Document:

Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is dated as of November 6, 2020 and is made by and among Southside Bancshares, Inc.,
a Texas corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below)
identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Subordinated Note Purchase Agreement dated November 6, 2020 by and among the Company and each of the Purchasers
(the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of $100,000,000 aggregate
principal amount of the Company’s 3.875% Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on November 6,
2020 (the “Subordinated Notes”). In order to induce each of the Purchasers to enter into the Purchase Agreement
and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers
and their respective direct and indirect transferees and assigns the registration rights set forth in this Agreement. The execution
and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration of
the foregoing, the parties hereto agree as follows:

 

1.           Definitions.
As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

“1933 Act”
shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Additional
Interest” shall have the meaning set forth in Section 2(e) hereof.

 

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

 

“Business
Day” shall mean any day other than a Saturday, Sunday or United States federal holiday or a day on which banking institutions
in the State of Texas are authorized or obligated to be closed.

 

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

 

“Company”
shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any agent thereof; provided,
however, that any such depositary must at all times have an address in the Borough of Manhattan, the City of New York.

 

“Event Date”
shall have the meaning set forth in Section 2(e).

 

“Exchange
Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

 

     

     

    

 

“Exchange
Offer Registration” shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable,
on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated
by reference therein.

 

“Exchange
Securities” shall mean the 3.875% Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the
Indenture containing terms substantially identical to the Subordinated Notes (except that (i) interest thereon shall accrue
from the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been
paid or duly provided for, from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest
thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating
to restrictions on ownership and transfer thereof as a result of the issuance of the Subordinated Notes without registration under
the 1933 Act shall be eliminated, (iv) the minimum denominations thereof shall be $100,000 and integral multiples of $1,000
in excess thereof, and (v) all of the Exchange Securities will be represented by one or more global Exchange Securities in
book-entry form unless exchanged for Exchange Securities in definitive certificated form under the circumstances provided in the
Indenture) to be offered to Holders (as defined below) of Registrable Securities in exchange for Registrable Securities pursuant
to the Exchange Offer.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Holders”
shall mean (i) the Purchasers, for so long as they own any Registrable Securities, and each of their respective successors,
assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each
Participating Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver
a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

“Indenture”
shall mean the indenture, dated as of November 6, 2020 by and between the Company and UMB Bank National Association, as trustee,
as the same may be amended or supplemented from time to time in accordance with the terms thereof.

 

“Interest
Accrual Date” means November 6, 2020.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding,
excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided
that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or Exchange Securities is
required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is
defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by
the Holders of such required percentage.

 

“Notifying
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Participating
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Person”
shall mean an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

 

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“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements
to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated
by reference therein.

 

“Purchase
Agreement” shall have the meaning set forth in the preamble to this Agreement.

 

“Purchasers”
shall have the meaning set forth in the preamble to this Agreement.

 

“Registrable
Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes shall cease
to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared
or become effective under the 1933 Act and such Subordinated Notes shall have been exchanged or disposed of pursuant to such Registration
Statement, (ii) such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision
then in force, but not Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144 without regard
to the public information requirements thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, (iv) such
Subordinated Notes were eligible for exchange under an Exchange Offer Registration Statement that was declared effective under
the 1933 Act but were not exchanged at the election of the Holder during the period the Exchange Offer was open, or (v) such
Subordinated Notes have been exchanged for Exchange Securities which have been registered pursuant to the Exchange Offer Registration
Statement upon consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (v),
such Exchange Securities are held by Participating Broker-Dealers or otherwise are not freely tradable by such Participating Broker-Dealers
without any limitations or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable
Securities until such time as such Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely
tradeable without any limitations or restrictions under the 1933 Act).

 

“Registration
Default” shall have the meaning set forth in Section 2(e).

 

“Registration
Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company with this
Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all
fees and expenses incurred in connection with compliance with state or other securities or blue sky laws and compliance with the
rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification
of any of the Exchange Securities or Registrable Securities under state or other securities or blue sky laws and any filing with
and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement,
any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates representing the Subordinated
Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all
rating agency fees, (v) all fees and expenses incurred in connection with the listing, if any, of any of the Subordinated
Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements
relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel
for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or
assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special
audits or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees
and expenses of the Trustee, any registrar, any Depositary, any paying agent, any escrow agent or any custodian, in each case including
fees and disbursements of their respective counsel. For the avoidance of doubt, Registration Expenses shall not include any underwriting
discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

 

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“Registration
Statement” shall mean any registration statement of the Company relating to any offering of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration
Statement and any Shelf Registration Statement), and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
or deemed to be incorporated by reference therein.

 

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

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section 2(b) of
this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under
the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.

 

“Subordinated
Notes” shall have the meaning set forth in the preamble to this Agreement.

 

“Subsidiary”
shall mean a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding
voting equity securities or a majority of the voting membership or partnership interests, as the case may be, of which is owned
or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company.

 

“TIA”
shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Trustee”
shall mean the trustee with respect to the Subordinated Notes and the Exchange Securities under the Indenture.

 

For purposes of this
Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or Prospectus or any
amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic
Data Gathering, Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules
and other information which is “contained,” “included” or “stated” in any Registration Statement,
preliminary prospectus or Prospectus (or other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration
Statement, preliminary prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments
or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing
of any document under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement,
preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A,
Rule 405 or Rule 415 under the 1933 Act, and all references to any sections or subsections thereof or terms defined therein,
shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to
Business Days) shall mean calendar days.

 

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		2.	Registration Under the 1933 Act.

 

(a)          Exchange
Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to
the 65th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the
Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use
its commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective or become effective
by the SEC no later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to cause
such Registration Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable
efforts to consummate the Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement.
Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it
being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act,
acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements or understandings
with any Person to participate in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue
sky laws of the states of the United States.

 

In connection with
the Exchange Offer, the Company shall:

 

(i)            promptly
mail or otherwise transmit, in compliance with the applicable procedures of the Depositary for such Registrable Securities, to
each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of transmittal and related documents;

 

(ii)          keep
the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice thereof
is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange
Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

 

(iii)         use
the services of a Depositary with an address in the Borough of Manhattan, City of New York for the Exchange Offer;

 

(iv)         permit
Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern time, on the last Business
Day on which the Exchange Offer shall remain open, by sending to the Company and at the address specified in the Prospectus or
the related letter of transmittal or related documents a facsimile transmission or letter setting forth the name of such Holder,
the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing its election
to have such Subordinated Notes exchanged, and otherwise complying with the applicable procedures of the Depositary;

 

(v)          notify
each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain
any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and

 

(vi)         otherwise
comply in all material respects with all applicable laws relating to the Exchange Offer.

 

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The Exchange Securities
shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the Exchange Securities
and the Subordinated Notes shall vote and consent together on all matters as a single class (as to which any such Exchange Securities
and Subordinated Notes may vote or consent) and shall constitute a single series of debt securities issued under the Indenture.

 

As soon as reasonably
practicable after the closing of the Exchange Offer, the Company shall:

 

(vii)        accept
for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with
the terms of the Exchange Offer Registration Statement and the letter of transmittal that is an exhibit thereto;

 

(viii)      deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and

 

(ix)         cause
the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable Securities so accepted for exchange
equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange.

 

For the avoidance of
doubt, notwithstanding any provision herein purporting to require physical mailing, delivery or acceptance of any document or instrument,
the Company may conduct the Exchange Offer exclusively through the automated tender offer program of the Depositary, provided that
this provision shall apply only to Registrable Securities held in the form of beneficial interests in a global note deposited with
(or held by a custodian for) The Depository Trust Company.

 

Interest on each Exchange
Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in
exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date.
The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange
by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action
or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the
Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer, and (iii) that the Holders tender the Registrable Securities to the Company in accordance with the
Exchange Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable
Securities for Exchange Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as
defined in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired
in the ordinary course of business, (iii) it has no arrangement with any Person to participate in the distribution (within
the meaning of the 1933 Act) of the Exchange Securities, and (iv) it is not acting on behalf of any Person who could not truthfully
make the statements set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other
representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of
Form S-4 or another appropriate form under the 1933 Act available.

 

(b)          Shelf
Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the
Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if
for any other reason (A) the Exchange Offer Registration Statement is not declared effective within 120 days following the
Closing Date or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration
Statement (provided that if the Exchange Offer Registration Statement shall be declared effective after such 120-day period
or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s obligations under this clause
(ii) arising from the failure of the Exchange Offer Registration Statement to be declared effective within such 120-day period
or the failure of the Exchange Offer to be consummated within such 45-day period, respectively, shall terminate), or (iii) if
any Holder is not eligible to participate in the Exchange Offer or validly elects to participate in the Exchange Offer but does
not receive Exchange Securities that are freely tradeable without any limitations or restrictions under the 1933 Act, then the
Company shall, at its cost:

 

(A)         use
its commercially reasonable efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the
60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and
sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the
Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement;

 

(B)          use
its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the SEC as promptly
as practicable, but in no event later than (a) the 225th day after the Closing Date or (b) the 105th
day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that the Company
is required to file a Shelf Registration Statement pursuant to Section 2(b)(iii) above, the Company shall file
and use its commercially reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement
pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable
Securities held by such Holder described in Section 2(b)(iii) above;

 

(C)          use
its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest
date on which any Subordinated Notes are originally issued by the Company (subject to extension pursuant to the last paragraph
of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have
been sold pursuant to the Shelf Registration Statement in accordance with the intended method of distribution thereunder, or (ii) cease
to be Registrable Securities; and

 

(D)         notwithstanding
any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and
any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with
the 1933 Act, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement and any amendment
or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement
or a Prospectus made in reliance upon and conformity with information relating to any Holder or Participating Broker-Dealer of
Registrable Securities furnished to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly
for use in such Shelf Registration Statement or Prospectus.

 

The Company further
agrees, if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority Holders with
respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially
reasonable efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon
as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment
promptly after its being used or filed with the SEC.

 

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(c)           Expenses.
The Company shall pay all Registration Expenses in connection with the registration pursuant to Sections 2(a) and 2(b) and,
in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel
designated in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in connection therewith;
provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements of such counsel in
an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than as set forth
in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and commissions and transfer
taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration
Statement.

 

(d)          Effective
Registration Statement.

 

(i)           The
Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer Registration Statement
or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth
herein if the Company voluntarily takes any action that would reasonably be expected to result in any such Registration Statement
not being declared effective or remaining effective or result in the Holders of Registrable Securities (including, under the circumstances
contemplated by Section 3(f) hereof, Exchange Securities) covered thereby not being able to exchange or offer
and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such
action is taken by the Company in good faith and for valid business reasons (but not including avoidance of the Company’s
obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction
or event, or if the Company determines in good faith that effecting or maintaining the availability of the registration would materially
and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information
the disclosure of which would not be in the best interests of the Company, in each case so long as the Company promptly complies
with the notification requirements of Section 3(k) hereof, if applicable. Nothing in this Section 2(d)(i) shall
prevent the accrual of Additional Interest (as defined below) on any Registrable Securities or Exchange Securities.

 

(ii)         An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant
to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the
SEC or becomes effective in accordance with the provisions of Section 8(a) of the 1933 Act; provided, however,
that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Registration
Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency
or court, such Registration Statement shall be deemed not to have been effective during the period of such interference until the
offering of Registrable Securities pursuant to such Registration Statement may legally resume.

 

(iii)         During
any 365-day period, the Company may, by notice as described in Section 3(e), suspend the availability of a Shelf Registration
Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities
by Participating Broker-Dealers as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the
use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period
immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period,
upon (A) the happening of any event or the discovery of any fact referred to in Section 3(e)(v), or (B) if
the Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely
affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure
of which would not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations
under the last paragraph of Section 3 and to the notification requirements of Section 3(k) hereof,
if applicable.

 

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(e)          Increase
in Interest Rate. In the event that:

 

(i)           the
Exchange Offer Registration Statement is not filed with the SEC on or prior to the 65th day following the Closing Date,
or

 

(ii)          the
Exchange Offer Registration Statement is not declared effective by the SEC on or prior to the 120th day following the
Closing Date, or

 

(iii)         the
Exchange Offer is not consummated on or prior to the 45th day following the effective date of the Exchange Offer Registration
Statement, or

 

(iv)         if
required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day following the
Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises,
whichever is later, or

 

(v)          if
required, a Shelf Registration Statement is not declared effective on or prior to (a) the 225th day following the
Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises,
whichever is later, or

 

(vi)         a
Shelf Registration Statement is declared effective by the SEC but such Shelf Registration Statement ceases to be effective or such
Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities
due to any act or omission of the Company and (A) the aggregate number of days in any consecutive 365-day period for which
the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration
Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive
365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of
more than 90 consecutive days, or

 

(vii)        the
Exchange Offer Registration Statement is declared effective by the SEC but, if the Exchange Offer Registration Statement is being
used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the
Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the Prospectus included
therein ceases to be usable in connection with resales of Exchange Securities due to any act or omission of the Company during
the 180-day period referred to in Section 3(f)(B) of this Agreement (as such period may be extended pursuant to
the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day
period for which the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days,
(B) the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods
(regardless of duration) in any consecutive 365-day period or (C) the Exchange Offer Registration Statement or the Prospectus
shall not be effective or usable for a period of more than 90 consecutive days,

 

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(each of the events referred to in clauses
(i) through (vii) above being hereinafter called a “Registration Default”), then the per annum interest
rate borne by the Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent
(0.25%) per annum immediately following such 65-day period in the case of clause (i) above, immediately following such 120-day
period in the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above,
immediately following any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately
following any such 225-day period or 105-day period, as applicable, in the case of clause (v) above, immediately following
the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day
period or immediately following the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not
be effective or a Shelf Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause
(vi) above, or immediately following the 120th day in any consecutive 365-day period, as of the first day of the
third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first,
that the Exchange Offer Registration Statement shall not be effective or the Exchange Offer Registration Statement or the Prospectus
included therein shall not be usable as contemplated by clause (vii) above, which rate will be increased by an additional
one-quarter of one percent (0.25%) per annum immediately following each 90-day period that any Additional Interest continues to
accrue under any circumstances; provided, however, that, if at any time more than one Registration Default has occurred
and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for
by this Section 2(e) shall apply as if there occurred a single Registration Default that begins on the date that
the earliest such Registration Default occurred and ends on such date that there is no Registration Default; provided further,
that the aggregate increase in such annual interest rate may in no event exceed one-half of one percent (0.50%) per annum. Upon
the filing of the Exchange Offer Registration Statement after the 65-day period described in clause (i) above, the effectiveness
of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above, the consummation of
the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration Statement
after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a Shelf
Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, the Shelf
Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the
Exchange Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus
included therein becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof,
the interest rate borne by the Registrable Securities from the date of such filing, effectiveness, consummation or resumption of
effectiveness or usability, as the case may be, shall be reduced to the original interest rate so long as no other Registration
Default shall have occurred and shall be continuing at such time and the Company is otherwise in compliance with this Section 2(e);
provided, however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again
occur, the interest rate shall again be increased pursuant to the foregoing provisions (as if it were the original Registration
Default). Notwithstanding anything in this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest
in the case of a Shelf Registration Statement with respect to any Holder of Registrable Securities who fails to timely provide
all information with respect to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations
under Section 2(b).

 

The Company shall notify
the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each
interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such
date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the
day following the applicable Event Date.

 

    9

     

    

 

Anything herein to
the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to exchange,
and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive
any Additional Interest.

 

(f)           Specific
Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company acknowledges
that any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may
result in material irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate remedy
at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure,
any Holder and any Participating Broker-Dealer may seek such relief as may be required to specifically enforce the Company’s
obligations under Sections 2(a) and 2(b).

 

3.           Registration
Procedures. In connection with the obligations of the Company with respect to the Registration Statements pursuant to Sections
2(a) and 2(b) hereof, the Company shall:

 

(a)          prepare
and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section 2,
on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case
of a Shelf Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii) shall
comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference
all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance
with Section 2 hereof;

 

(b)          prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause
each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable
Securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods
of distribution by the selling Holders thereof;

 

(c)          in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least ten Business Days prior to filing,
that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the
distribution of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish
to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably
request, including financial statements and schedules and, if such Holder or counsel so requests, all exhibits (including those
incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject
to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus, including
each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders of Registrable Securities in accordance
with applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described
in any Prospectus or any amendment or supplement thereto;

 

    10

     

    

 

(d)          use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
 “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall
reasonably request, to cooperate with the Holders of any Registrable Securities in connection with any filings required to be made
with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required
to be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however,
that the Company shall not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any
action which would subject it to general service of process or taxation in any such jurisdiction if it is not then so subject;

 

(e)          in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested
by such Holder or counsel, confirm such advice in writing promptly:

 

(i)           when
a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,

 

(ii)          of
any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement
or Prospectus or for additional information after a Registration Statement has become effective (other than comments to 1934 Act
reports incorporated therein by reference),

 

(iii)         of
the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a 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 the Registrable Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,

 

(v)          of
the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which is
contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the
related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and

 

(vi)         of
any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. Without limitation
to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such
Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f);

 

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(f)            (A)       
in the case of an Exchange Offer, (i) include in the Exchange Offer Registration Statement (1) a “Plan of Distribution”
section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged
their Registrable Securities for Exchange Securities for the resale of such Exchange Securities and (2) a statement to the
effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities
acquired as a result of market-making or other trading activities will be required to notify the Company to that effect, together
with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box
or making another appropriate notation on the related letter of transmittal) (each such broker-dealer who gives notice to the Company
as aforesaid being hereinafter called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer
who desires to participate in the Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer
Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may
reasonably request, (iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds
Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a “Participating
Broker-Dealer”), and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may
be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale
of such Exchange Securities, (iv) subject to the penultimate paragraph of this Section 3, the Company hereby consents
to the use of the Prospectus forming part of the Exchange Offer Registration Statement or any amendment or supplement thereto by
any Notifying Broker-Dealer in accordance with applicable law in connection with the sale or transfer of Exchange Securities, and
(v) include in the transmittal letter or similar documentation to be executed by an exchange offeree in order to participate
in the Exchange Offer substantially the following provision:

 

“If the undersigned is not
a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable
Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result
of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements
of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by so acknowledging
and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the
meaning of the 1933 Act;”

 

(B)         to
the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its commercially reasonable
efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension
pursuant to the last paragraph of this Section 3) following the last date on which exchanges are accepted pursuant
to the Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement,
the Prospectus included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section 2(b)(D),
the last paragraph of Section 2(b), Sections 3(c), 3(d), 3(e), 3(g), 3(i), 3(j),
3(k), 3(o), 3(p), 3(q), 3(r) and 3(s), and the last three paragraphs of this Section 3
as if all references therein to a Shelf Registration Statement, the Prospectus included therein and the Holders of Registrable
Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable
Notifying Broker-Dealers and, for purposes of this Section 3(f), all references in any such paragraphs or sections
to the “Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f),
the Notifying Broker-Dealers who are the Holders of the majority in aggregate principal amount of the Exchange Securities which
are Registrable Securities; and

 

(C)         the
Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement as would
otherwise be contemplated by Sections 3(b) or 3(k) hereof, or take any other action as a result of this
Section 3(f), for a period exceeding 180 days (subject to extension pursuant to the last paragraph of this Section 3)
after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized
by the Company to, and shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section 3;

 

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(g)          in
the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or
any state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information
(other than comments to 1934 Act reports incorporated therein by reference);

 

(h)          use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
as soon as practicable and provide prompt notice to each Holder of the withdrawal of any such order;

 

(i)           in
the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated
therein by reference or exhibits thereto, unless requested);

 

(j)           in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause
such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form eligible
for deposit with the Depositary and registered in such names as the selling Holders may reasonably request in writing at least
two Business Days prior to the closing of any sale of Registrable Securities;

 

(k)          in
the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts as contemplated by Section 3(e)(v) hereof,
use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement and/or
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at
the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify as promptly
as practicable after the occurrence of such event each Holder to suspend use of the Prospectus as promptly as practicable after
the occurrence of such an event, and each Holder hereby agrees to suspend use of the Prospectus until the Company has amended or
supplemented the Prospectus to correct such misstatement or omission. At such time as such public disclosure is otherwise made
or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or
to include any omitted material fact, the Company agrees promptly to notify each Holder of such determination and to furnish each
Holder such number of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request;

 

(l)          obtain
CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective
date of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities
or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

 

(m)          (i) cause
the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable Securities,
as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may
be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially
reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

    13

     

    

 

(n)          in
the case of a Shelf Registration, upon request, make available for inspection, at reasonable times and in a reasonable manner,
by representatives of the Holders of the Registrable Securities participating in any disposition pursuant to a Shelf Registration
Statement and one counsel or accountant retained by such Holders (with such inspection to occur at such time as mutually agreed
between the Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably
requested by any such Persons, and cause the respective officers, directors, employees, and any other agents of the Company to
supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that
any such Persons shall be required to execute a customary confidentiality agreement;

 

(o)          in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a
part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies
of such document to the Holders of Registrable Securities and to counsel for any such Holders, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request,
and cause the representatives of the Company to be available for discussion of such documents, at reasonable times and in reasonable
manner, as shall be reasonably requested by the Holders of Registrable Securities and the Company shall not at any time make any
filing of any such document of which such Holders or their counsel shall not have previously been advised and furnished a copy
or to which such Holders or their counsel shall reasonably object within a reasonable time period;

 

(p)          in
the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed on any
securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders;

 

(q)          in
the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the
same rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities,
unless the Registrable Securities are already so rated;

 

(r)          otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to
each Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report
on Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at
least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;
and

 

(s)          cooperate
and assist in any filings required to be made with FINRA.

 

In the case of a Shelf
Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration) require
each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing and require such
Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder.

 

    14

     

    

 

In the case of a Shelf
Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f),
each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or
the discovery of any facts of the kind described in Sections 3(e)(ii), 3(e)(iii) or 3(e)(iv) through
3(e)(vi) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition
of Registrable Securities pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as
the case may be, of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof
or (ii) written notice from the Company that the Shelf Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder
or Participating Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in
its possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any
Registrable Securities.

 

If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the
Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case
of Section 3(f), the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension;
provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof
and (ii) the Company shall use its commercially reasonable efforts to file and have declared effective (if an amendment) as
soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration
Statement or both, as the case may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration
Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this
Agreement (and, if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange
Offer Registration Statement pursuant to Section 3(f) hereof) by the number of days during the period from and
including the date of the giving of such notice to and including the earlier of the date when the Holders or Participating Broker-Dealers,
respectively, shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the
effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement
or amendment is required.

 

		4.	Indemnification and Contribution.

 

(a)         The
Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls
any Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act, as follows:

 

(i)           against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

(ii)          against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph
(i) above; provided that any such settlement is effected with the prior written consent of the Company; and

 

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(iii)         against
any and all expense whatsoever, as incurred (including, subject to Section 4(c) below, the fees and disbursements
of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above,
to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 

provided, however, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by any Holder or Participating Broker-Dealer with respect to such Holder or Participating Broker-Dealer, as the
case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or
supplement thereto).

 

(b)          Each
Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer
of the Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person,
if any, who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in
the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus
included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect
to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any amendment
thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall
be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement.

 

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(c)          Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against
it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the
respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers
who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of
the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than
Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or
hold, as the case may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and
(iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Participating
Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred
to in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall the indemnifying party
or parties be liable for (A) the fees and expenses of more than one counsel separate from the indemnifying parties’
own counsel for the Company and all other Persons referred to in clause (i) of this Section 4(c), (B) the
fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for all Holders (other than
Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this Section 4(c), and (C) the
fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for all Participating Broker-Dealers
and all other Persons referred to in clause (iii) of this Section 4(c), in each case in connection with any one
action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and
the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party
and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or
other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified
party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under
this Section 4(c) for any legal expenses of other counsel or any other expenses, in each case subsequently incurred
by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation unless (A) the
indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by the indemnifying
party) or (B) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party within
a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be
at the expense of the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution
could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto),
unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) 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
the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on
the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative
fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

 

(e)         The
Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in Section 4(d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or
alleged untrue statement or omission or alleged omission.

 

Notwithstanding the
provisions of this Section 4, other than in the case of intentional misrepresentation or omission of a material fact,
no Holder or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total
price at which Registrable Securities sold by it were offered exceeds the amount of any damages that such Holder or Participating
Broker-Dealer has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged
omission.

 

No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 4, each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer,
as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement and each
Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company.

 

The respective obligations
of the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion
to the principal amount of Subordinated Notes purchased by them and not joint.

 

The indemnity and contribution
provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or
any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its officers or directors
or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities or Exchange Securities pursuant to a Shelf Registration Statement.

 

		5.	Miscellaneous.

 

(a)          Rule 144
and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of
the 1934 Act and the rules and regulations adopted by the SEC thereunder, and that if it ceases to be so required to file
such reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available
such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following
a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee designated by
such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under
the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and (iii) take such further action
that is reasonable under the circumstances, in each case to the extent required from time to time to enable such Holder to sell
its Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (x) Rule 144
under the 1933 Act, as such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (z) any similar rules or regulations hereafter adopted by the SEC. Upon the request
of any Holder or beneficial owner 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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(b)          No
Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any agreement
after the date hereof which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted
to the Holders hereunder do not and will not in any way conflict in any material respects with and are not and will not be inconsistent
in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities
under any other agreements entered into by the Company or any of its Subsidiaries.

 

(c)         Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written
consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such
amendment, modification, supplement, waiver or departure.

 

(d)          Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer
at the most current address set forth on the records of the registrar under the Indenture, and (ii) if to the Company, initially
at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 5(d).

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on
the next Business Day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address
specified in the Indenture.

 

(e)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth
in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.

 

(f)          Third
Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the agreements made hereunder
and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to
protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition of Subordinated Notes, shall be deemed
to have agreed to the provisions of Section 5(b) hereof.

 

    19

     

    

 

(g)          Counterparts;
Electronic Transmission. This Agreement may be executed in any number of counterparts and by the parties hereto 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. Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes,
be deemed originals. Unless otherwise provided herein or in any other related document, the words “execute”, “execution”,
 “signed”, and “signature” and words of similar import used in this Agreement shall be deemed to include
electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the
fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Uniform Electronic Transactions Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, the Company is not under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Company pursuant to procedures approved by
the Company.

 

(h)         Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)          Restriction
on Resales. If the Company or any of its Subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall
redeem, purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security”
within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security
or Exchange Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its Subsidiaries or
affiliates will hold or resell such Registrable Security or Exchange Security or issue any new Registrable Security or Exchange
Security to replace the same.

 

(j)           GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(k)          Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof
and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected
or impaired thereby.

 

[SIGNATURE PAGES FOLLOW]

 

    20

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Registration Rights Agreement to be executed by its duly authorized representative as of the date first
above written.

 

	 	COMPANY:
	 	 
	 	SOUTHSIDE BANCSHARES, INC.
	 	 
	 	By:	 
	 	 	Name:	 Julie N. Shamburger
	 	 	Title:	Chief Financial Officer

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned Purchaser has caused this Registration Rights Agreement to be executed by its duly authorized representative as
of the date first above written.

 

	 	
        PURCHASER: 

	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:Exhibit 4.2

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of ____________, 2020, is entered into by and between Chicken Soup
for the Soul Entertainment Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation (the “Warrant Agent”).

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-1, No: 333-239201 (the “Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other
securities, the resale of certain Class W warrants issued by the Company prior to its initial public offering and in connection
with certain acquisitions made by the Company (the “Pre-IPO Warrants”);

 

WHEREAS,
the Company may issue additional Class W warrants (“New Warrants” and together with the Pre-IPO Warrants, the “Warrants”)
in connection with its financing plan or as consideration for strategic acquisitions;

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, cancellation and exercise of the Warrants;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.             Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for
the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms
and conditions set forth in this Agreement.

 

2.             Warrants.

 

2.1           Form of Warrant. Each Warrant shall be (a) issued in registered form only, (b) in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein, and (c) signed by, or bear the facsimile signature of, the Chairman
of the Board or the Chief Executive Officer and the Treasurer or the Secretary of the Company. In the event the person whose facsimile
signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance.

 

    

     

    

 

2.2           Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3           Registration.

 

2.3.1        Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration
of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.

 

2.3.2        Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (the “registered
holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

3.             Terms and Exercise of Warrants.

 

3.1           Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof,
subject to the provisions of such Warrant, as the case may be, and of this Warrant Agreement, to purchase from the Company the
number of shares of Class A common stock (the “Common Stock”) stated therein, at the price of $7.50 per share, subject
to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is
exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as defined
below).

 

3.2           Duration of Warrants. A Warrant may be exercised at any time through June 30, 2023 (the “Expiration Date”).
Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect
thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion,
may extend the duration of the Warrants by delaying the Expiration Date.

 

3.3           Exercise of Warrants.

 

3.3.1        Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the
Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at
the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form,
as set forth in the Warrant (the “Exercise Notice”), duly executed, and by paying in full the Warrant Price for each
full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, as follows:

 

    2

     

    

 

(a)           by
certified check payable to the order of the Warrant Agent, or

 

(b)           Notwithstanding
anything contained herein to the contrary, if (i) at the time a notice of cancellation is given by the Company pursuant to Section
6, or (ii) at any time the Common Stock is traded, listed, or quoted on a U.S. trading market or electronic exchange, a registration
statement covering the Common Stock underlying the Warrants that are subject to the Exercise Notice (the “Unavailable Warrant
Shares”), or an exemption from registration, is not available for the resale of such Unavailable Warrant Shares to the public,
the holder of the Warrant may, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the aggregate Warrant Price, elect instead to receive upon such exercise the “Net Number” of shares
of Common Stock determined according to the following formula:

 

Net
Number = [(A x B) - (A x C)] / B

 

For
purposes of the foregoing formula:

 

A=
the total number of shares of Common Stock with respect to which the Warrant is then being exercised.

 

B=
the arithmetic average of the last sale price of the shares of Common Stock for the five (5) consecutive trading days ending on
the date immediately preceding the date of the Exercise Notice, as reported by the principal market or exchange on which the Common
Stock is traded, listed or quoted.

 

C=
the Warrant Price then in effect for the applicable shares of Common Stock underlying the Warrant at the time of such exercise.

 

3.3.2        Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price or upon surrender of the Warrant (or portion thereof) as set forth in Section 3.3.1(b), the Company
shall issue to the registered holder of such Warrant a certificate or certificates representing the number of full shares of Common
Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such
Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant
to the exercise of a Warrant unless (a) a registration statement under the Act with respect to the Common Stock issuable upon
exercise of such Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise
of the Warrants is available for delivery to the Warrant holders or (b) in the opinion of counsel to the Company, the exercise
of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from
qualification under applicable securities laws of the states or other jurisdictions in which the registered holder resides. Warrants
may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would
be unlawful. In the event that a registration statement under the Act with respect to the Common Stock underlying the Warrants
is not effective or a current prospectus is not available, or because such exercise would be unlawful with respect to a registered
holder in any state, the registered holder shall not be entitled to exercise such Warrants and such Warrants may have no value
and expire worthless. In no event will the Company be required to “net cash settle” the warrant exercise.

 

    3

     

    

 

3.3.3        Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this
Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4        Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and
payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.3.5        Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject
to the provisions contained in this section 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not cause the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 4.9% or 9.8% (as specified by the holder) (the “Maximum Percentage”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common
Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant
beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any
convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the
limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may
rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report
on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with
the Securities and Exchange Commission as the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or Continental Stock Transfer & Trust Company setting forth the number of shares of Common
Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within
two (2) trading days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any
such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    4

     

    

 

4.             Adjustments.

 

4.1           Stock Dividends - Split-Ups. If, after the date hereof, and subject to the provisions of Section 4.6 below, the
number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up
of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in
outstanding shares of Common Stock.

 

4.2           Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock.

 

4.3           Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the
Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by
multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number
of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.4           Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or one that solely affects the par value of such
shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which
the Company is dissolved, the Warrant holders shall thereafter have the right (until the expiration of the right of exercise of
the Warrant) to purchase and receive, for the same aggregate Warrant Price payable hereunder immediately prior to such event,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation or upon a dissolution following any such sale or other transfer, by a Warrant holder of
the number of shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1
or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

 

    5

     

    

 

4.5           Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant
Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation
is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall
give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record
date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or
validity of such event.

 

4.6           No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company
shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up or down to the nearest whole number the number of shares of Common Stock to be issued
to the Warrant holder.

 

4.7           No Impairment. The Company will not, by amendment of its Certificate of Incorporation, as amended, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company
but will at all times in good faith assist in the carrying out of all the provisions of this Section and in the taking of all
such actions as may be necessary or appropriate in order to protect against impairment of the rights of the holders of the Warrants
to adjustments in the Warrant Price.

 

4.8           Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

4.9           Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding
subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4,
then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented
by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment
is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion.

 

    6

     

    

 

5.             Transfer and Exchange of Warrants.

 

5.1           Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
in the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly medallion guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. However, in the event that a Warrant
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant or issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend. The Warrants so cancelled may be delivered by
the Warrant Agent to the Company from time to time upon request.

 

5.2           Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange
which will result in the issuance of a warrant certificate for a fraction of a Warrant.

 

5.3           Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.4           Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in
accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of
the Company for such purpose.

 

6.             Cancellation.

 

6.1           Cancellation. All or any portion of the outstanding Warrants which have not been exercised pursuant to Section 3.3
may be cancelled, at the option of the Company, at any time prior to their expiration, upon the notice referred to in Section
6.2, for consideration equal to $0.01 per Warrant (the “Cancellation Price”), provided that (i) the last sales price
of the Common Stock has been at least $15.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of
twenty (20) trading days within any thirty (30) trading day period ending on the third trading day prior to the date on which
notice of cancellation is given, (ii) a registration statement shall be effective as to the shares of Common Stock underlying
the unexercised portion of the Warrant subject to the cancellation notice, and the prospectus thereunder shall be available, for
the resale of such Common Stock to the public (and the Company has no reason to believe that the use of such prospectus will be
suspended or otherwise unavailable for a period of thirty (30) days from such cancellation notice) or there otherwise exists an
exemption from such registration that permits the resale of such shares of Common Stock without volume limitations, and (iii)
there is a sufficient number of authorized shares of Common Stock for issuance of the underlying shares of Common Stock.

 

    7

     

    

 

6.2           Date Fixed for, and Notice of, Cancellation. In the event the Company shall elect to cancel all or a portion of
the Warrants, the Company shall fix a date for the cancellation which is no less than five trading days after the date of the
cancellation notice. Notice of cancellation shall be mailed by first class mail, postage prepaid, by the Company not less than
5 trading days prior to the date fixed for cancellation to the registered holders of the Warrants to be cancelled at their last
addresses as they shall appear in the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice.

 

6.3           Exercise After Notice of Cancellation. The Warrants may be exercised in accordance with Section 3 of this Agreement
at any time after notice of cancellation shall have been given by the Company pursuant to Section 6.2 hereof and prior to the
time and date fixed for cancellation. On and after the cancellation date, the record holder of the Warrants shall have no further
rights except to receive, upon surrender of the Warrants, the Cancellation Price.

 

7.             Other Provisions Relating to Rights of Holders of Warrants.

 

7.1           No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive
rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter.

 

7.2           Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company
and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as
the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by
anyone.

 

7.3           Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized
but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Agreement.

 

7.4           Registration of Common Stock. The Company agrees that it shall use its best efforts to file with the Securities
and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration
under the Act of the Common Stock issuable upon exercise of the Warrants, and it shall take such action as is necessary to qualify
for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise
of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement.
In no event will the registered holder of a Warrant be entitled to receive a “net cash settlement” in lieu of physical
settlement in shares of Common Stock, regardless of whether the Company complies with this Section 7.4.

 

    8

     

    

 

7.5           New Warrants. Any New Warrants, when and if issued, shall have the same terms and be in the same form as the Pre-IPO Warrants.

 

8.             Concerning the Warrant Agent and Other Matters.

 

8.1           Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon
the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2           Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1        Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing
to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by
the holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the
holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of
a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its
principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent
with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it
becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder;
and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments
in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
rights, immunities, duties, and obligations.

 

    9

     

    

 

8.2.2        Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall
give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective
date of any such appointment.

 

8.2.3        Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which
it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party
shall be the successor Warrant Agent under this Agreement without any further act.

 

8.3           Fees and Expenses of Warrant Agent.

 

8.3.1        Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant
Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur
in the execution of its duties hereunder.

 

8.3.2        Further Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Agreement.

 

8.4           Liability of Warrant Agent.

 

8.4.1        Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the
Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in
good faith by it pursuant to the provisions of this Agreement.

 

8.4.2        Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or
bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3        Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any
breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act
hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and
fully paid and nonassessable.

 

    10

     

    

 

8.5           Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform
the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase
of shares of Common Stock through the exercise of Warrants.

 

9.             Miscellaneous Provisions.

 

9.1           Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns.

 

9.2           Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant
Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail
or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Chicken
Soup for the Soul Entertainment Inc.

132
E. Putnam Avenue, Floor 2W

Cos
Cob, CT 06807

Attn:
William J. Rouhana, Jr., Chairman and CEO

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to
or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30 FL

New York, New York 10004

Attn:   Compliance Department

 

with a copy
in each case to:

 

Graubard
Miller

405
Lexington Ave, 11th Floor

New
York, NY 10174

Attn:
Brian Ross

 

Any notice,
sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it
is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered
or certified mail on the third day after registration or certification thereof.

 

    11

     

    

 

9.3           Applicable Law. The validity, interpretation and performance of this Agreement shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in any state or federal court of competent jurisdiction
located in the State of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4           Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the registered holders of the Warrants.

 

9.5           Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of
any Warrant. The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection by it.

 

9.6           Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

9.7           Effect of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement
and shall not affect the interpretation thereof.

 

9.8           Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for
the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written
consent of the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may
lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without
the consent of the registered holders.

 

    12

     

    

 

9.9           Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

 

[Signature
page follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	CHICKEN SOUP FOR THE SOUL
    ENTERTAINMENT INC.
	 	 
	 	By:	                   
	 	Name: William J. Rouhana, Jr.
	 	Title: Chairman and Chief Executive
    Officer
	 	 
	 	 
	 	CONTINENTAL STOCK TRANSFER
    & TRUST COMPANY
	 	 

	 	By:	 

	 	Name:	 

	 	Title:

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