Document:

Exhibit
10.5

 

AMENDED
AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) effective as of the [●] day
of [●], 2021, is made and entered into by and among Better Therapeutics, Inc. (formerly known as Mountain Crest Acquisition Corp
II), a Delaware corporation (the “Company”), each of the undersigned parties that are Pre-IPO Investors (as
defined below), and each of the other stockholders of Better Therapeutics OpCo, Inc., a Delaware corporation (“OpCo”)
whose names are listed on Exhibit A hereto (each a “OpCo Investor” and collectively the “OpCo Investors”)
(each of the foregoing parties (other than the Company) and any person or entity who hereafter becomes a party to this Agreement pursuant
to Section 6.2 of this Agreement, an “Investor” and collectively, the “Investors”).

 

WHEREAS,
each of the Company and certain investors (each, a “Pre-IPO Investor”) is a party to, and hereby consents to,
this amendment and restatement of that certain Registration Rights Agreement, dated January 7, 2021 (the “Original Registration
Rights Agreement”), pursuant to which the Company granted the Pre-IPO Investors certain registration rights with respect
to certain securities of the Company, as set forth therein;

 

WHEREAS,
the Company, MCAD Merger Sub Inc., a Delaware corporation (“Merger Sub”), and OpCo have entered into that certain
Agreement and Plan of Merger (as may be amended from time to time, the “Merger Agreement”), dated as of April
[●], 2021, pursuant to which, on the Effective Date (as defined below), the Company, Merger Sub and OpCo intend to effect a merger
of Merger Sub with and into OpCo (the “Merger”), upon which Merger Sub will cease to exist, OpCo will become
a wholly owned subsidiary of the Company and the outstanding shares of OpCo’s common stock will be converted into the right to
receive consideration described in the Merger Agreement.

 

WHEREAS,
the Investors and the Company desire to enter into this Agreement in connection with the closing of the transactions contemplated by
the Merger Agreement to amend and restate the Original Registration Rights Agreement to provide the Investors with certain rights relating
to the registration of the securities held by them as of the date hereof on the terms and conditions set forth in this Agreement;

 

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.

 

“Blackout
Period” is defined in Section 3.1.1.

 

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

 

“Commission”
means the Securities and Exchange Commission, 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.

 

“Company
Underwritten Offering” is defined in Section 2.2.1(b).

 

“Company
Underwritten Shelf Offering Requesting Holder” is defined in Section 2.2.1(b).

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Effective
Date” means the date the Company consummates the Merger.

 

“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.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Shares” means all of the outstanding shares of Common Stock issued prior to the consummation of the Company’s initial
public offering.

 

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

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“IPO”
means the Company’s initial public offering.

 

“IPO
Escrow Agreement” means the Stock Escrow Agreement dated as of January 7, 2021 by and among the Company, certain of the
Investors and Continental Stock Transfer & Trust Company.

 

“Lock-up
Agreement” is defined in Section 2.1.1.

 

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

 

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

 

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

 

“Merger
Sub” is defined in the preamble to this Agreement.

 

“Notices”
is defined in Section 6.3.

 

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

 

“OpCo
Investors” is defined in the preamble to this Agreement.

 

“Original
Registration Rights Agreement” is defined in the preamble to this Agreement.

 

“Person”
means a company, corporation, association, partnership, limited liability company, organization, joint venture, trust or other legal
entity, an individual, a government or political subdivision thereof or a governmental agency.

 

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

 

“PIPE
Subscription Agreements” means the Subscription Agreements, dated as of April [●], 2021, by and among the Company
and the subscribers thereto (as may be amended from time to time).

 

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

 

“Private
Units” means units various Investors privately purchased simultaneously with the consummation of the Company’s initial
public offering and when the underwriters in the Company’s initial public offering exercised their over-allotment option, as described
in the prospectus relating to the Company’s initial public offering.

 

“Pro
Rata” is defined in Section 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“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 the applicable rules and
regulations promulgated thereunder, and such registration statement becoming effective.

 

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“Registrable
Securities” means (i) the Initial Shares, (ii) the Private Units (and underlying shares of Common Stock), (iii) any other
outstanding shares of Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon the exercise
of any other equity security) of the Company held by an Investor as of the Effective Date (including the shares of Common Stock issued
pursuant to the Merger Agreement), and (v) any other equity security of the Company issued or issuable with respect to any such share
of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or reorganization. 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) the Registrable Securities are freely saleable under Rule 144 without volume limitations,
requirements of current public information, manner of sale or any other restrictions under Rule 144.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).

 

“Release
Date” means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of the IPO Escrow Agreement.

 

“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.

 

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

 

“Underwritten
Offering” means a Registration in which securities of the Company are sold to the Underwriter in a firm commitment underwriting
for distribution to the public.

 

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2.
REGISTRATION RIGHTS.

 

2.1
Demand Registration.

 

2.1.1
Request for Demand Registration. At any time and from time to time on or after (i) the Effective Date with respect to the Private
Units (or underlying shares of Common Stock), (ii) three months prior to the first possible Release Date with respect to the Initial
Shares that are Registrable Securities and subject the IPO Escrow Agreement, or (iii) three months prior to the first possible date on
which the restrictions on transfer will lapse under the Lock-up Agreement entered into in connection with the Merger Agreement (the “Lock-up
Agreement”) with respect to all Registrable Securities held by the OpCo Investors, the holders of a majority-in-interest
of such Registrable Securities held by the Pre-IPO Investors, on the one hand, or the OpCo Investors, on the other hand, as the case
may be, held by such Investors, or the transferees of such Investors, may make a written demand, on no more than three occasions in any
twelve month period for each of the Pre-IPO Investors and the OpCo Investors, for registration under the Securities Act of all or part
of their Registrable Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration
shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof.
The Company will 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 shares
of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within five
(5) 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, subject to Section 2.1.4 and the provisos set forth in Section
3.1.1. The Company shall not be obligated to effect more than an aggregate of one (1) Demand Registration under this Section 2.1.1 in
respect of all Registrable Securities.

 

2.1.2
Effective Registration. A registration will not count as a Demand Registration until (i) the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared effective, (ii) the Company has complied with all of its obligations
under this Agreement with respect thereto and (iii) the Registration Statement has remained effective continuously until the earlier
of (x) one (1) year after effectiveness or (y) the date on which all of the Registrable Securities requested by the Demanding Holders
to be registered on behalf of the Demanding Holders in such Registration Statement have been sold; 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, (i) such stop order or
injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to
continue the offering; 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.

 

2.1.3
Underwritten Offering pursuant to Demand Registration. If a majority-in-interest of the Demanding Holders so elect 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, or a portion thereof, shall be in the form of an Underwritten Offering; provided, however,
that the aggregate offering price for any such Underwritten Offering may not be less than $25,000,000, unless the Company is eligible
to register such shares of Common Stock on Form S-3, or subsequent similar form, in a manner which does not require inclusion of any
information concerning the Company other than to incorporate by reference (including forward incorporation by reference) its filings
under the Exchange Act, in which case the aggregate offering price for any such Underwritten Offering may not be less than $10,000,000.
All such Demanding Holders proposing to distribute their Registrable Securities through such Underwritten Offering under this Section
2.1.3 shall, at the time of any such Underwritten Offering, enter into an underwriting agreement in customary form with the Underwriter(s)
selected by a majority-in-interest of the Demanding Holder (provided, however, that such Underwriter(s) is reasonably satisfactory
to the Company); provided, further, that any obligation of any such Investor to indemnify any Person pursuant to any such
underwriting agreement shall be several, not joint and several, among such Investors selling Registrable Securities, and such liability
shall be limited to the net amount received by any such Investor from the sale of his, her or its Registrable Securities pursuant to
such Underwritten Offering, and the relative liability of each such Investor shall be in proportion to such net amounts).

 

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2.1.4
Reduction of Offering in Connection with Demand Registration. If the managing Underwriter(s) in an Underwritten Offering effected
pursuant to a Demand Registration in good faith advises the Company and the Demanding Holders in writing that the dollar amount or number
of shares 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, if any, as to which a registration has been requested
pursuant to separate 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 shares 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 shares, as applicable, the “Maximum Number of Shares”), 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”)) up to the maximum amount that can
be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares 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 Shares; (iii) third, to the extent that the Maximum Number of Shares 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 then other written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Shares.

 

2.1.5
Demand Registration Withdrawal.

 

(a)
If a majority-in-interest of the Demanding Holders disapprove 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. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration
provided for in this Section 2.1. Notwithstanding the forgoing, an Investor may withdraw all or any portion of its Registrable Securities
included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration
Statement; provided that such withdrawal shall be irrevocable and, after making such withdrawal, an Investor shall no longer have
any right to include Registrable Securities in the Demand Registration as to which such withdrawal was made.

 

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(b)
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the registration expenses described
in Section 3.3 incurred in connection with a Registration pursuant to a Demand Registration or an Underwritten Offering prior to its
withdrawal under this Section 2.1.5.

 

2.2
Piggy-Back Registration.

 

2.2.1
Piggy-Back Rights.

 

(a)
If at any time on or after the Effective 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 or for stockholders of the Company for their account (or by the Company and by stockholders
of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with
any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing
stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment
plan, (v) that is on Form S-4 (as promulgated under the Securities Act) relating to equity securities to be issued solely in connection
with any acquisition of any entity or business or their then equivalents, or (vi) filed relating to equity securities to be issued under
the PIPE Subscription Agreements, provided however, that the limitation under (vi) shall only apply to the first Registration
Statement filed by the Company as required under the PIPE Subscription Agreements, then the Company shall (x) give written notice of
such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the
anticipated filing date, 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 shares 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 Piggy-back Registration.

 

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(b)
If at any time on or after the Effective Date, the Company proposes to effect an Underwritten Offering for its own account or for the
account of stockholders of the Company (a “Company Underwritten Offering”), the Company shall notify, in writing,
all Investors of Registrable Securities of such demand, and such Investor who thereafter wishes to include all or a portion of such Investor’s
Registrable Securities in such Underwritten Offering (each such Investor, a “Company Underwritten Shelf Offering Requesting
Holder”) shall so notify the Company, in writing, within five days after the receipt by such Investor of the notice from
the Company. Upon receipt by the Company of any such written notification from a Company Underwritten Shelf Offering Requesting Holder,
such Investor shall be entitled, subject to Sections 2.2.2 and 3.1.1 hereof, to have its Registrable Securities included in the
Company Underwritten Offering. The Company shall use its commercially 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; provided, however, that
any obligation of any such Investor to indemnify any Person pursuant to any such underwriting agreement shall be several, not joint and
several, among such Investors selling Registrable Securities, and such liability shall be limited to the net amount received by any such
Investor from the sale of its Registrable Securities pursuant to such Underwritten Offering, and the relative liability of each such
Investor shall be in proportion to such net amounts.. Notwithstanding the provisions set forth in the immediately preceding sentences,
the right to a Piggy-Back Registration set forth under this Section 2.2.1 with respect to the Registrable Securities shall terminate
on the seventh anniversary of the Effective Date.

 

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2.2.2
Reduction of Underwritten Offering in Connection with Piggy-Back 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 participating
in the Underwritten Offering in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell
in such Underwritten Offering, taken together with the shares of Common Stock, if any, as to which inclusion in such Underwritten Offering
has been demanded pursuant to separate written contractual arrangements with persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which inclusion in such Underwritten Offering has been requested under Section 2.2.1 above,
and the shares of Common Stock, if any, as to which inclusion in such Underwritten Offering has been requested pursuant to separate written
contractual Piggy-Back Registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company
shall include in any such registration:

 

(a)
If the Underwritten Offering is undertaken for the Company’s account: (A) first, the shares of Common Stock or other equity securities
that the Company desires to sell in such Underwritten Offering that can be sold without exceeding the Maximum Number of Shares; (B) second,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), 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 Shares; and (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B),
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 Shares;

 

(b)
If the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons and 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 Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell
that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A) and (B), 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 Shares.

 

2.2.3
Piggy-Back Registration Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for
inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company and the Underwriter(s) (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 separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggy-back Registration at any time prior to the effectiveness of such Registration
Statement. In the case of any Underwritten Offering in connection with any Piggy-back Registration, any participating Investor shall
have the right to withdraw their respective Registrable Securities from such Underwritten Offering prior to the pricing of such Underwritten
Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall pay all expenses incurred by the holders of Registrable
Securities in connection with such Piggy-Back Registration or Underwritten Offering prior to its withdrawal as provided in Section 3.3.

 

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2.3
Resale Shelf Registration Rights.

 

2.3.1
Registration Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and
filed with the Commission, no later than sixty (60) days following the Effective Date (the “Filing Deadline”),
a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any successor
thereto registering the resale from time to time by holders of all of the Registrable Securities held by the Holders (the “Resale
Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-3 (or, if Form S-3 is not available
to be used by the Company at such time, on Form S-1 or another appropriate form permitting Registration of such Registrable Securities
for resale). If the Resale Shelf Registration Statement is initially filed on Form S-1 and thereafter the Company becomes eligible to
use Form S-3 for secondary sales, the Company shall, as promptly as practicable, cause such Resale Shelf Registration Statement to be
amended, or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is on
Form S-3. The Company shall use commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective
as soon as possible after filing, but in no event later than thirty (30) days following the Filing Deadline (the “Effectiveness
Deadline”); provided, however, that the Effectiveness Deadline shall be extended to sixty (60) days after the Filing Deadline if
the Registration Statement is reviewed by, and receives comments from, the Commission; provided, however, that the Company’s obligations
to include the Registrable Securities held by a holder in the Resale Shelf Registration Statement are contingent upon such holder furnishing
in writing to the Company such information regarding the holder, the securities of the Company held by the holder and the intended method
of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the registration of the Registrable
Securities, and the holder shall execute such documents in connection with such registration as the Company may reasonably request that
are customary of a selling stockholder in similar situations. Once effective, the Company shall use commercially reasonable efforts to
keep the Resale Shelf Registration Statement and Prospectus included therein continuously effective and to be supplemented and amended
to the extent necessary to ensure that such Registration Statement is available or, if not available, to ensure that another Registration
Statement is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable Securities
and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
set forth in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered by such Registration
Statement have ceased to be Registrable Securities. The Registration Statement filed with the Commission pursuant to this subsection
2.3.1 shall contain a Prospectus in such form as to permit any holder to sell such Registrable Securities pursuant to Rule 415 under
the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective
date for such Registration Statement (subject to lock-up restrictions under the Lock-up Agreement and the Release Date under the IPO
Escrow Agreement), and shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally
available to, and requested by, holders of the Registrable Securities.

 

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2.3.2
Amendments and Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall promptly prepare and file with
the Commission from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection
therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities
Act with respect to the disposition of all the Registrable Securities. If any Resale Shelf Registration Statement filed pursuant to Section
2.3.1 is filed on Form S-3 and thereafter the Company becomes ineligible to use Form S-3 for secondary sales, the Company shall promptly
notify the holders of such ineligibility and use its commercially reasonable efforts to file a shelf registration on an appropriate form
as promptly as practicable to replace the shelf registration statement on Form S-3 and have such replacement Resale Shelf Registration
Statement declared effective as promptly as practicable and to cause such replacement Resale Shelf Registration Statement to remain effective,
and to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if
not available, that another Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities held by
the holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time the Company
once again becomes eligible to use Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement to be amended,
or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is once again
on Form S-3.

 

2.3.3
SEC Cutback. Notwithstanding the registration obligations set forth in this Section 2.3, in the event the Commission informs the
Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, the Company agrees to promptly (i) inform each of the holders thereof and use its commercially
reasonable efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the
Resale Shelf Registration Statement and file a new registration statement (a “New Registration Statement”)
on Form S-3, or if Form S-3 is not then available to the Company for such registration statement, on such other form available to register
for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration
Statement, the Company shall use its commercially reasonable efforts to advocate with the Commission for the registration of all of the
Registrable Securities in accordance with any publicly-available written or oral guidance, comments, requirements or requests of the
Commission staff (the “SEC Guidance”). Notwithstanding any other provision of this Agreement, if any SEC Guidance
sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as
a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration
of all or a greater number of Registrable Securities), unless otherwise directed in writing by a holder as to further limit its Registrable
Securities to be included on the Registration Statement, the number of Registrable Securities to be registered on such Registration Statement
will be reduced Pro Rata among all such selling shareholders whose securities are included in such Registration Statement, subject to
a determination by the Commission that certain holders must be reduced first based on the number of Registrable Securities held by such
holders. In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement, as the case may
be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly
as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for
resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 

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2.3.4
Underwritten Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement has been declared effective
by the Commission, the holders of Registrable Securities may request to sell all or any portion of the Registrable Securities in an underwritten
offering that is registered pursuant to the Resale Shelf Registration Statement (each, an “Underwritten Shelf Takedown”);
provided, however, that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include securities
with a total offering price (including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed,
in the aggregate, $10,000,000. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company at
least ten (10) days prior to the public announcement of such Underwritten Shelf Takedown, which shall specify the approximate number
of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts
and commissions) of such Underwritten Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested
to be included by any holder (each a “Takedown Requesting Holder”) at least 48 hours prior to the public announcement
of such Underwritten Shelf Takedown pursuant to written contractual piggyback registration rights of such holder (including those set
forth herein). All such holders proposing to distribute their Registrable Securities through an Underwritten Shelf Takedown under this
subsection 2.3.4 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by the majority-in-interest of the Takedown Requesting Holders initiating the Underwritten Shelf Takedown.

 

2.3.5
Reduction of Underwritten Shelf Takedown. If the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith,
advise the Company and the Takedown Requesting Holders in writing that the dollar amount or number of Registrable Securities that the
Takedown Requesting Holders desire to sell, taken together with all other shares of the Common Stock or other equity securities that
the Company desires to sell, exceeds the Maximum Number of Shares, then the Company shall include in such Underwritten Shelf Takedown,
as follows: (i) first, the Registrable Securities of the Takedown Requesting Holders, on a Pro Rata basis, that can be sold without exceeding
the Maximum Number of Shares; and (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Shares.

 

2.3.6
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. Under
no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Underwritten Shelf Takedowns in any 12-month
period.

 

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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 commercially 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 practicable, and in connection with any such request:

 

3.1.1
Filing Registration Statement; Restriction on Registration Rights. The Company shall use its commercially reasonable efforts to,
as expeditiously as possible after receipt of a request for a Demand Registration pursuant to Section 2.1, 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 its commercially reasonable efforts to cause such Registration Statement to become effective
and use its commercially reasonable efforts to keep it effective for the period required by Section 3.1.3; provided, however,
that the Company shall not be obligated to (but may, at its sole option) (a) effect any Demand Registration or an Underwritten Offering
or (b) file a Registration Statement (or any amendment thereto) or effect an Underwritten Offering if the Company has determined in good
faith that the sale of Registrable Securities pursuant a Registration Statement would require disclosure of material non-public information
not otherwise required to be disclosed under applicable securities laws (i) which disclosure would have a material adverse effect on
the Company or (ii) relating to a material transaction involving the Company (any such period, a “Blackout Period”);
provided, however, that in no event shall any Blackout Period together with other Blackout Periods exceed an aggregate
of 60 days in any consecutive 12-month period. Notwithstanding the foregoing, the Company shall not exercise its rights under this Section
3.1.1 to invoke a Blackout Period unless it applies the same Blackout Period restrictions contained herein to all other securityholders
of the Company with contractual registration rights.

 

3.1.2
Copies. The Company shall, prior to filing a Registration Statement or Prospectus, 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, 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 or such securities have been withdrawn.

 

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3.1.4
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than five (5) 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 promptly and confirm such advice in writing in all events within five (5) 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 actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any written comments by the Commission
or 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; except that not less than two (2) Business Days before filing with the Commission a Registration
Statement or not less than one (1) Business Day before the filing of any related Prospectus or any amendment or supplement thereto, including
documents incorporated by reference, the Company shall (y) furnish to the holders of Registrable Securities included in such Registration
Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed and (z) cause its officers
and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable
opinion of respective counsel to each such holder, to conduct a reasonable investigation within the meaning of the Securities Act. The
Company shall not file any Registration Statement or Prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such holders or their legal counsel shall object in good faith, provided that, the Company is notified
of such objection in writing no later than two (2) Business Days after the holders have been so furnished copies of a Registration Statement
or one (1) Business Day after the holders have been so furnished copies of any related Prospectus or amendments or supplements thereto.

 

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

 

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. No holder of Registrable Securities included in such registration statement shall
be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material
agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished
in writing expressly for inclusion in such Registration Statement.

 

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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 fully 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 such 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. Upon request, the Company shall furnish to each holder of Registrable Securities included in any
Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any
Underwriter and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. 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, an opinion 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 and the Securities Act,
and make available to its stockholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, 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 commercially 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 holders of
a majority of the Registrable Securities included in such registration.

 

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3.1.12
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000,
the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering.

 

3.1.13
Regulation M. The Company shall take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition
inapplicable.

 

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 Company’s Board of Directors, 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.

 

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 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 reasonable fees
and expenses of any special experts retained by the Company in connection with such registration; and (ix) the reasonable fees and expenses
of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration in
an amount not to exceed $25,000. 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 or any fees and disbursements of its counsel in connection therewith,
which underwriting discounts or selling commissions and fees and disbursements of its counsel shall be borne by such holders. Additionally,
in an Underwritten Offering, all selling stockholders and the Company shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of shares each is selling in such offering.

 

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3.4
Holders’ 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. The Company’s
obligations to include the Registrable Securities in any Registration Statement under this Agreement are contingent upon each holder
of Registrable Securities furnishing in writing to the Company such information regarding such holder, the securities of the Company
held by holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to
effect the registration of the Registrable Securities, and such holder shall execute such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations.

 

4.
INDEMNIFICATION AND CONTRIBUTION.

 

4.1
Indemnification by the Company. The Company agrees to indemnify and hold harmless each 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 an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (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 (or incorporated by reference in) any Registration Statement under which the sale of
such Registrable Securities was registered under the Securities Act, any Prospectus contained in the Registration Statement, or free
writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule thereto), or any amendment or supplement to
such Registration Statement, or any filing under any state securities law required to be filed or furnished, 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, Prospectus, or free writing 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, and shall reimburse the Company, its directors
and officers, and each other selling holder or controlling Person for any legal or other expenses reasonably incurred by any of them
in connection with investigation or defending any such loss, claim, damage, liability or action. 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 (within the meaning of the Securities Act or the Exchange Act, as applicable) on substantially the same basis as that
of the indemnification provided above in this Section 4.1.

 

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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, officers, agents and employees, each Person, if any, who controls
the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), 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, and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by
applicable law, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims,
judgments, damages or liabilities (or actions in respect thereof) (including, without limitation, reasonable attorneys’ fees and
other expenses) 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 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 shall reimburse the Company, its directors and officers, and each other selling holder
or controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending
any such loss, 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.

 

4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, 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 loss, claim, judgment, 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 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 fees and 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.

 

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4.4
Contribution.

 

4.4.1
If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of
any loss, 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 loss, 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 loss, 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 loss, 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.

 

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5.
RULE 144.

  

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 Rules 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, except as disclosed in the Company’s registration statement
on Form S-1 (File No. 333-251557) and registration rights granted to certain investors pursuant to the PIPE Subscription Agreements,
no person, other than the holders of the Registrable Securities, has any right to require the Company to register any of the Company’s
share capital for sale or to include the Company’s share capital in any registration filed by the Company for the sale of share
capital 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 Registrable Securities 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, to the permitted assigns of the Investors or holder of Registrable Securities
or of any assignee of the Investors 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 air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex 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 telegram, telex or 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 air courier service with an order for next-day delivery.

 

To
the Company:

 

Better
Therapeutics, Inc. (f/k/a Mountain Crest Acquisition Corp II)

548 Market St #49404

San Francisco, CA 94104

Attention: Kevin Appelbaum, Chief Executive Officer

Email: kevin@bettertx.com

 

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

 

Goodwin
Procter LLP

100 Norther Avenue

Boston, MA 02210

Attention: Arthur R. McGivern

E-mail: AMcGivern@goodwinlaw.com

 

To
an Investor, to the address set forth below such Investor’s name on Exhibit A hereto.

 

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 in multiple counterparts, each of which shall be deemed an original, and 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) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all
prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written.

 

6.7
Modifications and Amendments. Any term of this Agreement may be amended, modified or terminated and the observance of any term
of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) with the written
consent of the Company and the holders of a majority of the Registrable Securities then outstanding.

 

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.

 

    21

     

    

  

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, interpreted under, and construed in accordance with the internal laws of the
State of Delaware applicable to agreements made and to be performed within the State of Delaware, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.12
Waiver of Trial by Jury. Each party 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.

 

6.13
Term. This Agreement shall terminate upon the earlier of (i) the third anniversary of the date of this Agreement or (ii) the date
as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by
the Commission)) or (B) the holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or
any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    22

     

    

  

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

 

	 	COMPANY:
	 	 	 
	 	BETTER THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	Name:	                     
	 	Title:	 

 

    23

     

    

 

	 	PRE-IPO INVESTORS:
	 	 	 
	 	Mountain Crest Capital, LLC
	 	 	 
	 	Name:	 
	 	Title:	             
	 	 	 
	 	 
	 	Nelson Haight
	 	 	 
	 	 
	 	Todd Milbourn
	 	 	 
	 	 
	 	Wenhua Zhang

 

    24

     

    

 

	 	OPCO
    INVESTORS:
	 	 	 
	 	David
    P. Perry 2015 Trust
	 	 	 
	 	By:	 
	 		Name:
    David P. Perry
	 		Title:
    Trustee
	 	 	 
	 	Kevin
    Appelbaum, or his successor(s), as Trustee of the Kevin Appelbaum Revocable Trust under Revocable Trust Declaration dated May 16,
    2020, as amended
	 	 	 
	 	By:	 
	 		Name:
    Kevin Appelbaum
	 		Title:
    Trustee

 

    25

     

    

 

EXHIBIT
A

 

Name
and Address of Investors

 

PRE-IPO
INVESTORS:

 

Mountain
Crest Capital, LLC

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Nelson
Haight

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Todd
Milbourn

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Wenhua
Zhang

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

OPCO
INVESTORS:

 

David
P. Perry 2015 Trust

c/o Blouin & Company, Inc.

2020 Commonwealth Avenue

Newton, MA 02466

 

Kevin
Appelbaum, or his successor(s),

as Trustee of the Kevin Appelbaum Revocable Trust

under Revocable Trust Declaration dated May 16, 2020, as amended

19460 Stafford Loop

Bend, OR 97702

 

 

26Exhibit 10.1

 

AIRCRAFT PURCHASE AGREEMENT

 

This AIRCRAFT PURCHASE
AGREEMENT ("Agreement") is made this 1st day of April, 2021, by and between [________], a limited liability
company duly organized under the laws of the State of Delaware and with its principal place of business at [_____________] ("Seller"),
and PLBY Group, Inc., a corporation duly organized under the laws of the State of Delaware and with a principal place of business
at 10960 Wilshire Boulevard, Suite 2200, Los Angeles, California 90024 ("Buyer"). Buyer and Seller are each a "Party"
to this transaction and are sometimes referred to collectively herein as the "Parties."

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE 1.     AIRCRAFT

 

1.1            Subject to the provisions of this Agreement, Seller shall sell and deliver
to Buyer, and Buyer shall take delivery of, pay for, and take title to, one (1) Bombardier Inc., model BD-700-1A10 (marketing designation
Global Express XRS) aircraft bearing manufacturer serial number [___], and currently bearing United States registration mark [____] (the
 "Airframe"), together with the two (2) Rolls Royce BR710A2-20 engines installed thereon, bearing manufacturer's
serial numbers [____] and [____] (the "Engines"), one (1) Honeywell RE-220GX auxiliary power unit bearing manufacturer's
serial number [____] (the "APU"), and (a) all equipment, appliances, parts, instruments, appurtenances, accessories,
furnishings, and other property installed in or attached to the Airframe or Engines on the date hereof, including avionics and all other
equipment as more particularly described in Exhibit "A" attached hereto and made part of this Agreement by reference; and
(b) all logbooks, manuals, maintenance and inspection records, yellow tags, FAA 8130-3 forms, wiring diagrams and other technical
documents or data pertaining to the Aircraft (including the APU and Engines) that are in Seller's possession pertaining to the Airframe,
APU, and/or Engines (collectively, "Aircraft Documents"), and (c) all spare parts and loose equipment (including
glassware, dishes and flatware, etc.) as per the inventory as listed on Exhibit "D" (all of which are referred to
collectively hereinafter as the "Aircraft").

 

ARTICLE 2.     PRE-PURCHASE
INSPECTION AND DELIVERY CONDITION

 

2.1            The
Parties hereby acknowledge that, on February 16, 2021, Buyer performed a preliminary and non-invasive visual inspection of the Aircraft
(the "Visual Inspection") and found the Aircraft to be acceptable. Seller shall make the Aircraft available to Buyer
on or about April 1, 2021, for a pre-purchase inspection, the scope of which shall include review of the Aircraft Documents, borescope
inspections of the Engines and APU, and shall otherwise conform to the work scope set out in Exhibit "E" (the "Pre-Purchase
Inspection"). The Aircraft will be flown at Buyer’s expense for Movement Cost (defined below) to the Tucson Bombardier
Aircraft Service Center located at the Tucson International Airport ("TUS"), or to another Bombardier Service Center mutually
acceptable to the Parties ("Inspection Facility") for the Pre-Purchase Inspection, the purpose of which is to determine
whether the Aircraft meets the Delivery Condition (as defined below), to verify the Aircraft specifications, and for Buyer to observe
an evaluation flight of up to two (2) flight hours under the operational control of Seller (the "Evaluation Flight"),
at Buyer’s expense for Movement Cost. For purposes of this Agreement, "Movement Cost" means the hourly rate of
five thousand seven hundred thirty-one United States dollars (US$5,731.00) per flight hour, pro-rated for fractions thereof, but in any
event not to exceed the maximum sum permitted by Federal Aviation Regulation ("FAR") 91.501(d).

 

    Page 1 of 18

     

    

 

2.2            Not
as a representation or warranty of any kind but solely as a condition precedent to Buyer’s obligation to accept delivery of the
Aircraft at Closing, Seller shall deliver the Aircraft to Buyer at Closing in the following condition (the "Delivery Condition"),
unless the Parties otherwise agree in writing:

 

		a)	the Aircraft shall be in an airworthy condition and fully suitable for operations under FAR Part 91,
with all applicable airworthiness directives and alert service bulletins with mandatory compliance due dates at or before Closing (as
defined below) completed, without any extensions or deferrals;

 

		b)	the Aircraft shall be equipped as specified on Exhibit A (adjusted to reflect current times, landings
and cycles) and as described in the definition of "Aircraft";

 

		c)	the Aircraft shall not have suffered any Material Damage since the completion of the Visual Inspection,
nor shall it have suffered, or have any history of, any Material Damage. As used in this Agreement, “Material Damage“ means
any damage (i) which would require the issuance of a FAA Form 337 to be completed in respect of the repair if completed by a
repair station other than the manufacturer; (ii) the repair of which required or would require any deviation from the original approved
manufacturer aircraft build specification or standard production configuration; (iii) which requires recurring or nonstandard inspections
or modifications to normal component life limitations after repair of the damage; or (iv) which constitutes a "major repair"
(as defined in 14 C.F.R., Part 43, Appendix A, subpart (b));

 

		d)	the Aircraft shall have no Airframe, Engine or APU corrosion (for the avoidance of doubt, fair wear and
tear excluded) (i) that is beyond allowable limits or in excess of manufacturer's tolerances or specifications as stated in the maintenance,
technical and/or operations manuals, or (ii) that cannot be repaired, rectified and terminated on a non-recurring basis such that
the Aircraft can be returned to service without a requirement of repetitive or recurring inspections that deviate from the Aircraft manufacturer's
normal maintenance procedures, or (iii) that requires modifications to the normal component life limitations;

 

		e)	the Aircraft shall be in compliance with the Aircraft specifications as per Exhibit "A"
and shall be enrolled on the following programs: Rolls-Royce CorporateCare ("RRCC") for the Engines, Honeywell Aerospace
Manufacturer Service Plan ("MSP") for the APU, Bombardier Smart Parts, and CAMP Systems International, Inc. CAMP
(Computerized Aircraft Maintenance Program), all of which shall be paid current as of Closing and transferable to Buyer (to the extent
transferable);

 

		f)	all manufacturer and/or vendor warranties that are still in force as of Closing shall be transferrable
to Buyer;

 

    Page 2 of 18

     

    

 

		g)	the Aircraft shall have a valid and current U.S. registration and standard certificate of airworthiness
issued by the United States Federal Aviation Administration ("FAA"), with no restrictions or limitations;

 

		h)	with all Aircraft Documents in Seller's possession or that are required by the FAA for proper operation,
including but not limited to all Aircraft and Engine log books, records, maintenance manuals, and flight manuals, all of which shall be
complete, correct, continuous and up-to-date, and printed or published in English, along with any wiring diagrams, yellow tags, historical
maintenance records or other technical documents or data that are in Seller's possession or control and that relate to the Aircraft;

 

		i)	with all spare parts and loose equipment listed on Exhibit "D";

 

		j)	the Aircraft shall be current on the manufacturer's recommended maintenance program, with all calendar
and hourly inspections and maintenance performed through the date, flight hours, and cycles at Closing without deferment or extension,
and with terminating action completed if due prior to Closing, and with (i) no outstanding engineering dispositions or technical
variances (with the exception of any technical variances that may be permissible for operations under the RRCC program), and (ii) no
operation limitations issued against the Aircraft or non-standard or repetitive inspection intervals outside of the standard manufacturer's
recommended maintenance program;

 

		k)	all systems, modules, components, equipment, accessories, and parts of the Aircraft and Engines shall
be fully serviceable and operational within the operating guidelines, limits and tolerances established by the applicable manufacturer,
without any condition that would cause any such system, module, component, equipment, accessory or part to be unserviceable, beyond serviceable
limits, or serviceable with an increased frequency of inspection or with calendar time, flight hour, or flight cycle restrictions;

 

		l)	there shall be no parts, systems or components installed in the Aircraft on a temporary loan or exchange
basis; and

 

		m)	the Aircraft shall be free and clear of all Liens. As used herein the term "Lien" means
any lien, mortgage, security interest, lease, encumbrance, or lawful claim of others not a party to this Agreement; and the term "Lien
Holder" means any Person or entity possessing a Lien interest in the Aircraft, any Engine, the APU, or any part or component
of any of the foregoing.

 

2.3            The
cost of the Pre-Purchase Inspection and Evaluation Flight shall be at the sole expense of Buyer. Seller and Buyer shall each have the
right to have a representative present during the Pre-Purchase Inspection and up to two (2) representatives on board the Aircraft
during the Evaluation Flight. For the avoidance of doubt, Buyer shall be responsible for the flat-rate cost of the Pre-Purchase Inspection,
but shall not be responsible for the cost of any repairs, maintenance tasks, part replacements, or corrective actions undertaken in accordance
with this Agreement during the Pre-Purchase Inspection.

 

2.4            At
the conclusion of the Pre-Purchase Inspection, the Inspection Facility shall prepare an inspection report (the "Inspection Report")
and deliver the same to Buyer and Seller. The Inspection Report shall be the property of Buyer, expect that, in the event Article 6.2
applies, the Inspection Report shall become the property of the Seller upon Seller’s payment of Buyer’s Liquidated Damages.
The Inspection Report shall include a list of Discrepancies, as determined by the Inspection Facility. As used here, the term "Discrepancy"
means any discrepancy or variance from the Delivery Condition set forth in Article 2.2. In the event that the Parties disagree as
to whether an item or condition constitutes a Discrepancy, the determination of the Inspection Facility shall be conclusive. For the avoidance
of doubt, cosmetic items shall not be considered Discrepancies.

 

    Page 3 of 18

     

    

 

ARTICLE 3.     PRE-PURCHASE
INSPECTION REPORT; ACCEPTANCE OR REJECTION OF AIRCRAFT

 

3.1            No
later than two (2) Business Days following the completion and delivery to Buyer and Seller of the Inspection Report, Buyer shall
execute and deliver to Seller a Technical Acceptance / Rejection Letter ("Technical Acceptance / Rejection Letter") substantially
in the form of Exhibit "F" attached hereto, and shall:

 

		(i)	in case no Discrepancy was listed in the Inspection Report or in case all Discrepancies were corrected
during the Pre-Purchase Inspection, accept the condition of the Aircraft "as is";

 

		(ii)	in case Discrepancies were listed in the Inspection Report (which Discrepancies were not corrected during
the Pre-Purchase Inspection), provisionally accept the condition of the Aircraft, listing in an attachment to the Technical Acceptance
/ Rejection Letter the Discrepancies identified in the Inspection Report, subject to Seller's correction at its cost of such Discrepancies;
or

 

		(iii)	reject the Aircraft, which Buyer may only do only if:

 

		a.	the Aircraft is not in material compliance with any of the specifications reflected in Exhibit A
attached hereto;

 

		b.	the Inspection reveals the existence of a Discrepancy that cannot, by its nature, be rectified; or

 

		c.	the Inspection Facility informs the Parties that there are one or more Discrepancies that cannot be corrected
within thirty (30) days of the Buyer’s execution and delivery of the Technical Acceptance / Rejection Letter (the "Correction
Period") and the Parties do not agree to extend such Correction Period based on the Inspection Facility's guidance. For the avoidance
of doubt, Buyer shall have discretion to refuse to extend the Correction Period for any reason or no reason.

 

3.2            The
failure of Buyer to deliver the Technical Acceptance / Rejection Letter within the time period indicated in Article 3.1 shall be
deemed an acceptance of the Aircraft “as-is” under Article 3.1(i). In the event that Buyer accepts the Aircraft as-is,
the Parties shall proceed to Closing in accordance with Article 4, below.

 

    Page 4 of 18

     

    

 

3.3            In
the event that Buyer provisionally accepts the Aircraft subject to Seller's correction of the Discrepancies listed in the Technical Acceptance
/ Rejection Letter, Seller shall cause the Inspection Facility to correct the Discrepancies as soon as practicable, at Seller's sole expense,
and proceed with the sale of the Aircraft to Buyer in accordance with Article 4. Discrepancies discovered during the Pre-Purchase
Inspection by the Inspection Facility shall be corrected at Seller’s sole cost and expense within the Correction Period, subject
to Article 6.4; provided that, based on the Inspection Facility’s guidance, the Parties may agree to extend the duration of
the Correction Period as provided in Article 3.1(iii)(c).

 

3.4            In
the event Buyer rejects the Aircraft pursuant to Article 3.1(iii), provided that Buyer has paid all costs of the Pre-Purchase Inspection
and all Movement Costs for which Buyer is responsible hereunder, the Escrow Agent shall return the Deposit to Buyer, this Agreement shall
terminate and neither Party shall have any further rights or obligations hereunder.

 

3.5            For
purposes of this Agreement "Business Day" shall mean any day of the year other than a Saturday, Sunday or public holiday,
in which (a) banks are open for general banking business and are not authorized or required to close in the State of New York, California,
and/or Oklahoma, and (b) the FAA is open for filing and recording documents.

 

3.6            In
the event that the Delivery Location is not at the Inspection Facility, Seller shall cause the Aircraft to be repositioned to the Delivery
Location at the expense of Buyer for the Movement Cost.

 

ARTICLE 4.     DELIVERY
AND CLOSING

 

4.1            Location
and Date of Closing. The Aircraft shall be delivered in Wichita, Kansas, or at another location in the continental United States that
is mutually agreeable to Buyer and Seller (the "Delivery Location"), within the time period set forth in Article 4.5.
In the event that the Delivery Location is in the state of Kansas, Buyer shall ensure that the Aircraft is removed from the state of Kansas
within ten days of delivery thereof.

 

4.2            Pre-Closing
Deliveries.

 

		a)	Prior to the Closing, Seller shall reposition the Aircraft to the Delivery Location at Buyer's expense
in accordance with Article 3.6 hereof.

 

		b)	Prior to the Closing, Escrow Agent shall prepare and deliver to Buyer and Seller title reports for the
Airframe and each Engine, which reports shall include relevant information from both the FAA Civil Aviation Registry and the International
Registry. As used herein, the term "International Registry" means the international registry of mobile assets located
in Dublin, Ireland, established pursuant to the Cape Town Convention, as defined below.

 

		c)	Prior to the Closing, Seller shall deliver each of the following to the Escrow Agent:

 

		i.	an undated, but otherwise fully executed, FAA Bill of Sale; and

 

		ii.	an undated, but otherwise fully executed, warranty bill of sale in the form attached hereto as Exhibit "C"
(the "Warranty Bill of Sale").

 

    Page 5 of 18

     

    

 

		d)	Prior to the Closing, Seller shall cause each Lien Holder, if any, to deliver each of the following to
the Escrow Agent:

 

		i.	a written statement indicating the total amount in United States dollars that must be paid to such Lien
Holder to secure the release and termination of such Lien Holder's Lien;

 

		ii.	an undated, but otherwise fully executed Lien Release which, when filed in the FAA Civil Aviation Registry,
will cause such Lien Holder's Lien on the Aircraft to be terminated and released; and

 

		iii.	wiring instructions for such payment.

 

		e)	Prior to the Closing, Buyer shall deliver to Escrow Agent (a) an executed but undated FAA Form 8050-1
Aircraft Registration Application (the "Registration Application"), (b) funds in an amount equal to the sum of (i) the
Balance of the Purchase Price plus (ii) one-half of the Escrow Fee, plus (iii) any amounts due to be paid by Buyer pursuant
to Articles 2.1, 2.3, 3.6, and/or 4.2(a) hereof (to the extent not already paid), and (c) an executed but undated delivery receipt
in the form attached hereto as Exhibit "B" (the "Delivery Receipt"), with the hours and cycles of the
Airframe, Engines, and APU left blank.

 

		f)	Prior to the Closing:

 

		i.	Seller and Buyer shall each have registered as a Transacting User Entity with the International Registry
and shall each have appointed an Administrator; and

 

		ii.	The Administrators for Seller and Buyer shall have appointed Escrow Agent as their respective Professional
User Entity with the International Registry for purposes of registering contracts of sale regarding the Aircraft in favor of Buyer, and
any other related actions.

 

4.3            Conditions
Precedent to Seller's Obligations. Seller's obligation to sell and deliver the Aircraft to Buyer on the Closing Date (as defined below)
shall be subject to the following conditions precedent:

 

		a)	At the time of Closing, Buyer shall have performed all of the material obligations to be performed by
Buyer pursuant to this Agreement.

 

		b)	At the time of Closing, all of Buyer's representations set forth in Article 7.2 shall be true and
accurate.

 

		c)	Prior to the Closing, Buyer shall have delivered to the Escrow Agent (a) the Balance of the Purchase
Price and (b) any amounts due to be paid by Buyer pursuant to Articles 2.1, 2.3, 3.6 and/or 4.2(a) hereof (to the extent not
already paid).

 

		d)	Prior to the Closing, Buyer shall have registered as a Transacting User Entity with the International
Registry and shall have appointed an Administrator; and Buyer's Administrator shall have appointed the Escrow Agent as Buyer's Professional
User Entity in relation to the Aircraft with the International Registry.

 

    Page 6 of 18

     

    

 

4.4            Conditions
Precedent to Buyer's Obligations. Buyer's obligation to purchase and accept delivery of the Aircraft from Seller on the Closing Date
shall be subject to the following conditions precedent:

 

		a)	At the time of Closing, Seller shall have performed all of the material obligations to be performed by
Seller pursuant to this Agreement.

 

		b)	At the time of Closing, all of Seller's representations set forth in Article 7.1 shall be true and
accurate.

 

		c)	Prior to the Closing, Seller shall have delivered to the Escrow Agent an undated, but otherwise fully
executed, FAA Bill of Sale, and the undated, but otherwise fully executed, Warranty Bill of Sale.

 

		d)	Prior to the Closing, Seller shall have caused each Lien Holder to deliver to the Escrow Agent an undated,
but otherwise fully executed Lien Release, together with a written statement indicating the total amount in United States dollars that
must be paid to such Lien Holder to secure the release and termination of such Lien Holder's Lien, and wiring instructions for payment
of such amount.

 

		e)	Prior to the Closing, Seller shall have registered as a Transacting User Entity with the International
Registry and shall have appointed an Administrator; and Seller's Administrator shall have appointed the Escrow Agent as Seller's Professional
User Entity, in relation to the Aircraft with the International Registry.

 

		f)	At the time of Closing, the Aircraft shall be in the same condition as at (i) the completion of the
Inspection (if Buyer has accepted or is deemed to have accepted the Aircraft without conditions pursuant to Article 3.1(i)), or (ii) the
return to service of the Aircraft following the correction of all Discrepancies pursuant to Article 3.3, in each case except for
normal wear and tear.

 

4.5            Closing.
Provided that all of the Conditions Precedent set forth in Articles 4.3 and 4.4 have been fulfilled or waived in writing, and unless otherwise
mutually agreed by the Parties in writing, Closing shall occur not later than three (3) Business Days after (a) Buyer's acceptance
(or deemed acceptance) of the Aircraft without conditions pursuant to Article 3.1(i) or (b) the correction of all Discrepancies
pursuant to Article 3.3 and the return to service of the Aircraft. At the time of Closing, the Parties shall perform the following
closing deliveries, all of which shall collectively constitute "Closing":

 

4.5.1            Seller
shall tender delivery of the Aircraft to Buyer in the Delivery Condition (unless otherwise agreed by the Parties in writing) at the Delivery
Location.

 

    Page 7 of 18

     

    

 

4.5.2            The
Parties and any and all Lien Holders shall commence a closing call with Escrow Agent during which:

 

 4.5.2.1            Escrow Agent shall:

 

		(i)	confirm that it is in possession of (a) the Purchase Price (b) Buyer's share of the Escrow Fee,
and (c) any amounts that Buyer is required to pay pursuant to Articles 2.1, 2.3, 3.6, and/or 4.2(a) hereof (to the extent not
already paid); and

 

		(ii)	confirm that there have been no filings with the FAA or registrations on the International Registry not
otherwise listed in its title searches previously provided to Buyer and Seller.

 

4.5.2.2            Buyer
shall instruct Escrow Agent to release to Seller the Purchase Price along with all other amounts due to be paid by Buyer to Seller pursuant
to Articles 2.1, 2.3, 3.6, and/or 4.2(a) hereof;

 

4.5.2.3            Seller
shall instruct the Escrow Agent to (i) date and file the FAA Bill of Sale and any appropriate Lien releases in the FAA Civil Aviation
Registry and (ii) date and deliver to Buyer the Warranty Bill of Sale;

 

4.5.2.4            Buyer
shall instruct the Escrow Agent to (i) date
and file the Registration Application in the FAA Civil Aviation Registry and (ii) complete, date, and deliver to Seller the Delivery
Receipt;

 

4.5.2.5            Seller
shall instruct the Escrow Agent to immediately initiate or cause the initiation of the registration process under the Cape Town Convention
for the Contract of Sale and the discharge of any Liens registered with the International Registry; and

 

4.5.2.6            On
Buyer's behalf, Escrow Agent shall immediately respond or cause a response upon notification from the International Registry of registration
of the Contract of Sale under the Cape Town Convention.

 

It is the intention of the Parties that
each of the foregoing actions shall be deemed to have occurred simultaneously and that each is interdependent with all of the others.
Once the Closing process described in this Article 4.5 has begun, it shall be irrevocable, and no one shall have any right to demand
or to comply with any demand that the process be stopped prior to completion of each of the foregoing steps. The date on which all such
deliveries are completed shall be the "Closing Date". If, due to the implementation of measures to combat the Covid-19
virus, the FAA Civil Aviation Registry is unable to provide time-stamped confirmation of the instantaneous filing of documents (including
but not limited to the FAA Bill of Sale and Registration Application), the Parties and the Escrow Agent shall cooperate reasonably to
complete the Closing process as expeditiously as possible. For the avoidance of doubt, the Parties agree that the Aircraft shall remain
at the Delivery Location under the supervision of both Parties until such time as confirmation of filing of the above-referenced documents
is received by the Escrow Agent from the FAA Civil Aviation Registry or FAA acknowledgment of receipt of said documents for filing.

 

    Page 8 of 18

     

    

 

ARTICLE 5.     PAYMENT
OF PURCHASE PRICE; ESCROW

 

5.1            The
purchase price of the Aircraft shall be twelve million United States dollars ($12,000,000.00 USD) (the "Purchase Price")
in immediately available funds, payable as follows:

 

(a)            Escrow
Agent. The Parties hereby agree to appoint Insured Aircraft Title Service, LLC ("Escrow Agent") as document holder
and stakeholder for the sale and purchase of the Aircraft. Buyer and Seller shall each pay one-half (1⁄2) of the escrow and title
search fees ("Escrow Fees").

 

(b)            Deposit.
The Parties hereby acknowledge that prior to the Effective Date, Buyer paid a deposit (the "Deposit") in the amount of
five hundred thousand U.S. dollars (US$500,000.00) to Escrow Agent. The Deposit shall be non-refundable upon signature of this Agreement,
except as otherwise stated in this Agreement. The Deposit shall be held by Escrow Agent and shall be applied towards the Purchase Price
at the Closing or otherwise disbursed or refunded in accordance with the provisions of this Agreement.

 

(c)            Balance
of the Purchase Price. At or before the time of Closing, Buyer shall pay to Escrow Agent an amount equal to eleven million, five hundred
thousand U.S. dollars (US$11,500,000.00) ("Balance of the Purchase Price").

 

ARTICLE 6.     DEFAULT
PROVISIONS; TERMINATION

 

6.1            Events
of Default. Each of the following events shall constitute an "Event of Default" under this Agreement:

 

6.1.1            If
Buyer shall default in the due and punctual payment of any sum due to Seller, which default shall continue for five (5) Business
Days after Buyer's receipt of written notice of default;

 

6.1.2            If
either Party shall default in the performance of any of the other provisions contained in this Agreement which would materially and negatively
affect the ability to consummate the transactions contemplated hereby, which default shall continue for fifteen (15) calendar days after
the defaulting Party's receipt of written notice of default;

 

6.1.3            If
either Party shall file a voluntary petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file any petition
or answer seeking any reorganization, composition, readjustment, liquidation or similar relief for itself under any present or future
statute, law or regulation, or shall seek or consent to or acquiesce in the appointment of any trustee, or shall make any general assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; or

 

6.1.4            If
a petition shall be filed against either Party seeking any reorganization, composition, readjustment, liquidation or similar relief under
any present or future statute, law or regulation, and shall remain undismissed or unstayed for an aggregate of sixty (60) days (whether
or not consecutive), or if any trustee, receiver or liquidator of either Party is appointed, which appointment shall remain unvacated,
or unstayed for an aggregate of sixty (60) days (whether or not consecutive).

 

6.2            Buyer's
Remedies. Upon the occurrence of an Event of Default by Seller, and provided Buyer is not then in breach or default of this Agreement,
Buyer shall have the right, exercisable in its sole discretion, to terminate this Agreement by written notice to Seller and the Escrow
Agent. If Buyer elects to terminate this Agreement under this Article 6.2, Escrow Agent shall release to Buyer the Deposit and all
other amounts that Buyer shall have paid to Escrow Agent hereunder (save only Buyer's share of the Escrow Fees), including but not limited
to the Balance of the Purchase Price (if it has been paid) and any other amounts paid by Buyer to Escrow Agent in respect of Inspection
costs and/or Movement Costs pursuant to Articles 2.1, 2.3, 3.6, and/or 4.2(a) hereof. In addition to Buyer’s recovery of such
amounts paid to the Escrow Agent, as an additional remedy, and not as a penalty, Seller shall pay to Buyer the sum of two hundred fifty
thousand United States dollars (US$250,000.00) as liquidated damages (“Buyer’s Liquidated Damages”), minus any
amounts paid by Buyer to Escrow Agent in respect of Inspection costs and/or Movement Costs pursuant to Articles 2.1, 2.3, 3.6, and/or
4.2(a) hereof, to the extent that such amounts have been refunded to Buyer by Escrow Agent. Seller and Buyer acknowledge and agree
that the amount of Buyer’s Liquidated Damages provided for in this Article 6.2 is a reasonable estimate of the damages that
would be incurred by Buyer upon the occurrence of an Event of Default by Seller. For the avoidance of doubt, the recovery of Buyer’s
Liquidated Damages, together with the Escrow Agent’s release of funds to Buyer in accordance with this Article 6.2, shall constitute
Buyer’s exclusive remedy in the event of Seller’s Default, following which this Agreement shall terminate and neither Party
shall have any further obligation to the other hereunder.

 

    Page 9 of 18

     

    

 

6.3            Seller's
Remedies. Upon the occurrence of an Event of Default by Buyer, and provided Seller is not then in breach or default of this Agreement,
Seller shall have the right, exercisable in its sole discretion, to terminate this Agreement by written notice to Buyer and Escrow Agent.
If Seller elects to terminate this Agreement under this Article 6.3, as Seller's sole and exclusive remedy, and not as a penalty,
Seller shall be entitled to be paid the Deposit as liquidated damages (the "Seller’s Liquidated Damages"), and
Escrow Agent shall pay Seller’s Liquidated Damages to Seller upon written demand by Seller, and upon such payment, this Agreement
shall be of no further force or effect. Seller and Buyer acknowledge and agree that the amount of Seller’s Liquidated Damages provided
for in this Article 6.3 is a reasonable estimate of the damages that would be incurred by Seller in the event Buyer defaults on its
obligations under this Agreement. For the avoidance of doubt, the recovery of Seller’s Liquidated Damages shall constitute Seller's
exclusive remedy in the event of Buyer's Default.

 

6.4            Excusable
Delay. Notwithstanding anything contained in this Agreement to the contrary, Seller shall not be liable for any failure to deliver
or delay in delivery of the Aircraft or delay in performance of any of its other obligations under this Agreement, due directly to force
majeure, acts of God, fire, explosion, action of the elements or weather conditions, other catastrophe or accident, or any other cause
beyond Seller's reasonable control and without Seller's negligence ("Excusable Delay"). In the event of any Excusable
Delay, the time required for the performance of any obligation in the Agreement shall be extended for a period equal to the period during
which any such cause and the effects thereof persist, not to exceed thirty (30) calendar days. If delivery of the Aircraft is delayed
by reason of Excusable Delay for more than thirty (30) calendar days, either Party may terminate this Agreement upon giving written notice
to the other Party and Escrow Agent. Upon such termination, Escrow Agent shall release to Buyer the Deposit and all other amounts that
Buyer shall have paid to Escrow Agent hereunder (save only Buyer's share of the Escrow Fees), including but not limited to the Balance
of the Purchase Price (if it has been paid) and any amounts paid by Buyer to Escrow Agent pursuant to Articles 2.1, 2.3, 3.6, and/or 4.2(a) hereof.

 

    Page 10 of 18

     

    

 

ARTICLE 7.     REPRESENTATIONS
AND WARRANTIES

 

7.1            Seller
hereby represents and warrants to Buyer as of the date hereof and as of the Closing as follows, which representations and warranties shall
survive the Closing:

 

7.1.1            Seller
is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware, having the
capacity to sue and be sued in its own name, having full power, legal right and authority to execute, deliver and perform this Agreement.

 

7.1.2            This
Agreement has been duly authorized by all necessary corporate action, duly executed and delivered by Seller and constitutes the legal,
valid and binding obligation of Seller, enforceable against Seller in accordance with its terms.

 

7.1.3            The
execution and delivery of this Agreement and the performance by Seller of its obligations hereunder do not violate or conflict with (i) any
provision of Seller's constitutional documents, (ii) any law, regulation, order, writ or injunction of any court or governmental
authority, or (iii) any obligation, restriction or agreement entered into or binding on Seller or by which any of Seller's assets
may be bound or affected, whether relating to the Aircraft or otherwise, and do not constitute a breach or grounds for the occurrence
or declaration of a default thereunder.

 

7.1.4            The
Person executing this Agreement on behalf of Seller has full power and authority to do so.

 

7.1.5            Seller
owns good and marketable title to the Aircraft, subject only to Liens of record.

 

7.1.6            Seller
has the right to convey to Buyer, and at the time of the Closing shall convey to Buyer, legal, good, and marketable title to the Aircraft
free and clear of all Liens whatsoever, and Seller will warrant and defend such title forever against all claims and demands whatsoever.

 

7.1.7            There
are no outstanding or delinquent taxes and/or fees attributable to the Aircraft that have arisen during the period of Seller's ownership
of the Aircraft.

 

7.1.8            As
of the time of Closing, the Aircraft shall be enrolled in the programs referenced in Article 2.2(e) above, to wit: RRCC (for
the Engines), MSP (for the APU), Smart Parts, and CAMP, all of which shall be paid current through Closing.

  

7.2            Buyer
hereby represents and warrants to Seller as of the date hereof and as of the Closing as follows, which representations and warranties
shall survive the Closing:

 

7.2.1            Buyer
is a corporation duly formed, validly existing, and in good standing under the laws of the State of Delaware, having the capacity to sue
and be sued in its own name, having full power, legal right and authority to execute, deliver and perform this Agreement.

 

7.2.2            This
Agreement has been duly authorized by all necessary corporate action, duly executed and delivered by Buyer and constitutes the legal,
valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms.

 

    Page 11 of 18

     

    

 

7.2.3            The
execution and delivery of this Agreement and the performance by Buyer of its obligations hereunder do not violate or conflict with (i) any
provision of Buyer's constitutional documents, (ii) any law, regulation, order, writ or injunction of any court or governmental authority,
or (iii) any obligation, restriction or agreement entered into or binding on Buyer or by which any of Buyer's assets may be bound
or affected, whether relating to the Aircraft or otherwise, and do not constitute a breach or grounds for the occurrence or declaration
of a default thereunder.

 

7.2.4            The
Person executing this Agreement on behalf of Buyer has full power and authority to do so.

 

7.2.5            Buyer
is not a resident of the state of Kansas.

 

ARTICLE 8.     RISK
OF LOSS

 

8.1            Risk
of loss of or damage to the Aircraft shall pass from Seller to Buyer upon the filing of the FAA Bill of Sale with the FAA.

 

ARTICLE 9.     DISCLAIMER

 

EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT,
BUYER UNDERSTANDS THAT THE AIRCRAFT IS BEING SOLD BASED ON BUYER'S PERSONAL KNOWLEDGE AND INSPECTION OF THE AIRCRAFT. THE AIRCRAFT IS
BEING SOLD "AS-IS" AND "WITH ALL FAULTS" AND SELLER MAKES NO WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND OR NATURE
EXCEPT THOSE SET FORTH IN ARTICLES 7.1 AND 10.2 OF THIS AGREEMENT AND IN THE WARRANTY BILL OF SALE. WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, SELLER MAKES NO WARRANTIES WITH RESPECT TO THE CONTENT, CONDITION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OF THE AIRCRAFT AND NO WARRANTIES AGAINST PATENT INFRINGEMENTS AND THE LIKE. ALL DELIVERY CONDITIONS SPECIFIED IN THIS AGREEMENT SHALL
EXPIRE AND BE OF NO FURTHER FORCE OR EFFECT FROM AND AFTER THE CLOSING. IN NO EVENT SHALL SELLER OR ITS REPRESENTATIVES BE HELD LIABLE
TO BUYER FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OF ANY KIND (INCLUDING WITHOUT LIMITATION DAMAGES
FOR LOSS OF USE OR LOSS OF PROFITS) EVEN IF THE SELLER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS BY THE BUYER. THIS ARTICLE 9
SHALL SURVIVE THE CLOSING.

 

ARTICLE 10.     TAXES
AND DUTIES

 

10.1            Buyer
represents and warrants that it will pay all Taxes, duties, penalties, charges, and invoices or statements with respect to the Aircraft
and Buyer's ownership and usage of the Aircraft which arose, attached, or were incurred at or after the Closing. The Purchase Price does
not include any taxes, duties, fees or assessments, including, without limitation, any sales, use, transfer, recording, personal property,
excise, consumption, goods and services, luxury, value added or other similar taxes, duties or assessments ("Taxes"),
which may be levied, assessed or imposed by any foreign, federal, state or local government authority (a) on or as a result of the
sale transaction contemplated herein or other matters or things covered hereunder, (b) on the sale, delivery, or transfer of the
Aircraft from Seller to Buyer, or (c) on the Aircraft or the use thereof by Buyer arising after the Closing. Buyer shall indemnify,
defend, and hold Seller harmless from and against any and all such Taxes (including any interest and penalties thereon) that Seller is
or may be obligated by law to pay. Notwithstanding the foregoing, Buyer shall not be liable for, or obligated under any circumstances
to pay, any Taxes imposed on the income, receipts, gains or net worth of Seller, all of which shall be the sole responsibility of Seller.
Buyer's obligations under this Article 10.1 shall survive the Closing.

 

    Page 12 of 18

     

    

 

10.2            Seller
represents and warrants that it has paid all Taxes, duties, penalties, charges, and invoices or statements with respect to the Aircraft
and Seller's ownership and usage of the Aircraft which arose, attached, or were incurred prior to the Closing. To the extent, if any,
that it has not done so, Seller agrees to pay any and all of the foregoing as and when due and to indemnify, defend and hold harmless
Buyer in connection therewith. Seller's obligations under this Article 10.2 shall survive the Closing.

 

ARTICLE 11.     TRANSACTION
COSTS AND EXPENSES

 

11.1            Each
Party to this Agreement shall bear its own transaction costs and expenses, including, without limitation, any brokers' commissions and/or
attorneys' fees. If Seller has engaged the services of any broker in connection with the sale of the Aircraft, Seller shall be responsible
for any and all payments to such broker arising from the sale of the Aircraft as contemplated by this Agreement. Seller agrees to indemnify
and hold harmless Buyer from and against any claims made by any broker arising from an actual or alleged relationship or agreement with
Seller. If Buyer has engaged the services of any broker in connection with the purchase of the Aircraft, Buyer shall be responsible for
any and all payments to such broker arising from the purchase of the Aircraft as contemplated by this Agreement. Buyer agrees to indemnify
and hold harmless Seller from and against any claims made by any broker arising from an actual or alleged relationship or agreement with
Buyer.

 

ARTICLE 12.     MISCELLANEOUS

 

12.1            Assignment.
This Agreement shall not be assignable by either Party without the prior written consent of the other Party, which shall not be unreasonably
withheld or delayed; provided, however, that Buyer shall have the right (a) to assign its rights under this Agreement to an Affiliate
of Buyer or (b) to collaterally assign this Agreement to a financial institution or trust company, in either case pursuant to a written
assignment in a form reasonably acceptable to Seller; provided further, however, that Buyer shall remain liable to Seller for the performance
of any and all Buyer obligations set forth herein as if the Agreement had not been so assigned. As used in this Article 12.1, the
term "Affiliate" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by
or under common control with such Person (including, without limitation, (i) a trust of which such Person is the trustee or beneficiary
or (ii) a subsidiary of such Person). The term "control" (including "controlled by" and "under common
control with"), as used in this Agreement with reference to an Affiliate, shall mean the power, directly or indirectly, to direct
or cause the direction of the management and policies of such Person whether through the ownership of voting securities or by contract
or otherwise; and the term "Person" shall mean any individual, firm, partnership, joint venture, trust, corporation,
company, government agency, committee, department, authority or any body, incorporated or unincorporated, whether having distinct legal
personality or not.

 

    Page 13 of 18

     

    

 

12.2            Notices.
All communications, declarations, demands, consents, directions, approvals, instructions, requests and notices required or permitted by
this Agreement shall be in writing and shall be deemed to have been duly given or made when delivered personally, or in the case of documented
overnight delivery service or registered or certified mail, return receipt requested, delivery charge or postage prepaid, on the date
shown on the receipt therefor, or if delivered by email, on the date received, in each case at the address set forth below::

 

If to Buyer:

 

PLBY Group, Inc.

10960 Wilshire Boulevard

Suite 2200

Los Angeles, California 90024

 

Attention: Chris Riley, General Counsel

E-mail:       criley@playboy.com

 

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

 

Aerlex Law Group

11900 West Olympic Boulevard

Suite 450

Los Angeles, California 90064-1171

Attention: Stephen R. Hofer, Esq.

E-mail: shofer@aerlex.com

 

If to Seller:

 

[_________]

 

 12.3            Successors.  This Agreement shall inure to the benefit of and be binding upon each of Seller and Buyer and their respective successors and permitted assigns.

 

12.4            Assignment
of Warranties. Effective upon Closing, Seller hereby assigns (to the extent assignable) all of its rights to any warranties that are
in effect with respect to the Aircraft, without limitation, any work performed on the Aircraft, and will thereafter take reasonable action
(at Buyer's cost) to assist Buyer in processing warranty claims. Upon Buyer's prior written request, Seller shall give reasonable assistance
in enforcing Buyer's rights under any such assigned warranties, provided Buyer shall reimburse Seller for any reasonable out-of-pocket
costs and expenses incurred by Seller in rendering such assistance.

 

12.5            Support
Contracts. Effective upon Closing, Seller hereby assigns (to the extent assignable) all of its rights with respect to the RRCC and
MSP programs, both of which shall be fully paid and current. Seller shall not cash out of either of the foregoing programs prior to Closing.
The Smart Parts airframe program and the CAMP maintenance tracking program shall also be fully paid and current (with no deficits) through
the Closing. Buyer will enter into a new Smart Parts airframe agreement with Bombardier at the then-current pricing as well as a new CAMP
maintenance tracking program at the then-current pricing. Seller shall be responsible for and shall pay all amounts due to the providers
of support contracts with respect to all operations and periods prior to the Closing. Buyer shall pay any transfer or enrollment fees
due to said providers. Notwithstanding anything to the contrary in this Agreement, the Parties (a) acknowledge that Seller presently
has a substantial credit balance in the Smart Parts program and (b) agree that Seller may withdraw that balance or otherwise cause
it to be credited to or applied for the benefit of Seller or its designee.

 

    Page 14 of 18

     

    

 

12.6            Governing
Law; Jurisdiction and Venue. This Agreement shall in all respects be governed by, and construed in accordance with, the laws of the
State of California, including all matters of construction, validity and performance, without giving effect to conflicts of law principles.
Each of the Parties irrevocably and unconditionally: (a) agrees that any suit, action or legal proceeding arising out of or relating
to this Agreement shall be subject to the non-exclusive jurisdiction of the courts sitting in Los Angeles County, California, and the
United States District Court for the Central District of California, (b) consents to the jurisdiction and court rules of California,
(c) waives any objection which it may have to the laying of venue of any such suit, action or proceeding in any of such courts, and
(d) agrees that service of any court paper may be effected on such Party by mail, or in such other manner as may be provided under
applicable laws or court rules in California.

 

12.7            Entire
Agreement. The terms and conditions of this Agreement constitute the entire agreement of the Parties hereto and supersede all previous
negotiations, representations, and agreements between the Parties, express or implied, with respect to the sale or purchase of the Aircraft.

 

12.8            Amendments.
The provisions of this Agreement may not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever except
by written instrument signed by both Parties hereto.

 

12.9            Non-Waiver.
Any failure at any time of either Party to enforce any provision of this Agreement shall not constitute a waiver of such provision or
prejudice the right of such Party to enforce such provision at any subsequent time.

 

12.10            Severability.
Any provision of this Agreement that may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

 

12.11            Headings
and References. The division of this Agreement into articles and sections, and the insertion of headings, are for convenience of reference
only and shall not affect the construction or interpretation of this Agreement.

 

12.12            Counterparts;
Electronic Delivery. This Agreement may be fully executed in any number of counterparts and by the different Parties hereto on separate
counterparts, each of which will be deemed to be an original, and all of which together will be deemed to be one and the same instrument
when each Party has signed and delivered one such counterpart to the other Party. Delivery of an executed counterpart of this Agreement
or of any other document in connection with this Agreement by fax or e-mail will be deemed as effective as delivery of an originally executed
counterpart or document.

 

    Page 15 of 18

     

    

 

12.13            Attorney
Fees. In the event it becomes necessary to enforce the terms of this Agreement by litigation or otherwise, the prevailing Party shall
be entitled to recover its reasonable attorney fees and court costs, including any such fees or costs arising from subsequent appeals
and efforts to execute on any judgment.

 

12.14            Agreement
Negotiated. The Parties are sophisticated and have been represented or had the opportunity to be represented in connection with the
negotiation and performance of this Agreement. The Parties agree that no presumptions relating to the interpretation of contracts against
the drafter of any particular clause should or may be applied in this case and, therefore, waive their effects.

 

12.15            Time
is of the Essence. Time shall be of the essence for all events contemplated hereunder.

 

12.16            Confidentiality.
The existence, terms and conditions of this Agreement, and all writings, discussions, and negotiations in connection with the transaction
contemplated by this Agreement (including, without limitation, the fact that discussions and negotiations have been conducted by the Parties),
shall remain strictly confidential and shall not be disclosed by either Party, without the prior written consent of the other Party, except
that each Party shall be entitled to disclose the terms and conditions of this Agreement to such Party's attorneys, accountants, consultants,
and other advisors performing services for such Party with respect to or affected by the transaction contemplated by this Agreement.

 

12.17            Exclusivity. From the date of signature
of this Agreement until and including the Closing Date or termination of this Agreement, Seller and its agents shall refrain from and
discontinue any and all marketing efforts, listings, or other attempts to sell the Aircraft.

 

12.18            Insurance;
Total Loss. Until delivery, Seller shall keep the Aircraft fully insured and in the event that the Aircraft is either lost, destroyed,
stolen, confiscated, or declared a total loss prior to delivery, this Agreement shall be terminated, all amounts paid by Buyer to Escrow
Agent shall be refunded in full to Buyer, all proceeds of insurance shall be the sole property of Seller, and neither Party shall have
any further right or obligation under this Agreement. Buyer shall not take any action that will invalidate Seller's insurance coverage.

 

12.19            Authority
to Enter into Agreement. Each individual executing this Agreement on a Party's behalf expressly warrants that:

 

		(a)	Such Person has the full legal authority, from his corporate board of directors or other authorized individuals,
pursuant to appropriate resolution or other writing, to legally and effectively bind the represented Party to this Agreement; and

 

		(b)	Such board of directors or other authorized individuals have been fully informed; and concerning this
Agreement and understands and agrees to all provisions herein.

 

    Page 16 of 18

     

    

 

ARTICLE 13.     ADDITIONAL
PROVISIONS

 

13.1            All
spare parts and loose equipment inventoried with the Aircraft during the Buyer's Pre-Purchase Inspection, referred to in Article 1.1,
is included in the Purchase Price and will be delivered to the Buyer at Closing. Also any exterior covers for engines, pitot, etc.,
that are normally utilized with this type of aircraft will be provided at no cost to Buyer at Closing.

 

ARTICLE 14.     CAPE
TOWN REGISTRATION

 

14.1            Buyer
will not register, consent to, nor allow any third party to register any international interest or prospective international interest
under the Convention on International Interests in Mobile Equipment ("Cape Town Convention") with respect to the Airframe
or the Engines until such time as title to the Aircraft has been transferred from Seller to Buyer.

 

14.2            Seller
will, at Closing, provide its consent to the registration of an international interest evidencing the transfer of title to the Aircraft
to Buyer, provided all amounts due to Seller under this Agreement have been paid in full. Buyer shall be responsible for all registration
and search costs.

 

14.3            In
the event of termination of this Agreement for any reason whatsoever, Buyer shall discharge or cause the discharge of any registration
with the International Registry created by or through Buyer or by Persons claiming by or through Buyer. Upon request, Buyer shall provide
Seller with sufficient evidence to satisfy Seller that any such registrations have been discharged. Notwithstanding the foregoing, if
Seller commences court proceedings to obtain the discharge of any such registrations created in contravention of this Article 14,
Seller shall be entitled to recover against Buyer any and all costs, fees and expenses (including reasonable attorney's fees) incurred
by Seller to obtain such discharge and Buyer shall also be liable for any and all damages suffered by Seller as a result of Buyer's breach
of its obligations under this Article 14.

 

14.4            Prior
to or at Closing, Seller shall cause any outstanding international interest registrations on the International registry (including any
amendments or assignments or subordinations thereof) to be discharged in compliance with the Cape Town Convention and the Federal Transportation
Code. Seller shall provide Buyer with sufficient evidence to satisfy Buyer that any such registrations have been discharged. Notwithstanding
the foregoing, if Buyer commences court proceedings to obtain the required discharges in contravention of this Article 14, Buyer
shall be entitled to recover against Seller any and all costs, fees and expenses (including attorney's fees) incurred by Buyer to obtain
such discharge and Seller shall also be liable for any and all damages suffered by Buyer as a result of Seller's breach of its obligations
under this Article.

 

(Signature page follows)

 

    Page 17 of 18

     

    

 

IN WITNESS WHEREOF, the undersigned Parties
have caused this Aircraft Sale Agreement to be executed, delivered and effective as of the date first above written.

 

[______] (Seller)

 

Signature:

 

Print Name:

 

Title:

 

PLBY
Group, Inc. (Buyer)

 

Signature:

 

Print Name: Ben Kohn

 

Title: President & Chief Executive
Officer

 

    Page 18 of 18

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