Document:

Exhibit 10.2

      AMENDED AND RESTATED

      REGISTRATION RIGHTS AGREEMENT

      

      

      dated as of

      

      

      November 10, 2022

      

      

      among

      

      

      FTAI AVIATION LTD.

      

      

      FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

      

      

      and

      

      

      THE SHAREHOLDERS SET FORTH

      

      

      ON THE SIGNATURE PAGES

      

      

      HERETO

       

      

      
        
          

      

      
      TABLE OF CONTENTS

      

      

      	 	 	
              Page

            
	 	 	 
	 	
              ARTICLE I

            	 
	 	 	 
	 	
              DEFINITIONS

            	 
	 	 	 
	
              SECTION 1.1

            	
              DEFINITIONS

            	
              2

            
	
              SECTION 1.2

            	
              RULES OF CONSTRUCTION

            	
              7

            
	 	 	 
	 	
              ARTICLE II

            	 
	 	 	 
	 	
              TERMINATION

            	 
	 	 	 
	
              SECTION 2.1

            	
              TERM

            	8
	
              SECTION 2.2

            	
              SURVIVAL

            	
              8

            
	 	 	 
	 	
              ARTICLE III

            	 
	 	 	 
	 	
              REGISTRATION RIGHTS

            	 
	 	 	 
	
              SECTION 3.1

            	
              DEMAND REGISTRATION

            	
              8

            
	
              SECTION 3.2

            	
              PIGGYBACK REGISTRATION

            	
              10

            
	
              SECTION 3.3

            	
              SHELF REGISTRATION

            	
              12

            
	
              SECTION 3.4

            	
              WITHDRAWAL RIGHTS

            	
              14

            
	
              SECTION 3.5

            	
              HOLDBACK AGREEMENTS

            	
              15

            
	
              SECTION 3.6

            	
              REGISTRATION PROCEDURES

            	
              15

            
	
              SECTION 3.7

            	
              REGISTRATION EXPENSES

            	
              21

            
	
              SECTION 3.8

            	
              REGISTRATION INDEMNIFICATION

            	22
	 	 	 
	 	
              ARTICLE IV

            	 
	 	 	 
	 	
              MISCELLANEOUS

            	 
	 	 	 
	
              SECTION 4.1

            	
              NOTICES

            	
              25

            
	
              SECTION 4.2

            	
              HEADINGS

            	
              26

            
	
              SECTION 4.3

            	
              SEVERABILITY

            	
              26

            
	
              SECTION 4.4

            	
              COUNTERPARTS

            	
              26

            
	
              SECTION 4.5

            	
              ADJUSTMENTS UPON CHANGE OF CAPITALIZATION

            	26

       

      

      
        i

        
          

      

      	
              SECTION 4.6

            	
              ENTIRE AGREEMENT

            	
              26

            
	
              SECTION 4.7

            	
              FURTHER ASSURANCES

            	
              26

            
	
              SECTION 4.8

            	
              GOVERNING LAW; EQUITABLE REMEDIES

            	27
	
              SECTION 4.9

            	
              CONSENT TO JURISDICTION

            	
              27

            
	
              SECTION 4.10

            	
              AMENDMENTS; WAIVERS

            	
              27

            
	
              SECTION 4.11

            	
              ASSIGNMENT

            	
              28

            
	
              SECTION 4.12

            	
              THIRD PARTY BENEFICIARY.

            	
              28

            

      

      

      
        ii

        
          

      

      
      THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 10, 2022, is made by and among the Initial Shareholders (as defined herein); Fortress Transportation and
        Infrastructure Investors LLC, a Delaware limited liability company (“FTAI”) and FTAI Aviation Ltd., a Cayman Islands exempted company (including its successors and assigns, the “Company”).

      

      

      WHEREAS, FTAI and the Initial Shareholders are party to that certain Registration Rights Agreement, dated as of May 20, 2015 (the “Original RRA”) pursuant to which FTAI agreed to grant the Shareholders rights to
        the registration under the Securities Act (as defined herein) of the Registrable Securities (as defined herein) acquired by the Shareholders following the consummation of the initial public offering (the “Initial Offering”) of FTAI’s common
        shares, representing limited liability company interests in the Company;

      

      

      WHEREAS, the Company and FTAI have entered into that certain Agreement and Plan of Merger, dated as of August 12, 2022 (as it may be amended or supplemented from time to time, the “Merger Agreement”), pursuant
        to which, among other things, concurrently with the entry into this Agreement, FTAI has merged with and into a subsidiary of the Company, and the Company has become a public company with its ordinary shares listed on the Nasdaq Global Select Market
        (the “Merger”);

      

      

      WHEREAS, pursuant to the Merger Agreement, the Initial Shareholders, in exchange for their existing equity in FTAI, have received ordinary shares, par value $0.01 per share, of the Company and options exercisable for
        ordinary shares of the Company;

      

      

      WHEREAS, in connection with the Merger, the Company has agreed to assume all of FTAI’s obligations under the Original RRA;

      

      

      WHEREAS, FTAI is a party to this Agreement solely for purposes of effectuating the amendment to the Original RRA and effecting the foregoing assumption;

      

      

      WHEREAS, pursuant to Section 4.10 of the Original RRA, no amendment, modification or termination of the Original RRA shall be binding upon any party unless executed in writing by such party;

      

      

      WHEREAS, all of the parties to the Original RRA desire to amend and restate the Original RRA in its entirety and enter into this Agreement, pursuant to which the Company is granting the Initial Shareholders certain
        registration rights with respect to certain securities of the Company, as set forth in this Agreement, effective as of the date hereof.

      

      

      NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
        hereby agree as follows:

       

      

      
        1

        
          

      

      ARTICLE I

       

      DEFINITIONS

       

      SECTION 1.1 DEFINITIONS.  As used in this Agreement, the following
          terms shall have the following meanings:

       

      An “AFFILIATE” of any Person means any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person.  “CONTROL”
        means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of  a Person, whether through ownership of voting securities, by contract or otherwise. “CONTROLLED” and “CONTROLLING”
        have correlative meanings.

      

      

       An “AFFILIATE SHAREHOLDER” shall mean (A) any director of the Company who may be deemed an Affiliate of FIG or the Manager, (B) any director or officer of FIG or any of its Affiliates or the Manager or any of
        its Affiliates and (C) any investment funds (including any managed accounts) managed directly or indirectly by FIG, the Manager or any of their respective Affiliates.

       

      “AGREEMENT” has the meaning set forth in the recitals to this Agreement.

       

      A “BENEFICIAL OWNER” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to
        vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, such security. The terms “BENEFICIALLY OWN” and “BENEFICIAL OWNERSHIP” shall have
        correlative meanings.

       

      “BLOCK TRADE OFFERING” means an underwritten offering demanded by one or more Demanding Shareholders that is a no-roadshow “block trade” take-down off of a Shelf Registration Statement where pricing is expected
        to occur no later than the fifth business day after such demand is made.

      

      

      “BOARD” means the board of directors of the Company or a duly authorized committee thereof.

      

      

      “CODE” shall mean the Internal Revenue Code of 1986, as amended from time to time.

      

      

      “COMPANY” has the meaning set forth in the recitals to this Agreement.

      

      

      “DEMAND” shall have the meaning set forth in Section 3.1(a).

       

      

      
        2

        
          

      

      “DEMAND REGISTRATION” shall have the meaning set forth in Section 3.1(a).

      

      

      “DEMAND SHAREHOLDER” means any Shareholder or Shareholders that collectively hold at least a Registrable Amount (based on the number of outstanding Registrable Securities held by such Shareholder or Shareholders
        on the date a Demand is made); provided that for purposes of Section 3.3, a Shareholder shall be deemed to hold at least a Registrable Amount if the Registrable Securities proposed to be registered by such Shareholder constitute “restricted
        securities” within the meaning of Rule 144 (or any successor provision) promulgated under the Securities Act.

      

      

      “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.

      

      

      “FIG” means Fortress Investment Group LLC, a Delaware limited liability company, or any successors and assigns.

      

      

      “FINRA” means the Financial Industry Regulatory Authority, Inc. and any successor thereto.

      

      

      “FREE WRITING PROSPECTUS” shall have the meaning set forth in Section 3.6(a)(iii).

      

      

      “FTAI” has the meaning set forth in the recitals to this Agreement.

      

      

      “GOVERNMENTAL ENTITY” means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

      

      

      “INITIAL OFFERING” has the meaning set forth in the recitals.

      

      

      “INITIAL SHAREHOLDERS” means Fortress Worldwide Transportation and Infrastructure Master GP LLC and FIG LLC.

      

      

      “INSPECTORS” shall have the meaning set forth in Section 3.6(a)(viii).

      

      

      “ISSUER FREE WRITING PROSPECTUS” shall mean an issuer free writing prospectus, as defined in Rule 433 under the Securities Act.

      

      

      “LOSSES” shall have the meaning set forth in Section 3.8(a).

      

      

      “MANAGEMENT AGREEMENT” means the Management and Advisory Agreement, dated as of July 31, 2022, among FTAI, the Company, the subsidiaries party thereto and FIG, as amended from time to time.

       

      

      
        3

        
          

      

      “MANAGER” shall mean FIG LLC, a Delaware limited liability company, together with its permitted assignees under the Management Agreement.

      

      

      “ORDINARY SHARES” means the Ordinary Shares of the Company and any equity securities issued or issuable in exchange for or with respect to such Ordinary Shares by way of a dividend, split or combination of
        shares or in connection with a reclassification, recapitalization, merger, consolidation or other reorganization.

      

      

      “OTHER DEMANDING SELLERS” shall have meaning set forth in Section 3.2(b).

      

      

      “OTHER PROPOSED SELLERS” shall have the meaning set forth in Section 3.2(b).

       

      “PERMITTED TRANSFEREE” shall mean, with respect to each Shareholder, (i) any other Shareholder, (ii) such Shareholder’s Affiliates, (iii) in the case of any Shareholder, (A) any member or general or limited
        partner of such Shareholder (including any member of the Initial Shareholders), (B) any corporation, partnership, limited liability company or other entity that is an Affiliate of such Shareholder or any member, general or limited partner of such
        Shareholder (collectively, “Shareholder Affiliates”), (C) any investment funds managed directly or indirectly by such Shareholder or any Shareholder Affiliate (a “Shareholder Fund”), (D) any general or limited partner of any
        Shareholder Fund, (E) any managing director, general partner, director, limited partner, officer or employee of any Shareholder Affiliate, or any spouse, lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee,
        legatee or beneficiary of any of the foregoing persons described in this clause (E) (collectively, “Shareholder Associates”) or (F) any trust, the beneficiaries of which, or any corporation, limited liability company or partnership, the
        shareholders, members or general or limited partners of which, consist solely of any one or more of such Shareholder, any general or limited partner of such Shareholder, any Shareholder Affiliates, any Shareholder Fund, any Shareholder Associates,
        their spouses or their lineal descendants and (iv) any other Person that acquires Ordinary Shares from such Shareholder other than pursuant to a Public Offering and that agrees to become party to or be bound by this Agreement.

       

      “PERSON” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity.

      

      

      “PIGGYBACK NOTICE” shall have the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK REGISTRATION” shall have the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK SELLER” shall have the meaning set forth in Section 3.2(a).

      

      

      “PIGGYBACK SHAREHOLDER” shall have the meaning set forth in Section 3.2(a).

       

      

      
        4

        
          

      

      “PUBLIC OFFERING” shall mean an offering of equity securities of the Company pursuant to an effective registration statement under the Securities Act, including an offering in which Shareholders are entitled to
        sell Ordinary Shares pursuant to the terms of this Agreement.

      

      

      “PROCEEDING” shall have the meaning set forth in Section 4.9.

      

      

      “RECORDS” shall have the meaning set forth in Section 3.6(a)(viii).

      

      

      “REGISTRABLE AMOUNT” shall mean an amount of Registrable Securities representing at least 1.0% of the Total Voting Power of the Company based on the aggregate amount of common shares of FTAI issued and
        outstanding immediately after the consummation of the Initial Offering.

      

      

      “REGISTRABLE SECURITIES” shall mean any Ordinary Shares currently owned or hereafter acquired by any Shareholder.  As to any particular Registrable Securities, such securities shall cease to be Registrable
        Securities when (x) a registration statement registering such securities under the Securities Act has been declared effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration
        statement, (y) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act and the restrictive legend and any stop transfer restrictions have been removed or (z) such securities shall have
        ceased to be outstanding.  For purposes of this Agreement, Registrable Securities shall be deemed to be in existence, whenever a Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in
        connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the
        rights of a Shareholder hereunder; provided that a Shareholder may only request that Registrable Securities in the form of Ordinary Shares registered or to be registered as a class under Section 12 of the Exchange Act be registered under this
        Agreement.

       

      “REQUESTED INFORMATION” shall have the meaning set forth in Section 3.8(g).

       

      “REQUESTING SHAREHOLDER” shall have the meaning set forth in Section 3.1(a).

      

      

      “RULE 144” means Rule 144 (or any successor provision) promul-gated under the Securities Act.

      

      

      “SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act.

       

      

      
        5

        
          

      

      “SECURITIES ACT” means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.

      

      

      “SELECTED COURTS” shall have the meaning set forth in Section 4.9.

      

      

      “SELLING SHAREHOLDER” shall have the meaning set forth in Section 3.6(a)(i).

      

      

      “SHAREHOLDER” shall mean (i) the Initial Shareholders, (ii) each Affiliate Shareholder and (iii) each Permitted Transferee who becomes a party to or bound by the provisions of this Agreement in accordance with
        the terms hereof or a Permitted Transferee thereof who is entitled to enforce the provisions of this Agreement in accordance with the terms hereof, in each case of clauses (i), (ii) and (iii) to the extent that the Initial Shareholders, Affiliate
        Shareholders and Permitted Transferees, together, hold of record or Beneficially Own at least a Registrable Amount.

      

      

      “SHELF NOTICE” shall have the meaning set forth in Section 3.3(a).

      

      

      “SHELF REGISTRATION EFFECTIVENESS PERIOD” shall have the meaning set forth in Section 3.3(c).

      

      

      “SHELF REGISTRATION STATEMENT” shall have the meaning set forth in Section 3.3(a).

      

      

      “SHELF UNDERWRITTEN OFFERING” shall have the meaning set forth in Section 3.3(e).

      

      

      “SUBSIDIARY” or “SUBSIDIARIES” means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns, directly or indirectly, or otherwise controls, more than
        50% of the voting shares or other similar interests or the sole general partner interest or managing member or similar interest of such Person.

      

      

      “SUSPENSION PERIOD” shall have the meaning set forth in Section 3.3(d).

      

      

      “TOTAL VOTING POWER OF THE COMPANY” means the total number of votes that may be cast in the election of directors of the Company if all Voting Securities outstanding or treated as outstanding pursuant to the
        final two sentences of this definition were present and voted at a meeting held for such purpose.  The percentage of the Total Voting Power of the Company Beneficially Owned by any Person is the percentage of the Total Voting Power of the Company
        that is represented by the total number of votes that may be cast in the election of directors of the Company by Voting Securities Beneficially Owned by such Person. In calculating such percentage, the Voting Securities Beneficially Owned by any
        Person that are not outstanding but are subject to issuance upon exercise or exchange of rights of conversion or any options, warrants or other rights Beneficially Owned by such Person shall be deemed to be outstanding for the purpose of computing
        the percentage of the Total Voting Power of the Company represented by Voting Securities Beneficially Owned by such Person, but shall not be deemed to be outstanding for the purpose of computing the percentage of the Total Voting Power of the
        Company represented by Voting Securities Beneficially Owned by any other Person.

       

      

      
        6

        
          

      

      “UNDERWRITTEN OFFERING” shall mean a sale of securities of the Company to an underwriter or underwriters for reoffering to the public, including any bought deal, Block Trade Offering or other block sale to a
        financial institution conducted as an underwritten offering to the public.

      

      

      “VOTING SECURITIES” means Ordinary Shares any other securities of the Company entitled to vote generally in the election of directors of the Company.

      

      

      SECTION 1.2 RULES OF CONSTRUCTION.  For the purposes of this Agreement, unless the context otherwise requires:

       

      (a)          the words “he,” “his” or “himself” shall be interpreted to include the masculine, feminine and corporate, other entity or
          trust form;

       

      (b)          “or” is not exclusive;

       

      (c)          words in the singular include the plural, and in the plural include the singular;

       

      (d)          “will” shall be interpreted to express a command;

       

      (e)          the term “including” is not limiting;

       

      (f)          references to sections of or rules under the Securities Act and the Exchange Act shall be deemed to include substitute,
          replacement or successor sections or rules adopted by the SEC from time to time; and

       

      (g)          references to Articles, Sections or subdivisions refer to Articles, Sections or subdivisions of this Agreement unless otherwise
          indicated.

       

      
        7

        
          

      

      ARTICLE II

       

      TERMINATION

       

      SECTION 2.1 TERM.  This Agreement shall become effective on the date
          hereof and shall automatically terminate on the later of (i) one year from the date of this Agreement, (ii) the date that the Shareholders, in the aggregate, no longer hold Registrable Securities representing at least the Registrable Amount, or
          otherwise on the date as mutually agreed to by each of the parties hereto and (iii) the termination of the Management Agreement in accordance with its terms.

       

      SECTION 2.2 SURVIVAL.  If this Agreement is terminated pursuant to Section

            2.1, this Agreement shall become void and of no further force and effect, except for this Section 2.2 and the provisions set forth in Section 3.7, Section 3.8 and Article IV.

       

      ARTICLE III

       

      REGISTRATION RIGHTS

       

      SECTION 3.1 DEMAND REGISTRATION.

       

      (a)          At any time following the date hereof, Demand Shareholders (each, a “Requesting Shareholder”) shall be entitled to make
          a written request of the Company (a “Demand”) for registration under the Securities Act of an amount of Registrable Securities that, when taken together with the amounts of Registrable Securities requested to be registered under the
          Securities Act by all such Requesting Shareholders, equals or is greater than the Registrable Amount  (a “Demand Registration”) and thereupon the Company will, subject to the terms of this Agreement, use its reasonable best efforts to
          effect the registration as promptly as practicable under the Securities Act of:

       

      (i)             the Registrable Securities which the Company has been so requested to register by
          the Requesting Shareholders for disposition in accordance with the intended method of disposition stated in such Demand, which may be an Underwritten Offering;

       

      (ii)            all other Registrable Securities which the Company has been requested to register
          pursuant to Section 3.1(b); and

       

      (iii)           all Ordinary Shares which the Company may elect to register in connection with any
          offering of Registrable Securities pursuant to this Section 3.1, but subject to Section 3.1(f);

       

      all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable Securities and the additional Shares, if any, to be so registered.

       

      
        8

        
          

      

      (b)          A Demand shall specify: (i) the aggregate number of Registrable Securities requested to be registered in such Demand
          Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known, and (iii) the identity of the Requesting Shareholder (or Requesting Shareholders).  Within five days after receipt of a
          Demand, the Company shall give written notice of such Demand to all other Shareholders.  Subject to Section 3.1(f), the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to
          which the Company has received a written request for inclusion therein within ten days after the Company’s notice required by this paragraph has been given.  Such written request shall comply with the requirements of a Demand as set forth in this
          Section 3.1(b).

       

      (c)          Each Shareholder shall be entitled to an unlimited number of Demand Registrations.

       

      (d)          Demand Registrations shall be on such appropriate registration form of the SEC for which the Company is eligible, including, to
          the extent permissible, an automatically effective registration statement or an existing effective registration statement filed by the Company with the SEC, as shall be selected by the Requesting Shareholders and shall be reasonably acceptable to
          the Company.

       

      (e)          The Company shall not be obligated to (i) maintain the effectiveness of a registration statement under the Securities Act,
          filed pursuant to a Demand Registration, for a period longer than 90 days or (ii) effect any Demand Registration (A) within three months of a “firm commitment” Underwritten Offering (other than a Block Trade Offering that is not marketed) in
          which all Piggyback Shareholders (as hereinafter defined) were given “piggyback” rights pursuant to Section 3.2 (subject to Section 3.1(f)) and at least 50% of the number of Registrable Securities requested by such Piggyback
          Shareholders to be included in such Underwritten Offering were included, (B) within three months of any other Demand Registration or (C) if, in the Company’s reasonable judgment, it is not feasible for the Company to proceed with the Demand
          Registration because of the unavailability of audited or other required financial statements, provided that the Company shall use its reasonable best efforts to obtain such financial statements as promptly as practicable.  In addition, the
          Company shall be entitled to postpone (upon written notice to all Demand Shareholders) the filing or the effectiveness of a registration statement for any Demand Registration (but no more than twice, or for more than 90 days in the aggregate, in
          any period of 12 consecutive months) if the Board determines in good faith and in its reasonable judgment that the filing or effectiveness of the registration statement relating to such Demand Registration would cause the disclosure of material,
          non-public information that the Company has a bona fide business purpose for preserving as confidential.  In the event of a postponement by the Company of the filing or effectiveness of a registration statement for a Demand Registration, (i) the
          holders of a majority of Registrable Securities held by the Requesting Shareholder(s) shall have the right to withdraw such Demand in accordance with Section 3.4 and (ii) the Company shall not file or cause the effectiveness of any other
          registration statement for its own account or on behalf of other Shareholders.

       

      
        9

        
          

      

      (f)          The Company shall not include any securities other than Registrable Securities in a Demand Registration, except with the
          written consent of Shareholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration.  If, in connection with a Demand Registration, any managing underwriter (or, if
          such Demand Registration is not an Underwritten Offering, a nationally recognized independent investment bank selected by Shareholders holding a majority of the Registrable Securities included in such Demand Registration, reasonably acceptable to
          the Company, and whose fees and expenses shall be borne solely by the Company), advises the Company, in writing, that, in its opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable
          Securities, sought to be registered in connection with such Demand Registration would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such registration
          statement only such securities as the Company is advised by such underwriter or investment bank can be sold without such adverse effect as follows and in the following order of priority:  (i) first, up to the number of Registrable Securities
          requested to be included in such Demand Registration by the Shareholders, which, in the opinion of the underwriter or investment bank can be sold without adversely affecting the marketability of the offering, pro rata among such Shareholders
          requesting such Demand Registration on the basis of the number of such securities requested to be included by such Shareholders and such Shareholders that are Piggyback Sellers; (ii) second, securities the Company proposes to sell; and (iii)
          third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested to be included or such other method determined by the Company.

       

      (g)          Any time that a Demand Registration involves an Underwritten Offering, the Requesting Shareholders that hold a majority of the
          Registrable Securities included in such Underwritten Offering shall select the investment banker or investment bankers and managers (which shall be reasonably acceptable to the Company) that will serve as lead and co-managing underwriters with
          respect to the offering of such Registrable Securities.

       

      SECTION 3.2 PIGGYBACK REGISTRATION.

       

      (a)          Subject to the terms and conditions hereof, whenever the Company (i) proposes to register any of its equity securities under
          the Securities Act (other than (x) a registration relating solely to an employee stock plan, a dividend reinvestment plan, or a merger or a consolidation or (y) a registration by the Company on a registration statement on Form S-4 or a
          registration statement on Form S-8 or any successor forms thereto), (ii) proposes to effect an Underwritten Offering of its own securities pursuant to an effective Shelf Registration Statement or (iii) receives a request for a Shelf Underwritten
          Offering pursuant to Section 3.3(e) (a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give each Shareholder (each, a “Piggyback Shareholder”) prompt written notice
          thereof (but not less than ten business days prior to the filing by the Company with the SEC of any registration statement with respect thereto).  Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number of
          equity securities proposed to be registered, the proposed date of filing of such registration statement with the SEC, the proposed means of distribution, the proposed managing underwriter or underwriters (if any and if known) and a good faith
          estimate by the Company of the proposed minimum offering price of such equity securities.  Upon the written request of any Person that on the date of the Piggyback Notice constitutes a Shareholder (a “Piggyback Seller”) (which written
          request shall specify the number of Registrable Securities then presently intended to be disposed of by such Piggyback Seller) given within ten days after such Piggyback Notice is received by such Piggyback Seller, the Company, subject to the
          terms and conditions of this Agreement, shall use its reasonable best efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to which the Company has received such written requests for inclusion to be included in
          such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration.

       

      
        10

        
          

      

      (b)          If, in connection with a Piggyback Registration, any managing underwriter (or, if such Piggyback Registration is not an
          Underwritten Offering, a nationally recognized independent investment bank selected by Shareholders holding a majority of the Registrable Securities included in such Piggyback Registration, reasonably acceptable to the Company, and whose fees and
          expenses shall be borne solely by the Company), advises the Company in writing that, in its opinion, the inclusion of all the equity securities sought to be included in such Piggyback Registration by (i) the Company, (ii) others who have sought
          to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called “piggyback” or other incidental or participation registration rights) such registration (such
          Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers and (iv) any other proposed sellers of equity securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect
          the marketability of the equity securities sought to be sold pursuant thereto, then the Company shall include in the registration statement applicable to such Piggyback Registration only such equity securities as the Company is so advised by such
          underwriter can be sold without such an effect, as follows and in the following order of priority:

       

      (i)             if the Piggyback Registration relates to an offering for the Company’s own account,
          then (A) first, such number of equity securities to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance with sound financial practice, shall have determined, (B) second, Registrable
          Securities of Piggyback Sellers and securities sought to be registered by Other Demanding Sellers, pro rata on the basis of the number of Ordinary Shares proposed to be sold by such Piggyback Sellers and Other Demanding Sellers, and (C) third,
          other equity securities proposed to be sold by any Other Proposed Sellers; or

       

      (ii)            if the Piggyback Registration relates to an offering other than for the Company’s
          own account, then (A) first, such number of equity securities sought to be registered by each Other Demanding Seller and the Piggyback Sellers, pro rata in proportion to the number of securities sought to be registered by all such Other Demanding
          Sellers and Piggyback Sellers, and (B) second, other equity securities proposed to be sold by any Other Proposed Sellers or to be sold by the Company as determined by the Company.

       

      
        11

        
          

      

      (c)          In connection with any Underwritten Offering under this Section 3.2 for the Company’s account, the Company shall not be
          required to include the Registrable Securities of a Shareholder in the Underwritten Offering unless such Shareholder accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company.

       

      (d)          If, at any time after giving written notice of its intention to register any of its equity securities as set forth in this Section

            3.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine for any reason not to register such equity securities, the Company may, at its
          election, give written notice of such determination to each Piggyback Shareholder within five days thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or
          abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Demand Shareholders may continue the registration as a Demand Registration pursuant to the
          terms of Section 3.1.

       

      SECTION 3.3 SHELF REGISTRATION.

       

      (a)          Subject to Section 3.3(d), any of the Demand Shareholders may by written notice delivered to the Company (the “Shelf
            Notice”) require the Company to (i) file as soon as practicable (but no later than 60 days after the date the Shelf Notice is delivered), and to use reasonable best efforts to cause to be declared effective by the SEC within 90 days after
          such filing date, a registration statement on Form S-1, Form S-3 or any other appropriate form (a “Shelf Registration Statement”) or (ii) use an existing Shelf Registration Statement on Form S-3 filed with the SEC, in each case, providing
          for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time, of the Registrable Securities owned by such Demand Shareholders, as the case may be, and any other
          Shareholders that at the time of the Shelf Notice meet the definition of a Demand Shareholder who elect to participate therein as provided in Section 3.3(b) in accordance with the plan and method of distribution set forth in the
          prospectus included in such Shelf Registration Statement.

       

      (b)          Within five business days after receipt of a Shelf Notice pursuant to Section 3.3(a), the Company will deliver written
          notice thereof to each Piggyback Shareholder.  Each Piggyback Shareholder may elect to participate in the Shelf Registration Statement by delivering to the Company a written request to so participate within ten days after the Shelf Notice is
          received by any such Piggyback Shareholder.

       

      
        12

        
          

      

      (c)          Subject to Section 3.3(d), the Company will use reasonable best efforts to keep the Shelf Registration Statement
          continuously effective until the earlier of (i) three years after the Shelf Registration Statement has been declared effective; and (ii) the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold
          thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the “Shelf Registration Effectiveness Period”).

       

      (d)          Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by
          providing written notice to the Demand Shareholders who elected to participate in the Shelf Registration Statement, to require such Demand Shareholders to suspend the use of the prospectus for sales of Registrable Securities under the Shelf
          Registration Statement for a reasonable period of time not to exceed 60 days in succession or 90 days in the aggregate in any 12‐month period (a “Suspension Period”) if the Board shall determine in good faith and in its reasonable judgment
          that it is required to disclose in the Shelf Registration Statement a financing, acquisition, corporate reorganization or other similar transaction or other material event or circumstance affecting the Company or its securities, and that the
          disclosure of such information at such time would be detrimental to the Company or the holders of its equity interests.  Immediately upon receipt of such notice, the Demand Shareholders covered by the Shelf Registration Statement shall suspend
          the use of the prospectus until the requisite changes to the prospectus have been made as required below or until advised in writing by the Company that the use of the prospectus may be resumed.  Any Suspension Period shall terminate at such time
          as the public disclosure of such information is made or the Company advises the Demand Stockholders in writing that the use of the prospectus may be resumed.  After the expiration of any Suspension Period and without any further request from a
          Shareholder, if necessary, the Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any docu-ment incorporated therein by reference, or file
          any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make
          the statements therein, in the light of the circumstances under which they were made, not misleading.

       

      (e)          At any time and from time-to-time during the Shelf Registration Effectiveness Period (except during a Suspension Period), any
          of the Demand Shareholders may notify the Company of their intent to sell Registrable Securities covered by the Shelf Registration Statement (in whole or in part) in an Underwritten Offering (a “Shelf Underwritten Offering”). Such notice
          shall specify (i) the aggregate amount of Registrable Securities requested to be registered in such Shelf Underwritten Offering and (ii) the identity of such Demand Shareholder(s). Upon receipt by the Company of such notice, the Company shall
          promptly comply with the applicable provisions of this Agreement, including those provisions of Section 3.6 relating to the Company’s obligation to make filings with the SEC, assist in the preparation and filing with the SEC of prospectus
          supplements and amendments to the Shelf Registration Statement, participate in “road shows,” agree to customary “lock-up” agreements with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other
          actions as necessary or appropriate to permit the consummation of such Shelf Underwritten Offering as promptly as practicable. Each Shelf Underwritten Offering shall be for the sale of a number of Registrable Securities equal to or greater than
          the Registrable Amount in the aggregate for all Demand Shareholders. In any Shelf Underwritten Offering, the Demand Shareholders that hold a majority of the Registrable Securities included in such Shelf Underwritten Offering shall select the
          investment banker or investment bankers and managers (which shall be reasonably acceptable to the Company) that will serve as lead and co-managing underwriters with respect to the offering of such Registrable Securities.

       

      
        13

        
          

      

      (f)          Each Initial Shareholder shall be entitled to demand such number of Shelf Registrations as shall be necessary to sell all of
          his Registrable Securities pursuant to this Section 3.3.

       

      SECTION 3.4 WITHDRAWAL RIGHTS.

       

      Any Shareholder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall, except in connection with a Block Trade Offering,
        have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such
        registration statement.  In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of
        this Agreement.  No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of
        Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each Shareholder seeking to register Registrable Securities notice to such effect and, within ten
        days following the mailing of such notice, such Shareholders still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities, when taken together with elections to register Registrable
        Securities by each such other Shareholder seeking to register Registrable Securities, to satisfy the Registrable Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn.  During such ten day period, the
        Company shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness
        thereof.  Any registration statement withdrawn or not filed (a) in accordance with an election by the Company, (b) in accordance with an election by the Requesting Shareholders in the case of a Demand Registration or by the requesting Demand
        Shareholders with respect to a Shelf Registration Statement or (c) in accordance with an election by the Company subsequent to the effectiveness of the applicable Demand Registration statement because any post-effective amendment or supplement to
        the applicable Demand Registration statement contains information regarding the Company which the Company deems adverse to the Company, shall not be counted as a Demand. If a Shareholder withdraws its notification
          or direction to the Company to include Registrable Securities in a registration statement in accordance with this Section 3.4, such Shareholder shall be required to promptly reimburse the Company for all expenses incurred by the
        Company in connection with preparing for the registration of such Registrable Securities.

       

      
        14

        
          

      

      SECTION 3.5 HOLDBACK AGREEMENTS.

       

      Each Piggyback Shareholder agrees not to effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or
        exercisable for such equity securities, during any time period reasonably requested by the Company (which shall not exceed 90 days) with respect to any Demand Registration, Piggyback Registration or Underwritten Offering (in each case, except as
        part of such registration), or, in each case, during any time period (which shall not exceed 180 days) required by any underwriting agreement with respect thereto.

       

      SECTION 3.6 REGISTRATION PROCEDURES.

       

      (a)          If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable Securities
          under the Securities Act as provided in Sections 3.1, 3.2 and 3.3, the Company shall as expeditiously as reasonably possible:

       

      (i)             prepare and file with the SEC a registration statement to effect such registration
          and thereafter use reasonable best efforts to cause such registration statement to become and remain effective pursuant to the terms of this Agreement; provided, however, that the Company may discontinue any registration of its securities which
          are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided, further that before filing such registration statement or any amendments thereto, the Company will furnish upon
          request to the counsel selected by the Shareholders which are including Registrable Securities in such registration (“Selling Shareholders”) copies of all such documents proposed to be filed, which documents will be subject to the review
          of such counsel, and such review to be conducted with reasonable promptness;

       

      (ii)            prepare and file with the SEC such amendments (including post effective amendments),
          supplements (including prospectus supplements on a quarterly basis to update financial statements) and “stickers” to such registration statement and the prospectus  used in connection therewith and any Exchange Act reports incorporated by
          reference therein as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier
          of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or (i) in the case of a Demand Registration pursuant to
          Section 3.1, the expiration of 90 days after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 3.2, the expiration of 90 days after such registration statement becomes
          effective or (iii) in the case of a shelf registration pursuant to Section 3.3, the Shelf Registration Effectiveness Period;

       

      
        15

        
          

      

      (iii)           furnish to each Selling Shareholder and each underwriter, if any, of the securities
          being sold by such Selling Shareholder such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits or documents incorporated by reference therein), such number
          of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”)

          utilized in connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Shareholder and underwriter, if any, may
          reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Shareholder;

       

      (iv)           use reasonable best efforts to register or qualify such Registrable Securities
          covered by such registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Shareholder and any underwriter of the securities being sold by such Selling Shareholder shall reasonably request, and
          take any other action which may be reasonably necessary or advisable to enable such Selling Shareholder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Shareholder, except
          that the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated to be so qualified,
          (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction;

       

      (v)            use reasonable best efforts to cause such Registrable Securities to be listed on each
          securities exchange on which similar securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on the New York Stock Exchange,
          the NASDAQ Stock Market or any other nationally recognized securities exchange;

       

      (vi)           use reasonable best efforts to cause such Registrable Securities covered by such
          registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Shareholder(s) thereof to consummate the disposition of such Registrable Securities;

       

      
        16

        
          

      

      (vii)          in connection with an Underwritten Offering, obtain for each Selling Shareholder and
          underwriter:

       

      (A)          an opinion of counsel for the Company, covering the matters customarily covered in
          opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Selling Shareholder and underwriters, and

       

      (B)          a “comfort” letter (or, in the case of any such Person which does not satisfy the
          conditions for receipt of a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent public accountants who have certified the Company’s financial statements
          included in such registration statement (and, if necessary, any other independent public accountants of any Subsidiary of or business acquired by the Company for which financial statements and financial data are, or are required to be, included
          in the registration statement);

       

      (viii)         promptly make available for inspection by any Selling Shareholder, any underwriter
          participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Shareholder or underwriter (collectively, the “Inspectors”), all financial
          and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
          directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a
          misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this
          subparagraph (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the
          Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such
          Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such Selling Shareholder requesting such information agrees, and causes each of its Inspectors, to
          enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each Selling Shareholder agrees that it will, upon learning that disclosure of such Records is sought in a court of
          competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential;

       

      
        17

        
          

      

      (ix)           promptly notify in writing each Selling Shareholder and the underwriters, if any, of
          the following events:

       

      (A)          the filing of the registration statement, the prospectus or any prospectus supplement
          related thereto or post-effective amendment to the registration statement or any Issuer Free Writing Prospectus utilized in connection therewith, and, with respect to the registration statement or any post-effective amendment thereto, when the
          same has become effective;

       

      (B)          any request by the SEC or any other Governmental Entity for amendments or supplements
          to the registration statement or the prospectus or for additional information;

       

      (C)          the issuance by the SEC or any other Governmental Entity of any stop order suspending
          the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose;

       

      (D)          the receipt by the Company of any notification with respect to the suspension of the
          qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; and

       

      (E)          when any Issuer Free Writing Prospectus includes information that may conflict with
          the information contained in the registration statement;

       

      (x)             notify each Selling Shareholder, at any time when a prospectus relating thereto is
          required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material
          fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, at the request of any Selling Shareholder, promptly prepare and furnish to such seller a reasonable number of
          copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit
          to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

       

      
        18

        
          

      

      (xi)          use reasonable best efforts to obtain the withdrawal of any order suspending the
          effectiveness of such registration statement;

       

      (xii)          otherwise use reasonable best efforts to comply with all applicable rules and
          regulations of the SEC, and make available to Selling Shareholders, as soon as reasonably practicable, an earnings statement of the Company covering the period of at least 12 months, but not more than 18 months, beginning with the first day of
          the Company’s first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

       

      (xiii)          use its reasonable best efforts to assist Selling Shareholders who made a request to
          the Company to provide for a third party “market maker” for the Ordinary Shares; provided, however, that the Company shall not be required to serve as such “market maker”;

       

      (xiv)          cooperate with the Selling Shareholders and the managing underwriter to facilitate the
          timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law), if necessary or appropriate, representing securities sold under any registration statement, and enable such
          securities to be in such denominations and registered in such names as the managing underwriter or such Selling Shareholders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such
          registration statement a supply of such certificates as necessary or appropriate;

       

      (xv)          have appropriate officers of the Company prepare and make presentations at any “road
          shows” and before analysts and rating agencies, as the case may be, and other information meetings organized by the underwriters, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise
          use its reasonable best efforts to cooperate as reasonably requested by the Selling Shareholders and the underwriters in the offering, marketing or selling of the Registrable Securities;

       

      (xvi)          have appropriate officers of the Company, and cause representatives of the Company’s
          independent public accountants, to participate in any due diligence discussions reasonably requested by any Selling Shareholder or any underwriter;

       

      (xvii)           if requested by any underwriter, agree, and cause the Company and any directors or
          officers of the Company to agree, to be bound by customary “lock-up” agreements restricting the ability to dispose of the Company’s securities;

       

      
        19

        
          

      

      (xviii)       if requested by any Selling Shareholders or any underwriter, promptly incorporate in
          the registration statement or any prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Shareholders may reasonably request to have included therein, including information relating to the
          “Plan of Distribution” of the Registrable Securities;

       

      (xix)          cooperate and assist in any filings required to be made with FINRA and in the
          performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA;

       

      (xx)           otherwise use reasonable best efforts to cooperate as reasonably requested by the
          Selling Shareholders and the underwriters in the offering, marketing or selling of the Registrable Securities;

       

      (xxi)          otherwise use commercially reasonable efforts to comply with all applicable rules and
          regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act; and

       

      (xxii)        use reasonable best efforts to take any action requested by the Selling Shareholders,
          including any action described in clauses (i) through (xxi) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited timeframe.

       

      The Company may require each Selling Shareholder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling
        Shareholder or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement.

       

      (b)          Underwriting.  Without limiting any of the foregoing, in the event that the offering of Registrable Securities is to be made by
          or through an underwriter, the Company, if requested by the underwriter, shall enter into an underwriting agreement with a managing underwriter or underwriters in connection with such offering containing representations, warranties, indemnities
          and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or
          on behalf of, such issuers.

       

      
        20

        
          

      

      (c)          Each Selling Shareholder agrees that upon receipt of any notice from the Company of the happening of any event of the kind
          described in Section 3.6(a)(ix), such Selling Shareholder shall forthwith discontinue such Selling Shareholder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until
          such Selling Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3.6(a)(ix) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies, other than
          permanent file copies, then in such Selling Shareholder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities.  In the event the Company shall give such notice, any applicable period
          during which such registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the kind described in Section

            3.6(a)(ix) to the date when all such Selling Shareholders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the SEC.

       

      SECTION 3.7 REGISTRATION EXPENSES.

       

      All expenses incident to the Company’s performance of, or compliance with, its obligations under this Agreement including all registration and filing fees, all fees and expenses of compliance with securities and “blue
        sky” laws, all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121(f)(12)), all fees and
        expenses of compliance with securities and “blue sky” laws, all printing (including, without limitation, expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
        printing prospectuses and Issuer Free Writing Prospectuses if the printing of such prospectuses is requested by a holder of Registrable Securities) and copying expenses, all messenger and delivery expenses, all fees and expenses of the Company’s
        independent certified public accountants (including, without limitation, with respect to “comfort” letters) and counsel (including, without limitation, with respect to opinions) and fees and expenses of one firm of counsel to the Shareholders
        selling in such registration (which firm shall be selected by the Shareholders selling in such registration that hold a majority of the Registrable Securities included in such registration) (collectively, the “Registration Expenses”) shall
        be borne by the Company, regardless of whether a registration is effected.  The Company will pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties,
        the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the securities to be registered on each securities exchange and included in each established over-the-counter market on which similar
        securities issued by the Company are then listed or traded.  Each Selling Shareholder shall pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Shareholder’s Registrable
        Securities pursuant to any registration.

       

      
        21

        
          

      

      SECTION 3.8 REGISTRATION INDEMNIFICATION.

       

      (a)          By the Company.  The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling
          Shareholder and its Affiliates and their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such
          Selling Shareholder or such other indemnified Person from and against all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (collectively, “Losses”)

          caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus or preliminary prospectus or any Issuer Free Writing Prospectus or any amendment 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, in light of the circumstances under which they were made, not misleading, except insofar as the
          same are caused by any information furnished in writing to the Company by such Selling Shareholder expressly for use therein.  In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under this
          Agreement, the Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such
          underwriters or such other indemnified Person to the same extent as provided above with respect to the indemnification (and exceptions thereto) of Selling Shareholders.  Reimbursements payable pursuant to the indemnification contemplated by this
          Section 3.8(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses incurred.

       

      (b)          By the Selling Shareholders.  In connection with any registration statement in which a Shareholder is participating,
          each such Selling Shareholder will furnish to the Company in writing information regarding such Selling Shareholder’s ownership of Registrable Securities and its intended method of distribution thereof and, to the extent permitted by law, shall,
          severally and not jointly, indemnify the Company, its Affiliates and their respective directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act) the Company or such other indemnified Person against all Losses caused by any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any Issuer Free Writing Prospectus or any
          amendment or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but only to the extent that
          such untrue statement or omission is caused by and contained in such information so furnished in writing by such Selling Shareholder expressly for use therein; provided, however, that each Selling Shareholder’s obligation to indemnify the Company
          hereunder shall, to the extent more than one Selling Shareholder is subject to the same indemnifica-tion obligation, be apportioned between each Selling Shareholder based upon the net amount received by each Selling Shareholder from the sale of
          Registrable Securities, as compared to the total net amount received by all of the Selling Shareholders of Registrable Securities sold pursuant to such registration statement.  Notwith-standing the foregoing, no Selling Shareholder shall be
          liable to the Company for amounts in excess of the lesser of (i) such apportionment and (ii) the amount received by such holder in the offering giving rise to such liability.

       

      
        22

        
          

      

      (c)          Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of
          any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has been
          materially prejudiced by such failure to provide such notice on a timely basis.

       

      (d)          Defense of Actions. In any case in which any such action is brought against any indemnified party, and it notifies an
          indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
          counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not (so long as it shall continue to
          have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in
          connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which
          are different from or in addition to the defenses available to such indemnifying party or (ii) the indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified party is or is reasonably likely
          to be prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel).  An indemnifying party shall not be
          liable for any settlement of an action or claim effected without its consent (such consent not to be unreasonably withheld).  The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to
          diligently contest such matter (except to the extent settled in accordance with the next following sentence).  No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be
          unreasonably withheld, it being understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party).

       

      (e)          Survival. 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 Person and will survive the transfer of the Registrable Securities and the termination of this Agreement.

       

      
        23

        
          

      

      (f)          Contribution.  If recovery is not available under the foregoing indemnification provisions for any reason or reasons
          other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person would be entitled to
          such indemnification but for such reason or reasons.  In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information concerning the
          matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances.  It is hereby agreed that it would not necessarily be
          equitable if the amount of such contribution were determined by pro rata or per capita allocation.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
          from any Person who was not found guilty of such fraudulent misrepresentation.  Notwithstanding the foregoing, no Selling Shareholder or transferee thereof shall be required to make a contribution in excess of the net amount received by such
          holder from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obliga-tion.

       

      (g)          Request for Information.  Not less than ten days before the expected filing date of each registration statement pursuant
          to this Agreement, the Company shall notify each Shareholder who has timely provided the requisite notice hereunder entitling the Shareholder to register Registrable Securities in such registration statement of the information, documents and
          instruments from such Shareholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a questionnaire, custody agreement, power of attorney, lock-up letter and
          underwriting agreement (the “Requested Information”).  If the Company has not received, on or before the second day before the expected filing date, the Requested Information from such Shareholder, the Company may file the registration
          statement without including Registrable Securities of such Shareholder.  The failure to so include in any registration statement the Registrable Securities of a Shareholder (with regard to that registration statement) shall not in and of itself
          result in any liability on the part of the Company to such Shareholder.

       

      (h)          No Grant of Future Registration Rights.  The Company shall not grant any shelf, demand, piggyback or incidental
          registration rights that are senior to the rights granted to the Shareholders hereunder to any other Person without the prior written consent of Piggyback Shareholders holding a majority of the Registrable Securities held by all Piggyback
          Shareholders.

       

      
        24

        
          

      

      ARTICLE IV

       

      MISCELLANEOUS

       

      SECTION 4.1 NOTICES.  All notices, requests, consents and other
          communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile or other electronic transmission (provided a copy is thereafter promptly delivered as provided in
          this Section 4.1) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth below or such other address, email address or facsimile number as may hereafter be designated in writing by
          such party to the other parties:

       

      (a)          if to the Company, to:

       

      FTAI Aviation Ltd.

      1345 Avenue of the Americas, 45th Floor

      New York, NY 10105

      (T) (212) 798-6100

      Attention: Kevin P. Kreiger, Secretary

       

      

      with a copy to:

      

      

      Skadden, Arps, Slate, Meagher & Flom LLP

      One Manhattan West

      New York, New York 10001

      (T) (212) 735-3000

      (F) (212) 735-2000

      Attention: Joseph A. Coco, Esq., Michael J. Schwartz, Esq., Blair T. Thetford, Esq.

      

      

      (b)          if to FTAI, to:

       

      Fortress Transportation and Infrastructure Investors LLC

      1345 Avenue of the Americas, 45th Floor

      New York, NY 10105

      (T) (212) 798-6100

      Attention: Kevin P. Kreiger, Secretary

       

      

      with a copy to:

       

      

      Skadden, Arps, Slate, Meagher & Flom LLP

      One Manhattan West

      New York, New York 10001

      (T) (212) 735-3000

      (F) (212) 735-2000

      Attention: Joseph A. Coco, Esq., Michael J. Schwartz, Esq., Blair T. Thetford, Esq.

       

      (c)          if to any of the Shareholders, to:

       

      the address and facsimile number set forth in the records of the Company.

       

      

      
        25

        
          

      

      Any requirement to provide notice to Shareholders under this Agreement shall exclude any Shareholders that have not executed a joinder to this Agreement.

      

      

      SECTION 4.2 HEADINGS.  The headings contained in this Agreement are
          for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

       

      SECTION 4.3 SEVERABILITY.  The provisions of this Agree-ment shall
          be deemed severable and the invalidity or unenforceability of any provi-sion shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or
          any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such
          invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or
          unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

       

      SECTION 4.4 COUNTERPARTS.  This Agreement may be executed in one or
          more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood that all parties need not sign the same counterpart.

       

      SECTION 4.5 ADJUSTMENTS UPON CHANGE OF CAPITALIZATION.  In the event
          of any change in the outstanding Ordinary Shares by reason of dividends, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term “Ordinary Shares” shall refer to and include
          the securities received or resulting therefrom, but only to the extent such securities are received in exchange for or in respect of Ordinary Shares.

       

      SECTION 4.6 ENTIRE AGREEMENT.  This Agreement (a) constitutes the
          entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof.

       

      SECTION 4.7 FURTHER ASSURANCES.  Each party shall execute, deliver,
          acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein.

       

      
        26

        
          

      

      SECTION 4.8 GOVERNING LAW; EQUITABLE REMEDIES.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF).  The parties hereto agree that
          irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to an
          injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy
          to which they are entitled at law or in equity.  Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto.  Each party further agrees that, in the event of any action for
          an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate.

       

      SECTION 4.9 CONSENT TO JURISDICTION.  With respect to any suit,
          action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (i) submits to the exclusive jurisdiction of the United States District
          Court for the Southern District of New York (the “Selected Court”) and waives any objection to venue being laid in the Selected Court whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any
          such Proceeding other than before the Selected Court; provided, however, that a party may commence any Proceeding in a court other than the Selected Court solely for the purpose of enforcing an order or judgment issued by the
          Selected Court; (ii) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or the
          Initial Shareholders at their respective addresses referred to in Section 4.1 hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law;
          and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY
            ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM
            MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO
            THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

       

      SECTION 4.10          AMENDMENTS; WAIVERS.

       

      (a)                 No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in
          the case of an amendment, by the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective.

       

      
        27

        
          

      

      
      (b)                 No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof
          nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights
          or remedies provided by law.

       

      SECTION 4.11           ASSIGNMENT.  Neither this Agreement nor any
          of the rights or obligations hereunder shall be assigned or transferred by any of the parties hereto without the prior written consent of the other parties hereto, except that each of the Initial Shareholders may assign or transfer without such
          consent to its Permitted Transferees (provided, that any such Permitted Transferee is a Shareholder hereunder or, in connection with any such assignment or transfer, such Permitted Transferee executes a joinder to this Agreement, in form
          and substance reasonably acceptable to the Company, pursuant to which such Permitted Transferee agrees to be a “Shareholder” for all purposes of this Agreement) or to any other Shareholder (including any Affiliate Shareholder).  Subject to the
          preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective executors, estates, heirs, successors and assigns.  For the avoidance of doubt, the Affiliate Shareholders
          shall be deemed to be Shareholders without any further action.

       

      SECTION 4.12          THIRD PARTY BENEFICIARY.  Each of the Affiliate Shareholders shall be a third party beneficiary to the agreements made
          hereunder between the Company and the Initial Shareholders and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder.

      

      

      (Remainder of page intentionally left blank)

       

      

      
        28

        
          

      

      
        IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

         

          

        	

              	
                COMPANY:

              
	

              	

              	

              
	

              	
                By:

              	
                /s/ Joseph P. Adams, Jr.

              	

              
	

              	 	
                Name: Joseph P. Adams, Jr.

              
	

              	 	
                Title: Chief Executive Officer

              
	

              	 	 
	

              	
                FORTRESS TRANSPORTATION

                 AND INFRASTRUCTURE 

                INVESTORS LLC:

              
	

              	 	 
	

              	
                By:

              	
                /s/ Angela Nam

              	 
	

              	

              	
                Name: Angela Nam

              
	

              	

              	
                Title: Chief Financial Officer

              
	

              	

              	

              
	

              	
                INITIAL SHAREHOLDERS:

              
	

              	

              	

              
	

              	
                FIG LLC

              
	

              	

              	

              
	

              	
                By:

              	
                /s/ Daniel Bass

              	

              
	

              	 	
                Name: Daniel Bass

              
	

              	 	
                Title: Chief Financial Officer

              
	

              	 	 
	

              	
                FORTRESS TRANSPORTATION 

                

                AND INFRASTRUCTURE MASTER 

                GP LLC

              
	

              	 	 
	

              	
                By:

              	
                /s/ Demetrios Tserpelis

              	

              
	

              	

              	
                Name: Demetrios Tserpelis

              
	

              	

              	
                Title: Authorize Signatory

              

        

        

        [Signature Page to A&R Registration Rights Agreement]Exhibit 4.9

 

NEITHER THIS SECURITY NOR THE SECURITIES AS TO
WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED
IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON SHARE PURCHASE WARRANT

 

1847 HOLDINGS LLC

 

Warrant Shares: 14,400

Date of Issuance: July 8, 2022 (“Issuance Date”)

 

This COMMON SHARE PURCHASE
WARRANT (the “Warrant”) certifies that, for services provided according to a Fee Agreement, dated June 19, 2022 (the
“Fee Agreement”), J.H. Darbie & Co., Inc., a New York corporation (including any permitted and registered assigns,
the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time during the Exercise Period (as defined below), to purchase from 1847 Holdings LLC, a Delaware limited liability
company (the “Company”), up to 14,400 Common Shares of the Company (the “Warrant Shares”) (whereby
such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant) at the Exercise Price per share then
in effect. This Warrant is issued by the Company as of the date hereof in connection with that certain securities purchase agreement,
as of the date hereof, by and among the Company and the Introduced Party (as defined in the Fee Agreement).

 

Terms used in this Warrant
shall have the meanings set forth in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall
mean $1.875, subject to adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise
Period” shall mean the period commencing on the Issuance Date and ending on 5:00 p.m. eastern standard time on the date which
is five years after the Issuance Date.

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or before the second Trading
Day (the “Warrant Share Delivery Date”) following the date on which the Holder sent the Exercise Notice to the Company
or the Company’s transfer agent, and upon receipt by the Company of payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate
Exercise Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire
transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided),
the Company shall (or direct its transfer agent to) issue and deliver by overnight courier to the address as specified in the Exercise
Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Common
Shares to which the Holder is entitled pursuant to such exercise (or deliver such Common Shares in electronic format if requested by the
Holder). Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates
evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares represented
by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company
shall as soon as practicable and in no event later than three Trading Days after any exercise and at its own expense, issue a new Warrant
(in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise
under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

 

If the Company fails to cause
its transfer agent to issue to the Holder the respective Common Shares by the respective Warrant Share Delivery Date, then the Holder
will have the right to rescind such exercise in Holder’s sole discretion in addition to all other rights and remedies at law, under
this Warrant, or otherwise, and such failure shall also be deemed a material breach under this Warrant.

 

     

     

    

 

If the Market Price of one
Common Share is greater than the Exercise Price, then the Holder may elect to receive Warrant Shares pursuant to a cashless exercise,
in lieu of a cash exercise, equal to the value of this Warrant determined in the manner described below (or of any portion thereof remaining
unexercised) by surrender of this Warrant and an Exercise Notice, in which event the Company shall issue to Holder a number of Common
Shares computed using the following formula:

 

X = Y (A-B)

A

 

Where X =the number of
Warrant Shares to be issued to Holder.

 

 Y = the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).

 

A = the
Market Price (at the date of such calculation).

 

B = Exercise
Price (as adjusted to the date of such calculation).

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance
of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction
a sum in cash equal to the product resulting from multiplying the then-current fair market value of a Warrant Share by such fraction.

 

(c)
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect
any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 1 or
otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the
Holder (together with the Holder’s affiliates (the “Affiliates”), and any other Persons acting as a group together
with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common
Shares beneficially owned by the Holder and Attribution Parties shall include the number of Common Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the
preceding sentence, for purposes of this Section 1(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Holder is solely responsible for any schedules required to be filed in accordance therewith.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 1(c), in determining the number of outstanding
Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Company’s transfer agent setting forth the number of Common Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of Common
Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99%
of the number of Common Shares outstanding at the time of the respective calculation hereunder. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant.

 

2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Anti-Dilution Adjustments to Exercise Price. If the Company or any subsidiary thereof, as applicable, at any time while
this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of
or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Shares or securities (including
but not limited to Common Share Equivalents) entitling any Person to acquire Common Shares (upon conversion, exercise or otherwise), at
an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such issuances
collectively, a “Dilutive Issuance”) (if the holder of the Common Shares or Common Share Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, elimination of an applicable floor price for any reason in the future
(including but not limited to the passage of time or satisfaction of certain condition(s)), reset provisions, floating conversion, exercise
or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be
entitled or potentially entitled to receive Common Shares at an effective price per share which is less than the Exercise Price at any
time while such Common Shares or Common Share Equivalents are in existence, such issuance shall be deemed to have occurred for less than
the Exercise Price on such date of the Dilutive Issuance (regardless of whether the Common Shares or Common Share Equivalents are (i)
subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such
Base Share Price), then the Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price.
Such adjustment shall be made whenever such Common Shares or Common Share Equivalents are issued, regardless of whether the Common Shares
or Common Share Equivalents are (i) subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually
converted or exercised at such Base Share Price by the holder thereof (for the avoidance of doubt, the Holder may utilize the Base Share
Price even if the Company did not actually issue Common Shares at the Base Share Price under the respective Common Share Equivalents).
The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Shares or Common Share
Equivalents subject to this Section 2(a), indicating therein the applicable issuance price, or applicable reset price, exchange price,
conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification,
regardless of whether (i) the Company provides a Dilutive Issuance Notice pursuant to this Section 2(a) upon the occurrence of any Dilutive
Issuance or (ii) the Holder accurately refers to the Base Share Price in the Exercise Notice, the Holder is entitled to receive the Base
Share Price at all times on and after the date of such Dilutive Issuance. Notwithstanding the foregoing, this Section 2(a) shall not apply
to the Excluded Transactions.

 

    2

     

    

 

(b)
Subdivision or Combination of Common Shares. If the Company at any time on or after the Issuance Date subdivides (by any
share split, share dividend, recapitalization or otherwise) one or more classes of its outstanding Common Shares into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse share
split or otherwise) one or more classes of its outstanding Common Shares into a smaller number of shares, the Exercise Price in effect
immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased.
Any adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision or combination becomes
effective. Each such adjustment of the Exercise Price shall be calculated to the nearest one-hundredth of a cent. Such adjustment shall
be made successively whenever any event covered by this Section 2(b) shall occur.

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company
with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant
to which holders of Common Shares are permitted to tender or exchange their Common Shares for other securities, cash or property and the
holders of at least 50% of the Common Shares accept such offer, or (iv) the Company effects any reclassification of the Common Shares
or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities,
cash or property (other than as a result of a subdivision or combination of Common Shares) (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of
Common Shares of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of
the number of Common Shares for which this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise
contained herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect
of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate
Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of formation, operating
agreement or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale
of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the
rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Common
Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Common Shares upon the
exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved, free from preemptive
rights, one and a half (1.5) times the number of Common Shares into which the Warrants are then exercisable into to provide for the exercise
of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant
which is the same as the Issuance Date.

 

    3

     

    

 

7.
TRANSFER. This Warrant shall be binding upon the Company and its successors and assigns and shall inure to be the benefit
of the Holder and its successors and assigns. Notwithstanding anything to the contrary herein, the rights, interests or obligations of
the Company hereunder may not be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior signed
written consent of the Holder, which consent may be withheld at the sole discretion of the Holder (any such assignment or transfer shall
be null and void if the Company does not obtain the prior signed written consent of the Holder). This Warrant or any of the severable
rights and obligations inuring to the benefit of or to be performed by Holder hereunder may be assigned by Holder to a third party, in
whole or in part, without the need to obtain the Company’s consent thereto.

 

8.
NOTICES. The Company shall provide the Holder with prompt written notice (i) immediately upon any adjustment of the Exercise
Price, setting forth in reasonable detail, the calculation of such adjustment and (ii) at least 20 days prior to the date on which the
Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Shares, (B) with respect to
any grants, issuances or sales of any stock or other securities directly or indirectly convertible into or exercisable or exchangeable
for Common Shares or other property, pro rata to the holders of Common Shares or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior
to or in conjunction with such notice being provided to the Holder. All notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be personally served, deposited in the
mail, registered or certified, return receipt requested, postage prepaid, delivered by reputable air courier service with charges prepaid,
or transmitted by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be
deemed effective (i) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours
where such notice is to be received) or (ii) on the second business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications
shall be:

 

If to the Company, to:

 

1847 Holdings
LLC

590 Madison
Avenue, 21st Floor

New York,
NY 10022

Attention:
Ellery Roberts

e-mail:
info@1847holdings.com

 

If to the Holder:

 

J.H. Darbie
& Co., Inc.

48 Wall
Street, Suite 1206 

New York,
NY 10005

e-mail:

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of the Company and the Holder.

 

10.
GOVERNING LAW AND VENUE. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts located in the Commonwealth of Massachusetts or federal courts located in the
Commonwealth of Massachusetts. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees
and costs. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Warrant or
any other transaction document entered into in connection with this Warrant by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under Section 8 and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law.

 

    4

     

    

 

11.
PIGGYBACK REGISTRATION RIGHTS.

 

(a)
If at any time the Company proposes to file any registration statement (a “Registration Statement”) under the
Securities Act of 1933, as amended (the “Securities Act”), with respect to any offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
shareholders of the Company for their account (or by the Company and by shareholders of the Company), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan on Form S-8, (ii) for a dividend reinvestment plan or (iii)
in connection with a merger or acquisition, then the Company shall (x) give written notice of such proposed filing to the Holder as soon
as practicable but in no event less than ten (10) days before the anticipated filing date of the Registration Statement, which notice
shall describe the amount and type of securities to be included in such Registration Statement, the intended method(s) of distribution,
and the name of the proposed managing underwriter or underwriters, if any, of the offering, and (y) offer to the Holder in such notice
the opportunity to register the sale of such number of Warrant Shares (the “Registrable Securities”) as the Holder
may request in writing within three (3) days following receipt of such notice (a “Piggy-Back Registration”). The Company
shall cause such Registrable Securities to be included in such registration and shall cause the managing underwriter or underwriters of
a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same
terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The Holder proposing to distribute its securities through a Piggy-Back
Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such Piggy-Back Registration.

 

(b)
The Holder may elect to withdraw its request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written
notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its
own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw
a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any such withdrawal, the
Company shall pay all expenses incurred by the Holder in connection with such Piggy-Back Registration as provided in Section 11(e) below.

 

(c)
The Company shall notify the Holder at any time when a prospectus relating to the Holder’s Registrable Securities is required
to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus
included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.
At the request of the Holder, the Company shall also prepare, file and furnish to the Holder a reasonable number of copies of a supplement
to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of the Registrable Securities,
such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then existing. The Holder shall not to offer
or sell any Registrable Securities covered by the Registration Statement after receipt of such notification until the receipt of such
supplement or amendment.

 

(d)
The Company may request that the Holder furnish the Company such information with respect to the Holder and its proposed distribution
of the Registrable Securities pursuant to the Registration Statement as the Company may from time to time reasonably request in writing
or as shall be required by law or by the Securities and Exchange Commission (the “SEC”) in connection therewith, and
the Holder shall furnish the Company with such information.

 

(e)
All fees and expenses incident to the performance of or compliance with this Section 11 by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of
the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the SEC, (B) with respect
to filings required to be made with any trading market on which the Common Shares are then listed for trading, (C) in compliance with
applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements
of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities) and (D) with respect
to any filing that may be required to be made by any broker through which a holder of Registrable Securities intends to make sales of
Registrable Securities with the FINRA, (ii) printing expenses, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements
of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of
all other persons or entities retained by the Company in connection with the consummation of the transactions contemplated by this Section
11 and (vii) reasonable fees and disbursements of a single special counsel for the Holder. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Section 11 (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange
as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of the Holder.

 

    5

     

    

 

(f) The
Company and its successors and assigns shall indemnify and hold harmless the Holder, the officers, directors, members, partners,
agents and employees (and any other individuals or entities with a functionally equivalent role of a person holding such titles,
notwithstanding a lack of such title or any other title) of each of the Holder, each individual or entity who controls the Holder
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members,
stockholders, partners, agents and employees (and any other individuals or entities with a functionally equivalent role of a person
holding such titles, notwithstanding a lack of such title or any other title) of each such controlling individual or entity (each,
an “Indemnified Party”), to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any related prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any such prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (ii) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Section 11, except to the extent, but only to the extent, that such untrue statements or
omissions are based upon information regarding the Holder furnished to the Company by the Holder for use therein. The Company shall
notify the Holder promptly of the institution, threat or assertion of any proceeding arising from or in connection with the
transactions contemplated by this Section 11 of which the Company is aware.

 

(g)
If the indemnification under Section 11(f) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party
harmless for any Losses, then the Company shall contribute to the amount paid or payable by such Indemnified Party, in such proportion
as is appropriate to reflect the relative fault of the Company and Indemnified Party in connection with the actions, statements or omissions
that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of the Company 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 of a material fact, has been taken or made by, or relates to information
supplied by, the Company or the Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed
to include any reasonable attorneys’ or other fees or expenses incurred by such party in connection with any proceeding to the extent
such party would have been indemnified for such fees or expenses if the indemnification provided for in Section 11(f) was available to
such party in accordance with its terms. It is agreed that it would not be just and equitable if contribution pursuant to this Section
11(f) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to in the immediately preceding sentence. Notwithstanding the provisions of this Section 11(g), the Holder shall not be required
to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such party from the
sale of all Registrable Securities pursuant to such Registration Statement or related prospectus exceeds the amount of any damages that
the Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

12.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein.

 

13.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Common Shares” means the Company’s Common Shares, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

(b)
“Common Share Equivalents” means any securities of the Company that would entitle the holder thereof to acquire
at any time Common Shares, including without limitation any debt, preferred shares, rights, options, warrants or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

 

    6

     

    

 

(c)
“Excluded Transactions” means transactions involving the issuance of the following securities of the Company:
(i) the Common Shares to be sold in the Company’s contemplated public offering (Registration Statement No. 333-259011 (the “Public
Offering Registration Statement”)), as well as the warrants issuable to the underwriters in connection therewith (including
the Common Shares issuable upon the exercise of such warrants), (ii) the issuance by the Company of Common Shares upon the exercise of
an outstanding option or warrant or the conversion of a security outstanding on the date hereof, (iii) any issuance of securities disclosed
in the Public Offering Registration Statement, (iv) an offering of up to $50 million of senior convertible preferred shares in a private
placement offering, and the underlying Common Shares issuable upon conversion of such securities, (v) the issuance of securities issued
as part of the purchase price in connection with acquisitions or strategic transactions approved a majority of the disinterested directors
of the Company, or securities issued in financing transactions, the primary purpose of which is to finance acquisitions or strategic transactions
approved a majority of the disinterested directors of the Company, (vi) Common Shares, options or convertible securities issued to banks,
equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real
property leasing transaction, approved by a majority of the disinterested directors of the Company, but shall not include a transaction
in which the Company is primarily issuing such securities primarily for the purpose of raising capital or to a person or an entity whose
primary business is investing in securities, (vii) Common Shares, options or convertible securities issued to in connection with the provision
of goods or services pursuant to transactions approved by a majority of the disinterested directors of the Company, but shall not include
a transaction in which the Company is primarily issuing such securities primarily for the purpose of raising capital or to a person or
an entity whose primary business is investing in securities, (viii) Common Shares, options or convertible securities issued in connection
with sponsored research, collaboration, technology license, development, investor or public relations, marketing or other similar agreements
or strategic partnerships approved a majority of the disinterested directors of the Company, but shall not include a transaction in which
the Company is primarily issuing such securities primarily for the purpose of raising capital or to a person or an entity whose primary
business is investing in securities, (ix) the issuance by the Company of any Common Shares or standard options to purchase Common Shares
to directors, officers, employees or consultants of the Company or its subsidiaries in their capacity as such pursuant to an equity incentive
plan approved by a majority of the disinterested directors of the Company, or (x) the issuance of securities pursuant to any other arrangements
that are in place or disclosed in the Company’s filings with the SEC prior to the date of this Warrant.

 

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

 

(e)
“Principal Market” means the principal securities exchange or trading market where such Common Shares are listed
or quoted, including but not limited to any tier of the OTC Markets, any tier of the NASDAQ Stock Market (including the NASDAQ Capital
Market), the New York Stock Exchange or the NYSE American, or any successor to such markets.

 

(f) “Market
Price” means the highest traded price of the Common Shares during the one hundred and fifty Trading Days prior to the date
of the respective Exercise Notice.

 

(g)
“Trading Day” means any day on which the Common Shares are listed or quoted on its Principal Market, provided,
however, that if the Common Shares are not then listed or quoted on any Principal Market, then any calendar day.

 

* * * * * * *

 

    7

     

    

 

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

 

	 	1847 Holdings LLC
	 	 
	 	By: 	/s/ Ellery W. Roberts
	 	Name: 	Ellery W. Roberts
	 	Title: 	Chief Executive Officer

 

    8

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

(To be executed
by the registered holder to exercise this Common Share Purchase Warrant)

 

 

THE UNDERSIGNED holder hereby
exercises the right to purchase __________ Common Shares (“Warrant Shares”) of 1847 HOLDINGS LLC, a Delaware limited liability
company (the “Company”), evidenced by the attached copy of the Common Share Purchase Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

		1.	Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

		☐	a cash exercise with respect to ___________Warrant Shares; or

 

		☐	by cashless exercise pursuant to the Warrant.

 

		2.	Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable
Aggregate Exercise Price in the sum of $______________ to the Company in accordance with the terms of the Warrant.

 

		3.	Delivery of Warrant Shares. The Company shall deliver to the holder ____________Warrant Shares
in accordance with the terms of the Warrant.

 

 

	Date: 	               	 

 

	 	 
	 	(Print Name of Registered Holder)
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

(To be signed only upon authorized
transfer of the Warrant)

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns, and transfers unto _________________________________________________________________________ the right
to purchase ______________________________ Common Shares of 1847 HOLDINGS LLC to which the within Common Share Purchase Warrant relates
and appoints _________________________, as attorney-in-fact, to transfer said right on the books of 1847 HOLDINGS LLC with full power
of substitution and re-substitution in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects
by the terms and conditions of the within Warrant.

 

	Dated: 	               	 

 

	 	 
	 	(Signature) *
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social Security or Tax Identification No.)

 

		*	The signature on this Assignment of Warrant must correspond
to the name as written upon the face of the Common Share Purchase Warrant in every particular without alteration or enlargement or any
change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate your position(s) and
title(s) with such entity.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]