documents produced in the arbitration not otherwise in the
public domain, and (iii) all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law
or is required to protect or pursue a legal right.

 

		9.10	Notwithstanding any provision of this Agreement or rules of HKIAC to the contrary, each party shall be solely responsible for all
costs and expenses of such party (including without limitation attorneys’ and experts’ fees and expenses and costs of investigation)
relating to any mediation or arbitration relating to this Agreement.

 

		10.	Notices.

 

		10.1	Form of Notice. Unless otherwise expressly stated, any notice to be given hereunder shall be in writing and signed by or on
behalf of the Person giving it. Any such notice shall be given either:

 

		10.1.1	by email;

 

		10.1.2	by hand delivery; or

 

		10.1.3	by sending it via reputable international courier service to the Party to be served.

 

		10.2	Notice Addresses. The addresses for notices for the Parties are set forth as follows:

 

	 	If to Waldencast, to	 
	 	 	 
	 	Address:	Waldencast Acquisition Corp.
	 	 	10 Bank Street, Suite 560, White Plains, NY 10606
	 	 	 
	 	Attention:	Michel Brousset
	 	 	 
	 	Email:	michel@waldencast.com
	 	 	 
	 	with a copy to (which will not constitute notice):
	 	 	 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	One Manhattan West
	 	New York, New York 10001
	 	 
	 	Attention:	Paul T. Schnell
	 	 	Maxim Mayer-Cesiano
	 	 	 
	 	Email:	paul.schnell@skadden.com
	 	 	maxim.mayercesiano@skadden.com
	 	 	 
	 	If to Sponsor, to	 
	 	 	 
	 	Address:	Maples Corporate Services Limited
	 	 	PO Box 309, Ugland House Grand Cayman E9
	 	 	KY1-1104
	 	 	 
	 	Attention:	Emerson Melo
	 	 	 
	 	Email:	emersonm@dynamo.com.br

 

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	 	with a copy to (which will not constitute notice):
	 	 	 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	One Manhattan West
	 	New York, New York 10001
	 	 
	 	Attention:	Paul T. Schnell
	 	 	Maxim Mayer-Cesiano
	 	 	 
	 	Email:	paul.schnell@skadden.com
	 	 	maxim.mayercesiano@skadden.com

 

	 	If to Cedarwalk, to:
	 	 	 
	 	Address:	Cedarwalk Skincare Limited
	 	 	Rm 3001-3010
	 	 	30/F, China Resource Building
	 	 	26 Harbour Rd
	 	 	Wanchai, Hong Kong
	 	 	 
	 	Attention:	Mr. Simon Dai
	 	 	 
	 	Email:	Simon-dsc@hotmail.com
	 	 	 
	 	with a copy to (which will not constitute notice):
	 	 	 
	 	Nixon Peabody LLP
	 	Tower 46
	 	55 West 46th Street
	 	New York, New York 10036-4120
	 	 
	 	Attention:	David Cheng, Esq.
	 	 	Richard F. Langan, Jr., Esq.
	 	 	 
	 	Email:	dcheng@nixonpeabody.com
	 	 	rlangan@nixonpeabody.com
	 	 	 
	 	If to the Guarantor, to:	 
	 	 	 
	 	Address:	CWC Skincare Ltd.
	 	 	Rm 3001-3010
	 	 	30/F, China Resource Building
	 	 	26 Harbour Rd
	 	 	Wanchai, Hong Kong
	 	 	 
	 	Attention:	Mr. Steven Dai
	 	 	 
	 	Email:	steve.dai@zhfinh.com mailto:Simon-dsc@hotmail.com

 

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	 	with a copy to (which will not constitute notice):
	 	 	 
	 	Nixon Peabody LLP
	 	Tower 46
	 	55 West 46th Street
	 	New York, New York 10036-4120
	 	 
	 	Attention:	David Cheng, Esq.
	 	 	Richard F. Langan, Jr., Esq.
	 	 	 
	 	Email:	dcheng@nixonpeabody.com
	 	 	rlangan@nixonpeabody.com

 

Any Party’s address may be changed by such Party by
notification to the Company and the other Parties in accordance with this Article 10. Any notice or communication given by email shall
be promptly confirmed by delivery of a copy of such notice or communication by hand or overnight delivery service; provided that
for purposes of determining time of receipt of the notice, Article 10.3.1 shall apply.

 

		10.3	Service of Notice. Any notice given pursuant to:

 

		10.3.1	Article 10.1.1 shall be deemed to be given at the time the email containing or attaching the notice was sent to the email address
referred to in Article 10.2, as recorded on the email account on the sender’s machine; provided that (i) if such time shall not
be during a Business Day or is after 5:30 p.m. on a Business Day (addressee’s local time), such notice shall be deemed to be given
at 9:00 a.m. (addressee’s local time) on the next following Business
Day and (ii) receipt shall not occur if the sender receives an automated message indicating that the message has not been delivered to
the recipient; and

 

		10.3.2	Article 10.1.2 or Article 10.1.3 shall be deemed to be given at the time of delivery (with proof of receipt), unless such time shall
not be during a Business Day or is after 5:30 p.m. on a Business Day (addressee’s local time), in which event it shall be deemed
to be given at 9:00 a.m. (addressee’s local time) on the next following Business Day.

 

		11.	Miscellaneous.

 

		11.1	Entire Agreement. This Agreement supersedes all prior agreements, whether written or oral, between the Parties with respect
to its subject matter and constitutes a complete and exclusive statement of the terms of the agreement between the Parties with respect
to the subject matter of this Agreement.

 

		11.2	Specific Performance. The Parties hereby acknowledge and agree that the failure of a Party to perform its agreements and covenants
hereunder may cause irreparable injury to the other Parties, for which damages alone, even if available, will not be an adequate remedy.
Accordingly, each Party hereby consents that, notwithstanding Article 9.2, the Parties shall be entitled to seek the remedies of injunction,
specific performance or other equitable relief from any court or tribunal of competent jurisdiction for any threatened or actual breach
of the terms of this Agreement, to enforce specifically the terms and provisions hereof and to compel performance of such Party’s
obligations, this being in addition to and without prejudice to any other rights or remedies to which any Party is entitled under this
Agreement. The Parties further agree to waive any requirement for the securing or posting of any bond in connection with any such remedy,
and that, such remedy shall be in addition to any other remedy to which a Party is entitled at law or in equity.

 

		11.3	No Assignments Generally. Except in connection with Permitted Transfers, no Party may assign the benefit of this Agreement
(in whole or in part) or transfer, declare a trust over or otherwise dispose of in any manner whatsoever its rights or obligations under
this Agreement or subcontract or delegate in any manner whatsoever its performance under this Agreement (each of the above, a “dealing”)
without the prior written consent of the other Parties. Except as expressly permitted by this Article 11.3, any dealing or purported dealing
with respect to the whole or any part of this Agreement shall be void.

 

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		11.4	Amendments and Waivers. No variation of this Agreement shall be effective unless in writing and signed by or on behalf of the
Parties. Any amendment, termination or waiver of any term of this Agreement effected in accordance with this Article 11.4 shall be binding
upon each of the Parties hereto and their respective successors and assigns.

 

		11.5	Remedies and Waivers.

 

		11.5.1	No waiver of any right under this Agreement shall be effective unless in writing. Unless expressly stated otherwise a waiver shall
be effective only in the circumstances for which it is given.

 

		11.5.2	No delay or omission by any Party in exercising any right or remedy provided by law or under this Agreement shall constitute a waiver
of such right or remedy.

 

		11.5.3	The single or partial exercise of a right or remedy under this Agreement shall not preclude any other nor restrict any further exercise
of any such right or remedy.

 

		11.5.4	The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies provided by law.

 

		11.5.5	Without prejudice to any other rights or remedies that a Party may have, the Parties acknowledge and agree that damages may not be
an adequate remedy for any breach of this Agreement and that the remedies of injunction, specific performance and other equitable remedies
will be available where appropriate.

 

		11.6	Counterparts. This Agreement may be executed in two or more counterparts, and by different parties in separate counterparts,
with the same effect as if all parties hereto had signed the same document, but all of which together shall constitute one and the same
instrument. Copies of executed counterparts of this Agreement transmitted by electronic transmission (including by email or in .pdf format)
or facsimile as well as electronically or digitally executed counterparts (such as DocuSign) shall have the same legal effect as original
signatures and shall be considered original executed counterparts of this Agreement.

 

		11.7	Severability and Validity. If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect
under the Law of any jurisdiction, it shall be deemed to be severed from this Agreement and the Parties shall use all reasonable endeavors
to replace such provision with one having an effect as close as possible to the deficient provision. The remaining provisions will remain
in full force in that jurisdiction and all provisions will continue in full force in any other jurisdiction.

 

		11.8	Costs and Expenses. Save as otherwise expressly provided in this Agreement, each Party shall pay its own costs, charges and
expenses (including legal fees) in relation to the negotiation, preparation, execution and implementation of this Agreement and all other
documents mentioned herein.

 

		11.9	Third Parties. This Agreement is binding upon, inures to the benefit of and is enforceable by, the Parties and their respective
successors and assigns. A Person who is not a Party to this Agreement shall have no right under this Agreement to enforce any of the terms
of this Agreement. The Parties may amend or vary this Agreement in accordance with its terms without the consent of any other Person.

 

		11.10	Further Assurance. Each of the Parties severally undertakes that it shall take all reasonable steps within their powers to
perform or procure the performance of all such acts and execute and deliver or procure the execution and delivery of all such documents
(in each case at its own expense), as may be required by applicable Law or as any other Party may reasonably require in order to secure
to the other Parties the full benefit of this Agreement.

 

		11.11	Designee. Where Waldencast has the right to designate a designee under this Agreement, it may designate any of its controlled
Affiliates (a “Permitted Designee”) as its designee
to accept or exercise the applicable right or power hereunder for such designee’s own account; provided, however, that no
such designation shall relieve Waldencast of any of its obligations under this Agreement.

 

[Remainder of Page Intentionally
Left Blank]

 

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

 

	 	Waldencast plc
	 	 
	 	By:	/s/ Michel Brousset
	 	 	Name:	Michel Brousset
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	Waldencast Long-Term Capital LLC
	 	 
	 	By:	/s/ Michel Brousset
	 	 	Name: 	Michel Brousset
	 	 	Title:	Founder / CEO

 

     

     

    

 

	 	Cedarwalk Skincare Ltd.
	 	 
	 	By:	/s/ Simon Dai
	 	 	Name:	Simon Dai
	 	 	Title:	Director
	 	 	 	 
	 	CWC Skincare Ltd.
	 	 
	 	By:	/s/ Simon Dai
	 	 	Name: 	Simon Dai
	 	 	Title:	Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]