Document:

Exhibit 4.1

 

[FORM OF WARRANT TO PURCHASE COMMON
STOCK]

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND MAY BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF ONLY IF SUCH SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR SUCH STATE
SECURITIES LAWS.

 

WARRANT No. _______

 

to purchase

 

Shares of Common Stock

 

GRANITE
POINT MORTGAGE TRUST INC.

a Maryland Corporation

 

Issue Date: September 25, 2020

 

THIS COMMON STOCK PURCHASE WARRANT (this
 “Warrant”) certifies that, for value received,                
or its permitted assigns (the “Warrantholder”) is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time and from time to time on or after September 25, 2021 (the “Initial
Exercise Date”) and on or prior to 5:00 p.m., New York City time, on September 25, 2026 (the “Expiration
Time”), to subscribe for and purchase from Granite Point Mortgage Trust Inc., a Maryland corporation (the “Company”),
up to                
duly authorized, validly issued, fully paid and nonassessable shares of Common Stock (as subject to adjustment hereunder, the “Shares”
and each a “Share”). The purchase price of one share of Common Stock under this Warrant shall be equal to the
Exercise Price (as defined below). The Exercise Price and the number of Shares to be purchased upon exercise of this Warrant are
subject to adjustment as hereinafter provided.

 

		1.	Definitions. Unless the context otherwise requires, when used herein the following terms
shall have the meanings indicated.

 

“Adjusted
Core Earnings” means, in respect of any period and as determined for the Company and its subsidiaries on a consolidated
basis, Core Earnings for such period, adjusted to exclude the impact, if any, to net income of any costs and expenses incurred
during such period in connection with the internalization of the Company’s management, including, without limitation, the
payment of any settlement with, or judgment or arbitral award in favor of, Pine River Capital Management L.P. in connection therewith.

 

    

     

    

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ability to exercise voting power, by contract or otherwise.

 

“Allianz”
means Allianz SE, a German company.

 

“Board of
Directors” means the board of directors of the Company, including any duly authorized committee thereof.

 

“Business
Day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally
are authorized or required by law or other governmental actions to close.

 

“Capital Stock”
means (A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other
equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not
a corporation or company, any and all partnership or other equity interests of such Person.

 

“Cashless
Exercise” has the meaning set forth in Section 4.

 

“Common Stock”
means the Company’s common stock, $0.01 par value per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Core Earnings”
means, in respect of any period and as determined for the Company and its subsidiaries on a consolidated basis, the net income
(loss) of the Company and its consolidated subsidiaries attributable to the Company’s common stockholders for such period,
computed in accordance with GAAP, and excluding (1) non-cash equity compensation expense, (2) any “Incentive Compensation”
as defined and calculated pursuant to that certain Management Agreement, dated as of June 28, 2017, between the Company and
Pine River Capital Management L.P., (3) depreciation and amortization, (4) any unrealized gains or losses or other similar
non-cash items that are included in net income for such period, regardless of whether such items are included in other comprehensive
income or loss or in net income for such period, and (5) one-time events pursuant to changes in GAAP and certain material
non-cash income or expense items, in each case, after discussions between Pine River Capital Management L.P. and the Independent
Directors, and approved in writing by both a majority of the Independent Directors on the Board of Directors and the board of directors
of the Required Lenders (as defined in the Credit Agreement); provided that once the internalization of the Company’s
management is complete, (i) clause (2) above shall be deemed removed in its entirety from this definition of “Core
Earnings” and replaced with a reference to “(2) [reserved],” and (ii) the reference to “Pine
River Capital Management L.P.” in clause (5) of this definition of “Core Earnings” shall be deemed
removed and replaced with a reference to “the Company;” provided further that, (a) Core Earnings, as calculated
pursuant to this definition, shall be deemed equal to or less than “core earnings” as disclosed by the Company in its
Form 10-K and 10-Q for the equivalent period of determination, and in the event that Core Earnings as calculated pursuant
to this definition, results in a higher number for such period of determination compared to “core earnings” as disclosed
by the Company in its Form 10-K or 10-Q for such period of determination, then for the purposes of this definition, Core Earnings
shall equal “core earnings” as disclosed by the Company in its Form 10-K and 10-Q for such period of determination
and (b) the exclusion of depreciation and amortization in the calculation of Core Earnings shall only apply to depreciation
and amortization related to Target Investments that are structured as debt to the extent that the Company or its applicable consolidated
subsidiary forecloses upon the property or properties underlying such debt.

 

    2

     

    

 

“Credit Agreement”
means that certain Term Loan Credit Agreement, dated on or about the Issue Date, by and among the Company, as a loan party, Granite
Point Operating Company LLC, as a borrower, the other borrowers party thereto, the lenders from time to time party thereto, and
Wilmington Trust, National Association, as administrative and collateral agent, as amended, restated, supplemented or otherwise
modified from time to time.

 

“Cumulative
Adjusted Core Earnings” means, at any time (the “Reference Time”), an amount (which shall not be less
than zero) equal to 100% of Adjusted Core Earnings for the period from the first day of the fiscal quarter of the Company during
which the Closing Date (as defined in the Credit Agreement) occurred to and including the last day of the most recently ended fiscal
quarter of the Company prior to the Reference Time for which financial statements have been delivered pursuant to Section 5.01(a) or
(b) of the Credit Agreement (or, if Adjusted Core Earnings is a deficit, minus 100% of such deficit).

 

“Daily VWAP”
means the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP”
on Bloomberg page “GPMT <equity> AQR” (or its equivalent successor if such page is not available) in
respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on
the relevant Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common
Stock on such Trading Day determined, using a volume-weighted average method by a nationally recognized independent investment
banking firm retained for this purpose by the Company), determined without regard to after-hours trading or any other trading outside
of the regular trading session trading hours.

 

“Delayed Draw
Availability Period” means the period from the Closing Date (as defined in the Credit Agreement) until March 25,
2021, unless such period is extended by Granite Point Operating Company LLC pursuant to the Credit Agreement.

 

“Delayed Draw
Term Facility” means the senior secured delayed draw term loan facility under the Credit Agreement in an aggregate principal
amount of up to $75 million.

 

    3

     

    

 

“Disqualified
Institutions” means (i) the Persons identified in writing on that certain list delivered by the Company to the initial
Warrantholder on or prior to the date of the initial Warrant (as such list may be updated from time to time in accordance with
this paragraph as described below, the “DQ List”), (ii) any Affiliate of any Person described in clause
(i) above that is reasonably identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s name,
and (iii) any other Affiliate of any Person described in clause (i) above that is identified from time to time in a written
notice to the Warrantholder as described below; provided that (x) following the date hereof, the DQ List shall be updated
to the same extent the similar DQ List is updated in the Credit Agreement, or if the Credit Agreement is no longer outstanding,
with the consent of the majority of the holders of the Warrants (which consent shall not be unreasonably delayed, conditioned or
withheld) to add one or more additional Persons (provided, that in no event shall the Company add more than five (5) additional
Persons to the DQ List during the term of the Warrant), (y) no such update shall apply retroactively to disqualify any Person
that has previously acquired a Warrant (but such Person and any of its Affiliates that are Disqualified Institutions shall be prohibited
from acquiring any additional Warrants except to the extent otherwise expressly agreed to in writing by the Company) and (z) any
designation of a Person as a Disqualified Institution after the date hereof that is permitted pursuant to this definition shall
become effective no later than the third Business Day after written notice thereof by the Company to the Warrantholder in accordance
with Section 20 hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Excluded
Issuance” means any issuance of shares of Common Stock, options to purchase or rights to subscribe for Common Stock,
securities by their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for
such convertible or exchangeable securities (i) pursuant to a strategic acquisition by the Company or any subsidiary by merger,
asset purchase, stock purchase or any other similar transaction or in connection with a strategic partnership, (ii) under
the Company’s 5.625% convertible senior notes due 2022 outstanding on the date hereof or any securities issued to refinance
or replace all or any portion of such notes to the extent that the number of shares of Common Stock issued in such refinancing
(or the maximum number of shares of Common Stock underlying any options to purchase or rights to subscribe for Common Stock, securities
by their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities) does not exceed the aggregate of (x) the maximum number of shares of Common Stock then issuable
upon conversion of the 5.625% convertible senior notes that are being refinanced and (y) the Excluded Issuance Cap (as defined
below), (iii) under the Company’s 6.375% convertible senior notes due 2023 outstanding on the date hereof or any securities
issued to refinance or replace all or any portion of such notes to the extent that the number of shares of Common Stock issued
in such refinancing (or the maximum number of shares of Common Stock underlying any options to purchase or rights to subscribe
for Common Stock, securities by their terms convertible into or exchangeable for Common Stock, or options to purchase or rights
to subscribe for such convertible or exchangeable securities) does not exceed the aggregate of (x) the maximum number of shares
of Common Stock then issuable upon conversion of the 6.375% convertible senior notes that are being refinanced and (y) the
Excluded Issuance Cap (as defined below), (iv) to employees, consultants, agents, officers or directors of the Company or
any subsidiary pursuant to any employee stock option plan, stock incentive plan or similar arrangement or (v) to banks, landlords,
lenders, equipment lessors or investors in connection with any debt financing, equipment financing or other non-equity financing
transaction, in an amount not to exceed the Excluded Issuance Cap. The “Excluded Issuance Cap” means a total number
of shares not to exceed, for clauses (ii)(y), (iii)(y) and (v) in the aggregate, an amount equal to 1% of the Company’s
total outstanding equity. For the avoidance of doubt, (A) no adjustments will be required under Section 15(C) hereto
with respect to any excess issuance referred to under clauses (ii) or (iii) above unless such excess issuance would have
required an adjustment under Section 15(C) hereto were it a separate issuance that was not an Excluded Issuance
and (B) for purposes of calculating the use of the Excluded Issuance Cap, (i) a percentage will be calculated at the
time of any issuance pursuant to clauses (ii)(y), (iii)(y) and (v) based on the Company’s total outstanding equity
at the time of such issuance and such calculated percentages will be subtracted from the 1% permitted by such cap and (ii) an
issuance pursuant to clauses (ii)(y), (iii)(y) and (v) shall only count against the Excluded Issuance Cap if an adjustment
would have been required under Section 15(C) hereto but for such issuance being an Excluded Issuance.

 

    4

     

    

 

“Exercise
Price” means $6.47 (as such price may be adjusted from time to time pursuant to Section 15 hereof).

 

“Expiration
Time” has the meaning set forth in the Preamble.

 

“Fair Market
Value” means, with respect to any security or other property, the fair market value of such security or other property
determined as follows:

 

(a)            if
the security is listed on the NYSE, the Daily VWAP of the security measured over the five (5) Trading Day period ending on
and including the specified date (or, if the specified date is not a Trading Day, the five (5) Trading Day period ending on
the Trading Day immediately preceding the specified date);

 

(b)            if
the security is not then listed on a U.S. national securities exchange, the Daily VWAP of the security measured over the five (5) Trading
Day period ending on and including the specified date (or, if the specified date is not a Trading Day, the five (5) Trading
Day period ending on the Trading Day immediately preceding the specified date), as reported on the principal over-the-counter quotation
system on which such security trades; or

 

(c)            in
all other cases, as reasonably determined by a majority of the Board of Directors, acting in good faith.

 

For purposes of the
definition of “Fair Market Value,” references to the Common Stock and its applicable Bloomberg page in the definition
of “Daily VWAP” and to the Common Stock in the definition of “Trading Day” shall be deemed to refer to
the security specified in clause (a) or (b) above (and its corresponding Bloomberg page).

 

“GAAP”
means generally accepted accounting principles in effect in the United States in effect and applicable to the accounting period
in respect of which reference to GAAP is made.

 

“Governing
Instruments” means, with regard to any entity and for purposes of the definition of “Independent Director,”
the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation, the certificate of limited
partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the certificate of formation
and operating agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing
documents in each case as amended.

 

“Governmental
Authority” means any government, court, regulatory or administrative agency, commission, arbitrator or authority or other
legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal,
state or local, domestic, foreign or multinational.

 

    5

     

    

 

“Independent
Director” means a member of the Board of Directors who is “independent,” as determined by the Board of Directors,
in accordance with (i) the Company’s Governing Instruments and (ii) the rules of the NYSE or such other securities
exchange on which the shares of Common Stock are listed. For the avoidance of doubt, an employee of any of the following Persons
does not qualify as an Independent Director: any PIMCO Investor (as defined in the Investor Rights Agreement), Allianz, any of
their respective Affiliates or, to the extent constituting a Standstill Party (as defined in the Investor Rights Agreement), any
Related Fund of any of the foregoing.

 

“Initial Exercise
Date” has the meaning set forth in the Preamble.

 

“Investment
Guidelines” means the investment guidelines approved by the Board of Directors, as the same may be amended, restated,
modified, supplemented or waived pursuant to the approval of a majority of the entire Board of Directors (which, for purposes of
the definition of “Core Earnings” must include a majority of the Independent Directors).

 

“Investor
Rights Agreement” means that certain Investor Rights Agreement, dated September 25, 2020, by and among the Company,
the PIMCO Investors (as defined in the Investor Rights Agreement) and the other investors party thereto from time to time.

 

“Issue Date”
has the meaning set forth in the title of this Warrant.

 

“Last Reported
Closing Price” means, with respect to a particular security, on any given day, the last reported sale price, regular
way, or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, in
either case on the principal national securities exchange on which the applicable securities are listed or admitted to trading,
or if not listed or admitted to trading on any national securities exchange, the last quoted bid price in the over-the-counter
market as reported by OTC Markets Group or similar organization. “Last Reported Closing Price” shall be determined
without reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the quotations
referred to above are available for the period required hereunder, the Last Reported Closing Price shall be deemed to be the fair
market value per share of such security as determined in good faith by the Board of Directors in reliance upon an opinion of a
nationally recognized independent investment banking firm retained by the Company for this purpose. For the purposes of determining
the Last Reported Closing Price of the Common Stock on the Trading Day preceding, on or following the occurrence of an event, (i) that
Trading Day shall be deemed to commence immediately after the regular scheduled closing time of trading on the NYSE or, if trading
is closed at an earlier time, such earlier time and (ii) that Trading Day shall end at the next regular scheduled closing
time, or if trading is closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Last
Reported Closing Price is to be determined as of the last Trading Day preceding a specified event and the closing time of trading
on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the Last Reported Closing Price
would be determined by reference to such 4:00 p.m. closing price).

 

    6

     

    

 

“Market Reference
Price” means the arithmetic average of the Daily VWAPs over the two (2) Trading Days following, but not including,
the date the applicable Notice of Exercise is delivered.

 

“Notice of
Exercise” has the meaning set forth in Section 4.

 

“NYSE”
means the New York Stock Exchange.

 

“Ordinary
Cash Dividends” means cash dividends on shares of Common Stock, provided that Ordinary Cash Dividends for any
fiscal year shall not include any cash dividends declared in such fiscal year to the extent in excess of an amount equal to the
greater of (i) 90% of Cumulative Adjusted Core Earnings of the Company and its consolidated subsidiaries for the period of
four (4) consecutive fiscal quarters most recently ended on or prior to the date of such declaration for which annual or quarterly
consolidated financial statements of the Company have been filed with the SEC on Form 10-K or 10-Q, as applicable, or otherwise
made available to the Warrantholder and (ii) the amount of such dividends required to (x) maintain the Company’s
status as a real estate investment trust under Sections 856 through 860 of the United States Internal Revenue Code of 1986, as
amended (the “Code”), or (y) avoid the payment by the Company or its subsidiaries (other than any “taxable
REIT subsidiary,” as defined in Section 856(l) of the Code) of any federal, state or local income or excise tax
(including, but not limited to, Sections 857 and 4981 of the Code).

 

“Ownership
Limitations” means the limitations on Transfers, Beneficial Ownership and Constructive Ownership (each as defined in
the Company’s Articles of Amendment and Restatement) of shares of Capital Stock contained in the Company’s Articles
of Amendment and Restatement, as amended from time to time.

 

“Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts or other organizations, whether
or not legal entities, and Governmental Authorities.

 

“PIMCO”
means Pacific Investment Management Company LLC, a Delaware limited liability company.

 

“Reference
Time” has the meaning set forth in the definition of Cumulative Adjusted Core Earnings.

 

“Regulatory
Approvals” with respect to the Warrantholder, means, to the extent applicable and required to permit the Warrantholder
to exercise this Warrant for shares of Common Stock and to own such Common Stock without the Warrantholder being in violation of
applicable law, rule or regulation, the receipt of any necessary approvals and authorizations of, filings and registrations
with, notifications to, or expiration or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, and the rules and regulations thereunder.

 

“Related Fund”
means, with respect to any Person, any fund or investment vehicle managed, administered or advised by (i) such Person, (ii) an
Affiliate of such Person, or (iii) an entity or an Affiliate of an entity that manages, administers or advises such Person.

 

“Relevant
Price” means, as of any time, the product of (x) 0.85 and (y) the lower of (a) the Exercise Price in effect
immediately prior to such time and (b) the most recent Last Reported Closing Price per share of the Common Stock.

 

    7

     

    

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Share”
or “Shares” has the meaning set forth in the Preamble.

 

“Target Investments”
means the types of investments described under “Business—Our Target Investments” in the Company’s prospectus
dated June 22, 2017, relating to the Company’s sale of Common Stock to the public through underwriters pursuant to the
Company’s Registration Statement on Form S-11 (No. 333-218197), subject to, and including, any changes to the Investment
Guidelines that may be approved by the Board of Directors from time to time.

 

“Trading Day”
means (A) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter
market, a Business Day on which such relevant exchange or quotation system is scheduled to be open for business and on which the
shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once
on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading
of the shares of Common Stock or (B) if the shares of Common Stock are not traded on any national or regional securities exchange
or association or over-the-counter market, a Business Day.

 

“Transfer
Agent” has the meaning set forth in Section 5(A)(i)(1).

 

“United States”
and “U.S.” mean the United States of America.

 

“Warrant”
has the meaning set forth in the Preamble.

 

“Warrantholder”
has the meaning set forth in the Preamble.

 

		2.	Number of Shares; Exercise Price.
                                         The Warrantholder is entitled, upon the terms and subject to the conditions hereinafter
                                         set forth, to acquire from the Company, in whole or in part on or after the Initial Exercise
                                         Date,                
                                          fully paid and nonassessable Shares, at a purchase price per Share equal to
                                         the Exercise Price, provided that (a) the Warrantholder’s rights to
                                         acquire up to                
                                         (subject to the adjustment provisions contained in Section 15
                                         hereof) of such Shares pursuant hereto shall be subject to vesting on a pro rata basis
                                         as draws occur under the Delayed Draw Term Facility, (b) this Warrant shall not
                                         be exercisable for such unvested Shares unless and until a proportional draw occurs under
                                         the Delayed Draw Term Facility (subject to the other terms and conditions hereof) and
                                         (c) this Warrant shall be automatically cancelled in full with respect to the Warrantholder’s
                                         rights to acquire up to                
                                         of such Shares pursuant hereto if no such draw occurs during the Delayed
                                         Draw Availability Period (or automatically cancelled in part on a pro rata basis with
                                         the amount of any undrawn commitments under the Delayed Draw Term Facility that are terminated
                                         or expire from time to time pursuant to the Credit Agreement). At the end of the Delayed
                                         Draw Availability Period, to the extent the number of Shares that may be issued hereunder
                                         is subject to adjustment as a result of the vesting provisions above, the Warrantholder
                                         shall surrender this Warrant as described in Section 4 and the Company shall
                                         deliver a new warrant to the Warrantholder reflecting such adjustment. The number of
                                         Shares and the Exercise Price are subject to adjustment as provided herein, and all references
                                         to “Common Stock,” “Shares” and “Exercise Price”
                                         herein shall be deemed to include any such adjustment or series of adjustments.

 

    8

     

    

 

		3.	Limitation on Shares Deliverable Upon Exercise of Warrant. Notwithstanding anything to the
contrary in this Warrant, no Warrantholder shall be entitled to receive Shares upon exercise of this Warrant to the extent (but
only to the extent) that such receipt would result in a violation of the Ownership Limitations, unless the Company provides an
exemption from the Ownership Limitations as permitted by its Articles of Amendment and Restatement, in its sole discretion. Any
purported delivery of Shares upon exercise of this Warrant will be void and have no effect to the extent (but only to the extent)
that such delivery would result in violation of the Ownership Limitations, unless the Company provides an exemption from the Ownership
Limitations as permitted by its Articles of Amendment and Restatement, in its sole discretion.

 

		4.	Exercise of Warrant; Term. Subject to Section 3, the Company’s rights
pursuant to Section 5(A)(i)(2) below and the receipt of all Regulatory Approvals, to the extent permitted by applicable
laws and regulations, the right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder,
at any time or from time to time after the Initial Exercise Date, but in no event later than the Expiration Time, by (A) the
surrender of this Warrant and delivery of the Notice of Exercise annexed hereto (the “Notice of Exercise”),
duly completed and executed on behalf of the Warrantholder, by hand delivery, e-mail or facsimile, at the principal executive office
of the Company located at 3 Bryant Park, 24th Floor, New York, New York, 10036, email: legal@gpmtreit.com, facsimile: 347-246-4045
(or such other office or agency of the Company in the United States as the Company may designate by notice in writing to the Warrantholder
at the address of the Warrantholder appearing on the books of the Company), and (B) payment of the Exercise Price for the
Shares thereby purchased at the election of the Warrantholder by means of a Cashless Exercise as set forth in the paragraph below.

 

Subject to Section 3
and subject to the Company’s rights pursuant to Section 5(A)(i)(2) below, any exercise of all or any part
of this Warrant by the Warrantholder shall be made on a “cashless” or “net-issue” exercise basis (a “Cashless
Exercise”) by surrendering this Warrant and delivering to the Company a Notice of Exercise, as a result of which the
Warrantholder shall be entitled to receive a number of shares of Common Stock calculated using the following formula:

 

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		 	X	=	Y
* (A - B)

A

	 

 

	 	where:	X
=	the number of shares of Common Stock to be issued to the Warrantholder

 

		Y =	the number of shares of Common Stock with respect to which the Warrant is being exercised

 

		A =	the Market Reference Price

 

		B =	the then-current Exercise Price of the Warrant

 

The Company and the
Warrantholder agree to treat the Cashless Exercise of this Warrant pursuant to this Section 4 as a recapitalization
under Section 368(a)(1)(E) of the Code.

 

If the Warrantholder
does not exercise this Warrant in its entirety, the Warrantholder will be entitled to receive from the Company within five (5) Business
Days, a new warrant in substantially identical form for the purchase of that number of Shares equal to the difference between the
number of Shares subject to this Warrant and the number of Shares as to which this Warrant is so exercised. Notwithstanding anything
in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant for Shares
is subject to the condition that the Warrantholder will have first received any applicable Regulatory Approvals.

 

		5.	Mechanics of Exercise; Conditional Exercise; Cancelled Warrants; Representations, Warranties
and Covenants of the Company.

 

		(A)	Mechanics of Exercise.

 

		(i)	Delivery of Certificates and/or Book-Entry Shares or Cash Upon Exercise.

 

		(1)	Subject to the Company’s rights pursuant to Section 5(A)(i)(2) below, Shares
purchased hereunder shall be transmitted by the Company’s transfer agent (the “Transfer Agent”) to the
Warrantholder by, at the Warrantholder’s request (A) crediting the account of the Warrantholder’s prime broker
with The Depository Trust Company through its Deposit or Withdrawal at Custodian system if the Company is then a participant in
such system, (B) physical delivery of certificates to the address specified by the Warrantholder in the Notice of Exercise
or (C) entry on the books of the Company (or the Transfer Agent, if any), in each case by no later than the fourth (4th)
Trading Day after the date of a Cashless Exercise. The applicable Shares shall be deemed to have been issued, and the Warrantholder
or any other Person so designated to be named therein shall be deemed to have become a holder of record of such shares for all
purposes, as of the date of a Cashless Exercise. Notwithstanding the foregoing, the Company shall not be required to deliver shares
through the system of The Depositary Trust Company if it determines that a legend is required to be included on the Shares being
delivered.

 

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		(2)	The Company shall have the right, at its option, to settle any exercise of this Warrant in whole
or in part in cash in lieu of the issuance of Shares. If the Company elects to settle all or any portion of an exercise of this
Warrant in cash, upon surrender of the Warrant and delivery of the Notice of Exercise to the Company in conformity with the foregoing
provisions, the Company shall within four (4) Trading Days thereafter pay an amount in cash equal to the product of (x) the
number of Shares to which the Warrantholder is entitled pursuant to Section 4 for which the Company elects to settle
in cash and (y) the Market Reference Price, such amount to be paid by wire transfer of immediately available funds to a bank
account designated by the Warrantholder. If the Company elects to settle all or any portion of an exercise of this Warrant in cash,
it will notify the Warrantholder of such election no later than 5:00 p.m., New York City time on the second (2nd) Trading
Day following the date the applicable Notice of Exercise was delivered. If the Company elects to settle an exercise of this Warrant
in part in cash, the Company shall deliver the remaining Shares in accordance with Section 5(A)(i)(1). Notwithstanding
anything to the contrary in this Warrant, if the adjustments provided for in Section 15(C) result in a total number
of shares issuable upon exercise of the aggregate amount of the warrants that represents more than 19.9% of the outstanding Common
Stock as of the date hereof (with such maximum number of shares subject to adjustment for any events under Section 15(A)),
the Company shall be deemed to have elected to settle the portion of any exercise of this Warrant above such maximum number of
shares of Common stock in cash pursuant to this Section 5(A)(i)(2) unless either (1) the Company obtains
shareholder approval for such excess issuance in shares or (2) such excess issuance is permitted by the NYSE without shareholder
approval.

 

		(ii)	Closing of Books. The Company shall not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant pursuant to the terms hereof.

 

		(B)	Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any
portion of this Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale
of stock, or otherwise), such exercise may, at the election of the Warrantholder (set forth in the applicable Notice of Exercise),
be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until
immediately prior to the consummation of such transaction, provided that such exercise occurs on or after the time the underwriting
or purchase agreement for such transaction is entered into.

 

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		(C)	Cancelled Warrants. If the Initial Term Loan Commitment (as defined in the Credit Agreement)
of the Warrantholder has not been funded in the amount requested by the Borrowers (as defined in the Credit Agreement), pursuant
to the Credit Agreement at or prior to 11:59 p.m., New York City time, on September 30, 2020, this Warrant will be null and
void without any further action.

 

		(D)	Representations, Warranties and Covenants of the Company. The Company hereby represents,
warrants, covenants and agrees, as applicable, that:

 

		(i)	The Company (x) is a corporation duly organized, validly existing and in good standing under
the laws of the State of Maryland, (y) has all requisite power and authority to own and operate its properties, to carry on
its business as now conducted and as currently proposed to be conducted, to issue and enter into this Warrant and to carry out
the transactions contemplated thereby, and (z) except where the failure to do so, individually or in the aggregate, has not
had, and could not be reasonably expected to have, a material adverse effect on the business, assets, financial condition or operations
of the Company, is qualified to do business and, where applicable is in good standing, in every jurisdiction where such qualification
is required.

 

		(ii)	This Warrant is duly authorized and validly issued. This Warrant constitutes a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally
and by general principles of equity.

 

		(iii)	The execution, delivery and performance by the Company of this Warrant does not and will not (x) violate
any material provision of applicable law or the Governing Instruments of the Company or its subsidiaries, (y) conflict with,
result in a breach of, or constitute (with the giving of any notice, the passage of time or both) a default under any material
agreement of the Company or its subsidiaries or (z) result in or require the creation or imposition of any lien upon any assets
of the Company or its subsidiaries.

 

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		(iv)	During the period this Warrant is outstanding, the Company will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Shares upon the exercise of any purchase
rights represented by this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for
the Shares upon the exercise of the purchase rights under this Warrant. The Company shall take all such action as may be reasonably
necessary or appropriate to assure that such Shares may be issued as provided herein without violation of any applicable law or
regulation, any requirements of the principal securities exchange upon which Shares may be listed at the time of such exercise
or any preemptive or similar rights of any equity holder of the Company. The Company shall procure, at its sole expense, the listing
of the Shares issuable upon exercise of this Warrant, subject to issuance or notice of issuance, on the principal securities exchange
on which the Common Stock is then listed or traded.

 

		(v)	For the avoidance of doubt, the Company will not, by amendment of its Governing Instruments or
through any consolidation, merger, reorganization, distribution or dividend, transfer of assets, dissolution, issue, sale or exchange
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant.

 

		(vi)	All Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
shall, upon exercise of the purchase rights represented by this Warrant and payment for such Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges
created by the Warrantholder, except as otherwise provided herein, income and franchise taxes incurred in connection with the exercise
of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith).

 

		(vii)	Before taking any action which would result in an adjustment in the number of Shares for which
this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or
consents thereto, as may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares
of Common Stock at the Exercise Price as so adjusted.

 

		6.	No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a Share that the Warrantholder would otherwise be entitled to purchase upon such exercise, the Company shall,
at the Company’s election, either (A) pay to such Warrantholder an amount in cash (by delivery of a certified or official
bank check or by wire transfer of immediately available funds) equal to the product of (1) such fraction multiplied by (2) the
Last Reported Closing Price on the Trading Day immediately following the date the applicable Notice of Exercise was delivered or
(B) round up to the nearest whole share.

 

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		7.	No Rights as Stockholders. This Warrant does not entitle the Warrantholder to any voting
rights or other rights as a stockholder of the Company prior to the date of exercise hereof, nor shall anything contained in this
Warrant be construed to confer upon the Warrantholder, as such, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise.
For the avoidance of doubt, nothing in this Section 7 shall limit the Warrantholder’s rights under the Investor
Rights Agreement.

 

		8.	Charges, Taxes and Expenses. The Company shall pay all expenses in connection with, and
all taxes and other governmental charges that may be imposed with respect to, the issue or delivery of Shares to the Warrantholder
upon the exercise of this Warrant. The Company shall not, however, be required to pay any tax or governmental charge which may
be payable upon exercise of this Warrant or payable in respect of any transfer involved in the issue and delivery of Shares in
a name other than that of the Warrantholder to be exercised, and no such issue or delivery shall be made unless and until the Person
requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company
that such tax has been paid.

 

		9.	Accredited Investor. The Warrantholder acknowledges that the Warrant and the Shares issuable
upon exercise have not been registered under the Securities Act or under any state securities laws. The Warrantholder expressly
warrants that it (A) is acquiring the Warrant (and any Shares issuable upon exercise) pursuant to an exemption from registration
under the Securities Act solely for investment with no present intention to distribute the Warrant (or any Shares issuable upon
exercise) to any person in violation of the Securities Act or any applicable U.S. state securities laws, (B) will not sell
or otherwise dispose of any of the Warrant (or any Shares issuable upon exercise), except in compliance with the registration requirements
or exemption provisions of the Securities Act and any applicable U.S. state securities laws, (C) has such knowledge and experience
in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks and of
making an informed investment decision, and has conducted a review of the business and affairs of the Company that it considers
sufficient and reasonable, (D) is able to bear the economic risk and at the present time is able to afford a complete loss
of such investment and (E) is an “accredited investor” (as that term is defined by Rule 501 under the Securities
Act).

 

		10.	Transfer/Assignment.

 

		(A)	Subject to compliance with clauses (B) and (C) of this Section 10,
this Warrant and all rights hereunder are transferable, in whole or in part, upon the books of the Company by the registered holder
hereof in person or by duly authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor
and date as this Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed,
to the office or agency of the Company described in Section 4. Notwithstanding the foregoing, no transfers of this
Warrant shall be permitted to any Disqualified Institutions without consent of the Company, in its sole discretion. All expenses
(other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new
warrants pursuant to this Section 10 shall be paid by the Company.

 

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		(B)	This Warrant shall not be transferrable prior to the Initial Exercise Date; provided that
prior to such date the Warrantholder shall be permitted to transfer all or a portion of this Warrant to any of its Affiliates or
Related Funds.

 

		(C)	The Warrantholder understands that, until such time as the Warrant or the Shares have been sold
pursuant to an effective registration statement under the Securities Act, or the Shares are eligible for resale pursuant to Rule 144
promulgated under the Securities Act without any restriction as to the number of securities as of a particular date that can then
be immediately sold or the need to comply with the public information requirements, the Warrant or the Shares (as applicable) will
bear a restrictive legend substantially as follows: “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY BE TRANSFERRED,
SOLD OR OTHERWISE DISPOSED OF ONLY IF SUCH SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR SUCH STATE SECURITIES LAWS.” Additionally,
if required by the authorities of any state in connection with the issuance or sale of the Warrant or the Shares, the Warrant or
the Shares (as applicable) shall bear the legend required by such state authority.

 

		11.	Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof
by the Warrantholder to the Company, for a new warrant or warrants of like tenor and representing the right to purchase the same
aggregate number of Shares. The Company shall maintain a registry showing the name and address of the Warrantholder as the registered
holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at the office of
the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

		12.	Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss,
theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of
any such mutilation, upon surrender and cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost,
stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number
of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant.

 

		13.	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or
such right may be exercised on the next succeeding day that is a Business Day.

 

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		14.	Rule 144 Information. The Company covenants that it shall use its reasonable best efforts
to timely file (after taking into account any time accommodating and applicable SEC rules) all reports and other documents required
to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder
(or, if the Company is not required to file such reports, it will, upon the request of any Warrantholder, make publicly available
such information as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act). Upon the
written request of any Warrantholder, the Company will deliver to such Warrantholder a written statement that it has complied with
such requirements.

 

		15.	Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon
exercise of this Warrant shall be subject to adjustment from time to time as follows; provided, that if more than one subsection
of this Section 15 is applicable to a single event, the subsection shall be applied that produces the largest adjustment
and no single event shall cause an adjustment under more than one subsection of this Section 15 so as to result in
duplication:

 

		(A)	Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare
and pay a dividend or otherwise make a distribution on its Common Stock, in any such case, payable in shares of Common Stock (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivide
(by any stock split, recapitalization or otherwise) the outstanding shares of Common Stock into a greater number of shares, or (iii) combine
(including by way of reverse stock split) or reclassify the outstanding shares of Common Stock into a smaller number of shares,
the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or
the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Warrantholder
after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled
to receive in respect of the shares of Common Stock subject to this Warrant after such date had this Warrant been exercised immediately
prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution
or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing
(x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the
Exercise Price in effect immediately prior to the record or effective date, as the case may be, for such dividend, distribution,
subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon
exercise of the Warrant determined pursuant to the immediately preceding sentence. Any adjustment made pursuant to this Section 15(A) shall,
in the case of such a dividend or distribution, become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution, and, in the case of a subdivision, combination or re-classification, become
effective immediately after the effective date of such subdivision, combination or re-classification. In the event that any such
dividend or distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then
in effect shall be readjusted, effective as of the date when the Board of Directors determines not to make such dividend or distribution,
to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of this Warrant
if such record date had not been fixed.

 

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		(B)	Other Distributions. In case the Company shall fix a record date for the making of a distribution
to any or all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights, warrants or
other property (excluding (i) Ordinary Cash Dividends and (ii) other dividends or distributions referred to in Section 15(A)),
in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price
determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Last
Reported Closing Price of the Common Stock on the last Trading Day preceding the first date on which the Common Stock trades regular
way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right
to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness,
assets, rights, warrants or other property to be so distributed in respect of one share of Common Stock divided by (y) such
Last Reported Closing Price on such date specified in clause (x); such adjustment shall be made successively whenever such
a record date is fixed. In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased to the
number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before
such adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment
by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the event that such distribution
is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash, warrants or other property, as the case may be, to the Exercise Price that would then be in effect and the number
of Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed.

 

		(C)	Issuances Below Exercise Price and Market Price. If the Company shall, at any time or from
time to time after the Issue Date, issue any shares of Common Stock, options to purchase or rights to subscribe for Common Stock,
securities by their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for
such convertible or exchangeable securities (other than in an Excluded Issuance) for consideration per share that is less than
the Relevant Price, then such Exercise Price shall forthwith be lowered to a price equal to the price obtained by multiplying (a) the
Exercise Price in effect immediately prior to the issuance of such Common Stock, options, rights or securities by (b) a fraction
of which (x) the numerator shall be the sum of (i) the number of shares of Common Stock outstanding on a fully-diluted
basis immediately prior to such issuance and (ii) the number of additional shares of Common Stock which the aggregate consideration
for the number of shares of Common Stock so offered would purchase at the Relevant Price and (y) the denominator shall be
the number of shares of Common Stock outstanding on a fully-diluted basis immediately after such issuance. For purposes of determining
the consideration per share:

 

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		(i)	in the case of the issuance of Common Stock for cash in a public offering or private placement,
the consideration shall be deemed to be the amount of cash paid therefor before deducting therefrom any discounts, commissions
or placement fees payable by the Company to any underwriter or placement agent in connection with the issuance and sale thereof;

 

		(ii)	in the case of the issuance of Common Stock for consideration in whole or in part other than cash,
the consideration other than cash shall be deemed to be the Fair Market Value thereof; and

 

		(iii)	in the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities
by their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities, (x) the consideration shall be deemed to equal the aggregate consideration received by the Company
for any such securities and related options or rights plus the additional consideration, if any, to be received by the Company
upon the conversion or exchange of such securities or the exercise of any related options or rights (assuming full conversion or
exercise), (y) the aggregate maximum number of shares of Common Stock deliverable upon exercise of such options to purchase
or rights to subscribe for Common Stock or upon conversion of or in exchange for any such convertible or exchangeable securities
shall be deemed to have been issued at the time such options or rights were issued and (z) on any change in the number of
shares or exercise price of Common Stock deliverable upon exercise of any such options or rights or conversions of or exchanges
for such securities, other than a change resulting from the anti-dilution provisions thereof, the Exercise Price shall forthwith
be readjusted to such Exercise Price as would have been obtained had the adjustment made upon the issuance of such options, rights
or securities not converted prior to such change or options or rights related to such securities not converted prior to such change
been made upon the basis of such change.

 

Upon the expiration of any options
to purchase or rights to subscribe for Common Stock which have not been exercised, the Exercise Price computed in connection with
the original issue thereof shall be recomputed as if the only additional shares of Common Stock issued were the shares of Common
Stock, if any, actually issued upon the exercise of such options to purchase or rights to subscribe for Common Stock, and the consideration
received therefor was the consideration actually received by the Company for the issue of the options to purchase or rights to
subscribe for Common Stock that were exercised, plus the consideration actually received by the Company upon such exercise. No
further adjustment of the Exercise Price adjusted upon the issuance of any such options, rights, convertible securities or exchangeable
securities shall be made as a result of the actual issuance of Common Stock on the exercise of any such rights or options or any
conversion or exchange of any such securities.

 

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		(D)	Adjustments Upon Reorganization, Reclassification, Consolidation or Merger. In the event
of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a reclassification
of Common Stock referred to in Section 15(A)), (iii) consolidation or merger of the Company with or into another
Person, (iv) sale of all or substantially all of the Company’s assets to another Person or (v) other similar transaction
(other than any such transaction covered by Section 15(A)) in each case which entitles all or substantially all of
the holders of Common Stock to receive (either directly or upon subsequent liquidation) stock, securities or property with respect
to or in exchange for Common Stock, each Warrant shall, immediately after such reorganization, reclassification, consolidation,
merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be)
the number of Shares then exercisable under this Warrant, be exercisable for the kind and number of shares of stock or other securities
or property of the Company or of the successor Person resulting from such transaction to which the Warrantholder would have been
entitled upon such reorganization, reclassification, consolidation, merger, sale or similar transaction if the Warrantholder had
exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation, merger, sale
or similar transaction and acquired the applicable number of Shares then issuable hereunder as a result of such exercise (without
taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment
shall be made with respect to the Warrantholder’s rights under this Warrant to insure that the provisions of this Section 15
shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or property
thereafter acquirable upon exercise of this Warrant. In determining the kind and amount of stock, securities or property receivable
upon exercise of this Warrant following the consummation of such transaction, if the holders of Common Stock have the right to
elect the kind or amount of consideration receivable upon consummation of such transaction, then the Warrantholder shall have the
right to make a similar election (including, without limitation, being subject to similar proration constraints) upon exercise
of this Warrant with respect to the number of shares of stock or other securities or property which the Warrantholder will receive
upon exercise of this Warrant. The provisions of this Section 15(D) shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers, sales or similar transactions.

 

		(E)	Rounding of Calculations; Minimum Adjustments. All calculations under this Section 15
shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may
be. Any provision of this Section 15 to the contrary notwithstanding, no adjustment in the Exercise Price or the number
of Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth
(1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall
be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts
so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more.

 

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		(F)	Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which
the provisions of this Section 15 shall require that an adjustment shall become effective immediately after a record
date for an event, the Company may defer until the occurrence of such event (i) issuing to the Warrantholder of this Warrant
exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such
exercise by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon such exercise
before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share
of Common Stock; provided, however, that the Company upon request shall deliver to such Warrantholder a due bill or other
appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence
of the event requiring such adjustment.

 

		(G)	Statement Regarding Adjustments. Whenever the Exercise Price or the number of Shares into
which this Warrant is exercisable shall be adjusted as provided in Section 15, the Company shall forthwith file at
the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise
Price that shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and
the amount of withholding taxes, if any, that would be payable by the Company as a result of the adjustment, as described in Section 15(N).
The Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each Warrantholder at
the address appearing in the Company’s records.

 

		(H)	Notice of Adjustment Event. In the event that the Company shall fix a record date for an
event of the type described in Section 15(A) or Section 15(B) or enter into binding documentation
for an event described in Section 15(C) or Section 15(D) (but only if such action would reasonably
be expected (at the time such record date is fixed or such binding documentation is entered into, as applicable) to result, under
this Section 15, in an adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable
or a change in the type of securities or property to be delivered upon exercise of this Warrant), the Company shall give notice
to the Warrantholder, in the manner set forth in Section 20, which notice shall specify the record date, if any, with
respect to any such action and the approximate date on which such event is anticipated to take place.  Such notice shall also
set forth the facts, to the extent then known, with respect thereto as shall be reasonably necessary to indicate the effect on
the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise
of this Warrant.  The Company shall use commercially reasonable efforts to provide any such notice at least five (5) days
prior to such record date (with respect to Section 15(A) or Section 15(B)) or the entry into such
binding documentation (with respect to Section 15(C)) and, in any event, shall provide notice no later than ten (10) days
following any such record date (with respect to Section 15(A) or Section 15(B)) or the entry into
such binding documentation (with respect to Section 15(C) or Section 15(D)); provided, that
failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action, and shall not
affect any claims or rights resulting from the failure to properly provide such notice pursuant this Warrant.  The Company
will be deemed to have provided the notice required pursuant to this Section 15(H) if the Company furnishes or
files such information with the SEC via the EDGAR (or successor) filing system and such information is publicly available not less
than ten (10) days following such record date (with respect to Section 15(A) or Section 15(B))
or the entry into such binding documentation (with respect to Section 15(C) or Section 15(D)).

 

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		(I)	Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking
of any action which would require an adjustment pursuant to this Section 15, the Company shall take any action which
may be necessary, including obtaining regulatory, NYSE or other applicable national securities exchange or stockholder approvals
or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all shares of
Common Stock that the Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 15.

 

		(J)	Adjustment Rules. Any adjustments pursuant to this Section 15 shall be made
successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the
Exercise Price to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce
the Exercise Price to the par value of the Common Stock.

 

		(K)	No Adjustment as a Result of Preferred Stock. Notwithstanding anything to the contrary contained
herein, no adjustment shall be made as a result of any dividend or distribution on the Company’s 10% cumulative redeemable
preferred stock paid pursuant to the terms thereof as in existence on the date hereof.

 

		(L)	Participation in Dividends. The Warrantholder, as the holder of this Warrant, prior to exercise
of this Warrant shall not be entitled to receive any dividends paid and distributions of any kind (including (a) cash or any
other property or securities, or (b) any rights, options or warrants to subscribe for or purchase any of the foregoing) made
to the holders of Common Stock, other than pursuant to this Section 15.

 

		(M)	Other Issuances of Equity Securities. Notwithstanding anything to the contrary contained
herein, except as specifically set forth in Sections 15(A), (B), (C) or (D), no adjustment
will be made to the Exercise Price as a result of the Company issuing Common Stock or convertible securities in a public or
private offering, as compensation, or otherwise.

 

		(N)	Withholding. The Warrantholder shall indemnify the Company for any liability for withholding
tax on any constructive dividends for tax purposes resulting from an adjustment described in this Section 15. Promptly
following the Warrantholder’s receipt of the notice described
in Section 15(G), the Warrantholder shall remit to the Company the full amount of such withholding taxes (or evidence
reasonably satisfactory to the Company that a reduced amount of withholding shall apply, together with payment of the reduced amount).
Notwithstanding anything to the contrary in this Section 15, the adjustments to the Exercise Price described in this
Section 15 shall not be effective until the Warrantholder has complied with its obligations pursuant to the preceding
sentence. This Section 15(N) shall survive the exercise, lapse, transfer, or termination of this Warrant. If there
is more than one permissible method to determine the amount of the constructive dividend for tax purposes, the Company will select
the method that results in the lowest constructive dividend amount.

 

    21

     

    

 

		16.	Investor Rights Agreement. During the Standstill Period (as defined in the Investor Rights
Agreement), as a condition to any transfer of this Warrant, the transferee shall execute a joinder and become party to the Investor
Rights Agreement and be bound by the applicable provisions thereof, including the standstill provisions of Section 8 therein,
whether or not such transferee is entitled to the registration rights and/or certain other rights included in such Investor Rights
Agreement.

 

		17.	Governing Law. This Warrant shall be governed by and construed in accordance with the laws
of the State of New York applicable to contracts made and to be performed entirely within such State. Each of the parties hereto
agrees (A) to submit to the exclusive personal jurisdiction of the State or Federal courts in the Borough of Manhattan, The
City of New York, (B) that exclusive jurisdiction and venue shall lie in the State or Federal courts in the State of New York,
and (C) that notice may be served upon such party at the address and in the manner set forth for such party in Section 20
hereof. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

		18.	Binding Effect. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall be binding upon and inure to the benefit of the parties hereto and their respective the successors and permitted
assigns. The provisions of this Warrant are intended to be for the benefit of the Warrantholder from time to time of this Warrant
and shall be enforceable by the Warrantholder or holder of Shares.

 

		19.	Amendments. This Warrant may be amended and the observance of any term of this Warrant may
be waived only with the written consent of the Company and the Warrantholder.

 

		20.	Notices. Any notice, request, instruction or other document to be given hereunder by any
party to the other shall be in writing and shall be deemed to have been given when delivered in person or by courier service and
signed for against receipt thereof, upon receipt of facsimile, or three (3) Business Days after depositing it in the United
States mail with postage prepaid and properly addressed.

 

    22

     

    

 

Notices and other communications
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites). Notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours
of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient, and notices or communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause of notification that such
notice or communication is available and identifying the website address therefor.

 

All notices hereunder shall be
delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such
notice.

 

If to the Company, to:

 

Granite Point Mortgage Trust
Inc.

3 Bryant Park, 24th Floor

New York, NY 10036

Attention: General Counsel

Tel: 646-540-7940

Email: legal@gpmtreit.com

 

With a copy to (which copy alone
shall not constitute notice):

 

Skadden, Arps, Slate, Meagher
and Flom LLP

One Manhattan West

New York, NY 10001

Attention: Joseph A. Coco, Esq.; Michael J. Zeidel, Esq.

Tel: 212-735-3050; 212-735-3259

Email: joseph.coco@skadden.com; michael.zeidel@skadden.com

 

If to the Warrantholder,
to the address (or facsimile number or e-mail) set forth on Schedule A hereto.

 

		21.	Limitation of Liability.
No provision hereof, in the absence of any affirmative action by the Warrantholder to exercise this Warrant to purchase Shares,
and no enumeration herein of the rights or privileges of the Warrantholder, shall give rise to any liability of the Warrantholder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

		22.	Remedies. The Warrantholder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the
defense in any action for specific performance that a remedy at law would be adequate.

 

    23

     

    

 

		23.	Severability. Any
provision of this Warrant held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

		24.	Entire Agreement.
This Warrant, the forms attached hereto and the documents referenced herein, contain the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect
thereto.

 

[Remainder of page intentionally
left blank]

 

    24

     

    

 

[Form of Notice of Exercise]

 

Date: _________

 

TO: Granite Point Mortgage Trust Inc.

 

RE: Election to Purchase Common Stock

 

The undersigned,
pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of
shares of the Common Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 4 of the
Warrant, hereby agrees to pay the aggregate Exercise Price for such shares of Common Stock by means of Cashless Exercise. A
new warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and
purchased, if any, should be issued in the name set forth below.

 

Number of Shares of Common Stock: ____________________

 

Aggregate Exercise Price: ___________________________

 

Conditional Exercise:  ̈
___________________________

 

Date of Underwriting or Purchase Agreement:
__________________________

 

Method of
Delivery:    ̈        Book
Entry

 

 ̈        Certificated

 

 ̈        Electronic

 

If to Prime Broker please provide Prime
Broker account information:

 

 

 

	 	 	Warrantholder:	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

    25

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by a duly authorized officer.

 

Dated:                       , 20

 

	 	 	GRANITE POINT MORTGAGE TRUST INC.
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:Exhibit 4.2

 

EXECUTION VERSION

 

INVESTOR RIGHTS AGREEMENT

 

by and among

 

GRANITE POINT MORTGAGE TRUST INC.,

 

THE PIMCO INVESTORS,

 

and

 

THE OTHER INVESTORS PARTY HERETO FROM
TIME TO TIME

 

Dated as of September 25, 2020

 

     

     

    

 

Table of Contents

 

Page

 

	Section 1.	Definitions	1
	
	Section 2.	Registration Rights	8

		(a)	Shelf Registration Statement	8
		(b)	Right to Request Shelf Take-Down	8
		(c)	Demand Registration Statement if Shelf Registration Statement Unavailable	9
		(d)	Limitations on Demand Registrations	9
		(e)	Piggyback Registration	9
		(f)	Selection of Underwriters; Right to Participate	10
		(g)	Priority of Securities Offered Pursuant to Demand Registrations and Underwritten Shelf Take-Downs	10
		(h)	Priority of Securities Offered Pursuant to Piggyback Registration	11
		(i)	Postponement; Suspensions; Blackout Period	11
		(j)	Supplements and Amendments	12
		(k)	Subsequent Holder Notice	12

	Section 3.	Registration Procedures	13

		(a)	Filing and Other Procedures	13
		(b)	Conditions to Registration Rights	16

	Section 4.	Indemnification	17

		(a)	Indemnification by the Company	17
		(b)	Indemnification by the Stockholders	18
		(c)	Notices of Claims, etc.	18
		(d)	Contribution	19
		(e)	No Exclusivity	19

	Section 5.	Covenants
    Relating to Rule 144	19
	Section 6.	Transfer of Registration
    Rights.	20
	Section 7.	Termination of Registration
    Rights	20
	Section 8.	Standstill	20
	Section 9.	Director Rights	22

		(a)	General	22
		(b)	Board Nomination	22
		(c)	Committee Membership.	23
		(d)	Resignation upon Fall-Away of Director Rights	23
		(e)	Resignation at the Request of the Initial Lenders	23
		(f)	Director Indemnification	23
		(g)	Conditions to Director Rights	24
		(h)	Director Compensation	25

	Section 10.	Miscellaneous	25

		(a)	Governing Law	25
		(b)	Waiver of Jury Trial	25
		(c)	Entire Agreement	25
		(d)	Amendments and Waivers	25
		(e)	Successors and Assigns	26
		(f)	Expenses	26
		(g)	Counterparts; Electronic Signature	26
		(h)	Severability	26
		(i)	Notices	27
		(j)	Specific Performance	28

 

     i

     

    

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS
AGREEMENT, dated as of September 25, 2020 (this “Agreement”), is by and among Granite Point Mortgage
Trust Inc., a Maryland corporation (the “Company”), the PIMCO Investors (as defined below), and the other Investors
(as defined below) party hereto from time to time.

 

RECITALS

 

WHEREAS, on
September 25, 2020, the Company issued to the PIMCO Investors each a warrant to purchase in the aggregate up to 6,065,820
shares of common stock, $0.01 par value per share, of the Company (the “Common Stock”), upon the terms and
conditions set forth in those certain common stock purchase warrants, each dated as of September 25, 2020 (each, an “Initial
Warrant”); and

 

WHEREAS, the
Company and the PIMCO Investors are entering into this Agreement in order to grant certain registration rights and to establish
certain arrangements relating to certain corporate governance matters.

 

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

 

Section 1.              Definitions

 

. As used in this Agreement, the following
terms shall have the following meanings:

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ability to exercise voting power, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Allianz”
means Allianz SE, a German company.

 

“Allianz
Entity” means Allianz or any of its Affiliates (other than PIMCO or its controlled Affiliates).

 

“Block Trade”
means a registered securities offering in which an underwriter agrees to purchase Registrable Securities at an agreed price or
pricing formula without a prior marketing process.

 

“Board of
Directors” means the board of directors of the Company, including, unless the context otherwise requires, any duly authorized
committee thereof.

 

     

     

    

 

“Business
Day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally
are authorized or required by law or other governmental actions to close.

 

“Common Stock”
has the meaning set forth in the Recitals.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company
Charter Documents” means the Company’s Articles of Amendment and Restatement and Amended and Restated Bylaws,
each as amended to the date of this Agreement.

 

“Credit Agreement”
means that certain Term Loan Credit Agreement, dated on or about the date hereof, by and among the Company, as a loan party, Granite
Point Operating Company LLC, as a borrower, the other borrowers party thereto, the lenders from time to time party thereto, and
Wilmington Trust, National Association, as administrative and collateral agent, as amended, restated, supplemented or otherwise
modified from time to time.

 

“Delayed
Draw Term Facility” means the senior secured delayed draw term loan facility under the Credit Agreement in an aggregate
principal amount of up to $75 million.

 

“Demand Registration”
has the meaning set forth in Section 2(c) hereof.

 

“Demand Registration
Statement” has the meaning set forth in Section 2(c) hereof.

 

“Designee
Period” has the meaning set forth in Section 9(a) hereof.

 

“Director
Indemnitors” has the meaning set forth in Section 9(f) hereof.

 

“Disqualified
Institutions” means (i) the Persons identified in writing on that certain list delivered by the Company to the
PIMCO Investors on or prior to the date hereof (as such list may be updated from time to time in accordance with this paragraph
as described below, the “DQ List”), (ii) any Affiliate of any Person described in clause (i) above
that is reasonably identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s name, and (iii) any
other Affiliate of any Person described in clause (i) above that is identified from time to time in a written notice to the
PIMCO Investors as described below; provided that (x) following the date hereof, the DQ List shall be updated to the
same extent the similar DQ List is updated in the Credit Agreement, or if the Credit Agreement is no longer outstanding, with
the consent of the majority of the holders of the Warrants (which consent shall not be unreasonably delayed, conditioned or withheld)
to add one or more additional Persons (provided, that in no event shall the Company add more than five (5) additional Persons
to the DQ List during the term of the Warrant), (y) no such update shall apply retroactively to disqualify any Person that
has previously acquired a Warrant (but such Person and any of its Affiliates that are Disqualified Institutions shall be prohibited
from acquiring any additional Warrants except to the extent otherwise expressly agreed to in writing by the Company) and (z) any
designation of a Person as a Disqualified Institution after the date hereof that is permitted pursuant to this definition shall
become effective no later than the third Business Day after written notice thereof by the Company to the PIMCO Investors in accordance
with Section 10(i) hereof.

 

     2

     

    

 

“End of Suspension
Notice” has the meaning set forth in Section 2(i)(1) hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Facilities”
means the Initial Term Facility and the Delayed Draw Term Facility.

 

“Fall-Away
of Director Rights” means the first day on which any of the following occur: (i) PIMCO, its controlled Affiliates
and the PIMCO Funds no longer beneficially own in the aggregate at least 51% of the Warrants outstanding (or the shares of Common
Stock acquired upon exercise thereof), (ii) PIMCO, its controlled Affiliates and the PIMCO Funds no longer hold in the aggregate,
as lenders pursuant to the Credit Agreement, at least 51% of the aggregate principal amount of all outstanding Loans and unused
commitments under the Facilities of all the lenders pursuant to the Credit Agreement or (iii) the aggregate principal amount
of all outstanding Loans and unused commitments under the Facilities of all the lenders pursuant to the Credit Agreement no longer
exceeds $75 million. For the avoidance of doubt, a Warrant and the shares of Common Stock issuable upon exercise thereof shall
not be considered outstanding for purposes of this definition until such securities have vested in accordance with Section 2
of the Initial Warrants.

 

“Governmental
Authority” means any government, court, regulatory or administrative agency, commission, arbitrator or authority or
other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether
federal, state or local, domestic, foreign or multinational.

 

“Independent
Director” means a member of the Board of Directors who is “independent,” as determined by the Board of Directors,
in accordance with the rules of the New York Stock Exchange or such other securities exchange on which the shares of Common
Stock are listed. For the avoidance of doubt, an employee of any of the following Persons does not qualify as an Independent Director:
any PIMCO Investor, Allianz, any of their respective Affiliates or, to the extent constituting a Standstill Party, any Related
Fund of any of the foregoing.

 

“Initial
Lenders” means one or more funds managed or controlled by PIMCO and together with their respective permitted assigns
that are the initial lenders under the Credit Agreement.

 

“Initial
PIMCO Director” means Devin Chen.

 

“Initial
Term Facility” means the senior secured initial term loan facility under the Credit Agreement in an aggregate principal
amount of up to $225 million.

 

“Initial
Warrant” has the meaning set forth in the Recitals.

 

“Investors”
means the PIMCO Investors and any other Person party hereto from time to time that (i) is a lender party to the Credit Agreement
and/or (ii) holds a Warrant or any shares of Common Stock issued or issuable upon exercise of a Warrant, including any securities
acquired as a result of any reclassification, recapitalization, stock split or combination, exchange or readjustment of such shares
of Common Stock, or any stock dividend or stock distribution in respect of such share of Common Stock.

 

     3

     

    

 

“Law”
means all state or federal laws, common law, statutes, ordinances, codes, rules or regulations or other similar requirement
enacted, adopted, promulgated, or applied by any Governmental Authority.

 

“Loan Documents”
means the definitive loan documentation for the Facilities.

 

“Loans”
means the loans under the Initial Term Facility and the loans under the Delayed Draw Term Facility.

 

“MGCL”
means the Maryland General Corporation Law.

 

“Minimum
Amount” means $75 million (or, in the case of a Block Trade, $50million).

 

“Permitted
Reg Rights Holders” means (i) the PIMCO Investors, their respective controlled Affiliates and the PIMCO Funds and
(ii) any Person to whom Registrable Securities representing at least 5% of the then outstanding shares of Common Stock are
transferred other than in a transaction pursuant to a registration statement or Rule 144 that results in such securities
ceasing to be Registrable Securities.

 

“Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts or other organizations, whether
or not legal entities, and Governmental Authorities.

 

“Piggyback
Registration” has the meaning set forth in Section 2(e) hereof.

 

“Piggyback
Stockholder” has the meaning set forth in Section 2(e) hereof.

 

“PIMCO”
means Pacific Investment Management Company LLC.

 

“PIMCO Designee”
means an individual designated in writing by the PIMCO Investors for nomination for election to the Board of Directors.

 

“PIMCO Director”
means the Initial PIMCO Director and any subsequent member of the Board of Directors elected to the Board of Directors as a PIMCO
Designee.

 

“PIMCO Fund”
means any fund or investment vehicle managed, administered or advised by PIMCO or any of its controlled Affiliates.

 

“PIMCO Investor”
means each of TOCU XXXIX LLC, a Delaware limited liability company, PCRED Lending IV Offshore Ltd., an exempted company incorporated
in the Cayman Islands with limited liability, PIF Onshore X LP, a Delaware limited partnership, D3V VIII LLC, a Delaware limited
liability company, HVS XXXI LLC, a Delaware limited liability company, and RSF XV LLC, a Delaware limited liability company, and
any Investor party hereto from time to time that is a Permitted Reg Rights Holder pursuant to clause (i) of the definition
thereof.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A under
the Securities Act), as amended or supplemented by any prospectus supplement or any issuer free writing prospectus (as defined
in Rule 433 under the Securities Act), with respect to the terms of the offering of any portion of the Registrable Securities
covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.

 

     4

     

    

 

“Public Offering”
means a public offering and sale of equity securities for cash pursuant to an effective Registration Statement under the Securities
Act.

 

“Registrable
Securities” means any shares of Common Stock issued or issuable upon exercise of a Warrant, including any securities
acquired as a result of any reclassification, recapitalization, stock split or combination, exchange or readjustment of such shares
of Common Stock, or any stock dividend or stock distribution in respect of such share of Common Stock; provided, however,
such securities shall cease to be Registrable Securities on the earliest to occur of (i) a Registration Statement with respect
to the sale of such Registrable Securities shall have become effective under the Securities Act and such Registrable Securities
shall have been disposed of in accordance with such Registration Statement; (ii) such Registrable Securities shall have been
sold in accordance with Rule 144; (iii) such securities have been transferred in a transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of the securities in accordance with the terms of this Agreement;
(iv) with respect to a Stockholder, such securities are eligible for resale by such Stockholder pursuant to Rule 144
under the Securities Act without any volume, manner of sale or other limitations and such Stockholder beneficially owns less than
5% of the then outstanding shares of Common Stock (assuming the applicable Warrant has been exercised in full); or (v) such
Registrable Securities have ceased to be outstanding.

 

“Registration
Expenses” means all expenses incurred in effecting any registration or any offering and sale pursuant to this Agreement,
including registration, qualification, listing and filing fees (including, without limitation, all SEC, stock exchange and Financial
Industry Regulatory Authority filing fees), printing expenses, messenger, telephone and delivery expenses, all transfer agent
and registrar fees and expenses, fees and disbursements of all law firms of the Company and all accountants and other persons
retained by the Company (including any comfort letters), any reasonable fees and disbursements of underwriters customarily paid
by issuers or sellers of securities, all fees and expenses of any special experts or other persons retained by the Company in
connection with any registration, all expenses related to the “road show” for any underwritten offering, including
all travel, meals and lodging, and any blue sky (including reasonable fees and disbursements of counsel to any underwriter incurred
in connection with blue sky qualifications of the Registrable Securities as may be set forth in any underwriting agreement) and
other securities laws fees and expenses, as well as all internal fees and expenses of the Company. Registration Expenses shall
not include Selling Expenses. In addition, in connection with an Underwritten Shelf Take-Down or underwritten Demand Registration
pursuant to this Agreement, the Company shall pay or reimburse the Stockholders for the reasonable and documented fees and expenses
of one (1) nationally recognized law firm, chosen by the Stockholders as their counsel; provided that, (i) the
Company shall not be responsible for any such fees and expenses that exceed $75,000 for the first offering and $50,000 for any
subsequent offering and (ii) the Company shall not be obligated to pay or reimburse the Stockholders for the fees and expenses
of any law firm chosen by the Stockholders as the counsel in connection with the filing and effectiveness of the initial Shelf
Registration Statement or any Piggyback Registration. Nothing in this definition shall impact any agreement on expenses solely
between the Company and any underwriter.

 

     5

     

    

 

“Registration
Statement” means any registration statement (including any Demand Registration Statement or Shelf Registration Statement)
of the Company under the Securities Act which permits the Public Offering of any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration
statement.

 

“Related
Fund” means, with respect to any Person, any fund or investment vehicle managed, administered or advised by (i) such
Person, (ii) an Affiliate of such Person, or (iii) an entity or an Affiliate of an entity that manages, administers
or advises such Person.

 

“Rule 144”
means Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC.

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Selling
Expenses” means all underwriting discounts and selling commissions associated with effecting any sales of Registrable
Securities under any Registration Statement by the Stockholders and all stock transfer taxes applicable to the sale or transfer
by the Stockholders of Registrable Securities to the underwriter(s) pursuant to this Agreement.

 

“Shelf Period”
has the meaning set forth in Section 2(a) hereof.

 

“Shelf Registration
Statement” has the meaning set forth in Section 2(a) hereof.

 

“Shelf Take-Down”
has the meaning set forth in Section 2(b) hereof.

 

“Special
Registration” means the registration of equity securities, options or similar rights registered on Form S-4, Form S-8
or any successor forms thereto or any other form for the registration of securities issued or to be issued in connection with
a merger, acquisition, employee benefit plan or equity compensation or incentive plan, or any Block Trade effected by the Company
or another stockholder of the Company.

 

“Standstill
Parties” means (i) the PIMCO Investors and their Affiliates (other than any Allianz Entity, except to the extent
pursuant to clause (iii) below, and other than any Related Fund of the PIMCO Investors or any of their Affiliates, except
to the extent pursuant to clauses (iv) or (v) below), (ii) any other Person that is a holder of a Warrant and/or
a lender party to the Credit Agreement and such Person’s Affiliates, (iii) any Allianz Entity to the extent that such
Allianz Entity (a) receives confidential information regarding the Company or any of its Affiliates from or on behalf of
any other Standstill Party, it being understood that, for purposes of this definition, confidential information shall not include
summary ordinary course information relating to reporting for tax, accounting or investment positions, but confidential information
shall include (x) any materials delivered to the Board of Directors and (y) any projections relating to the Company
or any of its Affiliates, (b) is acting at the direction, request or encouragement of any other Standstill Party or (c) holds
any of the Warrants or any of the commitments or Loans under the Facilities (including pursuant to a participation interest),
(iv) any PIMCO Fund over which the PIMCO Investors or any of their controlled Affiliates (a) controls (or has the right
to control) investment decisions or (b) otherwise causes the direction of the investment policies of such PIMCO Fund and
(v) any fund or investment vehicle managed or advised by a non-controlled Affiliate of the PIMCO Investors if such Affiliate
(a) receives confidential information regarding the Company or any of its Affiliates from or on behalf of any other Standstill
Party, (b) is acting at the direction, request or encouragement of any other Standstill Party or (c) holds any of the
Warrants or any of the commitments or Loans under the Facilities (including pursuant to a participation interest).

 

     6

     

    

 

“Standstill
Period” means the period beginning on the date of this Agreement and ending on the later of: (i) September 25,
2022 and (ii) thirty (30) days after the date on which the PIMCO Designee is no longer serving on the Board of Directors
(and as of such time the Initial Lenders (x) no longer have rights to designate a PIMCO Designee to be appointed or nominated
for election to the Board of Directors or (y) otherwise has irrevocably and permanently waived in a writing delivered to
the Company its rights under this Agreement to designate a PIMCO Designee to be appointed or nominated for election to the Board
of Directors and all of its other rights under Section 9 hereof).

 

“Stockholder”
means the PIMCO Investors and any other Permitted Reg Rights Holder that holds Registrable Securities.

 

“Suspension”
has the meaning set forth in Section 2(i)(1) hereof.

 

“Suspension
Notice” has the meaning set forth in Section 2(i)(1) hereof.

 

“Transaction
Documents” means this Agreement, the Warrants, the Loan Documents and all other documents, certificates or agreements
executed in connection with the transactions contemplated by this Agreement, the Warrants and the Credit Agreement.

 

“Transactions”
means the transactions expressly contemplated by this Agreement and the other Transaction Documents, including, without limitation,
the exercise by the PIMCO Investors of the Initial Warrants.

 

“Underwritten
Shelf Take-Down” has the meaning set forth in Section 2(b) hereof.

 

“Underwritten
Shelf Take-Down Notice” has the meaning set forth in Section 2(b) hereof.

 

“Warrants”
means the Initial Warrants and any subsequent warrants that may be issued by the Company pursuant to permitted transfers of the
Initial Warrants.

 

The definitions contained
in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to
the feminine and neutral genders of such term.

 

     7

     

    

 

 

Section 2.              Registration
Rights.

 

(a)           Shelf
Registration Statement. The Company will use its reasonable best efforts to file with the SEC, as promptly as practicable,
but no later than the close of business on the fifth Business Day following the date on which the Company files its Quarterly
Report on Form 10-Q for the period ended September 30, 2021 (or if a later time for filing is requested by the PIMCO
Investors, at such later time), a shelf registration statement on Form S-3 (or successor form) pursuant to Rule 415
under the Securities Act (which registration statement, if the Company is eligible to file such, shall be as an automatic shelf
registration as defined in Rule 405 under the Securities Act) (a “Shelf Registration Statement”) relating
to the offer and resale of Registrable Securities by any Stockholder at any time and from time to time following the date on which
the Shelf Registration Statement is filed in accordance with the methods of distribution set forth in the Plan of Distribution
section of the Shelf Registration Statement, and, if such Shelf Registration Statement is not immediately effective, the Company
shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared or otherwise become effective
under the Securities Act. For so long as the Company is eligible to use Form S-3 (or successor form), the Company shall maintain
the continuous effectiveness of the Shelf Registration Statement for the maximum period permitted by SEC rules, subject to any
Suspension that may occur as described in Section 2(i) hereof, and shall use its reasonable best efforts to promptly
replace any Shelf Registration Statement at or before expiration, if applicable, with a successor effective Shelf Registration
Statement to the extent any Registrable Securities remain outstanding (such period of effectiveness, the “Shelf Period”).

 

(b)           Right
to Request Shelf Take-Down. At any time and from time to time during the Shelf Period, one or more of the Stockholders
may, by written notice to the Company, request an offering of all or part of the Registrable Securities held by the Stockholders
(a “Shelf Take-Down”). Any Stockholder may, after any Shelf Registration Statement becomes effective, deliver
a written notice to the Company (the “Underwritten Shelf Take-Down Notice”) specifying that a Shelf Take-Down
is intended to be conducted through an underwritten offering (including by means of a Block Trade) (such underwritten offering,
an “Underwritten Shelf Take-Down”), which shall specify the number of Registrable Securities intended to be
included in such Underwritten Shelf Take-Down; provided, however, that the Stockholders may not, without the Company’s
prior written consent, (i) launch an Underwritten Shelf Take-Down the anticipated gross proceeds of which shall be less than
the Minimum Amount, unless the number of Registrable Securities to be sold in such offering represents all of the remaining Registrable
Securities or (ii) launch an Underwritten Shelf Take-Down within the period commencing twelve (12) days after the end of
the second month of each fiscal quarter or year and ending two (2) Business Days following the Company’s filing of
its earnings release for any fiscal quarter or year, respectively (or such shorter period as is the Company’s customary
 “blackout window” applicable to directors and officers). In the event of an Underwritten Shelf Take-Down, the Company
shall select the managing underwriter(s) to administer the Underwritten Shelf Take- Down; provided that such managing
underwriter(s) are reasonably acceptable to the Stockholder delivering the related Underwritten Shelf Take-Down Notice. The
Stockholders shall be entitled to deliver a maximum of three (3) notices in the aggregate to the Company of its intention
to effect a sale or distribution of all or part of its Registrable Securities in an Underwritten Shelf Take-Down pursuant to this
Section 2(b) (including any Demand Registration pursuant to Section 2(d) below); provided
that the Company shall not be required to file a prospectus supplement with respect to an Underwritten Shelf Take-Down pursuant
to this Section 2(b) within ninety (90) days following the effective date of any prior Underwritten Shelf Take-Down
or Demand Registration Statement by any Stockholder. The Company and the Stockholder or Permitted Reg Rights Holder participating
in an Underwritten Shelf Take-Down will enter into an underwriting agreement in customary form with the managing underwriter(s) selected
for such offering.

 

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(c)           Demand
Registration Statement if Shelf Registration Statement Unavailable. If the Company is ineligible to file with the SEC
a shelf registration statement on Form S-3 (or successor form) in accordance with Section 2(a) hereof, upon
the written request of one or more Stockholders (a “Demand Registration”), the Company shall use reasonable
best efforts to file promptly a registration statement on Form S-1 (or successor form) (a “Demand Registration Statement”)
registering for resale such number of shares of Registrable Securities requested to be included in the Demand Registration Statement
and have the Demand Registration Statement declared effective under the Securities Act as promptly as practicable. After any Demand
Registration Statement has become effective, the Company shall use its reasonable best efforts to keep such Demand Registration
Statement continuously effective until all of the Registrable Securities covered by such Demand Registration Statement have been
sold in accordance with the plan of distribution set forth therein or are no longer outstanding.

 

(d)           Limitations
on Demand Registrations. The Stockholders shall be entitled to request a maximum of three (3) Demand Registrations
in the aggregate (including any Underwritten Shelf Take-Down pursuant to Section 2(b) above); provided
that the Company shall not be required to file a registration statement pursuant to Section 2(c) hereof (i) within
ninety (90) days following the effective date of any prior Demand Registration Statement or Underwritten Shelf Take-Down or (ii) if
the anticipated gross proceeds of an underwritten offering conducted pursuant to such Demand Registration Statement does not equal
or exceed the Minimum Amount, unless the number of Registrable Securities to be sold in such offering represents all of the remaining
Registrable Securities. A registration shall not count as a Demand Registration until the related Demand Registration Statement
has been declared effective by the SEC.

 

(e)           Piggyback
Registration. If, at any time after September 25, 2021, the Company proposes or is required to file a Registration
Statement under the Securities Act with respect to an offering of Common Stock or similar equity securities of the Company, whether
or not for sale for its own account, on a form and in a manner that would permit registration of the Registrable Securities, which,
for the avoidance of doubt, shall exclude any Special Registration, the Company shall give written notice as promptly as practicable,
but not later than ten (10) days prior to the anticipated date of filing of such Registration Statement, to the Stockholders
of its intention to effect such registration and, in the case of each Stockholder, shall include in such registration all of such
Stockholder’s Registrable Securities with respect to which the Company has received a written request from such Stockholder
for inclusion therein (a “Piggyback Registration” and any such requesting Stockholder that has not withdrawn
its Registrable Securities from such Piggyback Registration a “Piggyback Stockholder” with respect to such
Piggyback Registration). In the event that a Stockholder makes such written request, such Stockholder may withdraw its Registrable
Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter(s), if any, at
any time at least three (3) Business Days prior to the effective date of the Registration Statement relating to such Piggyback
Registration. The Company may terminate or withdraw any Piggyback Registration under this Section 2(e), whether or
not any Stockholder has elected to include Registrable Securities in such registration. No Piggyback Registration shall count
as a Demand Registration or Underwritten Shelf Take-Down to which the Stockholders are entitled.

 

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(f)            Selection
of Underwriters; Right to Participate. The Company shall have the right to select the managing underwriter(s) to
administer an offering pursuant to a Demand Registration Statement or Underwritten Shelf Take-Down; provided that such
managing underwriter(s) are reasonably acceptable to the Stockholders delivering the Demand Registration request or the Underwritten
Shelf Take-Down Notice. If a Piggyback Registration under Section 2(e) hereof is proposed to be underwritten,
the Company shall so advise the Stockholders as a part of the written notice given pursuant to Section 2(e) hereof.
In such event, the managing underwriter(s) to administer the offering shall be chosen by the Company in its sole discretion.
A Stockholder may participate in a registration or offering hereunder only if such Stockholder (i) agrees to sell such Registrable
Securities on the basis provided in any underwriting agreement with the underwriter(s) and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up agreements and other documents
reasonably requested under the terms of such underwriting arrangements customary for selling stockholders to enter into in secondary
underwritten public offerings. Notwithstanding anything to the contrary herein, any underwriting agreement shall contain such
representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the Stockholders
as are customarily made by issuers to selling stockholders in secondary underwritten public offerings. The representations,
warranties and indemnity of the selling stockholders shall be limited to those customary for offerings under the circumstances.

 

(g)           Priority
of Securities Offered Pursuant to Demand Registrations and Underwritten Shelf Take-Downs. If the managing underwriter(s) of
a Demand Registration or Underwritten Shelf Take-Down shall advise the Company and the Stockholders in writing that, in its good
faith opinion, the total number or dollar amount of shares of Common Stock requested to be included in such Demand Registration
or Underwritten Shelf Take-Down exceeds the number or dollar amount that can be sold in such offering without having an adverse
effect on such offering, including the price at which such shares can be sold, then the Company shall include in such Demand Registration
or Underwritten Shelf Take-Down the maximum number of shares that such underwriter or agent, as applicable, advises can be so
sold without having such adverse effect, allocated (i) first, to Registrable Securities requested by the Stockholders to
be included in such Demand Registration or Underwritten Shelf Take-Down, pro rata among all such Stockholders on the basis of
the number of Registrable Securities held by such Stockholders, and (ii) second, if clause (i) above is satisfied, to
any securities requested to be included therein by any other Persons (including the Company), allocated among such Persons on
a pro rata basis or in such other manner as they may agree.

 

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(h)           Priority
of Securities Offered Pursuant to Piggyback Registration. If the managing underwriter(s) of a registration of
shares of Common Stock giving rise to a right to Piggyback Registration shall advise the Company and the Piggyback Stockholders
with respect to such Piggyback Registration in writing that, in its good faith opinion, the total number or dollar amount of shares
of Common Stock proposed to be sold in such offering and Registrable Securities requested by such Piggyback Stockholders to be
included therein, in the aggregate, exceeds the number or dollar amount that can be sold in such offering without having an adverse
effect on such offering, including the price at which such shares can be sold, then the Company shall include in such registration
the maximum number of shares that such underwriter or agent, as applicable, advises can be so sold without having such adverse
effect, allocated (i) first, to shares of Common Stock requested to be included by the Company, (ii) second, if clause
(i) above is satisfied, to Registrable Securities requested by the Piggyback Stockholders to be included in such Piggyback
Registration, pro rata among all such Piggyback Stockholders on the basis of the number of Registrable Securities held by all
such Piggyback Stockholders, and (iii) third, if clauses (i) and (ii) above are satisfied, any shares requested
to be included therein by any other Persons (other than the Company), allocated among such Persons on a pro rata basis or in such
other manner as they may agree.

 

(i)            Postponement;
Suspensions; Blackout Period.

 

(1)            The
Company may postpone the filing or the effectiveness of a Demand Registration Statement or commencement of a Shelf Take-Down (or
suspend the continued use of an effective Demand Registration Statement or Shelf Registration Statement), including requiring
the Stockholders to suspend any offerings of Registrable Securities pursuant to this Agreement, (i) during the pendency of
a stop order issued by the SEC suspending the use of any registration statement of the Company or proceedings initiated by the
SEC with respect to any such registration statement under Section 8(d) or 8(e) of the Securities Act or (ii) if,
based on the good faith judgment of the Board of Directors, such postponement or suspension is necessary in order to avoid materially
detrimental disclosure of material non-public information that the Board of Directors, after consultation with outside counsel
to the Company, has in good faith determined (A) would be required to be made in any Demand Registration Statement or Shelf
Registration Statement so that such Registration Statement does not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) such
disclosure would not be required to be made at such time but for the filing or continued use of such Registration Statement and
(C) the Company has a bona fide business purpose for not disclosing publicly, and the Company delivers to the Stockholders
participating in such registration an officers’ certificate executed by the Company’s principal executive officer
and principal financial officer stating the Company may, upon giving prompt written notice (a “Suspension Notice”)
of such action to the Stockholders participating in such registration, postpone or suspend use of the Demand Registration Statement
or Shelf Registration Statement, as applicable (any such postponement or suspension pursuant to this Section 2(i)(1)(i) or
(ii), a “Suspension”); provided, however, in each case, that the Stockholder requesting
a Demand Registration Statement or Shelf Take-Down shall be entitled, at any time after receiving a Suspension Notice or similar
notice and before such Demand Registration Statement becomes effective or before such Shelf Take-Down is commenced, to withdraw
such request and, if such request is withdrawn, the Company shall be responsible for all Registration Expenses, including the
reasonable and documented fees of one legal counsel for all Stockholders, such reimbursement of the Stockholders not to exceed
$50,000, and such Demand Registration or Shelf Take-Down shall not count as a Demand Registration or an Underwritten Shelf Take-Down.
If Stockholders otherwise withdraw a request for an Underwritten Shelf Take-Down or a Demand Registration, other than following
the receipt of a Suspension Notice, the Stockholders shall pay all expenses incurred by the Company in connection with such withdrawn
registration unless such withdrawn registration shall count as a Demand Registration and an Underwritten Shelf Take-Down. The
Company shall provide prompt written notice to the Stockholders (an “End of Suspension Notice”) of (x) the
Company’s decision to file or seek effectiveness of such Demand Registration Statement or commence such Shelf Take-Down
following such Suspension and (y) the effectiveness of such Demand Registration Statement or commencement of such Shelf Take-Down.
Notwithstanding the provisions of this Section 2(i)(1), with respect to Section 2(i)(1)(ii), the Company
shall not effect a Suspension of the filing or effectiveness of a Demand Registration Statement or the commencement of a Shelf
Take-Down more than three (3) times during any twelve-month period or for a period in the aggregate exceeding one hundred
and eighty (180) days in any twelve-month period. No Stockholder shall effect any sales of shares of Common Stock pursuant to
a Demand Registration Statement or Shelf Registration Statement at any time after it has received a Suspension Notice from the
Company and prior to receipt of an End of Suspension Notice.

 

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(2)            Each
Stockholder agrees that, except as required by applicable law, it shall treat as confidential the receipt of any Suspension Notice
hereunder and shall not disclose or use the information contained in such Suspension Notice without the prior written consent
of the Company until such time as the information contained therein is or becomes public, other than as a result of disclosure
by such Stockholder in breach of the terms of this Agreement.

 

(j)            Supplements
and Amendments. The Company shall supplement and amend any Shelf Registration Statement if required by the Securities
Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration
Statement.

 

(k)            Subsequent
Holder Notice. If a Person becomes entitled to the benefits of this Agreement pursuant to Section 6 hereof
after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, as promptly as practicable,
following delivery of written notice to the Company and request for such Person’s name to be included as a selling securityholder
in the prospectus related to the Shelf Registration Statement:

 

(1)            if
required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective amendment
to the Shelf Registration Statement so that such Person is named as a selling securityholder in the Shelf Registration Statement
and the related prospectus in such a manner as to permit such Person to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law;

 

(2)            if,
pursuant to Section 3(a)(ii) hereof, the Company shall have filed a post-effective amendment to the Shelf Registration
Statement that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become
promptly effective under the Securities Act; and

 

(3)            promptly
notify such Permitted Reg Rights Holder after the effectiveness under the Securities Act of any post-effective amendment filed
pursuant to Section 3(a)(ii) hereof; provided, however, that the Company shall not be required
to file more than one (1) post-effective amendment or supplement to the related prospectus pursuant to this clause (k) of
this Section 2 for any fiscal quarter.

 

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Section 3.               Registration
Procedures.

 

(a)           Filing
and Other Procedures. If and whenever the Company is required to use its reasonable best efforts to effect the registration
of any Registrable Securities under the Securities Act as provided in Section 2 hereof, the Company shall effect such
registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition
thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall, as promptly as practicable:

 

(i)            prepare
and file with the SEC (as promptly as reasonably practicable, but no later than forty-five (45) days after a request for a Demand
Registration, subject to the postponement provisions herein) the Demand Registration Statement (including a Prospectus therein
and any supplement thereto and all exhibits and financial statements required by the SEC to be filed therewith) to effect such
registration and, subject to the efforts standard herein, cause such Registration Statement to become effective, and provide copies
of all such documents proposed to be filed or furnished to (x) one (1) counsel of the Stockholder, and provide such
legal counsel a reasonable opportunity to review and comment on such documents (other than Exchange Act reports incorporated by
reference thereto), and (y) the other representative(s) on behalf of the Stockholders included in such Registration
Statement (to be chosen by the Stockholders) and any managing underwriter(s), and the representative(s) and the managing
underwriter(s) and their respective counsel shall have the reasonable opportunity to review and comment thereon, and the
Company will make such changes and additions thereto as may reasonably be requested by such counsel and the representative(s) and
the managing underwriter(s) and their respective counsel prior to such filing, unless the Company reasonably objects to such
changes or additions;

 

(ii)            prepare
and file with the SEC such pre- and post-effective amendments and supplements to a Shelf Registration Statement or Demand Registration
Statement, and the Prospectus used in connection therewith or any free writing prospectus (as defined in SEC rules) as may be
required by applicable securities laws or reasonably requested by the Stockholder or any managing underwriter(s) to maintain
the effectiveness of such registration and to comply with the provisions of applicable securities laws with respect to the disposition
of all securities covered by such registration statement during the period in which such Registration Statement is required to
be kept effective, and before filing such amendments or supplements, provide copies of all such documents proposed to be filed
or furnished to counsel of the Stockholder, which documents (other than Exchange Act reports incorporated by reference) shall
be subject to the review and comment of such counsel;

 

(iii)            furnish
to each Stockholder of the securities being registered and each managing underwriter without charge, such reasonable number of
conformed copies of such Registration Statement and of each such amendment and supplement thereto (in each case including all
exhibits other than those which are being incorporated into such Registration Statement by reference and that are publicly available),
such reasonable number of copies of the Prospectus contained in such Registration Statement and any other Prospectus filed under
Rule 424 under the Securities Act in conformity with the requirements of the Securities Act, and such other documents, as
the Stockholders and any managing underwriter(s) may reasonably request;

 

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(iv)           use
its reasonable best efforts to register or qualify all Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as the Stockholders and any managing underwriter(s) may reasonably request; provided, however,
that the Company shall not for any such purpose be required to qualify generally to do business as a foreign company in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3, or to consent to general service of process
in any such jurisdiction, or to be subject to any material tax obligation in any such jurisdiction where it is not then so subject;

 

(v)            as
promptly as is reasonably practicable, notify the Stockholders and any managing underwriter(s) at any time when the Company
becomes aware that a Prospectus relating thereto 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 an untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they were made, and, to, as promptly as is reasonably practicable, prepare
and furnish without charge to the Stockholders and any managing underwriter(s) a reasonable number of copies of a supplement
to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities,
such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made;

 

(vi)           provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
not later than the effective date of such Registration Statement;

 

(vii)          use
its reasonable best efforts to list all Registrable Securities covered by such Registration Statement on the principal securities
exchange on which any such class of securities is then listed and cause to be satisfied all requirements and conditions of such
securities exchange to the listing of such securities that are reasonably within the control of the Company;

 

(viii)         notify
each Stockholder and any managing underwriter(s), as soon as is reasonably practicable, after it shall receive notice thereof,
of the time when such Registration Statement, or any post-effective amendments to the Registration Statement, shall have become
effective;

 

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(ix)            to
make available to each Stockholder whose Registrable Securities are included in such Registration Statement and any managing underwriter(s) as
soon as reasonably practicable after the same is prepared and distributed, filed with the SEC, or received by the Company, an
executed copy of each letter written by or on behalf of the Company to the SEC or the staff of the SEC (or other governmental
agency or self-regulatory body or other body having jurisdiction, including any domestic or foreign securities exchange), and
any item of correspondence received from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body
or other body having jurisdiction, including any domestic or foreign securities exchange), in each case relating to such Registration
Statement, it being understood that each Stockholder receiving such material from the Company that is confidential shall and shall
cause its representatives to keep such materials confidential. The Company will as soon as reasonably practicable notify the Stockholders
and any managing underwriter(s) of the effectiveness of such Registration Statement or any post-effective amendment or the
filing of the prospectus supplement contemplated herein. The Company will as soon as reasonably practicable respond reasonably
and completely to any and all comments received from the SEC or the staff of the SEC, with a view towards causing such Registration
Statement or any amendment thereto to be declared effective by the SEC as soon as reasonably practicable and shall file an acceleration
request as soon as reasonably practicable following the resolution or clearance of all SEC comments or, if applicable, following
notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review;

 

(x)            advise
each Stockholder and any managing underwriter(s), promptly after it shall receive notice or obtain knowledge thereof, of (A) the
issuance of any stop order, injunction or other order or requirement by the SEC suspending the effectiveness of such Registration
Statement or the initiation or threatening of any proceeding for such purpose and use its reasonable best efforts to prevent the
issuance of any stop order, injunction or other order or requirement or to obtain its withdrawal if such stop order, injunction
or other order or requirement should be issued, (B) the suspension of the registration of the subject shares of the Registrable
Securities in any state jurisdiction and (C) the removal of any such stop order, injunction or other order or requirement
or proceeding or the lifting of any such suspension;

 

(xi)            in
connection with a customary due diligence review, make available for inspection by one (1) representative chosen by the Stockholders
whose Registrable Securities are included in such registration statement and any managing underwriter(s), at reasonable times
and in a reasonable manner, all pertinent financial and other records and corporate documents of the Company, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative of the Stockholders
and any managing underwriter(s) to conduct a reasonable investigation within the meaning of Section 11 of the Securities
Act that is customary for a participant in a securities offering in connection with such registration statement; provided,
however, that the foregoing investigation and information gathering shall be coordinated on behalf of such parties by one
(1) firm of counsel designated by and on behalf of such parties, and that any information that is not generally publicly
available at the time of delivery of such information shall be kept confidential by such parties pursuant to customary confidentiality
agreements;

 

(xii)          if
requested by any Stockholder or any managing underwriter(s), as promptly as is reasonably practicable, incorporate in a prospectus
supplement or post-effective amendment such information as such Stockholder or managing underwriter(s) reasonably requests
to be included therein, including, without limitation, with respect to the Registrable Securities being sold by such Stockholder,
the purchase price being paid therefor by any underwriter(s) and with respect to any other terms of an underwritten offering
of the Registrable Securities to be sold in such offering, and as promptly as is reasonably practicable, make all required filings
of such prospectus supplement or post-effective amendment;

 

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(xiii)         reasonably
cooperate with each Stockholder and any managing underwriter(s) participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority;

 

(xiv)         in
the case of an underwritten offering, (A) enter into such customary agreements (including an underwriting agreement in customary
form), (B) take all such other customary actions as the managing underwriter(s) reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities (including, without limitation, causing senior management and other
Company personnel to reasonably cooperate with the Stockholder(s) whose Registrable Securities are included in a Registration
Statement and the underwriter(s) in connection with performing due diligence) and (C) cause its counsel to issue opinions
of counsel addressed and delivered to the underwriter(s) in form, substance and scope as are customary in underwritten offerings,
subject to customary limitations, assumptions and exclusions; and

 

(xv)          if
requested by the managing underwriter(s) of an underwritten offering, use its reasonable best efforts to cause to be delivered,
upon the pricing of any underwritten offering, and at the time of closing of a sale of Registrable Securities pursuant thereto,
 “comfort” letters from the Company’s independent registered public accountants addressed to the underwriter(s) stating
that such accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and
regulations adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters
as are customarily covered by “comfort” letters of the independent registered public accountants delivered in connection
with primary underwritten public offerings; provided, however, that such recipients furnish such written representations
or acknowledgements as are customarily required to receive such comfort letters.

 

(b)            Conditions
to Registration Rights. Subject to the last sentence of this Section 3(b), as a condition precedent to
the obligations of the Company to file any Registration Statement, each Stockholder shall furnish in writing to the Company such
information regarding such Stockholder (and any of its Affiliates), the Registrable Securities to be sold and the intended method
of distribution of such Registrable Securities reasonably requested by the Company as is reasonably necessary or advisable for
inclusion in the Registration Statement relating to such offering pursuant to the Securities Act. Notwithstanding the foregoing,
in no event will any party be required to disclose to any other party any personally identifiable information or personal financial
information in respect of any individual, or confidential information of any Person.

 

Each Stockholder agrees
by acquisition of the Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 3(a)(v) hereof, such Stockholder shall forthwith discontinue its disposition
of Registrable Securities pursuant to the registration statement relating to such Registrable Securities until such Stockholder’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(a)(v) hereof; (ii) upon
receipt of any notice from the Company of the happening of any event of the kind described in clause (A) of Section 3(a)(x) hereof,
such Stockholder shall discontinue its disposition of Registrable Securities pursuant to such registration statement until such
Stockholder’s receipt of the notice described in clause (C) of Section 3(a)(x) hereof;
and (iii) upon receipt of any notice from the Company of the happening of any event of the kind described in clause (B) of
Section 3(a)(x) hereof, such Stockholder shall discontinue its disposition of Registrable Securities pursuant
to such registration statement in the applicable state jurisdiction(s) until such Stockholder’s receipt of the notice
described in clause (C) of Section 3(a)(x) hereof. The length of time that any registration
statement is required to remain effective shall be extended by any period of time that such registration statement is unavailable
for use pursuant to this paragraph, provided, however, in no event shall any Registration Statement be required
to remain effective after the date on which all Registrable Securities cease to be Registrable Securities.

 

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Each Stockholder that
beneficially owns at least 5% of the Common Stock shall enter into a customary lockup agreement in any underwritten offering (including
any Block Trades) by the Company for a specified period (not to exceed 180 days plus customary extension periods) following such
offering, if so requested by the managing underwriter(s) of such offering, provided that the Company’s executive officers
and directors enter into a similar agreement.

 

Section 4.              Indemnification.

 

(a)            Indemnification
by the Company. The Company agrees to indemnify, hold harmless and reimburse, to the fullest extent permitted by law,
each Stockholder, its Affiliates, partners, officers, directors, employees, advisors, representatives and agents, and each Person,
if any, who controls such Stockholder within the meaning of the Securities Act or the Exchange Act, against any and all losses,
penalties, liabilities, claims, damages and expenses, joint or several (including, without limitation, reasonable attorneys’
fees and any expenses and reasonable costs of investigation), as incurred, to which the Stockholders or any such indemnitees may
become subject under the Securities Act or otherwise, insofar as such losses, penalties, liabilities, claims, damages and expenses
(or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in the Registration Statement under which such Registrable Securities
were registered and sold under the Securities Act, any Prospectus contained therein, or any amendment or supplement thereto, or
arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or any violation
of the Securities Act or state securities laws or rules thereunder by the Company relating to any action or inaction by the
Company in connection with such registration (provided, however, that the Company shall not be liable in any such
case to the extent that any such loss, penalty, liability, claim, damage or expense (or action or proceeding in respect thereof)
arises out of or is based upon an untrue statement or alleged statement or omission or alleged omission made in such Registration
Statement, any such Prospectus, amendment or supplement in reliance upon and in conformity with written information about a Stockholder
which is furnished to the Company by such Stockholder specifically for use in such registration statement). Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such Stockholder or any indemnified party
and shall survive the transfer of such securities by such Stockholder.

 

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(b)            Indemnification
by the Stockholders. Each Stockholder agrees to indemnify and hold harmless (in the same manner and to the same extent
as set forth in Section 4(a) hereof) the Company, each member of the Board of Directors, each officer, employee,
advisor, representative and agent of the Company, Affiliates of the foregoing and each Person, if any, who controls any of the
foregoing within the meaning of the Securities Act or the Exchange Act, with respect to any untrue statement or alleged untrue
statement of a material fact in or omission or alleged omission to state a material fact from such Registration Statement, any
Prospectus contained therein, or any amendment or supplement thereto, to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written
information about such Stockholder furnished to the Company by such Stockholder specifically for inclusion in such Registration
Statement, Prospectus, amendment or supplement and has not been corrected in a subsequent Registration Statement, any Prospectus
contained therein, or any amendment or supplement thereto prior to or concurrently with the sale of the Registrable Securities
to the person asserting the claim; provided, however, that the Stockholder shall not be liable for any amounts in
excess of the net proceeds received by such Stockholder from sales of Registrable Securities pursuant to the registration statement
to which the claims relate, and provided, further, that the obligations of the Stockholders shall be several and
not joint and several. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Company or any indemnified party and shall survive the transfer of such securities by the Company.

 

(c)            Notices
of Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or
proceeding involving a claim referred to in the preceding paragraphs of this Section 4, such indemnified party
shall, if a claim in respect thereof is to be made against an indemnifying party, give written notice to such indemnifying
party of the commencement of such action; provided, however, that the failure of any indemnified party to give
notice as provided herein shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 4,
except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. In case any such
action is brought against an indemnified party, 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, such indemnified party shall
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party; provided, however, that any person entitled to indemnification hereunder shall have the right to employ
separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the
expense of such person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the
indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such
person within a reasonable time after receipt of notice of such claim from the person entitled to indemnification hereunder.
If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject
to any liability for any settlement made by the indemnified party without its consent. If such defense is assumed by the
indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the
applicable claim unless (i) such settlement or compromise contains a full and unconditional release of the indemnified
party of all liability in respect to such claim or litigation or (ii) the indemnified party otherwise consents in
writing. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will 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, in which event the
indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels.
The indemnifying party shall not be liable for any settlement of any proceeding effected without its prior written consent,
but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment.

 

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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 and shall survive the transfer of securities.

 

(d)            Contribution.
If the foregoing indemnity is held by a Governmental Authority of competent jurisdiction to be unavailable to the Company or any
Stockholder, or is insufficient to hold harmless an indemnified party, then the indemnifying party shall contribute to the amount
paid or payable by the indemnified party as a result of the loss, penalty, liability, claim, damage or expense in such proportion
as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, and the relative benefits
received by the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. No indemnified
party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation. In connection with any registration
statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and of the indemnified
party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. Notwithstanding the provisions of this Section 4, no Stockholder
shall be required to contribute an amount greater than the net proceeds received by such Stockholder from sales of Registrable
Securities pursuant to the Registration Statement to which the claims relate (after taking into account the amount of damages
which such Stockholder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements of material
fact or omissions or alleged omissions of material fact made in any Registration Statement or Prospectus or any amendment thereof
or supplement thereto related to such sale of Registrable Securities).

 

(e)            No
Exclusivity. The remedies provided for in this Section 4 are not exclusive and shall not limit any rights
or remedies which may be available to any indemnified party at law or in equity or pursuant to any other agreement.

 

Section 5.              Covenants
Relating to Rule 144. The Company covenants that it shall use its reasonable best efforts to timely file (after
taking into account any time accommodating and applicable SEC rules) all reports and other documents required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the
Company is not required to file such reports, it will, upon the request of any Stockholder, make publicly available such information
as necessary to permit sales pursuant to Rule 144 under the Securities Act). Upon the written request of any Stockholder,
the Company will deliver to such Stockholder a written statement that it has complied with such requirements. The Company shall,
in connection with any request by an Stockholder in connection with a sale, transfer or other disposition by any Stockholder of
any Registrable Securities pursuant to Rule 144 either currently or prospectively with unspecified timing, promptly cause
the removal of any restrictive legend or similar restriction on the Registrable Securities, and, in the case of book-entry shares,
make or cause to be made appropriate notifications on the books of the Company’s transfer agent for such number of shares
and registered in such names as the Stockholders may reasonably request and to provide a customary opinion of counsel and instruction
letter required by the Company’s transfer agent; provided, however, that the taking of such action by the
Company is conditioned on the Company receiving all information and documentation reasonably necessary to support such actions
and make a determination that such transfer complies with applicable law.

 

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Section 6.              Transfer
of Registration Rights. After September 25, 2021, a Stockholder may transfer or assign all or any portion of
its registration rights provided in Sections 2, 3, 4 and 5 hereof to a Permitted Reg Rights
Holder (such Person to be deemed a “Stockholder” under this Agreement); provided, however, that, in
each case (i) such transferee or assignee agrees in writing to be bound by, and subject to, this Agreement pursuant to a
written instrument in form and substance reasonably acceptable to the Company and (ii) such transfer or assignment
otherwise complies with Section 10(e) hereof; and provided, further, that prior to such date,
a Stockholder shall be permitted to transfer or assign all or any portion of its registration rights to any of its
Affiliates. During the Standstill Period, any future holder of a Warrant shall agree to be bound by Section 8
hereof, whether or not such Person is entitled to registration rights hereunder.

 

Section 7.              Termination
of Registration Rights. The registration rights of each Stockholder under this Agreement shall terminate upon the date
that all of the Registrable Securities held by such Stockholder cease to be Registrable Securities. Notwithstanding the foregoing,
the obligations of the parties under Sections 3(a)(viii), 4, 5 and 10 hereof and this Section 7
shall survive the termination of such registration rights.

 

Section 8.              Standstill.
The Standstill Parties agree that during the Standstill Period, they shall not, and shall cause their Affiliates not to, directly
or indirectly:

 

(a) effect or seek,
offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate in or
in any way assist, facilitate or encourage any other person to effect or seek, offer or propose (whether publicly or otherwise)
to effect or participate in:

 

(i) any acquisition
of (or obtaining any right to direct the voting or disposition of) any securities (including any derivative securities), or rights
or options to acquire (or obtain any right to direct the voting or disposition of) any securities, or any assets, indebtedness
or businesses of the Company or any of its subsidiaries, in each case, whether or not any of the foregoing may be acquired or
obtained immediately or only after the passage of time or upon the satisfaction of one or more conditions (whether or not within
its control) pursuant to any agreement, arrangement or understanding or otherwise, except as provided in the Warrants; provided,
that, subject to compliance with applicable securities laws, nothing in this Agreement (including but not limited to the restrictions
in this Section 8) will prohibit or restrict any of the Standstill Parties from negotiating, evaluating or trading,
directly or indirectly, in any index, exchange traded fund, benchmark or other basket of securities which may contain or otherwise
reflect the performance of, any securities or indebtedness of the Company or any of its subsidiaries;

 

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(ii) any tender
or exchange offer, consolidation, business combination, acquisition, merger or similar extraordinary transaction involving the
Company or any of its subsidiaries or any sale of all or a substantial portion of the assets of the Company or any of its subsidiaries
(it being understood that the foregoing will not restrict the Standstill Parties from tendering shares, receiving payment for
shares or otherwise participating in any such transaction initiated by a third party on the same basis as other stockholders of
the Company or any applicable subsidiary);

 

(iii) any recapitalization,
restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries;
or

 

(iv) any “solicitation”
of “proxies” (as such terms are used in the proxy rules of the SEC) to vote any voting securities of the Company
or any of its subsidiaries or solicit consents from any holder of voting securities of the Company or any of its subsidiaries
or intentionally and deliberately seek to advise or influence any person with respect to the voting of or the granting of any
consent with respect to any voting securities of the Company or any of its subsidiaries;

 

(b) form, join
or in any way participate in a “group” (as defined under the Exchange Act) in connection with the voting securities
of the Company or any of its subsidiaries or otherwise act in concert with any person in respect of any such securities (other
than a “group” solely including other Standstill Parties with respect to any securities of the Company now or hereafter
owned by them);

 

(c) other than
as described in Section 9 hereof or in connection with exercise of any rights under the Transaction Documents, otherwise
act, alone or in concert with others, to nominate a director for election to the board of directors (or similar governing body)
of the Company or any of its subsidiaries or otherwise seek to control or influence the management, board of directors (or similar
governing body) or policies of the Company or any of its subsidiaries;

 

(d) request that
the Company, any of its subsidiaries or any of their representatives amend or waive any provision of this Section 8,
or make any public announcement with respect to the restrictions set forth in this Section 8 or take any action which
would reasonably be expected to require that any Standstill Party, the Company or any of their respective Affiliates make a public
announcement regarding any of the matters set forth in this Section 8; or

 

(e) knowingly advise,
assist, encourage or direct any person to advise, assist or encourage any other persons in connection with any of the foregoing,
unless and until, in the case of each of the foregoing clauses (a) through (e), the Standstill Party has received the
prior written invitation or approval of the Company.

 

Notwithstanding the foregoing, (i) the
Affiliates of any lender party to the Credit Agreement (other than Affiliates of Allianz and the PIMCO Funds) that are subject
to appropriate information barriers shall not be prohibited from acquiring, in the ordinary course of business, up to an aggregate
of 2% of any publicly traded class of outstanding equity securities of the Company held as a passive investment and (ii) the
Affiliates of any lender party to the Credit Agreement (other than Affiliates of Allianz and the PIMCO Funds) may engage in market
making activities in the ordinary course of business.

 

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Notwithstanding the
foregoing, nothing herein shall prohibit the Standstill Parties or their Affiliates from (a) submitting one or more confidential
proposals for a potential non-hostile negotiated transaction to the Chief Executive Officer of the Company (or other individual(s) specifically
designated in writing by the Chief Executive Officer of the Company) so long as such confidential proposals are made in a manner
that would not reasonably be expected to require any Standstill Party, the Company or any of their respective Affiliates to make
a public announcement regarding any such proposal(s); (b) taking any action that is specifically invited in writing by the
Board of Directors; (c) the exercise by PIMCO of its rights and remedies under the Loan Documents after the occurrence and
during the continuation of an event of default; and (d) investing in collateralized loan obligation securities (of any amount
of any class) of any subsidiary of the Company provided that such investments do not result in the Standstill Parties controlling
the controlling-class of such collateralized loan obligation. In addition, nothing in this Section 8 or elsewhere
in this Agreement will prohibit or restrict any PIMCO Director in his or her personal capacity as a director from exercising his
or her rights and fiduciary duties as a director of the Company or restrict his or her discussions solely among other members
of the Board of Directors and/or management, advisors, representatives or agents of the Company; provided that any such
discussions are limited to communications in his or her personal capacity as a director.

 

In no event shall
this Section 8, or any obligation of any Standstill Party pursuant to this Section 8, terminate prior
to the end of the Standstill Period.

 

Section 9.              Director
Rights.

 

(a)            General.
The Board of Directors shall cause the number of directors to be expanded by one (1) and appoint to the Board of Directors
the Initial PIMCO Director as promptly as practicable after the date hereof. At any time following the date hereof and until the
occurrence of the Fall-Away of Director Rights (the “Designee Period”), the Initial Lenders may elect, by notifying
the Company, to have a PIMCO Designee be nominated for election (or reelection) to the Board of Directors.

 

(b)            Board
Nomination. If at any time during the Designee Period and after the appointment of the Initial PIMCO Director, the
Initial Lenders elect to have a PIMCO Designee nominated for election (or reelection) to the Board of Directors, the Company shall
use its reasonable best efforts to cause one (1) PIMCO Designee to be nominated for election (or reelection) to the Board
of Directors at the next annual meeting of the Company’s stockholders. The Company shall recommend that holders of its Common
Stock vote to elect such PIMCO Designee and use its reasonable best efforts to cause the election (or reelection) to the Board
of Directors of a slate of directors that includes such PIMCO Designee, provided that such efforts will not require the
Company to postpone its annual meeting of stockholders or take extraordinary solicitation efforts not taken with regard to the
other nominees to the Board of Directors, including that the Company will not be obligated to pay extraordinary costs with regard
to the election of such PIMCO Designee as a director not paid with regard to the other nominees to the Board of Directors.

 

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(c)            Committee
Membership. The PIMCO Director is entitled to be a member of one of the following committees of the Board of
Directors, as selected by the Board of Directors in its sole discretion: (i) the compensation committee, (ii) the
audit committee or (iii) the nominating and corporate governance committee; provided that in order to serve on
any such committee, the PIMCO Director must be an Independent Director; provided further that the PIMCO Director shall
not be entitled to become or remain a member of any of the above committees of the Board of Directors if the Board of
Directors determines that the PIMCO Director’s service on such committee would violate applicable Law or any
rule or regulation of a stock exchange on which the Common Stock is listed.

 

(d)            Resignation
upon Fall-Away of Director Rights. The irrevocable advance resignation letter delivered by the PIMCO Director pursuant
to Section 9(g)(iv) hereof shall become effective and without further action (other than acceptance of the resignation
by the Board of Directors) upon the Fall-Away of Director Rights, and PIMCO shall no longer have any rights under this Section 9,
including, for the avoidance of doubt, any nomination rights under this Section 9. For purposes of clarity, upon the
occurrence of the Fall-Away of Director Rights, such loss of nomination rights shall be absolute and permanent.

 

(e)            Resignation
at the Request of the Initial Lenders. The irrevocable advance resignation letter delivered by the PIMCO Director pursuant
to Section 9(g)(iv) hereof shall become effective and without further action upon delivery of a request for resignation
by the Initial Lenders. Following the date hereof and until the occurrence of the Fall-Away of Director Rights, (i) in the
event of the death, disability, resignation (including pursuant to the letter of resignation referred to in the immediately preceding
sentence) or removal of the PIMCO Director as a member of the Board of Directors, the Initial Lenders may designate a PIMCO Designee
to replace such PIMCO Director and, subject to the terms of this Section 9 and any applicable provisions of the MGCL, the
Company shall take such action as is reasonably necessary to cause such PIMCO Designee to be appointed to the Board of Directors,
provided that such PIMCO Designee is not an employee, director or Affiliate of a Disqualified Institution.

 

(f)            Director
Indemnification. The Company shall indemnify the PIMCO Director and provide the PIMCO Director with director and officer
insurance to the same extent as it indemnifies and provides such insurance to other members of the Board of Directors, pursuant
to the Company Charter Documents, the MGCL, any director indemnification agreement or otherwise. The Company hereby acknowledges
that the PIMCO Director may have rights to indemnification and advancement of expenses provided by the PIMCO Investors or their
Affiliates (directly or through insurance obtained by any such entity) (collectively, the “Director Indemnitors”).
The Company hereby agrees and acknowledges that (i) it is the indemnitor of first resort with respect to the PIMCO Director,
(ii) it shall be required to advance the full amount of expenses incurred by the PIMCO Director, without regard to any rights
the PIMCO Director may have against any other sources and (iii) to the extent permitted by law, it irrevocably waives, relinquishes
and releases the Initial Lenders and their Affiliates from any and all claims against the Initial Lenders and their Affiliates
for contribution, subrogation or any other recovery of any kind in respect thereof. The Company agrees that the Director Indemnitors
are express third party beneficiaries of the terms of this Section 9(f).

 

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(g)            Conditions
to Director Rights. The Company’s obligations with respect to this Section 9 shall in each case be
subject to (i) such PIMCO Designee’s and such PIMCO Director’s satisfaction of all requirements regarding service
as a director of the Company under applicable Law and stock exchange rules, and all other criteria and qualifications for service
as a director applicable, as in effect as of the date hereof pursuant to the Company’s internal written policies related
thereto (a copy of which has been provided to the Initial Lenders), to all non-executive directors of the Company and (ii) the
PIMCO Director not being or becoming a director or officer of a Disqualified Institution while such individual remains in his
or her role as the PIMCO Director. PIMCO will cause the PIMCO Designee (A) to make himself or herself reasonably available
for interviews, (B) to consent to such reference and background checks or other investigations as the Board of Directors
may reasonably request of all non-executive directors of the Company in order to determine the PIMCO Designee’s eligibility
and qualification to serve as contemplated hereunder, and (C) to provide to the Company a completed copy of the directors
and officers questionnaire submitted by the Company to its other directors in the ordinary course of business. No PIMCO Designee
shall be eligible to serve as a director if he or she (x) has been involved in any of the events enumerated under Item 2(d) or
(e) of Schedule 13D under the Exchange Act or Item 401(f), other than Item 401(f)(1), of Regulation S-K under the Securities
Act or (y) is subject to any order, judgment, injunction, ruling, writ or decree of any Governmental Authority prohibiting
service as a director of any public company. In the event that the PIMCO Director becomes aware that he or she no longer satisfies
all the requirements set forth in the immediately preceding sentence, the PIMCO Director shall deliver to the Company an irrevocable
letter of resignation resigning automatically and without further action (other than acceptance of the resignation by the Board
of Directors), and the Initial Lenders shall be entitled to designate a PIMCO Designee to replace such PIMCO Director and, subject
to the terms of this Section 9 and any applicable provisions of the MGCL, the Company shall take such action as is
reasonably necessary to cause such PIMCO Designee to be appointed to the Board of Directors, provided that such PIMCO Designee
is not an employee, director or Affiliate of a Disqualified Institution. As a condition to the appointment of the Initial PIMCO
Director or a PIMCO Designee’s election to the Board of Directors or nomination for election as a director of the Company
pursuant to this Section 9, such Initial PIMCO Director or PIMCO Designee must provide to the Company:

 

(i)            all
information reasonably requested by the Company that is required to be or is customarily disclosed for directors, candidates for
directors and their respective Affiliates and representatives in a proxy statement or other filings in accordance with applicable
Law, any stock exchange rules or listing standards or the Company Charter Documents or corporate governance guidelines;

 

(ii)            all
information reasonably requested by the Company in connection with assessing eligibility, independence and other criteria applicable
to directors or satisfying compliance and legal or regulatory obligations;

 

(iii)            an
undertaking in writing by such Initial PIMCO Director or PIMCO Designee:

 

a.            to
be subject to, bound by and duly comply with the code of conduct and other policies of the Company, in each case, solely to the
extent applicable to all other non-executive directors of the Company; and

 

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b.            at
the request of the Board of Directors, to recuse himself or herself from any determinations, deliberations or discussion of the
Board of Directors or any committee thereof to the extent regarding the Company’s relationship with the Initial Lenders
or any of their Affiliates, or matters related to any exercise of rights by the Company under the Transaction Documents or the
Transactions; and

 

(iv)          an
irrevocable advance resignation letter pursuant to which the Initial PIMCO Director or a PIMCO Designee shall resign from the
Board of Directors and any applicable committees in connection with the events described in Sections 9(d) and 9(e) hereof.

 

(h)            Director
Compensation. The PIMCO Director will not be entitled to compensation as a director.

 

Section 10.
           Miscellaneous.

 

(a)            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed entirely within such State. Each of the parties hereto agrees (i) to submit to the
exclusive personal jurisdiction of the State or Federal courts in the Borough of Manhattan, the City of New York, (ii) that
exclusive jurisdiction and venue shall lie in the State or Federal courts in the State of New York, and (iii) that notice
may be served upon such party at the address and in the manner set forth for such party in Section 10(i) hereof.

 

(b)            Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

(c)            Entire
Agreement. This Agreement (including the documents and the instruments referred to herein), together with the Loan
Documents, the Warrants and the documents referenced herein, constitutes the entire agreement among the parties hereto with respect
to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings,
and agreements (including any draft agreements) with respect thereto, whether written or oral, none of which shall be used as
evidence of the parties’ intent.

 

(d)            Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid and binding unless it is in writing and
signed by the Company and the Stockholders representing at least 50% (by number) of the Registrable Securities (with each share
of Common Stock to be received upon exercise of the Warrants counting as one Registrable Security for this purpose). No waiver
of any right or remedy hereunder, to the extent legally allowed, shall be valid unless the same shall be in writing and signed
by the party making such waiver. No waiver by any party of any breach or violation of, default under, or inaccuracy in any representation,
warranty, covenant, or agreement hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent breach,
violation, default of, or inaccuracy in, any such representation, warranty, covenant, or agreement hereunder or affect in any
way any rights arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any party in
exercising any right, power, or remedy under this Agreement shall operate as a waiver thereof. Notwithstanding the foregoing,
no amendments may be made to this Agreement that adversely affect the rights of any PIMCO Investor disproportionately as compared
with those of other Stockholders hereunder without the prior written consent of such PIMCO Investor.

 

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(e)            Successors
and Assigns. After September 25, 2021, the PIMCO Investors may transfer or assign all or any portion of their
rights provided in this Agreement, subject to Section 6 hereof, in connection with the transfer of the Initial Warrants
without the prior written consent of the Company; provided that such transferee or assignee (x) represents and warrants
to the Company that it is not a Disqualified Institution, and (y) agrees in writing with the Company to be bound by this
Agreement as fully as if it were an initial signatory hereto pursuant to a written instrument in form and substance reasonably
acceptable to the Company, and any such transferee may thereafter make corresponding assignments in accordance with this Section 10(e);
provided, further, that (i) no transfers or assignments of a Warrant or any rights or obligations under this
Agreement shall be permitted to any Disqualified Institution without the prior written consent of the Company, in its sole discretion
and (ii) in no event shall any rights under Section 9 hereof be assigned to any Person that is not a Permitted
Reg Rights Holder pursuant to clause (i) of the definition thereof.

 

(f)            Expenses.
Except as set forth herein, all Registration Expenses incurred in connection with any Registration Statement under this Agreement
shall be borne by the Company. Except as expressly set forth herein, all Selling Expenses relating to securities registered on
behalf of the Stockholders shall be borne by the Stockholders of the Registrable Securities included in such registration. Except
as set forth herein, the obligation of the Company to bear the expenses provided for in this paragraph shall apply irrespective
of whether a Registration Statement becomes effective, is withdrawn or suspended, or converted to any other form of registration
and irrespective of when any of the foregoing shall occur.

 

(g)            Counterparts;
Electronic Signature. This Agreement may be executed and delivered in one or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. This
Agreement may be executed by facsimile, by any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act, or other applicable law, e.g., www.docusign.com or by .pdf
signature by any party and such signature shall be deemed binding for all purposes hereof without delivery of an original signature
being thereafter required.

 

(h)            Severability.
Any term or provision of this Agreement that is illegal, invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such illegality, invalidity or unenforceability without rendering illegal, invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of any of the terms
or provisions of this Agreement in any other jurisdiction. In the event that any provision hereof would, under applicable law,
be illegal, invalid or unenforceable in any respect, each party hereto intends that such provision shall be reformed and construed
by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable
laws and to otherwise give effect to the intent of the parties hereto.

 

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(i)            Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered (i) four (4) Business
Days after being sent by registered or certified mail, return receipt requested, postage prepaid, (ii) one (1) Business
Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service or (iii) on
the date of confirmation of receipt (or, the first Business Day following such receipt if the date of such receipt is not a Business
Day) of transmission by email, in each case to the intended recipient as set forth below:

 

	If to the Stockholder, as follows:
	 	 
	 	Pacific Investment Management Company LLC
	 	650 Newport Center Drive
	 	Newport Beach, CA 92660
	 	Attention: Project Greek Investor c/o PIMCO
	 	Email:      AltsLoanRequests@pimco.com
	 	 
	with a copy (which shall not constitute notice) to:
	 	 
	 	Ropes & Gray LLP
	 	1211 Avenue of the Americas
	 	New York, NY 10036
	 	Attention: Robb L. Tretter
	 	Email:      robb.tretter@ropesgray.com
	 	 
	If to the Company, as follows:
	 	 
	 	Granite Point Mortgage Trust Inc.
	 	3 Bryant Park, 24th Floor
	 	New York, NY 10036
	 	Attention: General Counsel
	 	Email:      legal@gpmtreit.com
	 	 
	with a copy (which shall not constitute notice) to:
	 	 
	 	Skadden, Arps, Slate, Meagher &
    Flom LLP
	 	One Manhattan West
	 	New York, NY 10001
	 	Attention: Joseph A. Coco, Esq.; Michael
    J. Zeidel, Esq.
	 	Email:      joseph.coco@skadden.com;
    michael.zeidel@skadden.com

 

Any party may, from
time to time, by written notice to the other parties, designate a different address, which shall be substituted for the one specified
above for such party.

 

    27

     

    

 

(j)            Specific
Performance. The parties agree that irreparable damage may occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties shall be entitled
to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement, in addition to any other remedy to which they are entitled at law or in equity.

 

[Signature Pages Follow]

 

    28

     

    

 

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

 

	 	GRANITE POINT MORTGAGE
    TRUST INC.
	 	 
	 	 
	 	By: 	/s/ Marcin Urbaszek
	 	 	Name: Marcin Urbaszek
	 	 	Title: Chief Financial Officer
	 	 
	 	TOCU XXXIX LLC
	 	 
	 	 
	 	By: 	/s/ Russell D. Gannaway
	 		Name: Russell
D. Gannaway
	 		Title: Authorized Person
	 	 
	 	PCRED LENDING IV OFFSHORE LTD.
	 	By: 	Pacific Investment Management Company
    LLC, its Director
	 	 
	 	By: 	/s/ Devin Chen
	 	    	Name: Devin
Chen
	 	    	Title: Executive
Vice President
	 	 
	 	PIF ONSHORE X LP
	 	By: 	Pacific
Investment Management Company LLC, its investment
	 	 manager 
	 	 
	 	By:  	/s/ Devin Chen 
	 	    	Name: Devin Chen
	 	    	Title: Executive
Vice President
	 	 
	 	D3V VIII LLC
	 	 
	 	 
	 	By:  	/s/ Jamie Weinstein 
	 	   	Name: Jamie
Weinstein
	 	    	Title: Authorized
Person
	 	 
	 	HVS XXXI LLC
	 	 
	 	By:  	/s/ Devin Chen
	 		Name: Devin
Chen
	 	   	Title: Authorized
Person

 

    

     

    

 

	 	RSF XV LLC
	 	 
	 	 
	 	By: 	/s/ Russell D. Gannaway
	 		Name: Russell
D. Gannaway
	 		Title: Authorized
Person

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