Document:

Exhibit 10.9

 

[●], 2022

 

Resources Acquisition Corp

c/o Maples Corporate Services Limited

PO Box 309, Ugland House, Grand Cayman

Cayman Islands, KY1-1104

 

	Re:	Initial Public Offering

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”) is
being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Resources Acquisition Corp, a Cayman Islands exempted company (the “Company”), and Citigroup
Global Markets, Inc. and BofA Securities, Inc. (the “Underwriters”, each an “Underwriter”),
relating to an underwritten initial public offering (the “Public Offering”), of up to 17,250,000 of the Company’s
units (including up to 2,250,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”),
and one-half of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to
purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below).
The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company has
applied to have the Units listed on the NYSE. Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company and each Underwriter to enter into the
Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each of Boulle Heritage LLC, a Cayman Islands limited liability company (the “Sponsor”)
and the undersigned individuals, each of whom is, or will be, a member of the Company’s board of directors and/or management team
(each of the undersigned individuals, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

	 	1.	The Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any Ordinary Shares (as defined below) owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by it, him or her in connection with such shareholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or her in connection therewith.

     

     

    

 

	 	2.	The
    Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the time
    period required by the Company’s amended and restated memorandum and articles of association (as it may be amended from time
    to time, the “Charter”), or such later period approved by the Company's shareholders in accordance with
    the Company's Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations
    except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter,
    redeem 100% of the Class A Ordinary Shares sold as part of the Units in the Public Offering (the “Offering
    Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account
    (as defined below), including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of
    interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely
    extinguish all Public Shareholders’ (as defined below) rights as shareholders (including the right to receive further
    liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the
    approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject
    in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject
    to the other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Charter (A) to
    modify the substance or timing of the Company’s obligation to allow redemption in connection with our initial business
    combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the required
    time period set forth in the Charter or (B) with respect to any other material provisions relating to shareholders’ rights or
    pre-initial Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their
    Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
    deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the
    Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then
    outstanding Offering Shares.

The Sponsor and each Insider
acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or
any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or
her. The Sponsor and each Insider hereby further waives, with respect to any Ordinary Shares held by it, him or her, if any, any
redemption rights it, he or she may have in connection with (a) the consummation of a Business Combination, including, without
limitation, any such rights available in the context of a shareholder vote to approve such Business Combination, or (b) a
shareholder vote to approve an amendment to the Charter (A) to modify the substance or timing of the Company’s obligation to
allow redemption in connection with our initial business combination or to redeem 100% of the Offering Shares if the Company has not
consummated a Business Combination within the time period set forth in the Charter or (B) with respect to any other material
provisions relating to shareholders’ rights or pre-initial Business Combination activity or in the context of a tender offer
made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates shall be
entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate
a Business Combination within the time period set forth in the Charter).

 

     

     

    

 

	 	3.	The Sponsor and each Insider acknowledge and agree that prior to entering into a definitive agreement for a Business Combination with a target business that is affiliated with the Sponsor, any of the Company’s founders, the Insiders or any other directors or officers of the Company, (i) the Company or a committee of independent directors must obtain an opinion from an independent investment banking firm or an independent valuation or accounting firm that such Business Combination is fair to the Company from a financial point of view and (ii) such transaction shall be approved by a majority of the Company’s independent and disinterested directors. 

	 	4.	During
    the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
    Insider shall not, without the prior written consent of the Underwriters, (i) offer, sell, contract to sell, pledge or otherwise
    dispose of, directly or indirectly, any units, warrants, Class A ordinary shares or any other securities convertible into, or
    exercisable, or exchangeable for, Class A ordinary shares or enter into any transaction that is designed to, or might reasonably be
    expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or
    otherwise) by us or any of our affiliates or any person in privity with us or any of our affiliates, directly or indirectly,
    including the filing or confidential submission (or participation in the filing or confidential submission) of a registration
    statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
    position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
    Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to, any units, warrants,
    Class A ordinary shares or any securities convertible into, or exercisable, or exchangeable for, Class A ordinary shares or (ii)
    publicly announce any intention to effect any such transaction; provided, however, that we may (1) issue and sell the private
    placement warrants, (2) issue and sell the additional units to cover our underwriters’ over-allotment option (if any), (3)
    register with the SEC pursuant to an agreement to be entered into on or prior to the closing of this offering, the
    resale of the founder shares and the private placement warrants or the warrants and Class A ordinary shares issuable upon exercise
    of warrants and upon conversion of the founder shares and (4) issue securities in connection with an initial business combination.
    Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the
    restrictions set forth in this paragraph 4 or paragraph 8 below, the Company shall announce the impending release or waiver by press
    release through a major news service at least two business days before the effective date of the release or waiver. Any release or
    waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this
    paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee
    has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
    terms remain in effect at the time of the transfer.

     

     

    

 

	 	5.	In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets, less taxes payable, (y) shall not apply to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of each Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

     

     

    

 

	 	6.	To the extent that the Underwriters do not exercise their over-allotment
option to purchase up to an additional 2,250,000 Units within 45 days from the date of the Prospectus (and as further described in the
Prospectus), the Initial Shareholders agree to forfeit, at no cost, a number of Founder Shares, to be split pro rata between them based
on the number of Founder Shares they hold upon the consummation of the Public Offering, equal to 562,500 multiplied by a fraction, (i)
the numerator of which is 2,250,000 minus the number of Units purchased by the Underwriter upon the exercise of its over-allotment option,
and (ii) the denominator of which is 2,250,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised
in full by the Underwriter so that the Founder Shares will represent an aggregate of 20% of the Company’s issued and outstanding
Ordinary Shares upon the consummation of the Public Offering. The Initial Shareholders further agree that to the extent that the size
of the Public Offering is increased or decreased, the Company will purchase or sell Units or effect a share repurchase or share capitalization,
as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the Initial
Shareholders prior to the Public Offering at 20% of its issued and outstanding Ordinary Shares upon the consummation of the Public Offering.
In connection with such increase or decrease in the size of the Public Offering, then (A) the references to 2,250,000 in the numerator
and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of Class
A Ordinary Shares included in the Units issued in the Public Offering and (B) the reference to 562,500 in the formula set forth in the
first sentence of this paragraph shall be adjusted to such number of Founder Shares that the Initial Shareholders would have to surrender
to the Company in order for the Initial Shareholders to hold an aggregate of 20% of the Company’s issued and outstanding Ordinary
Shares upon the consummation of the Public Offering.
	 	7.	The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 4, 5, 6, 8(a), and 8(b), as applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

     

     

    

 

	 	8.	(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any of their founder shares until the earliest of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the closing price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s Public Shareholders having the right to exchange their shares of Class A Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”).

(b) The Sponsor, affiliates of the Sponsor and each Insider
agrees that it, he or she shall not Transfer any of their private placement warrants and Class A ordinary shares issued upon conversion
or exercise thereof until 30 days after the completion of our initial business combination (the “Private Placement Warrants
Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions
set forth in paragraphs 8(a) and 8(b), Transfers of the Founder Shares, Private Placement Warrants and the Class A Ordinary Shares
underlying the Private Placement Warrants that are held by the Sponsor, affiliates of the Sponsor, any Insider or any of their
permitted transferees (that have complied with this paragraph 8(c)), are permitted (a) to the Company’s officers or directors,
any affiliate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor or to any members
of the Sponsor or any of their affiliates; (b) in the case of an individual, by gift to a member of such individual’s
immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of
such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution
upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private
sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price
at which the securities were originally purchased; (f) by virtue of the laws of the Sponsor’s organizational documents upon
liquidation or dissolution of the Company’s sponsor; (g) to the Company for no value for cancellation in connection with the
consummation of an initial Business Combination; (h) in the event of the Company’s liquidation prior to the completion of an
initial Business Combination; or (i) in the event of the Company’s completion of a liquidation, merger, share exchange or
other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A
Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of an initial Business
Combination; provided, however, that in the case of clauses (a) through (f), these permitted transferees must enter
into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions
contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

 

     

     

    

 

	 	9.	The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.
	 	10.	Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of the Sponsor or any officer, nor any director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, non-cash payments, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsor; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such working capital loans may be convertible into Private Placement Warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. 

     

     

    

 

	 	11.	The Company, Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or director of the Company.

	 	12.	As used herein, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses; (ii) “Ordinary Shares” shall mean the Class A Ordinary Shares and Class
B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares”); (iii) “Founder Shares”
shall mean the 4,312,500 Class B Ordinary Shares and one-half of one warrant issued and outstanding (up to 562,500 of which are subject
to complete or partial forfeiture if the over-allotment option is not exercised by the Underwriter); (iv) “Initial Shareholders”
shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean
the 10,600,000 private placement warrants (or 11,612,500 private placement warrants if the over-allotment option is exercised in full)
that affiliates of the Sponsor have agreed to purchase for an aggregate purchase price of $10,600,000 (or $11,612,500 if the over-allotment
option is exercised in full), or $1.00 per warrant, in a private placement that shall occur simultaneously with the consummation of the
Public Offering; (vi) “Public Shareholders” shall mean the holders of securities issued in the Public Offering;
(vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering
and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer” shall mean the (a)
sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or
agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect
to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the
Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a)
or (b).
	 	13.	The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available pursuant to such policy or policies for any of the Company’s directors or officers.

     

     

    

 

	 	14.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

	 	15.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

	 	16.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

	 	17.	This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

	 	18.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

     

     

    

 

	 	19.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.
	 	20.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

	 	21.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by June 30, 2022; provided further that paragraph 5 of this Letter Agreement shall survive such liquidation.

[Signature Page Follows]

 

     

     

    

 

	 	
    Sincerely,

     

    Boulle Heritage LLC

     

	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	 	
    Name: Marie Pierre Betrand Boulle

	 	 	Title: Chairman of the Board of Directors
	 	 	 
	 	 	 
	 	 	Name: Martyn Buttenshaw
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	 	Name: John van Eeghen
	 	 	Title: Chief Financial Officer

 

	 	 	 
	 	 	Name: Carlo Calabria
	 	 	Title: Director 
	 	 	 
	 	 	 
	 	 	Name: Helen Pein
	 	 	Title: Director
	 	 	 
	 	 	 
	 	 	Name: Raju Jaddoo
	 	 	Title: Director
	 	 	 
	 	 	 
	 	 	Name: Oliver Turner
	 	 	Title: Director

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	
    Acknowledged and Agreed:
	 
	 	 
	RESOURCES ACQUISITION CORP.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Letter Agreement]EX-4.1

 Exhibit 4.1 

Execution Version 

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Second Amended and Restated Registration Rights Agreement (this “Agreement”), dated as of February 10, 2022, is among Team, Inc., a
Delaware corporation (the “Company”), APSC Holdco II, L.P. (“Atlantic Park”) and the Corre Holders (as defined below), and amends and restates that certain Amended and Restated Registration Rights Agreement, dated
as of December 8, 2021, among the Company, Atlantic Park and the Corre Holders (the “Existing Agreement”), which amended and restated that certain Registration Rights and Lock-Up
Agreement, dated as of December 18, 2020, between the Company and Atlantic Park (the “Original Agreement”).  
 WHEREAS,
on December 18, 2020, the Company issued to Atlantic Park a warrant to purchase in the aggregate up to 3,582,949 shares of the Company’s common stock, $0.30 par value per share (“Common Stock”), upon the terms and
conditions set forth in that certain common stock purchase warrant, dated as of December 18, 2020 (the “Initial Warrant”); 

WHEREAS, on November 9 and December 8, 2021, the Initial Warrant was amended and restated to provide for, among other things, the purchase in
the aggregate of up to 5,000,000 shares of Common Stock, upon the terms and conditions set forth in that certain second amended and restated common stock purchase warrant, dated as of December 8, 2021 (the “Atlantic Park
Warrant”); 
 WHEREAS, on December 8, 2021, the Company issued to Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP
and Corre Horizon II Fund, LP (collectively, the “Corre Holders”) warrants to purchase in the aggregate up to 2,550,578, 1,160,918 and 1,288,504, shares of Common Stock, respectively, upon the terms and conditions set forth in those
certain common stock purchase warrants, dated as of December 8, 2021 (collectively, the “Corre Warrants”); 
 WHEREAS, the
Existing Agreement provides the holders thereunder (the “Existing Holders”) certain registration rights with respect to the Warrants (as defined below) and the Common Stock issued or issuable upon exercise thereof; 

WHEREAS, the Company and the Corre Holders entered into that certain Common Stock Subscription Agreement, dated as of February 10, 2022, pursuant
to which the Company issued and sold 11,904,761 shares of Common Stock (such shares, the “PIPE Shares”) to the Corre Holders on February 10, 2022; 

WHEREAS, pursuant to Section 7.13 of the Existing Agreement, the provisions thereof may be amended with the consent of the
Company and Existing Holders representing at least 50% of the Registrable Securities (including the consent of each of Atlantic Park and the Corre Holders); and 

WHEREAS, the Company and the Existing Holders desire to amend and restate the Existing Agreement to provide each of the Corre Holders certain
registration rights with respect to the PIPE Shares, as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the parties
hereby agree as follows: 

  
 1 

 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. For purposes of this Agreement, the following terms and variations
thereof have the meanings set forth below: 
 “10-K Filing Date” shall mean the earlier of
(i) the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and (ii) April 13, 2022. 

“Adverse Disclosure” shall mean any public disclosure of material non-public information, which
disclosure, in the good faith judgment of the Board, after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or
Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information
public. 
 “Affiliates” 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” shall have the meaning given in the Preamble, as amended from time to time in accordance herewith. 

“Atlantic Park” shall have the meaning given in the Preamble. 

“Atlantic Park Warrant” shall have the meaning given in the Recitals. 

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

“Business Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or
required by law to close. 
 “Commission” means the Securities and Exchange Commission. 

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

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

“Company Competitor” means any Person, or any Affiliate thereof, engaged in a business similar to that of the Company, or any of its direct
or indirect Subsidiaries, that provides any of the services or product sales as currently provided by the Company, including such entities engaged in the business of providing asset integrity management and performance solutions, conventional NDE,
advanced NDE, heat treating products and services, tank management solutions, pipeline integrity solutions, machining, torquing and bolting, field machining, vapor barrier services, weld testing services, onstream services, hot tap, leak repair and
line intervention services, valve management solutions (valve sales and repair), emission control services, Quest Integrity proprietary inspections (serving unpiggable piping, furnace tubes and steam reformer tubes), Quest Integrity advanced
engineering and Quest Integrity advanced digital imaging, including designing, developing, manufacturing, distributing or assembling equipment or products to support such services, to the following industry sectors: Energy (refining, power,
renewable, nuclear and LNG), Manufacturing and Process (chemical, petrochemical, pulp and paper, manufacturing, automotive and mining), Midstream and Others (valves, pipeline, terminals and storage and offshore and subsea), Aerospace and Defense
(aerospace and government) and Infrastructure (amusement parks, dams, ports, roads and railways, construction and building and bridges). 

  
 2 

 “Corre Holders” shall have the meaning given in the Recitals. 

“Corre Warrants” shall have the meaning given in the Recitals. 

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

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

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

“Disqualified Institutions” means (i) the Persons identified in writing on that certain list delivered by the Company to Atlantic Park
and the Corre Holders 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 Atlantic Park and the Corre Holders as described below; provided that (x) following the date hereof, the DQ List may be updated by the Company from time to time to add one or more additional Persons
(provided that such additional Persons may only be added to the DQ List if they constitute a Company Competitor or an Affiliate of a Company Competitor); (y) no such update shall apply retroactively to disqualify any Person that has
previously acquired a Warrant or PIPE Shares (but such Person and any of its Affiliates that are Disqualified Institutions shall be prohibited from acquiring any additional Warrants or PIPE Shares 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 second Business Day after written notice
thereof by the Company to Atlantic Park and the Corre Holders in accordance with Section 7.1 hereof. 
 Any supplement or other
modification to the list of Persons identified as Disqualified Institutions permitted above shall be emailed to Atlantic Park at viral.naik@ironparkcap.com and mike.kumor@alterdomus.com and the Corre Holders at operations@correpartners.com,
john@correpartners.com and tom.radionov@correpartners.com, with a copy to blennon@willkie.com. 
 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as it may be amended from time to time. 
 “Existing Agreement” shall have the meaning given in the Preamble. 

“Existing Holders” shall have the meaning given in the Recitals. 

“Form S-1” means a Registration Statement on Form S-1 or any
comparable successor form or forms thereto. 
 “Form S-3” means a Registration Statement on Form S-3 or any comparable successor form or forms thereto. 

  
 3 

 “Fully Allocated Group” shall have the meaning given in subsection 2.1.4. 

“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. 

“Holders” shall mean Atlantic Park, the Corre Holders and, for the avoidance of doubt, any Person to whom rights under this Agreement are
assigned in accordance with Section 7.4. 
 “Initial Warrant” shall have the meaning given in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an
offer of Registrable Securities. 
 “Maximum Number of Securities” shall have the meaning given in subsection 2.1.4. 

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

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

“Permitted Transferee” means any Person to whom a Holder or its Permitted Transferee has Transferred PIPE Shares, Warrants or the shares of
Common Stock issued or issuable upon exercise of a Warrant, as permitted by the provisions of Article V hereof. 
 “Person” means
any natural person, corporation, limited partnership, general partnership, limited liability company, limited liability partnership, joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust,
statutory trust, series trust, other organization, whether or not a legal entity, Governmental Authority or other entity. 
 “Piggyback
Registration” shall have the meaning given in subsection 2.2.1. 
 “PIPE Shares” shall have the meaning given in the
Recitals. 
 “Pro Rata” shall have the meaning given in subsection 2.1.4. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 
 “Registrable
Security” or “Registrable Securities” means, as of any date of determination, (i) the PIPE Shares, (ii) on or after January 1, 2023, the Warrants; provided that the registration of such
Warrants is permitted under SEC Guidance; and (iii) any shares of Common Stock issued or issuable upon the exercise of the Warrants, and, in each case, any other equity securities issued or issuable with respect to any such PIPE Shares,
Warrants or shares of Common Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement, reorganization, conversion or similar event; provided, however, that any particular Registrable
Securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective 

  
 4 

 
registration statement under the Securities Act, (ii) such securities are held by the Company or any of its direct or indirect Subsidiaries, (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 or (iv) such securities are sold or disposed of (excluding transfers
or assignments by a Holder to an Affiliate of such Holder) pursuant to Rule 144 (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the applicable conditions of Rule 144 (as then in effect)
are met. 
 “Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” shall mean the out-of-pocket expenses
of a Registration or Underwritten Offering, including, without limitation, the following: 
 (A) all registration and filing fees (including fees with
respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any listing fees of any securities exchange on which the Common Stock is then listed; 

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

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

(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such
Registration or Underwritten Offering; 
 (F) the Company’s expenses with respect to any roadshow related to the Registration or Underwritten Offering;
and 
 (G) fees and expenses of the Company’s transfer agent. 

Notwithstanding the foregoing, under no circumstances shall the Company be obligated to pay any fees, discounts and/or commissions to any Underwriter or
broker with respect to the Registrable Securities. 
 “Registration Statement” shall mean any registration statement that covers the
Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits
to and all material incorporated by reference in such registration statement. 
 “Requesting Holder” shall have the meaning given in
subsection 2.3.5. 
 “Resale Shelf Registration Statement” shall have the meaning given in subsection 2.3.1. 

“Rule 144” shall have the meaning set forth in Section 7.3. 

  
 5 

 “SEC Guidance” means (i) any publicly available written or oral questions and answers,
guidance, forms, comments, requirements or requests of the Commission or its staff, (ii) the Securities Act and (iii) any other rules and regulations of the Commission. 

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

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors,
managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying
share” of the former Person shall be deemed to be outstanding. 
 “Takedown Requesting Holder” shall have the meaning given in
subsection 2.3.4. 
 “Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly
dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any interest
owned by a Person or any interest (including a beneficial interest) in, or the ownership, control or possession of, any interest owned by a Person, establish or increase of a put equivalent position or liquidate with respect to or decrease of a call
equivalent position within the meaning of Exchange Act, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or publicly announce any intention to effect any of the foregoing transactions. 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as
part of such dealer’s market-making activities. 
 “Underwritten Registration” or “Underwritten Offering” shall mean
a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public, including for the avoidance of doubt an Underwritten Shelf Takedown. 

“Underwritten Shelf Takedown” shall have the meaning given in subsection 2.3.4. 

“Warrants” means the Atlantic Park Warrant, the Corre Warrants and any subsequent warrants that may be issued by the Company pursuant to
permitted transfers of the Atlantic Park Warrant and the Corre Warrants. 

  
 6 

 ARTICLE 2 

REGISTRATION 

Section 2.1 Demand Registration. 

2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof,
at any time and from time to time, each of (i) Atlantic Park and (ii) any Corre Holder (such Corre Holders or Atlantic Park, as the case may be, the “Demanding Holders”, and each, a “Demanding Holder”),
may make a written demand for Registration of all or part of their Registrable Securities on Form S-3 (or, if Form S-3 is not available to be used by the Company at such
time, on Form S-1 or another appropriate form permitting Registration of such Registrable Securities for resale by such Demanding Holders), which written demand shall describe the amount and type of securities
to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand
Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Demand Requesting Holder”) shall so notify the Company, in writing, within five
(5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Demand Requesting Holder(s) to the Company, such Demand Requesting Holder(s) shall be entitled to have
their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall file a Registration Statement with respect to such Demand Registration as soon as practicable after the
10-K Filing Date, but not more than the later of (i) thirty (30) days immediately after the Company’s receipt of the Demand Registration or (ii) two (2) Business Days following the 10-K Filing Date, for the Registration of all Registrable Securities requested by the Demanding Holders and Demand Requesting Holders pursuant to such Demand Registration. The Company shall use its commercially
reasonable efforts to cause such Registration Statement to become effective as promptly as practicable (but in no event later than ninety (90) days after it shall have filed such Registration Statement (or thirty (30) days if the
Commission does not review the Registration Statement)). Each of (i) Atlantic Park and its Affiliates and (ii) the Corre Holders and their Affiliates shall have the right to demand exactly two (2) Registrations pursuant to a Demand
Registration under this subsection 2.1.1. 
 2.1.2 Effective Registration. Notwithstanding the provisions of subsection
2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration
pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, however, that if,
after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or
state court or any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared effective for purposes of counting Registrations under subsection 2.1.1 above unless and
until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such
Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, however,
that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or has been
terminated. 
 2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and
Section 2.4 hereof, if the Demanding Holder or Demanding Holders advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the
form of an Underwritten Offering, then the right of such Demanding Holder or any Demand Requesting Holder (if any) to include their Registrable Securities in such Registration shall be conditioned upon any such Holder’s participation in such
Underwritten Offering and the 

  
 7 

 
inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through
an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company, which Underwriter(s) shall be reasonably
acceptable to the Demanding Holders initiating the Demand Registration; provided that such underwriting agreement shall not require the Company or any of its directors, officers and/or stockholders to be locked up for any period of time
following the date of the underwriting agreement. 
 2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or
Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advise the Company, the Demanding Holder or Demanding Holders and Demand Requesting Holders (if any) in writing that the dollar amount or number of
Registrable Securities that the Demanding Holder or Demanding Holders and the Demand Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities that the Company desires to sell and the Common
Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggyback registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity
securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of
such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Demand
Requesting Holders (if any) that can be sold without exceeding the Maximum Number of Securities (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Demand Requesting Holder (if any) has requested to be
included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and the Demand Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to
herein as “Pro Rata”); provided that no less than 50% of such Registrable Securities shall be allocated to Atlantic Park and, if Atlantic Park is able to include in such registration all of Atlantic Park’s Registrable
Securities as requested, without exceeding the Maximum Number of Securities (in such case, a “Fully Allocated Group”), the remaining Registrable Securities (if any) under this clause (i) shall be allocated to the Holders who
are not the Fully Allocated Group (Pro Rata, but without taking into account the Fully Allocated Group)); (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), Common Stock or other equity securities of other Persons that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding
the Maximum Number of Securities. 
 2.1.5 Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders and Demand Requesting Holders (if any) shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter(s) (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of
their Registrable Securities pursuant to such Demand Registration (or, in the case of an Underwritten Registration pursuant to Rule 415 under the Securities Act, at least two (2) Business Days prior to the time of pricing of the applicable
offering). Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this
subsection 2.1.5. 

  
 8 

 2.1.6 Certain Undertakings. Notwithstanding any other provisions of this Agreement to
the contrary, the Company shall cause (i) each Registration Statement filed with the Commission with respect to a Demand Registration (as of the effective date thereof), any amendment thereof (as of the effective date thereof) or supplement
thereto (as of its date), (A) to comply in all material respects with applicable SEC Guidance and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, and (ii) any related Prospectus (including any preliminary Prospectus) or Issuer Free Writing Prospectus and any amendment thereof or supplement thereto, as of its date, (A) to comply in
all material respects with applicable SEC Guidance and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances in which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any written information pertaining to any Holder and furnished in writing to the
Company by or on behalf of such Holder specifically for inclusion therein. 
 Section 2.2 Piggyback
Registration. 
 2.2.1 Piggyback Rights. If the Company proposes to file a Registration Statement under the Securities Act
with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and
by the stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan,
then the Company shall give written notice of such proposed Registration to all of the Holders of Registrable Securities as soon as practicable but no later than seven (7) days prior to the initial filing date of such Registration Statement,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter(s), if any, in such offering, and (B) offer to all
of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a
“Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its commercially reasonable efforts to cause the managing Underwriter(s) of a
proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the
Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities
through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter(s) in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock that the Company desires to sell, taken
together with (i) the shares of Common Stock, if any, as to which Registration has been demanded 

  
 9 

 
pursuant to separate written contractual arrangements with Persons other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which Registration has
been requested pursuant to Section 2.2 hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggyback registration rights of other
stockholders of the Company, exceeds the Maximum Number of Securities, then: 
 (i) If the Registration is undertaken for the Company’s
account, the Company shall include in any such Registration (A) first, Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof (on a
pro rata basis based on the respective number of Registrable Securities that each Holder has so requested exercising its rights to register its Registrable Securities pursuant to subsection 2.2.1 hereof), which can be sold without exceeding
the Maximum Number of Securities; provided that no less than 50% of such Registrable Securities shall be allocated to Atlantic Park and, if Atlantic Park is a Fully Allocated Group, the remaining Registrable Securities (if any) under this clause
(B) shall be allocated to the Holders who are not the Fully Allocated Group (on a pro rata basis based on the respective number of Registrable Securities that each Holder has so requested exercising its rights to register its Registrable
Securities pursuant to subsection 2.2.1 hereof (without taking into account the Fully Allocated Group)); and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggyback registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities; and 

(ii) If the Registration is pursuant to a request by Persons other than the Holders of Registrable Securities, then the Company shall include
in any such Registration (A) first, Common Stock or other equity securities, if any, of such requesting Persons, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to
subsection 2.2.1 hereof (on a pro rata basis based on the respective number of Registrable Securities that each Holder has so requested exercising its rights to register its Registrable Securities pursuant to subsection 2.2.1 hereof),
which can be sold without exceeding the Maximum Number of Securities; provided that no less than 50% of such Registrable Securities shall be allocated to Atlantic Park and, if Atlantic Park is a Fully Allocated Group, the remaining Registrable
Securities (if any) under this clause (B) shall be allocated to the Holders who are not the Fully Allocated Group (on a pro rata basis based on the respective number of Registrable Securities that each Holder has so requested exercising its
rights to register its Registrable Securities pursuant to subsection 2.2.1 hereof (without taking into account the Fully Allocated Group)); (C) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A) and (B), Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A), (B) and (C), Common Stock or other equity securities for the account of other Persons that the Company is obligated to register pursuant to separate written contractual arrangements
with such Persons, which can be sold without exceeding the Maximum Number of Securities. 

  
 10 

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

2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to
Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof, and there shall be no limit on the number of Piggyback Registrations.

 2.2.5 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it
under this Section 2.2 prior to the effectiveness of such Registration whether or not any Holder of Registrable Securities has elected to include securities in such Registration. 

Section 2.3 Resale Shelf Registration Rights. 

2.3.1 Registration Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and
filed with the Commission, no later than (1) with respect to the Registrable Securities in respect of the Initial Warrant, December 8, 2021, and (2) with respect to the Registrable Securities in respect of the Warrants (other than the
Initial Warrant) and the PIPE Shares, two (2) Business Days following the 10-K Filing Date, one or more Registration Statements for an offering to be made on a continuous basis pursuant to Rule 415 of the
Securities Act or any successor thereto registering the resale from time to time by Holders of all of the Registrable Securities held by the Holders (collectively, the “Resale Shelf Registration Statement”). The Resale Shelf
Registration Statement shall be on Form S-3 (or, if Form S-3 is not available to be used by the Company at such time, on Form S-1
or another appropriate form permitting Registration of such Registrable Securities for resale). The Company shall use commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective (1) with respect to
the Registrable Securities in respect of the Initial Warrant, no later than December 8, 2021, and (2) otherwise, no later than ninety (90) days following the initial filing of the Resale Shelf Registration Statement with the
Commission (or the 30th day if the Commission does not review the Resale Shelf Registration Statement); provided, however, that the Company’s obligations to include the
Registrable Securities held by a Holder in the Resale Shelf Registration Statement are contingent upon such Holder furnishing in writing to the Company such information regarding the Holder, the securities of the Company held by the Holder and the
intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the Registration of the Registrable Securities, and the Holder shall execute such documents in connection with such Registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations. The Company shall use its commercially reasonable efforts to address any comments from the Commission regarding such Resale Shelf Registration
Statement and to advocate with the Commission for the Registration of all Registrable Securities in accordance with SEC Guidance (it being understood that the Company shall not be required to institute or maintain any action, suit or proceeding
against the Commission or any member of the staff of the Commission). Notwithstanding the foregoing, if the Commission or SEC Guidance prevents the Company from including any or all of the Registrable Securities on any Resale Shelf Registration
Statement, such Resale Shelf Registration Statement shall include the resale of a number of Registrable Securities which is equal to the maximum amount permitted by the 

  
 11 

 
Commission. In such event, the number of Registrable Securities to be included for each Holder in the applicable Resale Shelf Registration Statement shall be reduced (pro rata among all
Holders; provided that no less than 50% of such maximum amount of Registrable Securities shall be allocated to Atlantic Park and, if Atlantic Park is a Fully Allocated Group, the remaining Registrable Securities shall be allocated to the
Holders who are not the Fully Allocated Group (pro rata among all Holders (without taking into account the Fully Allocated Group))). Once effective, the Company shall use commercially reasonable efforts to keep the Resale Shelf Registration
Statement and Prospectus included therein continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, to ensure that another Registration Statement
is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended
method(s) of distribution set forth in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to be Registrable Securities. The Registration
Statement filed with the Commission pursuant to this subsection 2.3.1 shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or
any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and shall provide that such Registrable Securities may be sold pursuant to any method or
combination of methods legally available to, and requested by, Holders. 
 2.3.2 Notification and Distribution of Materials. The
Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration Statement as soon as practicable, and in any event within five (5) Business Days after the Resale Shelf Registration Statement becomes effective,
and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related
amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in the
manner described in the Resale Shelf Registration Statement (to the extent that any of such documents is not available on EDGAR). 
 2.3.3
Amendments and Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall as soon as reasonably practicable prepare and file with the Commission from time to time such amendments and supplements
to the Resale Shelf Registration Statement and Prospectus used in connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities Act with respect to the
disposition of all the Registrable Securities. If any Resale Shelf Registration Statement filed pursuant to Section 2.3.1 is filed on Form S-3 and thereafter the Company becomes
ineligible to use Form S-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility and use its commercially reasonable efforts to file a shelf registration on an appropriate
form as soon as reasonably practicable to replace the shelf registration statement on Form S-3 and have such replacement Resale Shelf Registration Statement declared effective as soon as reasonably practicable
and to cause such replacement Resale Shelf Registration Statement to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not available, that another
Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time
the Company once again becomes eligible to use Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement to be amended, or shall file a new replacement Resale Shelf Registration
Statement, such that the Resale Shelf Registration Statement is once again on Form S-3. 

  
 12 

 2.3.4 Underwritten Shelf Takedown. At any time and from time to time after a Resale
Shelf Registration Statement on Form S-3 has been declared effective by the Commission, any of the Demanding Holders may request to sell all or any portion of the Registrable Securities in an Underwritten
Offering that is registered pursuant to such Resale Shelf Registration Statement (each, an “Underwritten Shelf Takedown”); provided, however, that the Company shall only be obligated to effect an Underwritten Shelf
Takedown if such offering shall include securities with a total offering price (including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, (i) $10,000,000 or (ii) an amount
less than $10,000,000 if a Demanding Holder (and its Affiliates) requests to sell all of its Registrable Securities in such Underwritten Offering. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company,
which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Promptly upon receiving such notice (but no later than 10 days after receipt of such notice), the Company shall notify all
of the Holders of Registrable Securities regarding the potential Underwritten Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any Holder (each a “Takedown Requesting
Holder”) within 5 days of receipt of notice of such Underwritten Shelf Takedown pursuant to written contractual piggyback registration rights of such Holder (including those set forth herein). All such Holders proposing to distribute their
Registrable Securities through an Underwritten Shelf Takedown under this subsection 2.3.5 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company, with the
consent of the Demanding Holder who initiated the Underwritten Shelf Takedown. 
 2.3.5 Reduction of Underwritten Shelf Takedown. If
the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise the Company and the Takedown Requesting Holders in writing that the dollar amount or number of Registrable Securities that the Takedown Requesting Holders desire to
sell, taken together with all other shares of the Common Stock or other equity securities that the Company desires to sell, exceeds the Maximum Number of Securities, then the Company shall include in such Underwritten Shelf Takedown, as follows:
(i) first, the Registrable Securities of the Takedown Requesting Holders, on a Pro Rata basis, that can be sold without exceeding the Maximum Number of Securities; provided that no less than 50% of such Registrable Securities shall be allocated
to Atlantic Park and, if Atlantic Park is a Fully Allocated Group, the remaining Registrable Securities (if any) under this clause (i) shall be allocated to the Holders who are not the Fully Allocated Group, on a Pro Rata basis (but without
taking into account the Fully Allocated Group); and (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities that the Company desires to
sell, which can be sold without exceeding the Maximum Number of Securities. 
 2.3.6 Registrations effected pursuant to this
Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. Each of (i) Atlantic Park and its Affiliates and (ii) the Corre Holders and their Affiliates
shall have the right to require exactly two (2) Underwritten Shelf Takedowns in each case, in any 12-month period. 

2.3.7 Certain Undertakings. Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause
(i) each Resale Shelf Registration Statement (as of the effective date of such Resale Shelf Registration Statement), any amendment thereof (as of the effective date thereof) or supplement thereto (as of its date), (A) to comply in all material
respects with applicable SEC Guidance and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, and
(ii) any related Prospectus (including any preliminary Prospectus) or Issuer Free Writing Prospectus and any amendment thereof or supplement thereto, as of its date, (A) to comply in all material respects with applicable SEC Guidance and
(B) not to contain any untrue statement of a 

  
 13 

 
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they were made, not
misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any written information pertaining to any Holder and furnished in writing to the Company by or on behalf of such Holder
specifically for inclusion therein. The Company agrees, to the extent necessary, to supplement or make amendments to each Resale Shelf Registration Statement if required by the registration form used by the Company for the applicable Registration or
by SEC Guidance, or as may reasonably be requested by any Holder to permit such Holders’ intended method of distribution. 

Section 2.4 Restrictions on Registration Rights. Notwithstanding anything to the contrary
contained herein, the Company shall not be obligated to (but may, at its sole option) file a Registration Statement pursuant to a Demand Registration request made under Section 2.1 or effect an Underwritten Shelf Takedown
made pursuant to Section 2.3.5 within 90 days after any other Demand Registration or Underwritten Shelf Takedown, provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.1.1 or a request for an Underwritten Shelf Takedown pursuant to Section 2.3.5 and that the Company continues to actively employ, in good faith, all reasonable efforts to cause
the applicable Registration Statement to become effective or Underwritten Shelf Takedown to be consummated. 
 ARTICLE 3 

COMPANY PROCEDURES 

Section 3.1 General Procedures. If at any time the Company is required to effect the Registration of
Registrable Securities, whether pursuant to the filing of a new Registration Statement or effecting an Underwritten Offering, the Company shall use its commercially reasonable efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible: 

3.1.1 prepare and file with the Commission as soon as reasonably practicable a Registration Statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; provided that the
Company shall not be required to file such Registration Statement until such time as it has received any necessary information from the Holders; provided, further, that no Holder shall be identified as an underwriter in any such
Registration Statement without the prior written consent of such Holder. 
 3.1.2 prepare and file with the Commission such amendments and
post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or
instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; 

3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration that are Demanding Holders, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and
supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other
documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

  
 14 

 3.1.4 prior to any public offering of Registrable Securities, use commercially reasonable
efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included
in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
such other Governmental Authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in
such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

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

3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued; 
 3.1.8 advise each Holder of Registrable Securities covered by such
Registration Statement, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective (which may be satisfied by the issuance of a press release by the Company); 

3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4
hereof; 
 3.1.10 permit a representative of the Holders, the Underwriter(s), if any, and any attorney or accountant retained by such Holders
or Underwriter(s) to participate, at each such Person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such
representative, Underwriter(s), attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriter(s) enter into a confidentiality agreement, in form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information; 
 3.1.11 obtain a “cold comfort” letter
from the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
Underwriter(s) may reasonably request; 

  
 15 

 3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such
Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering such legal matters with respect to the Registration in respect of which
such opinion is being given as the Underwriter(s) may reasonably request and as are customarily included in such opinions and negative assurance letters; provided, however, that counsel for the Company shall not be required to provide
any opinions with respect to any Holder; 
 3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an
underwriting agreement, in usual and customary form, with the managing Underwriter(s) of such offering; provided that such underwriting agreement shall not require the Company or any of its directors and officers to be locked up for any
period of time following the date of the underwriting agreement; 
 3.1.14 make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 

3.1.15 in connection with an Underwritten Offering, cause its senior management, officers, employees and independent public accountants (in the
case of the independent public accountants, subject to any applicable accounting guidance regarding their participation in the offering or the due diligence process) to participate in, make themselves available, supply such information as may
reasonably be requested and to otherwise facilitate and cooperate with the preparation of the Registration Statement and Prospectus and any amendments or supplements thereto (including participating in due diligence sessions) taking into account the
Company’s reasonable business needs; and 
 3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions
as may reasonably be requested by the Holders, in connection with such Registration. 
 Section 3.2
Registration Expenses. All Registration Expenses shall be borne by the Company, including as set forth in Section 2.1.5. It is acknowledged by the Holders that the Holders shall pay the Underwriters’
commissions and discounts and all fees and expenses of any legal counsel representing the Holders. 
 Section 3.3
Requirements for Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering for equity securities of the Company unless such Person (i) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. 

Section 3.4 Suspension of Sales; Adverse Disclosure. The Company shall promptly notify each of the
Holders in writing if a Registration Statement or Prospectus contains a Misstatement and, upon receipt of such written notice from the Company, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it
is advised in writing by the Company that the use of the Prospectus may be resumed or has received copies of a supplemented or amended Prospectus correcting the Misstatement, provided that the Company hereby covenants to as soon as reasonably
practicable prepare and file any required supplement or amendment correcting any 

  
 16 

 
Misstatement promptly after the time of such notice and, if necessary, to request the immediate effectiveness thereof. If the filing, initial effectiveness or continued use of a Registration
Statement or Prospectus included in any Registration Statement at any time (a) would require the Company to make an Adverse Disclosure, (b) would require the inclusion in such Registration Statement of financial statements that are
unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment of the Board, which judgment shall be documented in writing and provided to the Holders in the form of a written certificate signed by
the Chairman of the Board, such filing, initial effectiveness or continued use of a Registration Statement would materially adversely affect the Company, the Company shall have the right to defer the filing, initial effectiveness or continued use of
any Registration Statement pursuant to (a), (b) or (c) for a period of not more than sixty (60) consecutive days and the Company shall not defer any such filing, initial effectiveness or use of a Registration Statement pursuant to this
Section 3.4 for more than two times or for more than a total of 120 days (in each case counting deferrals initiated pursuant to (a), (b) and (c) in the aggregate) in any 12-month
period. 
 Section 3.5 Reporting Obligations. As long as any Holder shall own Registrable
Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after December 8, 2021 pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (unless such filings are otherwise available on EDGAR). The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without Registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission). 

Section 3.6 Limitations on Registration Rights. The Company shall not hereafter enter into any
agreement with respect to its securities which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this Agreement and in the event of any conflict between any such agreement or agreements and this
Agreement, the terms of this Agreement shall prevail. 
 ARTICLE 4 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.1 Indemnification. 

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

  
 17 

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

4.1.3 Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided, however, that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the
indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but
such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so
paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation. 
 4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable
Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution (pursuant to subsection 4.1.5) to such party in the event the Company’s or such
Holder’s indemnification is unavailable for any reason. 
 4.1.5 If the indemnification provided under
Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such

  
 18 

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

ARTICLE 5 
 TRANSFERS

 Section 5.1 Transfer Restrictions. 

5.1.1 For the avoidance of doubt, the provisions of Article 5 of the Original Agreement are hereby superseded in their entirety by this Article
5, and such provisions of the Original Agreement shall not apply to the Initial Warrant, the Atlantic Park Warrant, the Corre Warrants, any other Warrants, or the PIPE Shares. 

5.1.2 No transfer of a Warrant, of shares of Common Stock issued upon exercise of a Warrant, or of PIPE Shares, shall be permitted by Atlantic
Park, the Corre Holders or their Affiliates to any Disqualified Institutions in one or more privately negotiated transactions, without the prior written consent of the Company, in its sole discretion. Atlantic Park, the Corre Holders and their
Affiliates may not transfer a Warrant, shares of Common Stock issued upon exercise of a Warrant, or PIPE Shares, in a privately negotiated transaction designed to result in the indirect transfer of a Warrant, or shares of Common Stock issued upon
exercise of a Warrant, to a Disqualified Institution. For the avoidance of doubt, this subsection 5.1.2 shall not apply to transfers pursuant to open market sales. 

Section 5.2 Legends. The certificates evidencing the Warrants, shares of Common Stock issued upon
exercise of the Warrants, and the PIPE Shares, shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 THE SECURITIES
EVIDENCED HEREIN ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER AGREEMENTS, SET FORTH IN THE SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, DATED AS OF FEBRUARY 10, 2022, BY AND AMONG THE HOLDER HEREOF AND THE OTHER
PARTIES THERETO. 
 If any Registrable Securities are at any time either eligible to be sold (i) pursuant to an effective Registration Statement or
(ii) without registration pursuant to Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale and without compliance with

  
 19 

 
the current public reporting requirements set forth under Rule 144(c), then, at a Holder’s request, the Company will take such actions necessary, in cooperation with the Company’s
transfer agent (including, if required by the Company’s transfer agent, delivering an opinion of the Company’s counsel, in a form reasonably acceptable to the Company’s transfer agent), to remove the foregoing legend or any other such
restrictive legend set forth on such certificates. 
 ARTICLE 6 

TERMINATION 

Section 6.1 Termination. This Agreement shall terminate upon the earlier to occur of (i) the date
on which neither the Holders nor any of their Permitted Transferees hold any Registrable Securities and (ii) June 8, 2029. 

ARTICLE 7 
 GENERAL
PROVISIONS 
 Section 7.1 Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email address for a party as shall be specified in a notice given in accordance
with this Section 7.1): 
 If to the Company, to it at: 

Team, Inc. 
 13131 Dairy Ashford
Road 
 Suite 600 
 Sugar Land,
Texas 77478 
 Attn: André C. Bouchard 

Email: butch.bouchard@teaminc.com 

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

Kirkland & Ellis LLP 

609 Main Street 
 Houston, TX
77002 
 Attention: Matthew R. Pacey and Bryan D. Flannery 

Email: matt.pacey@kirkland.com and bryan.flannery@kirkland.com 

If to Atlantic Park, to it at, 

Iron Park Capital Partners 
 527
Madison Avenue 
 25th Floor 

New York, NY 10022 
 Attention:
Viral Naik 
 Email: viral.naik@ironparkcap.com 

and 

  
 20 

 alterDomus (Cortland) 

225 W. Washington St. 
 9th Floor

 Chicago, IL, 60606 

Attention: Mike Kumor 
 Email:
mike.kumor@alterdomus.com 
 If to the Corre Holders, to them at, 

c/o Corre Partners Management, LLC 

12 East 49th Street, 40th Floor 

New York, New York 10017 

Attention: John Barrett; Tom Radionov 

E-mail: Operations@correpartners.com; 

john@correpartners.com; 

tom.radionov@correpartners.com 

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

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 
 Attention: Brian Lennon 

E-mail: blennon@willkie.com 

Section 7.2 Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 7.3 Rule 144. If the Company shall have filed a Registration Statement pursuant to the
requirements of Section 12 of the Exchange Act or a Registration Statement pursuant to the requirements of the Securities Act in respect of the Registrable Securities, the Company covenants that (i) so long as it remains subject to the
reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to
in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available
other information so long as necessary to permit sales by such Holder under Rule 144 or any similar rules or regulations hereafter adopted by the Commission, and (ii) it will take such further action as any Holder may reasonably request, all to
the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 or (B) any similar rule or regulation
hereafter adopted by the Commission. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

  
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 Section 7.4 Entire Agreement; Assignment. This
Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter
hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto. 

Notwithstanding the foregoing, Atlantic Park and the Corre Holders may each transfer or assign all or any portion of their respective rights provided in this
Agreement, subject to this Section 7.4, in connection with the transfer of all or any portion of the Atlantic Park Warrant, the Corre Warrants or the PIPE Shares, as applicable, without the prior written consent of the
Company; provided that such transferee or assignee (i) represents and warrants to the Company that it is not a Disqualified Institution, and (ii) 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 7.4; provided, further, that no transfers or assignments of a Warrant or of the PIPE Shares 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. 
 Section 7.5 Parties in
Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto (and its respective permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.6
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 7.1 hereof. 

Section 7.7 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.7. 

  
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 Section 7.8 Headings; Interpretation. The
descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The parties have participated jointly in the negotiation and drafting of
this Agreement. If any ambiguity or question of intent arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any
provision of this Agreement. Unless the context of this Agreement clearly requires otherwise, use of the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are
applicable to the singular as well as the plural forms of such terms. The words “includes” or “including” shall mean “including without limitation.” The words “hereof,” “hereby,” “herein,”
“hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” Any reference to a law shall include any rules and regulations promulgated thereunder, and shall mean such law as from time to time amended,
modified or supplemented. References herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof. 

Section 7.9 Counterparts. This Agreement may be executed and delivered (including by facsimile or
portable document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the
same agreement. 
 Section 7.10 Specific Performance. The parties hereto agree that irreparable
damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in
equity. Each of the parties hereby further waives (i) any defense in any action for specific performance that a remedy at law would be adequate and (ii) any requirement under any law to post security or a bond as a prerequisite to
obtaining equitable relief. 
 Section 7.11 Expenses. Except as otherwise provided herein, all costs
and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated. 

Section 7.12 Recapitalization. The provisions of this Agreement shall apply to the full extent set
forth herein with respect to any and all equity securities (if any) of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which, in each case, may be issued in respect of, in
conversion of, in exchange for or in substitution of, the Registrable Securities (a “Share Transaction”) and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the
like occurring after the date hereof. In the event of a Share Transaction, the Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to assume this Agreement or enter into a new registration
rights agreement with the Holders on terms substantially the same as this Agreement as a condition of any such transaction. 

Section 7.13 Amendments and Waivers. No amendment of any provision of this Agreement shall be valid
and binding unless it is in writing and signed by each of (i) the Company, (ii) the Holders 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); provided that, if Atlantic Park and the Corre Holders do not, on an aggregate basis, hold at least 50% (by number) of the Registrable Securities, then this clause (ii) shall
not apply to any amendment that otherwise complies with this Section 7.13 and does not adversely affect the rights of any non-consenting Holders, (iii) Atlantic Park (provided
that Atlantic Park’s consent shall not be required if such party and its Affiliates, in the aggregate, hold less than 4.57 % (by number) of the 

  
 23 

 
Registrable Securities (with each share of Common Stock to be received upon exercise of the Warrants counting as one Registrable Security for this purpose)) and (iv) the Corre Holders
(provided that the Corre Holders’ consent shall not be required if the Corre Holders and their Affiliates, in the aggregate, hold less than 4.57% (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 either Atlantic Park or the Corre
Holders disproportionately as compared with those of other Holders hereunder without the prior written consent of Atlantic Park or the Corre Holders, as applicable. 

Section 7.14 No Strict Construction. The language used in this Agreement shall be deemed to be the
language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party. 

[Signature Pages Follow] 
  

  
 24 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first
written above. 
  

			
	COMPANY:
	TEAM, INC.
		
	By:	 	 /s/ André C. Bouchard

	Name: André C. Bouchard
	Title:	 	Executive Vice President, Chief Legal
		 	Officer and Secretary

 [Signature Page to Registration Rights Agreement] 

 
			
	HOLDER:
	APSC Holdco II, L.P.
		
	By:	 	 /s/ George Fan

	Name: George Fan
	Title: Authorized Signatory

 [Signature Page to Registration Rights Agreement] 

 
			
	HOLDER:
	Corre Opportunities Qualified Master Fund, LP
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory
	
	HOLDER:
	Corre Horizon Fund, LP
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory
	
	HOLDER:
	Corre Horizon II Fund, LP
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory

 [Signature Page to Registration Rights Agreement]

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