Document:

Exhibit 10.6

      

       

      

      REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT

      

      

      THIS REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT (this “Agreement”), dated as of  [●], 2020, is made and entered into by and among HumanCo Acquisition
        Corp., a Delaware corporation (the “Company”), HumanCo Acquisition Holdings, LLC, a Delaware limited liability company (the “Sponsor”),
        HMCO Acquisition, LLC (“HumanCo SPV”), CAVU Venture Partners III, LP (“CAVU”) and the other undersigned parties listed under
        Holder on the signature page hereto (each such party, together with the Sponsor, CAVU and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement, a “Holder” and collectively the “Holders”).

      

      

      RECITALS

      

      

      WHEREAS, the Company and the Sponsor have entered into that certain Securities Subscription Agreement, dated as of October 12, 2020, pursuant to which the Sponsor purchased an
        aggregate of 6,468,750 shares (the “Founder Shares”) of the Company’s Class B common stock, par value $0.0001 per share (the “Class B
          Common Stock”);

      

      

      WHEREAS, in November 2020, the Sponsor transferred (i) 25,000 Founder Shares to each of Kat Cole, John Foraker, Dean Hollis and Brian Kelley, the Company’s independent directors,
        (ii) 75,000 Founder Shares to Ross Berman, (iii) 25,000 Founder Shares to Amy Zipper and (iv) 10,000 Founder Shares to Brian Locklear;

      

      

      WHEREAS, the Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), on a one-for-one basis, subject to adjustment, on the terms and conditions provided in the Company’s amended and restated certificate of incorporation, as may be amended from time to time;

      

      

      WHEREAS, on [●], 2020, the Company and the Sponsor entered into that certain Warrant Purchase Agreement, pursuant to which the Sponsor agreed to purchase 6,825,000 warrants (or
        up to 7,500,000 warrants if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (together with all other warrants issued by the Company to the Sponsor on substantially the same terms, including
        warrants that may be issued upon conversion of working capital loans, the “Private Placement Warrants”), in a private placement transaction occurring simultaneously with the closing of the
        Company’s initial public offering, each Private Placement Warrant entitling the holder to purchase one share of Common Stock at an exercise price of $11.50 per share;

      

      

      WHEREAS, on [●], 2020, the Company and CAVU entered into that certain Unit Purchase Agreement, pursuant to which CAVU agreed to purchase 2,500,000 units (regardless of whether
        the over-allotment option in connection with the Company’s initial public offering is exercised) (the “CAVU Units”), in a private placement transaction occurring simultaneously with the
        closing of the Company’s initial public offering, each CAVU Unit consisting of one share of Common Stock (the “CAVU Shares”) and a fraction of a warrant (the “CAVU Warrants”);

      

      

      WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the
        Sponsor or certain of the Company’s officers and directors may loan to the Company funds as the Company require, of which up to $2,000,000 of such loans may be convertible into warrants (“Working
          Capital Warrants”) at a price of $1.00 per warrant; and

      

      

      WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to
        certain securities of the Company, as set forth in this Agreement.

      

      

      NOW, THEREFORE, in consideration of the mutual representations, covenants and agreements contained herein, and certain other good and
        valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

      

      

      
        
          

      

      ARTICLE I

      DEFINITIONS

      

      

      1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

      

      

      “Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
        Officer or the 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 contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which
        they were made) not misleading, (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 making
        such information public.

       

      “Agreement” shall have the meaning given in the Preamble.

      

      

      “Board” shall mean the Board of Directors of the Company.

      

      

      “Business Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination
        with one or more businesses, involving the Company.

      

      

      “CAVU” shall have the meaning given in the Preamble.

      

      

      “CAVU Shares” shall have the meaning given in the Recitals hereto.

      

      

      “CAVU Units” shall have the meaning given in the Recitals hereto.

      

      

      “CAVU Warrants” shall have the meaning given in the Recitals hereto.

      

      

      “Class B Common Stock” shall have the meaning given in the Recitals hereto.

      

      

      “Commission” shall mean the U.S. Securities and Exchange Commission.

      

      

      “Common Stock” shall have the meaning given in the Recitals hereto.

      

      

      “Company” shall have the meaning given in the Preamble.

      

      

      “Demand Registration” shall have the meaning given in subsection 2.1.1.

      

      

      “Demanding Holder” shall have the meaning given in subsection 2.1.1.

      

      

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

      

      

      “Form S-1” shall have the meaning given in subsection 2.1.1.

      

      

      “Form S-3” shall have the meaning given in subsection 2.3.

      

      

      “Founder Shares” shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Common Stock issuable upon conversion
        thereof.

      

      

      “Founder Shares and CAVU Shares Lock-Up Period” shall mean, with respect to the Founder Shares and the CAVU Shares, the period ending on the earlier of (A)
        one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for
        stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period

       

      

      
        
          

      

      commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the
        Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

      

      

      “Holders” shall have the meaning given in the Preamble.

      

      

      “HumanCo SPV” shall have the meaning given in the Preamble.

      

      

      “Insider Letter” shall mean that certain letter agreement, dated as of the date hereof, by and among the Company, the Sponsor, each of the Company’s executive
        officers and directors, CAVU, HumanCo SPV and certain other parties thereto.

      

      

      “Maximum Number of Securities” shall have the meaning given in subsection 2.1.4.

      

      

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

      

      

      “Nominee” shall have the meaning given in subsection 5.1.1.

      

      

      “Observer” shall have the meaning given in Section 5.2.

      

      

      “Permitted Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
        to the expiration of the Founder Shares and CAVU Shares Lock-Up Period or Private Placement Lock-Up Period, as the case may be, under the Insider Letter and any other applicable agreement between such Holder and the Company, and to any transferee
        thereafter.

      

      

      “Piggyback Registration” shall have the meaning given in subsection 2.2.1.

      

      

      “Private Placement and CAVU Warrants Lock-Up Period” shall mean, with respect to Private Placement Warrants and CAVU Warrants that are held by the initial
        purchasers of such Private Placement Warrants, CAVU Warrants or their respective Permitted Transferees and any of the shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants and CAVU Warrants and
        that are held by the initial purchasers of the Private Placement Warrants, CAVU Warrants or their respective Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

      

      

      “Private Placement Warrants” shall have the meaning given in the Recitals hereto.

      

      

      “Pro Rata” shall have the meaning given in subsection 2.1.4.

      

      

      “Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
        all post-effective amendments and including all material incorporated by reference in such prospectus.

      

      

      “Registrable Security” shall mean (a) the Founder Shares and the shares of Common Stock issued or issuable upon the conversion of any Founder Shares, (b) the
        CAVU Shares, (c) the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any such Private Placement Warrants), (d) the CAVU Warrants (including any shares of Common Stock issued or issuable upon
        the exercise of any such CAVU Warrants), (e) any outstanding shares of Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon the exercise or conversion of any other equity security) of the Company
        held by a Holder as of the date of this Agreement, (f) any Working Capital Warrant (including the shares of Common Stock issued or issuable upon the exercise of any such Working Capital Warrant), and (g) any other equity security of the Company
        issued or issuable with respect to any of the securities described in the foregoing clauses (a) – (f) by way of a stock dividend or stock split or in connection with a combination of shares,

       

      

      
        
          

      

      recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such security shall cease to be a Registrable Security when: (A) a Registration Statement with respect
        to the sale of such security shall have become effective under the Securities Act and such security shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such security shall have been
        otherwise transferred, new certificates for such security not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such security shall not require registration under the
        Securities Act; (C) such security shall have ceased to be outstanding; (D) such security may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
        (but with no volume or other restrictions or limitations); or (E) such security has been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

      

      

      “Registration” shall 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.

      

      

      “Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

      

      

      (A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Stock is then
        listed;

      

      

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

      

      

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

      

      

      (D) reasonable fees and disbursements of counsel for the Company;

      

      

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

      

      

      (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable
        Registration.

      

      

      “Registration Statement” shall mean any registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules
        and regulations promulgated thereunder (other than a Registration Statement on Form S-4 or Form S-8, or their successors), which registration statement covers the Registrable Securities pursuant to the provisions of this Agreement, including the
        Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

      

      

      “Requesting Holder” shall have the meaning given in subsection 2.1.1.

      

      

      “Securities Act” shall mean the Securities Act of 1933, as amended.

      

      

      “Sponsor” shall have the meaning given in the Preamble.

      

      

      “Sponsor Director” means an individual elected to the Board that has been nominated pursuant to Section 5.1.

      

      

      “Underwriter” shall mean 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 Registration” or “Underwritten Offering” shall mean a Registration in which
        securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

      

      

      “Working Capital Warrants” shall have the meaning given in the Recitals hereto.

      

      

      ARTICLE II

      REGISTRATIONS

      

      

      2.1 Demand Registration.

      

      

      2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates a Business
        Combination, HumanCo SPV, CAVU or their respective Permitted Transferees (the “Demanding Holders”) may make a written demand for Registration of all or part of their Registrable
        Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand
          Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who
        thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration,
        a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such
        written notification from a Requesting Holder(s), such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as
        practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand
        Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities;
        provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form
          S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1
        of this Agreement.

      

      

      2.1.2 Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a
        Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to the Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of
        its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand
        Registration is interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect to such Registration shall 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) the Demanding Holders initiating such Demand Registration thereafter affirmatively elect within five (5) days to continue with
        such Registration and accordingly notify the Company in writing of such election within such five (5)-day period; provided, further, that the Company shall not be obligated or required to file another Registration Statement until
        the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

      

      

      2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a Demanding Holder so advises the Company as part of its Demand Registration that the
        offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of each Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such
        Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to
        distribute their Registrable Securities through an Underwritten Offering under this subsection

       

        

      
        
          

      

      2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Demanding Holders initiating the Demand Registration.

      

      

      2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders
        and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity
        securities that the Company desires to sell and the Common Stock or other equity securities, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other
        stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the
        distribution method, or the probability of success of the Underwritten Offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
        then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that
        each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such
        Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
        Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third,
        to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration
        pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

      

      

      2.1.5 Demand Registration Withdrawal. A Demanding Holder initiating a Demand Registration or a Requesting Holder (if any) pursuant to a Registration under subsection 2.1.1 shall have the right to
        withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to
        the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company
        shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

       

      2.2 Piggyback Registration.

      

      

      2.2.1 Piggyback Rights. If, at any time on or after the date the Company consummates a Business Combination, 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, for its own account or for the account of stockholders of the Company (or by the Company and by the
        stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof), 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 stockholders, (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 give written notice of
        such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of
        securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the
        opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration, a “Piggyback

          Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback 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 by the Holders pursuant to this subsection 2.2.1 to be included in such Piggyback Registration on the same terms and conditions as

       

      

      
        
          

      

      any similar securities of the Company included in such Piggyback Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders
        proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
        by the Company.

      

      

      2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders
        of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the securities that the Company desires to sell, taken together with (i) the Common Stock or other equity securities, if any, as to
        which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been
        requested pursuant to Section 2.2 hereof, and (iii) the Common Stock or other equity securities, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other
        stockholders of the Company, exceeds the Maximum Number of Securities, then:

      

      

      (a) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Common Stock or other equity securities that the Company desires to sell, which can be
        sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register
        their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under
        the foregoing clauses (A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the
        Maximum Number of Securities;

      

      

      (b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Common Stock or other
        equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
        Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata, which can be sold without
        exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell,
        which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities
        for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

      

      

      2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the
        Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback
        Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in
        connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
        connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

      

      

      2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration
        effected under Section 2.1 hereof.

      

      

      
        
          

      

      2.3 Registrations on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor
        rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from a Holder or
        Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who
        thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As
        soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as
        are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided,
        however, that the Company shall not be obligated to effect any such Registration pursuant to this Section 2.3 if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of
        any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $10,000,000.

      

      

      2.4 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred
        and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it
        continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain
        the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the
        filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental
        to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period
        of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration shall
        be effected or permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Shares and CAVU Shares Lock-Up Period or the Private Placement
        and CAVU Warrants Lock-Up Period, as the case may be.

       

      ARTICLE III

      COMPANY PROCEDURES

      

      

      3.1 General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its
        best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

      

      

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

      

      

      3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by any Holder or any
        Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder

       

      

      
        
          

      

      to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the
        Prospectus;

      

      

      3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such
        Registration, and each such Holder’s 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 Underwriters and each Holder of Registrable Securities included in such Registration or the legal
        counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

      

      

      3.1.4 prior to any public offering of Registrable Securities, 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 any Holder 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 or take any action to which it would be subject to general service of process or taxation in any such
        jurisdiction where it is not then otherwise so subject;

      

      

      3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

      

      

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

      

      

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

      

      

      3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by
        reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received
        with respect to any such Registration Statement or Prospectus;

      

      

      3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus
        included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

      

      

      3.1.10 permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters, if any, and any attorney or accountant retained by such Holders or
        Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative,
        Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representative or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the
        Company, prior to the release or disclosure of any such information; and provided further, the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or

       

      

      
        
          

      

      Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any
        response to any comment letter, without the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the Company
        shall include unless contrary to applicable law;

      

      

      3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration, 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;

      

      

      3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of 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 negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

      

      

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

      

      

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

      

      

      3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to
        participate in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

      

      

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

      

      

      3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating
        to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
          Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

      

      

      3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company
        hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities,
        lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

      

      

      3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue
        disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or
        amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
        Statement in respect of any Registration at any time would require 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 period of time, but in no event more than thirty (30) days, 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 any 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 3.4, and upon the expiration of such period, the Holders shall be entitled to resume the use of any such Prospectus in connection with any sale
        or offer to sell Registrable Securities.

      

      

      3.5 Reporting Obligations. 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 the Holders with true
        and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of the Common
        Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including
        providing any legal opinions, to the extent such exemption is available to Holders at such time. 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.

      

      

      ARTICLE IV

      INDEMNIFICATION AND CONTRIBUTION

      

      

      4.1 Indemnification.

      

      

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

      

      

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

       

      

      
        
          

      

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

      

      

      4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling
        person of such indemnified party and shall survive the transfer of securities.

      

      

      4.1.5 If the indemnification provided under this Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages,
        liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages,
        liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
        and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
        by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
        however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as
        a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses
        reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation
        or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
        Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

      

      

      ARTICLE V

      STOCKHOLDER RIGHTS

      

      

      5.1 Sponsor Nomination Right. Subject to the terms and conditions of this Agreement, at any time and from time to time on or after the date that the Company consummates a Business Combination and for so long as
        the Sponsor holds any Registrable Securities:

      

      

      5.1.1 The Sponsor shall have the right, but not the obligation, to designate three (3) individuals to be appointed or nominated, as the case may be, for election to the Board (including any successor, each, a “Nominee”) by giving written notice to the Company on or before the time such information is reasonably requested by the Board or the Nominating and Corporate Governance Committee of the Board,
        as applicable, for inclusion in a proxy statement for a meeting of stockholders.

      

      

      
        
          

      

      5.1.2 The Company will, as promptly as practicable, use its best efforts to take all necessary and desirable actions (including, without limitation, calling special meetings of the Board and the stockholders and
        recommending, supporting and soliciting proxies) so that the applicable number of Sponsor Directors is serving on the Board at all times during which the nomination rights provided in Section 5.1.1 are applicable.

      

      

      5.1.3 The Company shall, to the fullest extent permitted by applicable law, use its best efforts to take all actions necessary to ensure that: (i) each Nominee is included in the Board’s slate of nominees to the
        stockholders of the Company for each election of directors; and (ii) each Nominee is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the Company
        called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of
        members of the Board.

      

      

      5.1.4 If a vacancy occurs because of the death, disability, disqualification, resignation, or removal of a Sponsor Director or for any other reason during the period in which rights provided in Section 5.1.1 are
        applicable, the Sponsor shall be entitled to designate such person’s successor, and the Company will, as promptly as practicable following such designation, use its best efforts to take all necessary and desirable actions, to the fullest extent
        permitted by law, within its control such that such vacancy shall be filled with such successor Nominee.

      

      

      5.1.5 If a Nominee is not elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for any other reason, the Sponsor shall be entitled to designate promptly another Nominee and
        the Company will take all necessary and desirable actions within its control such that the director position for which such Nominee was nominated shall not be filled pending such designation.

      

      

      5.1.6 As promptly as reasonably practicable following the request of any Sponsor Director, the Company shall enter into an indemnification agreement with such Sponsor Director, in the form entered into with the other
        members of the Board. The Company shall pay the reasonable, documented out-of-pocket expenses incurred by the Sponsor Director in connection with his or her services provided to or on behalf of the Company, including attending meetings or events
        attended explicitly on behalf of the Company at the Company’s request.

      

      

      5.1.7 The Company shall (i) purchase directors’ and officers’ liability insurance in an amount determined by the Board to be reasonable and customary and (ii) for so long as a Sponsor Director serves as a Director of
        the Company, maintain such coverage with respect to such Sponsor Director; provided that upon removal or resignation of such Sponsor Director for any reason, the Company shall take all actions reasonably
        necessary to extend such directors’ and officers’ liability insurance coverage for a period of not less than six years from any such event in respect of any act or omission occurring at or prior to such event.

      

      

      5.1.8 For so long as a Sponsor Director serves as a director of the Company, the Company shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any director nominated
        pursuant to this Agreement as and to the extent consistent with applicable law, whether such right is contained in the Company’s certificate of incorporation or bylaws, each as amended, or another document (except to the extent such amendment or
        alteration permits the Company to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto).

       

      5.1.9 Any Nominee will be subject to the Company’s customary due diligence process, including its review of a completed questionnaire and a background check. Based on the foregoing, the Company may object to any
        Nominee provided (a) it does so in good faith, and (b) such objection is based upon any of the following: (i) such Nominee was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations
        and other minor offenses), (ii) such Nominee was the subject of any order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction, permanently or temporarily enjoining such proposed director from,
        or otherwise limiting, the following activities: (A) engaging in any type of business practice, or (B) engaging in any activity in connection with the purchase or sale of any security or in connection with any violation of federal or state
        securities laws, (iii) such Nominee was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of
        such person to engage in any activity described in clause (ii)(B), or to be associated with persons engaged in such activity, (iv) such proposed director was found by

       

      

      
        
          

      

      a court of competent jurisdiction in a civil action or by the Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended or
        vacated, or (v) such proposed director was the subject of, or a party to any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to a violation of any federal or
        state securities laws or regulations. In the event the Board reasonably finds the Nominee to be unsuitable based upon one or more of the foregoing clauses (i) through (v) and reasonably objects to the identified director, the Sponsor shall be
        entitled to propose a different nominee to the Board within 30 calendar days of the Company’s notice to Sponsor of its objection to the Nominee and such replacement Nominee shall be subject to the review process outlined above.

      

      

      5.1.10 The Company shall take all necessary action to cause a Sponsor Director chosen by the Sponsor to be elected to the board of directors (or similar governing body) of each material operating subsidiary of the
        Company to the extent requested by the Sponsor. Such Sponsor Director shall have the right to attend (in person or remotely) any meetings of the board of directors (or similar governing body or committee thereof) of each subsidiary of the Company.

      

      

      5.2 Board Observer Rights. For so long as Amy Zipper and Brett Thomas (each, an “Observer”) are employed as executive officers of the Company and
        subject to the rights of HumanCo LLC and CAVU Venture Partners III, LP, respectively, to select replacements in each of their sole discretion, the Company will permit each Observer to attend meetings of the Board as a non-voting observer, and will
        give such individual notice of such meetings at the same time and in the same manner as notice to the Board. Each Observer shall be entitled to concurrent receipt of any materials provided to the Board, subject to customary confidentiality
        obligations. No Observer shall have any fiduciary or similar duty to, or liability for any debt or obligation of, the Company or to or of any other entity or person whatsoever as a result of this Section 5.2 or any exercise of, or failure
        to exercise, the rights of an Observer under this Agreement.

      

      

      ARTICLE VI

      MISCELLANEOUS

      

      

      6.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or
        certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is
        mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of
        notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused
        by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: P.O. Box 90608, Austin, TX 78709, Attention: Ross Berman, with copy to: Ropes & Gray LLP, Ropes & Gray LLP, 1211
        Avenue of the Americas, New York, NY 10036, Attention: Paul Tropp, and, if to any Holder, at such Holder’s address or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice at any time and from
        time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 6.1.

      

      

      6.2 Assignment; No Third Party Beneficiaries.

      

      

      6.2.1 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.

      

      

      6.2.2 Prior to the expiration of the Founder Shares and CAVU Shares Lock-Up Period or the Private Placement and CAVU Warrants Lock-Up Period, as the case may be, no Holder may assign or delegate such Holder’s rights,
        duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee, but only if such Permitted Transferee agrees to become bound by the transfer
        restrictions set forth in this Agreement, the Insider Letter and other applicable agreements.

      

      

      
        
          

      

      6.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted
        Transferees.

      

      

      6.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section 6.2 hereof.

      

      

      6.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such
        assignment as provided in Section 6.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an
        addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 6.2 shall be null and void.

      

      

      6.3 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.

      

      

      6.4 Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
        instrument. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by
        facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including,
        without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
        paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable
        law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

      

      

      6.5 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.

      

      

      6.6 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
        UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY
        ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

      

      

      6.7 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 Sponsor in the negotiation, administration, performance or enforcement hereof.

      

      

      6.8 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities 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 Holder, 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 Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure
        or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder 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.

      

      

      6.9 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.

      

      

      6.10 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 Holders 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 Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company
        for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement
        supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

      

      

      6.12 Term. This Agreement shall terminate upon the earlier of (i) the tenth 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 of
        the 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 provisions of Section
          3.5 and Article IV shall survive any termination.

      

      

      [SIGNATURE PAGES FOLLOW]

      

      

      
        
          

      

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

      

      

      	 	
              COMPANY:

            
	 	 
	 	
              HUMANCO ACQUISITION CORP.

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              HOLDERS:

            
	 	 
	 	
              HUMANCO ACQUISITION HOLDINGS, LLC

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	 	
              HMCO ACQUISITION, LLC

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	 	
              CAVU VENTURE PARTNERS III, LP

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 

      	 	 	 
	 	
              Katrina Cole

            
	 	 
	 	 	 
	 	
              John Foraker

            
	 	 
	 	 	 
	 	
              Dean Hollis

            
	 	 
	 	 	 
	 	
              Brian Kelley

            
	 	 
	 	 	 
	 	
              Ross Berman

            
	 	 
	 	 	 
	 	
              Amy Zipper

            
	 	 
	 	 	 
	 	
              Brian Locklear

            

      

      

      

      

      [Signature Page to Registration and Stockholder Rights Agreement]Exhibit 4.1

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND,
ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF DUE TO PARTIAL
PAYMENT OF PRINCIPAL DUE HEREUNDER.

 

Recon
Technology, Ltd

 

Senior
Convertible Note

  

 

	Issuance Date:  November 25, 2020	Original Principal Amount: U.S. $

 

FOR VALUE
RECEIVED, Recon Technology, Ltd, a Cayman Islands company (the “Company”), hereby promises to pay to
_______ or registered assigns (the “Holder”) the amount set out above as the Original Principal Amount (as
reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal”)
when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in
accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding Principal at the
applicable Interest Rate from the date set out above as the Issuance Date (the “Issuance Date”) until the
same becomes due and payable, whether upon an Interest Date (as defined below), the Maturity Date, acceleration, conversion,
redemption or otherwise (in each case in accordance with the terms hereof). This Senior Convertible Note (including all
Senior Convertible Notes issued in exchange, transfer or replacement hereof, this “Note”) is one of an
issue of Senior Convertible Notes issued on the Closing Date (collectively, the “Notes” and such other
Senior Convertible Notes, the “Other Notes”). Certain capitalized terms used herein are defined in Section
23.

 

(1)              
PAYMENTS OF PRINCIPAL AND INTEREST. The “Maturity Date” of this Note shall be May 25, 2021. The
Company shall make six equal monthly payments of Principal and accrued Interest, commencing on December 25, 2020. Subject to adjustment
due to early conversion or repayment, the initial monthly payment will be $________. Any remaining Principal and Interest shall be paid
on the Maturity Date. The Company may prepay any portion of the outstanding Principal, accrued and unpaid Interest, if any; provided,
however, that any such payments will be made pro rata among all Holders of the Notes. There will be no penalty for early payments.
The Company shall have the option at each payment date (including in the event of early payments) to make such payment of Principal
and Interest in (a) cash, (b) Shares at the Conversion Price or (c) a combination of cash or Shares at the Conversion Price. The
number of Ordinary Shares payable hereunder if paid at the Conversion Price shall be calculated pursuant to Section 3(b) hereof.
The Company shall not issue any fraction of an Ordinary Share. If an issuance would result in the issuance of a fraction of an
Ordinary Share, the Company shall pay such fractional amount in cash.

 

     

     

    

 

(2)              
INTEREST; INTEREST RATE. Interest on this Note shall commence accruing on the Issuance Date and shall be computed
on the basis of a calendar year and the actual number of days elapsed and shall be payable monthly in arrears beginning on the
Issuance Date and ending on, and including, the Maturity Date (each, an “Interest Date”) with the first Interest
Date being December 25, 2020.

 

(3)              
CONVERSION OF NOTES. This Note shall be convertible into the Company’s Ordinary Shares, par value $0.0925 per
share (the “Ordinary Shares”), on the terms and conditions set forth in this Section 3.

 

(a)              
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date,
the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully
paid and nonassessable Ordinary Shares in accordance with Section 3(c), at the Conversion Rate (as defined below). The Company
shall not issue any fraction of an Ordinary Share upon any conversion. If the issuance would result in the issuance of a fraction
of an Ordinary Share, the Company shall pay such fractional amount in cash.

 

(b)            
Conversion Rate. The number of Ordinary Shares issuable upon conversion of any Conversion Amount pursuant to Section
3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

(i)              
“Conversion Amount” means the portion of the Principal to be converted, redeemed or otherwise with respect
to which this determination is being made.

 

(ii)             
“Conversion Price” means $0.71, which is equal to 60% of the ten (10) day volume weighted closing price
of the Company’s Ordinary Shares for the ten (10) trading days ended on November 23, 2020.

 

    2

     

    

 

(c)              
Mechanics of Conversion.

 

(i)              
Optional Conversion. To convert any Conversion Amount into Ordinary Shares on any date (a “Conversion Date”),
the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 10:00 a.m., New York Time, on such
date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company and (B) if required by Section 3(c)(iii), surrender this Note to a common carrier for delivery to the Company as
soon as practicable on or following such date (or an indemnification undertaking with respect to this Note in the case of its loss,
theft or destruction). On or before the second (2nd) Business Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile a confirmation of receipt of such Conversion Notice to the Holder and the Transfer Agent. On or before
the fifth (5th) Business Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”),
the Company shall (A) (1) provided that the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program
and the shares are eligible for legend removal, credit such aggregate number of Ordinary Shares to which the Holder shall be entitled
to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system or
(2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or the shares are not eligible
for legend removal, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name
of the Holder or its designee, for the number of Ordinary Shares to which the Holder shall be entitled and (B) pay to the Holder
in cash, by wire transfer of immediately available funds, an amount equal to the sum of (1) the accrued and unpaid Interest on
the Conversion Amount and Late Charges, if any, on such Conversion Amount and Interest through the Conversion Date and (2) the
applicable Make-Whole Amount. If this Note is physically surrendered for conversion as required by Section 3(c)(iii) and the outstanding
Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as
soon as practicable and in no event later than ten (10) Business Days after receipt of this Note and at its own expense, issue
and deliver to the holder a new Note (in accordance with Section 14(d)) representing the outstanding Principal not converted. The
Person or Persons entitled to receive the Ordinary Shares issuable upon a conversion of this Note shall be treated for all purposes
as the record holder or holders of such Ordinary Shares on the Conversion Date.

 

(ii)             
Recording; Book-Entry. The Company shall maintain a register (the “Record”) for the recordation
of the names and addresses of the holders of each Note and the principal amount of the Notes held by such holders (the “Recorded
Notes”). The entries in the Record shall be conclusive and binding for all purposes absent manifest error. The Company
and the holders of the Notes shall treat each Person whose name is set forth in the Record as the owner of a Note for all purposes,
including, without limitation, the right to receive payments of Principal and Interest hereunder, notwithstanding notice to the
contrary. A Recorded Note may be assigned or sold in whole or in part only by recording such assignment or sale on the Record.
Upon its receipt of a request to assign or sell all or part of any Recorded Note by a Holder, the Company shall record the information
contained therein in the Record and issue one or more new Recorded Notes in the same aggregate principal amount as the principal
amount of the surrendered Recorded Note to the designated assignee or transferee pursuant to Section 14. Notwithstanding anything
to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, the Holder shall
not be required to physically surrender this Note to the Company unless (A) the full Principal amount represented by this Note
is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion
Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records
showing the Principal, Interest and Late Charges, if any, converted and the dates of such conversions or shall use such other method,
reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion.

 

    3

     

    

 

(iii)            
Partial Conversion; Disputes. In the event that the Company receives a Conversion Notice and the Company can convert
some, but not all, of such portions of the Notes submitted for conversion, the Company, subject to Section 3(d), shall convert
so much of such holder’s portion of its Notes submitted for conversion as is permitted under the terms hereof. In the event
of a dispute as to the number of Ordinary Shares issuable to the Holder in connection with a conversion of this Note, the Company
shall issue to the Holder the number of Ordinary Shares not in dispute.

 

(d)              
Limitations on Conversions.

 

(i)               
Beneficial Ownership. The Holder understands that upon any issuance of Ordinary Shares by the Company, the Holder
will be solely responsible to determine whether such issuance has caused the Holder to own in excess of five percent (5%) of the
Company’s issued and outstanding Ordinary Shares. In the event the Holder owns more than five percent (5%) of the Company’s
Ordinary Shares, such Holder will be required to file a Schedule 13G or a Schedule 13D, as may be applicable. In addition, the
Holder understands that, in the event such Holder owns ten percent (10%) of the Company’s issued and outstanding Ordinary
Shares, such Holder will be considered an Affiliate, as such term is defined by Section 405 of the Securities Act of 1933 (the
 “Securities Act”). The Holder understands that an Affiliate will need to follow more stringent rules in connection
with the sale of any securities of the Company pursuant to Rule 144 of the Securities Act and that such requirements could result
in sales taking longer to effect or being impossible to complete at times when a Nonaffiliate could sell such shares.

 

(ii)             
Principal Market Regulation. The Company shall not be obligated to issue any Ordinary Shares upon conversion of this
Note if the issuance of such Ordinary Shares would exceed the aggregate number of Ordinary Shares which the Company may issue upon
conversion or exercise, as applicable, of the Notes and Warrants without breaching the Company’s obligations under the rules
or regulations of the Principal Market (the “Exchange Cap”), except that such limitation shall not apply in
the event that the Company (A) obtains the approval of its shareholders as required by the applicable rules of such Principal Market
for issuances of Ordinary Shares in excess of such amount or (B) obtains a written opinion from outside counsel to the Company
that such approval is not required, which opinion shall be reasonably satisfactory to the Required Holders. Until such approval
or written opinion is obtained, no Holder of the Notes shall be issued in the aggregate, upon conversion or exercise or otherwise,
as applicable, of Notes or Warrants, Ordinary Shares in an amount greater than the product of the Exchange Cap multiplied by a
fraction, the numerator of which is the principal amount of Notes issued to a Holder on the Closing Date and the denominator of
which is the aggregate principal amount of all Notes issued to the Holders on the Closing Date (with respect to each Holder, the
 “Exchange Cap Allocation”). In the event that any Holder shall sell or otherwise transfer any of such Holder’s
Notes, the transferee shall be allocated a pro rata portion of such Holder’s Exchange Cap Allocation, and the restrictions
of the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation allocated to such
transferee. In the event that any holder of Notes shall convert all of such holder’s Notes into a number of Ordinary Shares
which, in the aggregate, is less than such holder’s Exchange Cap Allocation, then the difference between such holder’s
Exchange Cap Allocation and the number of Ordinary Shares actually issued to such holder shall be allocated to the respective Exchange
Cap Allocations of the remaining holders of Notes on a pro rata basis in proportion to the aggregate principal amount of the Notes
then held by each such holder.

 

    4

     

    

 

(e)              
Payment in Lieu of Conversion Above Exchange Cap Limitation. If at any time while this Note is outstanding, the Holder
delivers a Conversion Notice, and as a result of the application of the Exchange Cap, the Company is unable to issue any Ordinary
Shares upon such conversion at the applicable Conversion Price, then the Company shall pay to the Holder, in cash, on or prior
to the tenth (10th) Trading Day following delivery of such Conversion Notice, an amount equal to the product of (i)
the number of Exchange Cap Limitation Shares and (ii) Conversion Price (the “Exchange Cap Redemption Payment”).
If the Company shall fail to pay to the Holder the Exchange Cap Redemption Payment, as applicable, on or prior to the date such
payment is due, the Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have
returned, as the case may be, any portion of this Note that has not been converted pursuant to such Conversion Notice or for which
the Holder has not received the Exchange Cap Redemption Payment.

 

(f)               
Registration of Ordinary Shares Underlying Note. The Company will use its reasonable best efforts to register the
Shares underlying the Notes for resale by the Holder. The Holder acknowledges and agrees that the registration of Shares underlying
the Notes may require one or more registration statements, and such Investors understand that they will bear all investment risk
in connection with the Notes and underlying Shares. Additionally, the Investors understand that, to the extent the Shares are not
registered, it may be more difficult to sell such Shares, if such sales are even possible. The Company will bear the costs in connection
with the filing and maintenance of effectiveness of the registration statements, including payment of any filing and other fees.

 

(4)              
RIGHTS UPON EVENT OF DEFAULT.

 

(a)              
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)              
the Company’s (A) failure to cure a Conversion Failure by delivery of the required number of Ordinary Shares within
ten (10) Business Days after the applicable Conversion Date or (B) notice, written or oral, to any holder of the Notes, including
by way of public announcement or through any of its agents, at any time, of its intention not to comply with a request for conversion
of any Notes into Ordinary Shares that is tendered in accordance with the provisions of the Notes, other than pursuant to Section
3(d);

 

(ii)             
the Company’s failure to pay to the Holder any amount of Principal, Interest or other amounts when and as due under
this Note or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated
hereby and thereby to which the Holder is a party, except, in the case of a failure to pay Interest when and as due, in which case
only if such failure continues for a period of at least fifteen (15) Business Days;

 

(iii)           
any default under, redemption of or acceleration prior to maturity of any Indebtedness of the Company or any of its Subsidiaries
other than with respect to any Other Notes;

 

    5

     

    

 

(iv)            
the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal,
foreign or state law for the relief of debtors (collectively, “Bankruptcy Law”), (A) commences a voluntary case,
(B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a receiver,
trustee, assignee, liquidator or similar official (a “Custodian”), (D) makes a general assignment for the benefit
of its creditors or (E) admits in writing that it is generally unable to pay its debts as they become due;

 

(v)             
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the
Company or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Subsidiaries or
(C) orders the liquidation of the Company or any of its Subsidiaries;

 

(vi)           
the Company breaches any representation, warranty, covenant or other term or condition of any Transaction Document, except,
in the case of a breach of a covenant or other term or condition of any Transaction Document which is curable, only if such breach
continues for a period of at least ten (10) consecutive Business Days; or

 

(vii)      
      any breach or failure in any respect to comply with Section 10 of this Note.

 

(5)              
RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)              
Purchase Rights. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights
to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the
 “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares
acquirable upon complete conversion of this Note (without taking into account any limitations or restrictions on the convertibility
of this Note) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue
or sale of such Purchase Rights.

 

(b)              
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets
with respect to or in exchange for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate
provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Note, at the Holder’s
option, (i) in addition to the Ordinary Shares receivable upon such conversion, such securities or other assets to which the Holder
would have been entitled with respect to such Ordinary Shares had such Ordinary Shares been held by the Holder upon the consummation
of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Note) or (ii)
in lieu of the Ordinary Shares otherwise receivable upon such conversion, such securities or other assets received by the holders
of Ordinary Shares in connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled
to receive had this Note initially been issued with conversion rights for the form of such consideration (as opposed to Ordinary
Shares) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant to the preceding
sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section shall apply similarly
and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption
of this Note.

 

    6

     

    

 

(6)              
RIGHTS UPON ISSUANCE OF OTHER SECURITIES. If the Company at any time on or after the Subscription Date subdivides
(by any share split, share dividend, recapitalization or otherwise) one or more classes of its outstanding Ordinary Shares into
a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced.
If the Company at any time on or after the Subscription Date combines (by combination, reverse share split or otherwise) one or
more classes of its outstanding Ordinary Shares into a smaller number of shares, the Conversion Price in effect immediately prior
to such combination will be proportionately increased.

 

(7)              
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note.

 

(8)              
RESERVATION OF AUTHORIZED SHARES.

 

(a)              
Reservation. So long as any of the Notes are outstanding, the Company shall initially reserve out of its authorized
and unissued Ordinary Shares a number of Ordinary Shares for each of the Notes equal to 100% of the Conversion Rate with respect
to the Conversion Amount of each such Note as of the Issuance Date. The number of Ordinary Shares reserved for conversions of the
Notes and each increase in the number of shares so reserved shall be allocated pro rata among the holders of the Notes based on
the principal amount of the Notes held by each holder at the closing of the purchase of this Note or increase in the number of
reserved shares, as the case may be (the “Authorized Share Allocation”). In the event that a holder shall sell
or otherwise transfer any of such holder’s Notes, each transferee shall be allocated a pro rata portion of such holder’s
Authorized Share Allocation. Any Ordinary Shares reserved and allocated to any Person which ceases to hold any Notes shall be allocated
to the remaining holders of Notes, pro rata based on the principal amount of the Notes then held by such holders; provided the
Company shall not be obligated to reserve an aggregate number of Ordinary Shares hereunder in excess of the maximum calculated
pursuant to subpart (ii) of this Section 8(a).

 

(b)              
Insufficient Authorized Shares. If at any time while any of the Notes remain outstanding the Company does not have
a sufficient number of authorized and unreserved Ordinary Shares to satisfy its obligation to reserve for issuance upon conversion
of the Notes at least a number of Ordinary Shares equal to the Required Reserve Amount (an “Authorized Share Failure”),
then the Company shall immediately take all action necessary to increase the Company’s authorized Ordinary Shares to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than one hundred (100) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its
shareholders for the approval of an increase in the number of authorized Ordinary Shares. In connection with such meeting, the
Company shall provide each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders’
approval of such increase in authorized Ordinary Shares and to cause its board of directors to recommend to the shareholders that
they approve such proposal.

 

    7

     

    

 

(9)             
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by Cayman Islands
law and as expressly provided in this Note.

 

(10)          
TRADING IN COMPANY ORDINARY SHARES. Neither the Holder, nor any of its affiliates have an open short position in
the Ordinary Shares of the Company, and the Holder agrees that it will not, and that it will cause its affiliates not to, engage
in any short sales with respect to the Shares while any portion of this Note remains outstanding.

 

(11)          
NOTE RANK. All payments due under this Note shall rank pari passu with all Other Notes.

 

(12)          
PARTICIPATION. The Holder, as the holder of this Note, shall be entitled to receive such dividends paid and distributions
made to the holders of Ordinary Shares to the same extent as if the Holder had converted this Note into Ordinary Shares (without
regard to any limitations on conversion herein or elsewhere) and had held such Ordinary Shares on the record date for such dividends
and distributions. Payments under the preceding sentence shall be made concurrently with the dividend or distribution to the holders
of Ordinary Shares.

 

(13)          
VOTE TO CHANGE THE TERMS OF NOTES. The affirmative vote at a meeting duly called for such purpose or the written
consent without a meeting of the Required Holders shall be required for any change or amendment to this Note or the Other Notes.

 

(14)          
TRANSFER. This Note and any Ordinary Shares issued upon conversion of this Note may be offered, sold, assigned or
transferred by the Holder without the consent of the Company.

 

(15)          
REISSUANCE OF THIS NOTE.

 

(a)              
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 14(d)), registered as the
Holder may request, representing the outstanding Principal being transferred by the Holder and, if less then the entire outstanding
Principal is being transferred, a new Note (in accordance with Section 14(d)) to the Holder representing the outstanding Principal
not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions
of Section 3(c)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented by this
Note may be less than the Principal stated on the face of this Note.

 

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this
Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 14(d)) representing the outstanding
Principal.

 

    8

     

    

 

(c)              
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Note or Notes (in accordance with Section 14(d) and in principal amounts of at
least $500,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such
portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such
new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 14(a) or Section 14(c), the Principal designated
by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges, if any, on the
Principal and Interest of this Note, from the Issuance Date.

 

(16)          
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of
this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof)
shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that,
in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security
being required.

 

(17)          
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and all the Holders and shall
not be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall
not form part of, or affect the interpretation of, this Note.

 

(18)          
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

    9

     

    

 

(19)          
NOTICES; PAYMENTS.

 

(a)              
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given at the address provided by the Holder, on the one hand, and on file for the Company with the SEC, on the other hand. The
Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will
give written notice to the Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail,
and certifying, the calculation of such adjustment and (ii) at least twenty (20) days prior to the date on which the Company closes
its books or takes a record (A) with respect to any dividend or distribution upon the Ordinary Shares, (B) with respect to any
pro rata subscription offer to holders of Ordinary Shares or (C) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to
or in conjunction with such notice being provided to the Holder.

 

(b)              
Currency. All principal, interest and other amounts owing under this Note or any Transaction Document that, in accordance
with their terms, are paid in cash shall be paid in United States dollars. All amounts denominated in other currencies shall be
converted in the United States dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into United States dollars pursuant to this Note,
the United States dollar exchange rate as published in The Wall Street Journal on the relevant date of calculation (it being
understood and agreed that where an amount is calculated with reference to, or over, a period of time, the date of calculation
shall be the final date of such period of time).

 

(c)              
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment
shall be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight
courier service to such Person at such address as previously provided to the Company in writing; provided that the Holder may elect
to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice
setting out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to be due by the terms
of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a
Business Day and, in the case of any Interest Date which is not the date on which this Note is paid in full, the extension of the
due date thereof shall not be taken into account for purposes of determining the amount of Interest due on such date.

 

(20)          
JUDGMENT CURRENCY.

 

(a)              
If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary
to convert into any other currency (such other currency being hereinafter in this Section 19 referred to as the “Judgment
Currency”) an amount due in United States dollars under this Note, the conversion shall be made at the Exchange Rate
prevailing on the business day immediately preceding:

 

    10

     

    

 

(i)               
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any
other jurisdiction that will give effect to such conversion being made on such date: or

 

(ii)             
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the
date as of which such conversion is made pursuant to this Section 19(a)(ii) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(b)              
If in the case of any proceeding in the court of any jurisdiction referred to in Section 19(a)(ii) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of United States dollars which could have been
purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on
the Judgment Conversion Date.

 

(c)              
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment
being obtained for any other amounts due under or in respect of this Note.

 

(21)          
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against
amounts owed by the Company to the Holder and thus refunded to the Company.

 

(22)          
CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid
in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be
reissued.

 

(23)          
GOVERNING LAW; JURISDICTION; JURY TRIAL. All questions concerning the construction, validity, enforcement and interpretation
of this Note shall be governed by the internal laws of the Commonwealth of Virginia, without giving effect to any choice of law
or conflict of law provision or rule (whether of the Commonwealth of Virginia or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the Commonwealth of Virginia. The Company hereby irrevocably submits to
the jurisdiction of the state and federal courts sitting in the City of Richmond for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the
validity or enforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder.

 

    11

     

    

 

(24)          
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)              
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the
City of Beijing are authorized or required by law to remain closed.

 

(b)              
“Closing Date” shall mean November 25, 2020, which date is the date the Company initially issued Notes
pursuant hereto.

 

(c)              
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto.

 

(d)              
“Convertible Securities” means any shares or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for Ordinary Shares.

 

(e)              
“Exchange Cap Limitation Shares” means, with respect to any Conversion Notice, a number of Ordinary Shares
equal to the quotient of (i) the Conversion Amount set forth in such Conversion Notice that cannot be converted due to the Exchange
Cap divided by (ii) the Conversion Price.

 

(f)               
“Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related
transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person or
Persons, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of
the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the
holders of more than 50% of the outstanding shares of Voting Stock (not including any shares of Voting Stock held by the Person
or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange
offer), or (iv) consummate a share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of
the outstanding shares of Voting Stock (not including any shares of Voting Stock held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such share purchase agreement or other business
combination), or (v) reorganize, recapitalize or reclassify its Ordinary Shares or (vi) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of 50% of the aggregate Voting Stock of the Company.

 

    12

     

    

 

(g)              
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

(h)              
“Indebtedness” of any Person means, without duplication (i) all indebtedness for borrowed money, (ii)
all obligations issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation)
 “capital leases” in accordance with GAAP (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv)
all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (vi) all monetary obligations under any leasing or similar arrangement which,
in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (vii) all indebtedness
referred to in clauses (i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

(i)                
“Interest Rate” means twelve percent (12%) annually.

 

(j)                
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose capital stock is quoted or listed on the Principal Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(k)              
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(l)                
“Principal Market” means The NASDAQ Capital Market.

 

(m)            
“Required Holders” means the holders of Notes representing at least a majority of the aggregate principal
amount of the Notes then outstanding.

 

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

 

    13

     

    

 

(o)              
“Subscription Date” means November 25, 2020.

 

(p)              
“Successor Entity” means the Person, which may be the Company, formed by, resulting from or surviving
any Fundamental Transaction or the Person with which such Fundamental Transaction shall have been made, provided that if such Person
is not a publicly traded entity whose Ordinary Shares or equivalent equity security is quoted or listed for trading on the Principal
Market, Successor Entity shall mean such Person’s Parent Entity.

 

(q)              
“Trading Day” means any day on which the Ordinary Shares is traded on the Principal Market, or, if the
Principal Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities
market on which the Ordinary Shares is then traded; provided that “Trading Day” shall not include any day on which
the Ordinary Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Ordinary Shares
is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate
in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time).

 

(r)               
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

(25)          
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries, the Company shall as soon as possible but in any event within four (4) Business Days
after any such receipt or delivery publicly disclose such material, nonpublic information on a Current Report on Form 6-K or otherwise.
In the event that the Company believes that a notice contains material, nonpublic information relating to the Company or its Subsidiaries,
the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication,
the Holder shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries.

 

[Signature Page Follows]

  

    14

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

 	 	Recon Technology, Ltd	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name: Shenping Yin	 
	 	 	Title: Chief Executive Officer	 

  

    
 

     

    

  

EXHIBIT I

 

Recon Technology, Ltd

CONVERSION NOTICE

 

Reference is made to the Senior Convertible
Note (the “Note”) issued to the undersigned by Recon Technology, Ltd (the “Company”). In
accordance with and pursuant to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note)
of the Note indicated below into Ordinary Shares par value $0.0925 per share (the “Ordinary Shares”) of the
Company, as of the date specified below.

 

	Date of Conversion:	 
	Aggregate Conversion Amount to be converted:	 
	Please confirm the following information:
	Conversion Price:	$0.71
	Number of Ordinary Shares to be issued:	 
	Please issue the Ordinary Shares into which the Note is being converted in the following name and to the following address:
	Issue to:	 
	 	 
	 	 
	Facsimile Number:	 
	Authorization:	 
	By:	 
	Title:	 
	Dated:	 
	Account Number:	 
	  (if electronic book entry transfer)	 
	Transaction Code Number:	 
	  (if electronic book entry transfer)	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Conversion Notice and hereby directs Computershare to issue the above indicated number of Ordinary Shares in accordance with
the Transfer Agent Instructions dated November 25, 2020 from the Company and acknowledged and agreed to by Computershare.

 

 

	 	Recon Technology, Ltd	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name: Shenping Yin	 
	 	 	Title: Chief Executive Officer

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