Document:

Exhibit 10.2

 

AMENDED AND RESTATED REGISTRATION

AND STOCKHOLDER RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT (this “Agreement”) is dated
as of January 13, 2022, and is by and among Gelesis Holdings, Inc., a Delaware corporation (the “Company”)
(formerly known as Capstar Special Purpose Acquisition Corp.), Capstar Sponsor Group, LLC, a Delaware limited liability company (the “Sponsor”),
the persons and entities listed on Exhibit A who hold beneficially and of
record the type and number of securities (the “Sponsor Securities”) indicated next to their name in Exhibit A (each,
a “Capstar Holder”) and certain former stockholders of Gelesis, Inc., a Delaware corporation and the entity
that was merged with and into the Merger Sub (as defined below) contemporaneously with the execution and delivery of this Agreement (“Target”),
listed on Exhibit B who hold beneficially and of record the type and number
of shares of Common Stock, including Earn-Out Shares, and/or Equity Awards exercisable for shares of Common Stock (all as defined below)
indicated next to their name in Exhibit B (each a “Target Holder”,
and, collectively with the Sponsor and the Capstar Holders and any person or entity who hereafter becomes a party to this Agreement pursuant
to Section 6.2 of this Agreement, the “Holders” and each, a “Holder”).

 

RECITALS

 

WHEREAS,
the Company, the Sponsor and the Capstar Holders are party to that certain Registration and Stockholders Rights Agreement, dated as of
July 1, 2020 (the “Original Agreement”);

 

WHEREAS,
the Company, CPSR Gelesis Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (the “Merger
Sub”), and Target have entered into that certain Business Combination Agreement, dated as of July 19, 2021 (as amended,
modified and/or supplemented from time to time, the “BCA”), pursuant to which, among other things, Merger Sub
merged with and into Target, with Target continuing as the surviving company in the merger and, after giving effect to such merger, became
a wholly owned subsidiary of the Company;

 

WHEREAS,
on the date hereof, pursuant to the BCA, the Holders received shares of common stock, par value $0.0001 per share, of the Company (“Common
Stock”);

 

WHEREAS,
on the date hereof, pursuant to the BCA, certain Target Holders received shares of restricted Common Stock (the “Earn Out
Shares”);

 

WHEREAS,
on the date hereof; pursuant to the BCA, certain Target Holders received Rollover Options and Rollover Warrants, each as defined in the
BCA (“Equity Awards”);

 

WHEREAS,
on the date hereof, certain Target Holders and other investors, collectively, the “PIPE Investors”) purchased
an aggregate of 9,000,000 shares of Common Stock (the “PIPE Shares”), in a transaction exempt from registration
under the Securities Act pursuant to the respective Subscription Agreements, each dated as of July 19, 2021, entered into by and
between the Company and each PIPE Investors (each, a “Subscription Agreement” and, collectively, the “Subscription
Agreements”);

 

    

     

    

 

WHEREAS,
pursuant to Section 6.8 of the Original Agreement, the provisions, covenants and conditions set forth therein may be amended or modified
upon the written consent of the Company and the Holders (as defined in the Original Agreement) of at least a majority in interest of the
Registrable Securities (as defined in the Original Agreement) at the time in question, and the Sponsor and the Capstar Holders are Holders
in the aggregate of all of the Registrable Securities as of the date hereof;

 

WHEREAS,
the Company, the Sponsor and the Capstar Holders desire to amend and restate the Original Agreement in its entirety and enter into this
Agreement, pursuant to which the Company shall grant the Sponsor and the Capstar Holders certain registration rights with respect to certain
securities of the Company, and the Sponsor and the Capstar Holder will agree to certain restrictions on transfer with respect to Sponsor
Securities;

 

WHEREAS,
pursuant to Section 9(c) of the Ninth Amended and Restated Registration Rights Agreement (the “Target’s IRA/RRA”),
the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the Target and at least
70 percent (70%) of the holders of the issued and outstanding Preferred Stock of Target, and the Target and the Target Holders constitute
the requisite majority for such purpose as of the date hereof; and

 

WHEREAS,
the Target and the Target Holders desire to amend and restate the Target’s IRA/RRA in its entirety and enter into this Agreement,
pursuant to which the Company shall grant the Target 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 certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the other parties to this Agreement, intending
to be legally bound, hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1            Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth
below:

 

(a)           “Additional
Holder” shall have the meaning given in Section 6.10.

 

(b)           “Additional
Holder Common Stock” shall have the meaning given in Section 6.10.

 

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(c)           “Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the
Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the
circumstances under which they were made) not misleading, (ii) would not independently be required to be made at such time but
for the Registration Statement being filed, or declared effective or the prospectus included therein being used to effect the offer
or sales of securities, as the case may be, and (iii) the Company has a bona fide business purpose for not making such
information public.

 

(d)          “Affiliate”
means, (i) with respect to any specified Person that is not a natural person, (a) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, and (b) any
corporation, trust, limited liability company, general or limited partnership or other entity advised or managed by, or under common control
or management with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such
Person, whether through the ownership of voting securities, by agreement or otherwise) and (ii) with respect to any natural person,
any Member of the Immediate Family of such natural person, or any Person that is, directly or indirectly, controlled by such specified
natural person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Holder.

 

(e)           “Agreement”
shall have the meaning given in the Preamble hereto.

 

(f)           “BCA”
shall have the meaning given in the Preamble hereto.

 

(g)           “Block
Trade” shall have the meaning set forth in Section 2.3(a).

 

(h)           “Board”
shall mean the Board of Directors of the Company.

 

(i)            “Capstar
Holders” shall have the meaning given in the Preamble hereto.

 

(j)            “Change
in Control” shall mean the transfer (whether by tender offer, merger, stock purchase, consolidation or other similar transaction),
in one transaction or a series of related transactions, to a person or group within the definition of Section 13 of the Exchange
Act, including such persons’ Affiliates, of the Company’s voting securities if, after such transfer, such person or group
of affiliated persons would hold more than 50% of the voting power of all outstanding securities of the Company (or surviving entity)
or would otherwise have the power to control the board of directors of the Company or to direct the operations of the Company.

 

(k)            “Closing”
shall have the meaning given in the BCA.

 

(l)            “Closing
Date” shall have the meaning given in the BCA.

 

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(m)           “Commission”
shall mean the Securities and Exchange Commission.

 

(n)           “Common
Stock” shall have the meaning given in the Recitals hereto.

 

(o)           “Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

(p)           “Demanding
Holder” shall have the meaning set forth in Section 2.1(d).

 

(q)           “Earn
Out Shares” shall have the meaning given in the Recitals hereto.

 

(r)           “EDGAR”
shall have the meaning given in Section 3.1(b).

 

(s)           “Equity
Awards” shall have the meaning given in the Recitals hereto.

 

(t)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules and
regulations thereunder, all as the same shall be in effect from time to time.

 

(u)           “Form S-1
Shelf” shall have the meaning given in Section 2.1(a).

 

(v)           “Form S-3
Shelf” shall have the meaning given in Section 2.1(a).

 

(w)          “Holder
Information” shall have the meaning given in Section 4.1(b).

 

(x)           “Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

(y)           “Joinder”
shall have the meaning given in Section 6.10.

 

(z)           “Lock-up”
shall have the meaning given in Section 5.1.

 

(aa)        “Lock-up
Parties” shall mean the Holders and their respective Permitted Transferees.

 

(bb)        “Lock-up
Period” shall mean: (i) with respect to the Sponsor, the period beginning on the Closing Date and ending on the date
that is the twelve (12) month anniversary of the Closing Date, provided, that this period will immediately expire pursuant
to the terms of that certain letter agreement dated as of July 1, 2020 between the Company and such Holders if the closing sale price
of the Common Stock as reported by the NYSE, or such other major securities exchange on which the Common Stock is then principally listed
for trading if not the NYSE, equals or exceeds $12.00 per share for any twenty (20) trading days within any period of thirty (30) consecutive
trading days that commences no earlier than the one-hundred-fiftieth (150th)day after the Closing Date; and (ii) with respect to
each Capstar Holder and Target Holder, the period beginning on the Closing Date and ending on the date that is one-hundred-eighty (180)
days after the Closing Date.

 

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(cc)        “Lock-up
Shares” shall mean the shares of Common Stock and any other equity securities convertible into or exercisable or
exchangeable for shares of Common Stock held by the Holders immediately following the Closing or shares of Common Stock issued or
issuable with respect to or in exchange for Sponsor Securities, Earn Out Shares and Equity Awards on or after the Closing as
permitted by this Agreement, but excluding all PIPE Shares purchased pursuant to Subscription Agreements.

 

(dd)        “Maximum
Number of Securities” shall have the meaning given in Section 2.1(e).

 

(ee)        “Merger”
shall have the meaning given in the Recitals hereto.

 

(ff)          “Merger
Sub” shall have the meaning given in the Recitals hereto.

 

(gg)        “Minimum
Takedown Threshold” shall have the meaning set forth in Section 2.1(d).

 

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

 

(ii)           “Original
Agreement” shall have the meaning set forth in the Recitals hereto.

 

(jj)          “Other
Coordinated Offering” shall have the meaning set forth in Section 2.3(a).

 

(kk)        “Permitted
Transferees” shall mean with respect to each Holder and its Permitted Transferees: (i) prior to the expiration of the
Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities prior to the expiration
of the Lock-up Period pursuant to, and in compliance with the requirements of, Section 5.1 and (ii) after the expiration of
the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance
with any applicable agreement between such Holder and/or its Permitted Transferees and the Company and any transferee thereafter.

 

(ll)           “Piggyback
Registration” shall have the meaning set forth in Section 2.2(a).

 

(mm)       “PIPE
Shares” shall have the meaning given in the Recitals hereto.

 

(nn)        “PIPE
Investors” shall have the meaning given in the Recitals hereto.

 

(oo)        “Plan
of Distribution” shall have the meaning set forth in Section 2.1(a).

 

(pp)        “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.

 

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(qq)        “Registrable
Securities” shall mean: (v) any outstanding shares of Common Stock or any other equity security (including warrants
to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise, conversion or exchange of any other
equity security) of the Company held by a Holder immediately following the Closing (including any securities distributable pursuant to
the BCA, shares of Common Stock issued or issuable with respect to or in exchange for Sponsor Securities, Earn Out Shares and Equity Awards);
(x) any outstanding shares of Common Stock or any other equity security (including warrants to purchase shares of Common Stock and
shares of Common Stock issued or issuable upon the exercise, conversion or exchange of any other equity security) of the Company acquired
by a Holder following the Closing to the extent that such securities are “restricted securities” ​(as defined in Rule 144)
or are otherwise held by a Holder who is an “affiliate” (as defined in Rule 144) of the Company; (y) any Additional
Holder Common Stock; and (z) any other equity security of the Company or any of its subsidiaries issued or issuable with respect
to any securities referenced in clause (v), (x),(y) or (z) by way of a stock dividend or stock split or in connection with a
recapitalization, merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that as to any
particular Registrable Security, such security shall cease to be a “Registrable Security” upon the earliest of:

 

(i)            a
Registration Statement with respect to the sale of such security shall have become effective under the Securities Act and such security
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement by the applicable Holder; or

 

(ii)          (a) such
security shall have been otherwise transferred or been sold pursuant to Rule 144 (or any successor rule promulgated thereafter
by the Commission) under the Securities Act, (b) a new certificated or uncertificated security not bearing (or book-entry positions
not subject to) a legend restricting further transfer shall have been delivered by the Company, (c) such Security shall have ceased
to be outstanding, (d) such Security is eligible to be resold without regard to volume, public information, manner of sale or similar
requirements of Rule 144, (e) the resale of such security is not prohibited by the Lock-Up, or (f) such security has been
sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 145.

 

(rr)          The
terms “register,” “registered” and “registration” shall refer to a registration, including any related
Shelf Takedown, effected by preparing and filing a Registration Statement, Prospectus or similar document in compliance with the requirements
of the Securities Act and applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

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(ss)        “Registration
Expenses” shall mean the documented, out-of-pocket expenses of a registration, including, without limitation, the following:

 

(i)            all
registration, listing and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any national securities exchange on which the Common Stock is then listed;

 

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

 

(iii)          printing,
messenger, telephone and delivery expenses;

 

(iv)         fees
and disbursements of all independent registered public accountants of the Company and any other persons, including special experts, retained
by the Company, incurred in connection with such registration;

 

(v)          fees
and disbursements of counsel of the Company;

 

(vi)         all
expenses in connection with the preparation, printing and filing of a Registration Statement, any Prospectus and any amendments and supplements
thereto and the mailing and delivering of copies thereof to any Holders, underwriters and dealers; and

 

(vii)        in
an Underwritten Offering, Block Trade or Other Coordinated Offering, reasonable fees and expenses of one (1) legal counsel selected
by the majority-in-interest of the Demanding Holders (not to exceed $35,000, without the consent of the Company) but not including (i) any
other expenses of the Holders, or (ii) any underwriting discounts, brokerage or other commissions and transfer taxes, if any.

 

(tt)           “Registration
Statement” shall mean any registration statement that covers 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 other than
a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto.

 

(uu)         “Requesting
Holders” shall have the meaning given in Section 2.1(e).

 

(vv)         “Restated
Certificate” shall mean the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time.

 

(ww)        “Restricted
Securities” shall mean any Registrable Securities that were not issued to Holder pursuant to an effective registration statement
in accordance with the Securities Act.

 

(xx)          “Rule 144”
shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

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(yy)         “Rule 145”
shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

(zz)          “Rule 415”
shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

(aaa)       “Securities
Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and
regulations thereunder, all as the same shall be in effect from time to time.

 

(bbb)      “Shelf” shall
mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.

 

(ccc)       “Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in
accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

(ddd)      “Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement,
including a Piggyback Registration.

 

(eee)       “Sponsor”
shall have the meaning given in the Preamble hereto.

 

(fff)         “Sponsor
Securities” shall have the meaning given in the Preamble hereto.

 

(ggg)      “Subscription
Agreement” shall have the meaning given in the Preamble hereto.

 

(hhh)      “Subsequent
Shelf Registration Statement” shall have the meaning set forth in Section 2.1(b).

 

(iii)          Target”
shall have the meaning given in the Preamble hereto.

 

(jjj)          “Target
Holders” shall have the meaning given in the Preamble hereto.

 

(kkk)      “Target’s
IRA/RRA” shall have the meaning given in the Preamble hereto.

 

(lll)         “Transfer” (including
its correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect
to any security, directly or indirectly to: (i) sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a
security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security;
(ii) establish or increase a put equivalent position or liquidate with respect to or decrease of a call equivalent position
within the meaning of Section 16 of the Exchange Act; (iii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise; and (iv) publicly announce any intention to effect any transaction
specified in clause (i) through (iv) above. When used as a noun, “Transfer” shall have such correlative
meaning as the context may require.

 

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(mmm)     “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.

 

(nnn)      “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.

 

(ooo)      “Underwritten
Shelf Takedown” shall have the meaning set forth in Section 2.1(d).

 

(ppp)      “Withdrawal
Notice” shall have the meaning given in Section 2.1(f).

 

ARTICLE II

 

REGISTRATION RIGHTS

 

2.1            Shelf
Registration.

 

(a)            Filing.
Within forty-five (45) calendar days following the Closing Date, the Company shall submit to or file with the Commission a
Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”) or a
Registration Statement for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”), if the
Company is then eligible to use a Form S-3 Shelf, in each case, covering the resale of all the Registrable Securities
(determined as of two (2) business days prior to such submission or filing) on a delayed or continuous basis and shall use its
commercially reasonable efforts to have such Shelf declared effective as soon as practicable after the filing thereof, but no later
than the earlier of (a) sixty (60) calendar days (or ninety (90) calendar days if the Commission notifies the Company that it
will “review” such Shelf Registration) following the initial filing date thereof and (b) ten (10) business
days after the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Shelf Registration will
not be “reviewed” or will not be subject to further review. Such Shelf shall provide for the resale of all Registrable
Securities included therein pursuant to any method or combination of methods legally available (the “Plan of
Distribution”) to, and requested by, any Holder named therein. The Company shall maintain a Shelf in
accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit the Holders
named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act
until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf, the Company
shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration Statement)
to a Form S-3 Shelf as soon as practicable after the Company is eligible to use a Form S-3 Shelf. The Company’s
obligation under this Section 2.1(a), shall, for the avoidance of doubt, be subject to Section 3.4. The Company
shall, if requested by the Holder, use its commercially reasonable efforts to: (i) cause the removal of any restrictive
legend related to compliance with the federal securities laws set forth on the Registrable Securities; (ii) cause its legal
counsel to deliver an opinion, if necessary, to the transfer agent in connection with the instruction under subclause (i) to
the effect that removal of such legends in such circumstances may be effected in compliance with the Securities Act; and
(iii) issue Registrable Securities without any such legend in certificated or book-entry form or by electronic delivery through
The Depository Trust Company, at the Holder’s option, within two (2) business days of such request, if (A) the
Registrable Securities are registered for resale under the Securities Act and no suspension of the effectiveness of such
registration statement, or of sales thereunder, is then in effect, (B) the Registrable Securities may be sold by the Holder
without restriction under Rule 144, including without limitation, any volume, public information, manner of sale or similar
requirements, or (C) the Holder has sold or transferred, or proposes to sell or transfer within five (5) business days of
such request, Registrable Securities pursuant to the Registration Statement or in compliance with Rule 144. The Company’s
obligation to remove legends under this Section 2.1(a) may be conditioned upon the Holder timely providing such
representations and other documentation as are reasonably necessary and customarily required in connection with the removal of
restrictive legends related to compliance with the federal securities laws.

 

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(b)            Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly
as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business
days prior to such filing), and pursuant to the Plan of Distribution. If a Subsequent Shelf Registration Statement is filed, the Company
shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement to become effective under
the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration
Statement continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included
therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities.
Any such Subsequent Shelf Registration Statement shall be on Form S-3 to the extent that the Company is eligible to use such form.
Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form. The Company’s obligation under this Section 2.1(b) shall,
for the avoidance of doubt, be subject to Section 3.4.

 

(c)            Additional
Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities
that are not registered for resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall
promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the
Company’s option, any then available Shelf (including by means of a post- effective amendment) or by filing a
Subsequent Shelf Registration Statement and cause the same to become effective as soon as practicable after such filing and such
Shelf or Subsequent Shelf Registration Statement shall be subject to the terms hereof; provided, however, that the Company shall
only be required to cause such additional Registrable Securities to be so covered once per calendar year for each of, on the one
hand, the Holders of the Sponsor Securities and, on the other hand, the Target Holders for an aggregate of not more than two
(2) additional registrations per calendar year.

 

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(d)            Requests
for Underwritten Shelf Takedowns. Subject to Section 3.4 and any applicable Lock-up, at any time and from time
to time when an effective Shelf is on file with the Commission the Sponsor or a Target Holder (any of the Sponsor or a Target Holder being
in such case, a “Demanding Holder”) may request to sell all or any portion of its Registrable Securities in
an Underwritten Offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”);
provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable
Securities proposed to be sold by the Demanding Holder, either individually or together with other Demanding Holders, with a total offering
price reasonably expected to exceed, in the aggregate, at least $20 million (the “Minimum Takedown Threshold”).All
requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company, which shall specify the approximate number
of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the requested pricing date of the requested underwritten
offering. The Company will keep the Holders reasonably apprised of Underwritten Shelf Takedown, with respect to which a piggyback opportunity
is available, or any Underwritten Shelf Takedown. Pending any required public disclosure and subject to applicable legal requirements,
the parties will maintain the confidentiality of these discussions. Subject to Section 2.3(d), the Company shall have the right
to select the Underwriters for such offering (which shall consist of one or more reputable, nationally recognized investment banks), subject
to the initial Demanding Holder’s prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Sponsor
and the Target Holders may each demand not more than a total of three (3) Underwritten Shelf Takedowns, for an aggregate of not more
than six (6) Underwritten Shelf Takedowns pursuant to this Agreement, and in any event not more than one (1) Underwritten Shelf
Takedown each during any period of twelve (12) consecutive months. Any demands for a registered offering or takedown will be subject
to the constraints of any applicable Lock-up, and such demand must be deferred until such constraints no longer apply. The Company shall
not be required to effect more than one (1) Underwritten Shelf Takedown during any six (6) month period. Notwithstanding anything
to the contrary in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement,
including a Form S-3, that is then available for such offering.

 

(e)            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith,
advise the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to
such Underwritten Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar
amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken
together with all other shares of Common Stock or other equity securities that the Company desires to sell and all other shares of
Common Stock or other equity securities, if any, that have been requested to be sold in such Underwritten Offering pursuant
to separate written contractual piggy-back registration rights held by any other stockholders, exceeds the maximum dollar amount or
maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum
number of such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, before including any shares of Common Stock or other equity securities proposed to be
sold by Company or by other holders of Common Stock or other equity securities, the Registrable Securities of: (i) first, the
Demanding Holders’ Registrable Securities that can be sold without exceeding the Maximum Number of Securities (pro rata
based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten
Shelf Takedown and the aggregate number of Registrable Securities that all of the Demanding Holders have requested be included in
such Underwritten Shelf Takedown); and (ii) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (i), the Registrable Securities of other requesting Holders (if any) (pro rata based on the
respective number of Registrable Securities that each requesting Holder (if any) has requested be included in such Underwritten
Shelf Takedown and the aggregate number of Registrable Securities that all of the Requesting Holders have requested be included in
such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities.

 

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(f)            Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such
Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have
the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a
 “Withdrawal Notice”) to the Company and the Underwriter or Underwriters (if any) of their
intention to withdraw from such Underwritten Shelf Takedown; provided that the Sponsor or a Target Holder may elect to have the
Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable
Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor, the Target Holders or any of their respective
Permitted Transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand for an
Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 2.1(d), unless either:
(i) such Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown; or (ii) such Demanding Holder
reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there is more than one
Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if the Sponsor, or a
Target Holder elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such
Underwritten Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Sponsor, or such Target Holder, as
applicable, for purposes of Section 2.1(d). Following the receipt of any Withdrawal Notice, the Company shall promptly
forward such Withdrawal Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Shelf Takedown prior to its withdrawal under this Section 2.1(f), other than if a Demanding Holder elects to pay such
Registration Expenses pursuant to clause (ii) of the second sentence of this Section 2.1(f).

 

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2.2            Piggyback
Registration.

 

(a)            Piggyback
Rights. Subject to Section 2.3(c) and any applicable Lock-up, in connection with any Underwritten Shelf Takedown
(whether pursuant to the exercise of a Demanding Holder’s demand rights or at the initiative of the Company with respect to an offering
of Common Stock for its own account), other than with respect to registered primary offerings of the Company: (i) covered by a Registration
Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor
rule thereto or Form S-8); (ii) where the Common Stock is not being sold for cash; (iii) where the offering is a bona
fide offering of securities other than shares of Common Stock, even if such securities are convertible into or exercisable or exchangeable
for shares of Common Stock, (v) a Block Trade; or (vi) an Other Coordinated Offering, then the Company shall give written notice
of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days
before the filing date of the applicable “red herring” Prospectus or prospectus supplement used for marketing such offering,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of
the Holders of Registrable Securities the opportunity to include in such registered offering such number of Registrable Securities as
such Holders may request in writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback
Registration”). Subject to Section 2.2(b) and any applicable Lock-up, the Company shall, in good
faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this Section 2.2 to be included therein on the same terms and conditions as any similar
securities of the Company included in the registered offering and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in
a Piggyback Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering.

 

(b)            Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing
that the dollar amount or number of shares of Common Stock or other equity securities that the Company desires to sell, taken
together with (i) the shares of Common Stock or other equity securities, if any, as to which Registration or a registered
offering has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of
Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant
to Section 2.2 hereof, and (iii) the shares of Common Stock or other equity securities, if any, as to which
Registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration
rights of persons or entities other than the Holders of Registrable Securities hereunder, exceeds the Maximum Number of Securities,
then:

 

(i)            if
the Underwritten Shelf Takedown is undertaken for the Company’s account, the Company shall include in any such takedown (1) first,
the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; (2) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(1), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to Section 2.2,
pro rata, based on the respective number of Registrable Securities that each Holder has requested be included in such Underwritten
Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such Underwritten Offering,
which can be sold without exceeding the Maximum Number of Securities; and (3) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (1) and (2), the shares of Common Stock or other equity securities, if any, as to
which registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration rights
of persons other than the Holders of Registrable Securities hereunder, which can be sold without exceeding the Maximum Number of Securities;

 

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(ii)            if
the Underwritten Shelf Takedown is pursuant to a demand by persons or entities other than the Holders of Registrable Securities, then
the Company shall include in any such Registration or registered offering (A) first, the shares of Common Stock 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; (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 Section 2.2(a), pro rata, based on the respective number of Registrable Securities that each Holder has requested be
included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares
of Common Stock or other equity securities, if any, as to which registration or a registered offering has been requested pursuant to separate
written contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder,
which can be sold without exceeding the Maximum Number of Securities; and

 

(iii)            if
the Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities pursuant
to Section 2.1 hereof, then the Company shall include in any such registration or registered offering
securities in the priority set forth in Section 2.1(e).

 

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(c)            Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1(f)) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
two (2) business days prior to the filing of the applicable “red herring” prospectus or prospectus supplement with respect
to such Piggyback Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the
result of a request for withdrawal by persons or entities pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration
Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1(f)), the Company shall be responsible
for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.2(c).

 

(d)            Effect
of Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1(f), any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1(d) hereof.

 

(e)            Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other
Coordinated Offering), if requested by the managing Underwriters, each Holder agrees that it shall not Transfer any shares of Common Stock
or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior written
consent of the Company, during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the
date of pricing of such offering, except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise
agree by written consent. Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect
(in each case on substantially the same terms and conditions as all such Holders).

 

2.3            Block
Trades; Other Coordinated Offerings.

 

(a)            Notwithstanding
any other provision of this Article 2, but subject to Section 3.4, at any time and from time to time when an effective
Shelf is on file with the Commission, if a Demanding Holder notifies the Company that such Demanding Holder wishes to engage in
(a) an underwritten registered offering not involving a “roadshow,” an offer commonly known as a “block
trade” ​(a “Block Trade”), or (b) an “at the market” or similar
registered offering through a broker, sales agent or distribution agent, whether as agent or principal (an “Other
Coordinated Offering”), in each case, (x) with a total offering price reasonably expected to exceed
$10 million in the aggregate or (y) with respect to all remaining Registrable Securities held by the Demanding
Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five
(5) business days prior to the day such offering is to commence and the Company shall use its commercially reasonable efforts
to facilitate such Block Trade or Other Coordinated Offering; provided, that the Demanding Holders representing a majority
of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable
efforts to work with the Company and any Underwriters, brokers, sales agents or placement agents prior to making such request in
order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block
Trade or Other Coordinated Offering.

 

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(b)            Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sales agents
or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block
Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.3(b).

 

(c)            Notwithstanding
anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated
by a Demanding Holder pursuant to this Agreement.

 

(d)            The
Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sales
agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more
reputable nationally recognized investment banks).

 

(e)            A
Demanding Holder in the aggregate may demand no more than two (2) Block Trades or Other Coordinated Offerings pursuant to this Section 2.3 in
any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.3 shall
not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2.1(d) hereof.

 

ARTICLE III

 

COMPANY PROCEDURES

 

3.1            General
Procedures.

 

(a)            In
connection with any Shelf and/or Underwritten Shelf Takedown, the Company shall use its commercially reasonable efforts to effect
such registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof,
and pursuant thereto the Company shall prepare and file with the Commission as soon as practicable a Registration Statement with
respect to such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become
effective and remain effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or have ceased to be Registrable Securities;

 

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(b)            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 any Holder that holds at least five percent (5%) of the Registrable Securities registered
on such Registration Statement 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 or have ceased to be Registrable
Securities;

 

(c)            prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such registration, and to their respective 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 legal counsel of the Holders of Registrable Securities included in such Registration
may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders; provided that
the Company shall have no obligation to furnish any documents publicly filed or furnished with the Commission pursuant to the Electronic
Data Gathering, Analysis and Retrieval System (“EDGAR”);

 

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

 

(e)            cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are
then listed;

 

(f)            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;

 

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(g)            advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

(h)            at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be (i) necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (ii) advisable in
order to reduce the number of days that sales are suspended pursuant to Section 3.4), furnish a copy thereof to each seller
of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be
incorporated by reference therein);

 

(i)            notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4;

 

(j)            in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent
pursuant to such registration, in each of the following cases to the extent customary for a transaction of its type, permit a representative
of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated
Offering or other sale pursuant to such registration, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter
to participate, at each such person’s or entity’s own expense, in the preparation of the Registration Statement, and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter,
financial institution, attorney, consultant or accountant in connection with the Registration; provided, however, that such
representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information;

 

(k)            obtain
a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such registration (subject
to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company’s
independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily
covered by “cold comfort” letters for a transaction of its type as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders;

 

(l)            in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such registration, on the date the Registrable Securities are delivered for sale pursuant to such registration, to the extent
customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such
registration, addressed to the broker, placement agents or sales agent, if any, and the Underwriters, if any, covering such legal matters
with respect to the Registration in respect of which such opinion is being given as the participating Holders, broker, placement agent,
sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters;

 

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(m)            in
the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such registration, use commercially reasonable efforts to (i) make senior executives of the Company reasonably available
to participate in so-called “road shows” or meetings with institutional investors subject to reasonable prior arrangements
to minimize disruption to the Company’s operations and the time commitment of such officers and (ii) enter into and perform
its obligations under an underwriting or other purchase or sales agreement, in usual and customary form, with the managing Underwriter
or the broker, placement agent or sales agent of such offering or sale;

 

(n)            make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then
in effect); and

 

(o)            otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders,
consistent with the terms of this Agreement, in connection with such registration.

 

Notwithstanding the foregoing,
the Company shall not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if
such Underwriter, broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering
or other offering involving a registration as an Underwriter, broker, sales agent or placement agent, as applicable.

 

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, Underwriting marketing costs and, other than as set forth in the
definition of “Registration Expenses,” all fees and expenses of any legal counsel representing the Holders.

 

3.3            Requirements
for Participation in Registration Statement in Offerings. Notwithstanding anything in this
Agreement to the contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude
such Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if the Company
determines, based on the advice of counsel, that it is necessary or advisable to include such information in the applicable
Registration Statement or Prospectus and such Holder continues thereafter to withhold such information. In addition, no person or
entity may participate in any Underwritten Offering or other offering for equity securities of the Company pursuant to a
registration initiated by the Company hereunder unless such person or entity (i) agrees to sell such person’s or
entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by the
Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting or other agreements and other customary documents as may be reasonably required under the terms of such underwriting,
sales, distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities
as a result of this Section 3.2 shall not affect the registration of the other Registrable Securities to be included
in such registration.

 

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3.4            Suspension
of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

(a)            (i) Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement; (ii) upon written
notice from the Company that the Commission has requested an amendment or supplement to a Registration Statement or Prospectus or additional
information, or an event has occurred that requires the preparation of a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement or Prospectus, such Registration Statement or Prospectus
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading; or (iii) if the Company has, pursuant to a written insider trading compliance program
adopted by the Board with respect to “insiders” including the relevant Holder, suspended transactions in the Company’s
securities because of the existence of material non-public information, each of the Holders (in the case of (i) and (ii)) or the
relevant Holder(s) (in the case of (iii)) shall forthwith discontinue disposition of Registrable Securities pursuant to such Registration
Statement until it has received copies of a supplemented or amended Prospectus (it being understood that the Company hereby covenants
to prepare and file such supplement or amendment as soon as reasonably practicable after the time of such notice), or until it is advised
in writing by the Company that the use of the Prospectus may be resumed (in the case of (i) or (ii)) or until the restriction on
the ability of “insiders” to transact in the Company’s securities is removed (in the case of (iii)).

 

(b)            Subject
to Section 3.4(d), if the filing, initial effectiveness or continued use of a Registration Statement in respect of
any registration at any time would (i) require the Company to make an Adverse Disclosure, (ii) require the inclusion in
such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s
control, or (iii) in the good faith judgment of the majority of the Board, be seriously detrimental to the Company and the
majority of the Board concludes as a result that it is essential to defer such filing, initial effectiveness or continued use at
such time, the Company may, 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. In the event the Company exercises its rights under this Section 3.4(b), 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 until such Holder receives written notice from the Company that
such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality of such notice and its
contents.

 

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(c)            Subject
to Section 3.4(d), (i) 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 continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Shelf Registration Statement, or (ii) if, pursuant to Section 2.1(d), Holders have
requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly underwrite
such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered offering
pursuant to Section 2.1(d) or 3.4.

 

(d)            The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4(b) or
a registered offering pursuant to Section 3.4(c) shall be exercised by the Company, in the aggregate, for not more than
(i) ninety (90) consecutive calendar days or (ii) more than one hundred and twenty (120) total calendar days during any period
of twelve (12) consecutive months.

 

3.5            Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times
while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by the Company after 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; provided that any documents
publicly filed or furnished with the Commission pursuant to EDGAR shall be deemed to have been furnished or delivered to the Holders
pursuant to this Section 3.5. The Company further covenants that it shall take such further action as any Holder may reasonably
request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without
registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities
Act (or any successor rule then in effect). 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.

  

ARTICLE IV

 

INDEMNIFICATION AND CONTRIBUTION

 

4.1            Indemnification.

 

(a)            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and agents
and each person or entity who controls such Holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities
and out-of-pocket expenses (including, without limitation, reasonable and documented outside attorneys’ fees) resulting from any
untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused or contained in
any information or affidavit so 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 or entity who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

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(b)            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by law,
shall indemnify the Company, its directors, officers and agents and each person or entity who controls the Company (within the meaning
of the Securities Act), against all losses, claims, losses, damages, liabilities and out-of-pocket expenses (including, without limitation,
reasonable and documented outside attorneys’ fees resulting from any untrue or alleged untrue statement of material fact contained
or incorporated by reference in any Registration Statement, Prospectus, 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, but only to the extent that such untrue statement is contained in (or not contained in, in the case of an omission) any
information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders, and the liability of each such Holder shall
be in proportion to and limited to the net proceeds received by such Holder from the sale of the Registrable Securities pursuant to such
Registration Statement, except in the case of fraud or willful misconduct by such Holder.

  

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

 

    22 

     

    

 

(d)            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such
provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such
Holder’s indemnification is unavailable for any reason.

 

(e)            If
the indemnification provided under Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission),
such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this
Section 4.1(e) shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such
liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to
include, subject to the limitations set forth in Sections 4.1(a), 4.1(b) and 4.1(c) above, any legal or
other fees, charges or out-of-pocket 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 Section 4.1(e) 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 Section 4.1(e). No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this Section 4.1(e) from any person or entity who was
not guilty of such fraudulent misrepresentation.

 

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ARTICLE V

 

LOCK-UP

 

5.1            Lock-up.
Each Lock-up Party agrees that it shall not Transfer any Lock-up Shares prior to the end of the Lock-up Period (the “Lock-up”).
Notwithstanding the foregoing, each Lock-up Party may Transfer Lock-up Shares during the Lock-up Period as follows (a) Transfers
of shares of Common Stock acquired in open market transactions after the Closing; (b) through bona fide gifts or charitable contributions
of shares of Common Stock, or any security convertible into or exercisable or exchangeable for Common Stock,; (c) Transfers of shares
of Common Stock to a trust, or other entity formed for estate planning purposes for the primary benefit of the spouse, domestic partner,
parent, sibling, child or grandchild, a Holder who is an individual or any other person with whom such Holder has a relationship by blood,
marriage or adoption not more remote than first cousin; (d) Transfers by will or intestate succession upon the death of the Holder
who is an individual; (e) Transfers of shares of Common Stock pursuant to a qualified domestic order, court order or in connection
with a divorce settlement; (f) if the Lock-up Party is a corporation, partnership (whether general, limited or otherwise), limited
liability company, trust or other business entity, (i) Transfers to another corporation, partnership, limited liability company,
trust or other business entity that controls, is controlled by or is under common control with the Lock-up Party, or (ii) distributions
of shares of Common Stock to partners, limited liability company members of stockholders of the Lock-up Party pro rata, including,
for the avoidance of doubt, where the Lock-up Party is a partnership, to its general partner or a successor partnership or fund by virtue
of the Lock-up Party’s organizational documents or upon dissolution of the Lock-up Party; (g) if the Holder is a trust, Transfers
to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (h) Transfers to the Company’s officers,
directors or their affiliates or to any other Lock-up Party or any affiliates of such Lock-up Party or any related investment funds or
vehicles controlled or managed by such persons or entities or their respective affiliates; or (i) Transfers to a nominee or custodian
of a person or entity to whom a disposition or Transfer would be permissible under Sections 5.1(a) through 5.1(h);
(j) pledges in connection with a bona fide mortgage or encumbrance to a financial institution, or pledges of shares of Common Stock,
or any security convertible into or exercisable or exchangeable for Common Stock, as collateral for a recourse loan or debt transaction
or enforcement thereunder, so long as the pledge is not part of a transaction or series of transactions for the purpose of Transferring
to a counterparty the Lock-up Party’s market risk with respect to such shares or securities; (k) Transfers pursuant to a bona
fide third-party tender offer, merger, stock sale, recapitalization, consolidation or other transaction involving a Change in Control
of the Company or which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock
for cash, securities or other property; provided, however, that the transaction was approved by the Board or a duly authorized committee
thereof; and provided, further, that in the event that such tender offer, merger, recapitalization, consolidation or other such transaction
is not completed, the Common Stock subject to this Agreement shall remain subject to this Agreement; (l) the establishment of a
trading plan pursuant to Rule 10b5-1 promulgated under the Exchange Act; provided, however, that such plan does not provide for
the Transfer of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock during the Lock-Up Period;
(m) Transfers of shares of Common Stock to the Company in connection with the repurchase of a Holder’s shares in connection
with the termination of the Holder’s employment with the Company pursuant to contractual agreements with the Company; (n) Transfers
of shares of Common Stock to satisfy tax withholding obligations in connection with the exercise of options to purchase shares of Common
Stock or the vesting of stock-based awards; (o) Transfers of shares of Common Stock in payment on a “net exercise”
or “cashless” basis of the exercise or purchase price with respect to the exercise of options to purchase shares of Common
Stock; or (p) Transfers to the Company through the exercise of a stock option granted under a stock incentive plan or stock purchase
plan or a warrant, and the receipt by the Lock-up Holder from the Company of shares of Common Stock upon any such exercise, insofar as
such option or warrant expires during the Lock-Up Period; provided that the underlying shares shall continue to be subject to the restrictions
on transfer set forth in this Agreement; provided, however, that in the case of any Transfer pursuant to Section 5.1(b) through 5.1(i),
each donee, distributee, or other transferee shall agree in writing, in form and substance reasonably satisfactory to the Company, to
be bound by the provisions of this Agreement. For the avoidance of doubt, PIPE Shares shall never be subject to this Section 5.1 whether
they are acquired by a Holder on the date hereof or are acquired by such Holder after the date hereof, whether from a PIPE Investor or
from the Company.

 

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ARTICLE VI

 

MISCELLANEOUS

 

6.1            Notices.
Any notice or communication under this Agreement must be in writing and given by (i) with respect to parties located in the United
States, deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return
receipt requested, (ii) delivery in person or by internationally recognized courier service providing evidence of delivery, or (iii) transmission
by hand delivery, electronic mail 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
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: Gelesis Inc., 501 Boylston Street, Suite 6102 Boston, MA 02116, Attention: Elliot Maltz, Chief Financial Officer
or by email: emaltz@gelesis.com, and, if to any Holder, at such Holder’s address, electronic mail 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 6.1.

  

6.2            Assignment;
No Third Party Beneficiaries.

 

(a)            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.

 

(b)            Subject
to Section 6.2(d) and Section 6.2(e), this Agreement and the rights, duties and obligations of a Holder hereunder may
be assigned in whole or in part to such Holder’s Permitted Transferees to which it transfers Registrable Securities; provided that
with respect to the Sponsor, the Capstar Holders and the Target Holders, the rights hereunder that are personal to such Holders
may not be assigned or delegated in whole or in part, except that (i) the Sponsor shall be permitted to transfer its rights hereunder
as the Sponsor to one or more affiliates or any direct or indirect partners, members or equity holders of the Sponsor, which, for the
avoidance of doubt, shall include a transfer of its rights in connection with a distribution of any Registrable Securities held by Sponsor
to members of Sponsor (it being understood that no such transfer shall reduce or multiply any rights of the Sponsor or such transferees),
(ii) each of the Capstar Holders shall be permitted to transfer its rights hereunder as the Capstar Holders to one or more affiliates
or any direct or indirect partners, members or equity holders of such Capstar Holder (it being understood that no such transfer shall
reduce or multiply any rights of such Capstar Holder or such transferees) and (iii) each of the Target Holders shall be permitted
to transfer its rights hereunder as the Target Holders to one or more affiliates or any direct or indirect partners, members or equity
holders of such Target Holder which, for the avoidance of doubt, shall include a transfer of its rights in connection with a distribution
of any Registrable Securities held by such Target Holder to constituent owners of such Target Holder (it being understood that no such
transfer shall reduce or multiply any rights of such Target Holder or such transferees) . Upon a transfer by the Sponsor pursuant to
subsection (i) to members of Sponsor, the rights that are personal to the Sponsor shall be exercised by such members only with the
consent of the Sponsor’s board of managers in accordance with the Sponsor’s operating agreement.

 

(c)            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 Holders, which shall include Permitted Transferees.

 

(d)            This
Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly set
forth in this Agreement and this Section 6.2.

 

(e)            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 (i) written notice of such assignment as provided in Section 6.1 hereof
and (ii) 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, including the joinder in the
form of Exhibit C attached hereto). Any transfer or assignment made other than as provided in this Section 6.2 shall
be null and void.

 

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6.3            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.

 

6.4            Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE
PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE
OF NEW YORK AND (2) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN
NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

    26 

     

    

 

6.5                Trial
by Jury. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT.

 

6.6                Amendments
and Modifications. Upon the written consent of (a) the Company and (b) the Holders
of a majority of the total Registrable Securities, 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; provided, however,
that any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of Registrable Securities,
in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected.
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.

 

6.7               Other
Registration Rights. Other than the PIPE Investors who each have registration rights with respect
to their PIPE Shares, the Company represents and warrants that no person or entity, 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 Statement filed by the Company for the sale of securities for its own account or for the account of any other person or
entity. The Company hereby agrees and covenants that it will not grant rights to register any Common Stock (or securities convertible
into or exchangeable for Common Stock) pursuant to the Securities Act that are more favorable, pari passu or senior to those granted
to the Holders hereunder without (a) the prior written consent of (i) the Sponsor, for so long as the Sponsor and its affiliates
hold, in the aggregate, Registrable Securities representing at least one percent (1%) of the outstanding shares of Common Stock
of the Company, (ii) upon a transfer by the Sponsor pursuant to Section 6.2.(a)(i), a majority-in-interest of such Permitted
Transferees of the Sponsor (so long as such Permitted Transferees of the Sponsor hold, in the aggregate, Registrable Securities representing
at least one percent (1%) of the outstanding shares of Common Stock of the Company), and (ii) a Target Holder, for so long
as such Target Holder and its affiliates hold, in the aggregate, Registrable Securities representing at least one percent (1%) of
the outstanding shares of Common Stock of the Company, or (b) granting economically and legally equivalent rights to the Holders
hereunder such that the Holders shall receive the benefit of such more favorable or senior terms and/or conditions. Further, the Company
represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms
and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement
shall prevail.

 

6.8               Term.
This Agreement shall terminate on the earlier of (a) the tenth (10th) anniversary of the date of this Agreement and (b) with
respect to any Holder, on the date that such Holder no longer holds any Registrable Securities. The provisions of Section 3.5 and Article IV shall
survive any termination.

 

    27 

     

    

 

6.9               Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total
number of Registrable Securities held by such Holder in order for the Company to make determinations hereunder.

 

6.10            Additional
Holders; Joinder. In addition to persons or entities who may become Holders pursuant to Section 6.2 hereof,
subject to the prior written consent of each of the Sponsor (so long as the Sponsor and its affiliates hold, in the aggregate, Registrable
Securities representing at least one percent (1%) of the outstanding shares of Common Stock of the Company) and each Target Holder
(in each case, so long as such Target Holder and its affiliates hold, in the aggregate, Registrable Securities representing at least
one percent (1%) of the outstanding shares of Common Stock of the Company), the Company may make any person or entity who acquires
Common Stock or rights to acquire Common Stock after the date hereof a party to this Agreement (each such person or entity, an “Additional
Holder”) by obtaining an executed joinder to this Agreement from such Additional Holder in the form of C attached
hereto (a “Joinder”). Such Joinder shall specify the rights and obligations of the applicable Additional Holder under
this Agreement. Upon the execution and delivery and subject to the terms of a Joinder by such Additional Holder, the Common Stock then
owned, or underlying any rights then owned, by such Additional Holder (the “Additional Holder Common Stock”) shall
be Registrable Securities to the extent provided herein and therein and such Additional Holder shall be a Holder under this Agreement
with respect to such Additional Holder Common Stock.

 

6.11             Prior
Agreements

 

(a)            The
Company, the Sponsor and the Capstar Holders hereby agree that the Original Agreement is hereby terminated and replaced for all purposes
by this Agreement and shall no longer have any force or effect.

 

(b)            The
Company, the Target and the Target Holders hereby agree that the Target’s IRA/RRA is hereby terminated and replaced for all purposes
by this Agreement and shall no longer have any force or effect.

  

6.12            Severability.
It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of
this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in
such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

6.13            Entire
Agreement; Restatement. This Agreement constitutes the full and entire agreement and understanding
between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such
subject matter. Upon the Closing, the Original Agreement shall no longer be of any force or effect.

 

6.14            Adjustments.
If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall be made
in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue
with respect to the Registrable Securities as so changed.

 

(signature page follows)

 

    28

    

    

 

The parties are signing this
Amended and Restated Registration and Stockholder Rights Agreement as of the date stated in the introductory clause.

 

	 	COMPANY
	 	 
	 	GELESIS HOLDINGS, INC.

 

	 	By:	/s/ Elliot Maltz
	  	Name: Elliot Maltz
	 	Title: Chief Financial Officer

 

[SIGNATURE
PAGE TO THE AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

 

     

     

    

 

The parties are signing this
Amended and Restated Registration and Stockholder Rights Agreement as of the date stated in the introductory clause.

 

	 	SPONSOR
	 	 
	 	CAPSTAR SPONSOR GROUP, LLC

 

	 	By:	/s/ R. Steven Hicks
	  	Name: R. Steven Hicks
	 	Title: Manager

 

[SIGNATURE PAGE TO THE
AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

 

     

     

    

 

The parties are signing this
Amended and Restated Registration and Stockholder Rights Agreement as of the date stated in the introductory clause.

  

	 	HOLDER
	 	 
	 	Kathryn Cavanaugh
	 	 
	 	/s/ Kathryn Cavanaugh
	 	Kathryn Cavanaugh

 

[SIGNATURE PAGE TO THE
AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

 

     

     

    

  

The parties are signing this
Amended and Restated Registration and Stockholder Rights Agreement as of the date stated in the introductory clause.

 

	 	HOLDER
	 	 
	 	John Ghiselli
	 	 
	 	/s/ John Ghiselli
	 	John Ghiselli

  

[SIGNATURE PAGE TO THE AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

  

     

     

    

  

The parties are signing this
Amended and Restated Registration and Stockholder Rights Agreement as of the date stated in the introductory clause.

 

	 	HOLDER
	 	 
	 	James Whittenburg
	 	 
	 	/s/ James Whittenburg
	 	James Whittenburg

  

[SIGNATURE PAGE TO THE AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

 

     

     

    

 

EXHIBIT A 

CAPSTAR HOLDERS

 

[SIGNATURE PAGE TO THE
AMENDED AND RESTATED REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT]

 

     

     

    

 

EXHIBIT B 

TARGET HOLDERS

 

     

     

    

 

EXHIBIT C 

JOINDER AGREEMENT

 

The undersigned is executing
and delivering this joinder (this “Joinder”) pursuant to the Amended and Restated Registration and Stockholder
Rights Agreement, dated as of January 13, 2022 (as the same may hereafter be amended, the “Registration and Stockholder
Rights Agreement”), among Gelesis Holdings, Inc., a Delaware corporation (the “Company”),
and the other persons or entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings
provided in the Registration and Stockholder Rights Agreement.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration and Stockholder Rights Agreement as a Holder of Registrable
Securities in the same manner as if the undersigned were an original signatory to the Registration and Stockholder Rights Agreement,
and the undersigned’s shares of Common Stock shall be included as Registrable Securities under the Registration and Stockholder
Rights Agreement to the extent provided therein.

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.

 

 

 

	 	Signature of Stockholder

 

 

	 	Print Name of Stockholder

	 	Its:

 

	 	Address:	 
	 	 
	 	 

 

Agreed and Accepted as of

____________, 20__

 

	GELESIS HOLDINGS, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Its:Exhibit 10.3

 

GELESIS HOLDINGS, INC.

2021 STOCK OPTION AND INCENTIVE PLAN

 

SECTION 1.    GENERAL
PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan is the Gelesis Holdings, Inc.
2021 Stock Option and Incentive Plan (as amended from time to time, the “Plan”). The purpose of the Plan is to encourage
and enable the officers, employees, Non-Employee Directors and Consultants of Gelesis Holdings, Inc. (the “Company”)
and its Affiliates upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business
to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s
welfare will assure a closer identification of their interests with those of the Company and its stockholders, thereby stimulating their
efforts on the Company’s behalf and strengthening their desire to remain with the Company.

 

The following terms shall be defined as set forth below:

 

“Administrator” means
the compensation committee of the Board or a similar committee performing the functions of the compensation committee. The Board shall
cause the Administrator to satisfy the applicable requirements of any stock exchange on which the Stock may then be listed. For purposes
of Awards to individuals who are subject to Section 16 of the Exchange Act, the Administrator shall be comprised of not less than
two Non-Employee Directors who are independent within the meaning of any stock exchange on which the Stock is listed, Notwithstanding
the foregoing, if such a committee does not exist, or for any other reason determined by the Board, the Board may act as the Administrator.

 

“Affiliate” means, at the time
of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 promulgated
under the Securities Act. The Board will have the authority to determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

“Award” or “Awards,” except
where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards, and Dividend
Equivalent Rights.

 

“Award
Certificate” means a written or electronic document setting forth the terms and provisions applicable to an Award
granted under the Plan. Each Award Certificate is subject to the terms and conditions of the Plan.

 

“Board” means
the Board of Directors of the Company.

 

“Cash-Based
Award” means an Award entitling the recipient to receive a cash-denominated payment.

 

“Code” means
the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

     

     

    

 

“Consultant” means
a consultant or adviser who provides bona fide services to the Company or an Affiliate as an independent contractor
and who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the Securities Act.

 

“Dividend
Equivalent Right” means an Award entitling the grantee to receive credits based on ordinary cash dividends that
would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares
had been issued to and held by the grantee.

 

“Effective
Date” means the date on which the Plan becomes effective as set forth in Section 19.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair
Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith
by the Administrator; provided, however, that if the Stock is listed on the National Association of Securities Dealers Automated Quotation
System (“NASDAQ”), NASDAQ Global Market, The New York Stock Exchange or another national securities exchange or traded on
any established market, fair market value shall mean the closing sale price of the Stock, as reported on such market on that date (or
if there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for
which there are market quotations); provided, further if the Stock is not traded on any established market,.the amount determined by
the Administrator shall take into account Sections 409A and 424 of the Code, to the extent applicable.

 

“Incentive
Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined
in Section 422 of the Code.

 

“Non-Employee
Director” means a member of the Board who is is a “non-employee director” within the meaning of Rule 16b-3
promulgated under the Exchange Act.

 

“Non-Qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Restricted
Shares” means the shares of Stock underlying a Restricted Stock Award that remain subject to a risk of forfeiture
or the Company’s right of repurchase.

 

“Restricted
Stock Award” means an Award of Restricted Shares subject to such restrictions and conditions as the Administrator
may determine at the time of grant.

 

“Restricted
Stock Units” means an Award of stock units subject to such restrictions and conditions as the Administrator
may determine at the time of grant.

 

    - 2 -

     

    

 

“Sale
Event” means (i) the sale of all or substantially all of the assets of the Company on a consolidated basis
to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s
outstanding voting power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting
power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately
upon completion of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof
acting in concert, or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately
prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately
upon completion of the transaction other than as a result of the acquisition of securities directly from the Company. Notwithstanding
the foregoing, with respect to any Award that is characterized as “nonqualified deferred compensation” within the meaning
of Section 409A of the Code, and where required to avoid additional taxes and interest under Section 409A of the Code, an event
shall not be considered a Sale Event unless such event is also a “change in ownership,” a “change in effective control,”
or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A
of the Code.

 

“Sale Price”
means the value as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share
of Stock pursuant to a Sale Event.

 

“Section 409A” means
Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Service
Relationship” means any relationship as an employee, director or Consultant of the Company or any Affiliate (e.g.,
a Service Relationship shall be deemed to continue without interruption in the event an individual’s status changes from full-time
employee to part-time employee or Consultant).

 

“Stock” means
the Common Stock, par value $0.0001 per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Stock
Appreciation Right” means an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly
provided for in the applicable Award Certificate) having a value equal to the excess of the Fair Market Value of the Stock on the date
of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which
the Stock Appreciation Right shall have been exercised.

 

“Subsidiary” means
any corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly
or indirectly.

 

“Ten
Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of
the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation.

 

“Unrestricted
Stock Award” means an Award of shares of Stock free of any restrictions.

 

    - 3 -

     

    

 

SECTION 2.    ADMINISTRATION
OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)     Administration
of Plan.    The Plan shall be administered by the Administrator.

 

(b)     Powers
of Administrator.    The Administrator shall have the power and authority to grant Awards consistent with the terms of
the Plan, including the power and authority:

 

(i)         to
select the individuals to whom Awards may from time to time be granted;

 

(ii)        to
determine the time or times of grant, and the expiration date, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, and Dividend Equivalent
Rights, or any combination of the foregoing, granted to any one or more grantees;

 

(iii)       to
determine the number of shares of Stock to be covered by any Award;

 

(iv)       to
determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan,
of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award Certificates;

 

(v)        to
accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)       subject
to the provisions of Section 5(c) or Section 6(d), as applicable, to extend at any time the period in which Stock Options
and Stock Appreciation Rights may be exercised; and (vii)   at any time to adopt, alter and repeal such rules, guidelines
and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms
and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the
administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration
of the Plan.

 

All decisions and interpretations of the Administrator
shall be binding on all persons, including the Company and Plan grantees.

 

(c)     Delegation
of Authority to Grant Awards.    Subject to applicable law, the Administrator, in its discretion, may delegate to a committee
consisting of one or more officers of the Company, including the Chief Executive Officer of the Company, all or part of the Administrator’s
authority and duties with respect to the granting of Awards to individuals who are (i) not subject to the reporting and other provisions
of Section 16 of the Exchange Act and (ii) not members of the delegated committee. Any such delegation by the Administrator
shall include a limitation as to the amount of Stock underlying Awards that may be granted during the period of the delegation and shall
contain guidelines as to the determination of the exercise price and the vesting criteria. The Administrator may revoke or amend the
terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates
that were consistent with the terms of the Plan.

 

    - 4 -

     

    

 

(d)     Award
Certificate.   Awards under the Plan shall be evidenced by Award Certificates that set forth the terms, conditions and
limitations for each Award, which may include, without limitation, the term of an Award and the provisions applicable in the event employment
or service terminates.

 

(e)      Indemnification.   Neither
the Board nor the Administrator, nor any member of either, or any delegate thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and
any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss,
damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent
permitted by law and/or under the Company’s articles or bylaws or any directors’ and officers’ liability insurance
coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Company.

 

(f)      Foreign
Award Recipients.   Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator,
in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine
which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any
Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify
exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable
(and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or
modifications shall increase the share limitations contained in Section 3(a) hereof; and (v) take any action, before or
after an Award is made, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no
Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other
applicable United States governing statute or law.

 

SECTION 3.     STOCK
ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

 

(a)     Stock
Issuable.   The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 9,583,570 shares
(the “Initial Limit”), subject to adjustment as provided in this Section 3, plus on January 1, 2023 and each January 1
thereafter, the number of shares of Stock reserved and available for issuance under the Plan shall be cumulatively increased by (i) 4
percent of the number of shares of Stock issued and outstanding on the immediately preceding December 31 or (ii) such lesser
number of shares as determined by the Administrator (the “Annual Increase”). Subject to such overall limitation, the maximum
aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed 14,000,000, cumulatively
increased on January 1, 2023 and each January 1 thereafter by the lesser of the Annual Increase for such year or 20,000,000
shares of Stock, subject in all cases to adjustment as provided in Section 3. For purposes of this limitation, the shares of Stock
underlying any awards under the Plan that are forfeited, canceled, held back upon exercise of an option or settlement of an award to
cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise
terminated (other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan and, to the extent
permitted under Section 422 of the Code and the regulations promulgated thereunder, the shares of Stock that may be issued as Incentive
Stock Options. In the event the Company repurchases shares of Stock on the open market, such shares shall not be added to the shares
of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock may be issued up to such maximum
number pursuant to any type or types of Award. The shares available for issuance under the Plan may be authorized but unissued shares
of Stock or shares of Stock reacquired by the Company.

 

    - 5 -

     

    

 

(b)     Changes
in Stock.   Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, extraordinary cash dividend, stock split, reverse stock split or other similar change in the Company’s capital
stock, the outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other
securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets
are distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of
all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities
of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the Plan, including the maximum number of shares that
may be issued in the form of Incentive Stock Options, (ii) the number and kind of shares or other securities subject to any then
outstanding Awards under the Plan, (iii) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award,
and (iv) the exercise price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under
the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of shares subject to Stock
Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator
shall also make equitable or proportionate adjustments in the number of shares subject to outstanding Awards and the exercise price and
the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary
corporate event. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued
under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in lieu of fractional
shares.

 

(c)     Mergers
and Other Transactions.   In the case of and subject to the consummation of a Sale Event, the parties thereto may cause
the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards
of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate, the per
share exercise prices, as such parties shall agree. To the extent the parties to such Sale Event do not provide for the assumption, continuation
or substitution of Awards, upon the effective time of the Sale Event, the Plan and all outstanding Awards granted hereunder shall terminate.
In such case, except as may be otherwise provided in the relevant Award Certificate, all Awards with time-based vesting, conditions or
restrictions shall become fully vested and exercisable or nonforfeitable as of the effective time of the Sale Event, and all Awards with
conditions and restrictions relating to the attainment of performance goals may become vested and exercisable or nonforfeitable in connection
with a Sale Event in the Administrator’s discretion or to the extent specified in the relevant Award Certificate. In the event
of such termination, (i) the Company shall have the option (in its sole discretion) to make or provide for a payment, in cash or
in kind, to the grantees holding Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal
to the difference between (A) the Sale Price multiplied by the number of shares of Stock subject to outstanding Options and Stock
Appreciation Rights (to the extent then exercisable at prices not in excess of the Sale Price) and (B) the aggregate exercise price
of all such outstanding Options and Stock Appreciation Rights (provided that, in the case of an Option or Stock Appreciation Right with
an exercise price equal to or greater than the Sale Price, such Option or Stock Appreciation Right shall be cancelled for no consideration);
or (ii) each grantee shall be permitted, within a specified period of time prior to the consummation of the Sale Event as determined
by the Administrator, to exercise all outstanding Options and Stock Appreciation Rights (to the extent then exercisable) held by such
grantee. The Company shall also have the option (in its sole discretion) to make or provide for a payment, in cash or in kind, to the
grantees holding other Awards in an amount equal to the Sale Price multiplied by the number of vested shares of Stock under such Awards.

 

(d)     Maximum
Awards to Non-Employee Directors.   Notwithstanding anything to the contrary in this Plan, the value of all Awards awarded
under this Plan and all other cash compensation paid by the Company to any Non-Employee Director in any calendar year for service as
a Non-Employee Director shall not exceed $750,000; provided, however, that such amount shall be $1 million for the calendar year
in which the applicable Non-Employee Director is initially elected or appointed to the Board. For the purpose of these limitations, the
value of any Award shall be its grant date fair value, as determined in accordance with ASC 718 or successor provision but excluding
the impact of estimated forfeitures related to service-based vesting provisions.

 

    - 6 -

     

    

 

SECTION 4.     ELIGIBILITY

 

Grantees under the Plan will be such employees,
Non-Employee Directors and Consultants of the Company and its Affiliates as are selected from time to time by the Administrator in its
sole discretion; provided that Awards in the form of Stock Options or Stock Appreciation Rights may not be granted to employees, Directors
or Consultants who are providing services only to any “parent” of the Company, as such term is defined in Rule 405 promulgated
under the Securities Act, unless (i) the stock underlying the Awards is treated as “service recipient stock” with respect
to such individuals, within the meaning of Treasury Regulation Section 1.409A-1(5)(iii) or (ii) the Company, in consultation
with its legal counsel, has determined that such Awards are exempt from or otherwise comply with Section 409A.

 

    - 7 -

     

    

 

SECTION 5.     STOCK
OPTIONS

 

(a)      Award
of Stock Options.   The Administrator may grant Stock Options under the Plan. Any Stock Option granted under the Plan
shall be in such form as the Administrator may from time to time approve.

 

Stock Options granted under the Plan may be either
Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may 

be granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of
the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

Stock Options granted pursuant to this Section 5
shall be subject to the following terms and conditions and shall contain such additional 

terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so
determines, Stock Options may be granted in lieu of cash compensation at the optionee’s election, subject to such terms and conditions
as the Administrator may establish.

 

(b)     Exercise
Price.   The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5
shall be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on
the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price of such Incentive
Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date. Notwithstanding the foregoing, Stock
Options may be granted with an exercise price per share that is less than 100 percent of the Fair Market Value on the date of grant
(i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to

individuals who are not subject to U.S. income tax on the date of
grant or (iii) if the Stock Option is otherwise compliant with Section 409A.

 

(c)      Option
Term.   The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more
than ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent
Owner, the term of such Stock Option shall be no more than five years from the date of grant.

 

(d)     Exercisability;
Rights of a Stockholder.   Stock Options shall become exercisable at such time or times, whether or not in installments,
as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability
of all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only as to shares acquired upon the exercise
of a Stock Option and not as to unexercised Stock Options.

 

(e)      Method
of Exercise.   Stock Options may be exercised in whole or in part, by giving written or electronic notice of exercise
to the Company, specifying the number of shares to be purchased, which notice shall be in such form as determined by the Administrator.
Payment of the purchase price may be made by one or more of the following methods except to the extent otherwise provided in the Award
Certificate:

 

(i)         In
cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(ii)        Through
the delivery (or attestation to the ownership following such procedures as the Administrator may prescribe) of shares of Stock that are
not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise
date;

 

(iii)        By
the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Administrator for the purchase price; provided that in the event
the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter
into such agreements of indemnity and other agreements as the Company shall prescribe as a condition of such payment procedure; or (iv)   With
respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price.

 

    - 8 -

     

    

 

Payment instruments will be received subject to
collection. The transfer to the optionee on the records of the Company or of the transfer agent of the shares of Stock to be purchased
pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance
with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements
contained in the Award Certificate or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company
is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase price by previously-owned
shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee upon the exercise of the Stock
Option shall be net of the number of attested shares. In the event that the Company establishes, for itself or using the services of
a third party, an automated system for the exercise of Stock Options, such as a system using an internet website or interactive voice
response, then the paperless exercise of Stock Options may be permitted through the use of such an automated system.

 

(f)      Annual
Limit on Incentive Stock Options.   To the extent required for “incentive stock option” treatment under Section 422
of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive
Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable
for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this
limit, it shall constitute a Non-Qualified Stock Option.

 

SECTION 6.     STOCK
APPRECIATION RIGHTS

 

(a)     Award
of Stock Appreciation Rights.   The Administrator may grant Stock Appreciation Rights under the Plan. A Stock Appreciation
Right is an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for in the applicable
Award Certificate) having a value equal to the excess of the Fair Market Value of a share of Stock on the date of exercise over the exercise
price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right
shall have been exercised.

 

    - 9 -

     

    

 

(b)     Exercise
Price of Stock Appreciation Rights.   The exercise price of a Stock Appreciation Right shall not be less than 100 percent
of the Fair Market Value of the Stock on the date of grant. Notwithstanding the foregoing, Stock Appreciation Rights may be granted with
an exercise price per share 

that is less than 100 percent of the Fair Market Value on the date of grant (i) pursuant to a transaction described in, and
in a manner consistent with, Section 424(a) of the Code, (ii) to individuals who are not subject to U.S. income tax on
the date of grant, or (iii) if the Stock Appreciation Right is otherwise compliant with Section 409A

 

(c)      Grant
and Exercise of Stock Appreciation Rights.   Stock Appreciation Rights may be granted by the Administrator independently
of any Stock Option granted pursuant to Section 5 of the Plan.

 

(d)     Terms
and Conditions of Stock Appreciation Rights.   Stock Appreciation Rights shall be subject to such terms and conditions
as shall be determined on the date of grant by the Administrator. The term of a Stock Appreciation Right may not exceed ten years.
The terms and conditions of each such Award shall be determined by the Administrator, and such terms and conditions may differ among
individual Awards and grantees.

 

SECTION 7.     RESTRICTED
STOCK AWARDS

 

(a)      Nature
of Restricted Stock Awards.   The Administrator may grant Restricted Stock Awards under the Plan. A Restricted Stock Award

is any Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at the time of grant.
Conditions may be based on continuing employment (or other Service Relationship) and/or achievement of pre-established performance goals
and objectives.

 

(b)     Rights
as a Stockholder.   Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, a grantee
shall have the rights of a stockholder with respect to the voting of the Restricted Shares and receipt of dividends; provided that any
dividends paid by the Company shall accrue and shall not be paid to the grantee until and to the extent the restrictions with respect
to such Restricted Shares have lapsed and such Restricted Shares are deemed vested. Unless the Administrator shall otherwise determine,
(i) uncertificated Restricted Shares shall be accompanied by a notation on the records of the Company or the transfer agent to the
effect that they are subject to forfeiture until such Restricted Shares are vested as provided in Section 7(d) below, and (ii) certificated
Restricted Shares shall remain in the possession of the Company until such Restricted Shares are vested as provided in Section 7(d) below,
and the grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator
may prescribe.

 

(c)     Restrictions.   Restricted
Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein
or in the Restricted Stock Award Certificate. Except as may otherwise be provided by the Administrator either in the Award Certificate
or, subject to Section 16 below, in writing after the Award is issued, if a grantee’s employment (or other Service Relationship)
with the Company and its Subsidiaries terminates for any reason, any Restricted Shares that have not vested at the time of termination
shall automatically and without any requirement of notice to such grantee from or other action by or on behalf of, the Company be deemed
to have been reacquired by the Company at their original purchase price (if any) from such grantee or such grantee’s legal representative
simultaneously with such termination of employment (or other Service Relationship), and thereafter shall cease to represent any ownership
of the Company by the grantee or rights of the grantee as a stockholder. Following such deemed reacquisition of Restricted Shares that
are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request without consideration.

 

(d)     Vesting
of Restricted Shares.   The Administrator at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Shares and the
Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of such pre-established
performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Shares
and shall be deemed “vested.”

 

    - 10 -

     

    

 

SECTION 8.     RESTRICTED
STOCK UNITS

 

(a)     Nature
of Restricted Stock Units.   The Administrator may grant Restricted Stock Units under the Plan. A Restricted Stock Unit
is an Award of stock units that are settled in shares of Stock (or cash, to the extent explicitly provided for in the Award Certificate)
upon the satisfaction of such restrictions and conditions as are established at the time of grant. Conditions may be based on continuing
employment (or other Service Relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions
of each such Award shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.
Except in the case of Restricted Stock Units with a deferred settlement date that complies with Section 409A, at the end of the
vesting period, the Restricted Stock Units, to the extent vested, shall be settled in the form of shares of Stock (or cash, to the extent
explicitly provided for in the Award Certificate). Restricted Stock Units with deferred settlement dates are subject to Section 409A
and shall contain such additional terms and conditions as the Administrator shall determine in its sole discretion in order to comply
with the requirements of Section 409A.

 

(b)     Election
to Receive Restricted Stock Units in Lieu of Compensation.   The Administrator may, in its sole discretion, permit a grantee
to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted Stock Units.
Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator
and in accordance with Section 409A and such other rules and procedures established by the Administrator. Any such future cash
compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market
Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment had not been deferred as provided
herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to
impose such limitations and other terms and conditions thereon as the Administrator deems appropriate. Any Restricted Stock Units that
are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the Award Certificate.

 

    - 11 -

     

    

 

(c)      Rights
as a Stockholder.   A grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee
upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent Rights with respect
to the stock units underlying his or her Restricted Stock Units, subject to the provisions of Section 11 and such terms and
conditions as the Administrator may determine.

 

(d)     Termination.   Except
as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 16 below, in writing after
the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically

terminate upon the grantee’s termination of employment (or cessation
of Service Relationship) with the Company and its Subsidiaries for any reason.

 

SECTION 9.     UNRESTRICTED
STOCK AWARDS

 

Grant or Sale of Unrestricted Stock.   The
Administrator may grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award
under the Plan. An Unrestricted Stock Award is an Award pursuant to which the grantee receives shares of Stock free of any restrictions
under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash
compensation due to such grantee.

 

SECTION 10.   CASH-BASED
AWARDS

 

The Administrator may grant Cash-Based Awards
under the Plan. A Cash-Based Award is an Award that entitles the grantee to a payment in cash upon the attainment of specified performance
goals. The Administrator shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award
pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator
shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the
Administrator. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be
made in cash.

 

SECTION 11.   DIVIDEND
EQUIVALENT RIGHTS

 

(a)      Dividend
Equivalent Rights.   The Administrator may grant Dividend Equivalent Rights under the Plan. A Dividend Equivalent Right
is an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock specified
in the Dividend Equivalent Right (or other Award to which it relates) if such shares had been issued to the grantee. A Dividend Equivalent
Right may be granted hereunder to any grantee as a component of an award of Restricted Stock Units or as a freestanding award. The terms
and conditions of Dividend Equivalent Rights shall be specified in the Award Certificate. Dividend equivalents credited to the holder
of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional Restricted Stock Units, which may
thereafter accrue additional equivalents. Any such deemed reinvestment shall be at Fair Market Value on the date of deemed reinvestment
or such other price as may then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights
may be settled in cash or shares of Stock or a combination thereof, in a single installment or multiple installments, as set forth in
the underlying Award Certificate. A Dividend Equivalent Right granted as a component of an Award of Restricted Stock Units shall provide
that such Dividend Equivalent Right shall be settled only upon settlement or payment of, or lapse of restrictions on, such other Award,
and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award.

 

(b)     Termination.   Except
as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 16 below, in writing after
the Award is issued, a grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon the grantee’s
termination of employment (or cessation of Service Relationship) with the Company and its Subsidiaries for any reason.

 

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SECTION 12.   TRANSFERABILITY
OF AWARDS

 

(a)      Transferability.   Except
as provided in Section 12(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee,
or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold, assigned,
transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent and distribution or pursuant
to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any
purported transfer in violation hereof shall be null and void.

 

(b)     Administrator
Action.   Notwithstanding Section 12(a), the Administrator, in its discretion, may provide either in the Award Certificate
regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or her Non-Qualified
Stock Options to his or her immediate family members, to trusts for the benefit of such family members, or to partnerships in which such
family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms
and conditions of this Plan and the applicable Award. In no event may an Award be transferred by a grantee for value.

 

(c)      Family
Member.   For purposes of Section 12(b), “family member” shall mean a grantee’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household
(other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial
interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these
persons (or the grantee) own more than 50 percent of the voting interests.

 

(d)     Designation
of Beneficiary.   To the extent permitted by the Company, each grantee to whom an Award has been made under the Plan may
designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s
death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received
by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased
the grantee, the beneficiary shall be the grantee’s estate.

 

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SECTION 13.   TAX
WITHHOLDING

 

(a)     Payment
by Grantee.   Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amount
received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make
arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to
be withheld by the Company with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver
evidence of book entry (or stock certificates) to any grantee is subject to and conditioned on tax withholding obligations being satisfied
by the grantee.

 

(b)     Payment
in Stock.   The Administrator may require the Company’s tax withholding obligation to be satisfied, in whole or
in part, by the Company withholding from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair
Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due; provided, however, that the
amount withheld does not exceed the maximum statutory tax rate or such other amount as is necessary to avoid liability accounting treatment.
For purposes of share withholding, the Fair Market Value of withheld shares shall be determined in the same manner as the value of Stock
includible in income of the grantees. The Administrator may also require the Company’s tax withholding obligation to be satisfied,
in whole or in part, by an arrangement whereby a certain number of shares of Stock issued pursuant to any Award are immediately sold
and proceeds from such sale are remitted to the Company in an amount that would satisfy the withholding amount due.

 

SECTION 14.   SECTION 409A
AWARDS

 

Awards are intended to be exempt from Section 409A
to the greatest extent possible and to otherwise comply with Section 409A. The Plan and all Awards shall be interpreted in accordance
with such intent. To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the
meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional rules and requirements
as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a
409A Award is payable upon a “separation from service” ​(within the meaning of Section 409A) to a grantee who
is then considered a “specified employee” ​(within the meaning of Section 409A), then no such payment shall be
made prior to the date that is the earlier of (i) six months and one day after the grantee’s separation from service,
or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to
interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any 409A Award may not be
accelerated or deferred, except to the extent permitted by Section 409A. The Company makes no representation that any or all of
the payments or benefits described in the Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking
to preclude Section 409A of the Code from applying to any such payment. The grantee shall be solely responsible for the payment
of any taxes and penalties incurred under Section 409A.

 

    - 14 -

     

    

 

SECTION 15.  TERMINATION
OF SERVICE RELATIONSHIP, TRANSFER, LEAVE OF ABSENCE, ETC.

 

(a)      Termination
of Service Relationship.   If the grantee’s Service Relationship is with an Affiliate and such Affiliate ceases
to be an Affiliate, the grantee shall be deemed to have terminated his or her Service Relationship for purposes of the Plan and any Award.

 

(b)     For
purposes of the Plan, the following events shall not be deemed a termination of a Service Relationship:

 

(i)          a
transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another Affiliate;

 

(ii)         an
approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee’s
right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was
granted or if the Administrator otherwise so provides in writing; or (iii)   a transfer without any interruption from
one form of Service Relationship to a different form of Service Relationship.

 

SECTION 16.   AMENDMENTS
AND TERMINATION

 

The Board may, at any time, amend or discontinue
the Plan, and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law
or for any other lawful purpose, but no such action shall materially and adversely affect rights under any outstanding Award without
the holder’s consent unless required by applicable law or to preserve the intended tax treatment of such Award. Except as provided
in Section 3(b) or 3(c), without prior stockholder approval, in no event may the Administrator exercise its discretion to reduce
the exercise price of outstanding Stock Options or Stock Appreciation Rights or effect repricing through cancellation and re-grants or
cancellation of Stock Options or Stock Appreciation Rights in exchange for cash or other Awards. To the extent required under the rules of
any securities exchange or market system on which the Stock is listed, to the extent determined by the Administrator to be required by
the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code, Plan amendments
shall be subject to approval by Company stockholders. Nothing in this Section 16 shall limit the Administrator’s authority
to take any action permitted pursuant to Section 3(b) or 3(c).

 

SECTION 17.   STATUS
OF PLAN

 

With respect to the portion of any Award that
has not been exercised or settled and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have
no rights greater than those of a general creditor of the Company. The Plan is intended to constitute an “unfunded” plan
for incentive and deferred compensation. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements
to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence
of such trusts or other arrangements is consistent with the foregoing sentences.

 

    - 15 -

     

    

 

SECTION 18.   GENERAL
PROVISIONS

 

(a)     No
Distribution.   The Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree
with the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

(b)     Issuance
of Stock.   To the extent certificated, stock certificates to grantees under this Plan shall be deemed delivered for all
purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed
to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed delivered for
all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof
of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice
of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any evidence of book entry or certificates evidencing
shares of Stock pursuant to the exercise or settlement of any Award, unless and until the Administrator has determined, with advice of
counsel (to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery is in compliance with
all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares
of Stock are listed, quoted or traded. Any Stock issued pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions
as the Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction, securities or other laws, rules and
quotation system on which the Stock is listed, quoted or traded. The Administrator may place legends on any Stock certificate or notations
on any book entry to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator
may require that an individual make such reasonable covenants, agreements, and representations as the Administrator, in its discretion,
deems necessary or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right
to require any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including
a window-period limitation, as may be imposed in the discretion of the Administrator.

 

(c)     No
Fractional Shares.   No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and
the Administrator shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional
shares, or whether such fractional shares or any rights thereto shall be canceled, terminated or otherwise eliminated

 

(d)     Stockholder
Rights.   Until Stock is deemed delivered in accordance with Section 18(b), no right to vote or receive dividends
or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding
the exercise of a Stock Option or any other action by the grantee with respect to an Award.

 

    - 16 -

     

    

 

(e)     Other
Compensation Arrangements; No Employment Rights.   Nothing contained in this Plan shall prevent the Board from adopting
other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable
only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any individual any right to continued employment
and/or service with the Company or any Subsidiary and do not limit in any way the right of the Company or any Subsidiary to terminate
such employment or Service Relationship. The terms of Awards need not be the same with respect to each grantee, and Awards to any individual
grantee need not be the same.

 

(f)      Trading
Policy Restrictions.   Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policies and procedures, as in effect from time to time.

 

(g)     Clawback.   All
Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback,
forfeiture or other similar policy adopted by the Board or Administrator and as in effect from time to time; and (ii) applicable
law.

 

SECTION 19.   EFFECTIVE
DATE OF PLAN

 

This Plan shall become effective
as of the date approved by the Board, subject to stockholder approval in accordance with applicable state law, the Company’s bylaws
and articles of incorporation, and applicable stock exchange rules. No grants of Stock Options and other Awards may be made hereunder
after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options may be made hereunder after the tenth anniversary
of the date the Plan is approved by the Board.

 

SECTION 20.   GOVERNING
LAW

 

This Plan and all Awards and actions taken thereunder
shall be governed by, and construed in accordance with, the General Corporation Law of the State of Delaware as to matters within the
scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth
of Massachusetts, applied without regard to conflict of law principles.

 

DATE APPROVED BY BOARD OF DIRECTORS: July 12, 2021

 

DATE APPROVED BY STOCKHOLDERS: January 11, 2022

 

    - 17 -

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