Document:

Exhibit 10.5

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is entered into as of [_____], 2021, by and among Clarus Therapeutics Holdings, Inc. (formerly
Blue Water Acquisition Corp.), a Delaware corporation (the “Company”), and the parties listed as Investors on
Schedule I hereto (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, the Company, Blue
Water Merger Sub Corp., a Delaware corporation (“Merger Sub”), and Clarus Therapeutics, Inc., a Delaware corporation
(“Clarus”) have entered into that certain Agreement and Plan of Merger, dated as of April 26, 2021 (as amended
or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things: (a) Merger
Sub merged with and into Clarus (the “Merger”), with Clarus surviving the Merger as a wholly-owned subsidiary
of Company;

 

WHEREAS, the Company and the
Investors listed as Company Investors on Schedule I hereto (collectively, the “Company Investors”) are parties
to that certain Registration Rights Agreement, dated December 15, 2020 (the “Prior Agreement”);

 

WHEREAS, the Company and the
Company Investors desire to terminate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement
in lieu of the rights granted to them under the Prior Agreement;

 

WHEREAS, the Clarus Investors
listed on Schedule I hereto (“Clarus Investors”) will receive shares of Common Stock in in connection with the consummation
of the Merger; and

 

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:

 

“Addendum Agreement”
is defined in Section 6.2.

 

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

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to close, excluding as a result of “stay at home”, “shelter-in-place”, non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any Authority so long as the electronic
funds transfer systems, including for wire transfers, of commercial banking institutions in New York, New York are generally open for
use by customers on such day.

 

“Bylaws”
means the bylaws of the Company, as amended, modified, supplemented or restated and in effect from time to time.

 

    

     

    

 

“Certificate”
means the certificate of incorporation of the Company, as amended, modified, supplemented or restated and in effect from time to time,
including any certificate of designation, correction or amendment filed with the Secretary of State of the State of Delaware.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Common Stock”
means the Class A common stock, par value $0.0001 per share, of the Company.

 

“Company”
is defined in the preamble to this Agreement.

 

“Company Investors”
is defined in the preamble to this Agreement.

 

“Demand Registration”
is defined in Section 2.2.1.

 

“Demanding Holder”
is defined in Section 2.2.1.

 

“Effectiveness
Period” is defined in Section 3.1.3.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

 

“Form S-1” means
a Registration Statement on Form S-1.

 

“Form S-3”
means a Registration Statement on Form S-3 or any similar short-form registration that may be available at such time.

 

“Clarus”
is defined in the preamble to this Agreement.

 

“Clarus Investors”
is defined in the recitals to this Agreement.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investor”
and “Investors” is defined in the preamble to this Agreement.

 

“Investor Indemnified
Party” is defined in Section 4.1.

 

“Maximum Number
of Shares” is defined in Section 2.2.4.

 

“Merger”
is defined in the preamble to this Agreement.

 

“Merger Agreement”
is defined in the preamble to this Agreement.

 

“Merger Sub”
is defined in the preamble to this Agreement.

 

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“New Registration
Statement” is defined in Section 2.1.4.

 

“Notices”
is defined in Section 6.3.

 

“Piggy-Back Registration”
is defined in Section 2.3.1.

 

“Prior Agreement”
is defined in the preamble to this Agreement.

 

“Pro Rata”
is defined in Section 2.2.4.

 

“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 (i) the shares of Common Stock issued to the Investors in the Merger, (ii) the shares of Common Stock held by the Company Investors,
(iii) the shares of Common Stock issued to the Company Investors upon conversion of the Company’s Class B common stock in connection
with the Merger, (iv) the shares of Common Stock issuable upon exercise of all warrants of the Company held by the Company Investors,
and (iv) all shares of Common Stock issued to the Investors with respect to such securities referred to in clauses (i) – (iv) by
way of any share split, share dividend or other distribution, recapitalization, share exchange, share reconstruction, amalgamation, contractual
control arrangement or similar event. 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 the Company and subsequent public distribution of them shall not require registration under the Securities Act; or (c) such securities
shall have ceased to be outstanding.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission 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).

 

“Resale Shelf
Registration Statement” is defined in Section 2.1.1.

 

“Requesting Holder”
is defined in Section 2.1.5(a).

 

“SEC Guidance”
is defined in Section 2.1.4.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

 

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“Selling Holders”
is defined in Section 2.1.5(a)(ii).

 

“Subsequent Shelf
Registration” is defined in Section 2.1.3.

 

“Transfer”
means to (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or
otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission
promulgated thereunder, with respect to any Common Stock, or any options or warrants to purchase any shares of Common Stock or any securities
convertible into, exchangeable for or that represent the right to receive shares of Common Stock, (ii) enter into any swap or hedging
or other arrangement which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the shares
of Common Stock, or that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction, including the filing of a registration statement specified in clause (i) or (ii). Notwithstanding the foregoing,
a Transfer shall not be deemed to include any transfer for no consideration if the donee, trustee, heir or other transferee has agreed
in writing to be bound by the same terms under this Agreement to the extent and for the duration that such terms remain in effect at the
time of the Transfer.

 

“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.

 

“Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to the Resale Shelf Registration
Statement, as amended or supplemented.

 

“Underwritten
Demand Registration” shall mean an underwritten public offering of Registrable Securities pursuant to a Demand Registration,
as amended or supplemented.

 

2. REGISTRATION
RIGHTS.

 

2.1 Resale
Shelf Registration Rights.

 

2.1.1 Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with the
Commission no later than fifteen (15) business days after the Closing (the “Filing Date”), a Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by
Investors of all of the Registrable Securities then held by such Investors that are not covered by an effective registration statement
on the Filing Date (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall
be on Form S-3 or another appropriate form permitting Registration of such Registrable Securities for resale by such Investors. The Company
shall use reasonable best efforts to cause the Resale Shelf Registration Statement to be declared effective within forty-five (45) days
after the Closing, and once effective, to keep the Resale Shelf Registration Statement continuously effective under the Securities Act
at all times until the expiration of the Effectiveness Period.

 

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2.1.2 Notification
and Distribution of Materials. The Company shall notify the Investors in writing of the effectiveness of the Resale Shelf Registration
Statement and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments,
supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements)
and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Investors may reasonably
request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

 

2.1.3 Amendments
and Supplements. Subject to the provisions of Section 2.1.1 above, the Company shall promptly prepare and file with the Commission
from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection therewith
as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities Act
with respect to the disposition of all the Registrable Securities during the Effectiveness Period.

 

2.1.4 Notwithstanding
the registration obligations set forth in this Section 2.1, in the event the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly (i) inform each of the holders thereof and use its commercially reasonable efforts to file amendments
to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale Shelf Registration Statement
and file a new registration statement (a “New Registration Statement”), in either case covering the maximum
number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for
resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration
Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration
of all of the Registrable Securities in accordance with any publicly-available written or oral guidance, comments, requirements or requests
of the Commission staff (the “SEC Guidance”), including without limitation, the Manual of Publicly Available
Telephone Interpretations D.29. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of
the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used commercially reasonable efforts to advocate with the Commission for the registration of all or a greater number
of Registrable Securities), unless otherwise directed in writing by a holder as to its Registrable Securities, the number of Registrable
Securities to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable
Securities held by the Investors, subject to a determination by the Commission that certain Investors must be reduced first based on the
number of Registrable Securities held by such Investors. In the event the Company amends the Resale Shelf Registration Statement or files
a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts
to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities
in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities
that were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 

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2.1.5 Notice
of Certain Events. The Company shall promptly notify the Investors in writing of any request by the Commission for any amendment or
supplement to, or additional information in connection with, the Resale Shelf Registration Statement required to be prepared and filed
hereunder (or Prospectus relating thereto). The Company shall promptly notify each Investor in writing of the filing of the Resale Shelf
Registration Statement or any Prospectus, amendment or supplement related thereto or any post-effective amendment to the Resale Shelf
Registration Statement and the effectiveness of any post-effective amendment.

 

(a) If
the Company shall receive a request from the holders of Registrable Securities with an estimated market value of at least $[___] (the
requesting holder(s) shall be referred to herein as the “Requesting Holder(s)”) that the Company effect the
Underwritten Takedown of all or any portion of the Requesting Holder’s Registrable Securities, and specifying the intended method
of disposition thereof, then the Company shall promptly give notice of such requested Underwritten Takedown at least ten (10) Business
Days prior to the anticipated filing date of the prospectus or supplement relating to such Underwritten Takedown to the other Investors
and thereupon shall use its reasonable best efforts to effect, as expeditiously as possible, the offering in such Underwritten Takedown
of:

 

(i) subject
to the restrictions set forth in Section 2.2.4, all Registrable Securities for which the Requesting Holder has requested such
offering under Section 2.1.5(a), and

 

(ii) subject
to the restrictions set forth in Section 2.2.4, all other Registrable Securities that any holders of Registrable Securities
(all such holders, together with the Requesting Holder, the “Selling Holders”) have requested the Company to
offer by request received by the Company within seven Business Days after such holders receive the Company’s notice of the Underwritten
Takedown, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the
Registrable Securities so to be offered.

 

(b) Promptly
after the expiration of the seven-Business Day-period referred to in Section 2.1.5(a)(ii), the Company will notify all Selling
Holders of the identities of the other Selling Holders and the number of shares of Registrable Securities requested to be included therein.

 

(c) the
Company shall only be required to effectuate: (i) one Underwritten Takedown within any six-month period; (ii) no more than two Underwritten
Takedowns in respect of all Registrable Securities held by the Company Investors after giving effect to Section 2.2.1(c); and (iii)
no more than two Underwritten Takedowns in respect of all Registrable Securities held by Clarus Investors after giving effect to Section
2.2.1(d).

 

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(d) If
the managing underwriter in an Underwritten Takedown advises the Company and the Requesting Holder that, in its view, the number of shares
of Registrable Securities requested to be included in such underwritten offering exceeds the largest number of shares that can be sold
without having an adverse effect on such offering, including the price at which such shares can be sold, the shares included in such Underwritten
Takedown will be reduced by the Registrable Securities held by the Selling Holders (applied on a pro rata basis based on the total number
of Registrable Securities held by such Investors, subject to a determination by the Commission that certain Investors must be reduced
first based on the number of Registrable Securities held by such Investors).

 

2.1.6 Selection
of Underwriters. Selling Holders holding a majority in interest of the Registrable Securities requested to be sold in an Underwritten
Takedown shall have the right to select an Underwriter or Underwriters in connection with such Underwritten Takedown, which Underwriter
or Underwriters shall be reasonably acceptable to the Company. In connection with an Underwritten Takedown, the Company shall enter into
customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of the Registrable Securities in such Underwritten Takedown, including, if necessary,
the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements
with the Financial Industry Regulatory Authority, Inc.

 

2.1.7 Registrations
effected pursuant to this Section 2.1 shall not be counted as Demand Registrations effected pursuant to Section 2.2.

 

2.2 Demand
Registration.

 

2.2.1 Request
for Registration. At any time and from time to time after the expiration of a lock-up to which such shares are subject, if any, (i)
Company Investors who hold a majority in interest of the Registrable Securities held by all Company Investors or (ii) Clarus Investors
who hold at least a majority of the Registrable Securities held by all Clarus Investors, as the case may be, may make a written demand
for Registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form Registration
or, if then available, on Form S-3. Each registration requested pursuant to this Section 2.2.1 is referred to herein as a “Demand
Registration”. Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will notify all Investors that are holders of Registrable Securities
of the demand, and each such holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company.
Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration,
subject to Section 2.2.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect: (a)
more than one (1) Demand Registration during any six-month period; (b) any Demand Registration at any time there is an effective Resale
Shelf Registration Statement on file with the Commission pursuant to Section 2.1; (c) more than 2 Underwritten Demand Registrations
in respect of all Registrable Securities held by the Company Investors, each of which will also count as an Underwritten Takedown of the
Company Investors under Section 2.1.5(c)(ii); or (d) more than 2 Underwritten Demand Registrations in respect of all Registrable
Securities held by Clarus Investors, each of which will also count as an Underwritten Takedown of Clarus Investors under Section 2.1.5(c)(iii).

 

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2.2.2 Effective
Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with the Commission with
respect to such Demand Registration has been declared effective and the Company 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 Commission 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 thereafter elect to continue the offering and accordingly notify the Company in writing; provided, further, that
the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted
as a Demand Registration or is terminated.

 

2.2.3 Underwritten
Offering. If the Demanding Holders so elect and such holders so advise the Company as part of their written demand for a Demand Registration,
the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering with
an estimated market value of at least $[___]. In such event, the right of any holder to include its Registrable Securities in such registration
shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All 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 the holders initiating the Demand Registration, and subject to the reasonable approval of the Company.

 

2.2.4 Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other Common Stock or other securities which the Company desires to sell and the Common
Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other
shareholders of the Company 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 the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested
by the Demanding Holders (pro rata in accordance with the number of shares that each such Person has requested be included in such registration,
regardless of the number of shares held by each such Person (such proportion is referred to herein as “Pro Rata”))
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 Common Stock or other securities that the Company 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 Common Stock or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons, as to which “piggy-back” registration has been requested by
the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares.

 

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2.2.5 Withdrawal.
A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten Offering
pursuant to this Section 2.2 for any reason or no reason whatsoever upon written notice to the Company and the Underwriter or Underwriters
of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten Offering and such withdrawn amount
shall no longer be considered an Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall
be responsible for the registration expenses incurred in connection with an Underwritten Offering prior to its withdrawal under this Section
2.2.5.

 

2.3 Piggy-Back
Registration.

 

2.3.1 Piggy-Back
Rights. If at any time after the Closing Date (as defined in the Merger Agreement), the Company 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 the Company for its own account or for shareholders of the Company for their account (or
by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of 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 the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five
(5) days following receipt of such notice (a “Piggy-Back Registration”). The rights provided under this Section
2.3.1 shall not be available to any Investor at such time as (i) there is an effective Resale Shelf Registration Statement available
for the resale of the Registerable Securities pursuant to Section 2.1, (ii) such Registration is solely to be used for the offering
of securities by the Company for its own account and (iii) no other shareholder of the Company is entitled to participate in such Registration.
The Company 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 the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing
to distribute their 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.

 

2.3.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of Common Stock which the Company desires
to sell, taken together with Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities hereunder and the Registrable Securities as to which registration has been
requested under this Section 2.3, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

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(a) If
the registration is undertaken for the Company’s account: (A) first, the Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; and (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the Common Stock or other securities, if any, comprised of Registrable Securities,
as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares,
Pro Rata; and (C) third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B),
the Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and

 

(b) If
the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section 2.2,
(A) first, the Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the Common Stock
or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the
terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without
exceeding the Maximum Number of Shares.

 

2.3.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration
Statement. The Company (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.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

 

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3. REGISTRATION
PROCEDURES.

 

3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2,
the Company shall use its commercially reasonable 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. The Company shall use its reasonable best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company 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 reasonable best efforts to cause such Registration Statement to become effective and use its reasonable best efforts to keep it
effective for the Effectiveness Period; provided, however, that the Company shall have the right to defer any Demand Registration for
up to sixty (60) 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, in the good faith judgment of the Board of Directors of the Company (the
“Company Board”), it would be materially detrimental to the Company and its shareholders for such Registration
Statement to be effected at such time and the Board concludes as a result that it is essential to defer the filing of such Registration
Statement at such time, in which case the Company shall furnish to the Demanding Holders a certificate signed by the Chairman of the Board
or an executive officer of the Company certifying such good faith determination by the Board; provided, further, however, that the Company
shall not have the right to exercise the right set forth in the immediately preceding proviso for more than a total of ninety (90) consecutive
calendar days, or more than one hundred twenty (120) total calendar days in any 365-day period.

 

3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the holders of Registrable Securities included in such registration, and such holders’ 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 the holders of Registrable Securities included in such registration or legal counsel for any such holders
may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

3.1.3 Amendments
and Supplements. Until the earlier of (i) the fifth anniversary of the date of this Agreement or (ii) the date as of which (A) all
of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred
to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission))
or (B) the holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale, the Company shall prepare and file
with the Commission 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 (the “Effectiveness Period”).

 

    11

     

    

 

3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) Business Days after such filing,
notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within two (2) Business Days of 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 Commission of any stop order (and the Company shall take all actions required to prevent
the entry of such stop order or to remove it if entered); and (iv) any request by the Commission 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 the holders
of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for
any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon.

 

3.1.5 Securities
Laws Compliance. The Company shall use its reasonable 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 the holders
of 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 the Company and do any
and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company 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 subject itself to taxation in any such jurisdiction.

 

3.1.6 Agreements
for Disposition. The Company 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 the Company 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 the holders of Registrable Securities included in
such registration statement, and the representations, warranties and covenants of the holders of Registrable Securities included in such
registration statement 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 the Company.

 

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3.1.7 Comfort
Letter. The Company shall obtain a “cold comfort” letter from the Company’s independent registered public accountants
in the event of an underwritten offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
holders.

 

3.1.8 Opinions.
On the date the Registrable Securities are delivered for sale pursuant to any Registration, the Company shall obtain an opinion, dated
such date, of one (1) counsel representing the Company for the purposes of such Registration, addressed to the holders, the placement
agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions, and reasonably satisfactory to a majority in interest of the participating holders.

 

3.1.9 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, 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.

 

3.1.10 Records.
Upon execution of confidentiality agreements, the Company shall make available for inspection by the holders of 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 holder of Registrable Securities included in such Registration Statement
or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply
all information requested by any of them in connection with such Registration Statement.

 

3.1.11 Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission 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.

 

3.1.12 Listing.
The Company shall use its reasonable best efforts to cause all Registrable Securities included in any Registration Statement to be listed
on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or
designated.

 

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3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company
Board, of the ability of all “insiders” covered by such program to transact in the Company’s securities because of the
existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue
disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder
receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver
to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with the Resale Shelf Registration Statement pursuant
to Section 2.1, any Demand Registration pursuant to Section 2.1, any Underwritten Takedown pursuant to Section 2.1.5(a)(i),
any Piggy-Back Registration pursuant to Section 2.3, 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, including, without limitation: (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) the Company’s internal expenses (including, without limitation, 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 3.1.10; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel
for the Company and fees and expenses for independent certified public accountants retained by the Company; (viii) the fees and expenses
of any special experts retained by the Company in connection with such registration and (ix) the reasonable fees and expenses of one legal
counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration not to exceed $25,000.
The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in
an Underwritten Offering, all selling shareholders and the Company shall bear the expenses of the Underwriter’s marketing costs
pro rata in proportion to the respective amount of shares each is selling in such offering.

 

3.4 Information.
The holders of Registrable Securities shall promptly provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in
order to effect the registration of any Registrable Securities under the Securities Act and in connection with the Company’s obligation
to comply with Federal and applicable state securities laws.

 

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4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any,
who controls an Investor and each other holder of Registrable Securities (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 (or allegedly 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 (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities
Act or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company
in connection with any such registration; and the Company 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 the Company 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 allegedly untrue statement
or omission or alleged 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 the Company, in writing, by such
selling holder expressly for use therein. The Company shall indemnify the Underwriters, their officers, directors and each person who
controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing sentence with respect
to the indemnification of the holders.

 

4.2 Indemnification
by Holders of Registrable Securities. Each selling holder of 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 holder, indemnify and
hold harmless the Company, each of its directors and officers, and each other selling holder and each other person, if any, who controls
another selling holder 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 or allegedly 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 or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein
not misleading, but only to the extent that such untrue statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by such selling holder expressly for use therein (provided, however, that the indemnity agreement
contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if
such settlement is effected without the consent of the indemnifying holder, such consent not to be unreasonably withheld, delayed or conditioned),
and shall reimburse the Company, its directors and officers, 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 holder’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 holder. The selling holders shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Company.

 

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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 Sections 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, which counsel is reasonably acceptable to the Indemnifying
Party) 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 or alleged untrue statement of a material fact or the omission or alleged 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 4.4.2 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 and 145. As long as any holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly
furnish such holders with true and complete copies of all such filings. The Company further covenants that it shall take such further
action as any such holder may reasonably request, all to the extent required from time to time to enable such holder to sell shares of
Common Stock held by such holder without registration under the Securities Act within the limitation of the exemptions provided by Rule
144 and 145 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing
any legal opinions. Upon the request of any holder, the Company shall deliver to such holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

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6. MISCELLANEOUS.

 

6.1 Other
Registration Rights and Arrangements. The Company represents and warrants that, as of the date hereof, no person, other than a holder
of the Registrable Securities has any right to require the Company to register any of the Company’s share capital for sale or to
include the Company’s share capital in any registration filed by the Company for the sale of shares for its own account or for the
account of any other person. Company and the Company Investors hereby terminate the Prior Agreement, which shall be of no further force
and effect and is hereby superseded and replaced in its entirety by this Agreement. The Company shall not hereafter enter into any agreement
with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this
Agreement (provided that the grant of right to require the Company to register any of the Company’s share capital for sale or to
include the Company’s share capital in any registration filed by the Company for the sale of shares for its own account or for the
account of any other person shall not, in and of itself, be deemed inconsistent with or in violation of the rights granted to the holders
of Registrable Securities) and in the event of any conflict between any such agreement or agreements and this Agreement, the terms of
this Agreement shall prevail.

 

6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities
hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the extent of any permitted
transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure
to the benefit of each of the parties hereto and their respective successors and assigns and the holders of Registrable Securities and
their respective successors and permitted assigns. 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 Section 4 and this Section 6.2. The rights of a holder of Registrable
Securities under this Agreement may be transferred by such a holder to a transferee who acquires or holds Registrable Securities; provided,
however, that such transferee has executed and delivered to the Company a properly completed agreement to be bound by the terms of this
Agreement substantially in form attached hereto as Exhibit A (an “Addendum Agreement”), and the transferor shall
have delivered to the Company no later than thirty (30) days following the date of the transfer, written notification of such transfer
setting forth the name of the transferor, the name and address of the transferee, and the number of Registrable Securities so transferred.
The execution of an Addendum Agreement shall constitute a permitted amendment of this Agreement.

 

6.3 Amendments
and Modifications. Upon the written consent of (a) the Company, (b) the holders of at least a majority in interest of Registrable
Securities held by Company Investors at the time in question and (c) the holders of at least a majority in interest of Registrable Securities
held by Clarus Investors at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Investor, solely in his, her or its capacity as a holder
of the shares of capital stock of the Company, in a manner that is materially different from the other Investors (in such capacity) shall
require the consent of the Investor so affected. Without limiting the generality of the foregoing, clauses (ii) and (iii) of the definition
of “Registrable Securities”, Section 2.1.5(c)(ii), Section 2.2.1(i), Section 2.2.1(c) and Section
6.4 shall only be waived, amended and modified by the Company Investors who hold a majority in interest of the Registrable Securities
held by all Company Investors at the time in question. No course of dealing between any Investor or the Company and any other party hereto
or any failure or delay on the part of an Investor or the Company in exercising any rights or remedies under this Agreement shall operate
as a waiver of any rights or remedies of any Investor or the Company. No single or partial exercise of any rights or remedies under this
Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such
party.

 

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6.4 Term.
This Agreement is binding upon its execution but shall take effect only at the Closing (as defined in the Merger Agreement) and place
shall terminate automatically upon the earliest to occur of (i)  the termination of the Merger Agreement in accordance with its terms
prior to the Closing; (ii) the fifth anniversary of the date of this Agreement or (iii) the date as of which (A) all of the Registrable
Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section
4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the holders
of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities
Act without limitation on the amount of securities sold or the manner of sale; provided, however, that the provisions of Section 4
shall survive such termination with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior
to such termination. Notwithstanding any provision hereof to the contrary, the right of any Holder to request a registration or inclusion
of Registrable Securities in any registration pursuant to this Agreement shall terminate upon the third anniversary of the date hereof.

 

6.5 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by facsimile or email, addressed as set forth below, or
to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given (i) on the date
of service or transmission if personally served or transmitted by email or facsimile; provided, that if such service or transmission is
not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business Day or (ii) one Business
Day after being deposited with a reputable courier service with an order for next-day delivery, to the parties as follows:

 

If to the Company:

 

Clarus Therapeutics Holdings,
Inc.

555 Skokie Boulevard, Suite 340

Attention: Steven A. Bourne, Chief Financial Officer

E-mail: sbourne@clarustherapeutics.com

 

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

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Attention: Mitchell S. Bloom, Arthur R. McGivern, Daniel J. Espinoza

E-mail:   mbloom@goodwinlaw.com, amcgivern@goodwinlaw.com, despinoza@goodwinlaw.com

 

If to an Investor, to the
address set forth under such Investor’s signature to this Agreement or to such Investor’s address as found in the Company’s
books and records.

 

6.6 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.

 

6.7 Counterparts.
This Agreement may be executed and delivered by facsimile or electronic signature or by email in portable document format and in multiple
counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 

6.8 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written,
including without limitation (but solely upon the taking effect hereof at the Closing) the Prior Agreement.

 

[Signature Page Follows]

 

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

 

	 	CLARUS THERAPEUTICS HOLDINGS, INC. 

a Delaware corporation
	 	 
	 	By:	               
	 	Name:	 
	 	Title: 	

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

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

 

	 	BLUE WATER SPONSOR LLC, 
	 	a Delaware limited liability company
	 	 
	 	By:	     
	 	Name:	 
	 	Title:	 

 

[Signature Page to Registration
Rights Agreement]

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 	 	 
	 	
	 	 
	 		Address: 	[__________]
	 		 	[__________]
	 		 	[__________]

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

EXHIBIT A

 

Addendum Agreement

 

This Addendum Agreement (“Addendum
Agreement”) is executed on __________________, 20___, by the undersigned (the “New Holder”) pursuant to the
terms of that certain Registration Rights Agreement dated as of [●], 2021 (the “Agreement”), by and among the
Company and the Investors identified therein, as such Agreement may be amended, supplemented or otherwise modified from time to time.
Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed to such terms in the Agreement.
By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

1. Acknowledgment.
New Holder acknowledges that New Holder is acquiring certain shares of common stock of the Company (the “Shares”) as
a transferee of such Shares from a party in such party’s capacity as a holder of Registrable Securities under the Agreement, and
after such transfer, New Holder shall be considered an “Investor”1
(of the same designation under the Agreement, whether a “Company Investor” or a “Clarus Investor”, as the case
may be, as the transferor of such Shares) and a holder of Registrable Securities for all purposes under the Agreement.

 

2. Agreement.
New Holder hereby (a) agrees that the Shares shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement
with the same force and effect as if the New Holder were originally a party thereto and an Investor thereunder (of the same designation
under the Agreement, whether a “Company Investor” or a “Clarus Investor”, as the case may be, as the transferor
of such Shares).

 

3. Notice. Any notice
required or permitted by the Agreement shall be given to New Holder at the address or facsimile number listed below New Holder’s
signature below.

 

	NEW HOLDER:	 	ACCEPTED AND AGREED:
	 	 	 
	Print Name: 	 	 	CLARUS THERAPEUTICS HOLDINGS, INC.
	 	 	 	 

  

	By:	 	 	By:	 

 

 

 

 

    

     

    

 

SCHEDULE I

 

 

 

 

Company Investors:

 

Blue Water Sponsor LLC

 

 

 

 

 

Clarus Investors:Exhibit 10.6 

 

EXECUTION COPY

 

TRANSACTION
SUPPORT AGREEMENT

 

This TRANSACTION SUPPORT AGREEMENT
(this “Agreement”), dated as of April 27, 2021 (the “Effective Date”), is by and among Clarus Therapeutics,
Inc., a Delaware corporation with an address at 555 Skokie Boulevard, Suite 340, Northbrook, Illinois 60062 (the “Company,”
which term, for the avoidance of doubt, shall include the surviving company of the Merger (as defined herein) of Merger Sub (as defined
herein) with and into the Company), the several undersigned equityholders, each of whom is a holder of capital stock of the Company in
the amounts set forth opposite the undersigned’s name in Schedule 1 attached hereto (individually, an “Equityholder”
and, collectively, the “Equityholders”), the several undersigned noteholders, each of whom is a beneficial owner of
the aggregate principal amount of Notes under the Indenture set forth opposite the undersigned’s name in Schedule 2 attached
hereto (collectively, the “Notes” and each such beneficial owner, individually, a “Noteholder” and,
collectively, the “Noteholders”), and Blue Water Acquisition Corp., a Delaware corporation with an address at 15 E.
Putnam Avenue, Suite 363, Greenwich, Connecticut 06830 (“BWAC”). The signatories hereto are each referred to herein
as a “Party” and, collectively, as the “Parties”. Capitalized terms used in this Agreement
and not defined herein have the respective meanings given to them in the Merger Agreement referred to below.

 

RECITALS

 

WHEREAS, the Company and U.S.
Bank National Association, as trustee and collateral agent (the “Trustee”) have entered into that certain Indenture
dated as of March 12, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”),
pursuant to which the Company initially issued Notes in an aggregate principal amount of $50,000,000;

 

WHEREAS, the Notes comprise
all of the Securities (as defined in the Indenture) issued and outstanding under the Indenture and the Noteholders are the present beneficial
owners of all of the Securities issued and outstanding under the Indenture;

 

WHEREAS, the Company, the
Noteholders and the Trustee, entered into that certain Forbearance and Transaction Agreement dated as of March 17, 2021 (the “Forbearance
Agreement”), pursuant to which the Noteholders have agreed to, among other things, (i) amend the Indenture to permit an interest
payment on the Notes in the amount of $3,125,000 that was due on March 1, 2021 (the “Interest Payment”) to be evidenced
by the issuance of PIK Securities (as defined in the Indenture) pursuant to the terms and conditions of the Indenture and (ii) refrain
from accelerating the Notes or otherwise exercising default remedies under the Indenture and related documents on the terms and conditions
set forth therein, all subject to the terms and conditions set forth in the Forbearance Agreement;

 

WHEREAS, the Company and each
Noteholder have entered into a Royalty Right Agreement dated as of March 12, 2020 (as amended, restated, supplemented or otherwise modified
from time to time, each, a “Royalty Agreement”), pursuant to which the Company sold to such Noteholder the related
Royalty Right (as defined in the Royalty Agreement and, collectively, the “Royalty Rights”);

 

WHEREAS, the Company, BWAC
and Blue Water Merger Sub Corp. (“Merger Sub”), a Delaware corporation and a subsidiary of BWAC, intend to enter into
an Agreement and Plan of Merger dated as of the Effective Date, in the form attached hereto as Exhibit A (the “Merger Agreement”),
pursuant to which Merger Sub will merge with and into the Company (the “Merger”), after which the Company will be the
surviving company and become a wholly-owned subsidiary of BWAC, and BWAC shall change its name to “Clarus Therapeutics Holdings,
Inc.,” all on the terms and conditions set forth in the Merger Agreement;

 

     

     

    

 

WHEREAS, the total consideration
to be provided to or for the benefit of the holders of the Company’s equity (including capital stock, options, warrants and other
convertible securities), as applicable, in consideration of the Merger (the “Transaction Consideration”) is based on
a total enterprise value of the Company of one hundred ninety-eight million one hundred eighty-four thousand two hundred ninety-five dollars
and forty-three cents ($198,184,295.43), and such Transaction Consideration will be paid through the issuance of a certain number of shares
of Class A common stock, $0.0001 par value, of BWAC (“BWAC Class A Shares”) at a price of $10.20 per share (the “Base
Closing Shares”) and a certain number of additional BWAC Class A Shares at a price of $10.00 per share, all on the terms and
conditions set forth in the Merger Agreement;

 

WHEREAS, in order to provide
the Company with additional liquidity prior to consummation of the Merger, the Equityholders have agreed to provide funding to the Company
on the terms and subject to the conditions set forth herein; and

 

WHEREAS, subject to the terms
and conditions set forth herein, the Noteholders have agreed to (a) consent to the amendment of the Indenture to permit the Interest Payment
to be evidenced by the issuance of PIK Securities pursuant to the terms and conditions of the Indenture, (b) provide funding to the Company
in the form of additional Notes under the Indenture, and (c) effective upon the effectiveness of the Merger, accept an aggregate
of 1,500,000 BWAC Class A Shares in exchange for (i) $10,000,000 of the outstanding aggregate principal amount of the Notes held by the
Noteholders and (ii) the Royalty Rights.

 

NOW, THEREFORE, in consideration
of the premises and the agreements, provisions and covenants contained herein, and subject to the terms and conditions hereof, the Parties
agree as follows:

 

1.
PIK Securities Issuance. The Interest Payment shall be evidenced by the issuance of PIK Securities by the Company under
and pursuant to the terms and conditions of the Indenture (the “PIK Securities Issuance”) pursuant to a supplemental
indenture to the Indenture between the Company and the Trustee (the “Indenture Amendment”), and which shall be approved
and consented to by the Noteholders as soon as practicable after the Effective Date.

 

2.
Operational Funding Amount.

 

		(a)	The Equityholders (and/or affiliates thereof) shall provide funding to the Company in the amount of up
to fifteen million dollars ($15,000,000.00) in the form of Convertible Note Indebtedness (as defined in the Indenture) (the “Operational
Funding Amount”), which shall be evidenced by convertible notes each substantially in the form attached hereto as Exhibit
B (the “Convertible Notes”).

 

    2

     

    

 

		(b)	The Equityholders shall make the Operational Funding Amount available to the Company according to the
following schedule:

 

		i.	March 2021: Seven million one hundred eighty-four thousand two hundred ninety-five dollars and forty-three
cents ($7,184,295.43), which was funded prior to the Effective Date (the “March Funding Amount”);

 

		ii.	April 2021: Up to an additional five million three hundred fifteen thousand seven hundred and four dollars
and fifty-seven cents ($5,315,704.57) (for total cumulative availability of twelve million five hundred thousand dollars ($12,500,000.00));

 

		iii.	May 2021: Up to an additional two million five hundred thousand dollars ($2,500,000.00) (for total cumulative
availability equal to the full Operational Funding Amount).

 

		(c)	The Convertible Notes representing the March Funding Amount shall be exchanged as part of the Company’s
equity participating in the Transaction Consideration for a pro rata portion of the Base Closing Shares (at $10.20 per share).

 

		(d)	Any remaining portion of the Operational Funding Amount in excess of the March Funding Amount funded by
the Equityholders (pro rata among the Equityholders in proportion to such remaining Operational Funding Amount invested by each such Equityholder,
excluding the March Funding Amount) shall be converted at the Effective Time into a number of BWAC Class A Shares equal to the principal
amount of related Convertible Notes (plus any accrued and unpaid interest thereon) divided by $10.00.

 

3.
Excess Operational Funding.

 

		(a)	Subject to the Equityholders (and/or affiliates thereof) having funded the Operational Funding Amount
in full as set forth in Section 2 hereof, and so long as the Forbearance Period (as defined in the Forbearance Agreement) remains
in effect and so long as neither the Company nor BWAC is in breach of this Agreement, the Equityholders (and/or affiliates thereof) and
the Noteholders (and/or affiliates thereof) shall, from time to time and within ten business days of a written request by the Company
(unless a shorter period is agreed to by the Equityholders and the Noteholders), provide funding to the Company (“Excess Operational
Funding”); provided, however, that the total Excess Operational Funding provided by the Equityholders (and/or such affiliates)
and the Noteholders (and/or such affiliates) shall not exceed twenty million dollars ($20,000,000.00) in the aggregate.

 

		(b)	Each tranche of the Excess Operational Funding shall be provided contemporaneously on an equal basis as
between the Equityholders (and/or affiliates thereof) (in the aggregate) and the Noteholders (and/or affiliates thereof) (in the aggregate),
such that at all times fifty percent (50%) of each Excess Operational Funding tranche shall be provided by the Equityholders (and/or affiliates
thereof) and fifty percent (50%) of each such Excess Operational Funding tranche shall be provided by the Noteholders (and/or affiliates
thereof).

 

    3

     

    

 

		(c)	Any Excess Operational Funding provided by the Equityholders (and/or affiliates thereof) shall be funded in
the form of Convertible Note Indebtedness, which shall be evidenced by Convertible Notes and shall be converted at the Effective Time
into a number of BWAC Class A Shares equal to the principal amount thereof (plus any accrued and unpaid interest thereon) divided by $10.00.

 

		(d)	Any Excess Operational Funding provided by the Noteholders (and/or affiliates thereof) (pro rata among
the Noteholders in proportion to the principal amount of Notes beneficially owned by each such Noteholder) shall be funded by the purchase
of Second Additional Securities (as will be defined in the Indenture Amendment) by the Noteholders (and no other party (except an affiliate
of one or more Noteholders)) pursuant to the terms and conditions of the Indenture at an issue price equal to 100% of the principal amount
thereof pursuant to a purchase agreement with the Company and other documentation that is substantially consistent with the documentation
executed and delivered in connection with the purchase by the Noteholders of the Notes on March 12, 2020.

 

		(e)	Any Excess Operational Funding (in the form of Second Additional Securities) provided by the Noteholders
(and/or affiliates thereof) (pro rata among the Noteholders in proportion to the principal amount of Notes beneficially owned by each
such Noteholder) shall either (at the election of BWAC) be (i) paid in cash at the Effective Time at a price equal to the applicable redemption
price for the Notes as set forth therein and in the Indenture, or (ii) converted at the Effective Time into a number of BWAC Class A Shares
equal to the principal amount of such Second Additional Securities (plus any accrued and unpaid interest thereon) divided by the $10.00
and, in either case, such Second Additional Securities shall be delivered to the Trustee for cancellation under the Indenture.

 

4.
Noteholder Exchange. Subject to and effective upon the occurrence of the Effective Time, and so long as the Forbearance
Period remains in effect and neither the Issuer nor BWAC is in breach of this Agreement, (a) the Noteholders shall irrevocably contribute,
convey, assign and transfer to BWAC, through the facilities of The Depository Trust Company, all of their right, title and interest in
and to (i) ten million dollars ($10,000,000.00) of the outstanding aggregate principal amount of the Notes held by the Noteholders (the
“Exchanged Notes”) (each Noteholder’s portion of such amount as set forth opposite its name on Schedule 3
attached hereto) and (ii) the Royalty Rights (collectively, the “Exchanged Debts”); and (b) in exchange for such
contribution, conveyance, assignment and transfer of the Exchanged Debts by the Noteholders, BWAC shall issue to the Noteholders an aggregate
of one million five hundred thousand (1,500,000) BWAC Class A Shares, and the Noteholders shall accept such BWAC Class A Shares in exchange
for and in consideration of the Exchanged Debts (the transactions referred to in this Section 4, collectively, the “Exchange”).
Such BWAC Class A Shares shall be deducted from the Base Closing Shares. The Parties agree that BWAC and the Issuer shall take all necessary
and appropriate action (including delivery of the Exchanged Notes to the Trustee for cancellation) so that, after giving effect to the
Exchange and the transactions described in Section 3(e) hereof, the aggregate principal amount of Notes outstanding immediately following
the Effective Time shall be no greater than forty-three million one hundred twenty-five thousand dollars ($43,125,000.00).

 

    4

     

    

 

5.
Additional Agreements Regarding Notes.

 

		(a)	BWAC and the Company may elect, in their collective sole discretion, to pay up to three million one hundred
twenty-five thousand dollars ($3,125,000.00) aggregate principal amount of the Notes in cash at the Effective Time at a price equal to
100% of the principal amount thereof plus accrued and unpaid interest thereon but without any additional fees or penalties.

 

		(b)	(i) As a condition of the Merger, each Noteholder shall subject all of its BWAC Class A Shares received
in connection with the Merger to a lock-up following the Effective Time, on terms consistent with the form of Lender Lockup Agreement
attached as Exhibit J to the Merger Agreement, (ii) as a condition to the Merger, each Equityholder shall (and shall cause each
affiliate of such Equityholder who owns either capital stock of the Company or unsecured promissory convertible notes of the Company to)
subject all of its BWAC Class A Shares received in connection with the Merger to a lock-up following the Effective Time, on terms consistent
with the form of Stockholder Lockup Agreement attached as Exhibit I to the Merger Agreement, and (iii) BWAC and the Company agree that
it will not amend, modify, waive or otherwise change the Insider Letter without the prior written consent of the Noteholders.

 

		(c)	No later than ten (10) business days after the Effective Time, (i) upon written notice to the Noteholders
received no later than the Closing Date, BWAC and the Company may elect to pay, in their collective sole discretion, fifty percent (50%)
of any cash or cash equivalents of BWAC in excess of seventy five million dollars ($75,000,000.00) (as set forth on BWAC’s consolidated
balance sheet as of the Effective Time) (the “Excess Cash”) towards the repayment of the outstanding principal amount
of the Notes, at a price equal to the applicable redemption price for the Notes as set forth therein and in the Indenture, or (ii) upon
written notice to BWAC and the Company received no later than two (2) business days after the Effective Time, the Noteholders may elect
to require BWAC and the Company to pay, in their collective sole discretion, the Excess Cash towards the repayment of the outstanding
principal amount of the Notes at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon but without
any additional fees or penalties, and, in either the case of clause (i) or (ii), subject to a maximum paydown of ten million dollars ($10,000,000.00)
aggregate principal amount of Notes.

 

		(d)	The Company and BWAC agree that any BWAC Class A Shares (or other equity of BWAC) to be received at the
Effective Time by the Noteholders (and/or affiliates thereof) in connection with the Merger pursuant to the Merger Agreement shall be
registered on the SEC Statement that will be filed by BWAC with the Securities and Exchange Commission.

 

    5

     

    

 

		(e)	The Company and the Noteholders agree to give good faith consideration to the amendment of the amortization
schedule governing the Notes set forth in the Indenture and the Notes on or as soon as practicable after the Effective Time to take into
account the outstanding principal amount of the Notes as of or shortly after the Effective Time.

 

		(f)	The Company and BWAC agree that (i) no condition to the closing of the Merger as set forth in Article
IX of the Merger Agreement may be amended, modified, waived or otherwise changed without the prior written consent of the Noteholders
and (ii) no other term, condition or provision of the Merger Agreement or any other agreement related to the Merger Agreement may be amended,
modified, waived or otherwise changed without the prior written consent of the Noteholders unless such amendment, modification, waiver
or other change would not reasonably be expected to be adverse to the Noteholders.

 

6.
Expenses. Contemporaneously with the Effective Time, the Company shall reimburse the Noteholders for any fees and expenses
paid previously by the Noteholders to their respective officers, directors, employees, consultants, contractors, agents and financial
and legal advisors (collectively, “Representatives”) and to pay the Representatives of the Noteholders for all accrued
but unpaid fees and expenses in connection with the Forbearance Agreement, this Agreement or the Merger.

 

7.
Further Assurances. Each Party shall use commercially reasonable efforts to do and perform, or cause to be done and performed,
all acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as another Party
may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

8.
Noteholders Consent. Each Noteholder shall consent to the amendment or amendments of the Indenture as contemplated herein
(including the Indenture Amendment), and shall authorize the Trustee in accordance with the Indenture to execute and deliver such amendment
or amendments to the Indenture, and to otherwise enter into such other agreements, as necessary to effectuate the agreement of the Noteholders
with respect to the transactions set forth and contemplated in this Agreement (including with respect to the issuance of the Second Additional
Securities).

 

9.
Tax Matters. BWAC, the Company and the Noteholders agree (A) to treat the Exchange as a transaction in which “property
is transferred to a corporation by one or more persons solely in exchange for stock in such corporation” within the meaning of Section
351(a) of the Internal Revenue Code of 1986, as amended (the “Code”), (B) to cooperate in good faith, prior to the
Effective Time, to determine if the Exchange qualifies as a transaction described in Section 351 of the Code, and (C) for all purposes
of the Code, to treat the Exchange as so qualifying if such persons make such determination under clause (B) above.

 

    6

     

    

 

10.
Releases. In consideration of the mutual covenants and representations contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

(a)
Company and Equityholder Release. With the express purpose and intention of fully releasing and finally discharging the
Noteholder Released Parties (as defined below) from the Released Claims (as defined below), effective as of the Effective Time, immediately
following the Effective Time, each of the Company and the Equityholders (collectively, the “Company Releasing Parties”
and each, individually, a “Company Releasing Party”), hereby absolutely, unconditionally and irrevocably releases,
remises and forever discharges each of the Trustee and the Noteholders and in their respective capacities as such, each of their successors
and assigns, and with respect to the foregoing each of their respective present, future and former members, managers, partners, shareholders,
affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, trustees and other representatives (all
of the foregoing, collectively, the “Noteholder Released Parties” and each of the foregoing, individually, a “Noteholder
Released Party”) of and from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, rights of setoff,
actions and causes of action of any kind or nature whatsoever, whether arising at law or in equity, known or unknown, suspected or unsuspected,
liquidated or unliquidated, fixed or contingent, foreseen or unforeseen, direct or indirect, and whether or not heretofore asserted, relating
to any facts, circumstances, acts or omissions existing or occurring prior to the Effective Time related to, arising from or in connection
with, directly or indirectly, in any manner whatsoever, the Company, its business operations, assets, liabilities and management, or the
Indenture (the “Released Claims”), which any of the Company Releasing Parties may have or claim to have against any
of the Noteholder Released Parties; provided, that, notwithstanding anything to the contrary herein, nothing in this Agreement,
under applicable law or otherwise, shall be deemed or construed to be a prospective release for any Noteholder Released Party of liability
from any actions taken from and after the Effective Time, including without limitation, any liability from any Noteholder Released Party’s
obligations under, or liability for breaches of, any provision of this Agreement, any other written agreements, instruments, and documents
entered into in connection herewith or the Indenture; provided, further that, notwithstanding anything to the contrary herein,
nothing in this Agreement, under applicable law or otherwise, shall release, discharge, limit, restrict or otherwise modify (and the term
“Released Claims” shall not include) any claims against any Noteholder Released Party (a) arising out of a Noteholder Released
Party’s fraud, willful misconduct or gross negligence (as determined by a final, non-appealable order of a court of competent jurisdiction),
or (b) arising out of, related to or in connection with any express contractual obligation by which such Noteholder Released Party may
be bound as of the Effective Time after giving effect to the consummation of the Merger and the other transactions contemplated herein,
including, without limitation, under (x) indemnity agreements, and (y) any applicable confidentiality agreement as it relates to
confidentiality. Each of the Company Releasing Parties hereby expressly acknowledges and agrees that the releases granted in this Section
extend to claims that are unknown or unanticipated as of the Effective Time, even if knowledge of such claims would have materially affected
such Party’s decision to grant the releases contained herein.

 

(b)
Noteholder Release. With the express purpose and intention of fully releasing and finally discharging the Equity Released
Parties (as defined below) from the Released Claims, effective as of the Effective Time, immediately following the Effective Time, each
of the Noteholders (collectively, the “Noteholder Releasing Parties” and each, individually, a “Noteholder
Releasing Party”), hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges each of the Equityholders
and, in their respective capacities as such, each of their successors and assigns, and with respect to the foregoing, each of their respective
present, future and former members, managers, partners, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers,
attorneys, employees, trustees and other representatives (all of the foregoing, collectively, the “Equity Released Parties”
and each of the foregoing, individually, an “Equity Released Party”) of and from any and all Released Claims, which
any of the Noteholder Releasing Parties may have or claim to have against any of the Equity Released Parties; provided, that, notwithstanding
anything to the contrary herein, nothing in this Agreement, under applicable law or otherwise, shall be deemed or construed to be a prospective
release for any Equity Released Party of liability from any actions taken from and after the Effective Time, including without limitation,
any liability from any Equity Released Party’s obligations under, or liability for breaches of, any provision of this Agreement,
any other written agreements, instruments, and documents entered into in connection herewith or the Indenture; provided, further
that, notwithstanding anything to the contrary herein, nothing in this Agreement, under applicable law or otherwise, shall release, discharge,
limit, restrict or otherwise modify (and the term “Released Claims” shall not include) any claims against any Equity Released
Party (a) arising out of an Equity Released Party’s fraud, willful misconduct or gross negligence (as determined by a final, non-appealable
order of a court of competent jurisdiction), or (b) arising out of, related to or in connection with any express contractual obligation
by which such Equity Released Party may be bound as of the Effective Time after giving effect to the consummation of the Merger and the
other transactions contemplated herein, including, without limitation, under (x) indemnity agreements, and (y) any applicable confidentiality
agreement as it relates to confidentiality. Each of the Noteholder Releasing Parties hereby expressly acknowledges and agrees that the
releases granted in this Section extend to claims that are unknown or unanticipated as of the Effective Time, even if knowledge of such
claims would have materially affected such Party’s decision to grant the releases contained herein.

 

    7

     

    

 

(c)
Unknown or Unanticipated Claims. Each of the Company Releasing Parties and the Noteholder Releasing Parties hereby acknowledges
that such Company Releasing Party or Noteholder Releasing Party, respectively, may hereafter discover facts different from, or in addition
to, those which such Company Releasing Party or Noteholder Releasing Party, respectively, now knows or believes to be true with respect
to the Released Claims and agrees that the releases contained herein shall be and remain in effect as full and complete releases of the
Released Claims, notwithstanding any such different or additional facts. Each of the Company Releasing Parties and the Noteholder Releasing
Parties acknowledges that such Company Releasing Party or Noteholder Releasing Party, respectively, has been advised to consult with legal
counsel and agrees to expressly waive any rights such Company Releasing Party or Noteholder Releasing Party, respectively, may have under
any statute or common law principle that prohibits the release of unknown or unanticipated claims.

 

(d)
Covenant Not to Sue; Enforcement of Release. Each Company Releasing Party and Noteholder Releasing Party absolutely, unconditionally
and irrevocably covenants and agrees that, from and after the Effective Time, it shall not bring any action or initiate any proceeding
in respect of the Released Claims of the Noteholder Released Parties and the Equity Released Parties, respectively, provided, however,
that nothing herein shall prevent any Company Releasing Party or Noteholder Releasing Party, respectively, from commencing a separate
action or actions for any breach of the provisions of the releases contained herein. Without limiting or waiving any rights or remedies
under this Agreement now or hereafter existing at law or in equity or by statute, each Noteholder Released Party and Equity Released Party
shall be entitled to seek specific performance of the releases contained herein and the obligations of any Company Releasing Party or
Noteholder Releasing Party, respectively, contained in this Section.

 

(e)
No Admission; Compromise. It is understood and agreed that the releases contained herein shall not to be construed as an
admission of liability on the part of any Noteholder Released Party, or Equity Released Party, respectively, which is expressly denied.
This Agreement and all communications (whether oral or in writing) between or among the Parties, their counsel and/or their respective
representatives relating to, concerning or in connection with the releases contained herein, or the matters covered hereby and thereby,
shall be governed and protected in accordance with the Federal Rule of Evidence 408 and any comparable provisions of state law to the
fullest extent permitted by law.

 

(f)  
No Assignment. Each of the Noteholder Releasing Parties and the Company Releasing Parties covenants and agrees not to make
any assignment of Released Claims from or after the Effective Time.

 

11.
Representations and Warranties of the Company. The Company hereby represents and warrants to the other Parties as of the
date hereof as follows:

 

(a)
Execution and Delivery.  This Agreement has been validly executed and delivered by the Company.

 

(b)
Authorization; No Conflicts; No Consent. The Company’s execution, delivery and performance of this Agreement (i) has
been duly authorized by all necessary action on the part of the Company, (ii) does not (A) contravene, breach or conflict with
the Company’s constituent or organizational documents, or (B) violate any applicable requirement of law or any order, material
contract concerning operations, or undertaking to which the Company or any of its subsidiaries is a party or by which any of their properties
is or may be bound or the Merger Agreement or any other agreement executed by the Company in connection therewith, and (iii) does
not and will not require either consent or approval of any regulatory authority or governmental authority or agency having jurisdiction
over the Company, or any other person or entity, which has not already been obtained.

 

(c)
Enforceability.  This Agreement is the legal, valid and binding obligation of the Company and is enforceable against
such Noteholder in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

12.
Representations and Warranties of BWAC. BWAC hereby represents and warrants to the other Parties as of the date hereof as
follows:

 

(a)
Execution and Delivery.  This Agreement has been validly executed and delivered by BWAC.

 

    8

     

    

 

(b)
Authorization; No Conflicts; No Consent. BWAC’s execution, delivery and performance of this Agreement (i) has
been duly authorized by all necessary action on the part of BWAC, (ii) does not (A) contravene, breach or conflict with BWAC’s
constituent or organizational documents, or (B) violate any applicable requirement of law or any order, material contract concerning
operations, or undertaking to which BWAC or any of its subsidiaries is a party or by which any of their properties is or may be bound
or the Merger Agreement or any other agreement executed by BWAC in connection therewith, and (iii) does not and will not require
either consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over BWAC, or any other
person or entity, which has not already been obtained.

 

(c)
Enforceability.  This Agreement is the legal, valid and binding obligation of BWAC and is enforceable against such
Noteholder in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

13.
Representations and Warranties of each Equityholder. Each of the Equityholders, on its own behalf and as to itself, severally
and not jointly, hereby represents and warrants to the other Parties as of the date hereof as follows:

 

(a)
Execution and Delivery.  This Agreement has been validly executed and delivered by such Equityholder severally and
not jointly.

 

(b)
Ownership.  Such Equityholder is the holder of capital stock of the Company in the amounts set forth opposite its name
in Schedule 1 attached hereto.

 

(c)
Authorization; No Conflicts; No Consent. Such Equityholder’s execution, delivery and performance of this Agreement
(i) has been duly authorized by all necessary action on the part of such Equityholder, (ii) does not (A) contravene, breach
or conflict with such Equityholder’s constituent or organizational documents, if any, or (B) violate any applicable requirement
of law or any order, material contract concerning operations, or undertaking to which such Equityholder or any of its subsidiaries is
a party or by which any of their properties is or may be bound or any agreement executed by such Equityholder in connection with the Merger
Agreement, and (iii) does not and will not require either consent or approval of any regulatory authority or governmental authority
or agency having jurisdiction over such Equityholder, or any other person or entity, which has not already been obtained.

 

(d)
Enforceability.  This Agreement is the legal, valid and binding obligation of such Noteholder and is enforceable against
such Equityholder in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

    9

     

    

 

14.
Representations and Warranties of each Noteholder. Each of the Noteholders, on its own behalf and as to itself, severally
and not jointly, hereby represents and warrants to the other Parties as of the date hereof as follows:

 

(a)
Execution and Delivery.  This Agreement has been validly executed and delivered by such Noteholder severally and not
jointly.

 

(b)
Ownership.  Such Noteholder (i) is the beneficial owner of the aggregate principal amount of Notes under the Indenture
set forth opposite its name in Schedule 2 attached hereto and/or (ii) has (A) sole investment or voting discretion
with respect to such Notes, (B) full power and authority to vote on and consent to matters concerning such Notes, and (C) full
power and authority to bind or act on the behalf of such beneficial owner.

 

(c)
Collective Ownership. Assuming the accuracy of each other Noteholder’s representation and warranty in Section 14(b)
hereof, such Noteholder and each other Noteholder, collectively, beneficially own 100% of the aggregate principal amount of the Notes.

 

(d)
Title to the Exchanged Debts. Such Noteholder (i) is the beneficial owner of the amount of the Notes to be exchanged in
the Exchange as set forth opposite such Noteholder’s name in Schedule 3 attached hereto, and (ii) beneficially owns
its related Royalty Right, in the case of both clause (i) and (ii), free and clear of any security interests, agreements, restrictions,
claims, liens, pledges, assessments and encumbrances of any kind or nature (except for the federal securities laws of the United States
of America and state securities laws), and has the unrestricted power to assign, transfer, convey and deliver such Exchanged Debts to
the Company in the Exchange.

 

(e)
Authorization; No Conflicts; No Consent. Such Noteholder’s execution, delivery and performance of this Agreement (i) has
been duly authorized by all necessary action on the part of such Noteholder, (ii) does not (A) contravene, breach or conflict
with such Noteholder’s constituent or organizational documents or (B) violate any applicable requirement of law or any order,
material contract concerning operations, or undertaking to which such Noteholder or any of its subsidiaries is a party or by which any
of their properties is or may be bound, and (iii) does not and will not require either consent or approval of any regulatory authority
or governmental authority or agency having jurisdiction over such Noteholder, or any other person or entity, which has not already been
obtained.

 

(f)  
Enforceability.  This Agreement is the legal, valid and binding obligation of such Noteholder and is enforceable against
such Noteholder in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

15.
Miscellaneous.

 

(a)
Effectiveness. This Agreement shall become effective on the Effective Date.

 

    10

     

    

 

(b)
Severability.  Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision so held to be
invalid or unenforceable.

 

(c)
Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original,
but all of which taken together shall be one and the same instrument.  This Agreement may also be executed by facsimile and each
facsimile signature hereto shall be deemed for all purposes to be an original signatory page. Delivery of a signed counterpart of this
Agreement by e-mail (including pdf or any electronic signature complying with the U.S. federal E-SIGN Act of 2000, e.g., www.docusign.com)
or facsimile transmission shall constitute valid and sufficient delivery thereof.

 

(d)
APPLICABLE LAW.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

(e)
Amendment.  No amendment, modification, rescission, waiver, or release of any provision of this Agreement shall be
effective unless the same shall be in writing and signed by all of the Parties, including, to the extent applicable, pursuant to Article
9 of the Indenture, mutatis mutandis.

 

(f)  
Noteholder Liability.  The liability of each Noteholder hereunder shall be several and not joint or joint and several.
No Noteholder shall be deemed responsible for the act or omission of any other Noteholder, whether or not such Noteholders are otherwise
affiliated or related.

 

(g)
Headings.  The headings contained in this Agreement are and shall be without substance, meaning or content of any kind
whatsoever and are not a part of the agreement.

 

(h)
Integration; Waivers.  This Agreement and the other written agreements, instruments, and documents entered into in
connection therewith set forth in full the terms of agreement with respect to the subject matter thereof and are intended as the full,
complete and exclusive contract governing the relationship with respect thereto, superseding all other discussions, promises, representations,
warranties, agreements, and understandings with respect thereto.

 

(i)
Successors and Assigns. This Agreement shall bind each of the undersigned Parties (and their respective successors and assigns)
and every subsequent holder or beneficial owner of the Notes.

 

(j)
No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person or entity other than
the Parties (or their respective successors or assigns), provided, however, that the Released Parties are intended third party
beneficiaries of Section 10 of this Agreement.

 

    11

     

    

 

(k)
Waiver Against Trust. Reference is made to the final prospectus of BWAC, dated as of December 15, 2020, and filed with the
U.S. Securities and Exchange Commission (“SEC”) (File No. 333-248569) on December 16, 2020 (the “Prospectus”).
Each Party hereto other than BWAC (a “Waiving Party”) acknowledges and understands that BWAC has established a trust
account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and the overallotment shares acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including
without limitation interest accrued from time to time thereon) for the benefit of BWAC’s public stockholders (including without
limitation overallotment shares acquired by BWAC’s underwriters, the “Public Stockholders”), and that, except
as otherwise described in the Prospectus, BWAC may disburse monies from the Trust Account only: (i) to the Public Stockholders in the
event they elect to redeem their BWAC shares in connection with the consummation of BWAC’s initial business combination (as such
term is used in the Prospectus) (the “Business Combination”) or in connection with an extension of its deadline to
consummate a Business Combination, (ii) to the Public Stockholders if BWAC fails to consummate a Business Combination within twelve (12)
months (or up to eighteen (18) months, if extended in accordance with BWAC’s organizational documents) after the closing of the
IPO, subject to further extension by amendment to BWAC’s organizational documents, (iii) with respect to any interest earned on
the amounts held in the Trust Account, as necessary to pay for any taxes, for working capital, or up to $50,000 to pay dissolution expenses
or (iv) to BWAC after or concurrently with the consummation of a Business Combination. For and in consideration of BWAC entering into
this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Waiving
Party hereby agrees on behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Agreement, neither such
Waiving Party nor any of its affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in
or to any monies in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including without limitation
any distributions therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this
Agreement, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal
liability (collectively, the “Released Trust Claims”). Each Waiving Party on behalf of itself and its affiliates hereby
irrevocably waives any Released Trust Claims that such Waiving Party or any of its affiliates may have against the Trust Account (including
without limitation any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts or
agreements with BWAC or its affiliates (including without limitation, for purposes of this paragraph, and prior to the consummation of
the Business Combination, its sponsor Blue Water Sponsor LLC) and will not seek recourse against the Trust Account (including any distributions
therefrom) for any reason whatsoever (including without limitation for an alleged breach of any agreement with BWAC or its affiliates).
Each Waiving Party agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically relied upon by
BWAC and its affiliates to induce BWAC to enter into this Agreement, and each Waiving Party further intends and understands such waiver
to be valid, binding and enforceable against it and each of its affiliates under applicable law. Notwithstanding the foregoing, nothing
in this Section 15(k) shall (x) serve to limit or prohibit the right of any Noteholder (or any affiliate thereof) to pursue a claim against
BWAC for legal relief against monies or other assets held outside the Trust Account (other than Public Distributions (as defined below))
or (y) serve to limit or prohibit any claims that any Noteholder (or any affiliate thereof) may have in the future against the BWAC’s
assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust Account (excluding
monies released from the Trust Account to the Public Stockholders that are required to be paid to the Public Stockholders as a result
of their exercise of their redemption rights pursuant to the BWAC’s organizational documents in connection with the BWAC’s
stockholder vote to approve the Business Combination or an amendment to BWAC’s organizational documents to extend its deadline to consummate
its initial Business Combination or a liquidation of BWAC in the event that it does not consummate its initial Business Combination prior
to its deadline to do so (any of the foregoing, a “Public Distribution”)) and any assets that have been purchased or acquired
with any such funds). The provisions of this Section 15(k) will survive any termination or expiration of this Agreement and continue
indefinitely.

 

    12

     

    

 

(l)
Notices. Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile,
via electronic mail, via overnight courier or via first-class mail addressed as follows:

 

if to the Company:

 

Clarus Therapeutics, Inc.

555 Skokie Boulevard, Suite 340

Northbrook, Illinois 60062

Attention: Steven A. Bourne, Chief Administrative Officer

Facsimile: 847-562-4306

E-mail: sbourne@clarustherapeutics.com

 

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

 

Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts, 02210

Attention: Nathan A. Schultz

Facsimile: 415-520-6482

E-mail: nschultz@goodwinlaw.com

 

if to any Equityholder:

 

To the address set forth on Schedule
1 attached hereto:

 

if to any Noteholder:

 

Pursuant to the notice provisions contained
in Schedule 1 to each Noteholder’s Purchase Agreement dated March 12, 2020 between the Issuer and such Noteholder

 

if to BWAC:

 

Blue Water Acquisition Corp.

15 E. Putnam Avenue, Suite 363

Greenwich, CT 06830

Attention: Joseph Hernandez, Chief Executive Officer

E-mail: hernandez_joe@yahoo.com

 

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Attention: Barry I. Grossman, Esq. and Matthew A. Gray, Esq.

E-mail: bigrossman@egsllp.com; mgray@egsllp.com

 

The Company, each Noteholder, BWAC, or each Equityholder
by notice to the other parties may designate additional or different addresses for subsequent notices or communications.

 

[Signature pages follow]

 

    13

     

    

 

IN WITNESS WHEREOF, the signatories hereto have caused this Agreement
to be executed by their respective duly authorized representatives as of the date first written above.

 

	 	CLARUS THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Robert E. Dudley
	 	 	Name:	Robert E. Dudley
	 	 	Title:	President and CEO

 

     

     

    

 

	 	BLUE WATER ACQUISITION CORP.
	 	 
	 	By:	/s/ Joseph Hernandez
	 	 	Name: 	Joseph Hernandez
	 	 	Title: 	Chief Executive Officer

 

     

     

    

 

	 	THE NOTEHOLDERS:
	 	 
	 	FFI FUND LTD.
	 	 
	 	By:	/s/ John N. Spinney Jr                      
	 	 	Name: 	John N. Spinney Jr.                 
	 	 	Title:	CFO/COO

 

	 	FYI LTD.
	 	 
	 	By:	/s/ John N. Spinney Jr
	 	 	Name: 	 John N. Spinney Jr.
	 	 	Title:	CFO/COO

 

	 	OLIFANT FUND, LTD.
	 	 
	 	By:	/s/ John N. Spinney Jr
	 	 	Name: 	John N. Spinney Jr.
	 	 	Title:	CFO/COO

 

     

     

    

 

	 	NINETEEN77 CAPITAL SOLUTIONS A LP
	 	 
	 	By: 	UBS O’Connor LLC, as Investment Manager 

 

	 	By: 	/s/ Rodrigo Trelles
	 	 	Name: 	Rodrigo Trelles
	 	 	Title: 	Managing Director

 

	 	By: 	/s/ Baxter Wasson
	 	 	Name: 	Baxter Wasson
	 	 	Title: 	Managing Director

 

	 	BERMUDEZ MUTUARI LTD
	 	 
	 	By: 	UBS O’Connor LLC, as Investment Manager

 

	 	By: 	/s/ Rodrigo Trelles
	 	 	Name:	 Rodrigo Trelles
	 	 	Title: 	Managing Director

 

	 	By:	/s/ Baxter Wasson
	 	 	Name:	 Baxter Wasson
	 	 	Title: 	Managing Director

 

     

     

    

 

	 	THE EQUITYHOLDERS: 
	 	 	 
	 	THOMAS, MCNERNEY & PARTNERS, L.P.
	 	 
	 	By:	Thomas, McNerney & Partners, LLC

	 	Its:	General Partner

 

	 	By:	/s/ James E. Thomas
	 	Name:  	James E. Thomas
	 	Title:	Manager

 

	 	THOMAS, MCNERNEY & PARTNERS II,
    L.P.
	 	 
	 	By:	Thomas, McNerney & Partners II, LLC
	 	Its:	General Partner

 

	 	By: 	/s/
    James E. Thomas
	 	Name: 	James E. Thomas
	 	Title:	Manager

 

	 	TMP NOMINEE II, LLC
	 	 
	 	By:	/s/
    James E. Thomas
	 	Name: 	James E. Thomas
	 	Title:	Manager

 

	 	TMP ASSOCIATES II, L.P.
	 	 
	 	By:	Thomas, McNerney & Partners
    II, LLC
	 	Its:	General Partner

 

	 	By:	/s/ James
    E. Thomas
	 	Name: 	James E. Thomas
	 	Title:	Manager

 

     

     

    

 

	 	H.I.G. VENTURES – CLARUS, LLC
	 	 	 
	 	By: 	/s/ Richard Siegel
	 	Name: 	Richard Siegel
	 	Title:	Authorized Signatory

 

     

     

    

 

	 	CBC SPVI LTD
	 	 	 
	 	By: 	/s/
	 	Name: 	
	 	Title:	 

 

     

     

    

 

	 	PALACE INVESTMENTS PTE. LTD.
	 	 	 
	 	By:	/s/ Lim Wen Yao Lloyd
	 	Name: 	Lim Wen Yao Lloyd
	 	Title:	Authorised signatory

 

     

     

    

 

SCHEDULE 1

 

Equityholders

 

	Equityholder	 	Capital Stock of the Company
	
    Thomas, McNerney & Partners, L.P.

    Attn: James Thomas

    c/o Thomas, McNerney & Partners, L.P.

    One Stamford Plaza

    263 Tresser Blvd., 16th Floor

    Stamford, CT 06901
	 	
    1,320,146 Series A

    2,552,953 Series B

    2,422,875 Series C

    1,541,921 Series D

	 	 	 
	
    Thomas, McNerney & Partners II, L.P.

    

    Attn: James Thomas

    

    c/o Thomas, McNerney & Partners, L.P.

    

    One Stamford Plaza

    

    263 Tresser Blvd., 16th Floor

    

    Stamford, CT 06901 
	 	3,100,380 Series D
	 	 	 
	
    TMP Nominee II, LLC

    

    Attn: James Thomas

    

    c/o Thomas, McNerney & Partners, L.P.

    

    One Stamford Plaza

    

    263 Tresser Blvd., 16th Floor

    

    Stamford, CT 06901 
	 	31,754 Series D
	 	 	 
	
    TMP Associates II, L.P.

    

    Attn: James Thomas

    

    c/o Thomas, McNerney & Partners, L.P.

    

    One Stamford Plaza

    

    263 Tresser Blvd., 16th Floor

    

    Stamford, CT 06901 
	 	11,243 Series D
	 	 	 
	
    H.I.G. Ventures – Clarus, LLC

    

    Attn: Bruce Robertson, Ph.D.

    

    1450 Brickell Bay Avenue, 31st Floor

    

    Miami, FL 33131 
	 	
    2,664,003 Series C

    1,517,363 Series D

	 	 	 
	
    CBC SPVI Ltd

    

    Attn: Jiang Mengjiao

    

    Unit 4508, 45F, Tower 2, Plaza 66,

    

    1266 Nanjing Xi Lu, Shanghai, China 
	 	5,975,248 Series D
	 	 	 
	
    Palace Investments Pte. Ltd.

    

    Attn: Lim Wen Yao Lloyd

    

    3 Fraser Street, #10-23

    

    Duo Tower

    

    Singapore 238891
	 	487,682 Series D

 

     

     

    

 

SCHEDULE 2

 

	
Noteholder
  
	 	Principal

 Amount of

 Notes
  
	 
	FFI Fund Ltd.	 	$	29,200,000	 
	FYI Ltd.	 	$	5,600,000	 
	Olifant Fund, Ltd.	 	$	5,200,000	 
	Nineteen77 Capital Solutions A LP	 	$	9,100,000	 
	Bermudez Mutuari Ltd	 	$	900,000	 

 

     

     

    

 

SCHEDULE 3

 

	
Noteholder
  
	 	Principal Amount of Notes
  
	 
	FFI Fund Ltd.	 	$	5,840,000	 
	FYI Ltd.	 	$	1,120,000	 
	Olifant Fund, Ltd.	 	$	1,040,000	 
	Nineteen77 Capital Solutions A LP	 	$	1,820,000	 
	Bermudez Mutuari Ltd	 	$	180,000	 

 

 

     

     

    

 

EXHIBIT A

 

MERGER AGREEMENT

 

[See attached]

 

     

     

    

 

EXHIBIT B

 

FORM OF CONVERTIBLE NOTE

 

[See attached]

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