Document:

Exhibit 10.1

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of December 22, 2021, by and among Blackstone
Products, Inc., a Delaware corporation (the “Company”), Ackrell SPAC Partners I Co., a Delaware corporation
(“SPAC”), Ackrell SPAC Sponsors I LLC, a Delaware limited liability company (“Sponsor”),
EarlyBirdCapital, Inc. a Delaware corporation (“EBC”), William A. Lamkin (“Lamkin”)
and Daniel L. Sheehan (“Sheehan,” and collectively, with Sponsor, EBC, Lamkin, the “Initial Investors”)
and the undersigned parties listed under Holders on the signature page hereto (each such party, together with the Initial Investors and
any person or entity who hereafter becomes a party to or bound by this Agreement pursuant to Section 6.2 hereof “Holder” and collectively, the “Holders”).

 

WHEREAS, the Company, SPAC,
Ackrell Merger Sub, Inc., a Delaware corporation (“Merger Sub”), North Atlantic Imports, LLC, a Utah limited
liability company (“NAI”), Roger Dahle, an individual residing in Utah and holder of certain membership interests
in NAI and North Atlantic Imports, Inc., a business company formed under the laws of the British Virgin Islands, are party to that certain
Business Combination Agreement dated as of the date hereof (as such agreement may be amended, supplemented, restated or otherwise modified
from time to time (the “Business Combination Agreement”), pursuant to which (and subject to the terms and conditions
set forth therein) inter alia, Merger Sub will be merged with and into SPAC, with SPAC surviving the Merger as a wholly-owned subsidiary
of the Company;

 

WHEREAS, the Initial Investors
and SPAC entered into that certain Registration Rights Agreement dated December 21, 2020 (as such agreement may be amended, supplemented,
restated or otherwise modified from time to time until the consummation of the Business Combination, the “Existing Agreement”);
and

 

WHEREAS, upon the consummation
of the Business Combination, each party to the Existing Agreement desires to amend and restate the Existing Agreement in its entirety
as set forth herein and the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the
Holders certain registration rights with respect to the Registrable Securities (as defined below) on the terms and conditions set forth
in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business Combination”
means the acquisition of direct or indirect ownership through a merger, stock exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar type of transaction, of one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

     

     

    

 

“Company”
is defined in the preamble to this Agreement.

 

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

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

 

“Extension Loan
Shares” means the shares of SPAC Common Stock underlying the Extension Loan Subunits issued to Initial Investors as a result
of the conversion of loans made by the Initial Investors or their designees to SPAC to extend the period of time SPAC has to consummate
a Business Combination.

 

“Extension Loan
Subunits” means the Subunits underlying the Extension Loan Units issued to Initial Investors as a result of the conversion
of loans made by the Initial Investors or their designees to SPAC to extend the period of time SPAC has to consummate a Business Combination.

 

“Extension Loan
Units” means the Units issued to Initial Investors as a result of the conversion of loans made by the Initial Investors
or their designees to SPAC to extend the period of time SPAC has to consummate a Business Combination.

 

“Extension Loan
Warrants” means the Warrants underlying the Extension Loan Units and Subunits issued to Initial Investors as a result of
the conversion of loans made by the Initial Investors or their designees to SPAC to extend the period of time SPAC has to consummate a
Business Combination.

 

“Founder Shares”
means the 3,450,000 shares of SPAC Common Stock issued to SPAC’s sponsor prior to SPAC’s initial public offering.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Holder”
is defined in the preamble to this Agreement.

 

“Holder Indemnified
Party” is defined in Section 4.1.

 

“Maximum Number
of Shares” is defined in Section 2.1.4.

 

“Notices”
is defined in Section 6.3.

 

“Piggy-Back Registration”
is defined in Section 2.2.1.

 

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“Private Shares”
means the shares of SPAC Common Stock underlying the Private Subunits that certain of the Initial Investors privately purchased simultaneously
with the consummation of SPAC’s initial public offering.

 

“Private Subunits”
means the Subunits underlying the Private Units that certain of the Initial Investors privately purchased simultaneously with the consummation
of SPAC’s initial public offering.

 

“Private Units”
means the Units that certain of the Initial Investors privately purchased simultaneously with the consummation of SPAC’s initial
public offering.

 

“Private Warrants”
means the Warrants underlying the Private Units and Subunits that certain of the Initial Investors privately purchased simultaneously
with the consummation of SPAC’s initial public offering.

 

“Pro Rata”
is defined in Section 2.1.4.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing
a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means any shares of Company Common Stock and other equity securities convertible into or exercisable or
exchangeable for shares of Company Common Stock held by the Holders, and the shares of Company Common Stock underlying such equity
securities, including (i) the Founder Shares, (ii) the Representative Shares, (iii) the Private Units (and underlying securities),
(iv) the Working Capital Units (and underlying securities), if any, and (v) the Extension Loan Units (and underlying securities), if
any. Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or
other distribution with respect to or in exchange for or in replacement of such Founder Shares, Representative Shares, Private Units
(and underlying securities), Working Capital Units (and underlying securities) and Extension Loan Units (and underlying securities).
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall
have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have
been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by
the Company, and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule 144 under the Securities Act
without volume limitations.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).

 

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“Representative”
means EarlyBirdCapital, Inc.

 

“Representative
Shares” means the 380,000 shares of SPAC Common Stock issued to the Representative and its designees prior to the consummation
of SPAC’s initial public offering.

 

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

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.

 

“Units”
means the units of the Company, each comprised of (i) one Subunit, consisting of one share of Common Stock and one-half of one warrant
and (ii) one-half of one warrant, each whole warrant entitling the holder to purchase one share of Common Stock.

 

“Working Capital
Shares” means the shares of SPAC Common Stock underlying the Working Capital Subunits held by Initial Investors, officers
or directors of SPAC or their affiliates which may be issued in payment of working capital loans made to SPAC.

 

“Working Capital
Subunits” means the Subunits underlying the Working Capital Units held by Initial Investors, officers or directors of SPAC
or their affiliates which may be issued in payment of working capital loans made to SPAC.

 

“Working Capital
Units” means the Units held by Initial Investors, officers or directors of SPAC or their affiliates which may be issued
in payment of working capital loans made to SPAC.

 

“Working Capital
Warrants” means the Warrants Underlying the Working Capital Units and Subunits held by Initial Investors, officers or directors
of SPAC or their affiliates which may be issued in payment of working capital loans made to SPAC.

 

2. REGISTRATION
RIGHTS.

 

2.1 Demand
Registration; Shelf Registration.

 

2.1.1 Request
for Registration. At any time and from time to time, the holders of a majority-in-interest of the then-outstanding Registrable Securities
may make a written demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand,
and each other holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in
the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to the provisions
of the Lock-Up Agreements (as defined in the Business Combination Agreement), Section 2.1.4, Section 2.1.6, and the provisos
set forth in Section 3.1.1 and provided that the Company does not have an effective Registration Statement pursuant to Section
2.1.6 covering the Registrable Securities. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations
under this Section 2.1.1 in respect of all Registrable Securities.

 

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2.1.2 Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission with
respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable
Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental
agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall not be obligated to file a
second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated.

 

2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities
in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through
such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwriting by a majority-in-interest of the holders initiating the Demand Registration, which Underwriter or Underwriters shall be reasonably
acceptable to the Company.

 

2.1.4 Reduction of
Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires
to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or
maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as
applicable, the “Maximum Number of Shares”), then the Company shall include in such registration: (i)
first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number
of shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities for the account of other persons
that the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be sold
without exceeding the Maximum Number of Shares.

 

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2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their
Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1.

 

2.1.6 Shelf
Registration.

 

(a) The
Company shall file, after the filing of the amendment to the Proxy Statement (as defined in the Business Combination Agreement) following
the receipt of the first round of comments on the Proxy Statement from the Commission, and use commercially reasonable efforts to cause
to be declared effective as soon as practicable after the Closing (as defined in the Business Combination Agreement), a Registration Statement
for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”) or, if the Company is eligible to use a Registration
Statement on Form S-3, a Shelf Registration on Form S-3, or any similar short-form registration statement which may be available at such
time (the “Form S-3 Shelf” and together with the Form S-1 Shelf or similar short-form registration statement,
each a “Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two (2)
Business Days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities
included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The
Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use and in compliance
with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company
files a Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any subsequent Form
S-1 Shelf) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3.

 

(b) Notwithstanding
the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities proposed to be registered
under the Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the resale of Registrable
Securities held by the Holders or otherwise, such Registration Statement shall register for resale such number of Registrable Securities
which is equal to the maximum number of shares of Registrable Securities as is permitted by the Commission. In such event, the number
of Registrable Securities to be registered for each selling security holder named in the Registration Statement shall be reduced pro rata
among all such selling security holders. In the event the Commission informs the Company that all of such Registrable Securities
cannot, as a result of the application of Rule 415, be registered for resale on the Registration Statement, the Company agrees to
promptly inform the Holders thereof and use its reasonable best efforts to file amendments to the Registration Statement as required by
the Commission, covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-1 or
such other form available to register for resale such Registrable Securities as a secondary offering.

 

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(c) Notwithstanding
anything to the contrary herein, to the extent there is an active Shelf under this subsection 2.1.6, covering a Holder’s
or Holders’ Registrable Securities, and such Holder or Holders qualify as Demanding Holders pursuant to subsection 2.1.1 and
wish to request an Underwritten Offering from such Shelf, such Underwritten Offering shall follow the procedures of Section 2.1, subsections
2.1.3, 2.1.4, 2.1.5 (except that any withdrawal must be made before the public announcement of such Underwritten
Offering) and this subsection 2.1.6), but such Underwritten Offering shall be made from the Shelf and shall count against
the number of long form Demand Registrations that may be made pursuant to Section 2.1.1.

 

(d) Subject
to Section 3.2, in the event that any Holder holds Registrable Securities that are not registered for resale on a delayed
or continuous basis, the Company, upon written request of such Holder, shall promptly use its reasonable best efforts to cause the resale
of such Registrable Securities to be covered by the then available Shelf by means of a post-effective amendment; provided, however,
that the Company shall only be required to cause such Registrable Securities to be so covered once per calendar year for any Holder and
no more than three (3) times per calendar year for all Holders. The Company shall have the right to remove any persons no longer
holding Registrable Securities from the Shelf or any other shelf registration statement by means of a post-effective amendment.

 

2.2 Piggy-Back
Registration.

 

2.2.1 Piggy-Back
Rights. If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an offering
of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company
including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee
stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders,
(iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then
the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but
in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of
such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt of such
notice (a “Piggy-Back Registration”). Subject to subsection 2.2.2, the Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

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2.2.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to separate
written contractual arrangements with persons or entities other than the holders of Registrable Securities hereunder, the Registrable
Securities as to which registration has been requested under this Section 2.2, and the shares of Common Stock, if any, as to which
registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company,
exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a) If
the registration is undertaken for the Company’s account: (A) the shares of Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable Securities, as
to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares; and

 

(b) If
the registration is a “demand” registration undertaken at the demand of persons other than holders of Registrable Securities,
(A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively,
the shares of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested
pursuant to the terms of this Section 2.2, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

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2.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration
Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

 

3. REGISTRATION
PROCEDURES.

 

3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2,
the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a Demand
Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its
reasonable best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective for the
period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for
up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to
which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the President
or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental
to the Company and its shareholders for such Registration Statement to be effected at such time; provided further, however, that the Company
shall not have the right to exercise the right set forth in the immediately preceding proviso more than once in any 365-day period in
respect of a Demand Registration hereunder.

 

3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus),
and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders
may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

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3.1.3 Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such filing,
notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of any of the following: (i)
when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective;
(iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent
the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities covered
by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the holders
of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for
any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal
counsel shall object.

 

3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered by
the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii)
take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all
other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall
not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
paragraph or subject itself to taxation in any such jurisdiction.

 

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3.1.6 Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in
such registration statement. No holder of Registrable Securities included in such registration statement shall be required to make any
representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good
standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational
documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion
in such Registration Statement.

 

3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

3.1.8 Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement, any
Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional
retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s officers, directors and employees to supply all information requested by any of them in connection with
such Registration Statement.

 

3.1.9 Opinions
and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a signed
counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort
letter from the Company’s independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered
to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any
time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing
such prospectus has been declared effective and that no stop order is in effect.

 

    11

     

    

 

3.1.10 Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; provided that the Company will be deemed to have
satisfied such requirement to the extent such information is filed on the Commission’s EDGAR or any successor system.

 

3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

3.1.12 Road
Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000, the
Company shall use its commercially reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the
Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of
all “insiders” covered by such program to transact in the Company’s securities because of the existence of material
non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of
such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the
supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver
to the Company all written copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice.

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-1 or Form S-3 effected pursuant to
Section 2.1.6, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or
not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses
of compliance with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without
limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing
of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including
the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii)
the fees and expenses of any special experts retained by the Company in connection with such registration; and (ix) the fees and expenses
of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration. The
Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being
sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten
offering, all selling shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective
amount of shares each is selling in such offering.

 

    12

     

    

 

3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter,
if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect
the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s
obligation to comply with federal and applicable state securities laws.

 

3.5 Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) the Representative may not exercise its rights under
Section 2.1 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the registration statement
relating to the Business Combination, respectively, and (ii) the Representative may not exercise its rights under Section 2.1 more
than one time.

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder and each other holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any,
who controls a Holder and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) (each, an “Holder Indemnified Party”), from and against any out-of-pocket expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly
untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company
of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration; and the Company shall promptly reimburse the Holder Indemnified Party for any
legal and any other expenses reasonably incurred by such Holder Indemnified Party in connection with investigating and defending any such
out-of-pocket expense, loss, judgment, claim, damage, liability or action whether or not any such person is a party to any such claim
or action and including any and all legal and other expenses incurred in giving testimony or furnishing documents in response to a subpoena
or otherwise; provided, however, that the Company will not be liable in any such case to the extent that any such out-of-pocket expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged
omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder expressly
for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter on substantially the same basis as that of the indemnification
provided above in this Section 4.1.

 

    13

     

    

 

4.2 Indemnification
by Holders of Registrable Securities. Subject to the limitations set forth in Section 4.4.3 hereof, each selling holder of
Registrable Securities will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement
of any Registrable Securities held by such selling holder, indemnify and hold harmless the Company, each of its directors and officers
and each Underwriter (if any), and each other selling holder and each other person, if any, who controls another selling holder or such
Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or
several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of
such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein
not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the
Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other
selling holder or controlling person for any legal or other expenses reasonably incurred by any of them in connection with investigation
or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall
be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder.

 

4.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action;
provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party
from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying
Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action
brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the
extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory
to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense
of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however,
that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall
have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling
persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party
against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written
advice of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent
to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement
includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

    14

     

    

 

4.4 Contribution.

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection
with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable
considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.

 

4.4.2 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1.

 

4.4.3 The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section
4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds
(after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the sale of Registrable
Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) with respect to any action shall be entitled to contribution in such action from any person who was not guilty
of such fraudulent misrepresentation.

 

    15

     

    

 

5. UNDERWRITING
AND DISTRIBUTION.

 

5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time
to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission.

 

6. MISCELLANEOUS.

 

6.1 Effectiveness;
Other Registration Rights.

 

6.1.1 As
of the Closing, this Agreement shall be automatically effective, without further action by any party hereto, and each of the Initial Investors
and SPAC represent and warrant that this Agreement shall amend and restate the Existing Agreement in its entirety and supersede any other
registration rights agreement or similar agreement. If the Business Combination Agreement is terminated for any reason, then this Agreement
shall be void and of no force and effect.

 

6.1.2 The
Company represents and warrants that no person, other than the holders of the Registrable Securities, has any right to require the Company
to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital stock in any
registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any other person.

 

6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities
hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the extent of any transfer
of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit
of each of the parties, to the permitted assigns of the Holders or holder of Registrable Securities or of any assignee of the Holders
or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons that are not party
hereto other than as expressly set forth in Article 4 and this Section 6.2.

 

6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed
as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed
given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such
service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed given on the next
business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such
notice to a reputable air courier service with an order for next-day delivery.

 

    16

     

    

 

To the Company:

 

c/o North Atlantic Imports, LLC

1073 W. 1700

N. Logan, UT 84321

Attention: Roger Dahle

Email: roger@blackstoneproducts.com

 

with a copy to:

 

O’Melveny & Myers LLP

2765 Sand Hill Road

Menlo Park, CA 94025

Attention: Warren T. Lazarow, Esq. and Noah Kornblith

Email: wlazarow@omm.com and nkornblith@omm.com

To a Holder, to the address
set forth below such Holder’s name on Exhibit A hereto.

 

6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall
constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall
constitute valid and sufficient delivery thereof.

 

6.6 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed in writing
by such party.

 

6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

6.9 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided
that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers
to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any
waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding
or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

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6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Holder or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity
or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of
any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to
take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

6.11 Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction. The Company irrevocably submits to the nonexclusive
jurisdiction of any New York State or United States Federal court sitting in The City of New York, Borough of Manhattan, over any suit,
action or proceeding arising out of or relating to this Agreement. The Company irrevocably waives, to the fullest extent permitted by
law, any objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a
court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum.

 

6.12 Waiver
of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM
OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREBY, OR THE ACTIONS OF THE HOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    18

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Amended and Restated Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

 

	COMPANY:	 
	 	 	 
	ACKRELL SPAC PARTNERS I CO.  	 
	 	 	 	 
	By:	 	 
	 	Name: 	                            	 
	 	Title:	 	 
	 	 	 	 
	INITIAL INVESTORS:	 
	 	 	 	 
	ACKRELL SPAC SPONSORS I LLC  	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	EARLYBIRDCAPITAL, INC.  	 
	 	 	 	 
	By:	 	 
	 	Name:	       	 
	 	Title:	 	 

 

	WILLIAM A. LAMKIN	 
	 	 	 
	By:		 
		Name: 	William A. Lamkin	 
	 	 	 
	DANIEL L. SHEEHAN	 
	 	 	 
	By:	 	 
	 	Name:	Daniel L. Sheehan	 

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	 	 
	HOLDERS: 	 
	 	 
	NORTH ATLANTIC IMPORTS, INC. 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title: 	 	 
	 	 	 
	ROGER DAHLE 	 
	 	 	 
	By: 	 	 
	Name:  	Roger Dahle	 

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

Name and Address of Holders

 

Ackrell SPAC Sponsors I LLC

c/o Steve Cannon

2093 Philadelphia Pike #1968

Claymont, DE 19703

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

 

William A. Lamkin

2093 Philadelphia Pike #1968

Claymont, DE 19703

 

Daniel L. Sheehan

2093 Philadelphia Pike #1968

Claymont, DE 19703

 

Roger Dahle

1073 W 1700 N

Logan, Utah 84341

 

North Atlantic Imports, Inc.

OMC Chambers, Wickhams Cay 1, Road
Town

Tortola, British Virgin Islands

 

 

A-1Exhibit 10.2

 

Execution Version 

 

LOCK-UP AGREEMENT

 

This Lock-Up Agreement is
dated as of December 22, 2021 and is by and among Blackstone Products, Inc., a Delaware corporation (the “Company”),
and each of the stockholder parties identified on Exhibit A hereto and the other Persons who enter into a joinder to this Agreement
substantially in the form of Exhibit B hereto with the Company in order to become a “Stockholder Party” for purposes
of this Agreement (collectively, the “Stockholder Parties”).

 

BACKGROUND:

 

WHEREAS, the Stockholder
Parties own or will own equity interests in the Company and/or Ackrell SPAC Partners I Co., a Delaware corporation (“SPAC”);

 

WHEREAS, pursuant to
that certain Business Combination Agreement, dated as of December 22, 2021 by and among the Company, SPAC, Ackrell Merger Sub, Inc. ,
a newly formed Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), North Atlantic Imports,
LLC, a Utah limited liability company (“NAI”), Roger Dahle, an individual residing in Utah and holder of certain membership
interests in the Company (“Dahle”), and North Atlantic Imports, Inc., a business company formed under the laws of the
British Virgin Islands (“NAI-BV”) (as it may be amended, supplemented, restated or otherwise modified from time to
time, the “Business Combination Agreement”), (i) Merger Sub will be merged with and into SPAC, with SPAC surviving
the Merger as a wholly-owned subsidiary of the Company (the “Merger”), (ii) each share of SPAC’s common stock,
par value $0.0001 per share (“SPAC Common Stock”) issued and outstanding immediately prior to the Effective Time shall
automatically be converted into and exchanged (the “Conversion”) for one validly issued, fully paid and nonassessable
share of the Company’s common stock, par value $0.0001 per share (“Company Common Stock”), (iii) NAI-BV will
contribute (the “NAI Contribution”) 45 shares of common stock, par value $1.00 per share of Cowell International Inc.
(“Cowell”), a Utah corporation (“Cowell Common Stock”) to the Company in exchange for Company Common
Stock, and 33 shares of Cowell Common Stock to SPAC and Cowell will redeem 22 shares of Cowell Common Stock in exchange for the Cash Consideration,
(iv) Dahle will contribute (the “Dahle Contribution”) all of his membership interests in the Company to Company in
exchange for shares of Company Common Stock, on the terms and subject to the conditions set forth therein (collectively, the Merger, Conversion,
NAI Contribution, Dahle Contribution and the other transactions contemplated by the Business Combination Agreement, the “Transactions”)
and (v) following the consummation of the Transactions, the Company will be renamed “Blackstone Holdings, Inc.” (the Company
from and after the Transactions sometimes referred to herein as the “Surviving Corporation”); and

 

WHEREAS, the parties
wish to enter into this Agreement to set forth obligations described above and make certain additional agreements to each other in connection
with the Transactions, including (among others) with respect to restrictions on transfer of certain equity interests in the Surviving
Corporation.

 

NOW, THEREFORE, the
parties agree as follows:

 

     

     

    

 

Article
I

INTRODUCTORY MATTERS

 

1.1
Defined Terms. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Business Combination Agreement. For purposes of this Agreement:

 

“Action”
has the meaning set forth in Section 3.8.

 

“Affiliate”
has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof.

 

“Agreement”
means this Lock-up Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance
with the terms hereof.

 

“Board”
means the board of directors of the Company.

 

“Business Combination
Agreement” has the meaning set forth in the Background.

 

“Business
Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial banks in
New York City are authorized or required by Law to close; provided, that banks shall not be deemed to be authorized or obligated
to be closed due to a “shelter in place” or similar closure of physical branch locations at the direction of any Governmental
Authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such
day.

 

“Change of Control”
has the meaning set forth in Section 2.1(b)(iii).

 

“Chosen Courts”
has the meaning set forth in Section 3.7.

 

“Company”
has the meaning set forth in the Background.

 

“Company Common Stock”
has the meaning set forth in the Background.

 

“Covered Securities”
has the meaning set forth in Section 2.1(a).

 

“Escrowed Shares”
has the meaning set forth in the Subscription Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government (including stock exchange authorities).

 

“immediate family
member” has the meaning set forth in Section 2.1(b).

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code,
edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or
Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect
by or under the authority of any Governmental Authority.

 

    2

     

    

 

“Lock-Up Period”
has the meaning set forth in Section 2.1(a).

 

“Merger”
has the meaning set forth in the Background.

 

“Non-Recourse Party”
means any past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney,
advisor or representative of any named party to this Agreement and any past, present or future director, officer, employee, incorporator,
member, partner, stockholder, Affiliate, agent, attorney, advisor or representative of any of the foregoing.

 

“Permitted Transferees”
means with respect to a Stockholder Party, a Transferee of shares that agrees to become party to, and to be bound to the same extent as
its Transferor by the terms of, this Agreement.

 

“Person”
means an individual, a partnership, a corporation, a limited partnership, a limited liability company, a syndicate, an association, a
joint stock company, a trust, an entity, a joint venture, an unincorporated organization, or other form of business organization, whether
or not regarded as a legal entity under applicable Law, a person (including, without limitation, a “person” as defined in
Section 13(d)(3) of the Exchange Act) or any Governmental Authority or any department, agency or political subdivision thereof.

 

“Remaining Shares”
has the meaning set forth in the Subscription Agreements.

 

“shares”
means shares of Company Common Stock received by the Stockholder Parties pursuant to the Business Combination Agreement; provided,
however, that, for the avoidance of doubt, such term shall not include (i) shares of Company Common Stock or other securities convertible
into or exercisable or exchangeable for Company Common Stock, in each case, acquired in open market transactions after the Closing Date,
or (ii) shares of Company Common Stock issued in any private investment in public securities financing being conducted by the SPAC in
connection with the Merger.

 

“Stockholder Parties”
has the meaning set forth in the Preamble.

 

“Subscribers”
has the meaning set forth the Subscription Agreements.

 

“Surviving Corporation”
has the meaning set forth in the Background.

 

“Transferors”
has the meaning set forth in the Subscription Agreements.

 

1.2 Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is
disjunctive but not exclusive, (b) words in the singular include the plural, and in the plural include the singular, and (c) the
words “hereof”, “herein”, and “hereunder” and words of similar import when used in this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to
sections of this Agreement unless otherwise specified.

 

    3

     

    

 

Article
II

LOCK-UP

 

2.1
Lock-Up.

 

(a) During the
period beginning at the Effective Time and continuing to and including the date that is one hundred eighty (180) days after the
Closing Date (as defined in the Business Combination Agreement) (the “Lock-Up Period”), each Stockholder Party
agrees not to, directly or indirectly, offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or
otherwise dispose of any shares of Company Common Stock, together with any (a) securities paid as dividends or distributions with
respect to such securities or (b) securities that are exchangeable or convertible into shares of Company Common Stock, owned
directly by such Stockholder Party (including holding as a custodian) or with respect to which such Stockholder Party has beneficial
ownership within the rules and regulations of the U.S. Securities and Exchange Commission (collectively, the “Covered
Securities”). The foregoing restriction is expressly agreed to preclude such Stockholder Parties from engaging in any
hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or
disposition of the Covered Securities even if such Covered Securities would be disposed of by someone other than such Stockholder
Parties. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or
grant of any right (including, without limitation, any put or call option) with respect to any of the Covered Securities or with
respect to any security that includes, relates to, or derives any significant part of its value from such Covered Securities.

 

(b)
Notwithstanding the foregoing or anything in this Agreement to the contrary, at any time after (but in no event before) the later of
(x) the date that the Escrowed Shares are transferred to the Subscribers or (y) the Remaining Shares are transferred to the
Transferors in each case pursuant to the applicable provisions of Section 2 of the Subscription Agreements, a Stockholder Party may
transfer or dispose of its Covered Securities (i) by will, other testamentary document or intestacy, (ii) as a bona fide gift
or gifts, including to charitable organizations or for bona fide estate planning purposes, (iii) to any trust, partnership,
limited liability company, corporation or other entity for the direct or indirect benefit of the undersigned or an immediate family
member of the undersigned (for purposes of this Section 2.1, “immediate family member” shall mean any
relationship by blood, current or former marriage or adoption, not more remote than first cousin), (iv) in the case of an
individual, (x) to any immediate family member or other dependent or (y) to a trust, the beneficiary of which is either an immediate
family member of such individual or a charitable organization and, in each case, the sole trustee of which is such individual, (v)
in the case of an individual, pursuant to a qualified domestic relations order, (vi) as a pro rata distribution to limited
partners, members or stockholders of such Stockholder Party, (vii) to its Affiliated investment fund or other Affiliated entity
controlled or managed by such Stockholder Party or its Affiliates, (viii) to a nominee or custodian of a Person to whom a
disposition or transfer would be permissible under clauses (i) through (vii) above, (ix) pursuant to an order or decree of a
Governmental Authority, (x) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar
transaction, in each case, both approved by the Board and made to all holders of the shares involving a Change of Control (as
defined below) (including negotiating and entering into an agreement providing for any such transaction), provided that in the event
that such tender offer, merger, consolidation or other such transaction is not completed, such Stockholder Party’s Covered
Securities shall remain subject to the provisions of this Section 2.1, (xi) to the Company (1) pursuant to the exercise of
any option to purchase Company Common Stock granted by the Company pursuant to any employee benefit plans or arrangements (including
employee benefit plans or arrangements assumed in connection with the Merger) which are set to expire during the Lock-Up Period,
where any Company Common Stock received by the undersigned upon any such exercise will be subject to the terms of this Section
2.1, or (2) for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise of
any option to purchase Company Common Stock or the vesting of any restricted stock awards granted by the Company pursuant to
employee benefit plans or arrangements (including employee benefit plans or arrangements assumed in connection with the Merger)
which are set to expire or automatically vest during the Lock-Up Period, where any Company Common Stock received by such Stockholder
Party upon any such exercise or vesting will be subject to the terms of this Section 2.1, (xii) pursuant to transactions to
satisfy any U.S. federal, state, or local income tax obligations of the Stockholder Party (or its direct or indirect owners) arising
from a change in the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or the U.S. Treasury
Regulations promulgated thereunder (the “Regulations”) after the date on which the Business Combination Agreement
was executed by the parties thereto, and such change prevents such transaction from qualifying as an exchange to which Section 351
of the Code applies (and such transaction does not qualify for similar tax-free treatment pursuant to any successor or other
provision of the Code or Regulations taking into account such changes), or (xiii) with the prior written consent of the Company
(with the approval of a majority of the disinterested directors); provided that:

 

    4

     

    

 

(i)
in the case of each transfer or distribution pursuant to clauses (ii) through (viii) above, (a) each donee, trustee, distributee
or transferee, as the case may be, agrees to be bound in writing by the restrictions set forth in this Section 2.1; and (b) any
such transfer or distribution shall not involve a disposition for value, other than with respect to any such transfer or distribution
for which the transferor or distributor receives (x) equity interests of such transferee or (y) such transferee’s interests in the
transferor;

 

(ii)
in the case of each transfer or distribution pursuant to clauses (ii) through (viii) above, if any public reports or filings (including
filings under Section 16(a) of the Exchange Act) reporting a reduction in beneficial ownership of shares shall be required or shall be
voluntarily made during the Lock-Up Period such report or filing shall disclose that such donee, trustee, distributee or transferee, as
the case may be, agrees to be bound in writing by the restrictions set forth herein; and

 

(iii)
 for purposes of clause (xi) above, “Change of Control” shall mean the transfer to or acquisition by (whether
by tender offer, merger, consolidation, division or other similar transaction), in one transaction or a series of related transactions,
a Person or group of Affiliated Persons (other than an underwriter pursuant to an offering), of the Company’s voting securities
if, after such transfer or acquisition, such Person or group of Affiliated Persons would beneficially own (within the meaning set forth
in Rule 13d-3 promulgated under the Exchange Act) more than 50% of the outstanding voting securities of the Company.

 

(c) For the
avoidance of doubt, each Stockholder Party shall be permitted to convert outstanding preferred stock, warrants to acquire preferred
stock or convertible securities or warrants to acquire shares of Company Common Stock into shares of Company Common Stock; provided
that any such shares of Company Common Stock or warrants received upon such conversion shall be subject to the restrictions set
forth in this Section 2.1.

 

(d) Each
Stockholder Party shall be permitted to enter into a trading plan established in accordance with Rule 10b5-1 under the Exchange Act
during the applicable Lock-Up Period so long as no transfers or other dispositions of such Stockholder Party’s Covered
Securities in contravention of this Section 2.1(d) are effected prior to the expiration of the applicable Lock-Up Period.

 

(e) Each
Stockholder Party also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and
registrar against the transfer of the Covered Securities except in compliance with the foregoing restrictions and to the addition of
a legend to such Stockholder Party’s shares describing the foregoing restrictions. If any transfer is made or attempted to be
made contrary to the provisions of this Agreement, such purported prohibited transfer shall be null and void ab initio, and
the Company shall refuse to recognize any such purported transferee of the Covered Securities as one of its equity holders for any
purpose. The Company agrees that it shall not unreasonably delay or condition or refuse to provide its consent to the transfer agent
to remove such restrictions for transfers permitted or not prohibited under this Agreement or the Prospectus.

 

Article
III

GENERAL PROVISIONS

 

3.1
Termination. Subject to Section 3.13 or the early termination of any provision as a result of an amendment to this
Agreement agreed to by the Company and the Stockholder Parties, as provided under Section 3.3, this Agreement (other than Article
III hereof), shall not terminate with respect to a Stockholder Party and its Permitted Transferees until the expiration of the Lock-Up
Period.

 

    5

     

    

 

3.2 Notices. All
notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail
return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service
or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as
follows:

 

If to the Company (or the Surviving
Corporation), to:

 

Prior to the Closing Date:

 

Ackrell SPAC Partners I Co.

2093 Philadelphia Pike #1968

Claymont, DE 19703

Attention:

Email:

 

with a copy (not constituting notice) to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Attention: Stuart Neuhauser and Matthew A. Gray

Email: sneuhauser@egsllp.com and mgray@egsllp.com

 

On or following the Closing Date:

 

c/o North Atlantic Imports, LLC

1073 W. 1700 N.

Logan, UT 84321

Attention: Roger Dahle, Chief Executive Officer

Email: roger@blackstoneproducts.com

 

with a copy (not constituting notice)
to:

 

O’Melveny & Myers LLP

2765 Sand Hill Road

Menlo Park, CA 94025

Attention: Warren Lazarow and Noah Kornblith

Email: wlazarow@omm.com and nkornblith@omm.com

 

If to any Stockholder Party,
to such address indicated on the Company’s records with respect to such Stockholder Party or to such other address or addresses
as such Stockholder Party may from time to time designate in writing.

 

3.3
Amendment; Waiver.

 

(a) The terms
and provisions of this Agreement may be amended or modified in whole or in part only by a duly authorized agreement in writing
executed by the Company and each of the Stockholder Parties (if this Agreement has not been terminated with respect to such
Stockholder Party). Prior to the consummation of the Merger, this Agreement may not be amended without the prior written consent of
NAI.

 

    6

     

    

 

(b) Except as
expressly set forth in this Agreement, neither the failure nor delay on the part of any party hereto to exercise any right, remedy,
power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
remedy power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right,
remedy, power or privilege with respect to any other occurrence.

 

(c) No party shall be deemed to have waived any claim arising out of this Agreement, or any right, remedy, power or privilege under
this Agreement, unless the waiver of such claim, right, remedy, power or privilege is expressly set forth in a written instrument duly
executed and delivered on behalf of such party; and any such waiver shall not be applicable or have any effect except in the specific
instance in which it is given.

 

(d) Any party
hereto may unilaterally waive any of its rights hereunder in a signed writing delivered to the Company.

 

3.4
Further Assurances. The parties hereto will sign such further documents and do and perform and cause to be done such further
acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof.

 

3.5
Assignment. No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other
parties. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
permitted successors and assigns. Any attempted assignment in violation of the terms of this Section 3.5 shall be null and void,
ab initio.

 

3.6
Third Parties. Except as provided for in Article III with respect to any Non-Recourse Party, nothing expressed or
implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the parties hereto, any right
or remedies under or by reason of this Agreement.

 

3.7 Governing Law and
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware
applicable to contracts executed in and to be performed in that State. All actions and proceedings arising out of or relating to
this Agreement shall be heard and determined exclusively in any Delaware Chancery Court, or if such court does not have subject
matter jurisdiction, any state or federal court located in the State of Delaware (the “Chosen Courts”). The
parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the Chosen Courts for themselves and with respect to
their respective properties for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto,
and (b) agree not to commence any Action relating thereto except in the Chosen Courts, other than Actions in any court of competent
jurisdiction to enforce any judgment, decree or award rendered by any such Chosen Court as described herein. Each of the parties
further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any
argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to
assert, by way of motion or as a defense, counterclaim or otherwise, in any Action arising out of or relating to this Agreement or
the transactions contemplated hereby, (i) any claim that it is not personally subject to the jurisdiction of the courts in Delaware
as described herein for any reason, (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any
legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise) and (iii) that (A) the Action in any such court is brought in an
inconvenient forum, (B) the venue of such Action is improper or (C) this Agreement, or the subject matter hereof, may not be
enforced in or by such courts.

 

    7

     

    

 

3.8
Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by applicable Law any right
it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this
Agreement. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges
that it and the other hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications
in this ‎Section 3.8.

 

3.9
Specific Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not
be an adequate remedy, would occur in the event that the parties do not perform their obligations under the provisions of this Agreement
in accordance with its specified terms or otherwise breach such provisions. The parties acknowledge and agree that (a) the parties shall
be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereof, without proof of damages, prior to the valid termination of this Agreement, and (b) the right of specific
enforcement is an integral part of the transactions contemplated by this Agreement and without that right, none of the parties would have
entered into this Agreement. Each party agrees that it will not oppose the granting of specific performance and other equitable relief
on the basis that the other parties have an adequate remedy at law or that an award of specific performance is not an appropriate remedy
for any reason at law or equity. The parties acknowledge and agree that any party seeking an injunction to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 3.9 shall not be required
to provide any bond or other security in connection with any such injunction.

 

3.10
Entire Agreement. This Agreement constitutes the entire agreement among the parties relating to the subject matter hereof
and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the parties hereto
relating to the subject matter hereof. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating
to the subject matter of this Agreement exist between the parties except as expressly set forth or referenced in this Agreement.

 

3.11 Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is, to any
extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary
to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent
necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or
unenforceable with a valid and enforceable provision giving effect to the intent of the parties.

 

3.12
Headings; Counterparts. The captions in this Agreement are for convenience only and shall not be considered a part of or
affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two (2) or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A signed copy of this
Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery
of an original signed copy of this Agreement.

 

    8

     

    

 

3.13
Effectiveness; Termination of Existing Stockholders and Securityholders Agreements. This Agreement shall be valid and enforceable
as of the date of this Agreement and may not be revoked by any party hereto; provided that the provisions herein (other than this Article
III) shall not be effective until the consummation of the Merger. In the event the Business Combination Agreement is terminated in
accordance with its terms, this Agreement shall automatically terminate and be of no further force or effect.

 

3.14
Non-Recourse. This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of,
or related to this Agreement or the transactions contemplated hereby may only be brought against, the entities that are expressly named
as parties hereto, and then only with respect to the specific obligations set forth herein with respect to such party. Except to the extent
a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement),
no Non-Recourse Party shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations,
warranties, covenants, agreements or other obligations or liabilities of the parties to this Agreement or for any claim based on, arising
out of, or related to this Agreement or the transactions contemplated hereby.

 

3.15
Representation of NAI. Each Stockholder Party acknowledges and agrees that
it has had an adequate opportunity to review this Agreement with its counsel prior to executing this Agreement. Each Stockholder
Party further acknowledges and agrees that O’Melveny & Myers LLP represents NAI only, and such law firm does not
represent any Stockholder Party in connection with the Business Combination Agreement, this
Agreement or any of the transactions contemplated thereby or hereby.

 

[Remainder of Page Intentionally Left Blank]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Lock-Up Agreement on the day and year first above written.

 

	 	BLACKSTONE PRODUCTS, INC. 
	 	 	 
	 	By:	                          
	 	Name:	
	 	Title:	 

 

    10

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Lock-Up Agreement on the day and year first above written.

 

	 	ACKRELL SPAC SPONSORS I LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 
	 	Roger Dahle
	 	 	 	 
	 	NORTH ATLANTIC IMPORTS, INC.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

    11

     

    

 

Exhibit A

Schedule of Stockholder
Parties

 

Ackrell SPAC Sponsors I LLC

 

Roger Dahle

 

North Atlantic Imports, Inc.

 

    12

     

    

 

Exhibit B

FORM OF JOINDER TO LOCK-UP
AGREEMENT

 

December 22, 2021

 

Reference is made to the Lock-Up
Agreement, dated as of December 22, 2021, by and among Blackstone Products, Inc., a Delaware corporation (the “Company”,
as applicable), and the other Stockholder Parties (as defined therein) from time to time party thereto (as amended from time to time,
the “Lock-Up Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in the Lock-Up Agreement.

 

Each of the Company and each
undersigned holder of shares of the Company (each, a “New Stockholder Party”) agrees that this Joinder to the Lock-Up
Agreement (this “Joinder”) is being executed and delivered for good and valuable consideration.

 

Each undersigned New Stockholder
Party hereby agrees to and does become party to the Lock-Up Agreement as a Stockholder Party. This Joinder shall serve as a counterpart
signature page to the Lock-Up Agreement and by executing below each undersigned New Stockholder Party is deemed to have executed the Lock-Up
Agreement with the same force and effect as if originally named a party thereto.

 

This Joinder may be executed
in multiple counterparts, including by means of facsimile or electronic signature, each of which shall be deemed an original, but all
of which together shall constitute the same instrument.

 

[Remainder of Page Intentionally Left Blank.]

 

    13

     

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Joinder as of the date first set forth above.

 

	 	[NEW STOCKHOLDER PARTY]
	 	 	 
	 	By: 	                   
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	 	 
	 	BLACKSTONE PRODUCTS, INC
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

 

14

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