Document:

Exhibit 10.3

 

 Lock-Up
AGREEMENT

 

This Lock-Up Agreement, dated
as of March 22, 2022 (this “Agreement”), is entered into by and among Coincheck Group B.V., a Dutch private limited
liability company (besloten vennootschap met beperkte aansprakelijkheid) (“PubCo”), Coincheck, Inc., a Japanese
joint stock company (kabushiki kaisha) (the “Company”), and the individual set forth on Schedule 1 attached
hereto (the “Equityholder”). PubCo and the Equityholder are collectively referred to herein as the “Parties”
and individually as a “Party.”

 

RECITALS

 

WHEREAS, as of the date hereof,
the Equityholder is the sole record owner and “beneficial owner” (as such term is used herein, within the meaning of Rule
13d-3 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange
Act”)) of, and has the sole power to dispose of and vote (or direct the voting of), the number of ordinary shares of the Company
(such shares, the “Company Shares”) set forth opposite the Equityholder’s name on Schedule 1 attached
hereto (such shares, together with any additional Company Shares or any ordinary shares of PubCo (“PubCo Shares”) (or
any securities convertible into or exercisable or exchangeable for Company Shares or PubCo Shares) of which the Equityholder acquires
record or beneficial ownership after the date hereof, including by any Transfer (as defined below), purchase, as a result of a stock dividend,
stock split, recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion of any
securities, the “Covered Securities”);

 

WHEREAS, on or about the date
hereof, Thunder Bridge Capital Partners IV, Inc. (“Thunder Bridge”), PubCo, M1 Co G.K., Coincheck Merger Sub, Inc.,
and the Company are entering into a Business Combination Agreement (as amended, supplemented, restated or otherwise modified from time
to time, the “Combination Agreement”; capitalized terms used but not otherwise defined in this Agreement shall have
the meanings ascribed to them in the Combination Agreement);

 

WHEREAS, as a condition and inducement
to the willingness of PubCo and the Company to enter into the Combination Agreement, the Parties desire to agree to certain matters as
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, PubCo, the Company
and Equityholder hereby agree as follows:

 

1. Delivery
of Company Shareholder Earn Out Shares to Escrow Agent. Immediately prior to the Merger Effective Time, the Equityholder
shall deliver, or cause to be delivered, to the Escrow Agent to hold on behalf of the Equityholder, its Company Shareholder Pro Rata
Share of the Company Shareholder Earn Out Shares to be held in an Escrow Account established pursuant to the Escrow Agreement.

 

    

     

    

 

2.  Termination; Non-Survival of Representations and Warranties.

 

(a)
This Agreement shall terminate upon the earlier to occur of (x) the expiration of the Lock-up Period and (y) the Third Early Lock-up
Expiration Time.

 

(b)
None of the representations or warranties contained in this Agreement or in any certificate or other writing delivered pursuant
hereto shall survive the Closing.

 

3.  Representations and Warranties of the Equityholder. The
Equityholder hereby represents and warrants to PubCo and the Company as follows:

 

(a)
The Equityholder has full legal capacity, right and authority to execute and deliver this Agreement and to perform his obligations
hereunder. This Agreement has been duly executed and delivered by the Equityholder and, subject to the due execution and delivery of this
Agreement by PubCo and the Company, constitutes a legally valid and binding agreement of the Equityholder enforceable against the Equityholder
in accordance with the terms hereof.

 

(b)
The Equityholder is the sole record owner and beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of, and
has good, valid and marketable title to the Covered Securities, free and clear of any Liens (other than as created by this Agreement or
the Governing Documents of PubCo or the Company, as the case may be). As of the date hereof, other than the Covered Securities set forth
opposite his name on Schedule 1, the Equityholder does not own beneficially or of record any PubCo Shares or Company Shares (or
any securities convertible into PubCo Shares or Company Shares) or any interest therein.

 

(c)
The execution and delivery of this Agreement by the Equityholder does not, and the performance by the Equityholder of his obligations
hereunder will not, (i) conflict with the rights of Equityholder’s spouse or domestic partner, as applicable, or (ii) require any
consent or approval that has not been given or other action that has not been taken by any Person (including under any Contract binding
upon the Equityholder or the Covered Securities), in each case, to the extent the absence of such consent, approval or other action would
prevent, enjoin or materially delay the performance by the Equityholder of his obligations under this Agreement.

 

(d)
As of the date of this Agreement, there is no Action pending against the Equityholder or, to his knowledge, threatened against
the Equityholder that, in any manner, questions the beneficial or record ownership of the Covered Securities or the validity of this Agreement,
or challenges or seeks to prevent, enjoin or materially delay the performance by the Equityholder of his obligations under this Agreement.

 

(e)
The Equityholder understands and acknowledges that PubCo and the Company are entering into the Combination Agreement in reliance
upon its execution and delivery of this Agreement and its representations, warranties, covenants and other agreements contained herein.

 

4.
Certain Covenants of the Equityholder.

 

(a)
No Transfers Prior to Termination Date. The Equityholder shall not, prior to the Termination Date (except, in each case,
pursuant to the Combination Agreement), (i) directly or indirectly sell, transfer, hypothecate, pledge, encumber, assign, hedge, swap,
convert or otherwise dispose of (including by merger (including by conversion into securities or other consideration), by tendering into
any tender or exchange offer, by operation of Law or otherwise), either voluntarily or involuntarily, any of the Covered Securities, (ii)
enter into any Contract or option with respect to any transaction specified in clause (i) or any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any of the Covered Securities, whether any such transaction
is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clauses (i) or (ii) (any transaction specified in clauses (i), (ii) or (iii), a “Transfer”); provided,
however, that the foregoing shall not prohibit a Transfer to an Affiliate of the Equityholder (each, a “Permitted Transfer”);
provided, further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee
agrees in a writing, reasonably satisfactory in form and substance to Thunder Bridge, to assume all of the obligations of the transferring
Equityholder under, and be bound by all of the terms of, this Agreement; provided, further, that any Transfer permitted
under this Section 8(b) shall not relieve the transferring Equityholder of its obligations under this Agreement. Any Transfer in
violation of this Section 8(b) shall be null and void.

 

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(b)
Post-Closing Lock-Up.

 

		(i)	Subject to Section 4(b)(ii) and Section 4(b)(iii), the Equityholder hereby agrees that the Equityholder shall not Transfer
any Lock-up Shares during the Lock-up Period (the “Lock-up”). Any Transfer in violation of this Section 8(c)
shall be null and void.

 

		(ii)	Notwithstanding the provisions set forth in Section 4(b)(i),
the Equityholder may Transfer the Lock-up Shares during the Lock-up Period (i) to (A) any family members, foundation, trust, family limited
partnership, family limited liability company or other entity created and used for estate planning purposes of the Equityholder’s
officers, directors or employees or (B) any Affiliates of the Equityholder or any officers, directors or employees of such Affiliates;
or (ii) in the event of the Company’s liquidation, merger, capital stock exchange or other similar transaction which results in
all of the Company’s Shareholders having the right to exchange their shares of Company Stock for cash, securities or other property
subsequent to the Closing Date; provided, that each transferee contemplated by clauses (i) through (ii) (each, a “Permitted
Transferee”) must agree in writing to be bound by the Lock-up.

 

		(iii)	Notwithstanding the provisions set forth in Section 4(b)(i) and Section 4(b)(ii):

 

		(1)	an aggregate of one-third of the Equityholder’s Lock-up Shares will be automatically released from the Lock-up (allocated pro
rata) at the First Early Lock-up Expiration Time;

 

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		(2)	an aggregate of one-third of the Equityholder’s Lock-up Shares will be automatically released from the Lock-up (allocated pro
rata) at the Second Early Lock-up Expiration Time; and

 

		(3)	the remainder, being an aggregate of one-third of the Equityholder’s Lock-up Shares, will be automatically released from the
Lock-up (allocated pro rata) at the Third Early Lock-up Expiration Time.

 

		(iv)	Notwithstanding the provisions set forth in Section 4(b)(iii) if, at any Early Lock-Up Expiration Time, PubCo is
in a Blackout Period, the actual date of such Early Lock-Up Expiration shall be delayed (the “Early Lock-Up Expiration
Extension”) until immediately prior to the opening of trading on the second Trading Day (the “Extension Expiration
Time”) following the first date (such first date, the “Extension Expiration Measurement Date”) that
PubCo is no longer in a Blackout Period under its insider trading policy; provided, further, that, in the case of either
an Early Lock-Up Expiration or an Early Lock-Up Expiration Extension, PubCo shall announce through a major news service,
or on a Form 6-K, the Early Lock-Up Expiration and the Early Lock-Up Expiration Time, or the Early Lock-Up Expiration
Extension and the Extension Expiration Time, as the case may be, at least one full Trading Day prior to the Early Lock-Up Expiration
Time or the Extension Expiration Time, as applicable.

 

(c)
Maintenance of Records. The Equityholder hereby authorizes PubCo to maintain a copy of this Agreement at either its executive
office or registered office.

 

(d)
Closing Date Deliverables. On the Closing Date, the Equityholder shall deliver to PubCo, TBCP
IV, LLC and Monex a duly executed copy of the Registration Rights Agreement, in substantially the form attached as Exhibit C to the Combination
Agreement.

 

5.  Further Assurances. During the Interim Period, at the PubCo’s
or the Company’s reasonable request, the Equityholder shall each execute and deliver such additional documents and take all such
further action as may be necessary or reasonably requested to effect the actions and consummate the transactions contemplated hereby.

 

6. Disclosure.
The Equityholder hereby authorizes PubCo and Thunder Bridge to publish and disclose in any announcement or disclosure relating to
the Transactions, including any such announcement or disclosure required or requested by the SEC (or as otherwise required or
requested pursuant to any applicable Laws or any other Governmental Authorities), the Equityholder’s identity and ownership of
the Covered Securities and the nature of the Equityholder’s obligations under this Agreement and, if deemed appropriate by
PubCo, a copy of this Agreement. The Equityholder will promptly provide any information reasonably requested in writing by PubCo or
the Company for any regulatory application or filing made or approval sought in connection with the transactions contemplated by the
Combination Agreement (including filings with the SEC).

 

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7.  Changes in Capital Stock. In the event (i) of a stock split,
stock dividend or distribution, or any change in Company Stock or PubCo Stock by reason of any split-up, reverse stock split, recapitalization,
combination, reclassification, exchange of shares or the like or (ii) the Equityholder purchases or otherwise acquires beneficial ownership
of any PubCo Shares or Company Shares, the term “Covered Securities” shall be deemed to refer to and include such shares as
well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed
or exchanged or which are received in such transaction.

 

8.  Amendment and Modification. This Agreement may not be amended,
modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing signed by each Party.

 

9.
Waiver. No failure or delay by any Party exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Parties hereunder are
cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a Party
to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such Party.

 

10.      Notices. All notices and other communications hereunder
shall be in writing and shall be deemed given if delivered personally, by email (with confirmation of receipt) or sent by a nationally
recognized overnight courier service, such as Federal Express, to the Parties at the following addresses (or at such other address for
a Party as shall be specified by like notice made pursuant to this Section 10):

 

if to the Equityholder:

 

to the address set forth
on Schedule 1 attached hereto

 

if to the Company or PubCo:

 

c/o Coincheck Group, Inc.

E Space Tower, 12F

3-6, Maruyamacho

Shibuya-ku, Tokyo 150-0044

Attn: Satoshi Hasuo

E-mail: satoshi.hasuo@coincheck.com

with copies (which
shall not constitute notice) to:

 

Simpson Thacher &
Bartlett LLP

Ark Hills Sengokuyama
Mori Tower, 41F

9-10, Roppongi 1-chome

Minato-ku, Tokyo 106-0032,
Japan

Attention: Alan Cannon

Email: acannon@stblaw.com

 

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and

 

Simpson Thacher &
Bartlett LLP

425 Lexington Avenue

New York, NY 10017, United
States

Attention: Patrick
Naughton

Email: pnaughton@stblaw.com

 

11.      Entire Agreement; Time of Effectiveness. This Agreement
constitutes the entire agreement and understanding, and supersedes all prior agreements and understandings, both written and oral, between
the Parties with respect to the subject matter hereof.

 

12.      No Third-Party Beneficiaries. This Agreement is not intended
to, and does not, confer upon any Person other than the Parties, any rights or remedies hereunder, including the right to rely upon the
representations, warranties and covenants set forth herein, and the Parties hereby further agree that this Agreement may only be enforced
against, and any Action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance
of this Agreement, may only be made against, the Persons expressly named as parties to this Agreement.

 

13.
Governing Law and Venue; Service of Process; Waiver of Jury Trial.

 

(a)
This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the internal Laws of the State of Delaware, including its
statute of limitations, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would
require or permit the application of the Laws or statute of limitations of another jurisdiction.

 

(b)
Any Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may only be brought
in the Court of Chancery of the State of Delaware or, if such court lacks jurisdiction, the state and federal courts in the State of Delaware,
and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court in any such Action, waives any objection
it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the Action
shall be heard and determined only in any such court, and agrees not to bring any Action arising out of or relating to this Agreement
or the transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any Party
to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any other
jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this Section 13(b).

 

(c)
EACH OF THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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14.      Assignment; Successors. Neither this Agreement nor any of
the rights, interests or obligations hereunder shall be assigned by any Party without the prior written consent of the other Parties hereto.
Any such assignment without such consent shall be null and void. This Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Parties and their respective successors and permitted assigns.

 

15.      Enforcement. The Parties agree that irreparable damage (for
which monetary damages, even if available, would not be an adequate remedy) would occur, and that the Parties would not have any adequate
remedy at law, in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that the Parties shall be entitled to specific performance, an injunction or injunctions,
or other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement without proof of actual damages or otherwise (and each Party hereby waives any requirement for the securing or posting
of any bond in connection with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity.
Each Party acknowledges and agrees that the right of specific enforcement is an integral part of the transactions contemplated hereby
and that, without such right, none of the Parties would have entered into this Agreement. Each Party agrees that it will not oppose the
granting of specific performance and other equitable relief on the basis that the other Parties have an adequate remedy at Law. In the
event of a final non-appealable judgement from a court of competent jurisdiction relating to this Agreement, the prevailing party in such
action shall be entitled to reasonable and documented fees and expenses (including reasonable and documented attorney’s fees) from
the non-prevailing party.

 

16.      Severability. If any term or other provision of this Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the
remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

 

17.
Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, it being understood that each Party need not sign the same
counterpart. Signatures delivered electronically or by facsimile shall be deemed to be original signatures.

 

18.
Defined Terms. For purposes of this Agreement:

 

		(1)	the term “Blackout Period” means a broadly applicable and regularly scheduled period during which trading in PubCo’s
securities would not be permitted under the PubCo’s insider trading policy;

 

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		(2)	the term “Early Lock-up Expiration Time” means, as applicable, the First Early Lock-up Expiration Time, Second
Early Lock-up Expiration Time, or Third Early Lock-up Expiration Time;

 

		(3)	the term “First Early Lock-up Expiration Time” means, if the last reported sale price of the PubCo Shares on the
exchange on which the PubCo Shares are listed (the “Closing Price”) equals or exceeds $15.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) (the “First Threshold Price”) for
20 out of any 30 consecutive Trading Days, including the last day of such 30 Trading Day period (any such 30 Trading Day period during
which such condition is satisfied, the “First Measurement Period”), then immediately prior to the opening of trading
on the exchange on which the PubCo Shares are listed on the Trading Day following the end of the First Measurement Period;

 

		(4)	the term “Lock-up Period” means the period beginning on the Closing Date and ending on the date that is three hundred
and sixty-five (365) days after (and excluding) the Closing Date;

 

		(5)	the term “Lock-up Shares” means the PubCo Shares
held by the Equityholder immediately following the Closing (other than PubCo Shares acquired in the public market or pursuant to a transaction
exempt from registration under the Securities Act pursuant to a subscription agreement where the issuance of PubCo Shares occurs on or
after the Closing);

 

		(6)	the term “Second Early Lock-up Expiration Time” means, if the Closing Price equals or exceeds $17.50 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) (the “Second Threshold Price”)
for 20 out of any 30 consecutive Trading Days, including the last day of such 30 Trading Day period (any such 30 Trading Day period during
which such condition is satisfied, the “Second Measurement Period”), then immediately prior to the opening of trading
on the exchange on which the PubCo Shares are listed on the Trading Day following the end of the Second Measurement Period;

 

		(7)	the term “Third Early Lock-up Expiration Time” means, if the Closing Price equals or exceeds $20.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) (the “Third Threshold Price”)
for 20 out of any 30 consecutive Trading Days, including the last day of such 30 Trading Day period (any such 30 Trading Day period during
which such condition is satisfied, the “Third Measurement Period”), then immediately prior to the opening of trading
on the exchange on which the PubCo Shares are listed on the Trading Day following the end of the Third Measurement Period;

 

		(8)	the term “Threshold Price” means, as applicable, the First Threshold Price, the Second Threshold Price, and the
Third Threshold Price; and

 

		(9)	the term “Trading Day” is a day on which the New York Stock Exchange and the Nasdaq Stock Market are open for the
buying and selling of securities.

 

[The remainder of this page is intentionally
left blank.]

 

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IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed (where applicable, by their respective officers or other authorized Persons thereunto duly authorized)
as of the date first written above.

  

	 	EQUITYHOLDER
	 	 	 
	 	By:	                           
	 	 	 
	 	Coincheck
GROUP B.V.  
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	COINCHECK, INC.
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

[Signature Page to
Lock-Up Agreement]

 

     

     

    

 

Schedule 1

 

Covered Securities

 

	Name	Address	Company
    

Shares Held
	[●]	[●]	[●]

 

 

Schedule
1-1Exhibit 10.4

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of _________ 2022, is made and entered into by and among
Coincheck Group B.V. (the “Company”), TBCP IV, LLC (“Thunder Bridge Sponsor”), Monex Group, Inc.
(“Monex”), and the Persons set forth on Exhibit A hereto (collectively with the Thunder Bridge Sponsor, Monex
and any other person or entity who hereafter becomes a party to this Agreement, each a “Holder” and collectively the
“Holders”).

 

RECITALS

 

WHEREAS,
the Company is party to that certain Business Combination Agreement, dated as of March 22, 2022 (the “Combination Agreement”),
by and among Thunder Bridge Capital Partners IV, Inc., a Delaware corporation (“Thunder Bridge”), the Company, M1
Co G.K., a Japanese limited liability company (godo kaisha) (“HoldCo”), Coincheck Merger Sub, Inc. (“Merger
Sub”), a Delaware corporation, and Coincheck, Inc., a Japanese joint stock company (kabushiki kaisha) ( “Coincheck”),
pursuant to which, among other things, on or about the date hereof, Merger Sub will merge with and into Thunder Bridge (with Thunder
Bridge being the surviving entity and a wholly-owned subsidiary of the Company) in exchange for Thunder Bridge’s stockholders receiving
a right to receive shares of the Company with a nominal value of one eurocent (EUR 0.01) each (the “Ordinary Shares”);

 

WHEREAS,
Thunder Bridge Sponsor and Thunder Bridge are parties to that certain Registration Rights Agreement, dated June 29, 2021 (“Prior
Agreement”), by and among Thunder Bridge, Sponsor, and other Persons parties thereto attached as Exhibit 10.5 to Thunder Bridge’s
current report on Form 8-K filed with the Commission on July 2, 2021;

 

WHEREAS,
in connection with the Unit Subscription Agreement, dated July 2, 2021, Thunder Bridge Sponsor acquired 129,611 warrants exercisable
for one Thunder Bridge Common Share for $11.50 per share (the “Thunder Bridge Warrants”);

 

WHEREAS,
the Thunder Bridge Sponsor is acquiring Ordinary Shares (including the Ordinary Shares issued or issuable upon the exercise of any other
equity security issued to Thunder Bridge Sponsor pursuant to the terms of the Combination Agreement, including the private placement
of Thunder Bridge Common Shares) on or about the date hereof pursuant to the Combination Agreement;

 

WHEREAS,
on or about the date hereof, pursuant to the Combination Agreement, each Thunder Bridge Warrant is automatically and irrevocably modified
to provide that such Thunder Bridge Warrant no longer entitles the holder thereof to exercise such Thunder Bridge Warrant for one Thunder
Bridge Common Share for $11.50 per share and in substitution thereof such Thunder Bridge Warrant shall entitle the holder thereof to
exercise such Thunder Bridge Warrant for one Ordinary Share for $11.50 per share; and

 

WHEREAS,
in connection with the transactions contemplated by the Combination Agreement, the Company and the Holders desire to enter into this
Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the
Company, as set forth in this Agreement.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings
set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which, in the good faith judgment of the President
or Chief Financial Officer of the Company, after consultation with counsel to the Company, (a) would be required to be made in any
Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any Misstatement,
(b) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement or
Prospectus, and (c) the Company has (x) a bona fide business purpose for not making or (y) determined the premature disclosure of such
information would materially adversely affect the Company.

 

“Affiliate”
shall mean, with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with, the Person specified; provided that no Holder shall be deemed an Affiliate
of any other Holder solely by reason of an investment in, or holding of Ordinary Shares (or securities convertible or exchangeable for
share of Ordinary Shares) of, the Company. As used in this definition, “control” (including with correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the
direction of management or policies (whether through ownership of voting securities or by contract or other agreement).

 

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

 

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

 

“Claims”
shall have the meaning given in subsection 4.1.1.

 

“Closing
Date” shall mean the date of this Agreement.

 

“Combination
Agreement” shall have the meaning given in the Recitals hereto.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

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

 

“Company
Shelf Takedown Notice” shall have the meaning given in subsection 2.1.3.

 

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“Company
Support Agreement” shall mean that certain Company Support Agreement, dated as of March 22, 2022 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereto), by and among the Company, Monex and Thunder Bridge.

 

“Demand
Registration” shall have the meaning given in subsection 2.2.1.

 

“DR
Demanding Holders” shall mean the applicable Holders having the right to make, and actually making, a written demand for the
Registration of Registrable Securities pursuant to subsection 2.2.1.

 

“DR
Requesting Holder” shall have the meaning given in subsection 2.2.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
F-1 Shelf” shall have the meaning given in subsection 2.1.1.

 

“Form
F-3 Shelf” shall have the meaning given in subsection 2.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto.

 

“Lock-Up
Period” means (i) with respect to the Registrable Securities owned by the Sponsor Parties, the “Lock-Up Period”
as defined in the Sponsor Support Agreement, (ii) with respect to the Registrable Securities owned by Monex, the “Lock-Up Period”
as defined in the Company Support Agreement, and (iii) with respect to any other Holder, the “Lock-Up Period” as defined
in the lock-up agreement with the Company to which such Holder is a party.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.2.4.

 

“Minimum
Amount” shall have the meaning given in subsection 2.1.3.

 

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

 

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

 

“Ordinary
Shares” shall have the meaning given in the Recitals.

 

“Permitted
Transferees” shall mean a person or entity to whom the Holders are permitted to Transfer Registrable Securities prior to the
expiration of the Lock-Up Period with respect to the Registrable Securities owned by such Holder.

 

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“Piggyback
Registration” shall have the meaning given in subsection 2.3.1.

 

“Prior
Agreement” shall have the meaning given in the Recitals hereto.

 

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

 

“Registrable
Security” shall mean (a) any outstanding Ordinary Shares or other equity securities of the Company held by a Holder immediately
following the Closing, (b) any Ordinary Shares issued to a Holder pursuant to the terms of the Combination Agreement (including the Ordinary
Shares issued or issuable upon the exercise of any other equity security issued to a Holder pursuant to the terms of the Combination
Agreement), (c) the Thunder Bridge Warrants (including any Ordinary Shares issued or issuable upon the exercise of any Thunder Bridge
Warrants) and (d) any other equity security of the Company issued or issuable with respect to the securities referred to in the foregoing
clauses (a) through (c) by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise; provided, however, that, as to any particular Registrable Security,
such securities shall cease to be Registrable Securities when: (i) 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; (ii) such securities shall have been otherwise transferred, new certificates for such
securities not bearing (or book entry positions not subject to) a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such securities
shall have ceased to be outstanding; (iv) such securities may be sold without registration pursuant to Rule 144 promulgated under the
Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations);
or (v) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

	 	(a)	all
    registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
    Inc.) and any securities exchange on which the Registrable Securities are then listed;

 

    4

     

    

 

	 	(b)	fees
    and expenses of compliance with securities or blue-sky laws (including reasonable fees and disbursements of counsel for the Underwriters
    in connection with blue sky qualifications of Registrable Securities);

 

	 	(c)	printing,
    messenger, telephone, delivery and road show or other marketing expenses;

 

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

 

	 	(e)	reasonable
    fees and disbursements of all independent registered public accountants of the Company incurred in connection with such Registration;

 

	 	(f)	reasonable
    fees and expenses of one (1) legal counsel selected by the Company to render any local counsel opinions in connection with the applicable
    Registration; and

 

	 	(g)	reasonable
    fees and expenses of one (1) legal counsel selected by (i) the majority-in-interest of the DR Demanding Holders initiating a Demand
    Registration, (ii) the majority-in-interest of the SUO Demanding Holders initiating a Shelf Underwritten Offering, or (iii)
    the majority-in-interest of participating Holders under Section 2.3 if the Registration was initiated by the Company for its
    own account or that of a Company shareholder other than pursuant to rights under this Agreement, in each case to be registered for
    offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

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

 

“Shelf
Takedown Notice” shall have the meaning given in subsection 2.1.3.

 

“Shelf
Underwritten Offering” shall have the meaning given in subsection 2.1.3.

 

“Sponsor
Parties” shall mean Thunder Bridge Sponsor and its permitted successors and assigns.

 

“Sponsor
Support Agreement” shall mean that certain Sponsor Support Agreement, dated as of March 22, 2022 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereto), by and among the Company, Thunder Bridge Sponsor, Thunder Bridge, Monex,
Coincheck and the other parties thereto.

 

    5

     

    

 

“Subscription
Agreements” shall mean those certain subscription agreements, dated [•], 2022 and [•], 2022 (as amended, restated,
supplemented or otherwise modified in accordance with the terms thereof), by and between Thunder Bridge and certain subscribers to purchase
Thunder Bridge Common Shares, par value $0.0001 per share.

 

“SUO
Demanding Holders” shall mean the applicable Holders having the right to make, and actually making, a written demand for a
Shelf Underwritten Offering of Registrable Securities pursuant to subsection 2.1.3.

 

“SUO
Requesting Holder” shall have the meaning given in subsection 2.1.3.

 

“Thunder
Bridge” shall have the meaning given in the Preamble.

 

“Thunder
Bridge Sponsor” shall have the meaning given in the Recitals.

 

“Thunder
Bridge Warrants” shall have the meaning given in the Recitals.

 

“Transfer”
shall mean to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment,
pledge, encumbrance, hypothecation or similar disposition of, any interest owned by a person or any interest (including a beneficial
interest) in, or the ownership, control or possession of, any interest owned by a person.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

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

 

“Warrant
Agreement” shall mean that certain Warrant Agreement, dated June 29, 2021 by and between Thunder Bridge and Continental Stock
Transfer & Trust Company, as warrant agent.

 

    6

     

    

 

ARTICLE
II

REGISTRATIONS

 

Section
2.1 Shelf Registration.

 

2.1.1
Following the Closing Date, the Company shall use its reasonable best efforts to (i) file a Registration Statement under the Securities
Act within [twenty (20) Business Days]1 after the Closing Date to permit the public resale of all the Registrable Securities
held by the Holders from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted
by the Commission then in effect) on the terms and conditions specified in this subsection 2.1.1 and (ii) cause such Registration
Statement to be declared effective as soon as practicable after the filing thereof. The Registration Statement filed with the Commission
pursuant to this subsection 2.1.1 shall be a shelf registration statement on Form F-1 (a “Form F-1 Shelf”)
or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities,
covering such Registrable Securities, and 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. A Registration Statement filed pursuant to this subsection 2.1.1
shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders.
The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this subsection 2.1.1 to
remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available
(including to use its reasonable best efforts to add Registrable Securities held by Permitted Transferees) or, if not available, that
another 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. As soon as practicable following the effective date of a Registration Statement
filed pursuant to this subsection 2.1.1, but in any event within fifteen (15) days of such date, the Company shall notify the
Holders of the effectiveness of such Registration Statement. When effective, a Registration Statement filed pursuant to this subsection
2.1.1 (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable
requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus
contained in such Registration Statement, in the light of the circumstances under which such statement is made).

 

2.1.2
The Company shall use its reasonable best efforts to convert the Form F-1 Shelf filed pursuant to subsection 2.1.1 to a shelf
registration statement on Form F-3 (a “Form F-3 Shelf”) as promptly as practicable after the Company is eligible to
use a Form F-3 Shelf and have the Form F-3 Shelf declared effective as promptly as practicable and to cause such Form F-3 Shelf to remain
effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if
not available, that another 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.

 

 

1
   Assuming March 31, 2022 year end audited financials in the Form F-4. 

 

    7

     

    

 

2.1.3
At any time and from time to time following the effectiveness of the shelf registration statement required by subsection 2.1.1
or subsection 2.1.2, any Holder may request to sell all or a portion of their Registrable Securities in an underwritten offering
that is registered pursuant to such shelf registration statement (a “Shelf Underwritten Offering”); provided
that such Holder(s) reasonably expects to sell Registrable Securities yielding aggregate gross proceeds in excess of $20.0 million from
such Shelf Underwritten Offering (or if the Sponsor Parties only hold Registrable Securities with a total offering price reasonably expected
to be less than the Minimum Amount (as defined below), all of the Registrable Securities held by the Sponsor Parties) (such amount of
Registrable Securities, as applicable, the “Minimum Amount”). All requests for a Shelf Underwritten Offering shall
be made by giving written notice to the Company (the “Shelf Takedown Notice”). Each Shelf Takedown Notice shall specify
the approximate number of Registrable Securities proposed to be sold in the Shelf Underwritten Offering and the expected price range
(net of underwriting discounts and commissions) of such Shelf Underwritten Offering. Within two (2) business days after receipt of any
Shelf Takedown Notice, the Company shall give written notice of such requested Shelf Underwritten Offering to all other Holders of Registrable
Securities (the “Company Shelf Takedown Notice”) and each Holder of Registrable Securities who thereafter wishes to
include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Shelf Underwritten Offering (each
such Holder that includes all or a portion of such Holder’s Registrable Securities in such Shelf Underwritten Offering, a “SUO
Requesting Holder”) shall so notify the Company of its intent to participate in such Shelf Underwritten Offering, in writing,
within three (3) business days after the receipt by such Holder of the Company Shelf Takedown Notice. Upon receipt by the Company of
any such written notification from a SUO Requesting Holder(s) to the Company, subject to the provisions of subsection 2.2.4, the
Company shall include in such Shelf Underwritten Offering all Registrable Securities of such SUO Requesting Holder(s). The Company shall,
together with all participating Holders of Registrable Securities of the Company proposing (and permitted) to distribute their securities
through such Shelf Underwritten Offering, enter into an underwriting agreement in customary form for such Shelf Underwritten Offering
with the managing Underwriter or Underwriters selected by the majority-in-interest of the participating Holders after consultation with
the Company and shall take all such other reasonable actions as are reasonably requested by the managing Underwriter or Underwriters
in order to facilitate the disposition of such Registrable Securities. In connection with any Shelf Underwritten Offering contemplated
by this subsection 2.1.3, subject to Section 3.3 and Article IV, the underwriting agreement into which each
Holder and the Company shall enter shall contain representations, covenants, indemnities and other rights and obligations in customary
form for such Shelf Underwritten Offering by the Company. Any Shelf Underwritten Offering effected pursuant to this subsection 2.1.3
shall be counted as a Registration for purposes of the limit on the number of Registrations that can be effected under Section
2.2 hereof.

 

    8

     

    

 

Section
2.2 Demand Registration.

 

2.2.1
Request for Registration. Subject to the provisions of subsection 2.2.5 and Sections 2.4 and 3.4 hereof and
provided that the Company does not have an effective Registration Statement pursuant to subsection 2.1.1 or subsection 2.1.2
covering Registrable Securities, (a) Thunder Bridge Sponsor and (b) Monex, may make a written demand for Registration of all
or part of their Registrable Securities on (i) Form F-1, or such other form of registration statement as is then available to effect
a registration for resale of such Registrable Securities, covering such Registrable Securities or (ii) if available, Form F-3, which
in the case of either clause (i) or (ii), may be a shelf registration statement filed pursuant to Rule 405 under the Securities Act,
which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s)
of distribution thereof (such written demand a “Demand Registration”). The Company shall, promptly (but in any event
within fifteen (15) days following the Company’s receipt of a Demand Registration), notify, in writing all other Holders of Registrable
Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s
Registrable Securities in such Registration, a “DR Requesting Holder”) shall so notify the Company, in writing, within
three (3) business days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written
notification from a DR Requesting Holder(s) to the Company, subject to subsection 2.2.4 below, such DR Requesting Holder(s) shall
be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect,
as soon thereafter as practicable, the Registration of all Registrable Securities requested by the DR Demanding Holders and DR Requesting
Holders pursuant to such Demand Registration. The Company shall not be obligated to effect more than an aggregate of three (3) Registrations
pursuant to a Demand Registration or a Shelf Underwritten Offering initiated by the Sponsor Parties under subsection 2.1.3 or
this subsection 2.2.1 with respect to any or all Registrable Securities; provided, however, that a Registration
shall not be counted for such purposes unless a Registration Statement that may be available at such time has become effective and all
of the Registrable Securities requested by the DR Demanding Holders and the DR Requesting Holders (or in the case of a Shelf Underwritten
Offering, the SUO Demanding Holders and the SUO Requesting Holders) to be registered on behalf of the DR Demanding Holders and the DR
Requesting Holders (or in the case of a Shelf Underwritten Offering, the SUO Demanding Holders and the SUO Requesting Holders) in such
Registration have been sold, in accordance with Section 3.1 of this Agreement.

 

2.2.2
Effective Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement, a
Registration pursuant to a Demand Registration shall not count as a Registration unless and until (a) the Registration Statement filed
with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and
(b) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant
to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or
any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared
effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
of the DR Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and
accordingly notify the Company in writing, but in no event later than five (5) days after the removal, rescission or other termination
of such stop order or injunction, of such election; provided, further, that the Company shall not be obligated or required
to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration
pursuant to a Demand Registration by the same DR Demand Holder becomes effective or is subsequently terminated.

 

    9

     

    

 

2.2.3
Underwritten Offering. Subject to the provisions of subsection 2.2.4 and Sections 2.4 and 3.4 hereof, if
a majority-in-interest of the DR Demanding Holders so advise the Company as part of their Demand Registration that the offering of the
Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such
DR Demanding Holder or DR Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned
upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities
in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through
an Underwritten Offering under this subsection 2.2.3, subject to Section 3.3 and Article IV, shall enter into an
underwriting agreement in customary form with the Company and the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest
of the DR Demanding Holders initiating the Demand Registration.

 

2.2.4
Reduction of Underwritten Offering. In the event of a Demand Registration that is to be an Underwritten Offering or a Shelf Underwritten
Offering, and if the managing Underwriter or Underwriters, in good faith, advises the Company and, in the case of a Demand Registration,
the DR Demanding Holders and the DR Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the SUO Demanding Holders
and the SUO Requesting Holders (if any)), in writing that, in its opinion, the dollar amount or number of Registrable Securities that
the DR Demanding Holders and the DR Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the SUO Demanding Holders
and the SUO Requesting Holders (if any)) desire to sell, taken together with all other Ordinary Shares or other equity securities that
the Company desires to sell for its own account and the Ordinary Shares, if any, as to which a Registration has been requested pursuant
to separate written contractual piggy-back registration rights held by any other stockholders of the Company who desire to sell, exceeds
the maximum dollar amount or maximum number of equity securities that can be sold in such Underwritten Offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, as follows: (a) first, the Registrable Securities of the DR Demanding Holders and the DR
Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the SUO Demanding Holders and the SUO Requesting Holders
(if any)) pro rata based on the number of securities requested to be sold that can be sold without exceeding
the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (a), the Ordinary Shares or other equity securities that the Company desires to sell for its own account, which can be sold without
exceeding the Maximum Number of Securities; and (c) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (a) and (b), the Ordinary Shares or other equity securities of other persons or entities that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Securities.

 

    10

     

    

 

2.2.5
Demand Registration Withdrawal. A DR Demanding Holder or a DR Requesting Holder in the case of a Demand Registration (or a SUO
Demanding Holder or a SUO Requesting Holder in the case of a Shelf Underwritten Offering) shall have the right to withdraw all or a portion
of its Registrable Securities included in a Demand Registration pursuant to subsection 2.2.1 or a Shelf Underwritten Offering
pursuant to subsection 2.1.3 for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of its intention to so withdraw at any time up to (a) in the case of a Demand Registration not involving an Underwritten Offering
or a Shelf Underwritten Offering, one (1) day prior to the effective date of the applicable Registration Statement or (b) in the case
of any Demand Registration involving an Underwritten Offering or any Shelf Underwritten Offering, one (1) day prior to the expected pricing
date of such Underwritten Offering or Shelf Underwritten Offering; provided, however, that upon withdrawal by a majority-in-interest
of the DR Demanding Holders initiating a Demand Registration (or in the case of a Shelf Underwritten Offering, withdrawal of an amount
of Registrable Securities included by the Holders in such Shelf Underwritten Offering, in their capacity as SUO Demanding Holders, being
less than the Minimum Amount), the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement or
complete the Underwritten Offering, as applicable. The Company shall be responsible for the Registration Expenses incurred in connection
with a Registration pursuant to a Demand Registration or a Shelf Underwritten Offering prior to and including its withdrawal under this
subsection 2.2.5; provided that upon withdrawal by a majority-in-interest of the DR Demanding Holders initiating a Demand
Registration (or in the case of a Shelf Underwritten Offering, withdrawal of an amount of Registrable Securities included by the Holders
in such Shelf Underwritten Offering, in their capacity as SUO Demanding Holders, being less than the Minimum Amount), such Registration
shall be counted towards the limit on Registrations set forth in subsection 2.2.1.

 

    11

     

    

 

Section
2.3 Piggyback Registration.

 

2.3.1
Piggyback Rights. If the Company proposes to file a Registration Statement under the Securities Act with respect to an offering
of Ordinary Shares (including equity securities exercisable or exchangeable for, or convertible into, Ordinary Shares), for its own account
or for the account of stockholders of the Company, other than a Registration Statement (a) filed in connection with any employee share
option or other benefit plan, (b) a Registration Statement on Form F-4 or Form S-8 (or any successor forms), (c) for an exchange offer
or offering of securities solely to the Company’s existing shareholders, (d) for an offering of debt that is convertible into equity
securities of the Company, (e) for a dividend reinvestment plan or similar plans, (f) filed pursuant to Section 2.1, (g) filed
pursuant to Section 2.2, or (h) filed in connection with any business combination or acquisition involving the Company, then
the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable
(but not less than ten (10) days prior to the anticipated filing by the Company with the Commission of any Registration Statement with
respect thereto), which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s)
of distribution (including whether such registration will be pursuant to a shelf registration statement), the proposed date of filing
of such Registration Statement with the Commission and the name of the proposed managing Underwriter or Underwriters, if any, in such
offering, in each case to the extent then known, (B) describe such Holders’ rights under this Section 2.3 and (C) offer
to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such
Holders may request in writing within ten (10) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities identified in a Holder’s response notice described in the foregoing
sentence to be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or
Underwriters of a proposed Underwritten Offering, if any, to permit the Registrable Securities requested by the Holders pursuant to this
subsection 2.3.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the
Company or Company shareholder(s) for whose account the Registration Statement is to be filed included in such Registration and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such
Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.3.1, subject
to Section 3.3 and Article IV, shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Company or Company shareholder(s) for whose account the Registration Statement is to be filed.
For purposes of this Section 2.3, the filing by the Company of an automatic shelf registration statement for offerings pursuant
to Rule 415(a) that omits information with respect to any specific offering pursuant to Rule 430B shall not trigger any notification
or participation rights hereunder until such time as the Company amends or supplements such Registration Statement to include information
with respect to a specific offering of Registrable Securities (and such amendment or supplement shall trigger the notice and participation
rights provided for in this Section 2.3).

 

2.3.2
Reduction of Piggyback Registration. If a Piggyback Registration is to be an Underwritten Offering and the managing Underwriter
or Underwriters, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that, in its opinion, the dollar amount or number of the Ordinary Shares or other equity securities that the Company desires
to sell, taken together with (a) the Ordinary Shares or other equity securities, if any, as to which Registration has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (b)
the Registrable Securities as to which registration has been requested pursuant to Section 2.3 hereof, and (c) the Ordinary Shares
or other equity securities, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration
rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

 

2.3.2.1
if the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (a) first, the
Ordinary Shares or other equity securities that the Company desires to sell for its own account, which can be sold without exceeding
the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (a), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.3.1 hereof; and (c) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (a) and (b), the Ordinary Shares or other equity securities, if any, as to which Registration has been
requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold
without exceeding the Maximum Number of Securities; and

 

    12

     

    

 

2.3.2.2
if the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration (a) first, the Ordinary Shares or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.3.1 hereof, pro rata base on the number of securities requested to be included, which can be sold without exceeding the
Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (a) and (b), the Ordinary Shares or other equity securities that the Company desires to sell for its own account, which can be
sold without exceeding the Maximum Number of Securities; and (c) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (a) and (b), the Ordinary Shares or other equity securities other persons or entities that the Company
is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without
exceeding the Maximum Number of Securities.

 

2.3.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw all or any portion of
its Registrable Securities in a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the
Underwriter or Underwriters (if any) of his, her or its intention to withdraw such Registrable Securities from such Piggyback Registration
up to (a) in the case of a Piggyback Registration not involving an Underwritten Offering or Shelf Underwritten Offering, one (1) day
prior to the effective date of the applicable Registration Statement or (b), in the case of any Piggyback Registration involving an Underwritten
Offering or any Shelf Underwritten Offering, one (1) day prior to the expected pricing date of such Underwritten Offering or Shelf Underwritten
Offering. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to
separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback
Registration at any time prior to the effectiveness of such Registration Statement. The Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to and including its withdrawal under this subsection 2.3.3.

 

2.3.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.3 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.2 hereof or a Shelf Underwritten
Offering effected under subsection 2.1.3.

 

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Section
2.4 Restrictions on Registration Rights. If (a) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.2.1 and it continues to actively employ, in good faith, all reasonable efforts to cause
the applicable Registration Statement to become effective; (b) the Holders have requested an Underwritten Registration and the Company
and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (c) in the good faith judgment
of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential
to delay the filing of such Registration Statement at such time, the Company shall have the right, upon giving prompt written notice
of such action to the Holders (which notice shall not specify the nature of the event giving rise to such delay or suspension), delay
the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time determined in
good faith by the Company to be necessary for such purpose. Notwithstanding anything to the contrary contained in this Agreement, no
Registration shall be required to be effected and no Registration Statement shall be required to become effective, with respect to any
Registrable Securities held by any Holder, until after the expiration of the Lock-Up Period with respect to such Registrable Securities.

 

ARTICLE
III

COMPANY PROCEDURES

 

Section
3.1 General Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall use
its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended
plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as reasonably possible:

 

3.1.1
prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required by
the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
(a) prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish to the Underwriters, if any,
and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits
thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary
Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or
the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Holders, and (b) except in the case of a Registration under Section 2.3, not file any such Registration Statement or Prospectus,
or amendment or supplement thereto, to which any such Holder or Registrable Securities shall have reasonably objected on the grounds
that such Registration Statement or Prospectus or supplement or amendment thereto, does not comply in all material respects with the
requirements of the Securities Act or the rules and regulations thereunder;

 

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3.1.4
prior to any public offering of Registrable Securities, but in any case no later than the effective date of the applicable Registration
Statement, use its reasonable best efforts to (a) 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 to keep such registration or
qualification in effect for so long as such Registration Statement remains in effect and (b) 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 or otherwise and do any and all other acts and things that
may be necessary or advisable, in each case, to enable the Holders of Registrable Securities included in such Registration Statement
to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or
take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then
otherwise so subject;

 

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

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of any request
by the Commission that the Company amend or supplement such Registration Statement or Prospectus or the issuance of any stop order by
the Commission suspending the effectiveness of such Registration Statement or Prospectus the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to amend or supplement such Registration Statement or Prospectus or prevent
the issuance of any stop order or to obtain its withdrawal if such stop order should be issued, as applicable;

 

3.1.8
advise each Holder of Registrable Securities covered by such Registration Statement, promptly after the Company receives notice thereof,
of the time when such registration statement has been declared effective or a supplement to any Prospectus forming a part of such registration
statement has been filed;

 

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3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event or the existence of any condition as a result of which the Prospectus included in such Registration
Statement, as then in effect, includes a Misstatement, or in the opinion of counsel for the Company it is necessary to supplement or
amend such Prospectus to comply with law, and then to correct such Misstatement or include such information as is necessary to comply
with law, in each case as set forth in Section 3.4 hereof, at the request of any such Holder promptly prepare and furnish to such
Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such Prospectus shall not include a Misstatement or such Prospectus, as supplemented
or amended, shall comply with law;

 

3.1.10
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate in the preparation of any Registration Statement, each such Prospectus included therein or filed with the Commission,
and each amendment or supplement thereto, and will give each of them such access to its books and records and such opportunities to discuss
the business, finances and accounts of the Company and its subsidiaries with its officers, directors and the independent public accountants
who have certified its financial statements as shall be necessary, in the opinion of such Holders’ and such Underwriters’
respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act, and will cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that if requested by the Company, such representatives
or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release
or disclosure of any such information;

 

3.1.11
obtain a “cold comfort” letter (including a bring-down letter dated as of the date the Registrable Securities are delivered
for sale pursuant to such Registration) from the Company’s independent registered public accountants in the event of an Underwritten
Offering, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders and any Underwriter;

 

3.1.12
in connection with an Underwritten Offering, use reasonable best efforts to obtain for the underwriter(s) opinions of counsel for the
Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably
requested by such underwriters;

 

3.1.13
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14
otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and to make available
to its security holders, as soon as reasonably practicable, an earnings statement that satisfies the provisions of Section 11(a) of the
Securities Act and the rules and regulations thereunder, including Rule 158 thereunder (or any successor rule promulgated thereafter
by the Commission);

 

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3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $20.0 million, 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; and

 

3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, including
causing the officers and directors of the Company to enter into customary “lock-up agreements,” in connection with such Registration.

 

Section
3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by
the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, stock transfer taxes and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

Section
3.3 Participation in Underwritten Offerings.

 

3.3.1
No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated pursuant
to the terms of this Agreement unless such person (a) agrees to sell such person’s securities on the basis provided in any underwriting
arrangements approved by the Company and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up
agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting
arrangements.

 

3.3.2
The Company will use its commercially reasonable efforts to ensure that no Underwriter shall require any Holder to make any representations
or warranties to or agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such
Holder and such Holder’s intended method of distribution and any other representation required by law, and if, despite the Company’s
commercially reasonable efforts, an Underwriter requires any Holder to make additional representation or warranties to or agreements
with such Underwriter, such Holder may elect not to participate in such Underwritten Offering (but shall not have any claims against
the Company as a result of such election). Any liability of such Holder to any Underwriter or other person under such underwriting agreement
shall be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions) that it derives from
such registration.

 

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Section
3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or
Prospectus contains a Misstatement, or in the opinion of counsel for the Company it is necessary to supplement or amend such Prospectus
to comply with law, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended Prospectus correcting the Misstatement or including the information counsel for the Company believes to
be necessary to comply with law (it being understood that the Company hereby covenants to prepare and file such supplement or amendment
as soon as practicable after the time of such notice such that the Registration Statement or Prospectus, as so amended or supplemented,
as applicable, will not include a Misstatement and complies with law), or until it is advised in writing by the Company that the use
of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may,
upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than sixty (60) days, determined in good faith by the Board
to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend,
immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection
with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period
during which it exercised its rights under this Section 3.4. The Holders shall maintain the confidentiality of such notice and
its contents.

 

Section
3.5 Covenants of the Company. As long as any Holder shall own Registrable Securities, the Company hereby covenants and agrees
at all times while it shall be a reporting company under the Exchange Act, to file timely (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities held by such Holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission),
including providing any legal opinions; provided that the delivery of any legal opinions may be subject to receipt by the Company
and/or its transfer agent of customary representations of the applicable Holder, which are satisfactory to the Company and its transfer
agent, as applicable. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

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Section
3.6 Legend Removal Obligations. In connection with the written request of any Holder, the Company shall remove any restrictive
legend included on the certificates (or, in the case of book-entry shares, any other instrument or record) representing such Holder’s
and/or its affiliates’ or Permitted Transferee’s ownership of Registrable Securities, and promptly issue a certificate (or
evidence of the issuance of securities in book-entry form) without such restrictive legend or any other restrictive legend to the holder
of the applicable shares of Registrable Securities upon which it is stamped, if (i) such Registrable Securities are registered for resale
under the Securities Act and such Registration Statement for such Registrable Securities has not been suspended under the Securities
Act, the Exchange Act or the rules and regulations of the Commission promulgated thereunder, (ii) such Registrable Securities are sold
or transferred pursuant to Rule 144, or (iii) such Registrable Securities are eligible for sale pursuant to Section 4(a)(1) of the Securities
Act or Rule 144 without volume or manner-of-sale restrictions. Following the earlier of (A) the effective date of a Registration Statement
registering such Registrable Securities or (B) Rule 144 becoming available for the resale of such Registrable Securities without volume
or manner-of-sale restrictions, the Company upon the written request of the Holder or its Permitted Transferee, shall instruct the Company’s
transfer agent to remove the legend from such Registrable Securities (in whatever form) and shall cause Company counsel to issue any
legend removal opinion required by the transfer agent. Any reasonable and documented fees (with respect to the transfer agent, Company
counsel, or otherwise) associated with the removal of such legend shall be borne by the Company. If a legend is no longer required pursuant
to the foregoing, the Company will, as soon as practicable, and in any case no later than three (3) business days following the delivery
by any Holder or its Permitted Transferee to the Company or the transfer agent (with notice to the Company) of a legended certificate
(if applicable) representing such Registrable Securities and, to the extent such sale is not pursuant to an effective registration statement,
such other documentation as reasonably requested by the Company, deliver or cause to be delivered to the holder of such Registrable Securities
a certificate representing such Registrable Securities (or evidence of the issuance of such Registrable Securities in book-entry form)
that is free from all restrictive legends; provided that, notwithstanding the foregoing, the Company will not be required to deliver
any opinion, authorization, certificate or direction to remove the restrictive legend pursuant to this Section 3.6 if (x) removal of
the legend would result in or facilitate transfer of securities in violation of applicable law or (y) following receipt of instruction
from the Company, the transfer agent refuses to remove the legend.

 

ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION

 

Section
4.1 Indemnification.

 

4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors, partners,
managers, shareholders, members, employees, agents, investment advisors and each person who controls such Holder (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages, liabilities and
expenses (including attorneys’ fees), joint or several (or actions or proceedings, whether commenced or threatened, in respect
thereof) (collectively, “Claims”), to which any such Holder or other persons may become subject, insofar as such Claims
arise out of or are based on any untrue or alleged untrue statement of any material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such Holder or other
person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Claim;
except insofar as the Claim or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such filing in reliance upon and in conformity with information furnished in writing to the Company by such
Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls
such Underwriters (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided
in the foregoing with respect to the indemnification of the Holder.

 

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4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating pursuant to this Agreement,
such Holder shall furnish (or cause to be furnished) to the Company an undertaking reasonably satisfactory to the Company, to indemnify
the Company, its officers, directors, partners, managers, shareholders, members, employees and agents and each person who controls the
Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against any Claims, to which
any the Company or such other persons may become subject, insofar as such Claims arise out of or are based on any untrue statement of
any material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information furnished in writing by such Holder expressly
for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such
Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited
to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders
of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided in the foregoing
with respect to indemnification of the Company.

 

4.1.3
Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any Claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (b) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
such Claim, permit such indemnifying party to assume the defense of such Claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one (1) counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
settlement) and which settlement includes a statement or admission of fault or culpability on the part of such indemnified party or does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation.

 

4.1.4
The indemnification and contribution provided for under this Agreement (a) shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, partners, shareholders or members, employees, agents, investment
advisors, Affiliates or controlling person of such indemnified party and shall survive the Transfer of Registrable Securities and (b)
are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law or in equity or pursuant
to any other agreement.

 

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4.1.5
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any Claims, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute
to the amount paid or payable by the indemnified party as a result of such Claims in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the other hand in connection with the statements or omissions that resulted in
such Claims, as well as any other relevant equitable considerations; provided, however, that the liability of any Holder
or any director, officer, employee, agent, investment advisor or controlling person thereof under this subsection 4.1.5 shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. In connection with
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto filed by the Company,
the relative fault of the indemnifying party or parties, on the one hand, and the indemnified party or parties, on the other hand, shall
be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method
of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant
to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

4.1.6
The indemnification required by this Section 4.1 shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

ARTICLE
V

MISCELLANEOUS

 

Section
5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States
mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery
in person or by courier service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail, telecopy, telegram
or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time
as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused
by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: Coincheck
Group B.V., Hoogoorddreef 15, 1101 BA, Amsterdam, Netherlands, Attention: [ ], and, if to any Holder, at such Holder’s address
or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice at any time and
from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after
delivery of such notice as provided in this Section 5.1.

 

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Section
5.2 Assignment; No Third Party Beneficiaries.

 

5.2.1
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.

 

5.2.2
Prior to the expiration of the Lock-up Period with respect to the Registrable Securities owned by such Holder, no Holder may assign or
delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except to such Holder’s applicable
Permitted Transferees.

 

5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the applicable Holders, which shall include Permitted Transferees.

 

5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.2 hereof.

 

5.2.5
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (a) written notice of such assignment as provided in Section 5.1 hereof
and (b) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any Transfer or assignment
made other than as provided in this Section 5.2 shall be null and void.

 

Section
5.3 Severability. If any portion of this Agreement shall be declared void or unenforceable by any court or administrative body
of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all respects
to be valid and enforceable.

 

Section
5.4 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each
of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
The words “execution,” “signed,” “signature,” “delivery” and words of like import in
or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and
the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

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Section
5.5 Governing Law; Venue; Waiver of Jury Trial. This Agreement, and all claims or causes of action based upon, arising out of,
or related to this Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the internal
laws of the State of New York. Any action based upon, arising out of or related to this Agreement or the transactions contemplated hereby
may only be brought in the federal courts of the United States of America located in the City of New York, Borough of Manhattan or the
courts of the State of New York, in each case located in the City of New York, Borough of Manhattan, and each of the parties hereto irrevocably
submits to the exclusive jurisdiction of such courts in any such action, waives any objection it may now or hereafter have to personal
jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the action shall be heard and determined only in
any such court, and agrees not to bring any action arising out of or relating to this Agreement or the transactions contemplated hereby
in any other court. Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted
by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce
judgments obtained in any Action brought pursuant to this Section 5.5. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, INTENTIONALLY,
VOLUNTARILY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
5.6 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority-in-interest of
the then outstanding number of Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions
set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified. No course of
dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in
exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company.
No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise
of any other rights or remedies hereunder or thereunder by such party.

 

Section
5.7 Other Registration Rights. Other than pursuant to the terms of the Subscription Agreements and the Warrant Agreement, the
Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to
register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company
for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that
this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions among the parties thereto
and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

  

Section
5.8 Prior Agreement. The Sponsor Parties, as parties to the Prior Agreement, hereby agree that the Prior Agreement is terminated
as of the Closing Date and is replaced in its entirety by this Agreement.

 

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Section
5.9 Entire Agreement. This Agreement (including the documents and the instruments referred to in this Agreement), together with
the Combination Agreement, the Company Support Agreement and the Sponsor Support Agreement, constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

 

Section
5.10 Term. This Agreement shall terminate (a) with respect to any Holder on the date on which such Holder ceases to hold Registrable
Securities and (b) otherwise upon the date as of which all of the Registrable Securities have been sold pursuant to a Registration Statement
(but in each case 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)). The provisions of Article IV shall survive any termination.

 

[Signature
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IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	COINCHECK
    GROUP B.V.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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	 	THUNDER
    BRIDGE SPONSOR:
	 	 
	 	TBCP
    IV, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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	 	COINCHECK
    SHAREHOLDERS:
	 	 
	 	MONEX
    GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	 
	 	Name:	 

 

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EXHIBIT
A

 

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EXHIBIT
B

 

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