Document:

Exhibit 4.2

 

Bylaws
of 

 

Longeveron,
Inc. 

 

(a
Delaware corporation) 

Table
of Contents 

 

	 	 	Page
	 	 
	Article I - Corporate Offices	1
	 	 	 
	1.1	Registered Office	1
	1.2	Other Offices	1
	 	 
	Article II - Meetings of Stockholders	1
	 	 	 
	2.1	Place of Meetings	1
	2.2	Annual Meeting	1
	2.3	Special Meeting	1
	2.4	Notice of Business to be Brought before a Meeting	1
	2.5	Notice of Nominations for Election to the Board of Directors	4
	2.6 	Additional Requirements for Valid Nomination
of Candidates to Serve as Director and, if Elected, to be Seated as Directors	6
	2.7	Notice of Stockholders’ Meetings	7
	2.8	Quorum	7
	2.9	Adjourned Meeting; Notice	7
	2.10	Conduct of Business	8
	2.11	Voting	8
	2.12	Record Date for Stockholder Meetings and Other Purposes	8
	2.13	Proxies	9
	2.14	List of Stockholders Entitled to Vote	9
	2.15	Inspectors of Election	10
	2.16	Delivery to the Corporation	10
	 	 
	Article III - Directors	10
	 	 	 
	3.1	Powers	10
	3.2	Number; Term; Qualifications	10
	3.3	Resignation; Removal; Vacancies	11
	3.4	Place of Meetings; Meetings by Telephone	11
	3.5	Regular Meetings	11
	3.6	Special Meetings; Notice	11
	3.7	Quorum	12
	3.8	Board Action without a Meeting	12
	3.9	Fees and Compensation of Directors	12
	 	 
	Article IV - Committees	12
	 	 	 
	4.1	Committees of Directors	12
	4.2	Committee Minutes	12
	4.3	Meetings and Actions of Committees	13
	4.4	Subcommittees	13

 

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	Article
    V - Officers	13
	 	 	
	5.1	Officers	13
	5.2	Appointment
    of Officers	13
	5.3	Subordinate
    Officers	13
	 	 	 
	5.4	Removal
    and Resignation of Officers	13
	5.5	Vacancies
    in Offices	14
	5.6	Representation
    of Shares of Other Corporations	14
	5.7	Authority
    and Duties of Officers	14
	5.8	Compensation	14
	 	
	Article
    VI - Records	14
	 	 
	Article
    VII - General Matters	14
	 	 	 
	7.1	Execution
    of Corporate Contracts and Instruments	14
	7.2	Stock
    Certificates	15
	7.3	Special
    Designation of Certificates	15
	7.4	Lost
    Certificates	15
	7.5	Shares
    Without Certificates	15
	7.6	Construction;
    Definitions	16
	7.7	Dividends	16
	7.8	Fiscal
    Year	16
	7.9	Seal	16
	7.10	Transfer
    of Stock	16
	7.11	Stock
    Transfer Agreements	16
	7.12	Registered
    Stockholders	16
	7.13	Waiver
    of Notice	17
	 	 
	Article
    VIII - Notice	17
	 	 	 
	8.1	Delivery
    of Notice; Notice by Electronic Transmission	17
	 	 
	Article
    IX - Indemnification	18
	 	 	 
	9.1	Indemnification
    of Directors and Officers	18
	9.2	Indemnification
    of Others	18
	9.3	Prepayment
    of Expenses	18
	9.4	Determination;
    Claim	18
	9.5	Non-Exclusivity
    of Rights	18
	9.6	Insurance	18
	9.7	Continuation
    of Indemnification	19
	9.8	Amendment
    or Repeal; Interpretation	19
	 	 
	Article
    X - Amendments	19
	 	 
	Article
    XI - Definitions	19

 

    ii

     

    

 

Amended
and Restated Bylaws of 

Longeveron,
Inc. 

 

Article
I - Corporate Offices 

 

1.1
Registered Office.

 

The
registered office of Longeveron, Inc. (the “Corporation”) and the name of its registered agent will be fixed
in the Corporation’s certificate of incorporation, as the same may be amended and/or restated from time to time (the “Certificate
of Incorporation”).

 

1.2
Other Offices.

 

The
Corporation may have additional offices at any place or places, within or outside the State of Delaware, as the Corporation’s
board of directors (the “Board”) may from time to time establish or as the business of the Corporation may
require.

 

Article
II - Meetings of Stockholders 

 

2.1
Place of Meetings.

 

All
meetings of the stockholders shall be held at any place within or outside the State of Delaware, as designated by the Board. The
Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be
held solely by means of remote communication as authorized by Section 211(a)(2) of the General Corporation Law of the State of
Delaware (the “DGCL”). In the absence of any such designation or determination, stockholders’ meetings
shall be held at the Corporation’s principal executive office.

 

2.2
Annual Meeting.

 

The
Board shall designate the date, time and place of the annual meeting. At the annual meeting, directors shall be elected and other
proper business properly brought before the meeting in accordance with Section 2.4 of these Bylaws may be transacted. The Board
may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders.

 

2.3
Special Meeting.

 

Special
meetings of the stockholders may be called only by such persons and only in such manner as set forth in the Certificate of Incorporation.

 

No
business may be transacted at any special meeting of stockholders other than the business specified in the notice of such meeting.
The Board may postpone, reschedule or cancel any previously scheduled special meeting of stockholders.

 

2.4
Notice of Business to be Brought before a Meeting. This Section 2.4 shall apply to any business that may be brought before
an annual meeting of stockholders other than nominations for election to the Board at such meeting, which shall be governed by
Section 2.5 and Section 2.6. Stockholders seeking to nominate persons for election to the Board must comply with Section 2.5 and
Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5 and Section
2.6.

 

(a)
At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the
meeting. To be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at
the direction of the Board, (ii) if not specified in a notice of meeting, otherwise brought before the meeting by the Board or
the Chairperson of the Board, if any, or (iii) otherwise properly brought before the meeting by a stockholder present in person
who (A) (1) was a record owner of shares of the Corporation both at the time of giving the notice provided for in this Section
2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2.4 in all
applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the “Exchange
Act”). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before
an annual meeting of the stockholders. The only matters that may be brought before a special meeting are the matters specified
in the notice of meeting given by or at the direction of the person calling the meeting pursuant to Section 2.3, and stockholders
shall not be permitted to propose business to be brought before a special meeting of the stockholders. For purposes of this Section
2.4 and Section 2.5, “present in person” shall mean that the stockholder proposing that the business be brought
before the annual meeting of the Corporation, or a qualified representative of such proposing stockholder, appear at such annual
meeting, and a “qualified representative” of such proposing stockholder shall be a duly authorized officer,
manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic
transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person
must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at
the meeting of stockholders.

 

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(b)
Without qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i)
provide Timely Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide
any updates or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder’s
notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation not less than ninety
(90) days nor more than one hundred twenty (120) days prior to the one-year anniversary of the preceding year’s annual meeting;
provided, however, that if the date of the annual meeting is more than thirty (30) days before or more than sixty (60)
days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, not later
than the ninetieth (90th) day prior to such annual meeting or, if later, the tenth (10th) day following the day on which public
disclosure of the date of such annual meeting was first made by the Corporation (such notice within such time periods, “Timely
Notice”); provided, further, that for the purposes of calculating Timely Notice for the first annual meeting
held after the Corporation’s initial public offering of its Class A Common Stock pursuant to a registration statement on
Form S-1, the date of the immediately preceding annual meeting shall be deemed to be April 1, 2021. In no event shall any adjournment
or postponement of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the
giving of Timely Notice as described above.

 

(c)
To be in proper form for purposes of this Section 2.4, a stockholder’s notice to the Secretary shall set forth:

 

(i)
As to each Proposing Person (as defined below), (A) the name and address of such Proposing Person (including, if applicable, the
name and address that appear on the Corporation’s books and records); and (B) the class or series and number of shares of
the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under
the Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own
any shares of any class or series of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership
at any time in the future (the disclosures to be made pursuant to the foregoing clauses (A) and (B) are referred to as “Stockholder
Information”);

 

(ii)
As to each Proposing Person, (A) any derivative, swap or other transaction or series of
transactions engaged in, directly or indirectly, by such Proposing Person, the purpose or effect of which is to give such Proposing
Person economic risk similar to ownership of shares of any class or series of the Corporation, including, without limitation,
due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price, value
or volatility of any shares of any class or series of the Corporation, or which derivative, swap or other transactions provide,
directly or indirectly, the opportunity to profit from any increase in the price or value of shares of any class or series of
the Corporation (“Synthetic Equity Interests”), which Synthetic Equity Interests shall be disclosed without
regard to whether (x) the derivative, swap or other transactions convey any voting rights in such shares to such Proposing Person,
(y) the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery of such shares
or (z) such Proposing Person may have entered into other transactions that hedge or mitigate the economic effect of such derivative,
swap or other transactions, (B) any proxy (other than a revocable proxy or consent given in response to a solicitation
made pursuant to, and in accordance with, Section 14(a) of the Exchange Act by way of a solicitation statement filed on Schedule
14A), agreement, arrangement, understanding or relationship pursuant to which such Proposing Person has or shares a right to vote
any shares of any class or series of the Corporation, (C) any agreement, arrangement, understanding
or relationship, including, without limitation, any repurchase or similar so-called “stock borrowing” agreement or
arrangement, engaged in, directly or indirectly, by such Proposing Person, the purpose or effect of which is to mitigate loss
to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Corporation by, manage the risk
of share price changes for, or increase or decrease the voting power of, such Proposing Person with respect to the shares of any
class or series of the Corporation, or which provides, directly or indirectly, the opportunity to profit from any decrease in
the price or value of the shares of any class or series of the Corporation (“Short Interests”), (D)
any rights to dividends on the shares of any class or series of the Corporation owned beneficially by such Proposing Person that
are separated or separable from the underlying shares of the Corporation, (E) any performance
related fees (other than an asset based fee) that such Proposing Person is entitled to based on any increase or decrease in the
price or value of shares of any class or series of the Corporation, or any Synthetic Equity Interests or Short Interests, if any,
(F) any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant
involving the Corporation or any of its officers or directors, or any affiliate of the Corporation, (G) any other material relationship
between such Proposing Person, on the one hand, and the Corporation, any affiliate of the Corporation, on the other hand, (H)
any direct or indirect material interest in any material contract or agreement of such Proposing Person with the Corporation or
any affiliate of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting
agreement), (I) a representation that such Proposing Person intends or is part of a group which intends to deliver a proxy statement
or form of proxy to holders of at least the percentage of the Corporation’s outstanding capital stock required to approve
or adopt the proposal or otherwise solicit proxies from stockholders in support of such proposal and (J) any other information
relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made
in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought
before the meeting pursuant to Section 14(a) of the Exchange Act (the disclosures to be made pursuant to the foregoing clauses
(A) through (J) are referred to as “Disclosable Interests”); provided, however, that Disclosable Interests
shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial
bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare
and submit the notice required by these Bylaws on behalf of a beneficial owner; and

 

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(iii)
As to each item of business that the stockholder proposes to bring before the annual meeting, (A) a brief description of the business
desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material
interest in such business of each Proposing Person, (B) the text of the proposal or business (including the text of any resolutions
proposed for consideration and in the event that such business includes a proposal to amend the Bylaws, the language of the proposed
amendment), and (C) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among
any of the Proposing Persons or (y) between or among any Proposing Person and any other person or entity (including their names)
in connection with the proposal of such business by such stockholder; and (D) any other information relating to such item of business
that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations
of proxies in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act;
provided, however, that the disclosures required by this paragraph (iii) shall not include any disclosures with respect
to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the
stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner.

 

(d)
For purposes of this Section 2.4, the term “Proposing Person” shall mean (i) the stockholder providing the
notice of business proposed to be brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different,
on whose behalf the notice of the business proposed to be brought before the annual meeting is made, and (iii) any participant
(as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation.

 

(e)
A Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting,
if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be
true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business
days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or
mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days
after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be
made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable,
any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the
meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business
days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and
supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s rights
with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable
or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit
any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of
the stockholders.

 

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(f)
Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly
brought before the meeting in accordance with this Section 2.4. The presiding officer of the meeting shall, if the facts warrant,
determine that the business was not properly brought before the meeting in accordance with this Section 2.4, and if he or she
should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall
not be transacted.

 

(g)
This Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders
other than any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation’s proxy
statement. In addition to the requirements of this Section 2.4 with respect to any business proposed to be brought before an annual
meeting, each Proposing Person shall comply with all applicable requirements of the Exchange Act with respect to any such business.
Nothing in this Section 2.4 shall be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation’s
proxy statement pursuant to Rule 14a-8 under the Exchange Act.

 

(h)
For purposes of these Bylaws, “public disclosure” shall mean disclosure in a press release reported by a national
news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections
13, 14 or 15(d) of the Exchange Act.

 

2.5
Notice of Nominations for Election to the Board.

 

(a)
Nominations of any person for election to the Board at an annual meeting or at a special meeting (but only if the election of
directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting)
may be made at such meeting only (i) by or at the direction of the Board, including by any committee or persons authorized to
do so by the Board or these Bylaws, or (ii) by a stockholder present in person (A) who was a record owner of shares of the Corporation
both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled to vote
at the meeting, and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. The foregoing clause
(iii) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election to the Board at
an annual meeting or special meeting.

 

(b)
(i) Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board at an annual
meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the
Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to such stockholder and
its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates or supplements
to such notice at the times and in the forms required by this Section 2.5 and Section 2.6.

 

(ii)
Without qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction
of the person calling a special meeting, then for a stockholder to make any nomination of a person or persons for election to
the Board at a special meeting, the stockholder must (i) provide timely notice thereof in writing and in proper form to the Secretary
of the Corporation at the principal executive offices of the Corporation, (ii) provide the information with respect to such stockholder
and its candidate for nomination as required by this Section 2.5 and Section 2.6 and (iii) provide any updates or supplements
to such notice at the times and in the forms required by this Section 2.5. To be timely, a stockholder’s notice for nominations
to be made at a special meeting must be delivered to, or mailed and received at, the principal executive offices of the Corporation
not earlier than the one hundred twentieth (120th) day prior to such special meeting and not later than the ninetieth (90th) day
prior to such special meeting or, if later, the tenth (10th) day following the day on which public disclosure (as defined in Section
2.4) of the date of such special meeting was first made.

 

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(iii)
In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence
a new time period (or extend any time period) for the giving of a stockholder’s notice as described above.

 

(iv)
In no event may a Nominating Person (as defined below) provide Timely Notice with respect to a greater number of director candidates
than are subject to election by stockholders at the applicable meeting. If the Corporation shall, subsequent to such notice, increase
the number of directors subject to election at the meeting, such notice as to any additional nominees shall be due on the later
of (A)(1) the conclusion of the time period for Timely Notice for an annual meeting or (2) the date set forth in Section 2.5(b)(ii)
for a special meeting, and (B) the tenth day following the date of public disclosure (as defined in Section 2.4) of such increase.

 

(c)
To be in proper form for purposes of this Section 2.5, a stockholder’s notice to the Secretary shall set forth:

 

(i)
As to each Nominating Person, the Stockholder Information (as defined in Section 2.4(c)(i), except that for purposes of this Section
2.5 the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it
appears in Section 2.4(c)(i));

 

(ii)
As to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(c)(ii), except that for purposes of this Section
2.5 the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it
appears in Section 2.4(c)(ii) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(c)(ii)
shall be made with respect to the nomination of persons for election to the Board at the meeting); and

 

(iii)
As to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information with respect
to such candidate for nomination that would be required to be set forth in a stockholder’s notice pursuant to this Section
2.5 and Section 2.6 if such candidate for nomination were a Nominating Person, (B) all information relating to such candidate
for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations
of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including such
candidate’s written consent to being named in the Corporation’s proxy statement as a nominee and to serving as a director
if elected), (C) a description of any direct or indirect material interest in any material contract or agreement between or among
any Nominating Person, on the one hand, and each candidate for nomination or his or her respective associates or any other participants
in such solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed
pursuant to Item 404 under Regulation S-K if such Nominating Person were the “registrant” for purposes of such rule
and the candidate for nomination were a director or executive officer of such registrant (the disclosures to be made pursuant
to the foregoing clauses (A) through (C) are referred to as “Nominee Information”), and (D) a completed and
signed questionnaire, representation and agreement as provided in Section 2.6(a).

 

(d)
For purposes of this Section 2.5, the term “Nominating Person” shall mean (i) the stockholder providing the
notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners, if different, on
whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any other participant in such
solicitation.

 

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(e)
A stockholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice,
if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.5 shall be
true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business
days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or
mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days
after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be
made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable,
any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the
meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business
days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and
supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s rights
with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable
or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit
any new nomination.

 

(f)
In addition to the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating
Person shall comply with all applicable requirements of the Exchange Act with respect to any such nominations.

 

2.6
Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors.

 

(a)
To be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must
be nominated in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board or by a
stockholder of record, must have previously delivered (with respect to nominations by stockholders pursuant to Section 2.5, within
the time period for delivery of the stockholder’s notice pursuant to Section 2.5), to the Secretary at the principal executive
offices of the Corporation, (i) a completed written questionnaire (in a form provided by the Corporation upon request) with respect
to the background, qualifications, stock ownership and independence of such proposed nominee and (ii) a written representation
and agreement (in form provided by the Corporation upon request) that such candidate for nomination (A) is not and, if elected
as a director during his or her term of office, will not become a party to (1) any agreement, arrangement or understanding with,
and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected
as a director of the Corporation, will act or vote on any issue or question that has not been disclosed to the Corporation (a
“Voting Commitment”) or (2) any Voting Commitment that could limit or interfere with such proposed nominee’s
ability to comply, if elected as a director of the Corporation, with such proposed nominee’s fiduciary duties under applicable
law, (B) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than
the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification for service as a director
that has not been disclosed therein or otherwise to the Corporation and (C) if elected as a director of the Corporation, will
comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other
policies and guidelines of the Corporation applicable to directors and in effect during such person’s term in office as
a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate
for nomination all such policies and guidelines then in effect).

 

(b)
The Board may also require any proposed candidate for nomination as a Director to furnish such other information as may reasonably
be requested by the Board in writing prior to the meeting of stockholders at which such candidate’s nomination is to be
acted upon in order for the Board to determine the eligibility of such candidate for nomination to be an independent director
of the Corporation, including, without limitation, eligibility in accordance with the Corporation’s Corporate Governance
Guidelines.

 

(c)
A candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section
2.6, if necessary, so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and
correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days
prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed
and received by, the Secretary at the principal executive offices of the Corporation (or any other office specified by the Corporation
in any public announcement) not later than five (5) business days after the record date for stockholders entitled to vote at the
meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business
days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on
the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update
and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof).
For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these
Bylaws shall not limit the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder,
extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder
to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business or
resolutions proposed to be brought before a meeting of the stockholders.

 

    6

     

    

 

(d)
No candidate proposed to be placed in nomination by a Nominating Person shall be eligible for nomination as a director of the
Corporation unless such candidate for nomination and the Nominating Person seeking to place such candidate’s name in nomination
has complied with Section 2.5 and this Section 2.6, as applicable. The presiding officer at the meeting shall, if the facts warrant,
determine that a nomination was not properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should
so determine, he or she shall so declare such determination to the meeting, the defective nomination shall be disregarded and
any ballots cast for the candidate in question (but in the case of any form of ballot listing other qualified nominees, only the
ballots cast for the nominee in question) shall be void and of no force or effect.

 

(e)
No candidate for nomination shall be eligible to be seated as a director of the Corporation unless nominated in accordance with
Section 2.5 and this Section 2.6.

 

2.7
Notice of Stockholders’ Meetings.

 

Unless
otherwise provided by law, the Certificate of Incorporation or these Bylaws, the notice of any meeting of stockholders shall be
sent or otherwise given in accordance with Section 8.1 of these Bylaws not less than ten (10) nor more than sixty (60) days before
the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date
and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be
present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting
is called. Notice of any meeting need not be given to any stockholder who shall, either before or after the meeting, submit a
waiver of notice or who shall attend such meeting, except when the stockholder attends for the express purpose of objecting, at
the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder
so waiving notice of the meeting shall be bound by the proceedings of the meeting in all respects as if due notice thereof had
been given.

 

2.8
Quorum.

 

Unless
otherwise provided by law, the Certificate of Incorporation or these Bylaws, the holders of a majority in voting power of the
stock issued and outstanding and entitled to vote, present in person if applicable, or represented by proxy, shall constitute
a quorum for the transaction of business at all meetings of the stockholders. A quorum, once established at a meeting, shall not
be broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at
any meeting of the stockholders, then either (i) the person presiding over the meeting or (ii) a majority in voting power of the
stockholders entitled to vote at the meeting, present in person, or by remote communication, if applicable, or represented by
proxy, shall have power to adjourn the meeting from time to time in the manner provided in Section 2.9 of these Bylaws until a
quorum is present or represented. At any adjourned meeting at which a quorum is present or represented, any business may be transacted
that might have been transacted at the meeting as originally noticed.

 

2.9
Adjourned Meeting; Notice.

 

When
a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time, place, if any,
thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in
person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At any adjourned meeting,
the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for
more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at
the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned
meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the
same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give
notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed
for notice of such adjourned meeting.

 

    7

     

    

 

2.10
Conduct of Business.

 

The
Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate.
Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting
of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting,
to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment
of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether
adopted by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i)
the establishment of an agenda or order of business for the meeting; (ii) the determination of when the polls shall open and close
for any given matter to be voted on at the meeting; (iii) rules and procedures for maintaining order at the meeting and the safety
of those present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iv)
limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized
and constituted proxies or such other persons as the person presiding over the meeting shall determine; (v) restrictions on entry
to the meeting after the time fixed for the commencement thereof; and (vi) limitations on the time allotted to questions or comments
by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may
be appropriate to the conduct of the meeting (including, without limitation, determinations with respect to the administration
and/or interpretation of any of the rules, regulations or procedures of the meeting, whether adopted by the Board or prescribed
by the person presiding over the meeting), shall, if the facts warrant, determine and declare to the meeting that a matter of
business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall
so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered.
Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of stockholders shall not
be required to be held in accordance with the rules of parliamentary procedure.

 

2.11
Voting.

 

Except
as may be otherwise provided in the Certificate of Incorporation or expressly required by law, at all meetings of stockholders
and on all matters submitted to a vote of stockholders of the Corporation generally, each holder of Class A Common Stock, $0.001
par value per share, of the Corporation (“Class A Common Stock”), as such, shall have the right to one (1) vote per
share of Class A Common Stock held of record by such holder and each holder of Class B Common Stock, par value $0.001 per share,
of the Corporation (“Class B Common Stock”), as such, shall have the right to five (5) votes per share of Class B
Common Stock held of record by such holder.

 

Except
as otherwise provided by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a
quorum is present, for the election of directors, a plurality of the votes cast shall be sufficient to elect a director. Except
as otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable
to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, each other
matter presented to the stockholders at a duly called or convened meeting at which a quorum is present shall be decided by the
affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes) on
such matter.

 

2.12
Record Date for Stockholder Meetings and Other Purposes.

 

In
order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any
adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing
the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty
(60) days nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the
record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes
such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no
record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting
of stockholders shall be the close of business on the next day preceding the day on which notice is first given, or, if notice
is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders
of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting;
and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an
earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

 

    8

     

    

 

In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or
allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of
capital stock, or for the purposes of any other lawful action, the Board may fix a record date, which record date shall not precede
the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60)
days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall
be at the close of business on the day on which the Board adopts the resolution relating thereto.

 

2.13
Proxies.

 

Each
stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder
by proxy authorized by an instrument in writing or by a transmission permitted by law filed in accordance with the procedure established
for the meeting, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides
for a longer period. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions
of Section 212 of the DGCL. A stockholder may authorize another person or persons to act for such stockholder by transmitting
or authorizing the transmission of an electronic transmission to the person who will be the holder of the proxy, provided any
such transmission must either set forth or be submitted with information from which it can be determined that the transmission
was authorized by the stockholder.

 

2.14
List of Stockholders Entitled to Vote.

 

The
Corporation shall prepare, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled
to vote at the meeting (provided, however, that if the record date for determining the stockholders entitled to vote is less than
ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before
the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered
in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic
contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane to the
meeting for a period of at least ten (10) days prior to the meeting: (i) on a reasonably accessible electronic network, provided
that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary
business hours, at the Corporation’s principal executive office. In the event that the Corporation determines to make the
list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available
only to stockholders of the Corporation. If the meeting is to be held at a place, then the list shall be produced and kept at
the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. If the
meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder
during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such
list shall be provided with the notice of the meeting. Such list shall presumptively determine the identity of the stockholders
entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided by law, the stock
ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this
Section 2.14 or to vote in person or by proxy at any meeting of stockholders.

 

    9

     

    

 

2.15
Inspectors of Election.

 

Before
any meeting of stockholders, the Board shall appoint an inspector or inspectors of election, who may be employees of the Corporation,
to act at the meeting or its adjournment and make a written report thereof. The Board may designate one or more persons as alternate
inspectors to replace any inspector who fails to act. If any person appointed as inspector or any alternate fails to appear or
fails or refuses to act, then the person presiding over the meeting shall appoint a person to fill that vacancy.

 

Such
inspectors shall:

 

(i)
determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the
validity of any proxies and ballots;

 

(ii)
count all votes or ballots;

 

(iii)
determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s);
and

 

(iv)
certify its or their determination of the number of shares represented at the meeting and its or their count of all votes and
ballots.

 

Each
inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the
duties of inspection with strict impartiality and according to the best of such inspector’s ability. Any report or certificate
made by the inspectors of election is prima facie evidence of the facts stated therein. In determining the validity and counting
of proxies and ballots cast at any meeting of stockholders, the inspector or inspectors may consider such information as is permitted
by applicable law. The inspectors of election may appoint such persons to assist them in performing their duties as they determine.
No person who is a candidate for office at an election may serve as an inspector at such election.

 

2.16
Delivery to the Corporation.

 

Whenever
this Article II requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information
to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation
or other document or agreement), such document or information shall be in writing exclusively (and not in an electronic transmission)
and shall be delivered exclusively by hand (including, without limitation, overnight courier service) or by certified or registered
mail, return receipt requested, and the Corporation shall not be required to accept delivery of any document not in such written
form or so delivered. For the avoidance of doubt, the delivery of documents and information to the Corporation required by this
Article II may not be made by electronic transmission or by the use of an electronic signature, in each case that would otherwise
be permitted under Section 116 of the DGCL.

 

Article
III - Directors 

 

3.1
Powers.

 

Except
as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed
by or under the direction of the Board. The Board may adopt such rules and procedures, not inconsistent with the Certificate of
Incorporation, these Bylaws, or applicable law, as it may deem proper for the conduct of its meetings and the management of the
Corporation.

 

3.2
Number; Term; Qualifications.

 

The
total number of directors constituting the Board shall be determined from time to time solely by resolution of a majority of the
total number of directors that the Corporation would have if there were no vacancies in accordance with these Bylaws. The Board
shall be classified in the manner provided in the Certificate of Incorporation. Each director shall hold office until such time
as provided in the Certificate of Incorporation. No reduction of the authorized number of directors shall have the effect of removing
any director before that director’s term of office expires or such director resigns or is specifically removed. Directors
need not be stockholders to be qualified for election or service as a director of the Corporation. The Certificate of Incorporation
or these Bylaws may prescribe qualifications for directors.

 

    10

     

    

 

3.3
Resignation; Removal; Vacancies.

 

Any
director may resign at any time upon written or electronic transmission to the Secretary of the Corporation. Such resignation
shall be effective upon delivery unless otherwise specified. Directors of the Corporation may be removed only as expressly provided
in the Certificate of Incorporation. Newly created directorships resulting from any increase in the authorized number of directors
or any vacancies on the Board resulting from the death, resignation, disqualification, removal from office or other cause shall
be filled as set forth in the Certificate of Incorporation and these Bylaws.

 

3.4
Place of Meetings; Meetings by Telephone. 

 

The
Board may hold meetings, both regular and special, either within or outside the State of Delaware.

 

Unless
otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board, or any committee designated by
the Board, may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting
pursuant to this bylaw shall constitute presence in person at the meeting.

 

3.5
Regular Meetings.

 

Regular
meetings of the Board may be held within or outside the State of Delaware and at such time and at such place as which has been
designated by the Board and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging
system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other
means of electronic transmission. No further notice shall be required for regular meetings of the Board.

 

3.6
Special Meetings; Notice.

 

Special
meetings of the Board for any purpose or purposes may be called at any time by the Chairperson of the Board, if any, the Chief
Executive Officer or a Co-Chief Executive Officer, or a majority of the total number of directors constituting the Board; provided,
that at any time that the total number of directors constituting the Board is eight (8) or more, special meetings of the Board
may also be called at any time by a group of no less than four (4) directors.

 

Notice
of the time and place of special meetings shall be:

 

(i)
delivered personally by hand, by courier or by telephone;

 

(ii)
sent by United States first-class mail, postage prepaid;

 

(iii)
sent by facsimile or electronic mail; or

 

(iv)
sent by other means of electronic transmission,

 

directed
to each director at that director’s address, telephone number, facsimile number or electronic mail address, or other address
for electronic transmission, as the case may be, as shown on the Corporation’s records.

 

If
the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii)
sent by other means of electronic transmission, it shall be delivered or sent at least twenty-four (24) hours before the time
of the holding of the meeting. If the notice is sent by U.S. mail, it shall be deposited in the U.S. mail at least four (4) days
before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held
at the Corporation’s principal executive office) nor the purpose of the meeting.

 

    11

     

    

 

3.7
Quorum.

 

At
all meetings of the Board, unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors
shall constitute a quorum for the transaction of business; provided that, solely for the purposes of filling vacancies
pursuant to Section 3.3 of these Bylaws, a meeting of the Board may be held if a majority of the directors then in office participate
in such meeting. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act
of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these Bylaws. If
a quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum is present.

 

3.8
Board Action without a Meeting.

 

Unless
otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any
meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as
the case may be, consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating
thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic
form as the minutes are maintained. Such action by written consent or consent by electronic transmission shall have the same force
and effect as a unanimous vote of the Board.

 

3.9
Fees and Compensation of Directors.

 

Unless
otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board shall have the authority to fix the compensation,
including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity. Any director of the
Corporation may decline any or all such compensation payable to such director in his or her discretion.

 

Article
IV - Committees 

 

4.1
Committees of Directors.

 

The
Board may designate one (1) or more committees, each committee to consist, of one (1) or more of the directors of the Corporation.
The Board may designate one (1) or more directors as alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof
present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously
appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee,
to the extent permitted by applicable law or provided in the resolution of the Board or in these Bylaws, shall have and may exercise
all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize
the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority
to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted
to stockholders for approval (other than the election of directors), or (ii) adopt, amend or repeal any bylaw of the Corporation.

 

4.2
Committee Minutes.

 

Each
committee shall keep regular minutes of its meetings and report the same to the Board when required.

 

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4.3
Meetings and Actions of Committees.

 

Meetings
and actions of committees shall be governed by, and held and taken in accordance with, the provisions of:

 

(i)
Section 3.4 (place of meetings; meetings by telephone);

 

(ii)
Section 3.5 (regular meetings);

 

(iii)
Section 3.6 (special meetings; notice);

 

(iv)
Section 3.8 (board action without a meeting); and

 

(v)
Section 7.13 (waiver of notice),

 

with
such changes in the context of those Bylaws as are necessary to substitute the committee and its members for the Board and its
members. However:

 

(i)
the time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee;

 

(ii)
special meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and

 

(iii)
the Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee
pursuant to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable
law.

 

4.4
Subcommittees.

 

Unless
otherwise provided in the Certificate of Incorporation, these Bylaws or the resolutions of the Board designating the committee,
a committee may create one (1) or more subcommittees, each subcommittee to consist of one (1) or more members of the committee,
and delegate to a subcommittee any or all of the powers and authority of the committee.

 

Article
V - Officers 

 

5.1
Officers.

 

The
officers of the Corporation shall include a Chief Executive Officer, Chief Financial Officer, Treasurer and a Secretary. The
Corporation may also have, at the discretion of the Board, a Chairperson of the Board, a Vice Chairperson of the Board, one or
more Vice Presidents, one or more Assistant Vice Presidents, one or more Assistant Treasurers, one or more Assistant Secretaries,
and any such other officers as may be appointed in accordance with the provisions of these Bylaws. Any number of offices may be
held by the same person.

 

5.2
Appointment of Officers.

 

The
Board shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions
of Section 5.3 of these Bylaws.

 

5.3
Subordinate Officers.

 

The
Board may appoint, or empower the Chief Executive Officer to appoint, such other officers and agents as the business of the Corporation
may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties
as are provided in these Bylaws or as the Board may from time to time determine.

 

5.4
Removal and Resignation of Officers.

 

Subject
to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause,
by the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred
by the Board. Any officer may resign at any time by giving notice in writing or by electronic transmission to the Corporation.
Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless
otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective.
If a resignation is made effective at a later date and the Corporation accepts the future effective date, the Board may fill the
pending vacancy before the effective date if the Board provides that the successor shall not take office until the effective date.
Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.

 

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5.5
Vacancies in Offices.

 

Any
vacancy occurring in any office of the Corporation shall be filled by the Board or as provided in Section 5.2.

 

5.6
Representation of Shares of Other Corporations.

 

The
Chairperson of the Board, if any, the Chief Executive Officer, or any other person authorized by the Board, is authorized to vote,
represent and exercise on behalf of this Corporation all rights incident to any and all shares or voting securities of any other
corporation or other entity standing in the name of this Corporation. The authority granted herein may be exercised either by
such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having
the authority.

 

5.7
Authority and Duties of Officers.

 

All
officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of
the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as
generally pertain to their respective offices, subject to the oversight of the Board.

 

5.8
Compensation.

 

The
compensation of the officers of the Corporation for their services as such shall be fixed from time to time by or at the direction
of the Board. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or
she is also a director of the Corporation.

 

Article
VI - Records 

 

A
stock ledger consisting of one or more records in which the names of all of the Corporation’s stockholders of record, the
address and number of shares registered in the name of each such stockholder, and all issuances and transfers of stock of the
corporation are recorded in accordance with Section 224 of the DGCL shall be administered by or on behalf of the Corporation.
Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger,
books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method,
or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided
that the records so kept can be converted into clearly legible paper form within a reasonable time and, with respect to the stock
ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the
DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock
as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware.

 

Article
VII - General Matters 

 

7.1
Execution of Corporate Contracts and Instruments.

 

The
Board, except as otherwise provided in these Bylaws, may authorize any officer or officers, or agent or agents, to enter into
any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined
to specific instances.

 

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7.2
Stock Certificates.

 

The
shares of the Corporation shall be represented by certificates, provided that the Board by resolution may provide that some or
all of the shares of any class or series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock,
if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock
represented by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two
officers authorized to sign stock certificates representing the number of shares registered in certificate form. The Chairperson
or Vice Chairperson of the Board, if any, Chief Executive Officer (or a Co-Chief Executive Officer), the President, Vice President,
the Treasurer, if any, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation are specifically authorized
to sign stock certificates. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer
agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer,
transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if
he or she were such officer, transfer agent or registrar at the date of issue.

 

The
Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration
to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon
the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration
to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the
Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the
consideration actually paid thereon.

 

7.3
Special Designation of Certificates.

 

If
the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the
designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized
on the face or on the back of the certificate that the Corporation shall issue to represent such class or series of stock (or,
in the case of uncertificated shares, set forth in a notice provided pursuant to Section 151 of the DGCL); provided, however,
that except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on
the face of back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case
of any uncertificated shares, included in the aforementioned notice) a statement that the Corporation will furnish without charge
to each stockholder who so requests the powers, the designations, the preferences and the relative, participating, optional or
other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences
and/or rights.

 

7.4
Lost Certificates.

 

Except
as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless
the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock
or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed
upon the making of an affidavit of that fact by the owner of the allegedly lost, stolen, or destroyed certificate. When authorizing
such issue of a new certificate or uncertificated shares, the Corporation may, as a condition precedent to the issuance thereof,
require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Corporation
a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction
of any such certificate or the issuance of such new certificate or uncertificated shares.

 

7.5
Shares Without Certificates

 

The
Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving
the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable law.

 

    15

     

    

 

7.6
Construction; Definitions.

 

Unless
the context requires otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction
of these Bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number
includes the singular.

 

7.7
Dividends.

 

The
Board, subject to any restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and
pay dividends upon the shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation’s
capital stock.

 

The
Board may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose
and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining
any property of the Corporation, and meeting contingencies.

 

7.8
Fiscal Year.

 

Except
as from time to time otherwise designated by the Board of Directors, the fiscal year of the corporation shall begin on the first
day of January of each year and end on the last day of December in each year.

 

7.9
Seal.

 

The
Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use
the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

 

7.10
Transfer of Stock.

 

Shares
of the Corporation shall be transferable in the manner prescribed by law and in these Bylaws. Shares of stock of the Corporation
shall be transferred on the books of the Corporation only by the holder of record thereof or by such holder’s attorney duly
authorized in writing, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed
by the appropriate person or persons (or by delivery of duly executed instructions with respect to uncertificated shares), with
such evidence of the authenticity of such endorsement or execution, transfer, authorization and other matters as the Corporation
may reasonably require, and accompanied by all necessary stock transfer stamps. No transfer of stock shall be valid as against
the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing the
names of the persons from and to whom it was transferred.

 

7.11
Stock Transfer Agreements.

 

The
Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes
or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes
owned by such stockholders in any manner not prohibited by the DGCL.

 

7.12
Registered Stockholders.

 

The
Corporation:

 

(i)
shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends
and to vote as such owner; and

 

(ii)
shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person,
whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

 

    16

     

    

 

7.13
Waiver of Notice.

 

Whenever
notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these Bylaws, a written waiver,
signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before
or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at
a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose
of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or
convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need
be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Certificate of
Incorporation or these Bylaws.

 

Article
VIII - Notice 

 

8.1
Delivery of Notice; Notice by Electronic Transmission.

 

Without
limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the
Corporation under any provisions of the DGCL, the Certificate of Incorporation, or these Bylaws may be given in writing directed
to the stockholder’s mailing address (or by electronic transmission directed to the stockholder’s electronic mail
address, as applicable) as it appears on the records of the Corporation and shall be given (1) if mailed, when the notice is deposited
in the U.S. mail, postage prepaid, (2) if delivered by courier service, the earlier of when the notice is received or left at
such stockholder’s address or (3) if given by electronic mail, when directed to such stockholder’s electronic mail
address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving
notice by electronic mail. A notice by electronic mail must include a prominent legend that the communication is an important
notice regarding the Corporation.

 

Without
limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the
Corporation under any provision of the DGCL, the Certificate of Incorporation or these Bylaws shall be effective if given by a
form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable
by the stockholder by written notice or electronic transmission to the Corporation. Notwithstanding the provisions of this paragraph,
the Corporation may give a notice by electronic mail in accordance with the first paragraph of this section without obtaining
the consent required by this paragraph.

 

Any
notice given pursuant to the preceding paragraph shall be deemed given:

 

	 	(i)	if
    by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; 

 

	 	(ii)	if
    by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the
    later of (A) such posting and (B) the giving of such separate notice; and 

 

	 	(iii)	if
    by any other form of electronic transmission, when directed to the stockholder. 

 

Notwithstanding
the foregoing, a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable
to deliver by such electronic transmission two (2) consecutive notices given by the Corporation and (2) such inability becomes
known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for
the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or
other action.

 

An
affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice
has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

 

    17

     

    

 

Article
IX - Indemnification 

 

9.1
Indemnification of Directors and Officers.

 

The
Corporation shall indemnify and hold harmless, to the fullest extent permitted by the DGCL as it presently exists or may hereafter
be amended, any director or officer of the Corporation (a “covered person”) who was or is made or is threatened
to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative
(a “Proceeding”) by reason of the fact that he or she, or a person for whom he or she is the legal representative,
is or was a director or officer of the Corporation or, while serving as a director or officer of the Corporation, is or was serving
at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint
venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans, against all liability
and loss suffered and expenses (including attorneys’ fees, judgments, fines ERISA excise taxes or penalties and amounts
paid in settlement) reasonably incurred by such person in connection with any such Proceeding. Notwithstanding the preceding sentence,
except as otherwise provided in Section 9.4, the Corporation shall be required to indemnify a person in connection with a Proceeding
initiated by such person only if the Proceeding was authorized in the specific case by the Board.

 

9.2
Indemnification of Others.

 

The
Corporation shall have the power to indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently
exists or may hereafter be amended, any employee or agent of the Corporation who was or is made or is threatened to be made a
party or is otherwise involved in any Proceeding by reason of the fact that he or she, or a person for whom he or she is the legal
representative, is or was an employee or agent of the Corporation or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or non-profit
entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses reasonably
incurred by such person in connection with any such Proceeding.

 

9.3
Prepayment of Expenses.

 

The
Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys’ fees) incurred
by any covered person, and may pay the expenses incurred by any employee or agent of the Corporation, in defending any Proceeding
in advance of its final disposition; provided, however, that such payment of expenses in advance of the final disposition
of the Proceeding shall be made only upon receipt of an undertaking by the person to repay all amounts advanced if it should be
ultimately determined that the person is not entitled to be indemnified under this Article IX or otherwise.

 

9.4
Determination; Claim.

 

If
a claim for indemnification (following the final disposition of such Proceeding) under this Article IX is not paid in full within
sixty (60) days, or a claim for advancement of expenses under this Article IX is not paid in full within thirty (30) days, after
a written claim therefor has been received by the Corporation, the claimant may thereafter (but not before) file suit to recover
the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting
such claim to the fullest extent permitted by law. In any such action the Corporation shall have the burden of proving that the
claimant was not entitled to the requested indemnification or payment of expenses under applicable law.

 

9.5
Non-Exclusivity of Rights.

 

The
rights conferred on any person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter
acquire under any statute, provision of the Certificate of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested
directors or otherwise.

 

9.6
Insurance.

 

The
Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of
the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust enterprise or non-profit entity against any liability asserted against him or her and incurred
by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the
power to indemnify him or her against such liability under the provisions of the DGCL.

 

    18

     

    

 

9.7
Continuation of Indemnification.

 

The
rights to indemnification and to prepayment of expenses provided by, or granted pursuant to, this Article IX shall continue notwithstanding
that the person has ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs,
executors, administrators, legatees and distributees of such person.

 

9.8
Amendment or Repeal; Interpretation.

 

The
provisions of this Article IX shall constitute a contract between the Corporation, on the one hand, and, on the other hand, each
individual who serves or has served as a director or officer of the Corporation (whether before or after the adoption of these
Bylaws), in consideration of such person’s performance of such services, and pursuant to this Article IX the Corporation
intends to be legally bound to each such current or former director or officer of the Corporation. With respect to current and
former directors and officers of the Corporation, the rights conferred under this Article IX are present contractual rights and
such rights are fully vested, and shall be deemed to have vested fully, immediately upon adoption of theses Bylaws. With respect
to any directors or officers of the Corporation who commence service following adoption of these Bylaws, the rights conferred
under this provision shall be present contractual rights and such rights shall fully vest, and be deemed to have vested fully,
immediately upon such director or officer commencing service as a director or officer of the Corporation. Any repeal or modification
of the foregoing provisions of this Article IX shall not adversely affect any right or protection (i) hereunder of any person
in respect of any act or omission occurring prior to the time of such repeal or modification or (ii) under any agreement providing
for indemnification or advancement of expenses to an officer or director of the Corporation in effect prior to the time of such
repeal or modification.

 

Article
X - Amendments 

 

The
Board is expressly empowered to adopt, amend, or repeal the Bylaws. The stockholders also shall have power to adopt, amend, aor
repeal the Bylaws; provided, however, that such action by stockholders shall require, notwithstanding any other provisions
of law, or these Bylaws, and notwithstanding the fact that a lesser percentage may be specified by law, the affirmative vote of
the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote
generally in the election of directors, voting together as a single class.

 

Article
XI - Definitions 

 

As
used in these Bylaws, unless the context otherwise requires, the following terms shall have the following meanings:

 

An
“electronic transmission” means any form of communication, not directly involving the physical transmission
of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed
electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof,
and that may be directly reproduced in paper form by such a recipient through an automated process.

 

An
“electronic mail” means an electronic transmission directed to a unique electronic mail address (which electronic
mail shall be deemed to include any files attached thereto and any information hyperlinked to a website if such electronic mail
includes the contact information of an officer or agent of the Corporation who is available to assist with accessing such files
and information).

 

An
“electronic mail address” means a destination, commonly expressed as a string of characters, consisting of
a unique user name or mailbox (commonly referred to as the “local part” of the address) and a reference to an internet
domain (commonly referred to as the “domain part” of the address), whether or not displayed, to which electronic mail
can be sent or delivered.

 

The
term “person” means any individual, general partnership, limited partnership, limited liability company, corporation,
trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other
legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity.

 

 

19Exhibit 4.1

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

by and among 

 

TUESDAY MORNING CORPORATION 

 

and 

 

THE HOLDERS PARTY HERETO 

 

Dated as of February 9, 2021

 

    -i-

     

    

 

Table
of Contents

 

Page

 

	1. 	Definitions.	1
	 	 	 
	2. 	Demand Registration.	5
	 	 	 
	3. 	Shelf Registration.	6
	 	 	 
	4. 	Piggyback Registration.	8
	 	 	 
	5. 	Suspensions; Withdrawals.	9
	 	 	 
	6. 	Company Undertakings.	11
	 	 	 
	7.	Holder Undertakings	16
	 	 	 
	8. 	Registration Expenses	17
	 	 	 
	9. 	Lock-Up Agreements.	18
	 	 	 
	10.	Indemnification; Contribution.	18
	 	 	 
	11. 	Transfer of Registration Rights.	20
	 	 	 
	12. 	Amendment, Modification and Waivers; Further Assurances.	20
	 	 	 
	13. 	Miscellaneous.	21

 

	Annex A	Form of Joinder Agreement

 

    -i-

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
 “Agreement”) is made as of February 9, 2021 by and among Tuesday Morning Corporation, a Delaware corporation
(the “Company”) and the Holders party hereto pursuant to the Plan of Reorganization of the Company and certain
of its subsidiaries (the “Plan”) under Chapter 11 of Title 11 of the United States Code approved by the United
States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). Capitalized
terms used but not otherwise defined herein are defined in Section 1 hereof.

 

RECITALS: 

 

WHEREAS, the Company proposes to issue the
Registrable Securities to the Holders party hereto pursuant to, and upon the terms set forth in, the Plan and the Backstop Agreement;
and

 

WHEREAS, this Agreement was contemplated
by the Plan and the Backstop Agreement, and the Company is thus required to provide to the Holders certain arrangements with respect
to registration of the Registrable Securities under the Securities Act.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, the Company and each of the Holders hereby agree as follows:

 

1.                 
Definitions.

 

(a)              
As used herein, the following terms have the following meanings:

 

“Affiliate” has the same
meaning as such term has under Rule 12b-2 (or any successor rule then in effect) promulgated under the Exchange Act.

 

“Automatic Shelf Registration Statement”
means an “automatic shelf registration statement” as defined in Rule 405 (or any successor rule then in effect) promulgated
under the Securities Act.

 

“Backstop Agreement”
means that certain Backstop Commitment Agreement, dated as of November 16, 2020, by among the Company and the Backstop Parties.

 

“Backstop Parties” means
the Initial Backstop Party and its permitted transferees under the Backstop Agreement.

 

“Backstop Warrants”
mean the 10,000,000 warrants to purchase shares of the Common Stock issued to the Backstop Parties pursuant to the Backstop
Agreement.

 

“beneficially
owned”, “beneficial ownership” and similar phrases have the same meanings as such terms have
under Rule 13d-3 and 13d-5 (or any successor rule then in effect) promulgated under the Exchange Act, except that in
calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all
securities that such Holder has the right to acquire, whether such right is currently exercisable or is exercisable only upon
the occurrence of a subsequent condition. The calculation of beneficial ownership for a Holder shall also include any Related
Fund of such Holder.

 

    1

     

    

 

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

 

“Closing Date” means
the date of the closing of the Rights Offerings.

 

“Commission” means the
United States Securities and Exchange Commission or any successor governmental agency.

 

“Common Stock” means
the common stock, par value $0.01 per share, of the Company.

 

“control” (including
the terms “controlling,” “controlled by” and “under common control with”) means, unless otherwise
noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting shares, by contract, or otherwise.

 

“Counsel to the Holders”
means the law firms or other legal counsel to the Holders selected (i) in the case of a Demand Registration, Shelf Registration
or Shelf Takedown, by the Holders of a majority of the Registrable Securities initially requesting such Demand Registration, Shelf
Registration or Shelf Takedown; and (ii) in the case of a Piggyback Registration, the Holders of a majority of the Registrable
Securities included in such Piggyback Registration.

 

“EDGAR” means the Electronic
Data Gathering, Analysis and Retrieval System of the Commission.

 

“Equity Securities” of
any Person means capital stock or partnership, membership or other ownership interest in or of such Person, or any other securities
or similar rights with respect to such Person (including any securities directly or indirectly convertible into or exchangeable
or exercisable for any such stock or interest, any phantom stock or stock appreciation right, or options, warrants, calls, commitments
or rights of any kind to acquire any such stock or interest). Unless the context otherwise requires, the term “Equity Securities”
refers to Equity Securities of the Company.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

  

“Excluded
Registration” means a registration of the Company’s securities (i) pursuant to a Registration Statement on
Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to
any employee stock plan or other employee benefit arrangement), (ii) pursuant to 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), (iii)
in connection with any dividend or distribution reinvestment (or similar plan), (iv) in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered in connection therewith
or (v) so long as the Company has one or more effective shelf Registration Statements covering the resale of all Registrable
Securities, that is any universal shelf Registration Statement registering securities in addition to those required under
this Agreement.

 

    2

     

    

 

“FINRA” means the Financial
Industry Regulatory Authority or any successor regulatory authority.

 

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act.

 

“Holder” means (i) any
Backstop Party, and (ii) any other party to any Joinder, in each case, that, together with its Affiliates, beneficially owns
Registrable Securities.

 

“Initial Backstop Party”
means Osmium Capital, LLC.

 

“Issuer Free Writing Prospectus”
means an issuer free writing prospectus as defined in Rule 433 under the Securities Act.

 

“Joinder” a joinder agreement
in the form of Annex A executed and delivered to the Company pursuant to Section 11 hereof.

 

“Material Adverse Effect”
means any material adverse effect on the business, properties, assets, operations, results of operations, condition (financial
or otherwise) or prospects of the Company and its subsidiaries, taken as a whole.

 

“National Securities Exchange”
means any exchange registered as a U.S. national securities exchange in accordance with the provisions of Section 19 of the
Exchange Act (or any successor provisions then in effect).

 

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

 

“Public Offering” means
any sale or distribution to the public of Equity Securities of the Company pursuant to an offering registered under the Securities
Act, whether by the Company, by Holders and/or by any other holders of the Company’s Equity Securities.

 

“Prospectus” means the
prospectus used in connection with a Registration Statement.

 

“Registrable
Securities” means any Common Stock held or beneficially owned by a Holder that was issued pursuant to the Backstop
Agreement or that is issuable upon the exercise of the Backstop Warrants issued pursuant to the Backstop Agreement; provided
that as to any Registrable Securities, such securities shall irrevocably cease to constitute Registrable Securities upon the
earliest to occur of: (A) the date on which such securities have been disposed of pursuant to an effective registration
statement under the Securities Act; (B) the date on which such securities have been disposed of pursuant to Rule 144;
(C) the date on which securities are freely disposable pursuant to Rule 144 without regard to volume or manner of sale
restrictions; (D) the date on which such securities have been transferred to any Person, other than a Holder or a Person
pursuant to Section 11 hereof; and (E) the date on which such securities cease to be outstanding.

 

    3

     

    

 

“Registration Statement”
means any registration statement filed hereunder or in connection with a Piggyback Registration.

 

“Related Fund” means
any fund, account or investment vehicle controlled, managed, advised or sub-advised by a Holder, an Affiliate of such Holder or
the same investment manager, advisor or subadvisor of such Holder or an Affiliate of such investment manager, advisor or subadvisor.

 

“Required Holders” means
Holders of at least a majority of the Registrable Securities then outstanding.

 

“Rights Offerings” has
the meaning set forth in the Plan.

 

“Rule 144” means Rule
144 promulgated under the Securities Act (or any successor rule then in effect).

 

“Rule 144A” means Rule
144A promulgated under the Securities Act (or any successor rule then in effect).

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Shelf Registration”
means 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).

 

“Shelf Takedown” means
an Underwritten Shelf Takedown or another Public Offering pursuant to a Shelf Registration.

 

(b)              
Each of the following terms is defined in the Section set forth opposite such term:

 

 

	Term	 	Section
	Agreement	 	Preamble
	Bankruptcy Court	 	Preamble
	Bought Deal	 	3(c)
	Company	 	Recitals
	Company Demand Registration Notice	 	2(b)
	Company Shelf Registration Notice	 	3(a)

 

    4

     

    

 

	Term	 	Section
	Company Shelf Takedown Notice	 	3(c)
	Cut Back Securities	 	3(g)
	Demand Registration	 	2(a)
	Demand Registration Notice	 	2(b)
	Demand Shelf Takedown Notice	 	3(c)
	Due Diligence Information	 	6(a)(x)
	End of Suspension Notice	 	5(b)
	Form S-1 Shelf	 	3(a)
	Form S-3 Shelf	 	3(a)
	Lock-Up Agreement	 	9(a)
	Long-Form Registration	 	2(a)
	Losses	 	10(a)
	Opt-Out Election	 	7(e)
	Permitted Free Writing Prospectus	 	7(a)
	Piggyback Registration	 	4(a)
	Piggyback Registration Notice	 	4(a)
	Plan	 	Recitals
	Registration Expenses	 	8(a)
	Required Effective Period	 	6(a)(iii)
	road show	 	10(a)
	Shelf Registration Statement	 	3(a)
	Short-Form Registration	 	2(a)
	Suspension Event	 	5(b)
	Suspension Notice	 	5(b)
	Underwritten Shelf Takedown	 	3(c)
	Withdrawal Request	 	5(d)

 

2.                 
Demand Registration.

 

(a)               Requests
for Registration. The Required Holders may request registration under the Securities Act of all or any portion of the
Registrable Securities held by such Required Holder(s) (A) on Form S-1 (or any successor form then in effect) (a
 “Long-Form Registration”) or (B) on Form S-3 or any similar short-form registration (a
 “Short-Form Registration”), if available (any registration under this Section 2(a), a
 “Demand Registration”); provided that the Company will not be required to take any action pursuant
to this Section 2(a) of this Agreement if: (A) within the 120 calendar day period preceding the date of a Demand
Registration Notice: (i) the Company effected a Demand Registration, (ii) such Required Holders received notice of
such Demand Registration and (iii) such Required Holders were able to register and sell pursuant to such Demand
Registration all of the Registrable Securities requested to be included therein either at the time of the effectiveness
thereof or within 90 calendar days thereafter; (B) such Demand Registration is not expected to yield aggregate gross proceeds
of at least $15 million, (C) the Registrable Securities requested to be registered are already covered by an existing and
effective Registration Statement (including a Shelf Registration contemplated by Section 3(a)) and such Registration
Statement may be utilized for the offer and sale of the Registrable Securities requested to be registered, or (D) the number
of Demand Registrations made pursuant to this Section 2(a) in the aggregate shall exceed two in any 12-month period.

 

    5

     

    

 

(b)              
Demand Registration Notices. All requests for Demand Registrations shall be made by giving written notice to the
Company (the “Demand Registration Notice”). Each Demand Registration Notice shall specify (i) whether such
Demand Registration shall be an underwritten Public Offering and (ii) the approximate number of Registrable Securities proposed
to be sold in the Demand Registration. The Company shall promptly give written notice (a “Company Demand Registration
Notice”) of the filing of a Registration Statement pursuant to this Section 2 to all of the Holders not less than
five (5) Business Days before such filing, and, subject to the provisions of Section 3(d) below, shall include in such
Demand Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein
within three Business Days after the date of the Company Demand Registration Notice.

 

(c)              
Short-Form Registrations. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted
to use any applicable short form registration statement under the rules and regulations of the Securities Act, unless the underwriters,
in their reasonable discretion, determine that the use of a Long-Form Registration is necessary in order for the successful offering
of such Registrable Securities.

 

(d)              
Priority on Demand Registrations. If the Demand Registration is an underwritten Public Offering and the managing
underwriters for such Demand Registration advise the Company and applicable Holders in writing that in their opinion the number
of Registrable Securities and, if permitted hereunder, other securities requested to be included in such Demand Registration exceeds
the number of Registrable Securities and other securities, if any, which can be sold without adversely affecting the marketability,
proposed offering price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in
the Demand Registration, timing or method of distribution of the offering, the Company shall include in such Demand Registration
the number of Registrable Securities which can be sold without such adverse effect in the following order of priority: (i) first,
the Registrable Securities requested to be included in such Demand Registration, allocated pro rata among the respective
Holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such Holder; (ii) second,
securities offered by the Company; and (iii) third, other securities requested to be included in such Demand Registration
to the extent permitted hereunder.

 

(e)              
Selection of Underwriters. The Holders of a majority of the Registrable Securities initially requesting a Demand
Registration which is an underwritten Public Offering shall have the right to select the managing underwriters to administer the
Public Offering (which shall consist of one or more reputable nationally recognized investment banks) with the consent of the Company,
which consent shall not be unreasonably withheld, conditioned or delayed.

 

3.                 
Shelf Registration.

 

(a)               Shelf
Registration. As soon as reasonably practicable after the Closing Date, the Company shall file a Registration Statement
for a Shelf Registration on Form S-1 covering the resale of the Registrable Securities on a delayed or continuous basis (a
 “Form S-1 Shelf”) or, if available, on Form S-3 (a “Form S-3 Shelf” and, together with
a Form S-1 Shelf, a “Shelf Registration Statement”). The Company shall give written notice (a
 “Company Shelf Registration Notice”) of the anticipated filing of the Shelf Registration Statement within
10 Business Days prior to such filing to all Holders of Registrable Securities and, subject to paragraph (g) of this Section,
shall include in such Shelf Registration Statement all Registrable Securities with respect to which the Company has received
written requests for inclusion therein within five Business Days of the date of the Company Shelf Registration Notice. The
Company shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective as
promptly as practicable and to remain effective for a period ending on the earlier of (i) the date on which all
Registrable Securities included in such registration have been sold; (ii) the date on which all such securities cease to
be Registrable Securities or (iii) the maximum length permitted by the Commission.

 

    6

     

    

 

(b)              
Conversion to Form S-3. The Company shall use commercially reasonable efforts to convert any Form S-1 Shelf to a
Form S-3 Shelf as soon as reasonably practicable after the Company is eligible to use Form S-3.

 

(c)              
Requests for Underwritten Shelf Takedowns. At any time and from time to time after the Shelf Registration Statement
has been declared effective by the Commission, the Required Holders may request to sell all or any portion of their Registrable
Securities in an underwritten Public Offering that is registered pursuant to the Shelf Registration Statement (each, an “Underwritten
Shelf Takedown”), provided that the net proceeds to be received by Holders in connection with such Public Offering
will be reasonably expected to exceed $15 million. All requests for Underwritten Shelf Takedowns shall be made by giving written
notice to the Company (a “Demand Shelf Takedown Notice”). Each Demand Shelf Takedown Notice shall specify the
approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Within five Business Days
after receipt of any Demand Shelf Takedown Notice, the Company shall give written notice of such requested Underwritten Shelf Takedown
to all other Holders which have Registrable Securities included on such Shelf Registration (a “Company Shelf Takedown
Notice”) and, subject to the provisions of Section 3(d) below, shall include in such Underwritten Shelf Takedown
all Registrable Securities with respect to which the Company has received written requests for inclusion therein within five Business
Days after sending the Company Shelf Takedown Notice.

 

(d)               Priority
on Underwritten Shelf Takedowns. If the managing underwriters for such Underwritten Shelf Takedown advise the Company and
the Holders of Registrable Securities included in the Shelf Takedown in writing that in their opinion the number of
Registrable Securities and, if permitted hereunder, other securities requested to be included in such Underwritten Shelf
Takedown exceeds the number of Registrable Securities and other securities, if any, which can be sold without adversely
affecting the marketability, proposed offering price range acceptable to the Holders of a majority of the Registrable
Securities requested to be included in such Underwritten Shelf Takedown, timing or method of distribution of the offering,
the Company shall include in such Underwritten Shelf Takedown the number of Registrable Securities which can be so sold in
the following order of priority: (i) first, the Registrable Securities requested to be included in such Underwritten
Shelf Takedown allocated pro rata among the respective Holders of such Registrable Securities on the basis of the
number of Registrable Securities owned by each such Holder; (ii) second, securities offered by the Company; and
(iii) third, other securities requested to be included in such Underwritten Shelf Takedown to the extent permitted
hereunder.

 

    7

     

    

 

(e)              
Restrictions on Underwritten Shelf Takedowns. The Company shall not be obligated to effect more than two Underwritten
Shelf Takedowns during any period of 12 consecutive months and shall not be obligated to effect an Underwritten Shelf Takedown
within 60 days after the pricing of a previous Underwritten Shelf Takedown.

 

(f)               
Selection of Underwriters. The Holders of a majority of the Registrable Securities initially requesting an Underwritten
Shelf Takedown shall have the right to select the managing underwriters to administer the Public Offering (which shall consist
of one or more reputable nationally recognized investment banks) with the consent of the Company, which consent shall not be unreasonably
withheld, conditioned or delayed.

 

(g)              Reduction
of Registrable Securities Included in a Shelf Registration. Notwithstanding anything contained herein, in the event that the
Commission requires the Company to reduce the number of Registrable Securities to be included in a Shelf Registration Statement
in order to allow the Company to rely on Rule 415 with respect to a Shelf Registration Statement, then the Company shall
be obligated to include in such Shelf Registration Statement (which may be a subsequent Shelf Registration Statement if the Company
needs to withdraw a Shelf Registration Statement and refile a new Shelf Registration Statement in order to rely on Rule 415)
only such limited portion of the Registrable Securities as the Commission shall permit. Any Registrable Securities that are excluded
in accordance with the foregoing terms are hereinafter referred to as “Cut Back Securities.”
To the extent Cut Back Securities exist, as soon as may be permitted by the Commission, the Company shall be required to file
a Shelf Registration Statement covering the resale of the Cut Back Securities (subject also to the terms of this Section) and
shall use best efforts to cause such Shelf Registration Statement to be declared effective as promptly as practicable thereafter.

 

4.                 
Piggyback Registration.

 

(a)               Right
to Piggyback. Whenever the Company proposes to file a Registration Statement under the Securities Act or conduct a Shelf
Takedown with respect to a Public Offering of the Common Stock (other than a Demand Registration, Underwritten Shelf
Takedown, Excluded Registration or an at-the-market offering, a “Piggyback Registration”), the Company
shall give prompt written notice to all Holders of Registrable Securities of its intention to effect such Piggyback
Registration (the “Piggyback Registration Notice”) and (i) in the case of a Piggyback Registration
that is a Shelf Takedown, such notice shall be given not less than (A) in the case of a “bought deal,”
 “registered direct offering” or “overnight transaction” (a “Bought Deal”), two
(2) Business Days; or (B) otherwise, five (5) Business Days, in each case under this clause (i), prior to the
expected date of commencement of marketing efforts for such Shelf Takedown; or (ii) in the case of any other Piggyback
Registration, such notice shall be given not less than five Business Days after the public filing of such Registration
Statement. The Company shall, subject to the provisions of Section 4(b) below, include in such Piggyback Registration,
as applicable, all Registrable Securities with respect to which the Company has received written requests for inclusion
therein within three Business Days after the Piggyback Registration Notice (one Business Day in the case of a Bought
Deal).

 

    8

     

    

 

(b)              
Priority on Piggyback Registrations. For any Piggyback Registration that includes an underwritten Public Offering
and the managing underwriters advise the Company in writing that in their reasonable opinion the number of securities requested
to be included in such Piggyback Registration exceeds the number of Registrable Securities and other securities, if any, which
can be sold without adversely affecting the marketability, proposed offering price range acceptable to the Holders of a majority
of the Registrable Securities requested to be included in such Piggyback Registration, timing or method of distribution of the
offering, the Company shall include in such Piggyback Registration the number of Registrable Securities which can be sold without
such adverse effect in the following order of priority: (i) first, if the Piggyback Registration includes a primary
offering of Company securities for the Company’s own account, the securities offered by the Company thereby; (ii) second,
the Registrable Securities requested to be included in such Piggyback Registration by the Holders allocated pro rata among
the Holders on the basis of the number of Registrable Securities owned by each Holder; and (iii) third, other securities
requested to be included in such Piggyback Registration, if any.

 

(c)              
If at any time after giving the Piggyback Registration Notice and prior to the time sales of securities are confirmed pursuant
to the Piggyback Registration, the Company determines for any reason not to proceed with or delay the Piggyback Registration, the
Company may give notice of its determination to all Holders and thereafter be relieved of its obligation set forth in Section 4(a)
in connection with the abandoned or delayed Piggyback Registration, without prejudice.

 

 

(d)              
Selection of Underwriters. For any Piggyback Registration that includes an underwritten Public Offering, the Company
will have the sole right to select the underwriters for the Public Offering, each of which shall be a nationally recognized investment
bank.

 

5.                 
Suspensions; Withdrawals.

 

(a)               Suspensions.
The Company may postpone, for up to 60 calendar days from the date of the Demand Registration Notice or Demand Shelf Takedown
Notice, the filing or the effectiveness of a Registration Statement for a Demand Registration or Shelf Registration or
suspend the use of a Prospectus that is part of a Shelf Registration for up to 60 calendar days from the date of the
Suspension Notice (as defined below) and therefore suspend sales of Registrable Securities included therein by providing
written notice to the Holders included in such registration if the Company shall have furnished to the Holders a certificate
signed by the Chief Executive Officer (or other authorized officer) of the Company stating that the Company’s Board of
Directors has determined in its reasonable good faith judgment that the offer or sale of Registrable Securities should be
suspended; provided that the Company may not invoke a delay pursuant to this Section 5(a) more than twice (with
each such delay to be for a period of not more than 60 calendar days) in any twelve (12) month period; provided
further that the Company may not invoke a delay pursuant to this Section 5(a) more than once (for a period of not more than
60 calendar days) during the first twelve (12) month period following the effectiveness of the Registration Statement. The
Company may invoke this Section 5(a) only if the Company’s Board of Directors determines in good faith, after
consultation with its external advisors or legal counsel, that the offer or sale of Registrable Securities would reasonably
be expected to: (i) have a material adverse effect on any proposal or plan by the Company or any of its subsidiaries to
engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger,
consolidation, tender offer, recapitalization, reorganization or other transaction involving the Company or any of its
subsidiaries; or (ii) require premature disclosure of material non-public information that the Company has a bona fide
business purpose for preserving as confidential.

 

    9

     

    

 

(b)              
In the case of an event that causes the Company to suspend the use of a Registration Statement as set forth in Section 5(a)
or 6(a)(vi)(A) (a “Suspension Event”), the Company shall give a notice to the Holders of Registrable Securities
included in such Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities
and such notice shall state that such suspension shall continue only for so long as the Suspension Event or its effect is continuing.
The Company shall not include any material non-public information in the Suspension Notice and or otherwise provide such information
to a Holder. A Holder shall not effect any sales of the Registrable Securities pursuant to such Registration Statement (or such
filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice.
Holders may recommence effecting sales of the Registrable Securities pursuant to the Registration Statement (or such filings) following
further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension
Notice shall be given by the Company to the Holders and Counsel to the Holders, if any, promptly following the conclusion of any
Suspension Event.

 

(c)              
Time Extension. Notwithstanding any provision herein to the contrary, if the Company gives a Suspension Notice with
respect to any Registration Statement pursuant to this Section 5, the Company agrees that it shall (i) extend the Required
Effective Period which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days
during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the
Holders of the End of Suspension Notice; and (ii) provide copies of any supplemented or amended prospectus necessary to resume
sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that
there are no longer Registrable Securities covered by such Registration Statement.

 

(d)               Withdrawal
Requests. At any time prior to the effective date of a Registration Statement, the Required Holders may withdraw such
demand or request for registration (“Withdrawal Request”) by providing written notice of such withdrawal
to the Company. A Withdrawal Request shall count as one of the permitted Demand Registrations hereunder unless: (i) such
withdrawal arose out of the fault of the Company; (ii) in the reasonable judgment of the Required Holders, a Material
Adverse Effect has occurred; (iii) a Suspension Notice was delivered to the Holders; or (iv) the managing
underwriters advise that the amount of Registrable Securities to be sold in such offering be reduced pursuant to
Section 2(d) by more than 25% of the Registrable Securities to be included in such Registration Statement. The Company
shall pay all Registration Expenses in connection with any Registration Statement subject to a Withdrawal Request. Any Holder
may withdraw its request for inclusion of Registrable Securities in a Registration Statement by giving written notice to the
Company of its intention to remove its Registrable Securities from such Registration Statement within two Business Days
before the earlier of (i) the expected date of the commencement of marketing efforts for the Public Offering in
connection with such Registration Statement or (ii) the effectiveness of the Registration Statement.

 

    10

     

    

 

6.                 
Company Undertakings.

 

(a)              
Whenever Registrable Securities are registered pursuant to this Agreement, the Company shall use commercially reasonable
efforts to effect the registration and the sale of such Registrable Securities as soon as reasonably practicable in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as promptly as reasonably practicable:

 

(i)          
prepare and file with the Commission a Registration Statement with regard to such Registrable Securities as soon as reasonably
practicable upon receipt of an applicable notice from the Holders pursuant to the terms of this Agreement (unless the Registration
Statement would be required pursuant to the rules and regulations of the Securities Act to include any audited or unaudited consolidated
or pro forma financial statements that are not then currently available, in which case, promptly after such financial statements
are available) and use commercially reasonable efforts to cause such Registration Statement to become effective as soon thereafter
as is reasonably practicable;

 

(ii)         
(before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders whose
Registrable Securities are requested to be included in the Registration Statement copies of all such documents, other than exhibits,
documents that are incorporated by reference and such documents that are otherwise publicly available on EDGAR, proposed to be
filed and such other documents reasonably requested by such Holders and provide Counsel to the Holders with a reasonable opportunity
to review and comment on such documents of no less than three Business Days;

 

(iii)        
notify each Holder whose Registrable Securities are included in such Registration Statement of the effectiveness of each
Registration Statement and prepare and file with the Commission such amendments and supplements to such Registration Statement
as may be necessary to keep such Registration Statement effective for a period of not less than (A) 90 days in the case of a Demand
Registration that is not a Shelf Registration or (B) in the case of a Shelf Registration, until the date on which all Registrable
Securities have been sold pursuant to the Shelf Registration or have otherwise ceased to be Registrable Securities or the maximum
length permitted by the Commission (or, in each case, if sooner, until all Registrable Securities have been sold under such Registration
Statement), and comply with the provisions of the Securities Act (including by preparing and filing with the Commission any Prospectus
or supplement to be used in connection therewith) with respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of disposition by the Holders as set forth in such Registration
Statement (each such period as applicable, the “Required Effective Period”);

 

    11

     

    

 

(iv)        
 furnish to each seller of Registrable Securities, and the managing underwriters, without charge, such number of copies
of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement
(including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424,
Rule 430A or Rule 430B promulgated under the Securities Act and any Issuer Free Writing Prospectus)), all exhibits and other documents
filed therewith and such other documents as such seller or such managing underwriters may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters
or other correspondence to or received from, the Commission or any other governmental authority relating to such offer;

 

(v)         
(A) to use reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue
sky laws of such jurisdictions as any seller reasonably requests in writing, (B) keep such registration or qualification in
effect for so long as such Registration Statement remains in effect, and (C) to do any and all other acts and things which
may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Company shall not be required to (x) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (y) subject itself to taxation
in any such jurisdiction or (z) consent to general service of process in any such jurisdiction);

 

(vi)         
notify each seller of such Registrable Securities, the managing underwriters and Counsel to the Holders (A) at any
time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act,
(1) upon discovery that, or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus
or Issuer Free Writing Prospectus relating to such Registration Statement, or any document incorporated or deemed to be incorporated
therein by reference contains an untrue statement of a material fact or omits any material fact necessary to make the statements
in the Registration Statement or the Prospectus or Issuer Free Writing Prospectus relating thereto not misleading or otherwise
requires the making of any changes in such Registration Statement, Prospectus, Issuer Free Writing Prospectus or document, and,
at the request of any such seller, the Company shall, except when the Company’s obligations are suspended pursuant to Section
5(b), promptly prepare a supplement or amendment to such Prospectus or Issuer Free Writing Prospectus, furnish a reasonable number
of copies of such supplement or amendment to each seller of such Registrable Securities, Counsel to the Holders and the managing
underwriters and file such supplement or amendment with the Commission so that, as thereafter delivered to the purchasers of such
Registrable Securities, such Prospectus or Issuer Free Writing Prospectus as so amended or supplemented shall not contain an untrue
statement of a material fact or omit to state any fact necessary to make the statements therein not misleading, (2) as soon
as the Company becomes aware of any comments or inquiries by the Commission or any requests by the Commission or any Federal or
state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or Issuer Free Writing
Prospectus covering Registrable Securities or for additional information relating thereto, (3) as soon as the Company becomes
aware of the issuance or threatened issuance by the Commission of any stop order suspending or threatening to suspend the effectiveness
of a Registration Statement covering the Registrable Securities or (4) of the receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose; and (B) when each Registration Statement
or any amendment thereto has been filed with the Commission and when each Registration Statement or the related Prospectus or
Issuer Free Writing Prospectus or any Prospectus supplement or any post-effective amendment thereto has become effective;

 

    12

     

    

 

(vii)       
use commercially reasonable efforts to cause all such Registrable Securities (A) if the Common Stock is then listed
on a National Securities Exchange or included for quotation in a recognized trading market, to continue to be so listed or included,
and (B) to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable
the sellers thereof to consummate the disposition of the Registrable Securities;

 

(viii)      
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the
effective date of the applicable Registration Statement;

 

(ix)         
in connection with any underwritten Public Offering requested by Holders pursuant to the terms of this Agreement (including
an Underwritten Shelf Takedown) and as reasonably requested by the Holders beneficially owning a majority of the Registrable Securities
to be included in the relevant Registration Statement or the managing underwriters, as applicable, for such underwritten Public
Offering:

 

(A)            
enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary
representations and warranties and provisions with respect to indemnification and contribution) and take all such other actions
as the Holders of a majority of the Registrable Securities being sold or the managing underwriters, if any, reasonably request
in order to expedite or facilitate the disposition of such Registrable Securities and provide reasonable cooperation, including
causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations and such
other selling or other informational meetings organized by the underwriters, if any (taking into account the needs of the Company’s
businesses and the responsibilities of such officers with respect thereto and the requirement of the marketing process); provided,
that the Company shall have no obligation to participate in more than two “road shows” in any 12-month period or if
such participation is reasonably expected to interfere with the business operations of the Company; and

 

(B)              use
commercially reasonable efforts to obtain and cause to be furnished to each such Holder included in such underwritten Public
Offering and the managing underwriters a signed counterpart of (i) one or more comfort letters from the Company’s
independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters
and (ii) a legal opinion (and negative assurance letter) of counsel to the Company addressed to the relevant
underwriters and/or such Holders of Registrable Securities, in each case in customary form and covering such matters of the
type customarily covered by such letters as the managing underwriters and/or Holders of a majority of the Registrable
Securities included in such underwritten Public Offering reasonably request;

 

    13

     

    

 

(x)          
upon reasonable notice and at reasonable times during normal business hours, make available for inspection by any Holder
covered by the applicable Registration Statement, Counsel to the Holders, any underwriter participating in any disposition pursuant
to such registration, as applicable, and any other attorney or accountant retained by such Holder or underwriter, all financial
and other records and pertinent corporate documents of the Company, and cause the Company’s officers, directors, employees
and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant
in connection with such Registration Statement or Shelf Takedown, as applicable, and make themselves available at mutually convenient
times to discuss the business of the Company and other matters reasonably requested by any such Holders, sellers, underwriter or
agent thereof in connection with such Registration Statement as shall be necessary (subject to the Company’s compliance with
Regulation FD) to enable them to exercise their due diligence responsibility, as applicable (any information provided under this
Section 6(a)(x), “Due Diligence Information”); provided that the Company shall not provide any Due
Diligence Information to a Holder unless such Holder explicitly requests such Due Diligence Information in writing.

 

(xi)         
in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement,
or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Security
included in such Registration Statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts to
(A) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order
and (B) obtain the withdrawal of any order suspending or preventing the use of any related Prospectus or Issuer Free Writing
Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction
at the earliest practicable date;

 

(xii)        
provide a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including
Registrable Securities;

 

(xiii)       
promptly notify in writing the participating Holders, the sales or placement agent, if any, therefor and the managing underwriters
of the securities being sold when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration Statement or any
post-effective amendment, when the same has become effective;

 

    14

     

    

 

(xiv)        
 (A) prepare and file with the Commission such amendments and supplements to each Registration Statement as may be necessary
to comply with the provisions of the Securities Act, including post effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement continuously effective for the applicable time period required hereunder and,
if applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act; (B) cause the
related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule
424 (or any similar provisions then in force) promulgated under the Securities Act; and (C) provide additional information
related to each Registration Statement as requested by, and obtain any required approval necessary from, the Commission or any
Federal or state governmental authority;

 

(xv)        
cooperate with each Holder and each underwriter, if any, participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA;

 

(xvi)       
within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration
Statement or Prospectus used under this Agreement (and any Public Offering covered thereby);

 

(xvii)     
if requested by any participating Holder or the managing underwriters, promptly include in a Prospectus supplement or amendment
such information as the Holder or managing underwriters may reasonably request, including in order to permit the intended method
of distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon as reasonably
practicable after the Company has received such request;

 

(xviii)    
in the case of certificated Registrable Securities, cooperate with the participating Holders of Registrable Securities and
the managing underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing
Registrable Securities to be sold after receiving written representations from each participating Holder that the Registrable Securities
represented by the certificates so delivered by such Holder will be transferred in accordance with the Registration Statement,
and enable such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters
may reasonably request at least two Business Days prior to any sale of Registrable Securities; provided that nothing in
this Agreement shall require the Company to issue securities in certificated form unless such securities are already in certificated
form; and

 

(xix)       
use commercially reasonable efforts to take all other actions deemed necessary or advisable in the reasonable judgment of
the Company to effect the registration and sale of the Registrable Securities contemplated hereby.

 

(b)               The
Company shall hold in confidence and not make any disclosure of information concerning a Holder provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the
disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement,
(iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a
court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon
learning that disclosure of such information concerning a Holder is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt written notice to such Holder and allow such Holder, at the Holder’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

 

    15

     

    

 

 

(c)              
As of the date hereof and except as provided pursuant to the Plan, the Company represents and warrants that it is not a
party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities
of the Company, including securities convertible, exercisable or exchangeable into or for shares of any Equity Securities of the
Company.

 

(d)              
With a view to making available certain rules and regulations of the Commission that may permit the sale of the Registrable
Securities to the public without registration, until such date as no Holder owns any Registrable Securities, the Company agrees
to:

 

(i)               
use commercially reasonable efforts to continue to file in a timely manner all reports and other documents required, if
any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder;

 

(ii)             
make available information necessary to comply with Section 4(a)(7) under the Securities Act and Rule 144, Rule 144A
and Regulation S promulgated under the Securities Act, if available, with respect to resales of the Registrable Securities under
the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Section 4(a)(7), Rule 144,
Rule 144A and Regulation S promulgated under the Securities Act, as may be amended from time to time, or any other similar rules
or regulations now existing or hereafter adopted by the Commission; and

 

(iii)           
upon the reasonable written request of any Holder, the Company will deliver to such Holder a written statement as to whether
the Company has complied with such information requirements, and, if not, the specific reasons for non-compliance.

 

(e)              
The Company agrees that nothing in this Agreement shall prohibit the Holders, at any time and from time to time, from selling
or otherwise transferring Registrable Securities pursuant to a private placement or other transaction which is not registered pursuant
to the Securities Act.

 

7.                 
Holder Undertakings

 

(a)               Free
Writing Prospectuses. Each Holder represents that it has not prepared or had prepared on its behalf or used or referred
to, and agrees that it will not prepare or have prepared on its behalf or used or refer to, any Free Writing Prospectus, and
has not distributed and will not distribute any written materials in connection with the offer or sale of Registrable
Securities without the prior written consent of the Company and, in connection with any underwritten Public Offering, the
underwriters. Any such Free Writing Prospectus consented to by the Company and the underwriters, as the case may be, is
hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and agrees that
it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing
Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

 

(b)              
Information for Inclusion. Each selling Holder that has requested inclusion of its Registrable Securities in any
Registration Statement shall furnish to the Company such information regarding such Holder and its plan and method of distribution
of such Registrable Securities as the Company may, from time to time, reasonably request in writing. The Company may refuse to
proceed with the registration of such Holder’s Registrable Securities if such Holder unreasonably fails to furnish such information
within a reasonable time after receiving such request.

 

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(c)              
Underwritten Public Offering Participation. No Person may participate in any underwritten Public Offering hereunder
unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
in customary form entered into pursuant to this Agreement and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements;
provided that no Holder included in any underwritten Public Offering shall be required to make any representations or warranties
to the Company or the underwriters (other than (A) representations and warranties regarding (1) such Holder’s ownership
of its Registrable Securities to be sold or transferred, (2) such Holder’s power and authority to effect such transfer,
and (3) such matters pertaining to compliance with securities laws as may be reasonably requested by the Company or the underwriters,
and (B) such other representations, warranties and other provisions relating to such Holder’s participation in such
Public Offering as may be reasonably requested by the underwriters) or to undertake any indemnification obligations to the Company
with respect thereto, except as otherwise provided in Section 10(b) hereof, or to the underwriters with respect thereto, except
to the extent of the indemnification being given to the underwriters and their controlling Persons in Section 10(b) hereof.

 

(d)              
Price and Underwriting Discounts. In the case of an underwritten Demand Registration or Underwritten Shelf Takedown
requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting
agreement for the Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities
included in such underwritten Public Offering.

 

(e)              
Notice Opt-Out. Notwithstanding anything to the contrary in this Agreement, any Holder may make a written election
(an “Opt-Out Election”) to no longer receive from the Company any Company Demand Registration Notice, Company
Shelf Registration Notice, Company Shelf Takedown Notice, Piggyback Registration Notice or Suspension Notice (other than a Suspension
Notice with respect to a Registration Statement as to which such Holder’s Registrable Securities are, or have been requested
to be, included in) (each, a “Covered Notice”), and, following receipt of such Opt-Out Election, the Company
shall not be required to, and shall not, deliver any such Covered Notice to such Holder from the date of receipt of such Opt-Out
Election and such Holder shall have no right to participate in any Registration Statement or Public Offering as to which such
Covered Notices pertain. An Opt-Out Election shall remain in effect until it has been revoked in writing and received by the Company.
A Holder who previously has given the Company an Opt-Out Election may revoke such election at any time in writing, and there shall
be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Elections.

 

8.                 
Registration Expenses

 

(a)              
Expenses. All fees and expenses incurred by the Company in connection with this Agreement (“Registration
Expenses”) will be borne by the Company. These fees and expenses will include without limitation (i) stock exchange,
Commission, FINRA and other registration and filing fees, (ii) all fees and expenses incurred in connection with complying
with any securities or blue sky laws (including reasonable fees, charges and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges
and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees,
charges and expenses incurred by the Company (including any expenses arising from any special audits or “comfort letters”
required in connection with or incident to any registration) and other Persons retained by the Company, and (v) the fees and
expenses incurred in connection with the listing of the Registrable Securities on a National Securities Exchange.

 

(b)              
Reimbursement of Counsel. The Company will also reimburse or pay, as the case may be, the Holders of Registrable
Securities included in such registration for the reasonable, documented fees and out-of-pocket expenses of one Counsel to the Holders
relating to or in connection with any action taken pursuant to this Agreement within 30 calendar days of presentation of an invoice
approved by such Holders and disbursements of each additional counsel retained by any Holder for the purpose of rendering a legal
opinion on behalf of such Holder in connection with any underwritten Public Offering if the managing underwriters of such Public
Offering or the Company reasonably request such legal opinion and Counsel to the Holders cannot reasonably provide such legal opinion
due to legal jurisdiction or otherwise.

 

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9.                 
Lock-Up Agreements.

 

(a)               Lock-Up
Agreements. If required by the Holders of a majority of the Registrable Securities participating in an underwritten
Public Offering and requested by the managing underwriters of such Public Offering, each of the Holders participating in such
Public Offering shall enter into a lock-up agreement with the managing underwriters of such Public Offering to not make any
sale or other disposition of any of the Company’s Equity Securities owned by such Holder (a “Lock-Up
Agreement”), such agreement to be in customary form and substance with customary exceptions; provided that
all executive officers and directors of the Company and the Holders requesting such Lock-Up Agreements are bound by and have
entered into substantially similar Lock-Up Agreements; provided further the foregoing provisions shall only be
applicable to the Holders if all stockholders, officers and directors are treated similarly with respect to any release prior
to the termination of the lock-up period such that if any such persons are released, then all Holders shall also be released
to the same extent on a pro rata basis. The Company may impose stop-transfer instructions with respect to the shares
of Registrable Securities (or other securities) subject to the restrictions set forth in this Section 9(a) until the end
of the applicable period of the Lock-Up Agreement. The provisions of this Section 9(a) shall cease to apply to such
Holder once such Holder no longer beneficially owns any Registrable Securities.

 

(b)              
Company Lock-Up. In connection with any underwritten Public Offering, and upon the reasonable request of the managing
underwriters, the Company shall: (i) agree to a customary lock-up provision applicable to the Company in an underwriting agreement
as reasonably requested by the managing underwriters; and (ii) use reasonable best efforts to cause each of its executive
officers and directors to enter into Lock-Up Agreements, in each case, in customary form and substance, and with exceptions that
are customary, for an underwritten Public Offering.

 

10.             
Indemnification; Contribution.

 

(a)              
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder registered pursuant
to this Agreement, such Holder’s Affiliates, directors, officers, employees, members, managers, agents and any Person who
controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities and expenses
(“Losses”) to which they or any of them may become subject insofar as such Losses arise out of or are based
upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement pursuant to which Registrable
Securities were registered, Prospectus, preliminary prospectus, any road show, as defined in Rule 433(h)(4) under the Securities
Act a (“road show”), or Issuer Free Writing Prospectus included in any such Registration Statement, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary in the case of any Prospectus, preliminary prospectus, road show or Issuer
Free Writing Prospectus, in light of the circumstances under which they were made, to make the statements therein not misleading
and the Company agrees to reimburse each such indemnified party for any reasonable legal or other reasonable, documented out-of-pocket
expenses incurred by them in connection with investigating or defending any such Losses (whether or not the indemnified party is
a party to any proceeding); provided, however, that the Company will not be liable (x) in any case to the extent
that any such Loss arises out of or is based upon any such untrue or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder
specifically for inclusion therein, including, without limitation, any notice and questionnaire, and (y) in the case of an occurrence
of an event of the type specified in Section 6(a)(vi), related to the use by a Holder of an outdated or defective prospectus after
the Company has notified such Holder that the prospectus is outdated or defective, but only if and to the extent that the misstatement
or omission giving rise to such Loss would have been corrected in the final Prospectus or amendment or supplement thereto. This
indemnity agreement will be in addition to any liability which the Company may otherwise have.

 

(b)               Indemnification
by the Holders. Each Holder severally (and not jointly) agrees to indemnify and hold harmless the Company and each of its
Affiliates, directors, employees, members, managers, agents and each Person who controls the Company (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable
law, from and against any and all Losses to which they or any of them may become subject insofar as such Losses arise out of
or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement pursuant
to which Registrable Securities were registered, Prospectus, preliminary prospectus, road show, Issuer Free Writing
Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
in the case of any Prospectus, preliminary Prospectus, road show, Issuer Free Writing Prospectus, in light of the
circumstances under which they were made, to make the statements therein not misleading, to the extent, but only to the
extent, that any such untrue statement or alleged untrue statement or omission or alleged omission is contained in any
written information furnished to the Company by or on behalf of such Holder specifically for inclusion therein; provided, however,
that the maximum amount to be indemnified by such Holder pursuant to this Section 10(b) shall be limited to the net
proceeds (after deducting underwriters’ discounts and commissions) received by such Holder in the Public Offering to
which such Registration Statement, Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus relates; provided, further,
that a Holder shall not be liable in any case to the extent that prior to the filing of any such Registration Statement,
Prospectus, preliminary Prospectus, road show or Issuer Free Writing Prospectus or any amendment thereof or supplement
thereto, each Holder has furnished in writing to the Company, information expressly for use in, and within a reasonable
period of time prior to the effectiveness of such Registration Statement or the use of the Prospectus, preliminary
prospectus, road show or Issuer Free Writing Prospectus, or any amendment thereof or supplement thereto which corrected or
made not misleading information previously provided to the Company. This indemnity agreement will be in addition to any
liability which any such Holder may otherwise have.

 

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(c)               Conduct
of Indemnification Proceedings. Promptly after receipt by an indemnified party under this Section 10 of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 10(c), notify the indemnifying party in writing of the commencement thereof; but
the failure so to notify the indemnifying party (i) will not relieve it from liability under Section 10(a) or
Section 10(b) above unless and to the extent such action and such failure results in material prejudice to the
indemnifying party and forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in
any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in Section 10(a) or Section 10(b) above. The indemnifying party shall be entitled to
participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnifying party), and, except as provided in the next sentence, after
notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the
indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs
of investigation. Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall
have the right to employ its own counsel (and one local counsel), and the indemnifying party shall bear the reasonable fees,
costs and expenses of such separate counsel if:

 

(i)               
the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with an
actual or potential conflict of interest;

 

(ii)             
the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available to the indemnifying party;

 

(iii)            
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action; or

 

(iv)            
the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying
party.

 

(v)              
No indemnifying party shall, in connection with any one action or separate but substantially similar or related actions
in the same jurisdiction arising out of the same general circumstances or allegations, be liable for the fees and expenses of more
than one separate firm of attorneys (in addition to one local counsel) for all indemnified parties, and (y) the indemnified party
shall promptly reimburse the indemnifying party for that portion of such fees and expenses applicable to such actions for which
such indemnified party is finally judicially determined to not be entitled to indemnification under this Agreement. An indemnifying
party shall not be liable under this Section 10(c) to any indemnified party regarding any settlement or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably
withheld. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified
party (which consent shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement or compromise
unless such settlement or compromise (x) includes as an unconditional term thereof the giving by the claimant or plaintiff
therein, to such indemnified party, of a full and final release from all liability in respect to such claim or litigation and (y) does
not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of such indemnified party.

 

(d)              
Contribution.

 

(i)                 In
the event that the indemnity provided in Section 10(a) or Section 10(b) above is unavailable to or insufficient to
hold harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the
aggregate Losses (including reasonable legal or other reasonable, documented out-of-pocket expenses incurred in connection
with investigating or defending same) to which such indemnifying party may be subject in such proportion as is appropriate to
reflect the relative benefits received by the indemnifying party on the one hand and by the indemnified party on the other
from the Public Offering of the Registrable Securities; provided, however, that the maximum amount of liability
in respect of such contribution shall be limited in the case of any Holder to the net proceeds (after deducting
underwriters’ discounts and commissions) received by such Holder in connection with such registration. If, however, the
allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party
shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not
only such relative benefits but also the relative fault of the indemnifying party on the one hand and the indemnified party
on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant
equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party on the one hand or the indemnified party on the other and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

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(ii)             
The parties agree that it would not be just and equitable if contribution pursuant to this Section 10(d) were determined
by pro rata allocation (even if the Holders of Registrable Securities or any agents or underwriters or all of them were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 10(d). The amount paid or payable by an indemnified party as a result of the Losses referred
to above in this Section 10(d) shall be deemed to include any reasonable legal or other reasonable, documented out-of-pocket
expenses incurred by such indemnified party in connection with investigating or defending any such action or claim.

 

(iii)           
Notwithstanding the provisions of this Section 10(d), no Person guilty of fraudulent misrepresentation (within the
meaning of Section 10(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

(iv)            
For purposes of this Section 10, each Person who controls any Holder, agent or underwriter (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and each director, officer, employee and agent of any such Holder,
agent or underwriter shall have the same rights to contribution as such Holder, agent or underwriter, and each Person who controls
the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each officer
and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms
and conditions of this Section 10(d).

 

(e)              
 The provisions of this Section 10 will remain in full force and effect, regardless of any investigation made by or
on behalf of any Holder or the Company or any of the officers, directors or controlling Persons referred to in this Section 10
hereof, and will survive the transfer of Registrable Securities.

 

11.             
Transfer of Registration Rights.

 

The rights of a Holder hereunder may be
transferred, assigned, or otherwise conveyed on a pro rata basis in connection with any transfer, assignment, or other conveyance
of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied
with respect to any transfer, assignment or conveyance of rights hereunder: (a) such transfer or assignment is effected in
accordance with applicable securities laws and, if applicable, the Company’s organizational documents then in effect; (b) such
transferee or assignee agrees in writing to become subject to the terms of this Agreement by executing and delivering to the Company
a Joinder; and (c) the Company is given written notice by such Holder within 15 Business Days of such transfer or assignment,
stating the name and address of the transferee or assignee, identifying the Registrable Securities with respect to which such rights
are being transferred or assigned and the total number of Registrable Securities and other Equity Securities of the Company beneficially
owned by such transferee or assignee. Any rights assigned under this Agreement shall apply only in respect of Registrable Securities
that are transferred, assigned or conveyed and not in respect of any other securities that the transferee or assignee may hold,
and any Registrable Securities that are transferred, assigned or conveyed may cease to constitute Registrable Securities following
such transfer, assignment or conveyance in accordance with the terms of this Agreement.

 

12.             
Amendment, Modification and Waivers; Further Assurances.

 

(a)              
Amendment. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and
conditions of this Agreement may be waived, only by a written instrument, (a) signed by (i) the Company, and (ii) the
Holders of at least a majority of the Registrable Securities; provided, that no provision of this Agreement shall be modified
or amended in a manner that is disproportionately and materially adverse to any Holder, without the prior written consent of such
Holder, as applicable, or (b) in the case of a waiver, by the party hereto waiving compliance.

 

(b)              
Changes in Common Stock. If, and as often as, there are any changes in the Common Stock by way of stock split, stock
dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other
means, appropriate adjustment shall be made in the provisions hereof as may be required so that the rights and privileges granted
hereby shall continue with respect to the Registrable Securities as so changed and the Company shall make appropriate provision
in connection with any merger, consolidation, reorganization or recapitalization that any successor to the Company (or resulting
parent thereof) shall agree, as a condition to the consummation of any such transaction, to expressly assume the Company’s
obligations hereunder.

 

(c)               Effect
of Waiver. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such
terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a
waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly
provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver
in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party
against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such
provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such
provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance
with its terms.

 

(d)              
Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take
all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this
Agreement.

 

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13.             
Miscellaneous.

 

(a)              
Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto
shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including any trustee in bankruptcy)
whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement
which are for the benefit of purchasers or Holders of Registrable Securities are also for the benefit of, and enforceable by, any
subsequent Holder. No assignment or delegation of this Agreement by the Company, or any of the Company’s rights, interests
or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder.

 

 

(b)              
Remedies; Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled
to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights existing in their favor; provided that the liability of the Holders shall be several and not joint.
The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of
this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation
of the provisions of this Agreement, to the extent permitted by law. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies available under this Agreement or otherwise.

 

(c)               Notices.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient,
(ii) e-mailed or sent by facsimile to the recipient, or (iii) one Business Day after being sent to the recipient by
reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the
Company at the address set forth below and to any Holder at the address set forth on the signature page hereto (with copies
sent at the address set forth below), or at such address or to the attention of such other Person as the recipient party has
specified by prior written notice to the sending party.

 

The Company’s address is:

 

Tuesday Morning Corporation

6250 LBJ Freeway

Dallas, Texas 75240

Attention: General Counsel

E-mail: bzeterberg@tuesdaymorning.com

 

with copies to:

 

Haynes and Boone LLP

2323 Victory Avenue, Suite 700

Dallas, Texas 75219

Attention: Ian Peck

Email: ian.peck@haynesboone.com

 

Troutman Pepper Hamilton Sanders LLP

600 Peachtree Street, Suite 3000

Atlanta, Georgia 30308

Attention: Eric Koontz

Email: eric.koontz@troutman.com

 

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Copies of notices to the Holders shall be sent to:

 

Osmium Partners (Larkspur SPV), LP

c/o Osmium Partners (Equation) LLC

300 Drakes Landing Road #172

Greenbrae, CA 94904

Attn: John H. Lewis; Douglas J. Dossey

Email: jl@osmiumpartners.com; ddossey@tensilecapital.com

 

with copies (which shall not constitute notice) to:

 

Tensile Capital Management

700 Larkspur Landing Circle #255

Larkspur, CA 94939

Attn: Douglas J. Dossey; Dan Katsikas

Email: ddossey@tensilecapital.com; dkatsikas@tensilecapital.com

 

Kirkland & Ellis LLP

555 California Street, Suite 2900

San Francisco, California 94104

Attn: Noah D. Boyens, P.C.

Email: noah.boyens@kirkland.com

 

Morrison & Foerster LLP

425 Market Street

San Francisco, California 94105

Attn: Murray A. Indick and Brad Kondracki

Email: mindick@mofo.com

              bkondracki@mofo.com

 

If any time period for giving notice or
taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction
in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately
following such Saturday, Sunday or legal holiday.

 

(d)              
No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities
which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this Agreement.

 

(e)              
Counterparts. This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile
or electronic transmission in portable document format (“pdf”), each of which shall be deemed to be an original
and shall be binding upon the party who executed the same, but all of such counterparts shall constitute the same agreement.

 

(f)               
Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun
used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns,
and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document,
or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof.
The words “include,” “includes” or “including” in this Agreement shall be deemed to be followed
by “without limitation.” The use of the words “or,” “either” or “any” shall not
be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions
of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such
laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in
effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall
be deemed to be references to the comparable successors thereto from time to time.

 

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(g)               Delivery
by Facsimile and Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or
thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in
all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all
other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other
electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or
communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability
of a contract and each such party forever waives any such defense.

 

(h)              
Arm’s Length Agreement. Each of the parties to this Agreement agrees and acknowledges that this Agreement has
been negotiated in good faith, at arm’s length, and not by any means prohibited by law.

 

(i)                
Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (i) it
is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement
and (ii) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly
upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement.

 

(j)                
Governing Law. This Agreement and the exhibits, attachments and annexes hereto shall be governed by, and construed
in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application
of the laws of any jurisdiction other than the State of New York.

 

(k)              
Submission to Jurisdiction. Any action, suit or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in the United States
District Court for the in the Southern District of New York or any New York state court, in each case, located in the Borough of
Manhattan, and each party consents to the exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts
therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such, action, suit or proceeding in any such court or that
any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

(l)                 Waiver
of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial of any
claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be
all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this
Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto
acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already relied on this
waiver in entering into this Agreement and that each will continue to rely on this waiver in their related future dealings.
Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it
knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING
TO THIS SECTION 13(l) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a
written consent to a trial by the court.

 

    23

     

    

 

(m)            
Complete Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant
hereto, represent the complete agreement among the parties hereto as to all matters covered hereby, and supersedes any prior agreements
or understandings among the parties.

 

(n)              
Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

(o)              
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any
Registrable Securities outstanding; provided, that the provisions of Sections 6(b), 7(e), 8, 10, 11, 12 and 13 shall survive
any such termination; provided further that any Holder may elect to terminate its obligations under this Agreement by giving
the Company written notice thereof subject to the survival of the foregoing provisions; provided further that this Agreement
shall automatically terminate with respect to a Holder that no longer holds any Registrable Securities.

 

(p)              
Independent Agreement by the Holders. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder, and no provision of this Agreement is intended to confer any obligations on any Holder vis-à-vis
any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the
Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein.

 

[Signature Pages Follow]

 

    24

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Registration Rights Agreement as of the date first written above.

 

	 	 	TUESDAY MORNING CORPORATION

 

	 	By:	/s/ Stacie R. Shirley
	 	Name:	 Stacie R. Shirley
	 	Title:	 EVP/CFO

 

[Signature Page to Registration Rights
Agreement]

 

    25

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Registration Rights Agreement as of the date first written above.

 

	Holder:	 
	    Osmium Partners (Larkspur SPV), LP	 

 

	By:	
        Osmium Partners (Equation) LLC

        General Partner
	 
	 	 
	By:	 /s/ John H. Lewis	 
	 	Name:  John H. Lewis	 
	 	Title:  Managing Member	 

 

	Address:  	300 Drakes Landing Rd., #172	 
	 	Greenbrae, CA  94904	 
	 	 	 
	Telephone:	 	 
	 	 	 
	Fax No.:	 	      
	 	 	 
	 	 
	E-mail:	jl@osmiumpartners.com;

                                                                                ddossey@tensilecapital.com
	 
	 

 

 

[Signature Page to Registration Rights
Agreement] 

 

    26

     

    

 

ANNEX A

 

Form of Joinder Agreement

 

THIS JOINDER AGREEMENT is made and entered
into by the undersigned with reference to the following facts:

 

Reference is made to the Registration Rights
Agreement, dated as of February __, 2021, as amended (the “Registration Rights Agreement”), by and among Tuesday
Morning Corporation, a Delaware corporation (the “Company”), the other parties (the “Holders”)
thereto. Capitalized terms used but not defined in this Joinder Agreement shall have the meanings ascribed thereto in the Registration
Rights Agreement.

 

As a condition to the acquisition of rights
under the Registration Rights Agreement in accordance with the terms thereof, the undersigned agrees as follows:

1.        The
undersigned hereby agrees to be bound by the provisions of the Registration Rights Agreement and undertakes to perform each obligation
as if a Holder thereunder and an original signatory thereto in such capacity.

 

2.        This
Joinder Agreement shall bind, and inure to the benefit of, the undersigned hereto and its respective devisees, heirs, personal
and legal representatives, executors, administrators, successors and assigns.

 

3.        This
Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect
to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the
extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of New York.

 

[Signature Page Follows]

 

    A- 1

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement.

 

	 	[HOLDER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Date:	  

 

	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Phone Number:	 	 
	 	 	 
	Facsimile Number:	 	 
	 	 	 
	E-mail for Notice:	 	 
	 	 	 
	I.R.S. I.D. Number:	 	 
	 	 	 
	Amount of Registrable Securities Acquired:	 	 

 

 

[Signature Page to Joinder Agreement]

 

    A- 2

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