Document:

Exhibit 10.9

 

INVESTMENT AGREEMENT

 

THIS INVESTMENT AGREEMENT (this “Agreement”),
dated as of [●], 2021, is by and among (i) Endurance Acquisition Corp., a Cayman Islands exempted company (the “SPAC”),
(ii) Endurance Antarctica Partners, LLC, a Cayman Islands limited liability company (the “Sponsor”), and (iii) the
investors listed on the signature pages hereto (“Investor”). This Agreement may be executed by an investment manager
on behalf of managed funds and/or accounts and, for the elimination of doubt, such fund or account shall, severally and not jointly, be
the Investor hereunder.

 

WHEREAS, in connection with the initial public
offering (the “IPO”) of units of the SPAC, Investor has expressed an interest in acquiring up to [●] units in
the IPO, which shall not exceed [●]% of the total outstanding Class A ordinary shares, par value $0.0001 per share (the “Class
A Ordinary Shares”), underlying the units (not including the over-allotment option) (the “IPO Indication”),
at a price of $10.00 per unit.

 

WHEREAS, the parties wish to enter into this Agreement
pursuant to which Investor will purchase from the Sponsor Class B ordinary shares, par value $0.0001 per share, of the SPAC (the “Founder
Shares”) for the same value paid by the Sponsor, or approximately $0.004 per share.

 

NOW THEREFORE, the parties hereto hereby agree
as follows:

 

Section 1. Sale and Purchase.

 

	
    
	(a)	In connection with the IPO Indication, and subject to the satisfaction of the conditions set forth in Sections 1(b) and 1(d), the Sponsor hereby agrees to sell to Investor [●] Founder Shares (such shares, the “Transferred Shares”) for an aggregate purchase price of $[●] (approximately $0.004 per share) (the “Transfer Price”) on the date of the closing of the IPO, and Investor hereby agrees to purchase the Transferred Shares (the “Transfer”). Concurrently with the Transfer, in consideration for the transfer of the Transferred Shares, Investor shall pay the Transfer Price to the Sponsor in immediately available funds. Such Transferred Shares shall be allocated to the Investor as set forth on the signature pages hereto

 

     

     

    

 

	
    
	(b)	Subject to (i) the fulfillment by Investor (but only to the extent actually allocated to Investor by the underwriters for the IPO) of the purchase of the full amount of the IPO Indication (which shall include the acquisition of 100% of the units of the SPAC allocated to Investor by the underwriters in the IPO, which number of allocated units shall not be greater than [●]% of the units offered in the IPO (exclusive of any units that may be issued pursuant to the underwriters’ over-allotment option)) and (ii) Investor’s payment of the Transfer Price as contemplated by Section 1(a) of this Agreement, the Transfer shall occur and be effective upon the closing of the IPO, automatically and without any action of any other party hereto.
	 	(c)	Notwithstanding anything to the contrary herein, the number of Transferred Shares shall not be subject to cut-back, reduction, modification, mandatory repurchase, redemption or forfeiture for any reason, including (i) transfer of the Founder Shares to any person, (ii) downsizing of the offering, (iii) failure of the underwriters to exercise their over-allotment option, (iv) concessions or “earn-out” triggers in connection with the negotiation of a Business Combination (as defined below), (v) the Investor being allocated less than [●]% of the Class A Ordinary Shares sold in the IPO, or (vi) any other event or modification, without the Investor’s prior written consent.
	 	(d)	The obligations of Investor hereunder are subject to there being no material change in structure, terms and conditions in the capital structure the SPAC from that set forth in the investor presentation dated August 10, 2021 (“Investor Presentation”).

 

Section 2. Representations and Warranties of the
SPAC. The SPAC hereby represents and warrants to Investor, as follows:

 

	 	(a)	The SPAC has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.

	 	(b)	This Agreement has been duly and validly executed and delivered by the SPAC and constitutes a legal, valid and binding obligation of the SPAC enforceable against the SPAC in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws of general applicability affecting the enforcement of creditors' rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the SPAC is a party or by which the SPAC is bound, or any decree, order, statute, rule or regulation applicable to the SPAC.
	 	(d)	
    The Founder Shares, when issued to the Sponsor, were validly
    issued, fully paid and non-assessable, free and clear of all liens or other restrictions (other than those arising under applicable
    securities laws or as otherwise disclosed in the Investor Presentation) and were not issued in violation of, or subject to, any
    preemptive or similar rights.

 

    2 

     

    

 

Section 3. Representations and Warranties of the
Sponsor. The Sponsor hereby represents and warrants to Investor, as follows:

 

	 	(a)	The Sponsor has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.

	 	(b)	This Agreement has been duly and validly executed and delivered by the Sponsor and constitutes a legal, valid and binding obligation of the Sponsor enforceable against the Sponsor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws of general applicability affecting the enforcement of creditors' rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the Sponsor is a party or by which the Sponsor is bound, or any decree, order, statute, rule or regulation applicable to the Sponsor.
	 	(d)	The terms (both economic and non-economic) set forth in this Agreement are as favorable to the Investor as the terms granted to all other investors entering into a similar agreement to purchase Founder Shares of the SPAC in connection with expressing interest in the IPO, provided that the Investor acknowledges that Founders Shares have been offered to the Sponsor, executive officers, advisors, directors and director nominees of the SPAC in connection with their service and the Sponsor expressly reserves the right to issue membership interests in the Sponsor its sole discretion.  In the case that another investor is afforded more favorable terms than Investor, the Sponsor shall promptly notify Investor of such more favorable terms, and Investor shall have the right to elect to have such more favorable terms, so as to be on the same terms, in which case the parties hereto shall promptly amend this Agreement to effect the more favorable terms.
	 	(e)	
    The Sponsor is the beneficial owner of the Transferred Shares.
    Except as described in this Agreement or in the Investor Presentation, there is no agreement, arrangement or understanding with any
    other person regarding the sale or transfer of any Transferred Shares, and there exist no liens, pledges, security interests,
    claims, options, proxies, voting agreements, charges or encumbrances of any kind affecting the Transferred Shares, other than any
    restrictions on transfer that may be imposed by any applicable statute, law, ordinance, regulation, rule, code, order, common law,
    judgment, decree, other requirement or rule of law (“Applicable Law”) of any federal, state, local or foreign government
    or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any
    self-regulated organization or other non-governmental regulatory authority or quasigovernmental authority, or any arbitrator, court
    or tribunal of competent jurisdiction. Upon transfer of the Transferred Shares to the Investor in accordance with the terms hereof
    against payment of the Transfer Price, the Investor will acquire ownership of the Transferred Shares, free and clear of all liens,
    pledges, security interests, claims, options, proxies, voting agreements, charges or encumbrances of any kind affecting the
    Transferred Shares, other than any restrictions on transfer that may be imposed by Applicable Law.

 

    3 

     

    

 

Section 4. Representations and Warranties of Investor.
Investor hereby represents and warrants to the SPAC and the Sponsor, as follows:

 

	 	(a)	Investor has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

	 	(b)	This Agreement has been duly and validly executed and delivered by Investor and constitutes a legal, valid and binding obligation of Investor enforceable against Investor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws of general applicability affecting the enforcement of creditors' rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which Investor is a party or by which Investor is bound, or any decree, order, statute, rule or regulation applicable to Investor.

	 	(d)	Investor is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act of 1933, as amended.
	 	(e)	The Transferred Shares to be purchased by the Investor, if any, will be purchased solely for the Investor’s own account, for investment purposes only, and not for the account of any other person nor with a view to, or for sale in connection with, any distribution, division, assignment, or resale to others.  
	
    
	(f)	Investor acknowledges that the SPAC was formed for the purpose of effecting a merger, amalgamation, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”).
	 	(g)	The Investor acknowledges that the Founder Shares, including the Transferred Shares to be purchased by Investor, if any, are (i) not entitled to redemption rights in connection with the completion of an initial Business Combination by the SPAC or in connection with a stockholder vote to amend the SPAC’s amended and restated memorandum and articles of association and (ii) not entitled to liquidating distributions from the SPAC’s trust account with respect to any Transferred Shares the Investor holds in the event the SPAC fails to complete its initial Business Combination within 18 months from the closing of the IPO or during any extension period. For the avoidance of doubt, the foregoing shall not prevent the Investor from exercising its redemption rights and receiving its pro rata portion of the funds from the trust account with respect to any shares comprising its IPO Indication or any Class A Ordinary Shares acquired in the open market in accordance with the terms and conditions applicable to the Class A Ordinary Shares and the IPO described in the Registration Statement on Form S-1 of the SPAC to be filed with the Securities and Exchange Commission (the “Registration Statement”).

 

    4 

     

    

 

Section 5. Additional Agreements and
Acknowledgements of Investor.

 

	 	(a)	Without written consent of the SPAC and Sponsor, the Investor agrees not to transfer, assign or sell any Transferred Shares or the Class A Ordinary Shares, issuable upon conversion of the Transferred Shares held by it until the earlier of (i) one year after the date the SPAC consummates a Business Combination (as defined below) and (ii) the earlier to occur of, subsequent to a Business Combination, (A) the first date on which the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share of stock (as adjusted for stock sub-divisions, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the consummation a Business Combination and (B) the date on which the SPAC consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the SPAC’s stockholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property. For the avoidance of doubt, this Section 5 shall not restrict the Investor from transferring, assigning or selling any Class A Ordinary Shares or units acquired in the IPO or in the open market.
	 	(b)	Investor agrees that if the SPAC seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, Investor shall vote all Transferred Shares in favor of such proposed Business Combination. Notwithstanding the foregoing, nothing shall prevent the Investor from seeking redemption for any Class A Ordinary Shares it acquires in the IPO or in the open market in accordance with the terms and conditions applicable to the Class A Ordinary Shares and the IPO described in the Registration Statement.
	 	(c)	Investor acknowledges that it is aware the SPAC will establish a trust account (the “Trust Account”) for the benefit of its public stockholders upon the closing of the IPO. Investor agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the SPAC as a result of any liquidation of the SPAC with respect to the Transferred Shares.
	 	(d)	In connection with the IPO, the SPAC shall enter into a registration rights agreement (the “Registration Rights Agreement”) with the Sponsor, Investor and certain other parties thereto in the form to be filed as an exhibit to the SPAC’s Registration Statement. The Registration Rights Agreement shall provide Investor with registration rights with respect to the Transferred Shares that are no less favorable to Investor than the registration rights of the Sponsor set forth therein.

 

    5 

     

    

 

Section 6. Miscellaneous.

 

	 	(a)	Any notice or communication under this Agreement shall be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) recognized courier or overnight delivery service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile, if to the Sponsor, to: Endurance Antarctica Partners, LLC, if to the SPAC, to: Endurance Acquisition Corp.; and, if to the Investor, at the Investor’s address or contact information as set forth on the signature page attached hereto.
	 	(b)	This Agreement shall be governed by the internal laws (and not the law of conflicts) of the State of New York.
	 	(c)	This Agreement may not be amended, modified or waived without the written consent of the parties hereto.
	 	(d)	The rights and obligations under this Agreement may not be assigned by any party hereto without the prior written consent of the other parties.
	 	(e)	From time to time, at the reasonable request of any of the other parties hereto, each party hereto shall execute and deliver such additional documents and instruments and take such further lawful action as may be necessary to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.
	 	(f)	Any term or provision of this Agreement which is invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining rights of the person intended to be benefited by such provision or any other provisions of this Agreement.
	 	(g)	This Agreement may be executed in two or more counterparts, each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument. Any signature page delivered by a facsimile machine or electronic mail shall be binding to the same extent as an original signature page.
	 	(h)	
    This Agreement shall terminate on the earlier of (i) the liquidation
of the SPAC or (ii) two (2) months from the date hereof.

	 	(i)	Neither the SPAC nor Sponsor nor any affiliate thereof shall disclose the identity of Investor or its affiliates or principals (in any regulatory filing or otherwise), except as required by Applicable Law or in connection with any inquiry by a Governmental Authority, without the prior consent of Investor.

 

* * * * *

 

[Signature page follows]

 

    6 

     

    

 

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

 

	 	INVESTOR:
	 	[●]	 
	 	By:	 
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	 	Address:
	 	 	 
	 	 	Phone: 
	 	 	 
	 	 	Email:

 

[Signature Page to Investment Agreement]

 

     

     

    

 

	 	SPAC:

 

	 	ENDURANCE ACQUISTION CORP.

 

		By:	
		Name:	
		Title:	

 

	 	SPONSOR:

	 	 
	 	ENDURANCE ANTARCTICA PARTNERS, LLC
	 	 
	 	By:	 
	 	Name:	Chandra R. Patel
	 	Title:	Manager

 

[Signature Page to Investment Agreement]Exhibit 10.1

 

 

Winc, Inc.

 

SEVENTH
amended and restated

 

Investors’
Rights AGREEMENT

 

Effective Date: April 6, 2021

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Registration Rights	5
	 	 	 
	 	2.1	Demand Registration	5
	 	2.2	Company Registration	7
	 	2.3	Underwriting Requirements	7
	 	2.4	Obligations of the Company	8
	 	2.5	Furnish Information	10
	 	2.6	Expenses of Registration	10
	 	2.7	Delay of Registration	10
	 	2.8	Indemnification	11
	 	2.9	Reports Under Exchange Act	13
	 	2.10	Limitations on Subsequent Registration Rights	13
	 	2.11	“Market Stand-off” Agreement	14
	 	2.12	Restrictions on Transfer	14
	 	2.13	Termination of Registration Rights	16
	 	 	 	 
	3.	Information and Observer Rights	16
	 	 	 
	 	3.1	Delivery of Financial Statements	16
	 	3.2	Inspection	17
	 	3.3	Observer Rights	18
	 	3.4	Termination of Rights	18
	 	3.5	Confidentiality	18
	 	 	 	 
	4.	Rights to Future Stock Issuances	18
	 	 	 
	 	4.1	Right of First Offer	18
	 	4.2	Termination	20
	 	 	 	 
	5.	Additional Covenants	20
	 	 	 
	 	5.1	Insurance	20
	 	5.2	Employee Agreements	20
	 	5.3	Employee Stock	20
	 	5.4	Qualified Small Business Stock	21
	 	5.5	Matters Requiring Investor Director Approval	21
	 	5.6	Board of Directors and Committee Matters	22
	 	5.7	Foreign Corrupt Practices Act	22
	 	5.8	Subsidiary Board Approval – General	23
	 	5.9	Successor Indemnification	23
	 	5.10	Indemnification Matters	23
	 	5.11	Right to Conduct Activities	23
	 	5.12	Termination of Covenants	24
	 	 	 	 
	6.	Miscellaneous	24

 

    -i-

     

    

 

	 	6.1	Successors and Assigns	24
	 	6.2	Governing Law	24
	 	6.3	Counterparts	24
	 	6.4	Titles and Subtitles	25
	 	6.5	Notices	25
	 	6.6	Amendments and Waivers	25
	 	6.7	Severability	25
	 	6.8	Aggregation of Stock	26
	 	6.9	Additional Investors	26
	 	6.10	Entire Agreement	26
	 	6.11	Dispute Resolution; Waiver of Jury Trial	26
	 	6.12	Delays or Omissions	27

 

Schedules

 

	 	Schedule 1	Investors
	 	Schedule 2	Series D Significant Investors

 

    -ii-

     

    

 

SEVENTH AMENDED AND RESTATED

INVESTORS’ RIGHTS AGREEMENT

 

THIS SEVENTH AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of April 6, 2021, by and among
Winc, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule
1 hereto (each, an “Investor” and collectively, the “Investors”).

 

RECITALS

 

WHEREAS, certain of
the Investors (the “Existing Investors”) hold shares of the Company’s Series Seed Preferred Stock,
Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock, Series C Preferred Stock, Series D
Prefeerred Stock, Series E Preferred Stock, and/or shares of Common Stock issued upon conversion thereof and possess registration
rights, information rights, rights of first offer, and other rights pursuant to the Sixth Amended and Restated Investors’ Rights
Agreement dated as of December 8, 2020, between the Company and such Investors (the “Prior Agreement”);

 

WHEREAS, the Existing
Investors are holders of (i) a majority of the Registrable Securities then outstanding and (ii) a majority of the Registrable
Securities held by the Major Investors (as such terms are defined in the Prior Agreement), and desire to amend and restate the Prior Agreement
in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement;
and

 

WHEREAS, the Existing
Investors and the Company desire to induce certain of the Investors to purchase shares of Series F Preferred Stock of the Company,
par value $0.0001 per share (“Series F Preferred Stock”) and warrants to purchase shares of Series F
Preferred Stock (“Series F Warrants”), pursuant to a Series F Preferred Stock and Warrant Purchase
Agreement (the “Purchase Agreement”) by amending and restating the Prior Agreement to provide the Investors
with the rights and privileges as set forth herein.

 

NOW, THEREFORE, the
Existing Investors hereby agree that the Prior Agreement shall be amended and restated in its entirety as set forth in this Seventh Amended
and Restated Investors’ Rights Agreement, and the parties to this Agreement further agree as follows:

 

1.              Definitions.
For purposes of this Agreement:

 

1.1            “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including without limitation any general partner, managing member,
officer, director or trustee of such Person or any venture capital fund or other investment
fund now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares
the same management company or investment adviser with, such Person.

 

1.2            “Bessemer
Ventures” means Bessemer Venture Partners VIII Institutional L.P.

 

    -1-

    

    

 

1.3            “Certificate
of Incorporation” means the Ninth Amended and Restated Certificate of Incorporation of the Company, as amended or restated
from time to time in accordance therewith.

 

1.4            “CJF”
means collectively Sake Ventures, LLC and Rice Wine Ventures, LLC.

 

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

 

1.6            “Damages”
means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the
Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises
out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement
of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein
not misleading; or (iii) any violation or alleged violation by the indemnifying party
(or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

1.7            “Deemed
Liquidation Event” means a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation.

 

1.8            “Derivative
Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in
each case, directly or indirectly), Common Stock, including options and warrants.

 

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

 

1.10          “Excluded
Registration” means (i) a registration relating to the sale or grant of securities to employees of the Company or a
subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.

 

1.11          “Form S-1”
means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently
adopted by the SEC.

 

1.12          “Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the
SEC.

 

    -2-

    

    

 

1.13          “Founder(s)”
means Geoffrey McFarlane and Brian Smith.

 

1.14          “GAAP”
means generally accepted accounting principles in the United States.

 

1.15          “Holder”
means any holder of Registrable Securities who is a party to this Agreement.

 

1.16          “Immediate
Family Member” means a child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including, adoptive relationships, of a natural person referred to herein.

 

1.17          “Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 

1.18          “IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 

1.19          “Major
Investor” means Pacific Continental Insurance Co., Shining, Bessemer Ventures, Wahoowa Ventures LLC, 15 Angels II LLC, GoBlue
Ventures, LLC, CrossCut Ventures 2, L.P., Kukac Limited, CJF, Kestrel Flight Fund LLC and Thomas Wetherald, and for purposes of Sections
3.1 and 3.2 only, Guild Capital – Club W LLC, in each case, for so long as each of such Investors (together with its
Affiliates) continues to hold at least fifty percent (50.0%) of the shares of Preferred Stock held by such Investor (together with its
Affiliates) as of the date hereof, and, for purposes of Section 3.1 only, each Series D Significant Investor. A Major
Investor includes any general partners, managing members and Affiliates of a Major Investor.

 

1.20          “New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights,
options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or
exchangeable into or exercisable for such equity securities.

 

1.21          “Person”
means any individual, corporation, partnership, trust, limited liability company, association or
other entity.

 

1.22          “Prefered
Director” has the meaning set forth in the Certificate of Incorporation.

 

1.23          “Preferred
Stock” means, collectively, shares of the Company’s Series F Preferred Stock, Series E Preferred Stock,
Series D Preferred Stock, Series C Preferred Stock, Series B-1 Preferred Stock, Series B Preferred Stock, Series A
Preferred Stock and Series Seed Preferred Stock.

 

1.24          “QIPO”
means an IPO which results in the conversion of all shares of Preferred Stock into Common Stock pursuant to Section 5.1(a) of
Article VI of the Certificate of Incorporation.

 

    -3-

    

    

 

1.25          “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common
Stock, or any Common Stock issued or issuable (directly
or indirectly) upon conversion and/or exercise of the Series F Warrants or any
other securities of the Company, acquired by the
Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant,
right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of,
the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities
sold by a Person in a transaction in which the applicable rights under this
Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of
Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.

 

1.26          “Registrable
Securities then outstanding” means the number of shares determined by adding the number
of shares of outstanding Common Stock that are Registrable Securities and the number
of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable
and/or convertible securities that are Registrable Securities.

 

1.27          “Restricted
Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof.

 

1.28          “SEC”
means the Securities and Exchange Commission.

 

1.29          “SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

1.30          “SEC
Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

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

 

1.32          “Selling
Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Subsection 2.6.

 

1.33          “Series A
Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001 per share.

 

1.34          “Series B
Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per share.

 

1.35          “Series B-1
Preferred Stock” means shares of the Company’s Series B-1 Preferred Stock, par value $0.0001 per share.

 

1.36          “Series C
Preferred Stock” means shares of the Company’s Series C Preferred Stock, par value $0.0001 per share.

 

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1.37          “Series D
Preferred Stock” means shares of the Company’s Series D Preferred Stock, par value $0.0001 per share.

 

1.38          “Series D
Signficant Investor” means each Investor who holds at least 35,371 shares of Series D Preferred Stock (as presently
constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits and the like), as listed on
Schedule 2 hereto, for so long as each such Investor continues to hold at least fifty percent (50.0%) of such shares of Series D
Preferred Stock.

 

1.39          “Series E
Preferred Stock” means shares of the Company’s Series E Preferred Stock, par value $0.0001 per share.

 

1.40          “Series Seed
Preferred Stock” means shares of the Company’s Series Seed Preferred Stock, par value $0.0001 per share.

 

1.41          “Shining”
means collectively Shiningwine Limited (BVI), Dreamer Pathway Limited (BVI) and Dream Catcher Investments Limited (BVI).

 

2.              Registration
Rights. The Company covenants and agrees as follows:

 

2.1            Demand
Registration.

 

(a)              Form S-1
Demand. If at any time after the earlier of (i) five (5) years after the date of this
Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives
a request from Holders of at least forty percent (40.0%) of the Registrable Securities (including the Holders of a majority of the Registrable
Securities held by Major Investors) then outstanding that the Company file a Form S-1
registration statement with respect to at least forty percent (40.0%) of the Registrable
Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $15.0
million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within
sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1
registration statement under the Securities Act covering all Registrable Securities that the Initiating
Holders requested to be registered and any additional
Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder
to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of
Subsections 2.1(c) and 2.3.

 

(b)              Form S-3
Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders
of at least twenty (20.0%) percent of the Registrable Securities (including the Holders of a majority
of the Registrable Securities held by Major Investors) then outstanding that the Company file a Form S-3
registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price,
net of Selling Expenses, of at least $5.0 million, then the Company shall (i) within ten (10) days after the date such request
is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event
within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement
under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified
by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Subsections 2.1(c) and 2.3.

 

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(c)              Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate
signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors
it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or
remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company;
(ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall
have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof
shall be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given;
provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during
such sixty (60) day period other than an Excluded Registration.

 

(d)              The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a): (i) during
the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that
is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing
in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected two (2) registrations pursuant to Subsection 2.1(a); or (iii) if
the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant
to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect,
or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during
the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that
is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing
in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has
effected two (2) registrations pursuant to Subsection 2.1(b) within the twelve
(12) month period immediately preceding the date of such request. A registration shall not be counted as “effected”
for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective
by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor,
and forfeit their right to one demand registration statement pursuant to Subsection 2.6,
in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d);
provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c),
then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected”
for purposes of this Subsection 2.1(d).

 

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2.2            Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders
other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely
for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration.
Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to
the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested
to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable
Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company
in accordance with Subsection 2.6.

 

2.3            Underwriting
Requirements.

 

(a)              If,
pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant
to Subsection 2.1, and the Company shall include such information in the Demand Notice.
The underwriter(s) will be selected by the Initiating Holders, subject only to the reasonable
approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with
the underwriter(s) selected for such underwriting; provided, however, that no Holder (or any of their assignees) shall
be required to make any representations, warranties or indemnities except as they relate to such Holder’s ownership of shares and
authority to enter into the underwriting agreement and to such Holder’s intended method of distribution, and the liability of such
Holder shall be several and not joint, and limited to an amount equal to the net proceeds from the offering received by such Holder. Notwithstanding
any other provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the
Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating
Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of
Registrable Securities that may be included in the underwriting shall be allocated among such
Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable
Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all
such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included
in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate
the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated
to any Holder to the nearest one hundred (100) shares.

 

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(b)            In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders
accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters
in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities,
including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold
(other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering,
then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities,
which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters
determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable
Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to)
the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all
such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no
event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than
securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities
included in the offering be reduced below thirty percent (30.0%) of the total number of securities included in such offering, unless
such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described
above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection
2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family
Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons,
shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder”
shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,”
as defined in this sentence.

 

(c)            For
purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the
underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50.0%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included.

 

2.4            Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:

 

(a)            prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts
to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier,
until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such
one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of
an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in
the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis,
subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to an additional one
hundred twenty (120) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

 

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(b)            prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such
registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered
by such registration statement;

 

(c)            furnish
to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act,
and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;

 

(d)            use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities
or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall
not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless
the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

 

(e)            in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the underwriter(s) of such offering;

 

(f)             use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a
national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued
by the Company are then listed;

 

(g)            provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of such registration;

 

(h)            promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such
registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders,
all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers,
directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement
and to conduct appropriate due diligence in connection therewith;

 

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(i)            notify
each selling Holder, promptly after the Company 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; and

 

(j)            after
such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement
such registration statement or prospectus.

 

In addition, the Company shall
ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities
Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading
program under Rule 10b5-1 of the Exchange Act.

 

2.5            Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to
effect the registration of such Holder’s Registrable Securities.

 

2.6            Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees
and disbursements of counsel for the Company; and the reasonable and documented fees and disbursements of one counsel for the selling
Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that
the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered
(in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be
included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right
to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if,
at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects
of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness
after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right
to one registration pursuant to Sections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities
registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable
Securities registered on their behalf.

 

2.7            Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of
this Section 2.

 

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2.8            Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)            To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors,
and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities
Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act
or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for
any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with
written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly
for use in connection with such registration.

 

(b)            To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of
its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within
the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act),
any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder,
against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance
upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with
such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such
expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder,
which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by
any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the net proceeds from
the offering received by such Holder (i.e., net of any Selling Expenses paid by such Holder), except in the case of fraud or willful
misconduct by such Holder.

 

(c)            Promptly
after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement
thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and
expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may
have to any indemnified party otherwise than under this Subsection 2.8.

 

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(d)            To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection
2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of
any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others)
in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection
with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect
any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined
by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged
omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided,
however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further
that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid
or payable by such Holder pursuant to Subsection 2.8(b), exceed the net proceeds from the offering received by such Holder (i.e.,
net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

 

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

 

(f)            Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of
the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a
registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 

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2.9            Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation
of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company shall:

 

(a)            make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effective date of the registration statement filed by the Company for the IPO;

 

(b)            use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

 

(c)            furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days
after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at
any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities
may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration
(at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3
(at any time after the Company so qualifies to use such form).

 

2.10          Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent
of the Holders of a majority of the shares of Preferred Stock then outstanding, enter into any agreement with any holder or prospective
holder of any securities of the Company that (i) would allow such holder or prospective holder (i) to include such securities
in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the
Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities
held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes
a party to this Agreement in accordance with Subsection 6.9.

 

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2.11          “Market
Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares
of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3,
and ending on the date specified by the Company and the managing underwriter (such period not to exceed ninety (90) days, except in connection
with the IPO, in wich case such period shall not exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract
to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase;
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable
or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for
such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled
by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall
not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust
for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust
agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve
a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions
and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than
one percent (1.0%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding
Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection
2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder
further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that
are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination
of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to
such agreements, based on the number of shares subject to such agreements. At the election of the holders of a majority of the shares
of Preferred Stock, the market stand-off period set forth in this Section 2.11 shall be extended for a period ending up to
ninety (90) days following a public offering of Company securities which is consummated during the initial market stand-off period relating
to the IPO.

 

2.12          Restrictions
on Transfer.

 

(a)            The
Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer
instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement,
which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed
purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject
to the provisions and upon the conditions specified in this Agreement.

 

(b)            Each
certificate, instrument, or book entry representing (i) the Registrable Securities, and (ii) any other securities issued in
respect of the securities referenced in clause (i), upon any stock split, stock dividend, recapitalization, merger, consolidation, or
similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially
in the following form:

 

	THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 

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	THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

The Holders consent to the
Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement
the restrictions on transfer set forth in this Subsection 2.12.

 

(c)            The
holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration
statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s
intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale,
pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense
by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company,
addressed to the Company, to the effect that the proposed transaction may be effefcted without registration under the Securities Act;
(ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted
Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto;
or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer
of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities
shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder
to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance
with SEC Rule 144, it being understood that any such opinion as may be required by the Company’s transfer agent to remove
the restrictive legend identified in Section 2.12(b) for such Restricted Securities as may be sold pursuant to SEC Rule 144
shall be promptly provided by the Company’s counsel and the expense of such opinion shall be borne by the Company; or (y) in
any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided
that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or
book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made
pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate
instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company,
such legend is not required in order to establish compliance with any provisions of the Securities Act.

 

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2.13          Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of:

 

(a)            the
closing of a Deemed Liquidation Event; and

 

(b)            the
fifth (5th) anniversary of the QIPO.

 

3.              Information
and Observer Rights.

 

3.1            Delivery
of Financial Statements. The Company shall deliver to each Major Investor; provided that the Board of Directors has not reasonably
determined that such Major Investor is a competitor of the Company (it being understood that a venture capital fund that is a Major Investor
will not be determined to be a competitor of the Company):

 

(a)            as
soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company (i) a balance sheet
as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual
amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined
in Subsection 3.1(e)) for such year, with an explanation of any material differences between such amounts and a schedule as to
the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year,
all such financial statements audited and certified by independent public accountants of recognized standing selected by the Company
and approved by the Company’s Board of Directors;

 

(b)            as
soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each
fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and
a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such
financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may
be required in accordance with GAAP);

 

(c)            as
soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each
fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible
into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise
of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto,
and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient
detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the
chief financial officer or chief executive officer of the Company as being true, complete, and correct;

 

(d)            as
soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement and statement of
cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all
prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments
and (ii) not contain all notes thereto that may be required in accordance with GAAP);

 

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(e)            as
soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal
year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance
sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets
prepared by the Company;

 

(f)             with
respect to the financial statements called for in Subsection 3.1(a), Subsection 3.1(b) and Subsection 3.1(d),
an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements
were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in
Subsection 3.1(b) and Subsection 3.1(d)) and fairly present the financial condition of the Company and its results
of operation for the periods specified therein; and

 

(g)            such
other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor
may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection
3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information
(unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel.

 

If, for any period, the Company
has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements
delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all
such consolidated subsidiaries.

 

Notwithstanding anything else
in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1
during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration
statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related
offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the
Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.

 

3.2            Inspection.
The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that such Major
Investor is a competitor of the Company (it being understood that a venture capital fund that is a Major Investor will not be determined
to be a competitor of the Company)), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine
its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business
hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not
be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers
to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the
Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

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3.3            Observer
Rights. As long as Thomas Wetherald owns not less than seventy five percent (75.0%) of the shares of the Series F Preferred
Stock he is purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company
shall Mr. Wetherald to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall
give Mr. Wetherald copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time
and in the same manner as provided to such directors; provided, however, that Mr. Wetherald shall agree to hold in confidence all
information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude Mr. Wetherald
from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client
privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest.

 

3.4            Termination
of Rights. The covenants set forth in Subsection 3.1, Subsection 3.2 and Section 3.3 shall terminate and be of
no further force or effect (i) immediately before the consummation of the QIPO, or (ii) upon a Deemed Liquidation Event, whichever
event occurs first.

 

3.5            Confidentiality.
Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to
monitor or make decisions with respect to its investment in the Company) any confidential information obtained from the Company pursuant
to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential
information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5
by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose
confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain
their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable
Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5 (iii) to
any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course
of business, provided that such Investor informs such Person that such information is confidential and directs such Person to
maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor
promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

4.              Rights
to Future Stock Issuances.

 

4.1            Right
of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company
proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor
shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself,
(ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having
 “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor
(“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner agrees
to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith
among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement.

 

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(a)            The
Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention
to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any,
upon which it proposes to offer such New Securities.

 

(b)            By
notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise
acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion
that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon
conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor)
bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred
Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major
Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”)
of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given
such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number
of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly
or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such
Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise,
as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase
such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of
ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection
4.1(c).

 

(c)            If
all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b),
the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer
and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms
no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale
of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the
right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Subsection 4.1.

 

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(d)            The
right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate
of Incorporation); (ii) shares of Common Stock issued in the QIPO; (iii) the issuance of shares of Series F Preferred
Stock pursuant to the Purchase Agreement; or (iv) shares or securities which the Major Investors holding at least a majority of
the Registrable Securities held by all Major Investors agree, retroactively or prospectively, shall not be deemed to be New Securities.

 

4.2            Termination.
The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the
consummation of the QIPO, or (ii) upon a Deemed Liquidation Event, whichever event occurs first.

 

5.              Additional
Covenants.

 

5.1            Insurance.
The Company shall maintain, from financially sound and reputable insurers Directors and Officers liability insurance in an amount and
from a carrier on terms and conditions satisfactory to Bessemer Ventures, Shining and CJF. The Company will certify to Bessemer Ventures,
Shining and CJF, at least annually, that it is complying with this Subsection 5.1 and shall deliver a current copy of such policy
to Bessemer Ventures, Shining and CJF along with such certification.

 

5.2            Employee
Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company
or any subsidiary as a consultant/independent contractor) to enter into a nondisclosure and proprietary rights assignment agreement;
and (ii) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent
contractor) with access to confidential information and/or trade secrets to enter into a one (1) year nonsolicitation agreement,
substantially in the form approved by the Board of Directors, including the affirmative consent of at least two Preferred Directors (except
in the case of an executive officer, in which case the affirmative consent of all Preferred Directors shall be required). In addition,
the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements
or any restricted stock agreement between the Company and any employee, without the consent of the Company’s Board of Directors,
including the affirmative consent of at least two Preferred Directors (except in the case of an executive officer, in which case the
affirmative consent of all Preferred Directors shall be required).

 

5.3            Employee
Stock. Unless otherwise approved by the Board of Directors, including the affirmative consent of at least two Preferred Directors,
all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s
capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for
(i) vesting of shares over a four (4) year period, with the first twenty-five percent (25.0%) of such shares vesting following
twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following
thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition,
unless otherwise approved by the Board of Directors, including the affirmative consent of at least two Preferred Directors, with respect
to equity grants following the Initial Closing (as defined in the Purchase Agreement), the Company shall retain a “right of first
refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon
termination of employment of a holder of restricted stock.

 

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5.4            Qualified
Small Business Stock. The Company shall use commercially reasonable efforts to cause the shares of Preferred Stock, as well as any
shares into which such shares are converted, within the meaning of Section 1202(f) of the Internal Revenue Code (the “Code”),
to constitute “qualified small business stock” as defined in Section 1202(c) of the Code; provided, however, that
such requirement shall not be applicable if the Board of Directors of the Company determines, in its good-faith business judgment, that
such qualification is inconsistent with the best interests of the Company. The Company shall submit to its stockholders (including the
Investors) and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code and
the regulations promulgated thereunder. In addition, within twenty (20) business days after any Investor’s written request therefor,
the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of)
such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of
the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary
to enable such Investor to determine whether (and what portion of) such Investor’s interest in the Company constitutes “qualified
small business stock” as defined in Section 1202(c) of the Code.

 

5.5            Matters
Requiring Investor Director Approval.

 

(a)            So
long as the holders of Preferred Stock are entitled to elect three Preferred Directors, the Company hereby covenants and agrees with
each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote
or consent of at least two Preferred Directors:

 

(i)            make,
or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation,
partnership, or other entity unless it is wholly owned by the Company;

 

(ii)           make,
or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the Company
or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock
or option plan approved by the Board of Directors, including the affirmative vote or consent of at least two Preferred Directors;

 

(iii)          guarantee,
directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of
the Company or any subsidiary arising in the ordinary course of business;

 

(iv)          implement
or change (or make any investment inconsistent with) the Company’s cash investment policy;

 

(v)           incur
any aggregate indebtedness in excess of five hundred thousand dollars ($500,000) that is not already included in the Budget (as defined
in Subsection 3.1(e)), other than trade credit incurred in the ordinary course of business;

 

(vi)          hire,
terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive officers;

 

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(vii)         change
the principal business of the Company, enter new lines of business, or exit the current line of business;

 

(viii)        sell,
assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary course
of business; or

 

(ix)          enter
into any corporate strategic relationship involving the payment, contribution or assignment by the Company or to the Company of money
or assets greater than five hundred thousand dollars ($500,000).

 

(b)            In
addition, so long as the holders of Preferred Stock are entitled to elect three Preferred Directors, the Company hereby covenants and
agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative
vote or consent of at least two Preferred Directors:

 

(i)            enter
into or be a party to any transaction with any director, officer, or Founder of the Company or any “associate” (as defined
in Rule 12b-2 promulgated under the Exchange Act) of any such Person, including without limitation any “management bonus”
or similar plan providing payments to employees in connection with a Deemed Liquidation Event, as such term is defined in the Company’s
Certificate of Incorporation; or

 

(ii)           approve
any stock incentive or stock option plan or program, increase the number of shares of Common Stock reserved for issuance under any such
plan or program, or accelerate vesting of any stock option, restricted stock, or other equity-based incentive.

 

5.6            Board
of Directors and Committee Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board
of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the nonemployee directors
for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending
meetings of the Board of Directors. The Company shall cause to be established, as soon as practicable after such request, and will maintain,
an audit and compensation committee, each of which shall consist solely of non-management directors. Each non-employee director shall
be entitled in such person’s discretion to be a member of any committee of the Board of Directors.

 

5.7            Foreign
Corrupt Practices Act. As soon as practicable, but in any event within 90 days of the date hereof, the Company shall institute and
maintain, and shall cause each of its subsidiaries and affiliates to institute and maintain, systems or internal controls (including,
but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the Foreign Corrupt Practices
Act of 1977, as amended or any other applicable anti-bribery or anti-corruption law (including without limitation Part 12 of the
United States Anti-Terrorism, Crime and Security Act of 2001; the United States Money Laundering Control Act of 1986; the United States
International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001; the United States Foreign Corrupt Practices Act, as
amended; and laws applicable in the United Kingdom that prohibit bribery, corrupt practices or money laundering, including, for the avoidance
of doubt, the Bribery Act 2010).

 

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5.8            Subsidiary
Board Approval – General. No subsidiary of the Company shall take any action without the approval of the Board of Directors
of the Company to the extent approval of the Board of Directors of the Company would be required in the event such action was to be taken
by the Company itself, including the affirmative consent of at least two Preferred Directors.

 

5.9            Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not
the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall
be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of
members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s
Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be.

 

5.10          Indemnification
Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors
by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses
and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”).
The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director
are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by
such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement
by or on behalf of any such Fund Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation
or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director
may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from
any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. 
The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to
any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of such Fund Director against the Company.

 

5.11          Right
to Conduct Activities. The Company hereby agrees and acknowledges that certain of the Holders (together with their respective Affiliates)
are professional investment organizations, and as such review the business plans and related proprietary information of many enterprises,
some of which may compete directly or indirectly with the Company’s business (as currently conducted or as currently propose to
be conducted). Nothing in this Agreement shall preclude or in any way restrict the Holders from evaluating or purchasing securities,
including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise whether
or not such enterprise has products or services which compete with those of the Company; and the Company hereby agrees that, to the extent
permitted under applicable law, the Holders (and their respective Affiliates) shall not be liable to the Company for any claim arising
out of, or based upon, (i) the investment by any Holder (or their respective Affiliates) in any entity competitive with the Company,
or (ii) actions taken by any partner, officer, employee or other representative of an Holder (or their respective Affiliates) to
assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company
or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not
relieve (x) any of the Holders from liability associated with the unauthorized disclosure of the Company’s confidential information
obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her
fiduciary duties to the Company.

 

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5.12          Termination
of Covenants. The covenants set forth in this Section 5, except for Subsections 5.10 and 5.11, shall terminate
and be of no further force or effect (i) immediately before the consummation of the QIPO; or (iii) upon a Deemed Liquidation
Event, whichever event occurs first.

 

6.              Miscellaneous.

 

6.1            Successors
and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for
the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer,
holds at least 250,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations,
and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject
to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the
number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder
of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder
or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further
that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose
of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure
to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees
any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

6.2            Governing
Law. This Agreement and any controversy arising directly or indirectly out of or relating to this Agreement shall be governed by
and construed in accordance with the internal laws of Delaware, without regard to conflict of law principles that would result in the
application of any law other than the law of the State of Delaware.

 

6.3            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    -24-

    

    

 

6.4            Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

6.5            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic
mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s
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) business day after the business day of deposit with a nationally recognized overnight courier, freight
prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties
at their addresses as set forth on Schedule hereto, or to the principal office of the Company and to the attention of the Chief Executive
Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice
given in accordance with this Subsection 6.5.

 

6.6            Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company, (ii) the
holders of a majority of the Registrable Securities then outstanding, and (iii) the holders a majority of the Registrable Securities
then held by the Major Investors; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and
the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection
2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving
party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not
be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent
of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a
waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors
in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement
with the Company, purchase securities in such transaction). The Company shall give prompt notice of any amendment or termination hereof
or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination,
or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such
party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

6.7            Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid,
illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent
permitted by law.

 

    -25-

    

    

 

6.8            Aggregation
of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining
the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any
manner they deem appropriate.

 

6.9            Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series F Preferred Stock after the date hereof, any purchaser of such shares of Series F Preferred Stock may become a party
to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be
deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder
to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations
as an “Investor” hereunder.

 

6.10          Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto), together with the Purchase Agreement and the other agreements
referenced therein, constitutes the full and entire understanding and agreement among the parties with respect to the subject matter
hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.
Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its
entirety by this Agreement, and shall be of no further force or effect.

 

6.11          Dispute
Resolution; Waiver of Jury Trial. The parties (a) hereby irrevocably and unconditionally submit to the sole and exclusive jurisdiction
of the state courts of the State of Delaware and to the jurisdiction of the United States District Court for the District of Delaware
for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States
District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that
its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced
in or by such court.

 

EACH PARTY HEREBY WAIVES
ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO
AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL.

 

    -26-

    

    

 

6.12          Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting
party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

(Remainder of page intentionally left
blank.)

 

    -27-

    

    

 

 

The parties hereto have executed
this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Company:
	 	 
	 	Winc, Inc.,
	 	a Delaware corporation
	 	 
	 	By:	/s/ Geoffrey McFarlane
	 	 	Name: 	Geoffrey McFarlane
	 	 	Title: 	Chief Executive Officer

 

	 	Address:	 

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	15 ANGELS II LLC
	 	 
	 	By: 	/s/ Scott Ring
	 	 	Name:	 Scott Ring
	 	 	Title:	 Authorized Person

 

	 	Address:

 

	 	 	15
Angels II LLC  
	 	 	1865
Palmer Avenue, Suite 104
	 	 	Larchmont,
New York 10538
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	bessemer venture partners viii institutional l.p.
	 	 
	 	By: Deer VIII & Co. L.P., its general partner
	 	By: Deer VIII & Co. L.P., its general partner
	 	 
	 	By: 	/s/ Scott Ring
	 	 	Name: 	Scott Ring
	 	 	Title:	 Authorized Person

 

	 	Address:

 

	 	 	Bessemer Venture
    Partners VIII Institutional L.P.
	 	 	c/o Bessemer Ventures
	 	 	535 Middlefield Road, Suite 245
	 	 	Menlo Park, California 94025

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	C2 CLUB W HOLDINGS LLC
	 	 
	 	By :	/s/ Rick L. Smith
	 	 	Name:	Rick L. Smith
	 	 	Title:	Managing Member

 

	 	Address:

 

	 	 	C2 Club W Holdings
    LLC
	 	 	c/o Crosscut Ventures
	 	 	373 Rose Avenue
	 	 	Venice, California 90291
	 	 	Attention: Rick L. Smith
	 	 	Email: risk@crosscutventures.com
	 	 	Phone: (424) 222-9642

 

	 	C2 CLUB W SPV LLC
	 	 
	 	By: 	/s/ Rick L. Smith
	 	 	Name: 	Rick L. Smith
	 	 	Title: 	Managing Member

 

	 	Address:

 

	 	 	C2 Club W Holdings
    LLC
	 	 	c/o Crosscut Ventures
	 	 	373 Rose Avenue
	 	 	Venice, California 90291
	 	 	Attention: Rick L. Smith
	 	 	Email: risk@crosscutventures.com
	 	 	Phone: (424) 222-9642

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Crosscut ventures 2, l.p.
	 	 
	 	By: 	 CrossCut Fund Manager 2, L.L.C.
	 	Its: 	 General Partner
	 	 	 
	 	By: 	/s/ Rick L. Smith
	 	 	Name:	 Rick L. Smith
	 	 	Title: 	Managing Member

 

	 	Address:

 

	 	 	C2
    Club W Holdings LLC
	 	 	c/o
    Crosscut Ventures
	 	 	373
    Rose Avenue
	 	 	Venice,
    California 90291
	 	 	Attention:
    Rick L. Smith
	 	 	Email:
    risk@crosscutventures.com
	 	 	Phone:
    (424) 222-9642

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Dream Catcher Investments limited (bvi)
	 	 
	 	By: 	/s/ Xiangwei Weng
	 	 	Name: 	Xiangwei Weng
	 	 	Title: 	Director

 

	 	Address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	dreamer pathway limited (bvi)
	 	 
	 	By: 	/s/ Xiangwei Weng
	 	 	Name: 	Xiangwei Weng
	 	 	Title: 	Director

 

	 	Address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	shiningwine limited (bvi)
	 	 
	 	By: 	/s/ Xiangwei Weng
	 	 	Name:	 Xiangwei Weng
	 	 	Title:	 Director

 

	 	Address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	goblue ventures llc
	 	 
	 	By: 	/s/ Sandy Grippo
	 	 	Name: 	Sandy Grippo
	 	 	Title: 	Authorized Person

 

	 	Address:

 

	 	 	GoBlue Ventures LLC
	 	 	525 Brannan Street, Suite 100
	 	 	San Francisco, California 94107

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Geoffrey mcfarlane
	 	 
	 	By:	/s/ Geoffrey McFarlane
	 	 	Name:	 
	 	 	Title:	 

 

	 	Address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	mcfarlane Family trust
	 	 
	 	By: 	/s/ Geoffrey McFarlane
	 	 	Name:	 
	 	 	Title: 	Trustee

 

	 	Address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated 

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Sake ventures, llc
	 	 
	 	By:	/s/ Akihiro Ishii
	 	 	Name: Akihiro Ishii
	 	 	Title: Manager
	 	 
	 	Address:
	 	 
	 	 	Sake Ventures, LLC.
	 	 	c/o Cool Japan Fund Inc.
	 	 	17F Roppongi Hills Mori Tower
	 	 	6-10-1 Roppongi
	 	 	Minato-ku
	 	 	Tokyo, 106-6117
	 	 	Japan
	 	 
	 	Rice wine ventures, llc
	 	 
	 	By:	/s/ Shuhei Ohashi
	 	 	Name: Shuhei Ohashi
	 	 	Title: Manager
	 	 
	 	Address:
	 	 
	 	 	Rice Wine Ventures, LLC.
	 	 	c/o Cool Japan Fund Inc.
	 	 	17F Roppongi Hills Mori Tower
	 	 	6-10-1 Roppongi
	 	 	Minato-ku
	 	 	Tokyo, 106-6117
	 	 	Japan

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Brian Smith
	 	 
	 	By:	/s/ Brian Smith
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	wahoowa ventures
	 	 
	 	By:	/s/ R. Kent Bennett
	 	 	Name: R. Kent Bennett
	 	 	Title: Authorized Person
	 	 
	 	Address:
	 	 
	 	 	Wahoowa Ventures LLC
	 	 	196 Broadway, 2nd Floor
	 	 	Cambridge, Massachusetts 02139
	 	 	 

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	By:	/s/ Thomas Michael Violante
	 	 	Name: Thomas Michael Violante
	 	 
	 	Address:
	 	 
	 	 	2927 N Halsted
	 	 	Chicago, IL 60657

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	By:	/s/ Thomas John Violante
	 	 	Name: Thomas John Violante
	 	 
	 	Address:
	 	 
	 	 	2758 Amberly Lane
	 	 	Troy, MI 48084

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Verbier SP Partnership, L.P.
	 	Name of Investor
	 	 
	 	/s/ James J. Tiampo
	 	Signature of Investor
	 	 
	 	James J. Tiampo
	 	Name of signatory, if applicable
	 	 
	 	President of Verbier Management Corp. as General Partner
	 	Title of signatory, if applicable
	 	 
	 	Address:
	 	 
	 	 	PO Box 2430
	 	 	Blaine
	 	 	WA 98231-2430
	 	 	Attention:	James J. Tiampo
	 	 	Email:	jtiampo@verbiermanagement.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	James J. Tiampo Money Purchase Plan & Trust (Keogh)
	 	Name of Investor
	 	 
	 	/s/ James J. Tiampo
	 	Signature of Investor
	 	 
	 	James J. Tiampo
	 	Name of signatory, if applicable
	 	 
	 	Trustee
	 	Title of signatory, if applicable
	 	 
	 	Address:
	 	 
	 	 	PO Box 2430
	 	 	Blaine
	 	 	WA 98231-2430
	 	 	Attention:	James J. Tiampo
	 	 	Email:	jtiampo@verbiermanagement.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	James J. Tiampo.
	 	Name of Investor
	 	 
	 	/s/ James J. Tiampo
	 	Signature of Investor
	 	 
	 	James J. Tiampo
	 	Name of signatory, if applicable
	 	 
	 	Individual
	 	Title of signatory, if applicable
	 	 
	 	Address:
	 	 
	 	 	PO Box 2430
	 	 	Blaine
	 	 	WA 98231-2430
	 	 	Attention:	James J. Tiampo
	 	 	Email:	jtiampo@verbiermanagement.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Matthew Tiampo
	 	Name of Investor
	 	 
	 	/s/ Matthew Tiampo
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:
	 	 
	 	 	510 6th ST SE
	 	 	Minneapolis, MN
	 	 	55414
	 	 	Attention:	Matt Tiampo
	 	 	Email:	matt.tiampo@gmail.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Eric & Laura Lamison Family Trust
	 	Name of Investor
	 	 
	 	/s/ Eric Lamison
	 	Signature of Investor
	 	 
	 	Eric Lamison
	 	Name of signatory, if applicable
	 	 
	 	Trustee of the Eric & Laura Lamison Family Trust
	 	Title of signatory, if applicable
	 	 
	 	Address:
	 	 
	 	 	516 Dalewood Drive
	 	 	Orinda, California
	 	 	94563
	 	 	Attention:	 Eric Lamison
	 	 	Email:	elamison@lamisonpc.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	JAN Ventures, LLC
	 	Name of Investor	 
	 	 
	 	/s/ Andrew Nigrelli
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	262 Winter Street
	 	Weston, MA 02493
	 	USA
	 	Attention:	 Andrew Nigrelli

	 	Email:	anigrelli@janventurecapital.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:

 

	 	Valerie Ells
	 	Name of Investor	 
	 	 
	 	/s/ Valerie Ells
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	65145 Smokey Butte Drive
	 	Bend OR 97703
	 	 
	 	Attention:	Valerie Ells

	 	Email:	valerie.k.ells@gmail.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Ben Shuleva
	 	Name of Investor	 
	 	 
	 	/s/ Ben Shuleva
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	2 Arlington Street #1
	 	Boston, MA 02116
	 	 
	 	Attention:	Ben Shuleva

	 	Email:	Ben.shuleva@gmail.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	The Gregg and Amy Bogost Joint Revocable Trust
	 	Name of Investor	 
	 	 
	 	/s/ Gregg Bogost
	 	Signature of Investor	 
	 	 
	 	Gregg Bogost
	 	Name of signatory, if applicable	 
	 	 
	 	Trustee
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	6203 S. Highlands Ave.
	 	Madison, WI
	 	53705
	 	Attention:	 Gregg Bogost

	 	Email:	 gbohost@gmail.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Richard Messina
	 	Name of Investor	 
	 	 
	 	/s/ Richard Messina
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	340 East 93rd Street
	 	Apt 14KLM
	 	New York, NY 10128
	 	Attention:	 Richard Messina

	 	Email:	 rmessina@benchmarkcompany.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Benjamin Piggott
	 	Name of Investor	 
	 	 
	 	/s/ Benjamin Piggott
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	69 St. George Street
	 	Duxbury MA
	 	02332
	 	Attention:	 Benjamin Piggott

	 	Email:	 Ben505@gmail.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Madison Trust Co Custodian FBO Michael Malouf M21026625
	 	Name of Investor	 
	 	 
	 	/s/ Michael Malouf
	 	Signature of Investor	 
	 	 
	 	Michael Malouf
	 	Name of signatory, if applicable	 
	 	 
	 	IRA Account Holder
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	401 E 8th St. Suite 200
	 	Sioux Falls, SD 57103
	 	 
	 	Attention:	 Michael Malouf

	 	Email:	 mikemalouf@yahoo.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Harvey Boshart
	 	Name of Investor	 
	 	 
	 	/s/ Harvey Boshart
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	80 Dean Rd
	 	Weston, MA 02493
	 	 
	 	Attention:	 

	 	Email:	 Hrboshart@gmail.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	John L Flood
	 	Name of Investor	 
	 	 
	 	/s/ John Lawrence Flood
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	22695 Murray Street
	 	Excelsior, MN
	 	55331
	 	Attention:	 John L Flood

	 	Email:	 jflood@excelsior-equities

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Paul W. Hodge
	 	Name of Investor	 
	 	 
	 	/s/ Paul W. Hodge
	 	Signature of Investor	 
	 	 
	 	 
	 	Name of signatory, if applicable	 
	 	 
	 	 
	 	Title of signatory, if applicable	 

 

	 	Address:

 

	 	Paul Hodge
	 	18080 Wanona Rd
	 	Sisters, OR 97759
	 	Attention:	 Paul Hodge

	 	Email:	 solarguy@outlook.com

 

Signature Page to Seventh
Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Andrew McCormick
	 	Name of Investor
	 	 
	 	/s/ Andrew McCormick
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	1050 N. Logan, Unit E
	 	Denver CO
	 	80203
	 	Attention: 	Andrew McCormick

	 	Email:	 amccormick@lairdsuperfood.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	James Scott McGuire
	 	Name of Investor
	 	 
	 	/s/ James Scott McGuire
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	19368 Blue Mucket Lane 
	 	Bend OR 97702
	 	 
	 	Attention: 	James Scott McGuire

	 	Email: 	mcguirescott@gmail.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Tracy Genesen
	 	Name of Investor
	 	 
	 	/s/ Tracy Genesen
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory,
    if applicable
	 	 
	 	 
	 	Title of signatory,
    if applicable
	 	 
	 	Address:

 

	 	179 Crestview Dr
	 	Orinda
	 	California
	 	Attention:	 Tracy Genesen

	 	Email:	 tgenesen@gmail.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Thomas Wetherald
	 	Name of Investor
	 	 
	 	/s/ Thomas Wetherald
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	Thomas Wetherald
	 	49 Red Gate Lane
	 	Cohasset, MA 02025
	 	Attention:	Thomas Wetherald

	 	Email:	discovery9@mac.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Patrick Lin
	 	Name of Investor
	 	 
	 	/s/ Patrick Lin
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	45 Coachwood Ter
	 	Orinda CA 94563
	 	Patrick Lin
	 	Attention:	Patrick Lin WINC

	 	Email:	bzliteyear@gmail.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Tobias W. Welo
	 	Name of Investor
	 	 
	 	/s/ Tobias W. Welo
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	91 Dean Road
	 	Weston, MA 02493
	 	USA
	 	Attention: 	Tobias W. Welo

	 	Email:	 twelo@comcast.net

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

	 	 
	 	Investor:

 

	 	Alisha Runckel
	 	Name of Investor
	 	 
	 	/s/ Alisha Runckel
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	64805 Laidlaw Ln
	 	Bend, OR 97703
	 	USA
	 	Attention: 	Alisha Runckel

	 	Email: 	alisha@lairdsuperfood.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Gregory Graves
	 	Name of Investor
	 	 
	 	/s/ Gregory Graves
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	5000 France Ave., Unit 38
	 	Edina, MN
	 	55410
	 	Attention: 	Greg Graves

	 	Email:	 greggraves60@gmail.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	Investor:
	 	 
	 	Kestrel Flight Fund LLC
	 	Name of Investor
	 	 
	 	/s/ Albert Hanser
	 	Signature of Investor
	 	 
	 	Albert Hanser
	 	Name of signatory, if applicable
	 	 
	 	Managing Parnter
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	149 Meadowbrook Rd
	 	Weston, MA 02493
	 	 
	 	Attention: 	Albert Hanser

	 	Email:	 ahanser@kestrelmp.com

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Seventh Amended and Restated Investors’ Rights Agreement as of the date first written above.

	 	 
	 	Investor:
	 	 
	 	NuView IRA FBO John Seabern (#9912339)
	 	Name of Investor
	 	 
	 	/s/ John Seabern
	 	Signature of Investor
	 	 
	 	 
	 	Name of signatory, if applicable
	 	 
	 	 
	 	Title of signatory, if applicable
	 	 
	 	Address:

 

	 	14 Walnut Ave
	 	Mill Valley, CA
	 	94941
	 	Attention:	John Seabern

	 	Email:	 john@ridgecrestinvestments.net

 

Signature Page to Seventh Amended and Restated

Investors’ Rights Agreement of Winc, Inc.

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