Document:

Exhibit 10.4

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT,
dated as of February 8, 2022 (this “Agreement”), is made and entered into by and among byNordic Acquisition
Corporation, a Delaware corporation (the “Company”), byNordic Holdings LLC, a Delaware limited liability company
(“byNordic Holdings”), byNordic Holdings II LLC, a Delaware limited liability company (“byNordic
Holdings II”), Water by Nordic AB, a Swedish limited liability company (the “Sponsor”), the additional
parties identified on the signature pages to this Agreement (together with byNordic Holdings, byNordic Holdings II, the Sponsor and any
additional person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement,
each, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, the Company and the Sponsor have
entered into that certain Securities Subscription Agreement, dated as of February 3, 2020, pursuant to which the Sponsor purchased an
aggregate of 2,875,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder Shares”), up
to 375,000 of which would be forfeited to the Company for no consideration depending on the extent to which the underwriters of the Company’s
initial public offering exercise their over-allotment option;

 

WHEREAS, on February 22, 2021, the Company
effected a stock dividend of 0.5 shares for each share of the Company’s Class B common stock, par value $0.0001 per share, that
was outstanding, resulting in the Sponsor holding an aggregate of 4,312,500 Founder Shares, up to 562,500 of which are subject to forfeiture
depending on the extent to which the underwriters of the Company’s initial public offering exercise their over-allotment option;

  

WHEREAS, the Sponsor transferred 2,041,141
Founder Shares, up to 266,236 of which are subject to the forfeiture referred to above, to byNordic Holdings pursuant to the terms of
a certain Securities Purchase Agreement, dated May 7, 2021, by and among the Sponsor, byNordic Holdings and the Company;

 

WHEREAS, the Sponsor transferred a specified
number of Founder Shares, up to a specified number of which are subject to the forfeiture referred to above, to the executive officers
and directors of the Company identified as additional Holders identified on the signature pages hereto, pursuant to the terms of the Securities
Assignment Agreements, each dated March 31, 2021, entered into between the Sponsor and each of such additional Holders;

 

WHEREAS, on November 17, 2021, the Company
effected a stock dividend of 1/3 of a share for each share of the Company’s Class B common stock, par value $0.0001 per share, that
was outstanding, resulting in the Sponsor, byNordic Holdings and the executive officers and directors of the Company identified as additional
Holders on the signature pages hereto holding an aggregate of 5,750,000 Founder Shares, up to 750,000 of which are subject to forfeiture
depending on the extent to which the underwriters of the Company’s initial public offering exercise their over-allotment option;

 

WHEREAS, on February 8, 2022, after giving
effect to the stock dividend of 1/3 of a share by the Company referred to in the immediately preceding recital, byNordic Holdings forfeited
899,065 Founder Shares, up to 163,608 of which were subject to the forfeiture referred to above, and the Company simultaneously issued
899,065 Founder Shares, up to 163,608 of which were subject to the forfeiture referred to above, to byNordic Holdings II, pursuant to
the Securities Purchase Agreement, dated as of February 8, 2022 (the “Securities Purchase Agreement (byNordic Holdings II)”,
between the Company and byNordic Holdings II;

 

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 the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

     

     

    

 

WHEREAS, the Company shall privately place
850,000 shares of Common Stock (or to the extent the underwriters of the Company’s initial public offering exercise their over-allotment
option, up to 940,000 shares of Common Stock) (the “Private Shares”) in private placement transactions occurring
simultaneously with the closing of the Company’s initial public offering pursuant to (i) the Securities Purchase Agreement, dated
as of February 8 2022 (the “Securities Purchase Agreement (Sponsor)”), between the Company and the Sponsor,
pursuant to which the Sponsor agreed to purchase an aggregate of 425,000 Private Shares (or up to 470,000 Private Shares or to the extent
the underwriters of the Company’s initial public offering exercise their over-allotment option), (ii) the Securities Purchase Agreement,
dated as of February 8, 2022 (the “Securities Purchase Agreement (byNordic Holdings)” and, together with the
Securities Purchase Agreement (Sponsor), the “Securities Purchase Agreements”), between the Company and byNordic
Holdings, pursuant to which byNordic Holdings agreed to purchase an aggregate of 252,500 Private Shares (or up to 275,000 Private Shares
to the extent the underwriters of the Company’s initial public offering exercise their over-allotment option), and (iii) the Securities
Purchase Agreement (byNordic Holdings II) referred to above, pursuant to which byNordic Holdings agreed to purchase an aggregate of 172,500
Private Shares (or up to 195,000 Private Shares to the extent the underwriters of the Company’s initial public offering exercise
their over-allotment option);

 

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 may require, of which up to $1,500,000
of such loans may be convertible into shares of Common Stock (“Working Capital Shares”) at a price of $10.00
per share of Common Stock;

 

WHEREAS, in order to finance the additional amount
required to be maintained on deposit in the Trust Account in the event that the Company exercises its right to extend the deadline for
completing an initial business combination by an additional three months for a total of eighteen months to complete an initial business
combination following the closing of the IPO, which additional amount shall be $0.10 per public unit offered and sold by the Company ($1,500,000
or, if the underwriters’ over-allotment option is exercised in full, $1,725,000), the Sponsor or its affiliates or designees will
loan such additional amount to the Company and, if the Company completes the initial business combination within such eighteen month period,
the Company shall repay such loan from funds that are released to the Company from the Trust Account or, at the option of the Sponsor
or its affiliates or designees (as applicable), convert all or a portion of the total loaned amount into additional Private Shares (the
“Extension Shares”) at a price of $10.00 per Extension Share, which Extension Shares will be identical
to the Private Shares issued pursuant to the Securities Purchase Agreements;

 

WHEREAS, the Company, byNordic Holdings,
the Sponsor and each of the other Holders other than byNordic Holdings II previously entered into the Registration Rights Agreement, dated
as of May 7, 2021 (the “Original Agreement”), pursuant to which the Company granted to the Holders other than
byNordic Holdings II certain registration rights with respect to the Registrable Securities (as defined herein), as set forth in this
Agreement;

 

WHEREAS, the Company, byNordic Holdings,
the Sponsor and each of the other Holders that previously entered into the Original Agreement desire to amend and restate the Original
Agreement in the manner set forth in this Agreement in order to make byNordic Holdings II a party to this Agreement and to make the other
changes to the Original Agreement set forth herein in connection with the grant to the Holders of the registration rights with respect
to the Registrable Securities, as set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the 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 to amend and restate the
Original Agreement pursuant to Section 5.5 of the Original Agreement as follows effective as of the date hereof:

 

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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 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.

 

“byNordic Holdings” shall
have the meaning given in the introductory paragraph hereto.

 

“byNordic Holdings II”
shall have the meaning given in the introductory paragraph hereto.

 

“Commission” shall mean
the 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 it may be amended from time to time.

 

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

 

“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 Lock-up Period”
shall mean, with respect to the Founder 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 initial Business Combination, (x) the date on which `the last 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.

 

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“Insider Letter”
shall mean that certain letter agreement, dated the date of the closing of the initial public offering of the public shares of the SPAC,
by and among the Company, the Sponsor, byNordic Holdings, byNordic Holdings II and certain of the Company’s officers, directors
and director nominees, relating to the exercise of their rights with respect to the Founder Shares and public shares of the SPAC held
by each of them and the other matters set forth therein, as the same may be amended, restated or otherwise modified from time to time
in accordance with the terms thereof.

 

“IPO” shall mean the
initial public offering of the public units to be offered and sold by the Company pursuant to that certain registration statement on Form
S-1 (File No. 333-248488) filed by the Company with the Securities and Exchange Commission.

 

“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 or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“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 Lock-up Period or Private Shares Lock-up Period, as the case may be, under the Insider Letter,
this Agreement 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 Shares”
shall have the meaning given in the Recitals hereto.

 

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

  

“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
Private Shares, (c) any outstanding share of the Common Stock or any other equity security (including the shares of Common Stock issued
or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any
Extension Shares, (e) any Working Capital Shares, and (f) any other equity security of the Company issued or issuable with respect to
any such share of the Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or reorganization and any other shares of Common Stock including any other equity security of the Company issued
or issuable with respect to any such share of the Common Stock by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or reorganization owned by the Holders or their Affiliates; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred,
new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; (D) such securities 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) and such securities
do not bear any restrictive legend; or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction.

 

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“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 that 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 from time to time.

 

“Sponsor” shall have
the meaning given in the introductory paragraph hereto.

 

“Trust Account” shall
mean the tryst account established and maintained by the Company for the benefit of its public shareholders upon the closing of the IPO
into which it shall deposit the gross proceeds from the offering and sale of the public units and a portion of the gross proceeds from
the private placement of the Private Shares.

 

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

 

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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 the initial Business Combination, the Holders of at least a majority in interest of the then-outstanding
number of Registrable Securities (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) to the Company, 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. Notwithstanding the foregoing, the Company agrees that, within fifteen (15) calendar days following the
date of the initial Business Combination (such deadline, the “Filing Deadline”), the Company will submit to or file
with the Commission a Registration Statement for a shelf registration on Form S-1 or Form S-3 (if the Company is then eligible to use
a Form S-3 shelf registration), in each case, covering the resale of the Registrable Securities by the Holders, and the Company shall
use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 45th calendar day (or 60th calendar day if the Commission notifies
the Company that it will “review” the Registration Statement) and (ii) the 10th business day after the date Company is notified
(orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Deadline”). The Company will use its commercially
reasonable efforts to provide a draft of the Registration Statement to the Holders for review (but not comment) at least two (2) business
days in advance of filing the Registration Statement; provided that, for the avoidance of doubt, in no event shall the Company be required
to delay or postpone the filing of such Registration Statement as a result of or in connection with the Holders’ review. Unless
otherwise agreed to in writing by the Holders, neither of the Holders shall be identified as a statutory underwriter in the Registration
Statement unless requested by the Commission or another regulatory agency; provided, that if the Commission requests that a Holder be
identified as a statutory underwriter in the Registration Statement, the applicable Holder will have the opportunity to withdraw from
the Registration Statement upon its prompt written request to the Company. Notwithstanding the foregoing, if the Commission prevents the
Company from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use
of Rule 415 of the Securities Act for the resale of the Registrable Securities by the applicable stockholders or otherwise, such Registration
Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities
as is permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder named
in the Registration Statement shall be reduced pro rata among all such selling stockholders and as promptly as practicable after being
permitted to register additional Registrable Securities under Rule 415 under the Securities Act, the Company shall amend the Registration
Statement or file a new Registration Statement to register such Registrable Securities not included in the initial Registration Statement
and cause such amendment or Registration Statement to become effective as promptly as practicable. For as long as the Holder holds Common
Stock, the Company will use commercially reasonable efforts to file all reports for so long as the condition in Rule 144(c)(1) (or Rule
144(i)(2), if applicable) is required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the undersigned
to resell the Common Stock pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the Securities Act becomes available
to the Holder). Any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration Statement
by the Effectiveness Deadline shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement
as set forth above in this Section 2.1.

 

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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 a 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 subsequently 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) a majority-in-interest of the Demanding Holders initiating such Demand Registration
thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later
than five (5) days, of such election; and 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 majority-in-interest of the Demanding
Holders so advise the Company as part of their 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 such 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 majority-in-interest
of 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, if any, as to which a Registration has been requested pursuant to separate
written contractual piggy-back registration rights held by any other stockholders 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 such 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 Registrable
Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, 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 that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), 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.

 

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2.1.5 Demand Registration Withdrawal.
A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest of the Requesting Holders (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 the initial 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 a Piggyback Registration on the same terms and conditions
as any similar securities of the Company included in such 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 Common Stock that the Company desires to sell, taken together with (i) the Common Stock, 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, 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;

 

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(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 based on the number of Registrable Securities that each Holder has requested
be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested to be
included in such Underwritten Registration, 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. Any
Holder 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 Section 2.3 hereof 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.

 

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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.

 

ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures. If at any time
on or after the date the Company consummates the initial 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 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;

 

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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 representatives 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 which the participating
Holders may rely on, 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);

 

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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 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 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.

 

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. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

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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, each member or shareholder of such Holder,
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. The Company and each
Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified
party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

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4.1.5 If the indemnification provided under 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

MISCELLANEOUS

 

5.1 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, 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, 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: c/o Pir 29, Einar Hansens Esplanad 29, 211 13 Malmö, Sweden, and, if to any Holder, at such Holder’s address or contact
information 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 5.1.

 

5.2 Assignment; No Third Party Beneficiaries.

 

5.2.1 Except as provided under this Section
5, 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.

 

5.2.2 Prior to the expiration of the Founder
Shares Lock-up Period or the Private Shares 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.

 

5.2.3 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.

 

5.2.4 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 5.2 hereof.

 

5.2.5 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 5.1 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 5.2 shall be null and void.

 

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5.3 Counterparts. This Agreement may
be executed simultaneously in two or more counterparts, none of which needs to contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same agreement. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.4 Governing Law; Venue; Waiver of Jury
Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE SUBSTANTIVE LAWS OF ANOTHER JURISDICTION. THE
PARTIES HERETO (I) ALL AGREE THAT ANY ACTION, PROCEEDING, CLAIM OR DISPUTE ARISING OUT OF, OR RELATING IN ANY WAY TO, THIS AGREEMENT SHALL
BE BROUGHT AND ENFORCED IN THE COURTS OF NEW YORK CITY, IN THE STATE OF NEW YORK, AND IRREVOCABLY SUBMIT TO SUCH JURISDICTION AND VENUE,
WHICH JURISDICTION AND VENUE SHALL BE EXCLUSIVE AND (II) WAIVE ANY OBJECTION TO SUCH EXCLUSIVE JURISDICTION AND VENUE OR THAT SUCH COURTS
REPRESENT AN INCONVENIENT FORUM. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT
TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

5.5 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 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.

 

5.6 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 other than the holders of the securities of the
Company under the Registration Rights Agreement to be entered into on or after the date hereof (the “Forward Purchaser Registration
Rights Agreement”), by and between the Company and the party identified therein as the “Forward Purchaser” of
the securities of the Company identified therein. 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 other than the Forward Purchaser Registration Rights Agreement (which will only apply to the securities of the Company identified
therein) and this Agreement, the terms of this Agreement shall prevail.

 

5.7 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
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 Page Follows]

 

    15

     

    

 

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

 

	 	COMPANY:
	 	 
	 	BYNORDIC ACQUISITION CORPORATION, a Delaware corporation
	 	 	 
	 	By:	/s/ Michael Hermansson
	 	 	Name: Michael Hermansson
	 	 	Title: Chief Executive Officer
	 	 
	 	HOLDER:
	 	 
	 	WATER BY NORDIC AB, a Swedish

 limited liability company
	 	 	 
	 	By:	/s/ Jonas Olsson
	 	 	Name: 	Jonas Olsson
	 	 	Title:	Chairman
	 	 
	 	HOLDER:
	 	 
	 	BYNORDIC HOLDINGS LLC, a Delaware

 limited liability company
	 	 
	 	By: byNordic Manager LLC, a Delaware

 limited liability company
	 	 	 
	 	By:	 /s/ Thomas L. Fairfield
	 	 	Name:	Thomas L. Fairfield
	 	 	Title:	President
	 	 
	 	HOLDER:
	 	 
	 	BYNORDIC HOLDINGS II LLC, a
    Delaware

 limited liability company
	 	 
	 	By: byNordic Manager LLC, a Delaware 

limited liability company
	 	 
	 	By:	/s/ Thomas L. Fairfield
	 	 	Name:	Thomas L. Fairfield
	 	 	Title:	President
	 	 	 
	 	HOLDER:
	 	 	 
	 	By:	/s/ Thomas L. Fairfield
	 	 	Name:	Thomas L. Fairfield

 

	 	HOLDER:
	 	 	 
	 	By:	/s/ Steven Wasserman
	 	 	Name:	Steven Wasserman

 

[Signature
Page to Registration Rights Agreement]

 

 

16Exhibit 10.6

 

byNordic Acquisition Corporation

c/o Water by Nordic AB

c/o Pir 29

Einar Hansens Esplanad 29

211 13 Malmö

Sweden

 

February 8, 2022

 

Water by Nordic AB

c/o Pir 29

Einar Hansens Esplanad 29

211 13 Malmö

Sweden

 

Re: Securities Purchase Agreement (Water by Nordic AB)

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on the date hereof by and between byNordic Acquisition Corporation, a Delaware corporation that is a blank check company
formed for the purposes of acquiring one more businesses or entities, as the seller (the “Seller”, “we”
or “us”), and Water by Nordic AB, a Swedish limited liability company, as the purchaser (the “Purchaser”
or “you”). Pursuant to the terms hereof, the Seller hereby agrees to sell to the Purchaser, and the Purchaser hereby
agrees to purchase from the Seller, 470,000 shares of the Class A common stock, $0.0001 par value per share, of the Seller (the “Private
Shares”), up to 45,000 of which are subject to forfeiture by the Purchaser to the extent that the underwriters of the initial
public offering (the “IPO”) of the units of the Seller (the “Units”), each consisting of one share
of the Class A common stock, $0.0001 par value per share, of the Seller, and one-half of
one redeemable warrant of the Seller, do not fully exercise their over-allotment option (the “Over-allotment Option”).
The forfeiture of up to 45,000 of the Private Shares if the underwriters of the IPO of the Units do not fully exercise the Over-allotment
Option shall occur in the manner described in the Seller’s registration statement on Form S-1 (File No. 333-248488) (such registration
statement, as it may be amended from time to time, the “Registration Statement”) filed by the Seller with the U.S.
Securities and Exchange Commission in connection with the IPO. The Seller and the Purchaser’s agreements regarding the Private Shares
are as follows:

 

1. Purchase
of Private Shares.

 

1.1. Purchase of Private Shares. For
an aggregate purchase price of $4,700,000 (the “Purchase Price”) to be paid by wire transfer of immediately available
funds to or at the direction of the Seller in accordance with wiring instructions to be provided by the Seller on such business day that
is designated by the Seller in writing to the Purchaser upon at least three (3) business days’ prior written notice that shall occur
following the pricing and not later than the closing of the IPO (the “Closing Date”), the Seller hereby sells and transfers
the Private Shares to the Purchaser, and the Purchaser hereby purchases the Private Shares from the Seller, subject to forfeiture as described
herein, on the terms and subject to the conditions set forth in this Agreement. Concurrently with
the Purchaser’s execution of this Agreement, the Seller shall,
at its option, deliver to the Purchaser certificates registered in the Purchaser’s
name representing the Private Shares (the “Original Certificates”), or effect such delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

2.1.  Purchaser’s Representations,
Warranties and Agreements. To induce the Seller to sell the Private Shares to the Purchaser, the Purchaser hereby represents
and warrants to the Seller and agrees with the Seller as follows:

 

     

     

    

 

2.1.1.     No
Government Recommendation or Approval. The Purchaser understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Private Shares.

 

2.1.2.     No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Purchaser,
(ii) any agreement, indenture or instrument to which the Purchaser is a party or (iii) any law, statute, rule or regulation to which the
Purchaser is subject, or any agreement, order, judgment or decree to which the Purchaser is subject.

 

2.1.3.     Organization
and Corporate Power; Enforceability. The Purchaser is a limited liability company duly organized, validly existing and in good
standing under the laws of the Sweden and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Purchaser. The Purchaser
possesses all requisite power (limited liability company or otherwise) and authority necessary to own, lease and operate its properties
and conduct its business as presently conducted and to enter into, deliver and perform its obligations under and carry out the transactions
contemplated by this Agreement. Upon execution and delivery of this Agreement by the Purchaser, this Agreement is a legal, valid and binding
agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally
and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4.     Experience,
Financial Capability and Suitability. Purchaser is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Private Shares and (ii) able to bear the economic risk of its investment in the Private Shares for
an indefinite period of time because the Private Shares have not been registered under the Securities Act (as defined below) and therefore
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser
is capable of evaluating the merits and risks of its investment in the Seller and has the capacity to protect its own interests. Purchaser
must bear the economic risk of this investment until the Private Shares are sold pursuant to: (i) an effective registration statement
under the Securities Act or (ii) an exemption from registration available with respect to such sale. Purchaser is able to bear the economic
risks of an investment in the Private Shares and to afford a complete loss of Purchaser’s investment in the Private Shares.

 

2.1.5.     Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Purchaser has had the opportunity to
ask questions of and receive answers from representatives of the Seller concerning an investment in the Seller, as well as the finances,
operations, business and prospects of the Seller, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, Purchaser has relied solely on Purchaser’s own knowledge and understanding
of the Seller and its business based upon Purchaser’s own due diligence investigation and the information furnished pursuant to
this paragraph. Purchaser understands that no person has been authorized to give any information or to make any representations which
were not furnished pursuant to this Section 2 and Purchaser has not relied on any other representations or information in making
its investment decision, whether written or oral, relating to the Seller, its operations and/or its prospects.

 

2.1.6.     Regulation
D Offering. Purchaser represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby
is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a)
of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.     Investment
Purposes. The Purchaser is purchasing the Private Shares solely for investment purposes, for the Purchaser’s own account
and not for the account or benefit of any other person, for the Purchaser to allocate to the limited liability company interests of the
Purchaser to be purchased by the purchasers under the Subscription Agreements, and not with a view towards the distribution or dissemination
thereof except as contemplated by the Subscription Agreements. The Purchaser did not decide to enter into this Agreement as a result of
any general solicitation or general advertising within the meaning of Rule 502 under the Securities Act.

 

    2

     

    

 

2.1.8.     Restrictions
on Transfer; Shell Company. Purchaser understands the Private Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Purchaser understands the Private Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and Purchaser understands that the certificates or book-entries representing
the Private Shares will contain a legend in respect of such restrictions. If in the future the Purchaser decides to offer, resell, pledge
or otherwise transfer the Private Shares, such Private Shares may be offered, resold, pledged or otherwise transferred only pursuant to:
(i) registration under the Securities Act, or (ii) an available exemption from registration; provided, that Purchaser agrees that
if any transfer of its Private Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Purchaser
may be required to deliver to the Seller an opinion of counsel satisfactory to the Seller. Absent registration or an exemption, the Purchaser
agrees not to resell the Private Shares. Purchaser further acknowledges that because the Seller is a shell company, Rule 144 may not be
available to the Purchaser for the resale of the Private Shares until one year following consummation of the initial business combination
of the Seller, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9.     No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Purchaser in connection with the transactions contemplated by this Agreement.

 

2.2. Seller’s Representations,
Warranties and Agreements. To induce the Purchaser to purchase the Private Shares, the Seller hereby represents and warrants
to the Purchaser and agrees with the Purchaser as follows:

 

2.2.1.     Organization
and Corporate Power; Enforceability.  The Seller is a Delaware corporation, validly existing and in good standing under the laws
of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement and
is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Seller. Upon execution and delivery of this Agreement by the Seller,
this Agreement is a legal, valid and binding agreement of the Seller, enforceable against the Seller in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement
of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding
at law or in equity).

 

2.2.2.     Authorization;
No Breach. 

 

(i) The execution, delivery and performance of
this Agreement has been duly authorized and approved by the Seller. This Agreement constitutes a valid and binding obligation of the Seller,
enforceable in accordance with its terms.

 

(ii) The execution and delivery by the Seller of
this Agreement, and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Seller, do not and will not
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation
of any lien, security interest, charge or encumbrance upon the Seller’s capital stock or assets under, (d) result in a violation
of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration or filing, in each case, by or to any
court or administrative or governmental body or agency pursuant to the articles of association or other organizational documents of the
Seller (in effect on the date hereof or as may be amended prior to completion of the contemplated IPO), any agreement, indenture or instrument
to which the Seller is a party, or any material law, statute, rule or regulation to which the Seller is subject, or any agreement, order,
judgment or decree to which the Seller is subject, except for any filings required after the date hereof under federal or state securities
laws.

 

2.2.4. Title to Securities. Upon
the sale and transfer in accordance with, and payment pursuant to, the terms hereof, the Private Shares will be duly and validly
issued, fully paid and nonassessable and will not have been transferred in violation of or subject to any preemptive or similar
rights created under the Seller’s organizational documents (as in effect at such time of issuance) or under the laws of the
State of Delaware Upon the sale and transfer in accordance with, and payment pursuant to, the terms hereof, the Purchaser will have
or receive good title to the Private Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Private Shares may be subject to which the Purchaser is a party,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions
of the Purchaser.

 

    3

     

    

 

2.2.5.     No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Seller
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or
(ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any
transactions.

 

2.2.6. No Governmental Consents. No
governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of the Seller
in connection with the transactions contemplated by this Agreement.

 

2.2.7.    No
Default. As of the date hereof, the Seller has not received any written communication from a governmental authority that alleges that
the Seller is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or
violation would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the financial condition,
operating results or assets of the Seller.

 

2.2.8.    No
Registration. No registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the
offer and sale of the Private Shares by the Seller to the Purchaser.

 

2.2.9.No Solicitation.Neither the
Seller nor any person acting on its behalf has offered or sold the Private Shares by any form of general solicitation or general advertising
in violation of the Securities Act.

 

2.2.10.No Broker’s Fee.The
Seller is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Private Shares hereunder.

 

3. Forfeiture
of Private Shares.

 

3.1. Partial or No Exercise of the
Over-allotment Option. Subsequent to the transfer of the Private Shares to the Purchaser pursuant to this Agreement, in the event
the Over-allotment Option granted to the underwriters of the IPO is not exercised in full, the Purchaser acknowledges and agrees that
the Purchaser (or, if applicable, the Purchaser and any direct or indirect transferees of the Private Shares) shall forfeit any and all
rights to such number of Private Shares (up to an aggregate of 45,000 Private Shares) pro rata based upon the percentage of the Over-allotment
Option exercised.

 

3.2. Termination of Rights as Stockholder. If
any of the Private Shares are forfeited in accordance with this Section 3, then after such time the Purchaser (or successor in
interest), shall no longer have any rights as a holder of such forfeited Private Shares, and the Seller shall take such action as is appropriate
to cancel such forfeited Private Shares.

 

3.3. Share Certificates. In
the event an adjustment to the Original Certificates, if any, is required pursuant to this Section 3, then the Purchaser shall
return such Original Certificates to the Seller or its designated agent as soon as practicable upon its receipt of notice from the Seller
advising Purchaser of such adjustment, following which a new certificates (the “New Certificates”), if any, shall be
issued in such amount representing the adjusted number of Private Shares held by the Purchaser. The New Certificates, if any, shall be
returned to the Purchaser as soon as practicable. Any such adjustment for any uncertificated securities held by the Purchaser shall be
made in book-entry form.

 

4. Waiver of Liquidation Distributions; Redemption
Rights. In connection with the Private Shares purchased pursuant to this Agreement, the Purchaser hereby waives any and all
right, title, interest or claim of any kind in or to any distributions by the Seller from the trust account which will be
established for the benefit of the Seller’s public stockholders and into which substantially all of the proceeds of the IPO
and the proceeds from the sale of the Private Shares will be deposited (the “Trust Account”), in the event of a
liquidation of the Seller upon the Seller’s failure to timely complete an initial business combination. For purposes of
clarity, in the event the Purchaser purchases shares of Class A common stock in the IPO or in the aftermarket, any additional shares
of Class A common stock so purchased shall be eligible to receive any liquidating distributions by the Seller from the Trust Account
upon the Seller’s failure to timely complete an initial business combination. However, in no event will the Purchaser have the
right to redeem any Private Shares or shares of Class A common stock purchased by the Purchaser in the IPO or in the aftermarket out
of funds held in the Trust Account upon the successful completion of an initial business combination by the Seller.

 

    4

     

    

 

5. Restrictions
on Transfer.

 

5.1. Securities Law Restrictions. In
addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”)
to be dated as of the closing of the IPO by and among the Purchaser, the Seller, byNordic Holdings, LLC, byNordic Holdings II, LLC and
certain individual officers and directors of the Seller, the Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise
dispose of all or any part of the Private Shares unless, prior thereto (a) a registration statement on the appropriate form under the
Securities Act and applicable state securities laws with respect to the Private Shares proposed to be transferred shall then be effective
or (b) the Seller has received an opinion from counsel reasonably satisfactory to the Seller, that such registration is not required because
such transaction is exempt from registration under the Securities Act and the rules promulgated by the Commission thereunder and with
all applicable state securities laws. 

 

5.2.  Lock-up.
Purchaser acknowledges that the Private Shares will be subject to lock-up provisions contained in the Insider Letter.

 

5.3.  Restrictive Legends. Any
certificates representing the Private Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS
OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

Upon the written request of the Purchaser, the
Seller shall agree to coordinate with the Purchaser to remove, or cause its transfer agent to remove, any restrictive legend or other
transfer restriction from any Private Shares that are registered for resale pursuant to an effective registration statement or are no
longer subject to the contractual lock-up set forth in the Insider Letter.

 

5.4. Additional Shares or Substituted
Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form
other than the Private Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Seller’s outstanding Private Shares without receipt of consideration, any new, substituted or additional securities
or other property which are by reason of such transaction distributed with respect to any Private Shares subject to this Section 5
or into which such Private Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3.
Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Private
Shares subject to this Section 5 and Section 3.

 

5.5. Registration Rights. Purchaser
acknowledges that the Private Shares are being purchased pursuant to an exemption from the registration requirements of the Securities
Act and will become freely tradable only after certain conditions are met or they are registered pursuant to the Amended and Restated
Registration Rights Agreement, dated as of February 8, 2022 (the “Registration Rights Agreement”), by and among the
Seller, the Purchaser, byNordic Holdings II, LLC, Water by Nordic AB and the additional parties
identified therein.

 

    5

     

    

 

6. Conditions
of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Private Shares are subject to the
fulfillment, on or before the date hereof, of each of the following conditions:

 

6.1 Representations and Warranties. The
representations and warranties of the Seller in Section 2.2 shall be true and correct at and as of the date hereof.

 

6.2 Performance. The Seller shall
have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed
or complied with by it on or before the date hereof.

 

6.3 No Injunction. No litigation, statute,
rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any
court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated
hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

6.5 Corporate Consents. The Seller
shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the
sale of the Private Shares hereunder.

 

7.     Conditions of the Seller’s
Obligations. The obligations of the Seller to the Purchaser under this Agreement are subject to the fulfillment, on or before
the date hereof, of each of the following conditions:

 

7.1. Representations and Warranties.
The representations and warranties of the Purchaser contained in Section 2.1 shall be true and correct at and as of the date hereof.

 

7.2. Performance. The Purchaser shall
have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed
or complied with by the Purchaser on or before the date hereof.

 

7.3. Corporate Consents. The Seller
shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the
sale of the Private Shares hereunder.

 

7.4. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

8. Other
Agreements.

 

8.1. Private Placement Warrants
Purchase Agreement. The parties hereto acknowledge and agree that the Private Placement Warrants Purchase Agreement, dated as of May
7, 2021, between the Seller, as the seller thereunder, and the Purchaser, as the purchaser thereunder, is terminated pursuant to Section
6 thereof and is of no further force and effect effective as of the date hereof.

 

8.2.    Further
Assurances. Purchaser agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

8.3. Notices. All notices,
statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or
sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated
in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated
in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed
to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if
sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after
mailing if sent by mail.

 

    6

     

    

 

8.4. Entire Agreement. This
Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit
to the Registration Statement, embodies the entire agreement and understanding between the Purchaser and the Seller with respect to the
subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used
to interpret, change or restrict, the express terms and provisions of this Agreement. 

 

8.5.  Modifications and Amendments. The
terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto, which written
agreement shall be executed by the Purchaser in compliance with the organizational documents of the Purchaser, as the same may be amended
or otherwise modified from time to time in accordance with the terms thereof.

 

8.6. Termination.  This
Agreement may be terminated at any time after March 31, 2022 as such date may be extend by mutual agreement of the parties in writing
upon the election by either the Seller or the Purchaser upon written notice to the other party if the closing of the IPO does not occur
on or prior to such date. If the Agreement is terminated pursuant to this Section 8.6, any portion of the Purchase Price already
funded will be promptly (but no later than five (5) business days following receipt of notice of termination) returned in full to the
Purchaser and any portion of the purchase prices contemplated under the Subscription Agreements already funded will be promptly (but not
later than five (5) business days following receipt of notice of termination) returned to the purchasers under the Subscription Agreements
in immediately available funds.

 

8.7.    Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed
to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.
Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

8.8. Assignment. The rights
and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

 

8.9. Benefit. All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the
benefit of the respective successors and permitted assigns of each party hereto. Except as expressly set forth below, nothing in this
Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

8.10. Governing Law; Venue; Waiver
of Jury Trial. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
Each of the Seller and the Purchaser (i) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such
jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and
venue or that such courts represent an inconvenient forum. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH
ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

8.11. Severability. In
the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

8.12. No Waiver of Rights, Powers and
Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no
course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single
or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of
steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any
circumstances without such notice or demand.

 

    7

     

    

 

8.13. Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate
or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on
behalf of the parties.

 

8.14. No Broker or Finder. Each
of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf
in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each
of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other compensation by
any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the
cost of legal expenses incurred in defending against any such claim.

 

8.15. Headings and Captions. The
headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or
affect the meaning or construction of any of the terms or provisions hereof.

 

8.16. Counterparts. This
Agreement may be executed simultaneously in two or more counterparts, none of which needs to contain the signatures of more than one party,
but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof.

 

8.17. Construction. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise
favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

8.18. Mutual Drafting. This
Agreement is the joint product of the Purchaser and the Seller and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

9.  Voting
and Tender of Private Shares. Purchaser agrees to vote the Private Shares in favor of an initial business combination that the
Seller negotiates and submits for approval to the Seller’s stockholders and shall not seek redemption with respect to such Private
Shares. Additionally, the Purchaser agrees not to tender any Private Shares in connection with a tender offer presented to the Seller’s
stockholders in connection with an initial business combination negotiated by the Seller.

 

10.     Indemnification. Each
party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as
a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    8

     

    

 

If the foregoing accurately sets forth our understanding
and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	BYNORDIC ACQUISITION CORPORATION,

 as the Seller
	 	 	 
	 	By:	/s/ Michael Hermansson
	 	 	Name:	Michael Hermansson
	 	 	Title:	Chief Executive Officer

 

	Accepted and agreed as of the date first written above.
	 	 
	WATER BY NORDIC AB, as the Purchaser	 
	 	 
	By:	/s/ Jonas Olsson	 
	 	Name:	Jonas Olsson	 
	 	Title:	Chairman of the Board	 

 

[Signature Page to Securities Purchase Agreement
(Sponsor) (Private Shares)]

 

 

9

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