Document:

Exhibit 10.3

 

GRANT OF A SECURITY INTEREST -- TRADEMARKS

This Trademark
Security Agreement (this "Trademark Security Agreement") is made as of January 28, 2015, by each of the undersigned
Grantors (each a "Grantor" and collectively, the "Grantors"), in favor of Highbridge Principal
Strategies, LLC, in its capacity as collateral agent for itself and the other Secured Parties (together with its successors and
assigns in such capacity, "Grantee").

 

WHEREAS, each
Grantor has adopted, used and is using, and holds all right, title and interest in and to, the trademarks and service marks listed
on the attached Schedule A beside its name, which trademarks and service marks are registered or applied for in the United
States Patent and Trademark Office (the "Trademarks");

 

WHEREAS, each
Grantor has entered into a Pledge and Security Agreement, dated January 28, 2015 (as amended, restated, supplemented, modified
or otherwise changed from time to time, the "Security Agreement"), in favor of Grantee; and

 

WHEREAS, pursuant
to the Security Agreement, each Grantor has granted to the Grantee for the benefit of the Secured Parties (as defined in the Security
Agreement), a continuing security interest in all right, title and interest of such Grantor in, to and under the Trademarks listed
beside its name, together with, among other things, the goodwill of the business symbolized by the Trademarks and the applications
and registrations thereof, and all proceeds thereof, including, without limitation, any and all causes of action which may exist
by reason of infringement thereof and any and all damages arising from past, present and future violations thereof (the "Collateral"),
to secure the payment, performance and observance of the Secured Obligations (as defined in the Security Agreement).

 

NOW, THEREFORE,
as collateral security for the payment, performance and observance of all of the Secured Obligations, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Grantor does hereby grant to the Grantee and grants to the Grantee
for the benefit of the Secured Parties, a continuing security interest in the Collateral to secure the prompt payment, performance
and observance of the Secured Obligations.

 

All capitalized
terms used but not otherwise defined herein have the meanings given to them in the Security Agreement 

 

Each Grantor does hereby
further acknowledge and affirm that the rights and remedies of the Grantee with respect to the Collateral are more fully set forth
in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth
herein.

 

This Trademark
Security Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart by facsimile or electronic mail shall be equally effective as delivery of an original executed
counterpart.

 

[Remainder of page intentionally
left blank]

 

    	 

    	 

    

 

IN WITNESS
WHEREOF, the Grantors have caused this Trademark Security Agreement to be duly executed by their officers thereunto duly authorized
as of the date first set forth above.

 

	 	FUTURE ADS LLC
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive Officer
	 	 
	 	KITARA MEDIA, LLC
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive Officer
	 	 
	 	HEALTH GURU MEDIA, INC.
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive Officer
	 	 
	 	APPENITY LLC
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	EPICPLAY LLC
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive Officer
	 	 
	 	GAMEVANCE LLC
	 	 
	 	By:	
        /s/ Robert Regular

	 	 	Name:  Robert Regular
	 	 	Title:  Chief Executive OfficerExhibit 10.4

 

REGISTRATION RIGHTS
AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made as of January 28, 2015 by and among Kitara Holdco Corp., a Delaware corporation (the “Company”), and
the stockholders of the Company listed on Schedule A hereto (collectively, the “Original Holders”).

 

RECITALS

 

A.The Original Holders, the Company,
Kitara Media Corp., a Delaware corporation, and Future Ads LLC, a California limited liability company (“Future Ads”),
have entered into a Unit Exchange Agreement (the “Exchange Agreement”), dated as of October 10, 2014, pursuant
to which the Original Holders are acquiring shares of Common Stock.

 

B.In connection with the execution
and delivery of the Exchange Agreement and the consummation of the transactions contemplated thereby, the Company has agreed to
grant the Original Holders certain registration rights as set forth below.

 

AGREEMENT

 

In consideration of the foregoing and
the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1 Certain
Definitions. As used in this Agreement, capitalized terms not otherwise defined herein shall have the meanings ascribed
to them below:

 

“Business Day” means
any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in The City
of New York.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company, and any equity securities issued or issuable in exchange
for or with respect to the Common Stock by way of a stock dividend, stock split or combination of shares or in connection with
a reclassification, recapitalization, merger, consolidation or other reorganization or otherwise.

 

“Common Stock Equivalent”
means all options, warrants and other securities convertible into, or exchangeable or exercisable for (at any time or upon the
occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject),
Common Stock.

 

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

 

    	 

    	 

    

 

“FINRA” means the Financial
Industry Regulatory Authority, Inc.

 

“Holder” or “Holders”
means any Original Holder and any Person who shall acquire and hold Registrable Securities in accordance with the terms of this
Agreement.

 

“Issuer Free Writing Prospectus”
means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of Registrable
Securities.

 

“Majority Participating Holders”
means Participating Holders holding more than 50% of the Registrable Securities proposed to be included in any offering of Registrable
Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2.

 

“Person” means any individual,
corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association, organization
or other entity or any governmental or regulatory body or other agency or authority or political subdivision thereof, including
any successor, by merger or otherwise, of any of the foregoing.

 

“Registrable Securities”
means (i) shares of Common Stock issued to the Original Holders pursuant to the Exchange Agreement and (ii) shares of
Common Stock issued or issuable, directly or indirectly, in exchange for or with respect to the Common Stock referenced in clause (i)
above. Any particular Registrable Securities shall cease to be Registrable Securities when (A) a registration statement with
respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have
been disposed of in accordance with such registration statement, (B) such securities shall have been sold to the public pursuant
to Rule 144 (or any successor provision) under the Securities Act or (C) such securities shall cease to be outstanding.

 

“Registration Expenses”
means all fees and expenses incurred in connection with the Company’s performance of or compliance with the provisions of
Article II, including: (i) all registration, listing, qualification and filing fees (including FINRA filing fees); (ii) fees
and expenses of compliance with state securities or “blue sky” laws (including counsel fees in connection with the
preparation of a blue sky and legal investment survey and FINRA filings); (iii) printing and copying expenses; (iv) messenger
and delivery expenses; (v) expenses incurred in connection with any road show; (vi) fees and disbursements of counsel
for the Company; (vii) with respect to each registration, the fees and disbursements of one counsel for the selling Holder(s)
selected by the Majority Participating Holders, in the case of a registration pursuant to Section 2.1, and selected
by the underwriter, in the case of a registration pursuant to Section 2.2; (viii) fees and disbursements of independent
public accountants, including the expenses of any audit or “cold comfort” letter, and fees and expenses of other persons,
including special experts, retained by the Company; (ix) underwriter fees, excluding discounts and commissions, and any other
expenses which are customarily borne by the issuer or seller of securities in a public equity offering; and (x) all internal
expenses of the Company (including all salaries and expenses of officers and employees performing legal or accounting duties).

 

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“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

ARTICLE
II

REGISTRATION RIGHTS

 

Section 2.1Demand Registrations.

 

(a)Form S-1 Demand. Subject
to Section 2.1(e), at any time or from time to time after the date hereof one or more Holders shall have the right
to require the Company to file a registration statement under the Securities Act on Form S-1 or any successor form thereto covering
such aggregate number of Registrable Securities which represents 15% or greater of the then outstanding Registrable Securities
by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included in such
registration by such Holders and the intended method of distribution thereof, including pursuant to a shelf registration statement
utilizing Rule 415 of the Securities Act (or its successor provision) (a “Shelf Registration”). The Company
shall cause a registration statement on Form S-1 (or any successor form) to be filed as expeditiously as possible, and in any event
within 60 days after the date such request is given by such Holders (but subject in each case to Section 2.1(e)), and
shall use its reasonable best efforts to cause such registration to be declared effective by the SEC as soon as practicable thereafter.

 

(b)Form S-3 Demand. The Company
shall use its commercially reasonable efforts to qualify and remain qualified to register securities under the Securities Act pursuant
to a registration statement on Form S-3 or any successor form thereto. At any time when the Company is eligible to use a Form S-3
registration statement, one or more Holders shall have the right, subject to Section 2.1(e)(ii), to require the Company
to file a registration statement under the Securities Act on Form S-3 (or any successor form) covering such aggregate number of
Registrable Securities which represents 5% or greater of the then outstanding Registrable Securities, by delivering a written
request therefor to the Company specifying the number of Registrable Securities to be included in such registration by such Holders
and the intended method of distribution thereof, including pursuant to a Shelf Registration. The Company shall cause a registration
statement on Form S-3 (or any successor form) to be filed as expeditiously as possible, and in any event within 45 days after the
date such request is given by such Holders, and shall use its reasonable best efforts to cause such registration to be declared
effective by the SEC as soon as practicable thereafter. The Company shall be obligated to effect an unlimited number of Demand
Registrations under this Section 2.1(b).

 

(c)All requests by any Holder pursuant
to Section 2.1(a) or Section 2.1(b) are referred to as “Demand Registration Requests,”
the registrations so requested are referred to as “Demand Registrations” and the Holders making such demand
for registration are referred to as the “Initiating Holders.” As promptly as practicable, but no later than
10 days after receipt of a Demand Registration Request, the Company shall give written notice (a “Demand Exercise Notice”)
of such Demand Registration Request to all Holders of record of Registrable Securities.

 

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(d)The Company, subject to Sections 2.3
and 2.6, shall include in a Demand Registration (A) the Registrable Securities of the Initiating Holders and (B) the
Registrable Securities of any other Holder of Registrable Securities that shall have made a written request to the Company within
the time limits specified below for inclusion in such registration (together with the Initiating Holders, the “Participating
Holders”). Any such request from the other Holders must be delivered to the Company within 15 days after the receipt
of the Demand Exercise Notice and must specify the maximum number of Registrable Securities intended to be disposed of by such
other Holders.

 

(e)The Demand Registration rights granted
to the Holders in this Section 2.1 are subject to the following limitations:

 

(i)the Company shall not be required
to cause a registration pursuant to Section 2.1(a) to be filed within 90 days or to be declared effective within a
period of 180 days after the effective date of any other registration statement of the Company filed pursuant to the Securities
Act on Form S-1 as to which the Holders could have, pursuant to the terms hereof, registered Registrable Securities;

 

(ii)if in the opinion of outside
counsel to the Company, any registration of Registrable Securities would require disclosure of information not otherwise then required
by law to be publicly disclosed and, in the good faith judgment of the board of directors of the Company, such disclosure is reasonably
likely to materially adversely affect any material financing, acquisition, corporate reorganization or merger or other material
transaction or event involving the Company or otherwise have a material adverse effect on the Company (a “Valid Business
Reason”), the Company may postpone or withdraw a filing of a registration statement relating to a Demand Registration
Request until such Valid Business Reason no longer exists, but in no event shall the Company avail itself of such right for more
than 90 days, in the aggregate, in any period of 365 consecutive days (such period of postponement or withdrawal under this clause (ii),
the “Postponement Period”); and the Company shall give notice of its determination to postpone or withdraw a
registration statement and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in
each case, as promptly as practicable after the occurrence thereof;

 

(iii)notwithstanding any other provision
of this Agreement, if the SEC or any SEC guidance sets forth a limitation on the number of Registrable Securities permitted to
be registered on a particular registration statement as a secondary offering (and notwithstanding that the Company used diligent
efforts to advocate with the SEC for the registration of all or a greater portion of Registrable Securities), unless otherwise
directed in writing by the holders of Registrable Securities, the number of Registrable Securities to be registered on such registration
statement will be reduced pro rata to the amount permitted by the SEC; and

 

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(iv)the Company shall not be obligated
to effect more than two Demand Registrations under Section 2.1(a) for the Holders.

 

In the event of a cutback under clause
(iii) above, the Company shall give the Holders at least five (5) Business Days prior written notice along with the calculations
as to such Holder’s allotment. In the event the Company amends the initial registration statement in accordance with the
foregoing, the Company will use its best efforts to file with the SEC, as promptly as allowed by the SEC or SEC guidance provided
to the Company or to registrants of securities in general, one or more registration statements on Form S-1 or Form S-3 or such
other form available to register for resale those Registrable Securities that were not registered for resale on the initial registration
statement, as amended.

 

If the Company shall give any notice
of postponement or withdrawal of any registration statement pursuant to clause (ii) above, the Company shall not register
any equity security of the Company during the period of postponement or withdrawal. Each Holder of Registrable Securities agrees
that, upon receipt of any notice from the Company that the Company has determined to withdraw any registration statement pursuant
to clause (ii) above, such Holder will discontinue its disposition of Registrable Securities pursuant to such registration
statement. If the Company shall have withdrawn or prematurely terminated a registration statement filed under Section 2.1(a)
or (b), the Company shall not be considered to have effected an effective registration for the purposes of this Agreement
until the Company shall have filed a new registration statement covering the Registrable Securities covered by the withdrawn registration
statement and such registration statement shall have been declared effective and shall not have been withdrawn. If the Company
shall give any notice of withdrawal or postponement of a registration statement, at such time as the Valid Business Reason that
caused such withdrawal or postponement no longer exists (but in no event more than 90 days after the date of the postponement or
withdrawal), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of the Registrable
Securities covered by the withdrawn or postponed registration statement in accordance with this Section 2.1.

 

(f)The Company, subject to Sections 2.3
and 2.6, may elect to include in any registration statement and offering made pursuant to Section 2.1(a) or
(b), (i) authorized but unissued shares of Common Stock or shares of Common Stock held by the Company as treasury shares
and (ii) any other shares of Common Stock that are requested to be included in such registration pursuant to the exercise
of piggyback rights granted by the Company that are not inconsistent with the rights granted in, or otherwise conflict with the
terms of, this Agreement (“Additional Piggyback Rights”); provided, however, that such inclusion
shall be permitted only to the extent that it is pursuant to and subject to the terms of the underwriting agreement or arrangements,
if any, entered into by the Participating Holders.

 

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(g)A Holder may withdraw its Registrable
Securities from a Demand Registration at any time. If all such Holders withdraw their respective Registrable Securities from such
Demand Registration, the Company shall cease all efforts to secure registration and such registration nonetheless shall be deemed
a Demand Registration for purposes of this Section 2.1 unless (i) the withdrawal is made following withdrawal
or postponement of such registration by the Company pursuant to a Valid Business Reason as contemplated by Section 2.1(e),
(ii) the withdrawal is based on the reasonable determination of the Holders who requested such registration that there has
been, since the date of the Demand Registration Request, a material adverse change in the business or prospects of the Company
or (iii) the Holders who requested such registration shall have paid or reimbursed the Company for all of the reasonable out-of-pocket
fees and expenses incurred by the Company in connection with the withdrawn registration.

 

(h)A Demand Registration shall not
be deemed to have been effected and shall not count as such (i) unless a registration statement with respect thereto has become
effective and has remained effective for a period of at least 180 days (or such longer period as may be requested by the Holders
in the event of a Shelf Registration) or such shorter period during which all Registrable Securities covered by such Registration
Statement have been sold or withdrawn, or, if such Registration Statement relates to an underwritten offering, such longer period
as, in the opinion of counsel for the underwriter(s), is required by law for delivery of a prospectus in connection with the sale
of Registrable Securities by an underwriter or dealer, (ii) if, after the registration statement with respect thereto has
become effective, it becomes subject to any stop order, injunction or other order or requirement of the SEC or other governmental
agency or court for any reason, (iii) if it is withdrawn by the Company pursuant to a Valid Business Reason as contemplated
by Section 2.1(e) or (iv) if the conditions to closing specified in the purchase agreement or underwriting agreement
entered into in connection with such Demand Registration are not satisfied, other than solely by reason of some act or omission
of the Participating Holders.

 

(i)In connection with any Demand Registration
for which the Initiating Holders elect to distribute the Registrable Securities covered by their request by means of an underwritten
offering, the Majority Participating Holders may designate the lead managing underwriter in connection with such registration and
each other managing underwriter for such registration; provided, that, in each case, each such underwriter is reasonably
satisfactory to the Company.

 

Section 2.2Piggyback Registrations.

 

(a)If, at any time, the Company proposes
or is required to register any of its equity securities under the Securities Act (other than pursuant to (i) registrations
on Form S-4, (ii) registrations on such form or similar form(s) solely for registration of securities in connection with an employee
benefit plan or dividend reinvestment plan or (iii) a Demand Registration under Section 2.1) on a registration
statement on Form S-1 or Form S-3 or an equivalent general registration form then in effect, whether or not for its own
account, the Company shall give prompt written notice of its intention to do so to each Holder of record of Registrable Securities.
Upon the written request of any such Holder, made within 15 days following the receipt of any such written notice (which request
shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and the intended method of
distribution thereof), the Company, subject to Sections 2.2(b), 2.3 and 2.6, shall use commercially reasonable
efforts to cause all such Registrable Securities to be included in the registration statement with the securities that the Company
at the time proposes to register to permit the sale or other disposition by the Holders in accordance with the intended method
of distribution thereof of the Registrable Securities to be so registered. No registration of Registrable Securities effected under
this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations under Section 2.1.

 

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(b)If, at any time after giving written
notice of its intention to register any equity securities and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason not to register or to delay registration of such
equity securities, the Company will give written notice of such determination to each Holder of record of Registrable Securities
and (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities
in connection with such abandoned registration, without prejudice, however, to the rights of Holders under Section 2.1
and (ii) in the case of a determination to delay such registration of its equity securities, shall be permitted to delay the
registration of such Registrable Securities for the same period as the delay in registering such other equity securities.

 

(c)Any Holder shall have the right
to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant to this Section 2.2
by giving written notice to the Company of its request to withdraw. Such request must be made in writing prior to the earlier of
the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration. Such withdrawal
shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities
in the registration as to which such withdrawal was made.

 

Section 2.3Priority in Registrations.

 

(a)If any requested registration made
pursuant to Section 2.1 involves an underwritten offering and the lead managing underwriter of such offering (the “Manager”)
shall advise the Company that, in its view, the number of securities requested to be included in such registration by the Holders
of Registrable Securities or any other persons, including those shares of Common Stock requested by the Company to be included
in such registration, exceeds the largest number (the “Section 2.3(a) Sale Number”) that can be sold in
an orderly manner in such offering within a price range acceptable to the Majority Participating Holders, the Company shall use
commercially reasonable efforts to include in such registration:

 

(i)first, all Registrable Securities
requested to be included in such registration by the Holders thereof; provided, however, that, if the number of such
Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities (not to exceed the
Section 2.3(a) Sale Number) to be included in such registration shall be allocated on a pro rata basis among all Holders requesting
that Registrable Securities be included in such registration, based on the number of Registrable Securities then owned by each
such Holder requesting inclusion in relation to the number of Registrable Securities owned by all Holders requesting inclusion;

 

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(ii)second, to the extent that the
number of securities to be included pursuant to clause (i) of this Section 2.3(a) is less than the Section 2.3(a)
Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata basis among all Holders
requesting that securities be included in such registration pursuant to the exercise of Additional Piggyback Rights (“Piggyback
Shares”), based on the aggregate number of Piggyback Shares then owned by each Holder requesting inclusion in relation
to the aggregate number of Piggyback Shares owned by all Holders requesting inclusion, up to the Section 2.3(a) Sale Number;
and

 

(iii)third, to the extent that the
number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a)
Sale Number, any securities that the Company proposes to register, up to the Section 2.3(a) Sale Number.

 

If, as a result of the proration provisions
of this Section 2.3(a), any Holder shall not be entitled to include all Registrable Securities in a registration that
such Holder has requested be included, such Holder may elect to withdraw its request to include Registrable Securities in such
registration or may reduce the number requested to be included; provided, however, that (A) such request must
be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement
with respect to such registration and (B) such withdrawal shall be irrevocable and, after making such withdrawal, such Holder
shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal was made.

 

(b)If any registration pursuant to
Section 2.2 involves an underwritten offering that was proposed by the Company and the Manager shall advise the Company
that, in its view, the number of securities requested to be included in such registration exceeds the number (the “Section 2.3(b)
Sale Number”) that can be sold in an orderly manner in such registration within a price range acceptable to the Company,
the Company shall include in such registration:

 

(i)first, all Common Stock that the
Company proposes to register for its own account;

 

(ii)second, to the extent that the
number of securities to be included pursuant to clause (i) of this Section 2.3(b) is less than the Section 2.3(b)
Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata basis among all Holders
of Registrable Securities requesting that Registrable Securities be included in such registration pursuant to the exercise of piggyback
rights pursuant to Section 2.2 of this Agreement, based on the aggregate number of Registrable Securities then owned
by each Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting
inclusion, up to the Section 2.3(b) Sale Number; and

 

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(iii)third, to the extent that the
number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b)
Sale Number, the remaining shares to be included in such registration statement shall be allocated on a pro rata basis among all
holders requesting that Piggyback Shares be included in such registration statement pursuant to the exercise of Additional Piggyback
Rights, based on the aggregate number of Piggyback Shares then owned by each holder requesting inclusion in relation to the aggregate
number of Piggyback Shares owned by all holders requesting inclusion, up to the Section 2.3(b) Sale Number.

 

(c)If any registration pursuant to
Section 2.2 involves an underwritten offering that was proposed by Holders of securities of the Company that have the
right to require such registration pursuant to an agreement entered into by the Company in accordance with Section 3.4
(“Additional Demand Rights”) and the Manager shall advise the Company that, in its view, the number of securities
requested to be included in such registration exceeds the number (the “Section 2.3(c) Sale Number”) that
can be sold in an orderly manner in such registration within a price range acceptable to the Company, the Company shall include
in such registration:

 

(i)first, all securities requested
to be included in such registration by the holders of Additional Demand Rights (“Additional Registrable Securities”);
provided, however, that, if the number of such Additional Registrable Securities exceeds the Section 2.3(c)
Sale Number, the number of such Additional Registrable Securities (not to exceed the Section 2.3(c) Sale Number) to be included
in such registration shall be allocated on a pro rata basis among all holders of Additional Registrable Securities requesting that
Additional Registrable Securities be included in such registration, based on the number of Additional Registrable Securities then
owned by each such holder requesting inclusion in relation to the number of Additional Registrable Securities owned by all of such
holders requesting inclusion;

 

(ii)second, to the extent that the
number of securities to be included pursuant to clause (i) of this Section 2.3(c) is less than the Section 2.3(c)
Sale Number, any Common Stock that the Company proposes to register for its own account, up to the Section 2.3(c) Sale Number;
and

 

(iii)third, to the extent that the
number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is less than the Section 2.3(c)
Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata basis among all holders
requesting that Registrable Securities or Piggyback Shares be included in such registration pursuant to the exercise of piggyback
rights pursuant to Section 2.2 or Additional Piggyback Rights, based on the aggregate number of Registrable Securities
and Piggyback Shares then owned by each holder requesting inclusion in relation to the aggregate number of Registrable Securities
and Piggyback Shares owned by all holders requesting inclusion, up to the Section 2.3(c) Sale Number.

 

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Section 2.4Registration Procedures.
Whenever the Company is required by the provisions of this Agreement to use commercially reasonable efforts to effect or cause
the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company as expeditiously
as possible:

 

(a)shall prepare and file with the
SEC the requisite registration statement, which shall comply as to form in all material respects with the requirements of the applicable
form and shall include all financial statements required by the SEC to be filed therewith, and use its reasonable best efforts
to cause such registration statement to become and remain effective (provided, however, that before filing a registration
statement or prospectus or any amendments or supplements thereto, or comparable statements under securities or blue sky laws of
any jurisdiction, or any Issuer Free Writing Prospectus related thereto, the Company will furnish to one counsel for the Holders
participating in the planned offering (selected by the Majority Participating Holders, in the case of a registration pursuant to
Section 2.1, and selected by the lead managing underwriter, in the case of a registration pursuant to Section 2.2)
and the lead managing underwriter, if any, copies of all such documents proposed to be filed (including all exhibits thereto),
which documents will be subject to the reasonable review and reasonable comment of such counsel, and the Company shall not file
any registration statement or amendment thereto, any prospectus or supplement thereto or any Issuer Free Writing Prospectus related
thereto to which the holders of a majority of the Registrable Securities covered by such registration statement or the underwriters,
if any, shall reasonably object);

 

(b)shall prepare and file with the
SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for such period as any seller of Registrable Securities pursuant to such registration
statement shall request and to comply with the provisions of the Securities Act with respect to the sale or other disposition of
all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the
seller or sellers thereof set forth in such registration statement;

 

(c)shall furnish, without charge, to
each seller of such Registrable Securities and each underwriter, if any, of the securities covered by such registration statement
such number of copies of such registration statement, each amendment thereto, the prospectus included in such registration statement,
each preliminary prospectus and each Issuer Free Writing Prospectus utilized in connection therewith, all in conformity with the
requirements of the Securities Act, and such other documents as such seller and underwriter reasonably may request in order to
facilitate the public sale or other disposition of the Registrable Securities owned by such seller, and shall consent to the use
in accordance with all applicable law of each such registration statement, each amendment thereto, each such prospectus, preliminary
prospectus or Issuer Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such registration statement or prospectus;

 

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(d)shall use commercially reasonable
efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or
“blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any,
reasonably shall request, and do any and all other acts and things that may be reasonably necessary or advisable to enable such
sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions, except that
in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where, but for
the requirements of this Section 2.4(d), it would not be required to be so qualified, to subject itself to taxation
in any such jurisdiction or to consent to general service of process in any such jurisdiction;

 

(e)shall promptly notify each Holder
selling Registrable Securities covered by such registration statement and each managing underwriter, if any:

 

(i)when the registration statement,
any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration
statement or any Issuer Free Writing Prospectus has been filed and, with respect to the registration statement or any post-effective
amendment, when the same has become effective;

 

(ii)of any request by the SEC or
state securities authority for amendments or supplements to the registration statement or the prospectus related thereto or for
additional information;

 

(iii)of the issuance by the SEC of
any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose;

 

(iv)of the receipt by the Company
of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities
or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose;

 

(v)of the existence of any fact of
which the Company becomes aware which results in the registration statement, the prospectus related thereto, any document incorporated
therein by reference, any Issuer Free Writing Prospectus or the information conveyed to any purchaser at the time of sale to such
purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein
or necessary to make any statement therein not misleading; and

 

(vi)if at any time the representations
and warranties contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the
offering shall cease to be true and correct in all material respects; and, if the notification relates to an event described in
clause (v), the Company, subject to the provisions of Section 2.1(e), promptly shall prepare and file with the
SEC, and furnish to each seller and each underwriter, if any, a reasonable number of copies of, a prospectus supplemented or amended
so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein in the light of the circumstances under which they were made not misleading;

 

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(f)shall comply with all applicable
rules and regulations of the SEC, and make generally available to its security holders, as soon as reasonably practicable after
the effective date of the registration statement (and in any event within 90 days after the end of such 12 month period described
hereafter), an earnings statement, which need not be audited, covering the period of at least 12 consecutive months beginning with
the first day of the Company’s first calendar quarter after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(g)shall use commercially reasonable
efforts to cause all Registrable Securities covered by such registration statement to be authorized to be listed on a national
securities exchange if shares of the particular class of Registrable Securities are at that time, or will be immediately following
the offering, listed on such exchange;

 

(h)shall provide and cause to be maintained
a transfer agent and registrar for all such Registrable Securities covered by such registration statement not later than the effective
date of such registration statement;

 

(i)shall enter into such customary
agreements (including, if applicable, an underwriting agreement) and take such other actions as the Majority Participating Holders
shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood
that the Holders of the Registrable Securities that are to be distributed by any underwriters shall be parties to any such underwriting
agreement and may, at their option, require that the Company make to and for the benefit of such Holders the representations, warranties
and covenants of the Company which are being made to and for the benefit of such underwriters);

 

(j)shall use commercially reasonable
efforts to obtain an opinion from the Company’s counsel and a “cold comfort” letter from the Company’s
independent public accountants in customary form and covering such matters as are customarily covered by such opinions and “cold
comfort” letters delivered to underwriters in underwritten public offerings, which opinion and letter shall be reasonably
satisfactory to the underwriter, if any;

 

(k)shall use commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement;

 

(l)shall provide a CUSIP number for
all Registrable Securities, not later than the effective date of the registration statement;

 

(m)shall make reasonably available
its employees and personnel for participation in “road shows” and other marketing efforts and otherwise provide reasonable
assistance to the underwriters, taking into account the needs of the Company’s businesses and the requirements of the marketing
process, in the marketing of Registrable Securities in any underwritten offering;

 

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(n)shall promptly prior to the filing
of any document that is to be incorporated by reference into the registration statement or the prospectus, and prior to the filing
of any Issuer Free Writing Prospectus, provide copies of such document to counsel for the selling holders of Registrable Securities
and to each managing underwriter, if any, and make the Company’s representatives reasonably available for discussion of such
document and make such changes in such document prior to the filing thereof as counsel for such selling holders or underwriters
may reasonably request;

 

(o)shall cooperate with the sellers
of Registrable Securities and the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates
not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to
be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of
Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions of the sellers
of Registrable Securities at least three Business Days prior to any sale of Registrable Securities and instruct any transfer agent
and registrar of Registrable Securities to release any stop transfer orders in respect thereof;

 

(p)shall take all such other commercially
reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities;

 

(q)shall not take any direct or indirect
action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition
is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

 

(r)shall cooperate with each seller
of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with FINRA; and

 

(s)shall take all reasonable action
to ensure that any Issuer Free Writing Prospectus utilized in connection with any registration covered by Section 2.1
or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the
extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together
with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

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To the extent the Company is a well-known
seasoned issuer as defined in Rule 405 under the Securities Act (a “WKSI”) at the time any Demand Registration
Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration
statement as defined in Rule 405 under the Securities Act (an “Automatic Shelf Registration Statement”)
on Form S-3, the Company shall file an Automatic Shelf Registration Statement that covers those Registrable Securities that
are requested to be registered. The Company shall use commercially reasonable efforts to remain a WKSI and not become an ineligible
issuer (as defined in Rule 405 under the Securities Act) during the period during which such Automatic Shelf Registration
Statement is required to remain effective. If the Company does not pay the filing fee covering the Registrable Securities at the
time the Automatic Shelf Registration Statement is filed, the Company shall pay such fee at such time or times as the Registrable
Securities are to be sold. If the Automatic Shelf Registration Statement has been outstanding for at least three years, at the
end of the third year the Company shall refile a new Automatic Shelf registration Statement covering the Registrable Securities.
If at any time when the Company is required to re-evaluate its WKSI status, the Company determines that it is not a WKSI, the Company
shall use commercially reasonable efforts to refile the shelf registration statement on Form S-3 and, if such form is not
available, Form S-1 and keep such registration statement effective during the period during which such registration statement
is required to be kept effective.

 

Notwithstanding anything contained herein
to the contrary, the Company shall be entitled to exclude from the shelf registration statement such Registrable Securities as
the Company and its securities counsel reasonably determine (in consultation with the Majority Participating Holders and their
securities counsel) is reasonably necessary for the offering to qualify as a secondary (rather than a primary) offering pursuant
to Rule 415 under the Securities Act in response to comments from the staff of the SEC. To the extent any Registrable Securities
are so excluded, the Company agrees to register such excluded shares in accordance with Section 2.1 promptly when eligible
to do so under applicable federal securities laws, rules, regulations and policies, as the Company and its securities counsel reasonably
determine (in consultation with the Majority Participating Holders and their securities counsel).

 

If the Company files any shelf registration
statement for the benefit of the holders of any of its securities other than the Holders, the Company shall include in such registration
statement such disclosures as may be required by Rule 430B under the Securities Act, referring to the unnamed selling security
holders in a generic manner by identifying the initial offering of the securities to the Holders, in order to ensure that the Holders
may be added to such shelf registration statement at a later time through the filing of a prospectus supplement rather than a post-effective
amendment.

 

Each seller of Registrable Securities
as to which any registration is being effected shall furnish the Company such information in writing regarding such seller and
the distribution of such Registrable Securities as the Company from time to time reasonably may request; provided, that
such information is necessary for the Company to consummate such registration and shall be used only in connection with such registration.

 

Each seller of Registrable Securities
agrees that upon receipt of any notice from the Company under Section 2.4(e)(v) (a “Suspension Notice”),
such seller will discontinue such seller’s disposition of Registrable Securities pursuant to the registration statement covering
such Registrable Securities until such seller’s receipt of the copies of the supplemented or amended prospectus. In the event
the Company gives a Suspension Notice, the applicable period set forth in Section 2.4(b) shall be extended by the number
of days during such period from and including the date of the giving of the Suspension Notice to and including the date when each
seller of any Registrable Securities covered by such registration statement shall have received the copies of the supplemented
or amended prospectus.

 

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If any such registration statement or
comparable statement under “blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities
of the Company, such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably
satisfactory to such Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed
as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding
does not imply that such Holder will assist in meeting any future financial requirements of the Company or (ii) in the event
that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required
by the Securities Act or any similar federal statute or any state “blue sky” or securities law then in force, the deletion
of the reference to such Holder.

 

Section 2.5Registration Expenses.

 

(a)The Company shall pay all Registration
Expenses (i) with respect to any Demand Registration whether or not it becomes effective or remains effective for the period
contemplated by Section 2.4(b) and (ii) with respect to any registration effected under Section 2.2.

 

(b)Notwithstanding the foregoing, (i) the
provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these expense provisions to
comply with “blue sky” laws of each state in which the offering is made, (ii) in connection with any registration
hereunder, each Holder of Registrable Securities being registered shall pay all underwriting discounts and commissions and any
transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with respect to payments of discounts
and commissions in accordance with the number of shares sold in the offering by such Holder and (iii) the Company shall, in
the case of all registrations under this Article II, be responsible for all of its internal expenses.

 

Section 2.6Underwritten Offerings.

 

(a)If requested by the underwriters
for any underwritten offering by the Holders pursuant to a registration requested under Section 2.1 the Company shall
enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall be satisfactory in form
and substance to the Majority Participating Holders and shall contain such representations and warranties by, and such other agreements
on the part of, the Company and such other terms as are generally prevailing in agreements of that type. Any Holder participating
in the offering shall be a party to such underwriting agreement and, at its option, may require that any or all of the representations
and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also shall
be made to and for the benefit of such Holder and that any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement be conditions precedent to the obligations of such Holder; provided, however, that
the Company shall not be required to make any representations or warranties with respect to written information specifically provided
by a selling Holder for inclusion in the registration statement. No Holder shall be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder,
its ownership of and title to the Registrable Securities and its intended method of distribution; and any liability of such Holder
to any underwriter or other Person under such underwriting agreement shall be limited to liability arising from breach of its representations
and warranties and shall be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions)
that it derives from such registration.

 

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(b)In the case of a registration pursuant
to Section 2.2, if the Company shall have determined to enter into an underwriting agreement in connection therewith,
any Registrable Securities to be included in such registration shall be subject to such underwriting agreement. Any Holder participating
in such registration may, at its option, require that any or all of the representations and warranties by, and the other agreements
on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Holder
and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions
precedent to the obligations of such Holder. No Holder shall be required to make any representations or warranties to or agreements
with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, its ownership
of and title to the Registrable Securities and its intended method of distribution; and any liability of such Holder to any underwriter
or other Person under such underwriting agreement shall be limited to liability arising from breach of its representations and
warranties and shall be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions)
that it derives from such registration.

 

(c)In the case of any registration
under Section 2.1 pursuant to an underwritten offering, or, in the case of a registration under Section 2.2,
if the Company has determined to enter into an underwriting agreement in connection therewith, all securities to be included in
such registration shall be subject to an underwriting agreement and no Person may participate in such registration unless such
Person agrees to sell such Person’s securities on the basis provided therein and, subject to the provisions of this Section 2.6,
completes and executes all reasonable questionnaires, and other documents, including custody agreements and powers of attorney,
that must be executed in connection therewith, and provides such other information to the Company or the underwriter as may be
necessary to register such Person’s securities.

 

Section 2.7Holdback Agreements.

 

(a)Each seller of Registrable Securities
agrees, to the extent requested in writing by a managing underwriter, if any, of any registration effected pursuant to Section 2.1,
not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common
Stock, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity
security of the Company other than as part of such underwritten public offering during the time period reasonably requested by
the managing underwriter, not to exceed 180 days.

 

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(b)The Company agrees that, if it shall
previously have received a request for registration pursuant to Section 2.1 or 2.2, and if such previous registration
shall not have been withdrawn or abandoned, it shall not sell, transfer or otherwise dispose of any Common Stock, or any other
equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company
(other than as part of such underwritten public offering, a registration on Form S-4 or Form S-8 or any successor or
similar form which is then in effect or upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent),
until a period of 180 days shall have elapsed from the effective date of such previous registration; and the Company shall so provide
in any registration rights agreements hereafter entered into with respect to any of its securities.

 

Section 2.8No Required Sale.
Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable
Securities pursuant to any effective registration statement.

 

Section 2.9Indemnification.

 

(a)In the event of any registration
of any securities of the Company under the Securities Act pursuant to this Article II, the Company will, and hereby agrees
to, indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities, its directors,
officers, fiduciaries, employees, agents, affiliates, consultants, representatives, general and limited partners, stockholders,
successors, assigns (and the directors, officers, employees and stockholders thereof), and each other Person, if any, who controls
such Holder within the meaning of the Securities Act, from and against any and all losses, claims, damages or liabilities, joint
or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and any
amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld, conditioned
or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively,
“Losses”), insofar as such Losses arise out of or are based upon (i) any untrue statement or alleged untrue
statement of a material fact contained in any registration statement under which such securities were registered under the Securities
Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary, final or summary prospectus or any amendment or supplement thereto, together with the documents incorporated by
reference therein, or any Issuer Free Writing Prospectus utilized in connection therewith, or the omission or alleged omission
to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such Loss as such expenses are incurred; provided,
however, that the Company shall not be liable to any such indemnified party in any such case to the extent such Loss arises
out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of
a material fact made in such registration statement or amendment thereof or supplement thereto or in any such prospectus or any
preliminary, final or summary prospectus or Issuer Free Writing Prospectus in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such indemnified party specifically for use therein. Such indemnity and reimbursement
of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party
and shall survive the transfer of such securities by such Holder.

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(b)Each Holder of Registrable Securities
that are included in the securities as to which any registration under Section 2.1 or 2.2 is being effected
shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a)
of this Section 2.9) to the extent permitted by law the Company, its officers and directors, each Person controlling
the Company within the meaning of the Securities Act and all other prospective sellers and their respective directors, officers,
fiduciaries, employees, agents, affiliates, consultants, representatives, general and limited partners, stockholders, successors,
assigns and respective controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact
in, or omission or alleged omission of any material fact from, such registration statement, any preliminary, final or summary
prospectus contained therein, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus utilized in connection
therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity
with written information furnished to the Company or its representatives by or on behalf of such Holder specifically for use therein
and reimburse such indemnified party for any legal or other expenses reasonably incurred in connection with investigating or defending
any such Loss as such expenses are incurred; provided, however, that the aggregate amount that any such Holder shall
be required to pay pursuant to this Section 2.9(b) and Sections 2.9(c), (e) and (f) shall
in no case be greater than the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities
pursuant to the registration statement giving rise to such claim. Such indemnity and reimbursement of expenses shall remain in
full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer
of such securities by such Holder.

 

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(c)Any Person entitled to indemnification
under this Agreement promptly shall notify the indemnifying party in writing of the commencement of any action or proceeding with
respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any such
Person to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this
Section 2.9, except to the extent the indemnifying party is materially prejudiced thereby and shall not relieve the
indemnifying party from any liability that it may have to any such Person otherwise than under this Article II. In case any
action or proceeding is brought against an indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the
indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim,
to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party
that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action
or proceeding within 20 days after receiving notice from such indemnified party, (ii) if such indemnified party who is a defendant
in any action or proceeding that is also brought against the indemnifying party reasonably shall have concluded that there may
be one or more legal defenses available to such indemnified party that are not available to the indemnifying party or (iii) if
representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct,
then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but
with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party
or parties reasonably shall have concluded that there may be legal defenses available to such party or parties that are not available
to the other indemnified parties or to the extent representation of all indemnified parties by the same counsel is otherwise inappropriate
under applicable standards of professional conduct) and the indemnifying party shall be liable for any expenses therefor. Without
the written consent of the indemnified party, which consent shall not be unreasonably withheld, no indemnifying party shall effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim
in respect of which indemnification or contribution may be sought hereunder, whether or not the indemnified party is an actual
or potential party to such action or claim, unless such settlement, compromise or judgment (A) includes an unconditional release
of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to
or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

 

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(d)If for any reason the foregoing
indemnity is unavailable or is insufficient to hold harmless an indemnified party under Section 2.9(a), (b)
or (c), then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result
of any Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and
the indemnified party, on the other hand, with respect to such offering of securities. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If,
however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only
such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant
equitable considerations. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 2.9(d)
were to be 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 preceding sentences of this Section 2.9(d). The amount paid or payable in respect
of any Loss shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such Loss. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f)
of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
Notwithstanding anything in this Section 2.9(d) to the contrary, no indemnifying party other than the Company shall
be required pursuant to this Section 2.9(d) to contribute any amount in excess of the net proceeds received by such
indemnifying party from the sale of Registrable Securities in the offering to which the losses, claims, damages or liabilities
of the indemnified parties relate, less the amount of any indemnification payment made by such indemnifying party pursuant to
Sections 2.9(b) and (c).

 

(e)The indemnity and contribution agreements
contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have
pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted
by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.

 

(f)The indemnification and contribution
required by this Section 2.9 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

ARTICLE
III

GENERAL

 

Section 3.1Adjustments Affecting
Registrable Securities. The Company shall not effect or permit to occur any combination or subdivision of shares of Common
Stock that would adversely affect the ability of any Holder of any Registrable Securities to include such Registrable Securities
in any registration contemplated by this Agreement or the marketability of such Registrable Securities in any such registration.

 

Section 3.2Rule 144.
The Company covenants that (a) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely
file the reports required to be filed by it under the Securities Act or the Exchange Act or, if it is not required to file such
reports, upon the request of any Holder it shall make publicly available other information so long as necessary to permit sales
of such Registrable Securities in compliance with Rule 144 under the Securities Act and (b) it will take such further
action as any Holder of Registrable Securities reasonably may request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided
by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule
or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver
to such Holder a written statement as to whether it has complied with such requirements.

 

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Section 3.3Nominees for Beneficial
Owners. If Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may,
at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder
or Holders of Registrable Securities pursuant to this Agreement or any determination of any number or percentage of shares constituting
Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement; provided,
that the Company shall have received assurances reasonably satisfactory to it of such beneficial ownership.

 

Section 3.4No Inconsistent Agreements.
The rights granted to the Holders of Registrable Securities hereunder do not in any way conflict with and are not inconsistent
with any other agreements to which the Company is a party or by which it is bound. Without the prior written consent of Holders
of a majority of the then outstanding Registrable Securities, the Company will not enter into any agreement with respect to its
securities that is inconsistent with the rights granted in this Agreement or otherwise conflicts with the provisions hereof or
provides terms and conditions that are more favorable to, or less restrictive on, the other party thereto than the terms and conditions
contained in this Agreement are to the Holders, other than any lock-up agreement with the underwriters in connection with any registered
offering effected hereunder, pursuant to which the Company shall agree not to register for sale, and the Company shall agree not
to sell or otherwise dispose of, Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock,
for a specified period following the registered offering. If the Company enters into any other registration rights agreement with
respect to any of its securities that contains terms that are more favorable to, or less restrictive on, the other party thereto
than the terms and conditions contained in this Agreement are to the Holders, the terms and conditions of this Agreement shall
immediately be deemed to have been amended without further action by the Company or any of the Holders of Registrable Securities
so that the Holders shall each be entitled to the benefit of any such more favorable or less restrictive terms or conditions.

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1Amendment and Waiver.

 

(a)Any provision of this Agreement
may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by
the Company and a majority in interest of the Holders or, in the case of a waiver, by the party or parties against whom the waiver
is to be effective, in an instrument specifically designated as an amendment or waiver hereto; provided, however,
that waiver by the Holders shall require the consent of a majority in interest of the Holders.

 

(b)No failure or delay of any party
in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder
are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.

 

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Section 4.2Notices. All notices
and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered
personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the
first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or
(c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered
or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth
below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

(i)if to any Holder other than the
Original Holders, to its last known address appearing on the books of the Company maintained for such purpose, and if to the Original
Holders, to:

 

c/o Future Ads LLC

2010 S Main St #900

Irvine, CA 92614

Attention: General Counsel

Facsimile: (949) 379-2829

E-mail: DShapiro@futureads.com

 

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

Gibson, Dunn & Crutcher LLP

333. S. Grand Ave.

Los Angeles, CA 90071-3197

Attention: J. Keith Biancamano

Facsimile: (213) 229-6775

E-mail: KBiancamano@gibsondunn.com

 

(ii)          if to the Company, to:

 

Kitara Holdco Corp.

525 Washington Blvd., Suite 2620

Jersey City, New Jersey 07310

Attention: Bob Regular

Facsimile: 201-839-3345

E-mail: bob@kitaramedia.com

 

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

Graubard Miller

405 Lexington Avenue

New York, New York 10174

Attention: David Alan Miller; Jeffrey M. Gallant

Facsimile: (212) 818-8881

E-mail: dmiller@graubard.com; jgallant@graubard.com

 

or such other address as the Company or the Original Holders
shall have specified to the other party in writing in accordance with this Section 4.2.

 

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Section 4.3Interpretation.
When a reference is made in this Agreement to a Section, Article, Exhibit or Schedule such reference shall be to a Section, Article,
Exhibit or Schedule of this Agreement unless otherwise indicated. The headings contained in this Agreement or in any Exhibit or
Schedule are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized
terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. All
Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if
set forth herein. The word “including” and words of similar import when used in this Agreement will mean “including,
without limitation,” unless otherwise specified. The words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision
in this Agreement. The term “or” is not exclusive. The word “will” shall be construed to have the same
meaning and effect as the word “shall.” References to days mean calendar days unless otherwise specified.

 

Section 4.4Entire Agreement.
This Agreement and the Exchange Agreement constitute the entire agreement, and supersede all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings
between the parties with respect to the subject matter hereof and thereof.

 

Section 4.5No Third-Party Beneficiaries.
Except as provided in Section 2.9, nothing in this Agreement, express or implied, is intended to or shall confer upon
any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or
remedy of any nature under or by reason of this Agreement.

 

Section 4.6Governing Law.
This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated
hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the
laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware.

 

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Section 4.7Submission to Jurisdiction.
Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought
by any other party or its successors or assigns shall be brought and determined in the Court of Chancery of the State of Delaware
(or, if such court lacks subject matter jurisdiction, in any appropriate Delaware state or federal court), and each of the parties
hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally
and unconditionally, with regard to any such action or proceeding, whether in law or equity, arising out of or relating to this
Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any action, suit or proceeding relating
thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce
any judgment, decree or award rendered by any such court in Delaware 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. To the fullest extent permitted by applicable law, 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 or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to
the jurisdiction of the courts in Delaware as described herein for any reason, (b) 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 (c) that (i) the suit, action
or any other proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding
is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

Section 4.8Assignment; Successors.
This Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors
and assigns. If any Person shall acquire Registrable Securities from any Holder in any manner, whether by operation of law or otherwise,
such Person shall promptly notify the Company and such Registrable Securities acquired from such Holder shall be held subject to
all of the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be entitled to receive
the benefits of and be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement. Any such successor or assign shall agree in writing to acquire and hold the Registrable Securities acquired from such
Holder subject to all of the terms hereof. If any Holder shall acquire additional Registrable Securities, such Registrable Securities
shall be subject to all of the terms, and entitled to all of the benefits, of this Agreement.

 

Section 4.9Enforcement. The parties
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance
of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware (or, if such court lacks subject
matter jurisdiction, in any appropriate Delaware state or federal court), this being in addition to any other remedy to which
such party is entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific
performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to
obtaining equitable relief.

 

    	24

    	 

    

 

Section 4.10Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never
been contained herein.

 

Section 4.11Waiver of Jury Trial.
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 4.12Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.

 

Section 4.13Facsimile or .pdf
Signature. This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute
an original for all purposes

 

Section 4.14Time of Essence.
Time is of the essence with regard to all dates and time periods set forth or referred to in this Agreement.

 

Section 4.15No Presumption Against
Drafting Party. Each of the parties hereto acknowledges that it has been represented by counsel in connection with this Agreement
and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation
of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.

 

[The remainder
of this page is intentionally left blank.]

 

    	25

    	 

    

 

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

 

	 	KITARA HOLDCO
    CORP.
	 	 
	 	By:	/s/
    Robert Regular
	 		Name: Robert Regular
	 	 	Title: Chief Executive Officer
	 	 	 
	 	Family
    Trust of Jared L. Pobre,

    U/A DTD 12/13/2004
	 	 	 
	 	By:	/s/
    Jared Pobre
	 	 	Name: Jared Pobre
	 	 	Title: Trustee
	 	 	 
	 	Neptune
    Capital Trust
	 	 	 
	 	By:	/s/ Brian Mason
	 	 	Name: Brian Mason
	 	 	Title: Managing Trustee

 

Signature
Page to Registration Rights Agreement

 

    	 

    	 

    

 

SCHEDULE
A

 

Original
Holders

 

Family Trust of Jared L. Pobre, U/A
DTD 12/13/2004

Neptune
Capital Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule
A to Registration Rights Agreement

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