Document:

Form of Letter Agreement between Lazard and Sapphire Industrials Corp.

 Exhibit 10.11 
 SAPPHIRE INDUSTRIALS CORP. 
 ·, 2007 
 Lazard Funding Limited LLC 
 30 Rockefeller Plaza 
 62nd Floor 
 New York, New York 10020 
 Ladies and Gentlemen: 
 This letter sets forth the agreement (the “Agreement”) between
Sapphire Industrials Corp., a Delaware Corporation (the “Company”), and Lazard Funding Limited LLC, a Delaware limited liability company (“Lazard”), in connection with the services to be provided by Lazard. The
Company expects to complete an offering of units (the “Offering”) to be listed on the American Stock Exchange (“Amex”). This letter will confirm our agreement that, commencing on the date upon which the units issued
in the Offering are admitted to trading on Amex (the “Admission Date”) and continuing until the earlier of the consummation by the Company of a Business Combination (as described in the final prospectus (the
“Prospectus”) contained in a registration statement on Form S-1 relating to the Offering (File No. 333-146620)) and the Company’s liquidation (the “Termination Date”), Lazard shall: 
 (i) provide administrative services as may be required by the Company from time to time, including the administration of the Company’s day-to-day
activities; 
 (ii) provide office space, including a conference room in New York City, to the Company for use by the Company’s
employees and service providers for purposes of conducting the Company’s business; 
 (iii) perform accounting and controller-related
services for the Company, including correspondence with the Company’s auditors; 
 (iv) make available the services of such employees of
Lazard as may be agreed between the parties hereto from time to time (collectively, the “Approved Employees”), including to assist in sourcing acquisition candidates; provided that Lazard shall have no liability to the
Company for the acts and/or omissions of the Approved Employees while performing such services and Lazard shall not be regarded as having provided any service performed by the Approved Employees for the Company (including, but not limited to, the
giving of investment advice); and 
 (v) provide investment advisory services to the Company, including, without limitation: 
 (a) financial advice and services in connection with public or private equity and debt financing; 
 (b) corporate planning and corporate development advice and services; 

 (c) public relations and press relations advice and services; and 
 (d) such other advice and services necessitated by the ordinary course of the Company’s business, as the Company may reasonably
request from time to time. 
 In exchange therefor, the Company shall pay Lazard the sum of $15,000 per month, commencing on the Admission
Date and continuing monthly thereafter until the Termination Date. In addition, the Company undertakes to reimburse Lazard, monthly in arrears, all out-of-pocket expenses incurred by Lazard in performing these services. Such reimbursement payments
will be subject to review and approval by the Company’s audit committee to the extent in excess of $300,000 in the aggregate in any fiscal quarter. 
 The Company and Lazard accept and acknowledge that the Approved Employees may act in circumstances which are in the interests of one of the parties hereto but not the other (a “Conflict Situation”)
and agree that neither the Company nor Lazard shall have any liability to the other in respect of any act or omission taken by the Approved Employees in a Conflict Situation and further agree, for the benefit of the Approved Employees, that the
Approved Employees shall have no liability to either the Company or Lazard in respect of any such act or omission which is not in the interests of that one of the parties hereto (except where such Approved Employee acts fraudulently). 
 The Company acknowledges that the Approved Employees have obligations and duties to perform in their capacity as employees of Lazard (or one or more of
its affiliates) and that Lazard makes no guarantee that any of the Approved Employees will devote any amount of time to the affairs of the Company. 
 In the event that any of the Approved Employees ceases to be an employee of Lazard (or its affiliates), Lazard shall no longer be required to make the services of such person available to the Company, but shall use its reasonable efforts to
provide the services of another employee of Lazard (or its affiliates) having similar experience and skills to the extent Lazard then has such an employee. 
 Lazard acknowledges that it has read the Prospectus and understands that the Company has established a trust fund (the “Trust Fund”) with the net proceeds of the Offering (excluding $200,000 to fund
expenses incurred by the Company) and the insider private placement of insider warrants for the benefit of the public stockholders and that the Company may disburse monies from the Trust Fund only (i) to the Company up to an aggregate of
$8,000,000 to fund expenses related to investigating and selecting a target business or businesses and other working capital requirements, (ii) to the Company any amounts it may need to pay its income or other tax obligations, (iii) to the
public stockholders in the event of the conversion of their shares or the liquidation of the Company, (iv) to Lazard in the event of the liquidation of the Company to the extent Lazard purchased the 5,000,000 units reserved for it in the
Offering or up to $40,000,000 of the Company’s common stock in the open market, (v) to the Company after it consummates an initial Business Combination as described in the Prospectus or (vi) to Citigroup Global Markets Inc. an
aggregate of $22,500,000 (or $26,100,000 if the underwriter’s over-allotment option is exercised in full), for deferred underwriting discounts and commissions after the Company consummates an initial Business Combination as described in the
Prospectus. For and in consideration of the Company agreeing to this agreement, Lazard hereby agrees that, other than as set forth in clause (iv) of this paragraph, it does not have any right, title, interest or claim of any kind in or to any
monies in the Trust Fund (each a “Claim”), and hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company, and will not seek recourse against the
Trust Fund for any reason whatsoever. 
  

 -2- 

			
	Very truly yours,
	
	SAPPHIRE INDUSTRIALS CORP.
		
	By:	 	 
		 	Name: Donald G. Drapkin
		 	Title:   Chief Executive Officer and President

  

			
	AGREED TO AND ACCEPTED BY:
	
	Lazard Funding Limited LLC
		
	By:	 	 
		 	Name: Michael J. Castellano
		 	Title:   Chief Financial Officer

  

 -3-Form of Registration Rights Agreement

 Exhibit 10.13 
  
 FORM OF 
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the · day of · 2007, by and among Sapphire Industrials Corp. a Delaware corporation (the “Company”), and the undersigned parties listed under Investor on the signature page hereto
(each, an “Investor” and collectively, the “Investors”). 
  
 WHEREAS, the Investors currently hold all of the issued and outstanding securities of the Company; and 
  
 WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
shares of Common Stock held by them. 
  
 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: 

  
 “Adverse Disclosure” means public disclosure of material non-public information, which disclosure, in the good
faith judgment of the chief executive officer or principal financial officer of the Company after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or prospectus in order for the applicable
Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein (in the case of any prospectus and any preliminary prospectus, in the light of the
circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not publicly
making it. 
  
 “Aftermarket Shares” mean the
shares of Common Stock for which Lazard has agreed to place limit orders for up to $40,000,000, commencing on the later of ten business days after the Company files its Current Report on Form 8-K announcing the execution of a definitive agreement
for a Business Combination (as such term is defined in the Amended and Restated Certificate of Incorporation of the Company) and 60 days after termination of the “restricted period” in connection with the Offering under Regulation M of the
Securities Exchange Act of 1934, as amended, and ending on the business day immediately proceeding the record date for the meeting of stockholders at which such Business Combination is to be approved. The limit orders will require Lazard to purchase
any of the Company’s shares of Common Stock offered for sale at or below a price equal to the per share value of the Trust Account (as defined in that certain Trust Account Agreement, dated as of the date hereof, by and between the Company and
Mellon Bank, N.A. as account agent thereunder) as of the date of the Company’s most recent annual report on Form 10-K or quarterly report on Form 10-Q, as applicable, filed prior to such purchase. 
  
 “Agreement” means this Agreement, as amended, restated,
supplemented, or otherwise modified from time to time. 
  
 “Co-Investment Warrants” means the warrants underlying the Aftermarket Units (including the underlying shares of Common Stock). 
  
 “Co-Investment Units” means any portion of the $40,000,000 not used by Lazard for open market purchases of Aftermarket Shares to purchase
units from the Company, at a price of $10.00 per unit, immediately prior to the consummation of a Business Combination. 
  

 1 

  
 “Commission” means the United States Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange Act. 
  
 “Common Stock” means the common stock, par value $0.001 per share, of the Company. 
  
 “Company” is defined in the preamble to this Agreement.

  
 “Demand Registration” is defined in
Section 2.1.1. 
  
 “Demanding Holder” is
defined in Section 2.1.1. 
  
 “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-3” is defined in Section 2.3. 
  
 “Founder Shares” means the 23,000,000 shares of Common Stock
issued as part of the Founder Units to the Investors (or such lesser number of shares that the Investors may hold if the Underwriter’s over-allotment option is not exercised in full by the Underwriter), giving effect to the split of the Founder
Units. 
  
 “Founder Units” means the 23,000,000
units of the Company issued to the Investors pursuant to the Initial Unit Subscription Agreements, each dated as of October 2, 2007, between the Company and each of the Investors (or such lesser number of units that the Investors may hold if
the Underwriter’s over-allotment option is not exercised in full by the Underwriter), giving effect to the split of the Founder Units. 
  
 “Founder Warrants” means the 23,000,000 warrants of the Company to purchase shares of Common Stock issued as part of the Founder Units to
the Investors (including the underlying shares of Common Stock) (or such lesser number of warrants that the Investors may hold if the Underwriter’s over-allotment option is not exercised in full by the Underwriter), giving effect to the split
of the Founder Units. 
  
 “Indemnified Party” is
defined in Section 4.3. 
  
 “Indemnifying
Party” is defined in Section 4.3. 
  

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 “Insider Warrants” means the 10,000,000 warrants of the Company to purchase shares of
Common Stock issued pursuant to the Warrant Subscription Agreement, dated as of October 10, 2007 (including the underlying shares of Common Stock). 
  
 “Investor” is defined in the preamble to this Agreement. 
  

 “Investor Indemnified Party” is defined in Section 4.1. 
  
 “Lazard” means Lazard Funding Limited LLC. 
  
 “Maximum Threshold” is defined in Section 2.1.4. 
  
 “Notices” is defined in Section 6.3. 
  
 “Permitted Transferees” means (a) affiliates of Lazard Ltd,
(b) employees of Lazard Ltd or the Company, (c) an entity’s ????? upon its liquidation, (d) relatives and trusts for estate planning purposes, (e) purchasers of up to 33% of the Founder Units purchased at or prior to a Business Combination at
prices no greater than the price at which the Founder Units were initially purchased from the Company, or (f) LFCM Holdings or its subsidiaries or affiliates with respect to the purchase price prior to a Business Combination of up to two million
units at a per unit price equal to the price paid by Lazard for any Offering Units, in each case where the transferee agrees to become party to the Securities Escrow Agreement, dated as of the date hereof, between the Company, the Investors and
Mellon Investor Services LLC. 
  
 “Offering
Shares” means the 5,000,000 shares of Common Stock that have been reserved for purchase as part of the Offering Units. 
  
 “Offering Units” means the 5,000,000 units of the Company that have been reserved for purchase by Lazard in the Company’s initial
public offering. 
  
 “Offering Warrants” means
the 5,000,000 warrants of the Company that have been reserved for purchase as part of the Offering Units (including the underlying shares of Common Stock). 
  
 “Piggy-Back Registration” is defined in Section 2.2.1. 
  

 “Pro Rata” is defined in Section 2.1.4. 
  

 “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” mean, collectively, the Registrable
Units, Registrable Shares and Registrable Warrants. 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; (c) such securities shall have
ceased to be outstanding, or (d) the Commission makes a definitive determination to the Company that the Registrable Securities are salable under Rule 144(k). 
  

 “Registrable Shares” mean (i) the Founder Shares underlying the Founder Units, (ii) the Offering Shares
underlying the Offering Units, (iii) the Aftermarket Shares and (iv) the shares of Common Stock underlying the Co-Investment Units and the Co-Investment Warrants. Registrable Shares include any shares of capital stock or other securities
of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such shares of Common Stock. 
  
 “Registrable Units” mean all of the Founder Units, Co-Investment Units and Co-Investment Units owned or held by Investors, each
consisting of (i) one share of Common Stock and (ii) one warrant to purchase one share of Common Stock. 
  
 “Registrable Warrants” mean (i) the Founder Warrants underlying the Founder Units, including the underlying shares of Common Stock
underlying the Founder Warrants, (ii) the Insider Warrants, including the underlying shares of Common Stock underlying the 

  

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Insider Warrants, (iii) the Co-Investment Warrants underlying the Co-Investment Units, including the underlying shares of Common Stock underlying the
Co-Investment Warrants and (iv) the Offering Warrants. 
  
 “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
Registrable 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).

  
 “Release Date” means the (i) in the case of the Founder Units, Founder Shares and Founder Warrants, the first anniversary date of the completion by the Company of a Business Combination (ii) in the case of the Insider
Warrants, the 90th day following the completion by the Company of a Business Combination and (iii) in the case of the Offering Units, Offering Shares,
Offering Warrants, Aftermarket Shares, Co-Investment Units, Co-Investment Shares, and Co-Investment Warrants, in each case, if any, the 180th day following
the completion by the Company of a Business Combination. 
  
 “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. 
  
 “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. 
  

	2.	 	REGISTRATION RIGHTS. 

  
 2.1 Demand Registration. 
  
 2.1.1 Request for Registration. At any time on or after the date that is three months prior to the Release Date with respect to any
Registrable Securities, the holders of a majority-in-interest of the Registrable Securities, held by the Investors or the Permitted Transferees of the Investors, may make a written demand for Registration under the Securities Act of all or part of
their Registrable Securities provided that the estimated market value of Registrable Securities to be so registered thereunder is at least
$                     in the aggregate (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 holders of Registrable Securities of the demand, and each 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. The Company may include in such registration additional securities of the class or classes of the Registrable Securities to be registered thereunder, including securities
to be sold for the Company’s own account or the account of persons who are not holders of Registrable Securities. Upon receipt by the Company of any such notice, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this
Section 2.1.1 in respect of all Registrable Securities. In addition, the Company shall not be required to file a Registration Statement for a Demand Registration at any time during the 12-month period following the effective date of another
Registration Statement filed pursuant to this Section 2.1. 
  
 2.1.2 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 

  

 4 

 
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; 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. 
  
 2.1.3 Underwritten Offering. If a
majority-in-interest of 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. 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 securities through such underwriting shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration. 
  
 2.1.4 Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises 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 shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire to
sell, exceeds the maximum dollar amount or maximum number of shares that the Company believes 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 Threshold”), 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 Threshold; (ii) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (i), the shares of
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Threshold; and (iii) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (i), and
(ii), the shares of 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 and that can be sold without exceeding the Maximum
Threshold. 
  
 2.1.5 Withdrawal. A holder
may withdraw its Registrable Securities from a Demand Registration at any time. If all holders withdraw, or holders withdraw Registrable Securities from a Demand Registration in such amounts that the Registrable Securities of all classes that remain
covered by the relevant Registration Statement have an estimated market value of less than $            , the Company shall cease all efforts to secure registration and such withdrawn
registration shall be deemed a Demand Registration for purposes of Section 2.1 unless the withdrawal is based on the reasonable determination of the counsel to beDemanding Holders that there has been, since the date of such request, a material
adverse change in the business or prospects of the Company or in general market conditions and the Demanding Holders who requested such registration shall have paid or reimbursed the Company for all of the reasonable out-of-pocket fees and expenses
incurred by the Company in connection with the withdrawn registration. 

  

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 Suspension of Registration. If the filing, initial effectiveness or continued use
of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the
Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest
possible period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their receipt of the notice
referred to above, their use of the prospectus relating to the Demand Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the holders of the expiration of any period during which it
exercised its rights under this Section 2.1.6. 
  
 Registration Statement Form. Registrations under this Section 2.1 shall be on such appropriate registration form of the Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the holders
of a majority-in-interest of the Demanding Holders and (ii) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demanding Holders requests for such
registration. Notwithstanding the foregoing, if, pursuant to a Demand Registration, (x) the Company proposes to effect registration by filing a Registration Statement on Form S-3, (y) such registration is in connection with an Underwritten
Offering, and (z) the managing Underwriter or Underwriters shall advise the Company in writing that, in its or their opinion, the inclusion, rather than the incorporation by reference, of information in the prospectus related to a Registration
Statement on Form S-3 is of material importance to the success of such proposed offering, then such information shall be so included in such prospectus). 
  
 2.2 Piggy-Back Registration. 
  
 2.2.1 Piggy-Back Rights. If at any time on or after the Release Date, 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 stockholders of the Company
for their account (or by the Company and by stockholders 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) filed on Form S-4 or S-8 or any successor to such terms, (iii) for an exchange offer or offering of securities solely to the Company’s existing stockholders or debtholders, (iv) for an offering of debt that is convertible
into equity securities of the Company, (v) for a dividend reinvestment plan, or (vi) for the acquisition or purchase by or combination by merger or otherwise of the Company of or with another company or business entity or partnership, 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”). Subject to Section 2.2.2, 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. If at any time after giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement filed in connection with such
registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to each holder of Registrable Securities and,
(x) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration, and (y) in the case of a determination to delay registering, shall be
permitted to delay registering any Registrable Securities for the same period as the delay in registering such other securities. If the offering pursuant to a Piggy-Back Registration is to be an Underwritten Offering, then each holder making a
request for its Registrable Securities to be included therein must, and the Company shall use commercially reasonable 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 other Persons selling securities in such underwritten offering 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. 
  

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 2.2.2 Reduction of Offering. If the managing Underwriter or Underwriters for a
Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of securities which the Company desires to sell, taken together with securities,
if any, as to which Registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which Registration has been requested under
this Section 2.2, and the securities, if any, as to which Registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Threshold, then the Company
shall include in any such Registration: 
  

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

  

	 	(b)	 	If the Registration is a “demand” Registration undertaken at the demand of persons other than the holders of Registrable Securities, (A) first, the shares of Common
Stock or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Threshold; (B) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (A), the shares of
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Threshold; (C) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (A) and (B),
collectively the shares of Common Stock or other securities 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 Threshold; and
(D) fourth, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (A), (B) and (C), the shares of 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 Threshold. 

  

 7 

 2.2.3 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 the 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. 
  
 2.3 Registrations on Form S-3. (a) The holders of Registrable Securities may at any time and from time to time,
request in writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form Registration which may be available at such time (“Form S-3”); provided, however,
that (i) the Company shall not be obligated to effect such request through an underwritten offering and (ii) the Company shall not be obligated to effect such a request if the Company has within the preceding twelve (12) months effected a
registration or Form S-3. Upon receipt of such written request, the Company will promptly give written notice of the proposed Registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the
Registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities or other securities of the Company, if any, of any
other holder or holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to
effect any such Registration pursuant to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of any other securities of the Company
entitled to inclusion in such Registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $            .
Registrations effected pursuant to this Section 2.3 shall not be counted as a Demand Registration effected pursuant to Section 2.1. 
  
 (b) Suspension of Registration. If the filing, initial effectiveness, or continued use of Form S-3 at any time would require the Company to make an Adverse
Disclosure or would require the inclusion in such Form S-3 of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such actions to the holders,
delay the filing or initial effectiveness of, or suspend use of, the Form S-3 for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding
sentence, the holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to the registration on such Form S-3 in connection with any sale or offer to sell Registrable Securities and
agree not to disclose to any other person the fact that the Company has exercised such rights or any related facts. The Company shall immediately notify the holders upon the expiration of any period during which it exercised its rights under this
Section 2.3(b). 
  

	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 best efforts to effect the Registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as promptly as practicable, and in connection with any such request: 

 
 3.1.1 Filing Registration Statement. The Company
shall, as promptly as practicable (and in any event within seventy-five (75) days) 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 best efforts to cause such Registration Statement to become and remain effective for the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any
Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any 

  

 8 

 
Registration to which such Piggy-Back Registration related, in each case, if the Company shall furnish to the holders a certificate signed by the President
of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time; provided
further, that the Company shall not be obligated to deliver securities and shall not have penalties for failure to deliver securities, if a Registration Statement is not effective at the time of exercise by the holder. 
  
 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. The Company shall use reasonable best efforts to 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 until all Registrable Securities and other securities covered by such Registration Statement have been disposed
of in accordance with the intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any such disposition is interfered with
by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been withdrawn. 
  
 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 use reasonable best efforts to 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 

  

 9 

 
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, and the Company shall not file any Registration Statement or prospectus or
amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall reasonably object. 
  
 3.1.5 State Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable Securities included in such Registration Statement (in light of their
intended plan of distribution) may 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. No holder of Registrable Securities included in such Registration Statement shall be required to make any
representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s
material agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement. 
  
 3.1.7 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. 
  
 3.1.8 Records. 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 

  

 10 

 
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. 
  
 3.1.9 Opinions and Comfort Letters. The Company shall furnish to each
holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort letter from the
Company’s independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at
any time that such holder elects to use a prospectus, an opinion of counsel to the Company (based solely on the oral advice of the Commission) to the effect that the Registration Statement containing such prospectus has been declared effective and
that no stop order is in effect. 
  
 3.1.10 Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available to its stockholders, as soon as practicable but not more than fifteen (15) months after the effective date
of the Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
  
 3.1.11 Listing. The Company shall use its best efforts to cause all Registrable Securities included in any Registration 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 or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a
majority of the Registrable Securities included in such Registration. 
  
 3.1.11. Withdrawal of Stop Order. The Company shall make every reasonable effort to prevent or obtain at the earliest possible moment the withdrawal of any stop order with respect to the applicable Registration Statement or other
order suspending the use of any preliminary or final prospectus. 
  
 3.1.12. CUSIP Number. The Company shall, not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed
certificates for the Registrable Securities which certificates shall be in a form eligible for deposit with The Depository Trust Company. 
  
 3.1.13. FINRA. The Company shall cooperate with each seller of Registrable Securities and each Underwriter or agent, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority. 
  
 3.1.14. Transfer Agent. The Company shall provide and cause to be maintained a transfer agent and registrar for all
Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement. 
  

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, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of
Directors, 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 any Registration
under this Agreement, 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

  

 11 

 
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 3.1.11; (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 (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9);
(viii) the fees and expenses of any special experts retained by 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. The Company shall have no obligation to pay any other costs or expenses in the course of the transaction contemplated hereby, including 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 stockholders and the Company shall bear the
expenses of the underwriter pro rata in proportion to the respective amount of shares each is selling in such offering. 
  
 The Company shall have the right to exclude any holder that does not comply with the preceding sentence from the applicable registration. 
  
 3.4 Information. The holders of Registrable Securities shall 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 pursuant to Section 2 and in connection with the Company’s obligation to comply with federal and applicable state securities laws. 
  

	4.	 	INDEMNIFICATION AND CONTRIBUTION. 

  
 4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless to the fullest extent permitted by law 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; 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 

  

 12 

 
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 also shall indemnify any Underwriter
of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the same basis as that of the indemnification provided above in this Section 4.1.

  
 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 to the fullest extent permitted by law the Company, each of its directors, officers, employees and agents and each person who controls the Company within the meaning of the Securities Act and each underwriter (if any), and each other
selling holder and each other person, if any, who controls another selling holder or such underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such
losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement (or allegedly untrue) statement of a material fact contained in the 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 any Registration Statement, or any amendment or supplement to the Registration Statement, or arise
out of or are 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, if the 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, 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. 
  
 Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. 
  
 4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not
relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is
seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all other
Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation;
provided, however, that in any 

  

 13 

 
action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against
the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them in which case, if the Indemnified Party notifies the Indemnifying Party in writing that such Indemnified Party elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such claim on behalf of such Indemnified Party). If such defense is not assumed by the Indemnifying Party, the Indemnifying Party will not be subject to any
liability for any settlement made without its consent, but such consent may not be unreasonably withheld; provided, however, that an Indemnifying Party shall not be required to consent to any settlement involving the imposition of equitable remedies
or involving the imposition of any material obligations on such Indemnifying Party other than financial obligations for which such Indemnified Party will be indemnified hereunder. If the Indemnifying Party assumes the defense, the Indemnifying Party
shall have the right to settle such action without the consent of the Indemnified Party; provided, however, that the Indemnifying Party shall be required to obtain such consent (which consent shall not be unreasonably withheld) if the settlement
includes any admission of wrongdoing on the part of the Indemnified Party or any restriction on the Indemnified Party or its officers or directors. No Indemnifying Party shall consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of an unconditional release from all liability in respect to such claim or litigation. The Indemnifying Party or Parties shall not, in
connection with any proceeding or related proceedings, be liable for the reasonable fees, disbursements and other charges of more than one separate firm at any one time for all such Indemnified Party or Parties unless (x) the employment of more
than one counsel has been authorized in writing by the Indemnifying Party or parties, (y) a conflict or potential conflict exists or may exist (based on advice of counsel to an Indemnified Party) between such Indemnified Party and the other
Indemnified Parties or (z) based on advice of counsel, an Indemnified Party has reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the other Indemnified Parties, in
each of which cases the Indemnifying Party shall be obligated to pay the reasonable and documented fees and expenses of such additional counsel or counsels. 
  
 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 or
insufficient to hold it harmless 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 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. 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. If indemnification is available under this Section 4, the indemnifying parties shall
indemnify each indemnified party to the full extent provided in Sections 4.1 and 4.2 hereof without regard to the relative fault of said Indemnifying Parties or Indemnified Party. 
  

 14 

	5.	 	UNDERWRITING AND DISTRIBUTION. 

  
 5.1 Rule 144. The Company covenants that it shall use its best efforts to file any reports required to be filed by it under the Securities Act
and the Exchange Act and shall use its best efforts to take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holders to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar Rule or regulation hereafter adopted by the
Commission. 
  

	6.	 	MISCELLANEOUS. 

  
 Term.    This Agreement shall terminate upon earlier of (a) the fifth anniversary of the date of this Agreement or (b) the
date as of which (i) 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(3) of the Securities Act and Rule 174 thereunder) or
(ii) the holders are permitted to sell their Registrable Securities under Rule 144(k) under the Securities Act (or any similar provision then in force permitting the sale of restricted securities without limitation on the amount of securities
sold or the manner of sale). The provisions of Section 4 and Section 5 shall survive any termination. 
  
 6.1 Other Registration Rights. The Company represents and warrants that no person, other than a holder of the Registrable Securities, has any right
to require the Company to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital stock in any Registration filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person. 
  
 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 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, provided, however, that no such transfer or assignment shall be binding upon or obligate the Company to any such assignee unless and until the Company
shall have received written notice of such transfer or assignment as herein provided and a written agreement of the assignee to be bound by the provisions of this Agreement and the permitted assigns of the Investor or holder of Registrable
Securities or of any assignee of the Investor or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this
Section 6.2. 
  
 6.3 Notices. All notices, 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 hand delivery, telegram, telex or facsimile, 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 on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, however, 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. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery. 
  
 To the Company:

 Sapphire Industrials Corp. 
 30
Rockefeller Plaza 
 62nd Floor 
 New York, New York 10020 
 Attn: Donald G. Drapkin, Chief Executive Officer and President 
  

 15 

 with a copy to (which shall not constitute notice): 
  
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036

 Attn: Stacy J. Kanter, Esq. 
  
 To an Investor, to: 
  
 To the address of such Investor(s) as are then reflected on the records of the Company. 
  
 6.4 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. 
  

6.5 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument. 
  
 6.6
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto 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. 
  
 6.7 Modifications and Amendments. No amendment, modification or termination of this Agreement shall be binding upon
any party unless executed in writing by such party and signed by the Company and the holders of a majority of Registrable Securities of each class then outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding
shall be bound by any amendment, modification, waiver or consent authorized by this Section 6.7 whether or not such Registrable Securities shall have been marked accordingly. 
  
 6.8 Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not
affect the construction of any provision of this Agreement. 
  
 6.9 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided, however, that such waiver will not be effective against the waiving party unless
it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any
breach of any agreement or provision herein contained shall be deemed a waiver 

  

 16 

 
of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any
obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any
right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further
exercise thereof or the exercise of any other right, power, or remedy. 
  
 6.10 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to
protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in
this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive,
and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 
  
 6.11 Governing Law. This Agreement shall be governed by, interpreted
under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions thereof that would compel the
application of the substantive laws of any other jurisdiction. 
  
 6.12 Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of,
connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement hereof. 
  
 [Signatures appear on the following page] 
  

 17 

 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. 
  

					
	SAPPHIRE INDUSTRIALS CORP.
		
	By: 	 	 
	 	 	Name: 	 	Donald G. Drapkin
	 	 	Title: 	 	Chief Executive Officer and President
	
	 INVESTORS:
  
 LAZARD FUNDING LIMITED LLC

		
	By: 	 	 
	 	 	Name: 	 	 
	 	 	Title: 	 	 
	
	 
	 Donald G. Drapkin

	
	 
	 Douglas C. Taylor

	
	 
	 Charles G. Ward

	
	 
	 Thomas Dooley

	
	 
	 R. Ian Molson

	
	 
	 David M. Schizer

	
	 
	 Ronald J. Kramer

  

 18

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