Document:

EXHIBIT 10.2

 

STOCK ESCROW AGREEMENT

 

THIS STOCK ESCROW AGREEMENT, dated as of
October 23, 2013 (this “Agreement”), by and among Global Defense & National Security Systems, Inc., a Delaware
corporation (the “Company”), Global Defense & National Security Holdings LLC (the “Sponsor”),
and American Stock Transfer & Trust Company (the “Escrow Agent”).

 

WHEREAS, the Sponsor has agreed to deposit
its 2,003,225 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
purchased on July 19, 2013 (the “Sponsor’s Shares”) in escrow as hereinafter provided;

 

WHEREAS, the Company and the Sponsor desire
that the Escrow Agent accept the Sponsor’s Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.      
    Appointment of Escrow Agent. The Company and the Sponsor hereby appoint the Escrow Agent to
act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

 

2.     
     Deposit of Sponsor’s Shares. On or about the effective date of the
Company’s Registration Statement on Form S-1 (File No. 333-191195) filed under the Securities Act of 1933, as amended
(the “Registration Statement”), the Sponsor shall deliver to the Escrow Agent the certificate representing
the Sponsor’s Shares, which certificate shall remain in the name of the Sponsor, to be held and disbursed subject to
the terms and conditions of this Agreement. The Sponsor acknowledges that the certificate representing the Sponsor’s
Shares bears a legend to reflect the deposit of the Sponsor’s Shares under this Agreement.

 

3.     
     Disbursement of the Sponsor’s Shares. Of the total Sponsor’s
Shares, fifty percent (50%) of such shares will be released from escrow six months after the consummation of a Business
Combination (as defined in the Registration Statement), and the remaining fifty percent (50%) of the Sponsor’s Shares
will be released from escrow one year after the consummation of a Business Combination (the “Escrow
Period”); provided, however, that if the over-allotment option (as described in the Registration Statement)
is not exercised in full prior to the expiration of the over-allotment option, then the Escrow Agent shall release to the
Company such number of Sponsor’s Shares as directed in writing by the Company. The Company shall promptly provide
notice of the consummation of a Business Combination to the Escrow Agent. Upon the completion of the Escrow Period, the
Escrow Agent shall automatically disburse the Sponsor’s Shares to the Sponsor upon receipt of written request therefor
from the Company; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section
6.6 hereof that the Company has been liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly
destroy the certificates representing the Sponsor’s Shares. The Escrow Agent shall have no further duties hereunder
with respect to the Sponsor’s Shares after the disbursement or destruction of the Sponsor’s Shares in accordance
with this Section 3.

 

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4.   
       Rights of Sponsor in Sponsor’s Shares.

 

4.1.          Rights
as a Security Holder. Subject to the terms of its Insider Letter as described in Section 4.4 hereof and except as herein provided,
the Sponsor shall retain all of its rights as a stockholder of the Company during the Escrow Period, including without limitation,
the right to vote Common Stock. The Escrow Agent shall have no responsibility to determine or verify the contents or limitations
of the Insider Letter and shall be bound only by the terms of this Agreement.

 

4.2.          Dividends
and other Distributions in Respect of the Sponsor’s Shares. During the Escrow Period, all dividends payable in cash with
respect to the Sponsor’s Shares shall be paid to the Sponsor, but all dividends payable in stock or other non-cash property
(the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.
As used herein, the terms “Sponsor’s Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3.          Restrictions
on Transfer and Redemption. During the Escrow Period, no sale, transfer or other disposition (a “Transfer”)
may be made of any or all of the Sponsor’s Shares by the Sponsor except (i) to the Company’s officers, directors and
employees, to the Sponsor’s affiliates or its members upon its liquidation, (ii) by gift to a member of the Sponsor’s
immediate family for estate planning purposes or to a trust, the beneficiary of which is the Sponsor or a member of the Sponsor’s
immediate family, (iii) if the Sponsor is not a natural person, by gift to a member of the immediate family of the Sponsor’s
controlling person for estate planning purposes or to a trust, the beneficiary of which is the Sponsor’s controlling person
or a member of the immediate family of the Sponsor’s controlling person, (iv) by virtue of the laws of descent and distribution
upon death, (v) pursuant to a qualified domestic relations order, (vi) by certain pledges to secure obligations incurred in connection
with purchases of our securities or (vii) by private sales made at or prior to the consummation of our initial business combination
at prices no greater than the price at which the shares were originally purchased (each such transferee, a “Permitted
Transferee”); provided, however, that such permitted Transfers may be implemented only upon the respective Permitted
Transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed
by the Sponsor transferring the Sponsor’s Shares and such other documents as the Company may reasonably require. During the
Escrow Period, the Sponsor shall not pledge or grant a security interest in the Sponsor’s Shares or grant a security interest
in the Sponsor’s rights under this Agreement.

 

4.4.          Insider
Letter. The Sponsor has executed a letter agreement with the Company, which has been filed as an exhibit to the Registration
Statement (the “Insider Letter”), with respect to the rights and obligations
of the Sponsor in certain events, including but not limited to the liquidation of the Company.

 

5.     
     Concerning the Escrow Agent.

 

5.1.          Good
Faith Reliance. The Escrow Agent shall be protected and shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its best judgment (unless negligent), and may rely conclusively and may act upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other
document which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

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5.2.          Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel
fees and disbursements, or losses suffered by the Escrow Agent in connection with any action, suit or other proceeding involving
any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Sponsor’s Shares held by it hereunder, other than expenses or losses arising from the negligence or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement
of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt
of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate
court to determine ownership or disposition of the Sponsor’s Shares or it may deposit the Sponsor’s Shares with the
clerk of any appropriate court or it may retain the Sponsor’s Shares pending receipt of a final, non-appealable order of
a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Sponsor’s Shares
are to be disbursed and delivered. The provisions of Sections 5.2 and 5.7 shall survive in the event the Escrow Agent resigns or
is discharged pursuant to Sections 5.5 or 5.6 below and in the event of termination under 6.10 below.

 

5.3.          Compensation.
The Escrow Agent shall be entitled to compensation from the Company in accordance with Schedule I hereto for all services rendered
by it hereunder.

 

5.4.          Further
Assurances. From time to time on and after the date hereof, the Company and the Sponsor shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

5.5.          Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice, and such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor
escrow agent appointed by the Company the Sponsor’s Shares held hereunder. If no successor escrow agent is so appointed within
the sixty (60) day period following the giving of such notice of resignation, the Escrow Agent may submit an application to deposit
the Sponsor’s Shares with the United States District Court for the Southern District of New York, provided the Escrow
Agent provides notice of such deposit to the Company and the Sponsor in accordance with Section 6.6 hereof.

 

5.6.          Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly; provided, however, that such resignation shall become effective
only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5. Upon such discharge, all obligations
under this Agreement to the Escrow Agent shall terminate.

 

5.7.          Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own negligence
or willful misconduct.

 

5.8.          Waiver.
The Escrow Agent hereby waives any and all right, title, interest or claim of any kind (each, a “Claim”) in
or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the
date hereof, by and between the Company and the Escrow Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

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5.9.          Standard
of Care. The Escrow Agent shall be obligated only to perform the duties specifically set forth in this Escrow Agreement, which
shall be deemed purely ministerial in nature, and the Escrow Agent shall under no circumstances be deemed to be a fiduciary to
any party hereto or any other person. The parties hereto agree that the Escrow Agent shall not assume any responsibility for the
failure of the parties hereto to perform in accordance with this Escrow Agreement or any other agreement or document. This Escrow
Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent
shall be inferred from the terms of this Escrow Agreement or any other agreement or document. In
no event shall the escrow agent be liable, directly or indirectly, for any damages or expenses arising out of the services provided
hereunder, other than damages which result from the escrow agent’s negligence or willful misconduct.

 

6. 
         Miscellaneous.

 

6.1.          Governing
Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York applicable to contracts executed in and to be performed in that State. The parties hereto agree that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and the parties hereto irrevocably
submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.

 

6.2.          Waiver
of Trial by Jury. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Agreement, the transactions contemplated hereby, or the actions of the parties in the negotiation, administration, performance
or enforcement hereof.

 

6.3.          Entire
Agreement. This Agreement and the Insider Letter as referenced herein contain the entire agreement of the Company and the Sponsor
with respect to the subject matter hereof, and this Agreement contains the entire agreement as it pertains to the Escrow Agent
and the other parties hereto and, except as expressly provided herein, may not be changed or modified except by an instrument in
writing signed by all parties to this Agreement. This Agreement may be executed in several original or facsimile counterparts,
each one of which shall constitute an original, and together shall constitute but one instrument.

 

6.4.          Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
hereof.

 

6.5.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and permitted assigns. Any corporation or association into which the Escrow Agent may be converted or merged, or with
which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and
assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger,
consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow
Agreement and shall have and succeed to the rights, powers, duties, obligations, immunities and privileges of the Escrow Agent,
without the execution or filing of any instrument or paper or the performance of any further act.

 

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6.6.          Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and shall be sent by certified mail,
by private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile transmission.
Such notice or communication shall be deemed given (a) if mailed, two days after the date of mailing, (b) if sent by national courier
service, one business day after being sent, (c) if delivered personally, when so delivered, or (d) if sent by facsimile transmission,
on the second business day after such facsimile is transmitted, in each case as follows:

 

If to the Company, to:

 

Global Defense & National Security Systems, Inc.

11921 Freedom Drive, Suite 550

Two Fountain Square

Reston, Virginia 20190

Attn: Dale R. Davis

Fax:

 

If to the Sponsor, to:

 

Global Defense & National Security Holdings LLC

11921 Freedom Drive, Suite 550

Two Fountain Square

Reston, Virginia 20190

Attn: Frederic Cassis

Fax:

 

If to the Escrow Agent, to:

 

American Stock Transfer & Trust Company

6201 15th Avenue

Brooklyn, New York 11219

Attn: John Baker

Fax:

 

A copy of any notice sent hereunder shall be sent to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue

Suite 1100

Palo Alto, California 94301

Attn:Gregg A. Noel, Esq.

Fax:

 

The parties may change the persons and
addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.7.          Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Registration Statement.

 

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6.8.          Disputes.
If any disagreement or dispute arises among the Company and the Sponsor concerning the meaning or validity of any provision hereunder
or concerning any other matter relating to this Escrow Agreement, the Escrow Agent shall be under no obligation to act, except
(i) with joint written instruction of the Company and the Sponsor, or (ii) under process or order of court, and shall sustain no
liability for its failure to act pending such process or court order.

 

6.9.          Authorized
Signatures. Concurrent with the execution of this Agreement, the Company will provide a completed certificate of parties authorized
to sign on its behalf, in the form attached hereto as Schedule II.

 

6.10.        Termination.
This Agreement shall terminate on the final distribution or destruction of all of the Sponsor’s Shares in accordance with
the terms of this Agreement.

 

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IN WITNESS WHEREOF, the parties have duly
executed this Stock Escrow Agreement as of the date first written above.

 

	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 	 
	 	By:	/s/Frederic Cassis	 
	 	 	Name: Frederic Cassis	 
	 	 	Title: Secretary	 
	 	 	 	 
	 	SPONSOR: /s/ Dale R. Davis	 
	 	 	 	 
	 	GLOBAL DEFENSE & NATIONAL SECURITY HOLDINGS LLC
	 	 	 	 
	 	By:	/s/ Dale R. Davis	 
	 	 	Name: Dale R. Davis	 
	 	 	Title: Manager	 

 

[Escrow Agreement]

 

    	 

    	 

    

 

	 	American Stock transfer & Trust company,
	 	as Escrow Agent
	 	 	 	 
	 	By:	/s/ Joseph M. Smith	 
	 	 	Name: Joseph M. Smith	 
	 	 	Title: Director	 

 

[Escrow Agreement]

 

    	 

    	 

    

 

Schedule I – Escrow Agent Fees For Escrow Services

 

$8,000, to be paid by the Company to the Escrow Agent upon the
consummation of the Company’s initial public offering of securities.

 

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Schedule II – Authorized Signatories

 

	Individual’s Name	 	Title	 	Signature
	Frederic Cassis	 	Director and Secretary	 	/s/ Frederic Cassis
	 	 	 	 	 
	Dale Davis	 	Director and CEO	 	/s/ Dale Davis
	 	 	 	 	 
	Craig Dawson	 	Director and Treasurer	 	/s/ Craig DawsonEXHIBIT 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
is entered into as of October 23, 2013, by and between Global Defense & National Security Systems, Inc., a Delaware corporation
(the “Company”), and Global Defense & National Security Holdings LLC (the “Investor”).

 

WHEREAS, as of the date hereof,
the Investor holds all of the issued and outstanding shares of common stock (the “Common Stock”) of the Company (the
“Initial Shares”);

 

WHEREAS, concurrently with the Company’s
initial public offering, the Company will issue pursuant to a binding agreement with the Investor an aggregate of 645,000 shares
of Common Stock (721,500 shares if the underwriters’ over-allotment option, as described in the Registration Statement, is
exercised in full) (the “Private Placement Shares”); and

 

WHEREAS, the Investor and the Company
desire to enter into this Agreement to provide the Investor with certain rights relating to the registration of the Initial Shares,
the Private Placement Shares and any Working Capital Shares (defined below);

 

WHEREAS, the Investor and the Company
desire to enter into this Agreement to provide the Investor with certain rights relating to the registration of the Initial Shares
and the Private Placement Shares.

 

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

 

1. Definitions. The following capitalized
terms used herein have the following meanings:

 

“Agreement” means this Agreement,
as amended, restated, supplemented, or otherwise modified from time to time.

 

“Board” means the board of directors
of the Company.

 

“Business Combination” shall
have the meaning set forth in the Amended and Restated Articles of Incorporation of

 

the Company.

 

“Commission”
means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act.

 

“Common Stock” means the common
stock, par value $0.0001 per share, of the Company.

 

“Company” is defined in the
preamble to this Agreement.

 

“Demand Registration” is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Form S-3” is defined in Section
2.3.

 

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“Indemnified Party” is defined in
Section 4.3.

 

“Indemnifying Party” is defined in
Section 4.3.

 

“Initial Units” is defined in the
recitals to this Agreement.

 

“Investor” is defined in the preamble
to this Agreement.

 

“Investor Indemnified Party” is defined
in Section 4.1.

 

“Maximum Number of Securities” is
defined in Section 2.1.4.

 

“Notices” is defined in Section 6.3.

 

“Person” means
an individual, a partnership, a limited liability company, a joint venture, a corporation, a trust, an unincorporated organization,
a government or any department or agency thereof, or any entity similar to any of the foregoing.

 

“Piggy-Back Registration” is
defined in Section 2.2.1.

 

“Pro Rata” is defined in Section 2.1.4.

 

“Register,” “Registered”
and “Registration” mean a registration effected by preparing and filing a registration statement or similar
document in compliance with the requirements of the Securities Act, and such registration statement becoming effective.

 

“Registrable Securities”
mean (i) the Initial Shares, (ii) the Private Placement Shares, and any Working Capital Shares owned or held by the Investor. Registrable
Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or other distribution
with respect to or in exchange for or in replacement of Registrable Securities. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d)
all such Registrable Securities held by the Investor may be sold in a single transaction without registration in compliance with
Rule 144, including if applicable Rule 144(e), under the Securities Act.

 

“Registration Statement”
means a registration statement filed by the Company with the Commission in compliance with the Securities Act for a public offering
and sale of Common Stock or other securities of the Company (other than a registration statement on Form S-4 or S-8 (or any successor
or substantially similar form), or in connection with (i) an employee stock option, stock purchase or compensation plan or securities
issued or issuable pursuant to any such plan, (ii) a dividend reinvestment plan or (iii) an offering of debt that is convertible
into equity securities of the Company).

 

“Release Date”
means (a) with respect to the Private Placement Shares and the Working Capital Shares, the 30th day following the consummation
of a Business Combination, and (b) with respect to the Initial Shares, the date on which the Initial Shares may be released from
escrow pursuant to the terms of the Amended and Restated Subscription Agreement between the Company and the Investor, dated as
of July 19, 2013, relating to the Initial Shares.

 

 

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“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

 

“Private Placement Shares” is defined
in the recitals to this Agreement.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

“Working Capital Shares”
means any shares held by the Investor, officers or directors of the Company or their affiliates which may be issued in payment
of working capital loans made to the Company.

 

2. Registration Rights.

 

2.1 Demand Registration.

 

2.1.1 Request for Registration. At
any time commencing three (3) months prior to the applicable Release Date, and from time to time thereafter, the holders of a majority-in-interest
of the Registrable Securities held by the Investor or the permitted transferees of the Investor, may make a written demand for
registration under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”); provided,
that any Registration Statement filed with the Commission with respect to a Demand Registration shall not be declared effective
before the applicable Release Date. Any demand for a Demand Registration shall specify the number of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will within ten (10) days of the Company’s receipt
of the Demand Registration, notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder
including Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company in writing
within ten (10) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders
shall be entitled to have their Registrable Securities included in the Demand Registration pursuant to a Demand Registration and
the Company will effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s
receipt of the Demand Registration. The Registration of all Registrable Securities requested by the Demanding Holders and Requesting
Holders pursuant to such Demand Registration, subject to Sections 2.1.3, 2.1.4, 3.4 and the provisos set forth in Section 3.1.1.
The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this Section 2.1.1 in
respect of Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless
a Form S-1 or any similar long-form registration statement that may be available at such time ("Form S-1")
has become effective and all of the Registrable Securities requested by the Demanding Holders to be registered on behalf of the
Demanding Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

 

2.1.2 Effective Registration. Notwithstanding
the provisions of subsection 2.1.1 above or any other part of this Agreement, a registration will not count as a Demand Registration
until the Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective
and the Company has complied with all of its material obligations under this Agreement with respect thereto; provided, however,
that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand
Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the
Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective unless and until
such stop order or injunction is removed, rescinded or otherwise terminated; provided, further, that the Company shall not be obligated
to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration
or is terminated.

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2.1.3 Underwritten Offering. If a
majority-in-interest of the Demanding Holders so elects and such holders so advise the Company as part of their written demand
for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration
shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for
such underwriting by a majority-in-interest of the Demanding Holders, which Underwriter or Underwriters shall be reasonably acceptable
to the Company.

 

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

 

2.1.5 Withdrawal. If a
majority-in-interest of the Demanding Holders disapproves of the terms of any underwriting or are not entitled to include all of
their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.

  

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2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights. If at any
time after the applicable Release Date, the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account and/or for stockholders of the Company for their account, then the Company shall
(x) give written notice of such filing to the holders of Registrable Securities, which notice shall describe the amount and type
of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter
or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity
to register the sale of such number of Registrable Securities as such holders may request in writing within five (5) 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 use reasonable efforts to 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. All holders of Registrable Securities proposing to distribute their 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.

 

2.2.2 Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock
or other securities which the Company desires to sell, taken together with shares of Common Stock or other securities, if any,
as to which registration has been demanded pursuant to written contractual arrangements with Persons other than the holders of
Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2,
and the shares of Common Stock or other securities, if any, as to which registration has been requested pursuant to the written
contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then
the Company shall include in any such registration:

 

(a)If the registration is undertaken
for the Company’s account: (i) first, the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the shares of Common Stock or other securities, if any, comprised of Registrable
Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights
of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Common
Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such Persons and that can be sold without exceeding the Maximum Number of Securities; and

 

(b)If the registration is a
“demand” registration undertaken at the demand of Persons other than the holders of Registrable Securities, (i) first,
the shares of Common Stock or other securities for the account of the demanding Persons that can be sold without exceeding the
Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i) and (ii), the shares of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as
to which registration has been requested pursuant to the terms hereof that can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated
to register pursuant to written contractual arrangements with such Persons, that can be sold without exceeding the Maximum Number
of Securities.

 

    	5

    	 

    

 

2.2.3 Withdrawal. Any
holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration for any or no reason whatsoever by giving written notice to the Company and the Underwriter or Underwriters
(if any) 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
(or postpone the filing of) a registration statement at any time prior to the effectiveness of the Registration Statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such
Piggy-Back Registration as provided in Section 3.3.

 

2.3 Registrations on Form S-3.
The holders of Registrable Securities may at any time and from time to time, request in writing that the Company, pursuant to Rule
415 under the Securities Act (or any successor rule promulgated thereunder by the Commission), register the resale of any or all
of such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such time (“Form
S-3”); provided, however, that the Company shall not be obligated to effect such request through an underwritten offering.
Within five (5) days of the Company's receipt of such written request, the Company will give written notice of the proposed registration
to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such
portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with all or
such portion of the Registrable Securities or other securities of the Company, if any, of any other holder or holders joining in
such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the
Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3:
(i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders
of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at any aggregate price to the public of less than $1,000,000. Registrations effected pursuant to this
Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

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

 

3. Registration Procedures.

 

3.1 Filings; Information.
Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the Company shall
use its reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s)
of distribution thereof as expeditiously as reasonably practicable, and in connection with any such request:

 

3.1.1 Filing Registration
Statement. Subject to Sections 2.1.6 and 2.3.1, the Company shall, as expeditiously as reasonably possible and in any event
within sixty (60) days after receipt of a demand for registration of Registrable Securities pursuant to Sections 2.1 or 2.3, prepare
and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the
Company shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder
in accordance with the intended method(s) of distribution thereof, and shall use reasonable efforts to cause such Registration
Statement to become and remain effective for the period required by Section 3.1.3.

  

    	6

    	 

    

3.1.2 Copies. The Company
shall upon request, prior to filing a Registration Statement or prospectus in respect of Registrable Securities, or any amendment
or supplement thereto, furnish without charge to the holders of Registrable Securities included in such registration, and such
holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus
included in such Registration Statement (including each preliminary prospectus), and such other documents as the holders of Registrable
Securities included in such registration or legal counsel for any such holders may request in order to facilitate the disposition
of the Registrable Securities owned by such holders.

 

3.1.3 Amendments and Supplements.
The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements to
such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered
by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any
such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court).

 

3.1.4 Notification. After
the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such
filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders within two (2) business days of the occurrence of any of the following: (i) when such Registration Statement
becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance
or threatened issuance by the Commission of any stop order (and the Company shall take all reasonable actions required to prevent
the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement
to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or
amendment.

 

3.1.5 State Securities Laws
Compliance. The Company shall use its reasonable efforts to (i) register or qualify the Registrable Securities covered by the
Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company
and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included
in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

    	7

    	 

    

 

3.1.6 Agreements for Disposition.
The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit
of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities
included in such Registration Statement. Such holders shall agree to such representations, warranties, covenants and indemnification
and contribution obligations for selling stockholders as are customarily contained in agreements of that type used by the Underwriters.

 

3.1.7 Cooperation. The
principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of
the Company and all other officers and members of the management of the Company shall cooperate in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.

 

3.1.8 Records. The Company shall
make available for inspection by the holders of Registrable Securities included in a Registration Statement, any Underwriter participating
in any disposition pursuant to such Registration Statement and any attorney, accountant or other professional retained by any holder
of Registrable Securities included in such Registration Statement or any Underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, as shall be 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 of them in connection
with such Registration Statement.

 

3.1.9 Opinions and Comfort
Letters. If a Registration Statement in respect of Registrable Securities includes an underwritten public offering, the Company
shall furnish or cause to be furnished such documents and certificates as may be reasonably requested by the participating holders
and the managing Underwriters, including customary opinions of counsel and “cold comfort” letters as may be reasonably
required pursuant to the underwriting agreement relating thereto. In the event no legal opinion is delivered to any Underwriter,
the Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any time that such
holder elects to use a prospectus, a letter of counsel to the Company to the effect that the Registration Statement containing
such prospectus has been declared effective and that no stop order is in effect.

 

3.1.10 Earnings Statement.
The Company shall comply with all applicable rules and regulations of the Commission promulgated under the Securities Act, and
make available to its stockholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, beginning
within three (3) months after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11 Listing. The Company
shall use its reasonable efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the majority-in-interest, on an as-converted
to Common Stock basis, of the holders of Registrable Securities included in such Registration Statement.

  

3.2 Obligation to Suspend Distribution.
Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv), or, in the
case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Board, of the ability of all “insiders” covered by such program to
transact in the Company’s securities because of the existence of material non-public information, each holder of Registrable
Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended prospectus contemplated
by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities
is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities
at the time of receipt of such notice.

 

    	8

    	 

    

 

3.3 Registration Expenses.
The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any
Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and all expenses
incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement
becomes effective, including, without limitation: (i) all registration and filing fees, (ii) fees and expenses of compliance with
securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities), (iii) printing expenses, (iv) the Company’s internal expenses (including, without limitation,
all salaries and expenses of its officers and employees), (v) the fees and expenses incurred in connection with the listing of
the Registrable Securities as required by Section 3.1.11, (vi) Financial Industry Regulatory Authority, Inc. fees, (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company
(including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section
3.1.9), (viii) the fees and expenses of any special experts retained by the Company in connection with such registration, and (ix)
the fees and expenses of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included
in such registration. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable
to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne
by such holders. Additionally, in an underwritten offering, all selling stockholders and the Company shall bear the reimbursable
expenses of the Underwriter, if any, pro rata in proportion to the respective amount of shares each is selling in such offering.

 

3.4 Information. The holders
of Registrable Securities shall provide such information as may reasonably be requested by the Company or the managing Underwriter,
if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order
to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with
the Company’s obligation to comply with federal and applicable state securities laws.

  

    	9

    	 

    

 

4. Indemnification and Contribution.

 

4.1 Indemnification by the Company.
The Company agrees to indemnify and hold harmless the Investor and each other holder of Registrable Securities, and each of their
respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each Person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Investor or other holder of Registrable
Securities (each, an “Investor Indemnified Party”), from and against any expenses, losses, judgments, claims, damages
or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement) of
a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under
the Securities Act, any preliminary prospectus, free writing prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission
(or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company
and relating to action or inaction required of the Company in connection with any such registration; and the Company shall promptly
reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified
Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided,
however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability
arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission made in such
Registration Statement, preliminary prospectus, free writing prospectus, final prospectus, or summary prospectus, or any such amendment
or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder
expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates,
directors, partners, members and agents and each Person who controls such Underwriter on substantially the same basis as that of
the indemnification provided above in this Section 4.1.

 

4.2 Indemnification by Holders of Registrable
Securities. Each selling holder of Registrable Securities will, in the event that any registration is being effected under
the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and hold harmless
the Company, each of its directors and officers and each Underwriter (if any), and each other selling holder and each other Person,
if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, insofar as such expenses, losses, judgments, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder
expressly for use therein, and each selling holder of Registrable Securities shall reimburse the Company, its directors, officers
and each Underwriter (if any), and each other selling holder or controlling Person for any legal or other expenses reasonably incurred
by any of them in connection with investigating or defending any such loss, judgment, claim, damage, liability or action. Each
selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount
of any net proceeds actually received by such selling holder.

 

    	10

    	 

    

 

4.3 Conduct of Indemnification
Proceedings. Promptly after receipt by any Person of any notice of any expense, loss, judgment, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such Person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other Person for indemnification hereunder, notify such other Person
(the “Indemnifying Party”) in writing of the expense, loss, judgment, claim, damage, liability or action; provided,
however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from
any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying
Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or
action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action,
and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel
reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election
to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for
any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are
named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate
counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability arising out of any claim
in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the reasonable fees and
reasonable expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry
of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4 Contribution.

 

4.4.1 If the indemnification
provided for in the foregoing Sections 4.1 and 4.2 is unavailable to any Indemnified Party in respect of any expense, loss, judgment,
claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such expense, loss, judgment, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such expense, loss, judgment, claim, damage,
liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified
Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.

 

4.4.2 The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
Section 4.4.1.

 

4.4.3 The amount paid or payable
by an Indemnified Party as a result of any expense, loss, judgment, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount
of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder
from the sale of Registrable Securities which gave rise to such contribution obligation. 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 guilty
of such fraudulent misrepresentation.

 

    	11

    	 

    

  

5. Underwriting and Distribution.

 

5.1 Rule 144. The Company
covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take
such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar Rule or
regulation hereafter adopted by the Commission.

 

6. Miscellaneous.

 

6.1 Other Registration Rights.
The Company represents and warrants that no Person, other than a holder of the Registrable Securities, has any right to require
the Company to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital
stock in any registration filed by the Company for the sale of shares of capital stock for its own account or for the account of
any other Person.

 

6.2 Assignment; No Third Party Beneficiaries.
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may
be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the extent of any transfer
of the Registrable Securities held by any such holder. This Agreement and the provisions hereof shall be binding upon and shall
inure to the benefit of each of the parties hereto and the permitted assigns of the Investor or holder of Registrable Securities
or of any assignee of the Investor or holder of Registrable Securities. This Agreement is not intended to confer any rights or
benefits on any Persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2.

 

6.3 Notices. All notices,
demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be
given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered
by reputable overnight courier service with charges prepaid, or transmitted by hand delivery or facsimile, addressed as set forth
below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given
on the date of service or transmission if personally served or transmitted by facsimile; provided, that if such service or transmission
is not on a business day or is after normal business hours, then such notice shall be deemed given on the next business day. Notice
otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a
reputable overnight courier service with an order for next-day delivery.

 

 

    	12

    	 

    

To the Company:

 

Global Defense & National Security Systems, Inc.

11921 Freedom Drive, Suite 550

Two Fountain Square

Reston, Virginia 20190

Attn: Dale R. Davis

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525
University Avenue, Suite 1400

Palo Alto, California 94301

Attn: Gregg A. Noel, Esq., Thomas J. Ivey, Esq.

 

To the Investor:

 

Global Defense & National Security Holdings LLC

c/o Global Defense & National Security Systems,
Inc.

11921 Freedom Drive, Suite 550

Two Fountain Square 

Reston, Virginia 20190

Attn:
Frederic Cassis

 

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

 

6.5 Counterparts. This Agreement
may be executed by facsimile and in multiple counterparts, all of which taken together shall constitute one and the same instrument.

 

6.6 Entire Agreement. This
Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto
and thereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written.

 

6.7 Modifications and Amendments.
The Company may from time to time supplement or amend this Agreement without the approval of the Investor in order to cure any
ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company may deem necessary
or desirable and that the Company, in the exercise of reasonable judgment, determines will not materially adversely affect the
interest of the Investor. All other modifications or amendments shall require the written consent of the holders of a majority-in-interest
of the Registrable Securities.

 

6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision
of this Agreement.

 

6.9 Waivers and Extensions.
Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such
waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers
to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred.
Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver
of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension
of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other
obligations or acts.

 

 

    	13

    	 

    

 

 

6.10 Remedies Cumulative.
In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement,
the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action
at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any
such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or
to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any
other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or
otherwise.

 

6.11 Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed
in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations
Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York, and the parties hereto irrevocably submit to such jurisdiction,
which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum.

 

6.12 Waiver of Trial by Jury.
Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim
or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement,
the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement
hereof.

 

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IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

 

	GLOBAL DEFENSE & NATIONAL SECURITY 

SYSTEMS, INC.
	 
	By: 	/s/Frederic Cassis 
	Name: Frederic Cassis
	Title: Secretary 
	 
	 
	 
	 
	GLOBAL DEFENSE & NATIONAL SECURITY 

HOLDINGS LLC
	 
	By: 	/s/ Dale R. Davis
	Name: Dale R. Davis
	Title: Manager

 

 

 

[Registration Rights Agreement]

    	15

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