Document:

Exhibit 10.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES; PROVIDED THAT IF ANY SECURITIES ARE PLEDGED AND THE
PLEDGEE TAKES POSSESSION OF SUCH SECURITIES, SUCH PLEDGEE MUST AGREE TO BE SUBJECT TO THE SAME RESTRICTIONS THE PLEDGOR WAS SUBJECT
TO WITH RESPECT TO SUCH SECURITIES.

 

CLASS
A COMMON STOCK PURCHASE WARRANT

 

PURPLE
INNOVATION, INC.

 

	Warrant Shares: [●]	Initial Exercise Date: [●]

 

THIS
CLASS A COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, Coliseum
Capital Partners, L.P.1 or its assigns (the “Holder”), is entitled, upon the terms and
subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the
“Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on [Insert 5 year anniversary]
(the “Expiration Date”), to subscribe for and purchase from Purple Innovation, Inc., a Delaware corporation
(the “Company”), up to [●] shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Class A common stock of the Company, par value $.0001 (“Common Stock”). The
purchase price of each share of Common Stock under this Warrant shall be equal to the Warrant Price, as defined in Section
2.1.

  

1. Warrant.

 

1.1 Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem
and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

1.2
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company may deem and treat
the person in whose name such Warrant is registered in the Warrant Register as the absolute owner of such Warrant and of each
Warrant represented thereby, for the purpose of any exercise thereof, and for all other purposes, and the Company shall not be
affected by any notice to the contrary.

  

2. Terms
and Exercise of Warrant.

 

2.1 Warrant
Price. This Warrant shall entitle the Holder hereof to purchase from the Company the number of shares of Common Stock stated
herein, at the price of $5.74 per share, subject to the adjustments provided in Section 3 hereof and in
the last sentence of this Section 2.1. The term “Warrant Price” as used in this Agreement
shall mean the price per share at which shares of Common Stock may be purchased at the time this Warrant is exercised. The Company
in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date for a period of not less than twenty
(20) Business Days, provided, however, that the Company shall provide at least twenty (20) days prior
written notice of such reduction to the Holder of this Warrant; provided further, that in no event shall the Warrant Price
be less than $1.00 other than as a result of any adjustment pursuant to Section 3.

 

 

 

 1
NTD: Form of Warrant to be duplicated for each lender receiving warrants.

 

     

     

    

 

2.2 Duration
of Warrant. This Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the Initial Exercise Date and terminating at 5:00 p.m., New York City time on the Expiration Date. Except with respect
to the right to receive the Redemption Price (as defined below) in the event of a redemption (as set forth in Section 5 hereof),
if this Warrant is not exercised on or before the Expiration Date it shall become void, and all rights hereunder shall cease at
5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of this Warrant
by delaying the Expiration Date.

 

2.3 Exercise
of Warrant.

 

2.3.1 Payment.
Subject to the provisions of this Warrant, this Warrant may be exercised by the Holder hereof, in whole or in part, by delivery
to the Company of a duly executed facsimile copy or PDF copy submitted by email (or email attachment) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”), and by paying in full the Warrant Price for each
full share of Common Stock as to which this Warrant is exercised and any and all applicable taxes due in connection with the exercise
of this Warrant, the exchange of this Warrant for the shares of Common Stock and the issuance of such Common Stock, as follows:

 

(a)
in lawful money of the United States, in good certified check or good bank draft payable to the order of the Company; or

  

(b)
by surrendering this Warrant for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Common Stock for which this Warrant is being exercised, multiplied by the difference between
the Warrant Price and the Fair Market Value, as defined in this Section 2.3.1(b), by (y) the Fair Market Value.
Solely for purposes of this Section 2.3.1(b), the “Fair Market Value” shall mean the average
last sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which
notice of exercise of this Warrant is sent to the Company.

 

2.3.2 Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of this Warrant and the clearance of the
funds in payment of the Warrant Price (if payment is pursuant to Section 2.3.1(a)), the Company shall issue to the
Holder of this Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if this Warrant shall not
have been exercised in full, a new countersigned Warrant for the number of shares as to which this Warrant shall not have been
exercised. Subject to Section 3.6 of this Agreement, the Holder of this Warrant may exercise this Warrant only for a whole
number of shares of Common Stock. In no event will the Company be required to net cash settle the Warrant exercise. If, by reason
of any exercise of warrants on a “cashless basis”, the Holder would be entitled, upon the exercise of this Warrant,
to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number
of shares of Common Stock to be issued to the Holder.

 

2.3.3 Valid
Issuance. All shares of Common Stock issued upon the proper exercise of this Warrant shall be validly issued, fully paid and nonassessable.

 

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

  

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2.3.5 Maximum
Percentage. The Holder may notify the Company in writing in the event it elects to be subject to the provisions contained
in this Section 2.3.5; provided, however, that the Holder shall not be subject to this Section 2.3.5
unless he, she or it makes such election. If the election is made by the Holder, the Company shall not effect the exercise of
this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such
exercise, the Holder (together with the Holder’s affiliates (as defined in Rule 405 of the Securities Act)), to the Company’s
actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by the Holder and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of
any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible
notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company (the
“Transfer Agent”) setting forth the number of shares of Common Stock outstanding. For any reason at
any time, upon the written request of the Holder, the Company shall, within two (2) Business Days, confirm orally and in writing
to the Holder the number of shares of Common Stock then outstanding. “Business Day” means any day except
any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company
by the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By
written notice to the Company, the Holder of this Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such Holder to any other percentage specified in such notice; provided, however, that any such increase shall
not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

3. Adjustments.

 

3.1 Stock
Dividends.

 

3.1.1 Split-Ups.
If after the date hereof, and subject to the provisions of Section 3.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares
of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of this Warrant shall be increased in proportion to such increase in
the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares
of Common Stock at a price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of
a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such
rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock
paid in such rights offering divided by (y) the Fair Market Value. For purposes of this Section 3.1.1, (i) if
the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common
Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

 

3.1.2 Extraordinary
Dividends. If the Company, at any time while this Warrant is outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares
of the Company’s capital stock into which this Warrant is convertible), other than (a) as described in Section
3.1.1 above, or (b) Ordinary Cash Dividends (as defined below) (any such non-excluded event being
referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined
by the Board of Directors of the Company, in good faith) of any securities or other assets paid on each share of Common Stock
in respect of such Extraordinary Dividend. For purposes of this Section 3.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other
cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration
of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 3 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares
of Common Stock issuable on exercise of each Warrant) does not exceed $[Insert 5% of initial Warrant Price].

 

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3.2 Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 3.6 hereof, the number
of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of
shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of this Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock.

 

3.3 Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of this Warrant is adjusted,
as provided in Section 3.1.1 or Section 3.2 above, the Warrant Price shall be adjusted (to the
nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which
shall be the number of shares of Common Stock purchasable upon the exercise of this Warrant immediately prior to such adjustment,
and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

  

3.4 Replacement
of Securities upon Reorganization, etc.

 

3.4.1
Fundamental Transaction. In the case of (a) any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change under Sections 3.1.1 or 3.1.2 or Section 3.2 hereof or that solely affects the
par value of such shares of Common Stock), (b) any (i) merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock) or (ii) merger or consolidation of the Company with (but not into)
another corporation, in which stockholders of the Company immediately prior to such transaction own less than a majority of the
outstanding stock of the surviving entity, (c) any sale or conveyance to another corporation or entity of the assets or other
property of the Company as an entirety or substantially as an entirety, or (d) any tender, exchange or redemption offer made to
and accepted by the holders of the Common Stock under circumstances in which, upon completion of such tender or exchange offer,
the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which
such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange
Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock (each of (a)-(d), a “Fundamental
Transaction”), then the Holder of this Warrant shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in this Warrant and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, for each share of Common Stock which
may be purchased upon exercise of this Warrant at the effective time of the Fundamental Transaction, the kind and amount of shares
of stock or other securities or property (including cash) receivable in respect of each share of Common Stock upon such Fundamental
Transaction (the “Alternate Consideration”); provided, however, that (i) if the holders
of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets
receivable upon a Fundamental Transaction, then the kind and amount of securities, cash or other assets constituting the Alternate
Consideration for which this Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount
received per share by the holders of the Common Stock in such Fundamental Transaction that affirmatively make such election, and
(ii) in the event of a Fundamental Transaction under clause (d) above, the Holder of this Warrant shall be entitled to receive
as the Alternate Consideration, the highest amount of cash, securities or other property to which the Holder would actually have
been entitled as a stockholder if the Holder had exercised this Warrant prior to the expiration of such tender or exchange offer,
accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer,
subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to
the adjustments provided for in this Section 3. The Company shall cause any successor to the Company, surviving entity
or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation to assume the obligation to
deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled
to receive, and the other obligations under this Warrant.

 

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3.4.2
Warrant Price Adjustment. In the event (a) any Fundamental Transaction occurs, (b) any person (other than the Holder and
its affiliates), together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such
person is a part, and together with any affiliate or associate of such person (within the meaning of Rule 12b-2 under the Exchange
Act) and any members of any such group of which any such affiliate or associate is a part, becomes the beneficial owner, directly
or indirectly, through purchase, merger or other acquisition transaction or series of transactions, securities of the Company
entitling such person or group to exercise 25% or more of the total voting power of all voting securities of the Company, (c)
Tony Pearce or Terry Pearce individually or together cease beneficially to own at least 50% of the voting securities of the Company,
or (d) the Board of Directors of the Company ceases to be comprised of a majority of independent directors (as defined under NASDAQ
rules) for a period of longer than 60 consecutive days (each of (a)-(d), a “Warrant Price Adjustment Transaction”),
then in each such case the Warrant Price shall be reduced by the Black-Scholes Warrant Value (as defined below) unless the Holder
has made an election under Section 3.4.3 below in relation to the same Warrant Price Adjustment Transaction in which case the
Warrant Price for the portion of this Warrant for which such election under Section 3.4.3 was made shall not be adjusted.

 

3.4.3
Warrant Repurchase. Upon (a) the consummation of any Fundamental Transaction or (b) any person (other than the Holder and
its affiliates), together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such
person is a part, and together with any affiliate or associate of such person (within the meaning of Rule 12b-2 under the Exchange
Act) and any members of any such group of which any such affiliate or associate is a part, becoming the beneficial owner, directly
or indirectly, through purchase, merger or other acquisition transaction or series of transactions, of securities of the Company
entitling such person or group to exercise 50% or more of the total voting power of all voting securities of the Company (each
of (a) and (b), a “Repurchase Transaction”), at the request of the Holder delivered at any time during
the period commencing on the earliest to occur of (i) the public disclosure of any Repurchase Transaction, (ii) the consummation
of any Repurchase Transaction and (iii) the Holder first becoming aware of any Repurchase Transaction, in each case through the
date that is 45 days after the public disclosure of the consummation of such Repurchase Transaction by the Company pursuant to
a Current Report on Form 8-K filed with the Commission, the Company (or the successor entity to the Company) shall purchase all
or a portion of this Warrant requested by the Holder from the Holder by paying to the Holder, within five trading days after such
request (or, if such request is given prior to the consummation of such Repurchase Transaction, on the effective date of (and
subject to) the consummation of the Repurchase Transaction), cash in an amount equal to the Black-Scholes Warrant Value multiplied
by the number of Warrant Shares for the portion of this Warrant which has been requested to be repurchased.

 

3.4.4
Black-Scholes Warrant Value. “Black-Scholes Warrant Value” means the value of the right to exercise
this Warrant in respect of each Warrant Share immediately prior to the consummation of the Fundamental Transaction, Warrant Price
Adjustment Transaction or Repurchase Transaction, as the case may be, based on the Black-Scholes Warrant Model for a Capped American
Call on Bloomberg Financial Markets (“Bloomberg”, obtained from the “OVME” function). For
purposes of calculating such amount, (a) Section 5 of this Agreement shall be taken into account, (b) the price of each share
of Common Stock shall be the greater of the volume weighted average price of the Common Stock as reported during the thirty (30)
trading day period ending on the trading day prior to the effective date of the applicable event or the volume weighted average
price of the Common Stock as reported during the trading day immediately preceding the effective date of consummation of the applicable
Fundamental Transaction, Warrant Price Adjustment Transaction or Repurchase Transaction, as the case may be, (c) the assumed volatility
shall be the greater of 100% or the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading
day immediately prior to the day of the announcement of the applicable event, and (d) the assumed risk-free interest rate shall
correspond to the U.S. Treasury rate for a period equal to the remaining term of this Warrant.

 

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3.4.5
Subsequent Adjustments. The provisions of this Section 3.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than
the par value per share issuable upon exercise of this Warrant.

 

3.5 Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of this Warrant,
the Company shall give written notice thereof to the Holder, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 3.1, 3.2, 3.3 or 3.4, the Company shall give
written notice of the occurrence of such event to the Holder of this Warrant, of the record date or the effective date of the
event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

  

3.6 No
Fractional Shares. Notwithstanding any provision contained in this Warrant to the contrary, the Company shall not issue fractional
shares upon the exercise of this Warrant. If, by reason of any adjustment made pursuant to this Section 3, the
Holder of this Warrant would be entitled, upon the exercise of this Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to
the Holder.

 

3.7 Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 3 are strictly applicable, but which would require an adjustment to the terms of this Warrant
in order to (i) avoid an adverse impact on this Warrant and (ii) effectuate the intent and purpose of this Section 3,
then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented
by this Warrant is necessary to effectuate the intent and purpose of this Section 3 and, if they determine
that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of this Warrant in a manner
that is consistent with any adjustment recommended in such opinion.

 

4. Transfer
and Exchange of Warrant.

 

4.1 New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4.2, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfer or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

4.2 Transfer
of Warrants. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder
for the purchase of Warrant Shares without having a new Warrant issued.

 

4.3
Fractional Warrants. The Company shall not be required to effect any registration of transfer or exchange which shall result
in the issuance of a warrant certificate or book-entry position for a fraction of a warrant.

 

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4.4 Service
Charges. No service charge shall be made for any exchange or registration of transfer of this Warrant.

  

5. Redemption.

 

5.1 Redemption.
This Warrant may be redeemed, at the option of the Company, at any time while it is exercisable and prior to its expiration upon
notice to the Holder of this Warrant, as described in Section 5.2 below, at the price of $0.01 per Warrant
Share (the “Redemption Price”), provided that the last sales price of the Common Stock reported
has been at least $24.00 per share (subject to adjustment in compliance with Section 3 hereof), on each
of twenty (20) trading days within the thirty (30) trading-day period ending on the third Business Day prior
to the date on which notice of the redemption is given and provided that there is an effective registration statement covering
the shares of Common Stock issuable upon exercise of this Warrant, and a current prospectus relating thereto, available throughout
the 30-day Redemption Period (as defined in Section 5.2 below); provided, however,
that this Warrant is redeemable pursuant to this Section 5 only if all other warrants of the Company redeemable at such
time also are redeemed or required to exercise by the Company.

 

5.2 Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem this Warrant in full, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such 30-day period,
the “Redemption Period”) to the Holder of this Warrant to be redeemed at his, her or its last addresses
as it shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given whether or not the Holder received such notice.

 

5.3 Exercise
After Notice of Redemption. This Warrant may be exercised, for cash (or on a “cashless basis” in accordance with
Section 2.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 5.2 hereof and prior to the Redemption Date. In the event that the Company determines to require the Holders
to exercise this Warrant on a “cashless basis” pursuant to Section 2.3.1, the notice of redemption shall
contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of this Warrant,
including the “Fair Market Value” (as such term is defined in Section 2.3.1(b) hereof) in such case.
On and after the Redemption Date, the record holder of this Warrant shall have no further rights except to receive, upon surrender
of this Warrant, the Redemption Price.

 

6. Other
Provisions Relating to Rights of Holder.

 

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

 

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

 

6.3 Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Common Stock that shall be sufficient to permit the exercise in full of this Warrant.

 

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

 

    7

     

    

 

8. Miscellaneous
Provisions.

 

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

 

8.2 Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Holder to or on the Company shall be sufficiently
given when so delivered if by email, hand or overnight delivery or if sent by certified mail or private courier service within
five (5) days after deposit of such notice, postage prepaid, addressed, as follows:

 

Purple
Innovation, Inc.

123
East 200 North

Alpine,
UT 84004

Email:
legal@purple.com

  

8.3 Applicable
Law. The validity, interpretation, and performance of this Warrant shall be governed in all respects by the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Warrant shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

  

8.4 Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Holder of this Warrant any right, remedy, or claim under or by reason of this
Warrant or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant shall be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the Holder of this Warrant.

 

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

 

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

 

8.7 Amendments.
This Warrant may be amended only in a writing signed by the Company and the Holder. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2,
respectively, without the consent of the Holder.

 

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

 

Appendix
A – Notice of Exercise

 

Appendix B
– Form of Assignment

 

    8

     

    

   

IN
WITNESS WHEREOF, the parties hereto have caused this Warrant to be duly executed as of the date first above written.

 

	 	PURPLE INNOVATION, INC.
	 	 	 
	 	By:	                  
	 	Name: 	 
	 	Title:	 
	 	 
	 	COLISEUM
        CAPITAL PARTNERS, L.P.

        By:[
                              ]

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    9

     

    

 

Appendix A

 

NOTICE
OF EXERCISE

 

To:PURPLE
INNOVATION, INC.

 

(1) The undersigned hereby elects to exercise for ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant,
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check applicable box):

 

☐ in
lawful money of the United States; or

 

☐ the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 2, to
exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in Section 2.

 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the
Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Exercising Entity: ________________________________________________________________________

 

Signature
of Authorized Signatory of Exercising Entity: _________________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________________

 

Date:
________________________________________________________________________________________

 

     

     

    

 

Appendix
B

 

ASSIGNMENT
FORM

 

(To
assign all or a portion of the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise
the Warrant.)

 

FOR
VALUE RECEIVED, [●] Warrant Shares under the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	______________________________________
	 	(Please
    Print)
	Address:	______________________________________
	 

         

        Phone
Number:

         

        Email
Address:

         
	(Please
        Print)

        

         

        ______________________________________

         

        ______________________________________

	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature: _____________________	 
	 	 
	Holder’s
Address:  ______________________Exhibit 10.4

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of [●], 2019, by and among Purple Innovation,
Inc., a Delaware corporation (including any successor entity thereto, “Parent”), and the undersigned
parties listed under Investors on the signature page hereto (each an “Investor” and collectively, the
“Investors”).

 

WHEREAS,
Purple Innovation, LLC, a wholly owned subsidiary of Parent, and the Investors are entering into that certain Amended & Restated
Credit Agreement, dated as of the date of this Agreement (the “Amended Credit Agreement”),
together with Delaware Trust Company, as Collateral Agent, which amends and restates that certain Credit Agreement, dated as of
February 2, 2018, by and among such parties; 

 

WHEREAS, in
connection with the entering into of the Amended Credit Agreement, Parent is issuing to the Investors warrants to purchase shares
of Class A Common Stock of Parent (the “Warrants”); and

 

WHEREAS, the
parties desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of the Warrants
and shares of Class A Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”).

 

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

 

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

 

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

 

“Class A
Common Stock” means the class A common stock, par value $0.0001 per share, of Parent (including any successor
common equity securities into which such securities are exchanged or converted).

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Form S-3”
is defined in Section 2.3.

 

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of July 29, 2015, between
Parent and Global Partner Sponsor I LLC, as amended.

 

“Founder
Securities” means those securities included in the definition of “Registrable Security” specified in
the Founder Registration Rights Agreement.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“InnoHold”
means InnoHold, LLC.

 

     

     

    

  

“InnoHold
Registration Rights Agreement” means that certain Registration Rights Agreement entered into by Parent and InnoHold,
dated as of February 2, 2018.

 

“InnoHold
Securities” means those securities included in the definition of “Registrable Securities” specified in
the InnoHold Registration Rights Agreement.

 

“Investor(s)”
is defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain
Registrable Securities) of an Investor permitted under this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

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

 

“Other Investors
Registrable Securities” means any securities which Parent may have obligations to register under the Other Investors
Registration Rights Agreement.

 

“Other Investors
Registration Rights Agreement” means the registration rights agreement entered into by Parent with the Investors
as of February 2, 2018.

 

“Other PIPE
Registrable Securities” means any securities which Parent may have obligations to register under Other PIPE Registration
Rights Agreements.

 

“Other PIPE
Registration Rights Agreements” means the registration rights agreements entered into by Parent with Baleen Capital
Investors II LLC, Baleen Capital Fund LP, Greenhaven Road Capital Fund 1, L.P., Royce Value Trust, Inc., David Capital Partners,
LP, Pleiades Investment Partners – DC, L.P. and Dane Capital Fund LP, as of February 2, 2018.

 

“Other Registrable
Securities” means the Founder Securities, the InnoHold Securities, the Other Investors Registrable Securities, and
the Other PIPE Registrable Securities.

 

“Other Registration
Rights Agreements” means the Founders Registration Rights Agreement, the InnoHold Registration Rights Agreement,
the Other Investors Registration Rights Agreement, and the Other PIPE Registration Rights Agreements.

 

“Paired Security”
means one share of Class B Common Stock of Parent and one Class B Unit of Purple Innovation, LLC, which are exchangeable together
for one share of Class A Common Stock.

 

“Parent”
is defined in the preamble to this Agreement, and shall include Parent’s successors by merger, acquisition, reorganization
or otherwise.

 

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

 

“Pro Rata”
is defined in Section 2.2.2(a).

 

“Proceeding”
is defined in Section 6.10.

 

“Purple Team
Registration Statement” means a registration statement to be filed by Parent registering the issuance of Class A
Common Stock to InnoHold and to the former members of Purple Team, LLC (the “Purple Team Members”), upon
the exchange of Paired Securities by InnoHold and the Purple Team Members.

 

    2

     

    

  

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

 

“Registrable
Securities” means all of the Warrants and the Warrant Shares issuable upon exercise of the Warrants. Registrable
Securities include any warrants, share capital or other securities of Parent issued as a dividend or other distribution with respect
to or in exchange for or in replacement of such Warrants and Warrant Shares. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by Parent and subsequent public distribution of
them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding or (d) the
Registrable Securities are freely saleable under Rule 144 without volume limitations or manner-of-sale restrictions and without
the need for current public information pursuant to Rule 144 (including Rule 144(i)(2)) as set forth in a written opinion letter
to such effect, addressed, delivered and acceptable to Parent’s transfer agent and the affected Investors, as reasonably
determined by Parent, upon the advice of counsel to Parent.

 

“Registration
Expenses” is defined in Section 3.3.

 

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

 

“Rule 415”
means Rule 415 promulgated under the Securities Act (or any successor rule promulgated thereafter by the SEC).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Specified
Courts” is defined in Section 6.10.

 

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

 

“Warrant
Shares” is defined in the recitals to this Agreement.

 

2.
REGISTRATION RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request for
Registration. Subject to Section 2.4, at any time and from time to time after the date of this Agreement, Investors holding
a majority-in-interest of Registrable Securities then issued and outstanding may make a written demand for registration under the
Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand for
a Demand Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution
thereof. Within five (5) days following receipt of any request for a Demand Registration, Parent will notify all other Investors
holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes to include all or a portion
of such Investor’s Registrable Securities in the Demand Registration (each such Investor including shares of Registrable
Securities in such registration, a “Demanding Holder”) shall so notify Parent within fifteen (15) days
after the receipt by such Investor of the notice from Parent. Upon any such request, the Demanding Holders shall be entitled to
have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section
3.1.1. Parent shall not be obligated to effect more than an aggregate of three (3) Demand Registrations under this Section 2.1.1
in respect of all Registrable Securities.

 

    3

     

    

  

2.1.2 Effective Registration.
A registration will not count as a Demand Registration until the Registration Statement filed with the SEC with respect to such
Demand Registration has been declared effective and Parent has complied with all of its obligations under this Agreement with respect
thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering
of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the SEC or any
other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have
been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a majority-in-interest of the Demanding Holders within thirty (30) days of such removal, rescission or termination elect to
continue the offering; provided, further, that Parent shall not be obligated to file a second Registration Statement
until a Registration Statement that has been filed is counted as a Demand Registration, is terminated or a majority-in-interest
fail to elect to continue the offering in accordance with the immediately preceding clause (ii).

 

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

 

2.1.4 Reduction of
Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises
Parent and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which the Demanding Holders
desire to sell, taken together with all other Class A Common Stock or other securities which Parent desires to sell and the Class
A Common Stock or other securities, if any, as to which registration by Parent has been requested pursuant to written contractual
piggy-back registration rights held by other security holders of Parent who desire to sell, exceeds the maximum dollar amount or
maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the “Maximum Number of Shares”), then Parent shall include in such registration: (i) first,
the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders and any Other Investors
Registrable Securities requested to be registered by the Demanding Holders pursuant to the Other Investors Registration Rights
Agreement (pro rata in accordance with the number of securities that each applicable Person has requested be included in such registration,
regardless of the number of securities held by each such Person), that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Class A Common
Stock or other securities that Parent desires to sell that can be sold without exceeding the Maximum Number of Shares; and (iii)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Class
A Common Stock or other securities for the account of other Persons that Parent is obligated to register pursuant to written contractual
arrangements with such Persons and that can be sold without exceeding the Maximum Number of Shares. In the event that Parent securities
that are convertible into Class A Common Stock are included in the offering, the calculations under this Section 2.1.4 shall include
such Parent securities on an as-converted to Class A Common Stock basis.

 

    4

     

    

  

2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to Parent and the Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the SEC with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraw from a proposed offering relating to a Demand Registration in such event, then such registration
shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding anything to the contrary in this Agreement,
but subject to Section 4, Parent shall be responsible for the Registration Expenses incurred in connection with a Registration
pursuant to a Demand Registration prior to its withdrawal under this Section 2.1.5.

 

2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights.
Subject to Section 2.4, if at any time after the date of this Agreement Parent proposes to file a Registration Statement under
the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by Parent for its own account or for security holders of Parent for their account
(or by Parent and by security holders of Parent including pursuant to Section 2.1), other than the Purple Team Registration Statement
or a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to Parent’s existing shareholders, (iii) for an offering of debt that is convertible
into equity securities of Parent, (iv) for a dividend reinvestment plan, then Parent shall (x) give written notice of such proposed
filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to Investors
holding Registrable Securities in such notice the opportunity to register the sale of such number of Registrable Securities as
such Investors may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
To the extent permitted by applicable securities laws with respect to such registration by Parent or another demanding shareholder,
Parent shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included
in a Piggy-Back Registration on the same terms and conditions as any similar securities of Parent and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Investors holding
Registrable Securities proposing to distribute their Registrable Securities through a Piggy-Back Registration that involves an
Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such Piggy-Back Registration.

 

    5

     

    

  

2.2.2 Reduction of
Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises Parent and the Investors holding Registrable Securities proposing to distribute their Registrable Securities through such
Piggy-Back Registration in writing that the dollar amount or number of Class A Common Stock or other Parent securities which Parent
desires to sell, taken together with (i) the Class A Common Stock or other Parent securities, if any, as to which registration
has been demanded pursuant to written contractual arrangements with Persons other than the Investors hereunder, (ii) the Registrable
Securities as to which registration has been requested under this Section 2.2, and (iii) the Class A Common Stock or other Parent
securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights
of other security holders of Parent, exceeds the Maximum Number of Shares, then Parent shall include in any such registration:

 

(a) If the registration
is undertaken for Parent’s account: (i) first, the Class A Common Stock or other securities that Parent desires to sell that
can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the Other Registrable Securities as to which piggy-back registration has been requested
pursuant to the Other Registration Rights Agreements and the Registrable Securities of the Investors as to which registration has
been requested pursuant to this Section 2.2, together that can be sold without exceeding the Maximum Number of Shares, with the
Other Registrable Securities and Registrable Securities being included pro rata in accordance with the number of securities that
each such Person has requested be included in such piggy-back registration, regardless of the number of securities held by each
such Person (such proportion is referred to herein as “Pro Rata”); and (iii) third, to the extent that
the Maximum Number of shares has not been reached under the foregoing clauses (i) and (ii), the Class A Common Stock or other securities
for the account of other Persons that Parent is obligated to register pursuant to written contractual arrangements with such Persons
and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If the registration
is a “demand” registration undertaken at the demand of holders of Other Registrable Securities under an Other Registration
Rights Agreement: (i) first, the Other Registrable Securities for the account of the demanding holders under the Other Registration
Rights Agreement that can be sold without exceeding the Maximum Number of Shares, together with, if such demanding holders are
the Investors pursuant to the Other Investors Registration Rights Agreement, any Registrable Securities as to which registration
has been requested under this Section 2.2 (pro rata in accordance with the number of securities that each applicable Person has
requested to be included in such registration, regardless of the number of securities held by each such Person); (ii) second, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Class A Common Stock or other
securities that Parent desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Other Registrable Securities
as to which piggy-back registration has been requested pursuant to the Other Registration Rights Agreements (excluding the holders
who exercised such demand rights) and the Registrable Securities of the Investors as to which registration has been requested pursuant
to this Section 2.2, together that can be sold without exceeding the Maximum Number of Shares, with such Other Registrable Securities
and Registrable Securities being included Pro Rata; and (iv) fourth, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i), (ii) and (iii), the Class A Common Stock or other securities for the account of other
Persons that Parent is obligated to register pursuant to written contractual arrangements with such Persons and that can be sold
without exceeding the Maximum Number of Shares; and

 

    6

     

    

  

(c) If the registration
is a “demand” registration undertaken at the demand of Persons other than the Investors holding Registrable Securities
or the holders of Other Registrable Securities, (i) first, the Class A Common Stock or other securities for the account of such
demanding Persons that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (i), the Class A Common Stock or other securities that Parent
desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (i) and (ii), the Other Registrable Securities as to which piggy-back
registration has been requested pursuant to the Other Registration Rights Agreements and the Registrable Securities of the Investors
as to which registration has been requested pursuant to this Section 2.2, together that can be sold without exceeding the Maximum
Number of Shares, with such Other Registrable Securities and Registrable Securities being included Pro Rata; and (iv) fourth, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii) and (iii), the Class A
Common Stock or other securities for the account of other Persons that Parent is obligated to register pursuant to written contractual
arrangements with such Persons and that can be sold without exceeding the Maximum Number of Shares.

 

In the event that Parent
securities that are convertible into Class A Common Stock are included in the offering, the calculations under this Section 2.2.2
shall include such Parent securities on an as-converted to Class A Common Stock basis. Notwithstanding anything to the contrary
contained above, to the extent that the registration of the Registrable Securities of the Investors would prevent Parent or the
demanding stockholders from effecting such registration and offering, such Investors shall not be permitted to exercise Piggy-Back
Registration rights with respect to such registration and offering.

 

2.2.3 Withdrawal.
Any Investor holding Registrable Securities may elect to withdraw its request for inclusion of Registrable Securities in any Piggy-Back
Registration by giving written notice to Parent of such request to withdraw prior to the effectiveness of the Registration Statement.
Parent (whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual
obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement without
any liability to the Investor, subject to the next sentence and the provisions of Section 4. Notwithstanding any such withdrawal,
Parent shall pay all expenses incurred in connection with such Piggy-Back Registration as provided in Section 3.3 by Investors
holding Registrable Securities that have requested to have their Registrable Securities included in such Piggy-Back Registration.

 

2.3 Shelf Registration.
After the date of this Agreement, subject to Section 2.4, Investors holding Registrable Securities may at any time and from time
to time, request in writing that Parent, pursuant to Rule 415, register the resale of any or all of their Registrable Securities
on Form S-3, or if Form S-3 is not available to Parent, Form S-1; provided, however, that Parent shall not be obligated
to effect such request through an underwritten offering. As soon as practicable after receipt of such written request, Parent will
give written notice of the proposed registration to all other Investors holding Registrable Securities, and, as soon as practicable
thereafter Parent will effect the registration of all or such portion of Investors’ Registrable Securities as are specified
in such request, together with all or such portion of the Registrable Securities, if any, of any other Investors joining in such
request as are specified in a written request given within fifteen (15) days after receipt of such written notice from Parent;
provided, however, that Parent shall not be obligated to effect any such registration pursuant to this Section 2.3
if Investors holding Registrable Securities, together with the holders of any other securities of Parent entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public
of less than $1,000,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

 

    7

     

    

  

2.4 Warrant and
Warrant Shares Registration Statement. On or prior to March 29, 2019 (the “Warrant and Warrant Shares Registration
Filing Date”), Parent will prepare and file with the SEC pursuant to Rule 415 a Registration Statement (the “Warrant
and Warrant Shares Registration Statement”) to register the resale of the Warrants and the Warrant Shares, which
Warrant and Warrant Shares Registration Statement will not be treated as a Demand Registration for purposes of Section 2.1.1 but
will be treated as a Registration for all other purposes of this Agreement, including Sections 3 and 4 hereof; provided,
however, that the Warrants and Warrant Shares of each Investor will be included for registration in the Warrant and Warrant
Shares Registration Statement only to the extent that such Investor promptly provides to Parent upon request (and in any event
at least two (2) Business Days prior to the Warrant and Warrant Shares Registration Filing Date) all of the information required
by Section 3.4 below with respect to the Warrant and Warrant Shares Registration Statement.

 

3.
REGISTRATION PROCEDURES.

 

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

 

3.1.1 Filing Registration
Statement. Parent shall use its best efforts to, as expeditiously as possible, but in no event more than forty-five (45) days,
after receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the SEC a Registration Statement
on any form for which Parent then qualifies or which counsel for Parent shall deem appropriate and which form shall be available
for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to become effective as soon as practicable, but in
no event later than seventy-five (75) days after the filing of such Registration Statement, and use its best efforts to keep it
effective for the period required by Section 3.1.3; provided, however, that Parent shall have the right to defer
any Demand Registration for up to an additional fifteen (15) days, and any Piggy-Back Registration for such period as may be applicable
to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if Parent shall furnish to
Investors requesting to include their Registrable Securities in such registration a certificate signed by the President, Chief
Executive Officer or Chairman of Parent stating that, in the good faith judgment of the Board of Directors of Parent, it would
be materially detrimental to Parent and its shareholders for such Registration Statement to be effected at such time; provided,
further, that Parent shall not have the right to exercise the right set forth in the immediately preceding proviso more
than once in any 365-day period in respect of a Demand Registration hereunder.

 

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

 

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

 

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3.1.4 Notification.
After the filing of a Registration Statement, Parent shall promptly, and in no event more than three (3) Business Days after such
filing, notify Investors holding Registrable Securities included in such Registration Statement of such filing, and shall further
notify such Investors promptly and confirm such advice in writing in all events within three (3) Business Days after the occurrence
of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC of any stop order (and Parent shall
take all actions required to prevent the entry of such stop order or to remove it if entered); (iv) subject to the last sentence
of this Section 3.1.4, the occurrence or existence of any pending corporate development with respect to Parent that Parent believes
may be material and that, in the determination of Parent’s Board of Directors, makes it not in the best interest of Parent
to allow continued availability of such Registration Statement or any prospectus relating thereto; and (v) any request by the SEC
for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information
or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and promptly make available to Investors holding Registrable Securities included in such Registration Statement
any such supplement or amendment; except that before filing with the SEC a Registration Statement or prospectus or any amendment
or supplement thereto, Parent shall furnish to Investors holding Registrable Securities included in such Registration Statement
and the legal counsel of such Investors copies of all such documents proposed to be filed sufficiently in advance of filing to
provide such Investors and legal counsel with a reasonable opportunity to review such documents and comment thereon, and Parent
shall not file any Registration Statement or prospectus or amendment or supplement thereto to which such Investors or their legal
counsel shall object. In no event shall any notification pursuant to this Agreement contain any information which would constitute
material, non-public information regarding Parent or any of its subsidiaries.

 

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

 

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

 

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3.1.7 Cooperation.
The principal executive officer of Parent, the principal financial officer of Parent, the principal accounting officer of Parent
and all other officers and members of the management of Parent shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include the preparation of the Registration Statement with respect to such offering and all
other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

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

 

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

 

3.1.10 Earnings Statement.
Parent shall comply with all applicable rules and regulations of the SEC and the Securities Act, and make available to its shareholders,
as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11 Listing.
Parent shall use its best efforts to cause all Registrable Securities that are Class A Common Stock included in any registration
to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by Parent are
then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to Investors
holding a majority-in-interest of the Registrable Securities included in such registration.

 

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

 

3.2 Obligation to
Suspend Distribution. Upon receipt of any notice from Parent of the happening of any event of the kind described in Section
3.1.4(iii), (iv) or (v), each Investor holding Registrable Securities included in such Registration Statement shall immediately
discontinue disposition of its Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such Investor receives the supplemented or amended prospectus contemplated by Section 3.1.4(iii), (iv) or (v) to the extent
required, and, if so directed by Parent, each such Investor will deliver to Parent all copies, other than permanent file copies
then in such Investor’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt
of such notice. Parent shall be entitled to exercise its right under this Section 3.2 to suspend the availability of a Registration
Statement and related prospectus for a period not to exceed thirty (30) calendar days once in any 365-day period.

 

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3.3 Registration
Expenses. Subject to Section 4, Parent shall bear all costs and expenses incurred in connection with any Demand Registration
pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant
to Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or
not the Registration Statement becomes effective (“Registration Expenses”), including: (i) all registration
and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) Parent’s
internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees;
(vii) fees and disbursements of counsel for Parent and fees and expenses for independent certified public accountants retained
by Parent (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to
Section 3.1.9); (viii) the fees and expenses of any special experts retained by Parent in connection with such registration; (ix)
any underwriting discounts or selling commissions, placement agent or broker fees or similar discounts, commissions or fees and
any related expenses with respect to the sale of Registrable Securities by any Investor; and (x) the fees and expenses of one legal
counsel selected by Investors holding a majority-in-interest of the Registrable Securities included in such registration.

 

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

 

4.
INDEMNIFICATION AND CONTRIBUTION.

 

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

 

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

 

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

 

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4.4 Contribution.

 

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

 

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

 

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

 

5.
UNDERWRITING AND DISTRIBUTION.

 

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

 

6.
MISCELLANEOUS.

 

6.1 Other Registration
Rights. Parent represents and warrants that as of the date of this Agreement, no Person, other than the holders of (i) the
Registrable Securities, (ii) the Founder Securities, (iii) the InnoHold Securities, (iv) the Other Investors Registrable Securities,
and (v) the Other PIPE Registrable Securities, has any right to require Parent to register any of Parent’s capital stock
for sale or to include Parent’s capital stock in any registration filed by Parent for the sale of capital stock for its own
account or for the account of any other Person.

 

 

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

 

6.3 Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

	
        If to Parent, to:

         

        Purple Innovation, Inc.

        123 E. 200 N.

        Alpine, UT 84004

        Attn: Casey McGarvey

        Email: casey@purple.com
	
        With a copy to (which
        shall not constitute notice):

         

        Dorsey & Whitney LLP

        111 S. Main St., Suite 2100

        Salt Lake City, UT 84111

        Attn: Nolan S. Taylor

        Email: taylor.nolan@dorsey.com

        Fax: (801) 933-7373

        Tel: (801) 933-7366

         

	

                                                                                 

                                                                                If to an Investor, to the address set forth next to such Investor’s name on Exhibit A hereto.

                                                                                 

 

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

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document transmission),
each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 

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

 

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6.7 Interpretation.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision
of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

6.8 Amendments;
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 agreement or consent of Parent and
Investors holding a majority-in-interest of the Registrable Securities. No failure or delay by a party in exercising any right
hereunder shall operate as a waiver thereof. 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

 

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

 

6.10 Governing Law;
Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware
without regard to the conflict of laws principles thereof. All actions, claims or other legal proceedings arising out of or relating
to this Agreement (a “Proceeding”) shall be heard and determined exclusively in any state or federal
court located in the State of Delaware (or in any court in which appeal from such courts may be taken) (the “Specified
Courts”). Each party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose
of any Proceeding brought by any party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense
or otherwise, in any such 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 Proceeding is brought in an inconvenient forum, that
the venue of the Proceeding is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in
or by any Specified Court. Each party agrees that a final judgment in any Proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by applicable law. Each party irrevocably consents
to the service of the summons and complaint and any other process in any Proceeding, on behalf of itself, or its property, by personal
delivery of copies of such process to such party at the applicable address set forth in Section 6.3. Nothing in this Section 6.10
shall affect the right of any party to serve legal process in any other manner permitted by applicable law.

 

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

 

{REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK; SIGNATURE PAGES FOLLOW}

 

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IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written above.

 

	 	Parent:
	 	 	 
	 	Purple innovation, inc.
	 	 	 
	 	By:	 
	 	Name:  	            
	 	Title:  	 

 

	 	Investors:
	 	 	 
	 	Coliseum Capital Partners, L.P.
	 	 	 	 
	 	By:	Coliseum Capital, LLC,
	 	 	its General Partner
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Blackwell partners llc – series A
	 	 	 	 
	 	By:	Coliseum Capital Management, LLC, 
	 	 	Attorney-in-Fact
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Coliseum Co-Invest Debt Fund, L.P.
	 	 	 	 
	 	By:	Coliseum Capital, LLC, 
	 	 	its General Partner
	 	 	 	 
	 	 	By:	 
	 	 	Name:	                   
	 	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

  

     

     

    

 

EXHIBIT
A

 

Investors

  

	Name of Investor	 	Address of Investor
	Coliseum Capital Partners, L.P.	 	
        c/o Coliseum Capital Management, LLC

        105 Rowayton Avenue

        Rowayton, CT 06853

        Attn: Adam Gray; Christopher Shackelton; and Chivonne Cassar

        Email: agray@coliseumpartners.com; chris@coliseumpartners.com;

        ccassar@coliseumpartners.com

         

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

         

        Paul Hastings LLC

        200 Park Avenue

        New York, NY 10166

        Attn: Barry Brooks

        Email: barrybrooks@paulhastings.com

	 	 	 
	Blackwell Partners LLC – Series A	 	
        c/o Coliseum Capital Management, LLC

        105 Rowayton Avenue

        Rowayton, CT 06853

        Attn: Adam Gray; Christopher Shackelton; and Chivonne Cassar

        Email: agray@coliseumpartners.com; chris@coliseumpartners.com;

        ccassar@coliseumpartners.com

         

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

         

        Paul Hastings LLC

        200 Park Avenue

        New York, NY 10166

        Attn: Barry Brooks

        Email: barrybrooks@paulhastings.com

	 	 	 
	Coliseum Co-Invest Debt Fund, L.P.	 	
        c/o Coliseum Capital Management, LLC

        105 Rowayton Avenue

        Rowayton, CT 06853

        Attn: Adam Gray; Christopher Shackelton; and Chivonne Cassar

        Email: agray@coliseumpartners.com; chris@coliseumpartners.com;

        ccassar@coliseumpartners.com

         

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

         

        Paul Hastings LLC

        200 Park Avenue

        New York, NY 10166

        Attn: Barry Brooks

        Email: barrybrooks@paulhastings.com

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