Document:

Exhibit 10.3

 

INVESTOR
RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT
(as it may be amended, supplemented or restated from time to time in accordance with the terms hereof, this “Agreement”),
dated as of February 9, 2022 (the “Effective Date”), is made by and among (i) BRC Inc., a Delaware public
benefit corporation (including any of its successors or assigns, “PubCo”); (ii) SilverBox Engaged Sponsor LLC,
a Delaware limited liability company (the “Sponsor”); (iii) the Engaged Capital Investors (as defined herein);
(iv) Evan Hafer (the “Founder”), (v) the persons and entities listed on Schedule B hereto (collectively,
the “NCH Equityholders”), (vi) Mathew Best, (vii) Jarred Taylor, (viii) Richard Ryan, (ix) Tom
Davin and (x) the persons and entities listed on Schedule A hereto (collectively, the “Legacy Equityholders”).
Each of the persons listed under clauses (i) to (x) may be referred to herein as a “Party” and collectively
as the “Parties” and and each of the persons listed under clauses (ii) to (x) may be referred to herein collectively
as the “Equityholders.”

 

RECITALS

 

WHEREAS, PubCo entered into
that certain Business Combination Agreement, dated as of November 2, 2021 (as amended, and as it may be further amended from time
to time in accordance with the terms thereof, the “BCA”), by and among PubCo, SilverBox, Merger Sub 1 (as defined in
the BCA), Merger Sub 2 (as defined in the BCA), Blocker Corp (as defined in the BCA) and Authentic Brands, LLC, a Delaware limited liability
company (the “Operating Company”), in connection with the business combination of PubCo and the Operating Company (the
 “Business Combination”) and other transactions contemplated therein;

 

WHEREAS, pursuant to the BCA,
at the Closing, among other things (i) the Operating Company became a subsidiary of PubCo and PubCo acquired a certain number of
common units in the Operating Company (“Common Units”) and (ii) (A) the Sponsor received a certain number
of shares of Class A Common Stock and Class C Common Stock, (B) the holders of Equity Securities of the Operating Company
(excluding Blocker Corp) immediately prior to the Effective Time (as defined in the BCA), (1) retained a certain number of Common
Units and received the same number of shares of Class B Common Stock, (2) received a certain number of unvested performance-based
restricted Common Units (“Restricted Common Units”) and (3) received cash, and (C) Blocker Corp, immediately
prior to the Effective Time received (1) a certain number of shares of Class A Common Stock and Class C Common Stock (2) and
cash, in each case in accordance with the terms of the BCA;

 

WHEREAS, upon the consummation
of the Business Combination, PubCo and the other persons holding Common Units and Restricted Common Units entered into that certain third
amended and restated limited liability company agreenent of the Operating Company dated as of February 9, 2022 (as it may be further
amended, supplemented or restated from time to time in accordance with the terms of such agreement, the “LLC Agreement”);

 

WHEREAS, pursuant to the LLC
Agreement and the Certificate of Incorporation, upon satisfaction of the conditions set forth in the LLC Agreement, (i) the Restricted
Common Units will vest and become Common Units and (ii) PubCo will issue to the holders of such Common Units an additional number
of shares of Class B Common Stock such that each such holder holds the same number of Common Units and shares of Class B Common
Stock;

 

     

     

    

 

WHEREAS, each of the Equityholders
holding Common Units (including any Restricted Common Units that have vested) has the right to exchange such Common Units, along with
the cancelation of an equal number of shares of Class B Common Stock, for shares of Class A Common Stock pursuant to the terms
and conditions of the LLC Agreement;

 

WHEREAS, SilverBox, the Sponsor
and Engaged Capital, LLC (in its capacity as investment advisor on behalf of investment funds and accounts, “Engaged Capital”)
entered into that certain Registration Rights Agreement, dated as of February 25, 2021 (the “Original RRA”);

 

WHEREAS, in connection with
Closing, SilverBox, the Sponsor and Engaged Capital hereto desire to terminate the Original RRA in its entirety and replace it with this
Agreement;

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises, covenants and agreements contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

Article I

DEFINITIONS

 

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

 

“Action”
means any action, suit, charge, litigation, arbitration, or other proceeding at law or in equity (whether civil, criminal or administrative)
by or before any Governmental Entity.

 

“Adverse Disclosure”
means any public disclosure of material non-public information, which disclosure, in the good faith determination of the Board, after
consultation with counsel to PubCo, (a) would be required to be made in any Registration Statement or Prospectus in order for the
applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the
circumstances under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement
were not being filed, and (c) PubCo has a bona fide, material business purpose for not making such information public.

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership
of voting securities, its capacity as a sole or managing member or otherwise; provided that no Party shall be deemed an Affiliate of PubCo
or any of its subsidiaries for purposes of this Agreement.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Automatic Shelf
Registration Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

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“BCA” has
the meaning set forth in the Recitals.

 

“Beneficially Own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided, that, a Transfer with respect to any Equity
Securities shall, for purposes of this Agreement, means that the Transferor no longer Beneficially Owns such Equity Securities (except,
for the avoidance of doubt, for any Transfer to Permitted Transferees or with respect to pledges or encumbrances which do not Transfer
economic risk). “Beneficially Owns,” “Beneficially Owned,” and “Beneficial Ownership”
shall have correlative meanings.

 

“Block Trade”
means any non-marketed underwritten offering taking the form of a block trade to a financial institution, “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act) or institutional “accredited” investor (as defined in
Rule 501(a) of Regulation D under the Securities Act), bought deal, over-night deal or similar transaction through a broker,
sales agent or distribution agent, whether as agent or principal, that does not include “road show” presentations to potential
investors requiring substantial marketing effort from management over multiple days, the issuance of a “comfort letter” by
PubCo’s auditors, or the issuance of a legal opinion by PubCo’s legal counsel.

 

“Board”
means the board of directors of PubCo.

 

“Business Combination”
has the meaning set forth in the Recitals.

 

“Business Day”
means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized to close in the State
of New York.

 

“Bylaws”
means the bylaws of PubCo, as in effect on the Effective Date, as the same may be amended from time to time.

 

“Certificate of Incorporation”
means the certificate of incorporation of PubCo, as in effect on the Effective Date, as the same may be amended from time to time.

 

“Class A Common
Stock” means, as applicable, (a) the Class A common stock, par value $0.0001 per share, of PubCo, or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person that are issued or issuable in consideration for the Class A common stock or into which the Class A common stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Class B Common
Stock” means, as applicable, (a) the Class B common stock, par value $0.0001 per share, of PubCo, or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person that are issued or issuable in consideration for the Class B common stock or into which the Class B common stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

“Class C Common
Stock” means, as applicable, (a) the Class C common stock, par value $0.0001 per share, of PubCo, or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person that are issued or issuable in consideration for the Class C common stock or into which the Class C common stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.

 

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“Closing”
has the meaning given to such term in the BCA.

 

“Closing Date”
has the meaning given to such term in the BCA, which date is February 9, 2022.

 

“Common Stock”
means shares of the Class A Common Stock, Class B Common Stock and Class C Common Stock, including any shares of the Class A
Common Stock and Class B Common Stock issuable upon the exercise of any warrant or other right to acquire shares of the Class A
Common Stock and Class B Common Stock.

 

“Common Units”
has the meaning set forth in the Recitals.

 

“Company Units”
means the Common Units and the Restricted Common Units.

 

“Demanding Holders”
has the meaning set forth in Section 4.1(c).

 

“Economic Interests”
mean (a) for the Founder, the NCH Equityholders and the Legacy Equityholders, (i) Company Units and (ii) shares of Class A
Common Stock, in each case held by the Founder, the NCH Equityholders and the Legacy Equityholders, as applicable, or their respective
Permitted Transferees or (b) for the Sponsor or the Engaged Capital Investors, shares of Class A Common Stock held by the Sponsor
or its Permitted Transferees or the Engaged Capital Investors or their Permitted Transferees, as applicable. For purposes of computing
the percentage of Economic Interests in Sections 3.1 and 6.4, in each case, Restricted Common Units and Class C Common Stock shall
(x) not be included as held as of the Closing Date or at the applicable time while unvested and (y) be included as being held
as of the Closing Date and at the applicable time beginning only if and when they vest, are exchanged for or convert into Company Units
or Class A Common Stock, as applicable.

 

“Effective Date”
has the meaning set forth in the Preamble.

 

“Engaged Capital”
has the meaning set forth in the Preamble.

 

“Engaged Capital
Director” has the meaning set forth in Section 3.1(a).

 

“Engaged Capital
Investors” means the Engaged Capital Flagship Master Fund, LP and Arango Trading and Finance Corp.

 

“Equity Securities”
means, with respect to any Person, all of the shares of capital stock or equity of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock or equity of
(or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock or equity of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares or equity (or such other interests), restricted stock awards, restricted stock units, equity appreciation
rights, phantom equity rights, profit participation and all of the other ownership or profit interests of such Person (including partnership
or member interests therein), whether voting or nonvoting.

 

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“Equityholders”
has the meaning set forth in the Preamble.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“Family Member”
means with respect to any Person, a spouse, lineal descendant (whether natural or adopted) or spouse of a lineal descendant of such Person
or any trust created for the benefit of such Person or of which any of the foregoing is a beneficiary.

 

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

 

“Form S-1 Shelf”
has the meaning set forth in Section 4.1(a).

 

“Form S-3 Shelf”
has the meaning set forth in Section 4.1(a).

 

“Forward Purchase
Agreement” means that certain Amended and Restated Forward Purchase Agreement, dated as of November 2, 2021, among SilverBox,
Engaged Capital, the Operating Company and the Sponsor pursuant to which the Engaged Capital Investors purchased 10,000,000 SilverBox
Class C Shares in a private placement prior to Closing, which SilverBox Class C Shares were exchanged for 10,000,000 shares
of Class A Common Stock concurrently with Closing.

 

“Founder”
has the meaning set forth in the Preamble.

 

“Governmental Entity”
means any nation or government, any state, province or other political subdivision thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, including any court, arbitrator (public or private) or
other body or administrative, regulatory or quasi-judicial authority, agency, department, board, commission or instrumentality of any
federal, state, local or foreign jurisdiction.

 

“Holder”
means any holder of Registrable Securities who is a Party to, or who succeeds to rights under, this Agreement pursuant to Article VI;
provided that a Party who does not hold Registrable Securities as of the Effective Date and who acquires Registrable Securities after
the Effective Date will not be a Holder until such Party gives PubCo a representation in writing of the number of Registrable Securities
it holds.

 

“Holder Information”
has the meaning set forth in Section 4.10(b).

 

“Initial Form S-1
Shelf” has the meaning set forth in Section 4.1(a).

 

“Laws”
means all laws, acts, statutes, constitutions, treaties, ordinances, codes, rules, regulations, and rulings of a Governmental Entity,
including common law. All references to “Laws” shall be deemed to include any amendments thereto, and any successor Law, unless
the context otherwise requires.

 

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“LLC Agreement”
has the meaning set forth in the Recitals.

 

“Lock-Up Period”
has the meaning set forth in Section 5.1(a).

 

“Lock-Up Shares”
has the meaning set forth in Section 5.1(a).

 

“Maximum Number of
Securities” has the meaning set forth in Section 4.1(e).

 

“Minimum Takedown
Threshold” has the meaning set forth in Section 4.1(c).

 

“Misstatement”
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances under
which they were made, not misleading.

 

“NCH Equityholders”
has the meaning set forth in the Preamble.

 

“Necessary Action”
means, with respect to any Party and a specified result, all actions (to the extent such actions are not prohibited by applicable Law
and within such Party’s control, and in the case of any action that requires a vote or other action on the part of the Board to
the extent such action is consistent with fiduciary duties that PubCo’s directors may have in such capacity) necessary to cause
such result, including (a) calling special meetings of stockholders, (b) voting or providing a written consent or proxy, if
applicable in each case, with respect to shares of Common Stock, (c) causing the adoption of stockholders’ resolutions and
amendments to the Organizational Documents, (d) executing agreements and instruments, (e) making, or causing to be made, with
Governmental Entities, all filings, registrations or similar actions that are required to achieve such result and (f) nominating
certain Persons for election to the Board in connection with the annual or special meeting of stockholders of PubCo.

 

“Operating Company”
has the meaning set forth in the Recitals.

 

“Organizational Documents”
means the Certificate of Incorporation and the Bylaws.

 

“Original RRA”
has the meaning set forth in the Recitals.

 

“Participation Conditions”
has the meaning set forth in Section 4.1(d).

 

“Party”
has the meaning set forth in the Preamble.

 

“Permitted Transferee”
means with respect to any Person, (i) any Family Member of such Person and (ii) any Affiliate of such Person (including any
partner, shareholder or member controlling or under common control with such Person and any Affiliated investment fund or vehicle of such
Person).

 

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“Person”
means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company,
entity or Governmental Entity.

 

“Piggyback Registration”
has the meaning set forth in Section 4.2(a).

 

“Potential Takedown
Participant” has the meaning set forth in Section 4.1(d).

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements to such
prospectus, and all material incorporated by reference in such prospectus.

 

“PubCo”
has the meaning set forth in the Preamble.

 

“Registrable Securities”
means (a) any shares of Class A Common Stock, including Class A Common Stock to be issued pursuant to (i) the LLC
Agreement upon exchange of Company Units (along with the cancelation of an equal number of shares of Class B Common Stock) and (ii) the
Certificate of Incorporation upon conversion of Class C Common Stock, (b) any Warrants or any shares of Class A Common
Stock issued or issuable upon the exercise thereof and (c) any Equity Securities of PubCo or any Subsidiary of PubCo that may be
issued or distributed or be issuable with respect to the securities referred to in clauses (a) or (b) by way of
conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar
transaction, in each case held by a Holder; provided, however, that any such Registrable Securities shall cease to be Registrable Securities
to the extent (A) a Registration Statement with respect to the sale of such Registrable Securities has become effective under the
Securities Act and such Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with the plan of distribution
set forth in such Registration Statement, (B) such Registrable Securities shall have ceased to be outstanding or (C) such Registrable
Securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
means a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus or similar
document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registration Expenses”
means the out-of-pocket expenses of a Registration, including the following:

 

		(a)	all registration and filing fees (including fees with respect to filings required to be made with FINRA)
and any securities exchange on which the Class A Common Stock is then listed;

 

		(b)	fees and expenses of compliance with securities or blue sky Laws (including reasonable fees and disbursements
of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

		(c)	printing, messenger, telephone and delivery expenses;

 

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		(d)	fees and disbursements of counsel for PubCo;

 

		(e)	reasonable fees and disbursements of all independent registered public accountants of PubCo incurred specifically
in connection with such Registration; and

 

		(f)	reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the
Demanding Holders in an Underwritten Offering in an amount not to exceed $75,000 for each Registration (including if such Underwitten
Offering is in the form of a Block Trade).

 

“Registration Statement”
means any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus
included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement,
and all exhibits to and all material incorporated by reference in such registration statement.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person acting on behalf of such Person.

 

“Requesting Holder”
means any Equityholder requesting piggyback rights pursuant to Section 4.2 of this Agreement with respect to an Underwritten
Shelf Takedown.

 

“Restricted Common
Units” has the meaning set forth in the Recitals.

 

“SEC” means
the United States Securities and Exchange Commission.

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from time to time.

 

“Shelf”
has the meaning set forth in Section 4.1(a).

 

“Shelf Registration”
means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance with and pursuant to Rule 415
promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf Takedown”
means an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

 

“Shelf Takedown Notice”
has the meaning set forth in Section 4.1(d).

 

“Shelf Takedown Request”
has the meaning set forth in Section 4.1(c).

 

“SilverBox”
means SilverBox Engaged Merger Corp I, a Delaware corporation.

 

“Special Holder”
means each of the Founder, the Sponsor, the Engaged Capital Investors, the NCH Equityholders, Mathew Best, Jarred Taylor, Richard Ryan
and Tom Davin, at such times as such Party is a Holder and any Permitted Transferee of the foregoing (except as set forth in Section 4.16
hereof).

 

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“Sponsor”
has the meaning set forth in the Preamble.

 

“Subsequent Shelf
Registration” has the meaning set forth in Section 4.1(b).

 

“Subsidiaries”
means, of any Person, any corporation, association, partnership, limited liability company, joint venture or other business entity of
which more than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one
(1) or more of the Subsidiaries of such Person, or a combination thereof.

 

“Transfer”
means, when used as a noun, any voluntary or involuntary, direct or indirect, transfer, sale, pledge, hedge, encumbrance, or hypothecation
or other disposition, contract or legally binding agreement to undertake any of the foregoing, by the Transferor (whether by operation
of law or otherwise) and, when used as a verb, the Transferor voluntarily or involuntarily, directly or indirectly, transfers, sells,
pledges, hedges, encumbers or hypothecates or otherwise disposes of (whether by operation of law or otherwise), contracts or agrees (in
a legally binding manner) to do any of the foregoing, including, in each case, (a) the establishment or increase of a put equivalent
position or liquidation with respect to, or decrease of a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to, any security or (b) entry into any swap or other arrangement that transfers to another Person, in whole or in
part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such
securities, in cash or otherwise. The terms “Transferee,” “Transferor,” “Transferred,” and other forms
of the word “Transfer” shall have the correlative meanings.

 

“Underwriter”
means any investment banker(s) and manager(s) appointed to administer the offering of any Registrable Securities as principal
in an Underwritten Offering.

 

“Underwritten Offering”
means a Registration in which securities of PubCo are sold to an Underwriter for distribution to the public.

 

“Underwritten Shelf
Takedown” has the meaning set forth in Section 4.1(f).

 

“Voting Party”
means each of the Sponsor, the Engaged Capital Investors, Mathew Best and the NCH Equityholders.

 

“Voting Securities”
means Equity Securities of PubCo which are entitled to vote generally in the election of directors to the Board.

 

“Warrants”
means the outstanding warrants of PubCo, each exercisable for one share of Class A Common Stock, issued to the Sponsor pursuant to
that certain private placement warrants purchase agreement, dated February 25, 2021, by and among the Sponsor and SilverBox, for
a purchase price of $11.50 per warrant.

 

“Well-Known Seasoned
Issuer” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

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“Withdrawal Notice”
has the meaning set forth in Section 4.1(f).

 

Section 1.2         Interpretive
Provisions. For all purposes of this Agreement, except as otherwise provided in this Agreement or unless the context otherwise requires:

 

(a)        the
meanings of defined terms are applicable to the singular as well as the plural forms of such terms.

 

(b)        the
words “hereof”, “herein”, “hereunder” and words of similar import, when used
in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(c)        references
in this Agreement to any Law shall be deemed also to refer to such Law, and all rules and regulations promulgated thereunder.

 

(d)     
   whenever the words “include”, “includes” or
 “including” are used in this Agreement, they shall mean “without limitation.”

 

(e)        the
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(f)         pronouns
of any gender or neuter or, as appropriate, the other pronoun forms.

 

Article II

REPRESENTATIONS AND WARRANTIES

 

Each of the Parties to this
Agreement hereby represents and warrants to each other Party to this Agreement that as of the date such Party executes this Agreement:

 

Section 2.1         Existence;
Authority; Enforceability. Such Party has the power and authority to enter into this Agreement and to carry out its obligations hereunder.
Such Party who is not an individual is duly organized and validly existing under the laws of its respective jurisdiction of organization,
and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary
action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of any
of the transactions contemplated hereby. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligations,
enforceable against it in accordance with its terms.

 

Section 2.2         Absence
of Conflicts. The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not
and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such Party who is not an
individual; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time,
or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment
obligation, under the terms of any contract, agreement or permit to which such Party is a Party or by which such Party’s assets
or operations are bound or affected; or (c) violate any law applicable to such Party.

 

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Section 2.3         Consents.
Other than any consents which have already been obtained, no consent, waiver, approval, authorization, exemption, registration, license
or declaration is required to be made or obtained by such Party in connection with (a) the execution, delivery or performance of
this Agreement or (b) the consummation of any of the transactions contemplated herein.

 

Article III

GOVERNANCE

 

Section 3.1         Board
of Directors.

 

(a)            Composition
of the Board. Each of the Equityholders severally and not jointly, agrees with PubCo to take all Necessary Action to cause (x) the
Board to be comprised of seven (7) directors initially and (y) those individuals to be nominated in accordance with this Article III,
initially (i) two (2) of whom have been or will be nominated by Engaged Capital (acting on behalf of the Engaged Capital Investors),
initially Glenn Welling and Roland Smith, one of whom shall meet the independence requirements of the Exchange Act and the applicable
stock exchange regulations, and thereafter designated pursuant to Section 3.1(b) or Section 3.1(e) of
this Agreement (each, an “Engaged Capital Director”), (ii) two (2) of whom have been or will be nominated
by the Founder, initially George Munoz and Steven Taslitz, both of whom shall meet the independence requirements of the Exchange Act and
the applicable stock exchange regulations and thereafter designated pursuant to Section 3.1(c) or Section 3.1(e) of
this Agreement (each, a “Founder Director”), which Founder Directors shall meet the independence requirements under
the Exchange Act and applicable stock exchange regulations, and (iii) Evan Hafer, Katy Dickson and Tom Davin.The foregoing directors
shall be divided into three classes of directors, with each class serving for staggered three year-terms as follows:

 

(i)     
        the Class I directors shall include Katy
Dickson, initially, and up to one (1) Engaged Capital Director, initially Roland Smith;

 

(ii)            the
Class II directors shall include Tom Davin, initially, and up to one (1) Founder Director, initially George Munoz; and

 

(iii)           the
Class III directors shall include Evan Hafer, initially, up to one (1) Engaged Capital Director, initially Glenn Welling, and
up to one (1) Founder Director, initially Steven Taslitz.

 

Any vacancies existing on the Board as of the
date hereof shall be filled in accordance with Section 3.1(e). The initial term of the Class I directors shall expire
immediately following PubCo’s 2023 annual meeting of stockholders at which directors are elected. The initial term of the Class II
directors shall expire immediately following PubCo’s 2024 annual meeting of stockholders at which directors are elected. The initial
term of the Class III directors shall expire immediately following PubCo’s 2025 annual meeting at which directors are elected.

 

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(b)            Engaged
Capital Investors Representation. For so long as the Engaged Capital Investors and their Permitted Transferees Beneficially Own Economic
Interests representing the percentage of the Economic Interests held by the Engaged Capital Investors immediately after the Closing shown
below (or the percentage of Voting Securities shown below, if relevant), PubCo shall take all Necessary Action to include in the slate
of nominees recommended by the Board and/or the applicable committee for election as directors at each applicable annual or special meeting
of stockholders at which directors are to be elected, subject to Section 3.1(f) below, that number of individuals designated
by Engaged Capital (acting on behalf of the Engaged Capital Investors) that, if elected, will result in the Engaged Capital Investors
having the number of directors serving on the Board that is shown in the column labeled “Number of Engaged Capital Directors”
below; provided, that after the number of Engaged Capital Directors is reduced because the percentage Beneficially Owned of such Economic
Interests is reduced, the Engaged Capital Investors and their Permitted Transferees cannot subsequently increase the number of Engaged
Capital Directors entitled to be designated as a result of their acquisition of Beneficial Ownership of additional Economic Interests
(in PubCo and the Operating Company, without duplication); provided, further, that, at any time, at least one Engaged Capital Director
shall be a veteran of the U.S. military and at least one Engaged Capital Director shall meet the independence requirements of the Exchange
Act and the applicable stock exchange regulations.

 

	
    Economic
    Interests Beneficially Owned by the Engaged

 Capital Investors (and their Permitted Transferees) as a

 Percentage of the Economic Interests
    Held by the

 Engaged Capital Investors immediately after the Closing
	
    Number of
    Engaged 

Capital Directors

	50% or greater	2
	33% or greater, but less than 50%	1
	Less than 33% 	0

 

(c)            Founder
Representation. For so long as the Founder and its Permitted Transferees Beneficially Own Economic Interests representing at least
the percentage, shown below, of the Economic Interests Beneficially Owned by the Founder immediately after the Closing shown below, PubCo
shall take all Necessary Action to include in the slate of nominees recommended by the Board and/or the applicable committee for election
as directors at each applicable annual or special meeting of stockholders at which directors are to be elected, subject to Section 3.1(f) below,
that number of individuals designated by the Founder that, if elected, will result in the Founder having the number of directors serving
on the Board that is shown below; provided, that after the number of Founder Directors is reduced because the percentage Beneficially
Owned of such Economic Interests is reduced, the Founder and its Permitted Transferees cannot subsequently increase the number of Founder
Directors entitled to be designated as a result of its acquisition of Beneficial Ownership of additional Economic Interests (in PubCo
and the Operating Company, without duplication); provided, further, that, at any time, the Founder Directors (except the Founder) shall
meet the independence requirements of the Exchange Act and the applicable stock exchange regulations.

 

	
    Economic
    Interests Beneficially Owned by the

 Founder (and its Permitted Transferees) as a

 Percentage of the Economic Interests

 Beneficially Owned
    by the Founder 

immediately after the Closing
	
    Number of
    Founder Directors

	35% or greater	2 plus the Founder
	25% or greater, but less than 35%	2 (including the Founder) 
	15% or greater, but less than 25%	1 (including the Founder)
	Less than 15% 	0

 

    12 

     

    

 

(d)            Decrease
in Directors. Upon any decrease in the number of directors that the Engaged Capital Investors or the Founder, as applicable, is entitled
to designate for nomination to the Board pursuant to Section 3.1(b), Section 3.1(c), Engaged Capital (acting on
behalf of the Engaged Capital Investors) or the Founder, as applicable, shall take all Necessary Action to cause the appropriate number
of Engaged Capital Directors or Founder Directors, as applicable, to offer to tender their resignation promptly, and no later than sixty
(60) days prior to the expected date of PubCo’s next annual meeting of stockholders, provided, however, that the Board may, in its
sole discretion, elect not to accept any such offer of resignation from an Engaged Capital Director or Founder Director, as applicable,
and require that such director withdraw such offer of resignation in order to avoid the resulting vacancy. In furtherance and without
limitation of the foregoing, the Nominating and Corporate Governance Committee may, in its sole discretion and with the express written
consent of such individual, recommend for nomination an Engaged Capital Director or Founder Director that has tendered his or her resignation
pursuant to this Section 3.1(d).

 

(e)            Removal;
Vacancies. Except as provided in Section 3.1(d), and subject to the Organizational Documents, Engaged Capital (acting
on behalf of the Engaged Capital Investors) and the Founder, as applicable, shall have the exclusive right to (i) remove their nominees
from the Board, and PubCo shall take all Necessary Action to cause the removal of any such nominee at the request of the applicable Party
and (ii) designate directors for election to the Board to fill vacancies existing on the date hereof or created by reason of death,
incapacity, removal or resignation of its nominees to the Board, and PubCo, the Sponsor, the Engaged Capital Investors, the Founder and
the Legacy Equityholders shall take all Necessary Action to cause any such vacancies created pursuant to clause (i) or (ii) above
to be filled by replacement directors designated by the applicable Party as promptly as practicable after such designation (and in any
event prior to the next meeting or action of the Board or applicable committee). Notwithstanding anything to the contrary contained in
this Section 3.1(e), no Party shall have the right to designate a replacement director, and PubCo shall not be required to
take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to
the Board would result in a number of directors nominated by such Party in excess of the number of directors that such Party is then entitled
to nominate for membership on the Board pursuant to this Agreement.

 

(f)             Nominee
Background. Any nominee designated by Engaged Capital (on behalf of the Engaged Capital Investors) or the Founder pursuant to Section 3.1(b), Section 3.1(c) and Section 3.1(e),
as applicable, will be subject to PubCo’s customary due diligence process, including its review of a completed questionnaire
and a background check. Based on the foregoing, PubCo may reasonably object to any nominee (i) provided it does so in good
faith and (ii) solely to the extent such objection is based upon any of the following: (1) such nominee was convicted in a
criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
(2) such nominee was the subject of any order, judgment, or decree not subsequently reversed, suspended or vacated of any court
of competent jurisdiction, permanently or temporarily enjoining such proposed director from, or otherwise limiting, the following
activities: (A) engaging in any type of business practice, or (B) engaging in any activity in connection with the purchase
or sale of any security or in connection with any violation of federal or state securities laws; (3) such nominee was the
subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority
barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in
clause (2)(B), or to be associated with persons engaged in such activity; (4) such nominee was found by a court of competent
jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in such civil
action or finding by the SEC has not been subsequently reversed, suspended or vacated; or (5) such nominee was the subject of,
or a party to any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed,
suspended or vacated, relating to a violation of any federal or state securities laws or regulations. In the event the Board
reasonably finds the nominee to be unsuitable based upon one or more of the foregoing clauses (1) through (5) and
reasonably objects to the identified director, Engaged Capital (acting on behalf of the Engaged Capital Investors) or the Founder,
as applicable, shall be entitled to propose a different nominee to the Board within thirty (30) days of PubCo’s notice to such
person of its objection to the nominee and such replacement nominee shall be subject to the review process outlined
above.

 

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(g)            Committees.
In accordance with PubCo’s Organizational Documents, (i) the Board shall establish and maintain committees of the Board for
(x) Audit, (y) Compensation and (z) Nominating and Corporate Governance, and (ii) the Board may from time to time
by resolution establish and maintain other committees of the Board. For so long as the Founder is on the Board, the Founder shall chair
the Nominating and Corporate Governance Committee, subject to applicable Laws and applicable stock exchange regulations, and subject to
requisite independence requirements applicable to such committee.

 

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

 

(i)             Indemnification.
For so long as the Founder, any Engaged Capital Director or Founder Director serves as a director of PubCo, (i) PubCo shall
provide the Founder, such Engaged Capital Director or Founder Director with the same expense reimbursement, benefits, indemnity,
exculpation and other arrangements provided to the other directors of PubCo and (ii) PubCo shall not amend, alter or repeal any
right to indemnification or exculpation covering or benefiting the Founder, any Engaged Capital Director or Founder Director
nominated pursuant to this Agreement as and to the extent consistent with applicable Law, the last sentence of
Section 10.1(G) of the Certificate of Incorporation, Article VIII of the Certificate of Incorporation,
Article IV of the Bylaws and any indemnification agreements with directors (whether such right is contained in the
Organizational Documents or another document) (except to the extent such amendment or alteration permits PubCo to provide broader
indemnification or exculpation rights on a retroactive basis than permitted prior thereto).

 

    14 

     

    

 

Section 3.2         Voting
Agreement and Proxy.

 

(a)            Engaged
Capital Directors and Founder Directors. From the Effective Date until, and including, February 9, 2027 (such period, the “Voting
Period”), each of the Equityholders, severally and not jointly, agrees with PubCo to cause all Equity Securities such Person
has the right to vote as of the applicable record date, to be present in person or by proxy for quorum purposes and to be voted at any
meeting of stockholders or at any adjournments or postponements thereof, and to consent in connection with any action by written consent
in lieu of a meeting, in favor of each director recommended by the Board for election at any such meeting or through any such written
consent. Each of the Equityholders, severally and not jointly, agree with PubCo not to take action to remove any director (other than
a director nominated by such person) from office unless such removal is for cause or if the applicable Party nominating such director
is no longer entitled to nominate such director pursuant to Section 3.1.

 

(b)            Agreement
to Vote on Election of Directors. During the Voting Period and to the extent he or she is entitled under PubCo’s Organizational
Documents to vote on such matter, each of the Voting Parties, severally and not jointly, agrees to vote all securities of PubCo that may
vote in the election of PubCo’s directors on the Board that such Voting Party owns or controls from time to time (hereinafter referred
to as the “Voting Shares”) in accordance with the provisions of Sections 3.2(c) and (d), whether
at an annual or special meeting of stockholders or any class or series of stockholders or by written consent.

 

(c)            Election
of Board of Directors – Proxy. During the Voting Period, and subject to PubCo’s Organizational Documents, each Voting
Party agrees, severally and not jointly, to vote (or cause to be voted), or to act by written consent in respect of, all Voting Shares
in the same manner (“for,” “against,” “withheld,” “abstain” or otherwise) (i) as
directed by the Founder (to give effect to the Voting Parties’ intention to provide the Founder with an irrevocable proxy during
the Voting Period) or (ii) (A) to the extent the treatment of securities of PubCo as Voting Shares would result, from time to
time, in the Founder having a reporting acquisition in excess of two percent of the class within the meaning of Section 13(d)(6)(B) of
the Exchange Act and the rules and guidance relating thereto, or (B) solely in the event that no such direction is provided
by the Founder after inquiry by such Voting Party, as recommended by the Board, in each case with respect to:

 

(i)         
    the election to the Board at any meeting of stockholders at which directors are
to be elected (other than the Engaged Capital Directors subject to Section 3.1(b));

 

(ii)            the appointment to fill any vacancy created by the failure of any director
to complete a term on the Board (other than the Engaged Capital Directors subject to Section 3.1(b)); and

 

(iii)            any
removal of directors from the Board (other than the Engaged Capital Directors subject to Section 3.1(e));

 

in each case, so long as the
applicable nominee subject to election or appointment satisfies PubCo’s normal procedures regarding suitability of director nominees.

 

(d)            Other
Obligations. The obligations of the Voting Party pursuant to this Section 3.2(c) shall include any stockholder vote
to amend the Organizational Documents of PubCo as required to effect the intent of Section 3.2(c). Each of the Voting Parties
and PubCo agree not to take any actions that would materially and adversely affect the provisions of this Section 3.2(c) and
the intention of the parties with respect to the composition of the Board as stated herein.

 

    15 

     

    

 

 

(e)      Successors
in Interest of the Voting Parties and PubCo. The provisions of this Section 3.2 shall be binding upon the successors in
interest of any Voting Party with respect to any of the Voting Party’s Voting Shares or any voting rights therein, unless (i) such
Voting Shares are sold in the public markets or in a public offering (whether or not such offering is underwritten) (a “Sale”)
or (ii) such Voting Shares are transferred as a bona fide charitable gift to an unrelated third party non-government or non-profit
organizations (a “Gift”). Each Voting Party shall not, and PubCo shall not, permit the transfer of any Voting Party’s
Voting Shares (except for Sales and Gifts), unless and until the person to whom such securities are to be transferred shall have executed
a written agreement pursuant to which such person becomes a party to this Agreement with respect to Section 3.2 and agrees
to be bound by all the provisions of Section 3.2 as if such person was a Voting Party hereunder. For the avoidance of doubt,
(i) no such additional written agreement shall be required if Voting Shares that are transferred remain under the control of the
relevant Voting Party, and (ii) the provisions of this Section 3.2(e) shall not be construed as restricting or otherwise
prohibiting the Transfer of a Voting Party’s Voting Shares in the open market.

 

(f)      Irrevocable
Proxy and Power of Attorney. The Voting Party hereby grants a power of attorney to each Chief Executive Officer of PubCo, the Chief
Financial Officer of PubCo, and the Secretary of PubCo, or any of them from time to time, or their designees, as the Voting Party’s
true and lawful proxy and attorney, with the power to act alone and with full power of substitution (each a “Proxy Holder”),
to vote (or consent pursuant to an action by written consent of the stockholders, if applicable) with respect to the matters set forth
under Section 3.2(c) hereof, and hereby authorizes each Proxy Holder to represent and vote, if and only if the Voting
Party (i) fails to vote, or (ii) attempts to vote (whether by proxy, in person or by written consent), in a manner which is
inconsistent with the terms of this Section 3.2(c), all of such party’s Voting Shares in favor of election of persons
as members of the Board determined pursuant to and in accordance with the terms and provisions of this Section 3.2(c) or
to take any action necessary to effect this Section 3.2(c), respectively. Each of the proxy and power of attorney granted
pursuant to the immediately preceding sentence is given in consideration of the agreements and covenants of PubCo and the parties in connection
with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable until the
expiration of the Voting Period. The Voting Party hereto hereby revokes any and all previous proxies or powers of attorney with respect
to the Voting Shares and shall not hereafter, until the expiration of the Voting Period, purport to grant any other proxy or power of
attorney with respect to any of the Voting Shares, deposit any of the Voting Shares into a voting trust or enter into any agreement (other
than this Agreement), arrangement or understanding with any Person, directly or indirectly, to vote, grant any proxy or give instructions
with respect to the voting of any of the Voting Shares, in each case, with respect to any of the matters set forth herein.

 

(g)     Manner
of Voting. The voting of Voting Shares pursuant to this Section 3.2 may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law.

 

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(h)     Absence
of Engaged Capital Directors. In the event that the Board no longer has a member that is an Engaged Capital Director and the Engaged
Capital Investors no longer have the right to cause the election of any Engaged Capital Director to the Board in accordance with the terms
of this Article lll, then, notwithstanding anything to the contrary in this Section 3.2, Founder will not have
the right under Section 3.2(c) to direct any Voting Party to vote for any person to fill the vacancy caused by the departure
of such Engaged Capital Director or to cause such vacancy to be filled.

 

(i)       Notification.
Each Voting Party, for so long as it is a party to this Agreement, will, as promptly as practicable, and in any event within one Business
Day, notify the Founder of any change in its Beneficial Ownership of Equity Securities of PubCo. Each Voting Party will individually make
and be solely responsible for any filings or notifications as may be necessary under applicable law in connection with the entry into
this Agreement and the performance of its obligations hereunder.

 

Section 3.3       Supermajority
Board Approval. For so long as the Engaged Capital Investors are entitled to director representation pursuant to Section 3.1
hereof, prior to taking any of the following actions, PubCo shall be required to obtain the approval by an affirmative vote or consent
of two-thirds of the directors then in office:

 

(a)      approve
a transaction resulting in a Change of Control (as defined in the LLC Agreement);

 

(b)      alter,
amend, repeal or rescind, in whole or in part, any provision of the Certificate of Incorporation or the Bylaws of PubCo;

 

(c)      nominate,
elect, remove or otherwise change the executive officers (within the meaning of Rule 3b-7 under the Exchange Act) and Chief Executive
Officer of PubCo;

 

(d)      pursue
business activities of a type that are inconsistent with the purpose of PubCo and its subsidiaries taken as a whole as set forth in Article III
of the Certificate of Incorporation and deviate materially from the type of business activities engaged in by PubCo and its subsidiaries
immediately prior to the date on which approval by an affirmative vote of two-thirds of the directors then in office is obtained for any
action requiring approval pursuant to this Section 3.3 (it being understood the merely expanding or contracting the scope of activities
engaged in by PubCo and its subsidiaries shall not trigger application of this Section 3.3);

 

(e)      decrease
the aggregate amount expended by PubCo and its subsidiaries in respect of charitable activities (whether or not deductible for tax purposes)
in any fiscal year of PubCo by more than 10% of the aggregate amount expended by PubCo and its subsidiaries in respect of charitable activities
in the immediately preceding fiscal year; or

 

(f)       change
in any material respect the overall look and feel of the marketing materials and imagery used to market and promote PubCo and its products
(it being understood that changes of individual advertisements, marketing images, promotional campaigns, product labeling and packaging
and website content that occurs from time to time in the ordinary course and is consistent with the overall look and feel of the marketing
materials and imagery used to market and promote PubCo and its products prior to the date on which approval by an affirmative vote of
two-thirds of the directors then in office is obtained for any action requiring approval pursuant to this Section 3.3 shall not trigger
application of this Section 3.3).

 

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Article IV

REGISTRATION RIGHTS

 

Section 4.1       Shelf
Registration.

 

(a)      Filing.
PubCo shall file, within thirty (30) Business Days of the Closing Date, a Registration Statement for a Shelf Registration on Form S-1
(the “Form S-1 Shelf” and, together with any Registration Statement for a Shelf Registration on Form S-3
(the “Form S-3 Shelf”) and any Subsequent Shelf Registration, the “Shelf”) covering the resale
of all Registrable Securities (including, for the avoidance of doubt, Registrable Securities of any distributees or contributees pursuant
to Section 4.16 hereof). PubCo shall use its commercially reasonable efforts to cause the Form S-1 Shelf to become effective
under the Securities Act as soon as practicable after the initial filing thereof. The Form S-1 Shelf shall provide for the resale
of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by,
any Special Holder. PubCo shall maintain the Form S-1 Shelf in accordance with the terms hereof, and shall prepare and file with
the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep such Form S-1 Shelf continuously
effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. PubCo shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration)
to a Form S-3 Shelf as soon as practicable after PubCo is eligible to use Form S-3.

 

(b)      Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while there are any Registrable
Securities, PubCo shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf to again
become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such
Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably
expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional Registration Statement
as a Shelf Registration (a “Subsequent Shelf Registration”) registering the resale of all outstanding Registrable Securities
from time to time, and pursuant to any method or combination of methods legally available to, and requested by, any Special Holder. If
a Subsequent Shelf Registration is filed, PubCo shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf
Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being
agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration Statement if PubCo is then a Well-Known Seasoned
Issuer at the time of filing) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance
with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf
Registration shall be on Form S-3 to the extent that PubCo is eligible to use such form. Otherwise, such Subsequent Shelf Registration
shall be on another appropriate form. In the event that any Holder holds Registrable Securities that are not registered for resale on
a delayed or continuous basis, PubCo, upon request of a Holder, shall promptly use its commercially reasonable efforts to cause the resale
of such Registrable Securities to be covered by either, at PubCo’s option, the Shelf (including by means of a post-effective amendment)
or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent
Shelf Registration shall be subject to the terms hereof.

 

    18 

     

    

 

(c)      Requests
for Underwritten Shelf Takedowns. At any time and from time to time after the relevant Shelf has been declared effective by the SEC,
the Special Holders may request (each, a “Shelf Takedown Request”) to sell all or any portion of their Registrable
Securities in an underwritten offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”);
provided that PubCo shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include securities with a
total offering price (exclusive of piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed,
in the aggregate, $30.0 million (the “Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall
be made by giving written notice to PubCo, which shall specify the approximate number of Registrable Securities proposed to be sold in
the Underwritten Shelf Takedown and the expected price range of such Underwritten Shelf Takedown, provided that each Holder agrees that
the fact that such a notice has been delivered shall constitute Confidential Information. The Special Holders that requested such Underwritten
Shelf Takedown (the “Demanding Holders”) shall have the right to select the Underwriters for such offering (which shall
consist of one or more reputable nationally or regionally recognized investment banks), and to agree to the pricing and other terms of
such offering; provided that such selection shall be subject to the consent of PubCo, which consent shall not be unreasonably withheld,
conditioned or delayed. Notwithstanding anything to the contrary herein, in no event shall any Special Holder or any Transferee thereof
request an Underwritten Shelf Takedown during the Lock-Up Period. There shall be no limit to the number of Underwritten Shelf Takedowns
that may be requested by any Special Holder, subject to the proviso in the first sentence of this Section 4.1(c) and
provided, further, that, PubCo shall not be obligated to effect more than one (1) Underwritten Shelf Takedown in any six-month period.

 

(d)      Shelf
Takedown Participation. Except in the case of a requested Underwritten Shelf Takedown in the form of a Block Trade, promptly upon
receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter) for any Underwritten Shelf Takedown,
PubCo shall deliver a notice (a “Shelf Takedown Notice”) to each other Special Holder with Registrable Securities covered
by the Shelf (each, a “Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential
Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such
Potential Takedown Participant may request in writing (such requesting Potential Takedown Participant, a “Takedown Participant”).
PubCo shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which PubCo has received written
requests for inclusion therein within three (3) Business Days after the date that the Shelf Takedown Notice has been delivered. Any
Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown
Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation on
the Underwritten Shelf Takedown being completed within ten (10) Business Days of its acceptance at a price per share (after giving
effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than a percentage of the
closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s
election to participate, as specified in such Potential Takedown Participant’s request to participate in such Underwritten Shelf
Takedown (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to
the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown
and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 4.1(d) shall
be determined by the Demanding Holder.

 

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(e)      Reduction
of Underwritten Shelf Takedowns. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advise
PubCo, the Demanding Holders and the Takedown Participants (if any) in writing that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Takedown Participants (if any) desire to sell, taken together with all other shares of Common Stock
or other Equity Securities that PubCo desires to sell and all other Common Stock or other Equity Securities, if any, that have been requested
to be sold in such Underwritten Offering pursuant to separate written contractual piggyback registration rights held by any other stockholders,
exceeds the maximum dollar amount or maximum number of Equity Securities that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then PubCo
shall include in such Underwritten Offering, as follows: at all times (i) first, the Registrable Securities of the Demanding Holders
and the Takedown Participants (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and
Takedown Participant (if any) has requested be included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum
Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number
of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Common Stock or other Equity Securities of other Persons that PubCo is obligated to include in such
Underwritten Offering pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the
Maximum Number of Securities.

 

(f)      Withdrawal.
Any of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten Shelf Takedown
for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to PubCo and the Underwriter or Underwriters
(if any) of such Demanding Holder’s intention to withdraw from such Underwritten Shelf Takedown, prior to the public announcement
of the Underwritten Shelf Takedown by PubCo; provided that a Special Holder may elect to have PubCo continue an Underwritten Shelf Takedown
if the Minimum Takedown Threshold would still be satisfied or if the Underwritten Shelf Takedown would be made with respect to all of
the Registrable Securities of such Special Holder. Following the receipt of any Withdrawal Notice, PubCo shall promptly forward such Withdrawal
Notice to any other Special Holders that had elected to participate in such Underwritten Shelf Takedown. Notwithstanding anything to the
contrary contained herein, PubCo shall be responsible for the Registration Expenses incurred in connection with the Underwritten Shelf
Takedown prior to delivery of a Withdrawal Notice under this Section 4.1(f).

 

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(g)      Long-Form Demands.
Upon the expiration of the applicable Lock-Up Period and during such times as no Shelf is effective, each Special Holder may demand that
PubCo file a Registration Statement on Form S-1 for the purpose of conducting an Underwritten Offering of any or all of such Special
Holder’s Registrable Securities. PubCo shall file such Registration Statement within thirty (30) days of receipt of such demand
and use its commercially reasonable efforts to cause the same to be declared effective within sixty (60) days of filing. The provisions
of Sections 4.1(c)-(f) shall apply to this Section 4.1(g) as if a demand under this Section 4.1(g) were
an Underwritten Shelf Takedown, provided that in order to withdraw a demand under this Section 4.1(g), such withdrawal must
be received by PubCo prior to PubCo having publicly filed a Registration Statement pursuant to this Section 4.1(g).

 

(h)      SEC
Cutback. Notwithstanding the registration obligations set forth in this Section 4.1, in the event that the SEC informs
PubCo that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, PubCo agrees to promptly (i) inform each of the Holders thereof and use its commercially
reasonable efforts to file amendments to the Shelf Registration Statement as required by the SEC and/or (ii) withdraw the Shelf Registration
Statement and file a new registration statement (a “New Registration Statement”) on Form S-3, or if Form S-3
is not then available to PubCp for such registration statement, on such other form available to register for resale the Registrable Securities
as a secondary offering; provided, however, that prior to filing such amendment or New Registration Statement, PubCo shall
use its commercially reasonable efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance
with any publicly available written or oral guidance, comments, requirements or requests of the SEC staff (the “SEC Guidance”).
Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities
permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that PubCo used diligent
efforts to advocate with the SEC for the registration of all or a greater number of Registrable Securities), unless otherwise directed
in writing by a Holder as to further limit its Registrable Securities to be included on the Registration Statement, the number of Registrable
Securities to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable
Securities held by the Holders, subject to a determination by the SEC that certain Holders must be reduced first based on the number of
Registrable Securities held by such Holders. In the event PubCo amends the Shelf Registration Statement or files a New Registration Statement,
as the case may be, under clauses (i) or (ii) above, PubCo will use its commercially reasonable efforts to file with the SEC,
as promptly as allowed by the SEC or SEC Guidance provided to PubCo or to registrants of securities in general, one or more registration
statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered
for resale on the Shelf Registration Statement, as amended, or the New Registration Statement.

 

(i)       Block
Trades. If PubCo shall receive a request from a Special Holder of Registrable Securities with an estimated market value of at least
$15,000,000 that PubCo effect the sale of all or any portion of such Registrable Securities in an Underwritten Shelf Takedown in the form
of a Block Trade, then PubCo shall, as expeditiously as possible, cooperate and effect the offering in such Block Trade of the Registrable
Securities for which such requesting Special Holder has requested such offering, without giving any effect to any required notice periods
or delivery of notices to any other Holders.

 

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Section 4.2   Piggyback
Registration.

 

(a)      Piggyback
Rights. If PubCo proposes to conduct a registered offering of, or if PubCo proposes to file a Registration Statement under the Securities
Act with respect to an offering of Equity Securities of PubCo, or securities or other obligations exercisable or exchangeable for, or
convertible into Equity Securities of PubCo, for its own account or for the account of stockholders of PubCo, other than a Registration
Statement (or any registered offering with respect thereto) (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to PubCo’s existing stockholders, (iii) for an offering
of debt that is convertible into equity securities of PubCo, (iv) for a dividend reinvestment plan or (v) for any Underwritten
Shelf Takedown, then PubCo shall give written notice of such proposed offering to all Special Holders as soon as practicable but not less
than three (3) Business Days before the anticipated filing date of such Registration Statement or, in the case of an underwritten
offering pursuant to a Shelf Registration, the launch date of such offering, which notice shall (A) describe the amount and type
of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter
or Underwriters, if any and if known, in such offering, and (B) offer to all of the Special Holders the opportunity to include in
such registered offering such number of Registrable Securities as such Special Holders may request in writing within five (5) Business
Days after receipt of such written notice (such registered offering, a “Piggyback Registration”); provided that each
Special Holder agrees with PubCo that the fact that such a notice has been delivered shall constitute Confidential Information subject
to Section 3.3. PubCo shall cause such Registrable Securities to be included in such Piggyback Registration and shall use
its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Special Holders pursuant to this Section 4.2(a) to be included in a Piggyback Registration
on the same terms and conditions as any similar securities of PubCo included in such registered offering and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any
Special Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Special Holder’s agreement to
abide by the terms of Section 4.6 below.

 

(b)      Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration
(other than an Underwritten Shelf Takedown), in good faith, advises PubCo and the Special Holders, in each case, participating in the
Piggyback Registration in writing that the dollar amount or number of shares of Common Stock or other Equity Securities that PubCo desires
to sell, taken together with (i) the Common Stock or other Equity Securities, if any, as to which Registration or a registered offering
has been demanded pursuant to separate written contractual arrangements with Persons other than the Special Holders hereunder and (ii) the
Common Stock or other Equity Securities, if any, as to which registration has been requested pursuant to this Section 4.2,
exceeds the Maximum Number of Securities, then:

 

(i)            If
the Registration is initiated and undertaken for PubCo’s account, PubCo shall include in any such Registration (A) first, the
Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Special Holders exercising their rights to register their Registrable Securities pursuant to Section 4.2(a) (pro
rata based on the respective number of Registrable Securities that each Special Holder has requested be included in such Registration),
which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), the Common Stock or other Equity Securities, if any,
as to which Registration has been requested pursuant to written contractual piggyback registration rights of other stockholders of PubCo,
which can be sold without exceeding the Maximum Number of Securities; or

 

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(ii)            If
the Registration is pursuant to a request by Persons other than the Special Holders, then PubCo shall include in any such Registration
(A) first, the Common Stock or other Equity Securities, if any, of such requesting Persons, other than the Special Holders, which
can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (A), the Registrable Securities of Special Holders exercising their rights to register
their Registrable Securities pursuant to Section 4.2(a) (pro rata based on the respective number of Registrable Securities
that each Special Holder has requested be included in such Registration) which can be sold without exceeding the Maximum Number of Securities;
(C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), the Common Stock or other Equity Securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number
of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A), (B) and (C), the Common Stock or other Equity Securities, if any, for the account of other Persons that PubCo
is obligated to register pursuant to separate written contractual piggyback registration rights of such Persons, which can be sold without
exceeding the Maximum Number of Securities.

 

(c)      Piggyback
Registration Withdrawal. Any Special Holder shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to PubCo and the Underwriter or Underwriters (if any) of such Special Holder’s intention to withdraw from
such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the SEC with respect to such Piggyback
Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration, the filing of the applicable “red herring”
prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction. PubCo (whether on
its own good faith determination or as the result of a request for withdrawal by Persons pursuant to separate written contractual obligations)
may withdraw a Registration Statement filed with the SEC in connection with a Piggyback Registration (which, in no circumstance, shall
include the Shelf) at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary set
forth herein, PubCo shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to
its withdrawal under this Section 4.2(c).

 

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Section 4.3       Restriction
on Transfer. In connection with any Underwritten Offering of Equity Securities of PubCo, (i) each Holder that holds more than
1.0% of the issued and outstanding Common Stock (after giving effect to the exchange of all outstanding Company Units), agrees that it
shall not Transfer any Common Stock (other than those included in such offering pursuant to this Agreement), without the prior written
consent of PubCo, during the seven (7) days prior to and the 90-day period beginning on the date of pricing of such offering, except
in the event the Underwriter managing the offering otherwise agrees by written consent, and further agrees to execute a customary lock-up
agreement in favor of the Underwriter or Underwriters to such effect (in each case on substantially the same terms and conditions as all
such Holders) and (ii) PubCo will cause each of its directors and officers to execute a lock-up on terms at least as restrictive
as that contemplated by the preceding clause (i). Notwithstanding the foregoing, a Holder shall not be subject to this Section 4.3
with respect to an Underwritten Offering unless each Holder that holds at least 1.0% of the issued and outstanding Common Stock (after
giving effect to the exchange of all outstanding Company Units) and each of PubCo’s directors and officers have executed a lock-up
on terms at least as restrictive with respect to such Underwritten Offering as requested of the Holders.

 

Section 4.4       General
Procedures. In connection with effecting any Registration and/or Shelf Takedown, subject to applicable Law and any regulations promulgated
by any securities exchange on which PubCo’s Equity Securities are then listed, each as interpreted by PubCo with the advice of its
counsel, PubCo shall use its commercially reasonable efforts to effect such Registration to permit the sale of the Registrable Securities
included in such Registration in accordance with the intended plan of distribution thereof, and pursuant thereto PubCo shall, as expeditiously
as possible:

 

(a)      prepare
and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement have been sold;

 

(b)      prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be reasonably requested by any Special Holder or as may be required by the rules, regulations or instructions applicable to the
registration form used by PubCo or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective
until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or supplement to the Prospectus;

 

(c)      prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Special Holders that are Holders of Registrable Securities included in such Registration, and such Special Holders’
respective legal counsel, if any, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters or the Special Holders
that are Holders of Registrable Securities included in such Registration or the respective legal counsel for any such Special Holders,
if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Special Holders;

 

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(d)     prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other Governmental Entities as may be necessary by virtue of the business and operations of PubCo and do any and all
other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that PubCo shall not
be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action
to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

(e)      cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued
by PubCo are then listed;

 

(f)      provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

(g)     advise
each Holder of Registrable Securities covered by a Registration Statement, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order
or to obtain its withdrawal if such stop order should be issued;

 

(h)     advise
each Holder of Registrable Securities covered by a Registration Statement promptly after PubCo receives notice thereof, of the time when
such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement
has been filed;

 

(i)       at
least three (3) calendar days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus furnish a draft copy thereof to each Special Holder that is a Holder of Registrable Securities included
in such Registration Statement, or its counsel, if any (excluding any exhibits thereto and any filing made under the Exchange Act that
is to be incorporated by reference therein);

 

(j)       notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 4.7 hereof;

 

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(k)      permit
Representatives of the Special Holders, the Underwriters, if any, and any attorney, consultant or accountant retained by such Special
Holders or Underwriter to participate, at each such Person’s own expense except to the extent such expenses constitute Registration
Expenses, in the preparation of the Registration Statement, and cause PubCo’s officers, directors and employees to supply all information
reasonably requested by any such Representative, Underwriter, attorney, consultant or accountant in connection with the Registration;
provided, however, that such Persons agree to confidentiality arrangements in form and substance reasonably satisfactory to PubCo, prior
to the release or disclosure of any such information;

 

(l)       obtain
a “cold comfort” letter, and a bring-down thereof, from PubCo’s independent registered public accountants in the event
of an Underwritten Offering which the participating Special Holders may rely on, in customary form and covering such matters of the type
customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory
to the participating Special Holders;

 

(m)     on
the date the Registrable Securities are delivered for sale pursuant to such Registration, if requested by the Underwriter(s), if any,
obtain an opinion and negative assurance letter, dated such date, of counsel representing PubCo for the purposes of such Registration,
addressed to the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion and
negative assurance letter are being given as are customarily included in such opinions and negative assurance letters;

 

(n)      in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

(o)      make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of PubCo’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the SEC);

 

(p)      if
an Underwritten Offering involves Registrable Securities with a total offering price (including piggyback securities and before deduction
of underwriting discounts) reasonably expected to exceed, in the aggregate, $50.0 million, use its commercially reasonable efforts to
make available senior executives of PubCo to participate in customary “road show” presentations that may be reasonably requested
by the Underwriter in such Underwritten Offering; and

 

(q)      otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested, by the Special Holders, in connection
with such Registration.

 

Section 4.5       Registration
Expenses. The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by the Holders that the Holders
selling any Registrable Securities in an offering shall bear all incremental selling expenses relating to the sale of Registrable Securities,
such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the
definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing such Holders, in
each case pro rata based on the number of Registrable Securities that such Holders have sold in such Registration.

 

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Section 4.6       Requirements
for Participating in Underwritten Offerings. Notwithstanding anything to the contrary contained herein, if any Holder does not provide
PubCo with its requested Holder Information, PubCo may exclude such Holder’s Registrable Securities from the applicable Registration
Statement or Prospectus if PubCo determines, based on the advice of counsel, that such information is necessary to effect the registration
and such Holder continues thereafter to withhold such information. No Person may participate in any Underwritten Offering of Equity Securities
of PubCo pursuant to a Registration hereunder unless such Person (a) agrees to sell such Person’s Registrable Securities on
the basis provided in any underwriting and other arrangements approved by PubCo in the case of an Underwritten Offering initiated by PubCo,
and approved by the Demanding Holders in the case of an Underwritten Offering initiated by the Demanding Holders and (b) completes
and executes all customary questionnaires, custody agreements, powers of attorney, indemnities, lock-up agreements, underwriting agreements
and other customary documents as may be reasonably required under the terms of such underwriting arrangements. Subject to the minimum
thresholds set forth in Section 4.1(c) and Section 4.4(p) of this Agreement, the exclusion of a Holder’s
Registrable Securities as a result of this Section 4.6 shall not affect the registration of the other Registrable Securities
to be included in such Registration.

 

Section 4.7       Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from PubCo that a Registration Statement or Prospectus contains a Misstatement,
each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or
amended Prospectus correcting the Misstatement (and PubCo hereby covenants to prepare and file such supplement or amendment as soon as
practicable after giving such notice), or until it is advised in writing by PubCo that the use of the Prospectus may be resumed. If the
filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require PubCo
to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable
to PubCo for reasons beyond PubCo’s control, PubCo may, upon giving prompt written notice of such action to the Holders, delay the
filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more
than one hundred twenty (120) days in any 12-month period, determined in good faith by PubCo to be necessary for such purpose. In the
event PubCo exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice
referred to above, their use of the Prospectus relating to such Registration in connection with any sale or offer to sell Registrable
Securities. PubCo shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 4.7.

 

Section 4.8       Reporting
Obligations. As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a reporting company under
the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by PubCo after the Effective Date pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly
furnish the Holders with true and complete copies of all such filings; provided, that any documents publicly filed or furnished with the
SEC pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished to the Holders pursuant
to this Section 4.8.

 

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Section 4.9       Other
Obligations. (i) In connection with a Transfer of Registrable Securities exempt from Section 5 of the Securities Act or
through any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the Registration
Statement of which such Prospectus forms a part and (ii) at any time following the Registrable Securities being eligible for resale
under Rule 144 promulgated under the Securities Act without restriction, upon a Holder’s request, subject to applicable Law,
as interpreted by PubCo with the advice of counsel, and the receipt of any customary documentation required from the applicable Holders
in connection therewith (including a representation that a Holder will only sell the Registrable Securities in accordance with such Registration
Statement or Rule 144 promulgated under the Securities Act, as applicable), PubCo shall (a) promptly instruct its transfer agent
to remove any restrictive legends applicable to the Registrable Securities being Transferred and (b) cause its legal counsel (which
may be internal counsel to PubCo) to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction
under clause (a). In addition, PubCo shall cooperate reasonably with, and take such customary actions as may reasonably be requested
by the Holders, in connection with the aforementioned Transfers; provided, however, that PubCo shall have no obligation to participate
in any “road shows” or assist with the preparation of any offering memoranda or related documentation with respect to any
Transfer of Registrable Securities in any transaction that does not constitute an Underwritten Offering. PubCo agrees to indemnify the
transfer agent for the Registrable Securities as reasonably necessary and requested by the transfer agent to avoid a Holder of Registrable
Securities having to provide a stock power with medallion guarantee in connection with a Transfer of Registrable Securities.

 

Section 4.10     Indemnification
and Contribution.

 

(a)      PubCo
agrees to indemnify, to the extent permitted by Law, each Holder of Registrable Securities, its officers, managers, directors and Representatives
and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and
expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to PubCo by or on behalf of such Holder expressly for use therein. PubCo
shall indemnify the Underwriters, their officers and directors and each Person who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing sentence with respect to the indemnification of each Holder.

 

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(b)      In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
PubCo in writing such information and affidavits as PubCo reasonably requests for use in connection with any such Registration Statement
or Prospectus (the “Holder Information”) and, to the extent permitted by Law, such Holder shall indemnify PubCo, its
directors and officers and each Person who controls PubCo (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material
fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of
such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among
such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and
limited to the net proceeds actually received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.
The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing sentence with respect to indemnification of
PubCo.

 

(c)      Any
Person entitled to indemnification under this Section 4.10 shall (i) give prompt written notice to the indemnifying party
of any claim with respect to which such Person seeks indemnification (provided that the failure to give prompt notice shall not impair
any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party)
and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties
with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

(d)      The
indemnification provided hereunder shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, manager, director, Representative or controlling Person of such indemnified party and shall survive the Transfer
of securities. PubCo and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are
reasonably requested by any indemnified party for contribution (pursuant to Section 4.10(e) below) to such party in the
event PubCo’s or such Holder’s indemnification is unavailable for any reason.

 

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(e)      If
the indemnification provided in this Section 4.10 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder
under this Section 4.10(e) shall be limited to the amount of the net proceeds actually received by such Holder in such
offering giving rise to such liability. The amount paid or payable by a Party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in Sections 4.10(a), 4.10(b) and 4.10(c),
any legal or other fees, charges or expenses reasonably incurred by such Party in connection with any investigation or proceeding. The
Parties agree that it would not be just and equitable if contribution pursuant to this Section 4.10(e) were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this Section 4.10(e). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 4.10(e) from any Person who was not guilty
of such fraudulent misrepresentation.

 

(f)      Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in any underwriting agreement entered into
in connection with an underwritten public offering are in conflict with the foregoing provisions, the provision in the underwriting agreement
shall control.

 

Section 4.11     Other
Registration Rights. Other than the registration rights set forth in the Subscription Agreements and the Transaction Support Agreements
(each as defined in the BCA), PubCo represents and warrants that no Person, other than a Holder of Registrable Securities pursuant hereto,
has any right to require PubCo to register any securities of PubCo for sale or to include such securities of PubCo in any Registration
Statement filed by PubCo for the sale of securities for its own account or for the account of any other Person. Further, each of PubCo,
the Sponsor and the Engaged Capital Investors represents and warrants that this Agreement supersedes any other registration rights agreement
or other similar agreement, other than the registration rights set forth in the Forward Purchase Agreement and the Subscription Agreements.

 

Section 4.12     Rule 144.
With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act, PubCo covenants that
it will (a) make available at all times information necessary to comply with Rule 144, if such Rule is available with respect
to resales of the Registrable Securities under the Securities Act, and (b) take such further action as the Holders may reasonably
request, all to the extent required from time to time to enable them to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (if available with respect
to resales of the Registrable Securities), as such rule may be amended from time to time.

 

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Section 4.13        Term.
Article IV shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities.
The provisions of Section 4.8 and Section 4.10 shall survive any such termination with respect to such Holder.

 

Section 4.14       Holder
Information. Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number of Registrable Securities
held by such Holder in order for PubCo to make determinations hereunder, including for purposes of Section 4.12 hereof.

 

Section 4.15        Termination
of Original RRA. Upon the Closing, SilverBox, the Sponsor and Engaged Capital terminated the Original RRA, and the Original RRA and
all of the respective rights and obligations of the parties thereunder, as and from the Closing, were and are of no further force or effect.

 

Section 4.16        Distributions.

 

(a)         In
the event that the Sponsor or an Engaged Capital Investor, as applicable, (i) distributes its Registrable Securities to its direct
equity holders or (ii) contributes its Registrable Securities to a controlled Affiliate, which Affiliate must be a Permitted Transferee,
the distributees or contributees, as applicable, shall be treated as “Holders” hereunder (whether or not any such distributees
would be a Permitted Transferee); provided, however, that any distributees or contributees, as applicable, holding 10.0% or more
of all of the Registrable Securities of the Sponsor or the Engaged Capital Investors, as applicable, immediately following such distribution
or contribution shall each be “Special Holder”; provided, further, that (x) such distributees or contributees, taken
as a whole, shall not be entitled to rights in excess of those conferred on the Sponsor or the Engaged Capital Investors, as applicable,
as if they each remained a single party to this Agreement and (y) such distributees or contributees shall be required, at the time
of and as a condition to such distribution or contribution, to become a party to this Agreement.

 

(b)       In
the event that an NCH Equityholder (i) distributes its Registrable Securities to its direct equity holders or (ii) contributes
its Registrable Securities to a controlled Affiliate, which Affiliate must be a Permitted Transferee, the distributees or contributees,
as applicable, shall be treated as “Holders” hereunder (whether or not any such distributees would be a Permitted Transferee);
provided, however, that any distributees or contributees, as applicable, holding 10.0% or more of all of the Registrable Securities
of the NCH Equityholders immediately following such distribution or contribution shall each be “Special Holder”; provided,
further, that (x) such distributees or contributees, taken as a whole, shall not be entitled to rights in excess of those conferred
collectively on the NCH Equityholders, as if they remained a single party to this Agreement and (y) such distributees or contributees
shall be required, at the time of and as a condition to such distribution or contribution, to become a party to this Agreement.

 

Section 4.17       Adjustments.
If there are any changes in the Common Stock as a result of stock split, stock dividend, combination or reclassification, or through merger,
consolidation, recapitalization or other similar event, appropriate adjustment shall be made in the provisions of this Agreement, as may
be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Common Stock as so changed.

 

    31 

     

    

 

Article V

LOCK-UP

 

Section 5.1          Lock-Up.

 

(a)         Other
than pursuant to the LLC Agreement, no Equityholder shall Transfer, or make a public announcement of any intention to effect such Transfer,
of any Lock-Up Shares (as defined below) Beneficially Owned or otherwise held by such Person during the Lock-Up Period (as defined below);
provided, that such prohibition shall not apply to Transfers permitted pursuant to Section 5.2. The “Lock-Up Period”
shall be the period commencing on the Closing Date and ending on the date that is six (6) months following the Closing Date. The
 “Lock-Up Shares” means (i) the Class A Common Stock, Class B Common Stock, Class C Common Stock,
Common Units, Restricted Common Units, Warrants and Class A Common Stock issuable upon exercise of Warrants held by the the Equityholders
and (ii) shares of Class A Common Stock issued pursuant to (i) the LLC Agreement upon exchange of Company Units held as
of the Closing Date, along with an equal number of Class B Common Stock, for Class A Common Stock and (ii) the Certificate
of Incorporation upon conversion of Class C Common Stock into Class A Common Stock; provided, however, that (x) any Equity
Securities purchased by the Engaged Capital Investors pursuant to the Forward Purchase Agreement, and (y) any Equity Securities purchased
by (aa) the Sponsor or any members of the Sponsor, any Affiliates of a member of the Sponsor or any employees of a member of the Sponsor
or a member’s Affiliates and (bb) Rellim Investment Company, LLC, in each case pursuant to any Subscription Agreement entered into
with SilverBox and/or PubCo in connection with the entry into the BCA shall not be “Lock-Up Shares” under this Agreement.

 

(b)        During
the Lock-Up Period, any purported Transfer of Lock-Up Shares other than in accordance with this Agreement shall be null and void, and
PubCo shall refuse to recognize any such Transfer for any purpose.

 

(c)       The
Equityholders acknowledge and agree that, notwithstanding anything to the contrary herein, the Equity Securities in the Operating Company
(including Common Units and Restricted Common Units), shares of Class B Common Stock and shares of Class A Common Stock, in
each case, Beneficially Owned by such Person, if any, shall remain subject to any restrictions on Transfer under applicable securities
Laws of any Governmental Entity, including all applicable holding periods under the Securities Act and other rules of the SEC, and
under the LLC Agreement.

 

Section 5.2        Permitted
Transfers. Notwithstanding anything to the contrary contained in this Agreement, during the Lock-Up Period the Equityholders may Transfer,
without the consent of PubCo, any of such Person’s Lock-Up Shares to (i) any of such Person’s Permitted Transferees,
upon written notice to PubCo, (ii) any members of such Person, any Affiliates of a member of such Person or any employees of a member
of such Person or a member’s Affiliates or (iii) (a) a charitable organization, upon written notice to PubCo; (b) in
the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (c) in the case of an individual,
pursuant to a qualified domestic relations order; or (d) pursuant to any liquidation, merger, stock exchange or other similar transaction
which results in all of PubCo’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Business Combination; provided, that in connection with any Transfer of such Lock-Up Shares pursuant to clause
(i) above, (x) the restrictions and obligations contained in Section 5.1 and this Section 5.2 will
continue to apply to such Lock-Up Shares after any Transfer of such Lock-Up Shares, and (y) the Transferee of such Lock-Up Shares
shall have no rights under this Agreement, unless as otherwise set forth herein. Any Transferee of Lock-Up Shares shall be required, at
the time of and as a condition to such Transfer, to become a party to this Agreement by executing and delivering a joinder in the form
attached to this Agreement as Exhibit A, whereupon such Transferee will be treated as a Party (with the same rights
and obligations as the Transferor) for all purposes of this Agreement.

 

    32 

     

    

 

Article VI

GENERAL PROVISIONS

 

Section 6.1          Assignment;
Successors and Assigns; No Third Party Beneficiaries.

 

(a)         Except
as otherwise permitted hereunder, no Party may assign such Party’s rights and obligations under this Agreement, in whole or in part,
without the prior written consent of PubCo. Any such assignee may not again assign those rights, other than in accordance with this Article VI.
Any attempted assignment of rights or obligations in violation of this Article VI shall be null and void.

 

(b)      Notwithstanding
anything to the contrary herein (other than the succeeding sentence of this Section 6.1(b) and subject to Section 3.2(e) and
Section 4.16), no Holder may Transfer such Holder’s rights or obligations under this Agreement, in whole or in part,
except in connection with a Transfer of such Holder’s Registrable Securities, in whole or in part, to (a) any Person with the
prior written consent of PubCo or (b) any of such Holder’s Permitted Transferees. In no event can the Engaged Capital Investors
or the Founder assign any of such Person’s rights under Sections 3.1. Any Transferee of Registrable Securities pursuant to
this Section 6.1(b) shall be required, at the time of and as a condition to such Transfer, to become a party to this
Agreement, whereupon such Transferee will be treated as a Party (with the same rights and obligations as the Transferor unless as otherwise
set forth herein) for all purposes of this Agreement, as applicable and to the extent in accordance with this Section 6.1(b).

 

(c)         All
of the terms and provisions of this Agreement shall be binding upon the Parties and their respective successors, assigns, heirs and representatives,
but shall inure to the benefit of and be enforceable by the successors, assigns, heirs and representatives of any Party only to the extent
that they are permitted successors, assigns, heirs and representatives pursuant to the terms hereof; provided, however, notwithstanding
anything to the contrary herein, Section 3.1, Section 3.2, Section 3.3, Section 4.3 and
Section 5.1 shall only inure to the benefit of and be enforceable by (i) PubCo (with respect to each other Party) and
(ii) each other Party (with respect to PubCo’s obligations to such other Party, as applicable).

 

(d)        Nothing
in this Agreement, express or implied, is intended to confer upon any Party, other than the Parties and their respective permitted successors,
assigns, heirs and representatives, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto
(provided, that, Engaged Capital shall be an intended third-party beneficiary for purposes of exercising the rights of the Engaged Capital
Investors hereunder).

 

    33 

     

    

 

Section 6.2          Termination.
Section 3.1 shall terminate in accordance with its terms. Sections 3.2 shall terminate at the end of the Voting Period.
Article IV of this Agreement shall terminate as set forth in Section 4.13. The remainder of this Agreement shall
terminate automatically (without any action by any Party) as to each Holder when such Holder ceases to hold any Registrable Securities;
provided, that, a Party may elect to terminate all of its rights and obligations under this Agreement prior to such time (which termination
shall terminate such Party’s rights under Section 6.4(b), but shall not, for the avoidance of doubt, terminate such
Party’s obligations under Section 3.1, Section 3.2, Section 3.3, Article V and Article VI).

 

Section 6.3          Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions
hereof, to the extent permitted by Law shall remain in full force and effect.

 

Section 6.4          Entire
Agreement; Amendments; No Waiver.

 

(a)        This
Agreement, together with Exhibit A to this Agreement, the LLC Agreement, the Sponsor Letter Agreement (as such term
is defined in the BCA) and, solely with respect to the terms defined therein and incorporated herein by reference, the BCA constitute
the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements,
understandings and discussions, whether oral or written, relating to such subject matter in any way and there are no warranties, representations
or other agreements among the Parties in connection with such subject matter except as set forth in this Agreement and therein.

 

(b)        No
provision of this Agreement may be amended or modified in whole or in part at any time without the express written consent of (i) PubCo,
(ii) for so long as the Sponsor and its Permitted Transferees Beneficially Own Economic Interests (in the Operating Company and PubCo,
without duplication) representing 33.0% or more of the Economic Interests held by the Sponsor after the Closing, the Sponsor, (iii) for
so long as the Engaged Capital Investors and their Permitted Transferees Beneficially Own Economic Interests (in the Operating Company
and PubCo, without duplication) representing 33.0% or more of the Economic Interests held by the Engaged Capital Investors after the Closing,
Engaged Capital, (iv) for so long as the Founder and its Permitted Transferees collectively Beneficially Own Economic Interests (in
the Operating Company and PubCo, without duplication) representing 15% or more of the Economic Interests held by the Founder immediately
after the Closing, the Founder, and (v) for so long as the NCH Equityholders and their Permitted Transferees collectively Beneficially
Own Economic Interests (in the Operating Company and PubCo, without duplication) representing 15% or more of the Economic Interests held
by the NCH Equityholders immediately after the Closing, the NCH Equityholders; provided that any such amendment or modification that would
be materially adverse in any respect to any Holder shall require the prior written consent of such Holder; provided, further that a provision
that has terminated with respect to a Party shall not require any consent of such Party (and such Party’s Economic Interests shall
not be considered in computing any percentages) with respect to amending or modifying such provision.

 

(c)        No
waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement shall be effective unless in writing
and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided.

 

    34 

     

    

 

Section 6.5         Counterparts;
Electronic Delivery. This Agreement and any other agreements, certificates, instruments and documents delivered pursuant to this Agreement
may be executed and delivered in one or more counterparts and by fax, email or other electronic transmission, each of which shall be deemed
an original and all of which shall be considered one and the same agreement. No Party shall raise the use of a fax machine or email to
deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a fax
machine or email as a defense to the formation or enforceability of a contract and each Party forever waives any such defense.

 

Section 6.6          Notices.
All notices, demands and other communications to be given or delivered under this Agreement shall be in writing and shall be deemed to
have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation
of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next Business Day, (b) one (1) Business
Day following sending by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days following mailing
by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing pursuant
to the provisions of this Section 6.6, notices, demands and other communications shall be sent to the addresses indicated
below.

 

if to PubCo, to:

 

BRC Inc.

1144 S 500 W

Salt Lake City,
UT 84101

Attention: Tom
Davin, Co-CEO and Andrew McCormick, General Counsel

Email: tom.davin@blackriflecoffee.com

   andrew.mccormick@blackriflecoffee.com

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

		Attention:	Steven V. Napolitano, P.C.

Joshua N. Korff, P.C.

Peter Seligson

		Email:	steven.napolitano@kirkland.com

joshua.korff@kirkland.com

peter.seligson@kirkland.com

 

if to the Sponsor, to:

 

SilverBox Engaged Sponsor LLC

1250 S. Capital of Texas Highway

Building 2, Suite 285

Austin, TX 78746

		Attention:	Joseph Reece

Stephen
Kadenacy

		Email:	jr@sbcap.com

sk@sbcap.com

 

    35 

     

    

 

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

 

Paul Hastings LLP

1999 Avenue of the Stars, 27th Floor

Los Angeles, CA 90067

		Attention:	David M. Hernand

Jonathan Ko

		Email:	davidhernand@paulhastings.com

jonathanko@paulhastings.com

 

if to any Engaged Capital
Investor, to:

 

c/o Engaged Capital, LLC

610 Newport Center Drive, Suite 250

Newport Beach, California 92660

Attention: Glenn Welling

Email: glenn@engagedcapital.com

 

if to the Founder, to:

 

Evan Hafer

c/o BRC Inc.

1144 S 500 W

Salt Lake City, UT 84101

Email: evan.hafer@blackriflecoffee.com

 

if to the NCH Equityholders,
to:

 

c/o Sterling Partners

401 N. Michigan Avenue, 33rd Floor

Chicago, Illinois 60601-1003

Attention: Office of the General Counsel

Email: aepstein@sterlingpartners.com

 

    36 

     

    

 

Section 6.7          Governing
Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all Actions, claims or matters related
to or arising from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction,
interpretation, validity and enforceability of this Agreement, and the performance of the obligations imposed by this Agreement, in each
case without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Law of any jurisdiction other than the State of Delaware. EACH PARTY TO THIS AGREEMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES
(WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES FURTHER
WARRANTS AND REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY
WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. Each of the Parties submits to the exclusive jurisdiction
of first, the Chancery Court of the State of Delaware or if such court declines jurisdiction, then to the Federal District Court for the
District of Delaware, in any Action arising out of or relating to this Agreement, agrees that all claims in respect of the Action shall
be heard and determined in any such court and agrees not to bring any Action arising out of or relating to this Agreement in any other
courts. Nothing in this Section 6.7, however, shall affect the right of any Party to serve legal process in any other manner
permitted by Law or at equity. Each Party agrees that a final judgment in any Action so brought shall be conclusive and may be enforced
by suit on the judgment or in any other manner provided by Law or at equity.

 

Section 6.8          Specific
Performance. Each Party hereby agrees and acknowledges that it will be impossible to measure in money the damages that would be suffered
if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure,
an aggrieved Party will be irreparably damaged and will not have an adequate remedy at Law. Any such Party shall, therefore, be entitled
(in addition to any other remedy to which such Party may be entitled at Law or in equity) to injunctive relief, including specific performance,
to enforce such obligations, without the posting of any bond, and if any Action should be brought in equity to enforce any of the provisions
of this Agreement, none of the Parties shall raise the defense that there is an adequate remedy at Law.

 

Section 6.9          Subsequent
Acquisition of Shares. Any Equity Securities of PubCo or Operating Company acquired subsequent to the Effective Date by a Holder shall
be subject to the terms and conditions of this Agreement and such shares shall be considered to be “Registrable Securities”
as such term is used in this Agreement.

 

[Signature Pages Follow]

 

    37 

     

    

 

 

IN WITNESS WHEREOF, each of
the Parties has duly executed this Agreement as of the Effective Date.

 

	 	PUBCO:
	 	 
	 	BRC Inc.
	 	 
	 	By:	 /s/ Steve Kadenacy
	 	Name: Steve Kadenacy
	 	Title:   Chief Executive Officer
	 	 
	 	FOUNDER
	 	 
	 	/s/ Evan Hafer
	 	Evan Hafer
	 	 
	 	SPONSOR:
	 	 
	 	SILVERBOX ENGAGED SPONSOR LLC
	 	 
	 	By:	 /s/ Steve Kadenacy         
	 	Name: Steve Kadenacy
	 	Title:   Chief Executive Officer

 

[Signature Page - Investor Rights Agreement - Joinder]

 

     

     

    

 

 

	 	ENGAGED CAPITAL INVESTORS:
	 	 
	 	ENGAGED CAPITAL FLAGSHIP MASTER

 FUND, LP
	 	 
	 	By:	 /s/ Glenn Welling      
	 	Name: Glenn Welling
	 	Title:   Managing Member
	 	 
	 	ARANGO TRADING AND FINANCE CORP
	 	 
	 	By:	 /s/ Glenn Welling
	 	Name: Glenn Welling
	 	Title:   Managing Member

 

[Signature
Page - Investor Rights Agreement - Joinder]

 

     

     

    

 

	 	NCH EQUITYHOLDERS:
	 	 
	 	AUGUSTA TRUST U/A/D 3/30/2013
	 	 
	 	By:	/s/ John Miller                
	 	Name: John Miller
	 	Title:   Trustee
	 	 
	 	/s/ Bruce Goldman
	 	Bruce Goldman
	 	 
	 	/s/ Casey Taslitz Birnbaum
	 	Casey Taslitz Birnbaum
	 	 
	 	By:	/s/ Chandler Taslitz
	 	Name: Chandler Taslitz
	 	 
	 	COFFEE CUP LLC
	 	 
	 	By:	/s/ John Miller
	 	Name: John Miller
	 	Title:   Manager
	 	 
	 	CONCESSIONS DEVELOPMENT GROUP, LLC
	 	 
	 	By:	/s/ Oscar Vila
	 	Name: Oscar Vila
	 	Title:   Manager
	 	 
	 	/s/ Daniel Elfman
	 	Daniel Elfman

 

[Signature
Page - Investor Rights Agreement - Joinder]

 

     

     

    

 

	 	EF INVESTCO HOLDINGS, LLC
	 	 
	 	By:	 /s/ Jeffrey Elburn 
	 	Name: Jeffrey Elburn
	 	Title:   Authorized Signatory
	 	 
	 	EPPY FAMILY HOLDINGS, LLC
	 	 
	 	By:	 /s/ M. Avi Esptein
	 	Name: M. Avi Esptein
	 	Title:   Authorized Signatory
	 	 
	 	GI DECAF TRUST UAD 3/3/2016
	 	 
	 	By:	 /s/ Marianne Schmitt Hellauer
	 	Name: Marianne Schmitt Hellauer
	 	Title:   Trustee
	 	 
	 	/s/ Jim Chiappetta
	 	Jim Chiappetta
	 	 
	 	/s/ Justin Marku
	 	Justin Marku
	 	 
	 	/s/ Kiley Taslitz Anderson
	 	Kiley Taslitz Anderson

 

[Signature
Page - Investor Rights Agreement - Joinder]

 

     

     

    

 

	 	MDP CHILDREN TRUST
	 	 
	 	By:	/s/ Javier Mora
	 	Name: Javier Mora
	 	Title:   Trustee
	 	 
	 	/s/ Merrick Elfman
	 	Merrick Elfman
	 	 
	 	/s/ Michael Brown
	 	Michael Brown
	 	 
	 	/s/ Michael Drai
	 	Michael Drai
	 	 
	 	/s/ Michael Gershenzon
	 	Michael Gershenzon
	 	 
	 	NOELLE E. TASLITZ GIFT TRUST U/A/D 5/19/2020
	 	 
	 	By:	/s/ Steven Taslitz
	 	Name: Steven Taslitz
	 	Title:   Trustee

 

[Signature
Page - Investor Rights Agreement - Joinder]

 

     

     

    

 

 

	 	 	rELLIM INVESTMENT COMPANY, LLC
	 	 	 
	 	 	By:	/s/ John Miller
	 	 	Name:	John Miller
	 	 	Title:	Manager
	 	 	 
	 	 	/s/ Robert Polston
	 	 	Robert Polston
	 	 	 
	 	 	southern 798 Trust uad 2/3/2016
	 	 	 
	 	 	By:	/s/ Marianne Schmitt Hellauer
	 	 	Name:	Marianne Schmitt Hellauer
	 	 	Title:	Trustee
	 	 	 
	 	 	/s/ Stefan Weitz
	 	 	Stefan Weitz
	 	 	 
	 	 	tAVAURA HOLDINGS TRUST UAD 2/3/2016
	 	 	 
	 	 	By:	/s/ Marianne Schmitt Hellauer
	 	 	Name:	Marianne Schmitt Hellauer
	 	 	Title:	Trustee
	 	 	 
	 	 	TOWER 5 CAPITAL LLC
	 	 	 
	 	 	By:	/s/ Thomas E. Davin
	 	 	Name:	Thomas E. Davin
	 	 	Title:	Managing Member

 

[Signature Page - Investor Rights Agreement
- Joinder]

 

     

     

    

 

	 	 	/s/ Whitney Krutulis
	 	 	Whitney Krutulis

 

[Signature Page - Investor Rights Agreement
- Joinder]

 

     

     

    

 

 

	 	 	OTHER SPECIAL HOLDERS:
	 	 	 
	 	 	/s/ Mathew Best
	 	 	Mathew Best
	 	 	 
	 	 	/s/ Jarred Taylor
	 	 	Jarred Taylor
	 	 	 
	 	 	/s/ Rich Ryan
	 	 	Rich Ryan
	 	 	 
	 	 	/s/ Tom Davin
	 	 	Tom Davin

 

[Signature Page - Investor Rights Agreement
- Joinder]

 

     

     

    

 

	 	 	LEGACY EQUITYHOLDERS:
	 	 	 
	 	 	BASS PRO, LLC
	 	 	 
	 	 	By:	/s/ Kevin Maliszewski
	 	 	Name:	Kevin Maliszewski
	 	 	Title:	CFO
	 	 	 
	 	 	Sage enterprises, llc
	 	 	 
	 	 	By:	 /s/ Jayson Orvis
	 	 	Name:	Jayson Orvis
	 	 	Title:	Manager
	 	 	 
	 	 	/s/ Greg Iverson
	 	 	Greg Iverson
	 	 	 
	 	 	/s/ Toby Johnson
	 	 	Toby Johnson
	 	 	 
	 	 	/s/ Katy Johnson
	 	 	Katy Johnson
	 	 	 
	 	 	/s/ George Munoz
	 	 	George Munoz
	 	 	 
	 	 	/s/ Steven Taslitz
	 	 	Steven Taslitz
	 	 	 
	 	 	/s/ Charles Waldron
	 	 	Charles Waldron
	 	 	 
	 	 	/s/ Logan Stark
	 	 	Logan Stark

 

[Signature Page - Investor Rights Agreement
- Joinder]

 

     

     

    

 

	 	 	/s/ Scott Bollinger
	 	 	Scott Bollinger
	 	 	 
	 	 	/s/ Robert Modarelli
	 	 	Robert Modarelli
	 	 	 
	 	 	/s/ Robert Baker
	 	 	Robert Baker
	 	 	 
	 	 	/s/ Sandy Garner
	 	 	Sandy Garner
	 	 	 
	 	 	/s/ Molly Schweickert
	 	 	Molly Schweickert
	 	 	 
	 	 	/s/ Dan Kaepernik
	 	 	Dan Kaepernik
	 	 	 
	 	 	/s/ Kim Ellis
	 	 	Kim Ellis
	 	 	 
	 	 	/s/ Dan Shimoda
	 	 	Dan Shimoda
	 	 	 
	 	 	/s/ Andrew McCormick
	 	 	Andrew McCormick
	 	 	 
	 	 	/s/ Manuel Pineiro, Jr.
	 	 	Manuel Pineiro, J.

 

[Signature Page - Investor Rights Agreement
- Joinder]Exhibit 10.4 

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is made and entered into as of [            ],
2022 between BRC Inc., a Delaware public benefit company (the “Company”), and [          ]
(“Indemnitee”).

 

WHEREAS, directors, officers
and other persons (“Representatives”) in service to corporations or business enterprises are being increasingly subjected
to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against
the corporation or business enterprise itself;

 

WHEREAS, highly competent
persons have become more reluctant to serve as Representatives unless they are provided with adequate protection against inordinate risks
of claims and actions against them arising out of their service to and activities on behalf of the corporation;

 

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

 

WHEREAS, (1) the bylaws
of the Company (as amended or restated, the “Bylaws”) require indemnification of the officers and directors of the
Company, (2) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware
(the “DGCL”) and (3) the Bylaws and the DGCL expressly provide that the indemnification provisions set forth
therein are not exclusive and thereby contemplate that contracts may be entered into between the Company and Representatives with respect
to indemnification;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor,
nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, (1) Indemnitee
may not be willing to serve or continue to serve as a Representative without adequate protection, and the Company desires Indemnitee to
serve or continue to serve in such capacity and (2) Indemnitee is willing to serve, continue to serve and take on additional service
for or on behalf of the Company on the condition that Indemnitee be so indemnified.

 

    

     

    

 

NOW, THEREFORE, in consideration
of Indemnitee’s agreement to serve as a director or officer from and after the date hereof, the parties hereto agree as follows:

 

1.             Indemnity
of Indemnitee. Subject to the provisions of Section 9, the Company hereby agrees to hold harmless and indemnify Indemnitee
to the fullest extent permitted by law, as such may be amended from time to time, if Indemnitee was or is, or is threatened to be made,
a party to, or otherwise becomes involved in, any Proceeding (as hereinafter defined) by reason of Indemnitee’s Corporate Status
(as hereinafter defined). In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a)            Proceedings
other than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in
this Section 1(a) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made,
a party to or participant in, or otherwise becomes involved in, any Proceeding (as hereinafter defined) other than a Proceeding by or
in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses, judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to
believe Indemnitee’s conduct was unlawful.

 

(b)            Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if,
by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided,
however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter
in such Proceeding as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company unless and only to the
extent that the court in which the Proceeding was brought shall determine that Indemnitee is fairly and reasonably entitled to indemnification.

 

(c)            Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to or participant in and is successful, on the merits or otherwise,
in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, Indemnitee shall be indemnified to the
maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each
successfully resolved claim, issue or matter. For purposes of this Section 1(c) and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result
as to such claim, issue or matter.

 

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2.             Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does, to the fullest extent permitted by applicable law, indemnify and hold harmless Indemnitee
against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party
to or participant in any Proceeding (including a Proceeding by or in the right of the Company). The only limitation that shall exist upon
the Company’s obligations pursuant to this Agreement, other than those set forth in Section 9 hereof, shall be that
the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to
the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.             Contribution.

 

(a)            Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
to the fullest extent permitted by applicable law, the Company shall pay, in the first instance, the entire amount of any judgment or
settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives
and relinquishes any right of contribution it may have against Indemnitee. The Company shall not, without the Indemnitee’s prior
written consent, enter into any such settlement of any action, suit or proceeding (in whole or in part) unless such settlement (i) provides
for a full and final release of all claims asserted against Indemnitee and (ii) does not impose any Expense, judgment, fine, penalty
or limitation on Indemnitee.

 

(b)            Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest extent
permitted by applicable law, the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or
proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform
to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand,
and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement
amounts, as well as any other equitable considerations which the law may require to be considered. The relative fault of the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other
things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

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(c)            To
the fullest extent permitted by applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims
of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable
with Indemnitee.

 

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

 

4.             Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law
and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, is made (or asked) to respond to discovery
requests, or is otherwise asked to participate, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

5.             Advancement
of Expenses. Notwithstanding any other provision of this Agreement (other than Section 9), the Company shall advance,
to the extent not prohibited by law, all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or part of
any Proceeding) not initiated by Indemnitee or any Proceeding initiated by Indemnitee with the prior approval of the Board as provided
in Section 9(d), within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee. Any advances pursuant to this Section 5 shall be unsecured
and interest free. In accordance with Section 7(d) of this Agreement, advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the
Company to support the advances claimed. This Section 5 shall not apply to claim by Indemnitee for expenses in a matter for
which indemnity and advancement of expenses is excluded pursuant to Section 9.

 

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6.             Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is
entitled to indemnification under this Agreement:

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to
provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability
that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which
shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as hereinafter defined), even though
less than a quorum; (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even
though less than a quorum; (3) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (4) if so directed by the Board,
by the stockholders of the Company; provided, however, that if a Change in Control has occurred, the determination with respect to Indemnitee’s
entitlement to indemnification shall be made by Independent Counsel. For purposes hereof, Disinterested Directors are those members of
the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.

 

(c)            In
the event the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected
as provided in this Section 6(c). If a Change in Control has not occurred, the Independent Counsel shall be selected by the
Board, and the Company shall give written notice to the Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected.
Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Section 12 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.
If a Change in Control has occurred, the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request
that such selection be made by the Board, in which event the preceding sentence shall apply), and approved by the Board within 20 days
after notification by Indemnitee. If (i) an Independent Counsel is to make the determination of entitlement pursuant to this Section 6,
and (ii) within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected (including as a result of an objection to the selected Independent Counsel), either the
Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution
of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a Person selected by the court or by such other Person as the court shall designate, and the Person with respect
to whom all objections are so resolved or the Person so appointed shall act as Independent Counsel under Section 6(b) hereof.
The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection
with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the
procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

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(d)            In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall to the fullest
extent permitted by law presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof to overcome such presumption. Neither the failure of the Company (including by its directors or independent
legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is
proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in
the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to
the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions
of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)            If
the Person empowered or selected under this Section 6 to determine whether Indemnitee is entitled to indemnification shall
not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall to the fullest extent permitted by law be deemed to have been made and Indemnitee shall be entitled
to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to
make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to
exceed an additional fifteen (15) days, if the Person making such determination with respect to entitlement to indemnification in good
faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that
the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve
to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75)
days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen
(15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days
after having been so called and such determination is made thereat.

 

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(g)            Indemnitee
shall cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such Person upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses
(including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Person making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)            The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration), it shall to the fullest extent permitted by law be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence.

 

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

 

7.             Remedies
of Indemnitee.

 

(a)            In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement,
(iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within
thirty (30) days after receipt by the Company of the request for indemnification or (iv) payment of indemnification is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed
to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate
court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification,
contribution or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

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(b)            In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 7 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination
under Section 6(b). In any judicial proceeding or arbitration commenced pursuant to this Section 7, Indemnitee
shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proving Indemnitee is
not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to, or introduce into evidence,
any determination pursuant to Section 6(b) of this Agreement adverse to Indemnitee for any purpose other than to establish
its compliance with the terms of this Agreement. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 7, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 5 until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(c)            If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 7,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading, in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)            In
the event that Indemnitee, pursuant to this Section 7, incurs costs, in a judicial or arbitration proceeding or otherwise,
attempting to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’
and officers’ liability insurance policies maintained by the Company, if any, the Company shall pay on Indemnitee’s behalf,
in advance, any and all expenses (of the types described in the definition of Expenses in Section 12 of this Agreement) actually
and reasonably incurred by Indemnitee in such efforts, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery, to the fullest extent permitted by applicable law. It is the intent of
the Company that, to the fullest extent permitted by applicable law, Indemnitee not be required to incur legal fees or other Expenses
associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise
because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.

 

(e)            The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and
shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

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(f)            Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

8.             Non-Exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)            The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Amended & Restated Certificate of Incorporation
of the Company (as amended or restated, the “Charter”), the Bylaws, any agreement, a vote of stockholders, a resolution
of directors or otherwise, of the Company. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under the Charter, Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy.

 

(b)            The
Company shall, if commercially reasonable, obtain and maintain in effect during the entire period for which the Company is obligated to
indemnify Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the directors
and officers of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of
its indemnification obligations under this Agreement. Indemnitee shall be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the coverage available for any such officer or director under such policy or policies. In all such
insurance policies, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee with the same rights and benefits
as are accorded to the most favorably insured of the Company’s directors and officers. At the time of the receipt of a notice of
a claim pursuant to the terms hereof, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such
policies.

 

(c)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)            The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement of Expenses
is provided) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise.

 

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(e)            The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.             Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity or advancement of expenses in connection with any claim made against Indemnitee:

 

(a)            for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b)            for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Exchange Act (as hereinafter defined), or similar provisions of state statutory law or common
law; or

 

(c)            for
reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company, in each case as required under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in connection with an accounting
restatement of the Company or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 306 of the Sarbanes-Oxley Act);

 

(d)            in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Company has
joined in or the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, or (iii) the Proceeding
is one to enforce Indemnitee’s rights under this Agreement or;

 

(e)            any
reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the
Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing
requirements implementing Section 10D of the Exchange Act.

 

10.            Non-Disclosure
of Payments. Except as expressly required by the securities laws of the United States of America or other applicable law, neither
party shall disclose any payments under this Agreement unless prior approval of the other party is obtained. If any payment information
must be disclosed, the Company shall afford the Indemnitee an opportunity to review all such disclosures and, if requested, to explain
in such statement any mitigating circumstances regarding the events to be reported.

 

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11.            Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue until and terminate upon the later of
(i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or a director,
officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise which Indemnitee served at the request of the Company, and (ii) one (1) year after
the final termination of any Proceeding (including any rights of appeal thereto) in respect of which Indemnitee is granted rights of indemnification
or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 7 of this Agreement
relating thereto (including any rights of appeal of any Proceeding commenced pursuant to Section 7 of this Agreement). Termination
of this Agreement shall not adversely affect any right or protection hereunder of any Indemnitee in respect of any Proceeding (regardless
of when such Proceeding is first threatened, commenced or completed) arising out of, or related to, any act or omission occurring prior
to the time of such termination. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

12.            Definitions.
For purposes of this Agreement:

 

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

 

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

 

(i)            Acquisition
of Stock by Third Party. Any Person (as defined below), and other than a trustee or other fiduciary holding securities under an employee
benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is or becomes the Beneficial Owner (as defined above), directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities,
unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in
the aggregate number of outstanding securities entitled to vote generally in the election of directors;

 

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(ii)            Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a Person
who has entered into an agreement with the Company to effect a transaction described in Section 12(b)(i), 12(b)(iii) or
12(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of
at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

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

 

(iv)            Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the
sale or disposition by the Company of all or substantially all of the Company’s assets, or, if such approval is not required, the
decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions.

 

(c)            “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company, any
direct or indirect subsidiary of the Company, or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person is or was serving at the express written request of the Company.

 

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

 

(e)            “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee
is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, employee, agent or fiduciary.

 

(f)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

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

 

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(h)            “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and disbursements of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or
relating to this Agreement or its engagement pursuant hereto.

 

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

 

(j)             “Proceeding”
includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company,
by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while acting as an officer or director of the
Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent
or fiduciary of another corporation, partnership, joint venture, trust or other enterprise; in each case whether or not Indemnitee is
acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under
this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to
Section 7 of this Agreement to enforce Indemnitee’s rights under this Agreement.

 

13.            Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the
validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the fullest extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to
confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws.

 

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14.            Enforcement
and Binding Effect.

 

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

 

(b)            Without
limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended from time to time, this Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)            The
indemnification and advancement of expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased
to be a director, officer, employee or agent of the Company or of any other Enterprise at the Company’s request, and shall inure
to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d)            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

 

(e)            The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing
actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded
from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee
shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions
and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges
that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the court, and the Company hereby waives any such
requirement of such a bond or undertaking.

 

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15.            Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.            Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
indemnification or advancement of Expenses covered hereunder. The failure to so notify the Company shall not relieve the Company of any
obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay
materially prejudices the Company.

 

17.            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (iii) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. Addresses for notice to
either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice complying with the
provisions of this Section 17. Delivery of communications to the Company with respect to this Agreement shall be sent to the attention
of the Company’s General Counsel.

 

18.            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

19.            Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

20.            Usage
of Pronouns. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

    15

     

    

 

21.            Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict-of-laws rules. Except with respect to any
arbitration commenced by Indemnitee pursuant to Section 7 of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court
in the United States of America or any court in any other country, and (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK.]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on and as of the day and year first written above.

 

	 	BRC INC.
	 	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 	 
	 	Address:
	 	144 S 500 W
	 	Salt Lake City, UT 84101

 

SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT

 

    

     

    

 

	 	INDEMNITEE
	 	 
	 	Name:
	 	 
	 	Address:
	 	 
	 	 

 

    18

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