Document:

Exhibit
10.4

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2022, is made and entered into by and among
FoxWayne Enterprises Acquisition Corp., a Delaware corporation ( “FoxWayne”), FoxWayne Enterprises Acquisition Sponsor
LLC, a Delaware limited liability company (“Sponsor”), the undersigned parties listed as Prior Holders on the signature
pages hereto (“Prior Holders”) and certain stockholders of Clover, Inc., a Delaware corporation (the “Target”),
listed as Clover Holders on the signature pages hereto (the “Clover Holders” and, together with Sponsor, the Prior
Holders and any other person deemed a “Holder” who hereafter becomes a party to this Agreement pursuant to Section 5.02
hereof, a “Holder” and collectively, the “Holders”). Capitalized terms used but not otherwise
defined in this Agreement shall have the meaning ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS,
FoxWayne has entered into that certain Agreement and Plan of Merger, dated as of September 16, 2022 (as may be amended from time
to time, the “Merger Agreement”), by and among FoxWayne, Target, and Gotham Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of FoxWayne (“Merger Sub”), pursuant to which, among other things, Merger Sub will merge
with and into the Target with the Target surviving as a wholly-owned subsidiary of FoxWayne;

 

WHEREAS,
upon the closing of the transactions contemplated by the Merger Agreement and subject to the terms and conditions set forth therein,
the Prior Holders and the Sponsor will hold shares of Class A common stock, par value $0.0001 per share, of FoxWayne (“Common
Stock”);

 

WHEREAS,
upon the closing of the transaction contemplated by the Merger Agreement, the Clover Holders will hold shares of Common Stock in such
amounts and subject to such terms and conditions as set forth in the Merger Agreement;

 

WHEREAS,
FoxWayne and certain investors listed on Schedule 1 hereto (collectively, the “FoxWayne Investors”) are parties to
that certain Registration Rights Agreement, dated January 19, 2021 (the “Prior Agreement”);

 

WHEREAS,
FoxWayne and the FoxWayne Investors desire to terminate the Prior Agreement in its entirety and to accept the rights created pursuant
to this Agreement in lieu of the rights granted to them under the Prior Agreement;

 

WHEREAS,
concurrently with the consummation of the Merger Agreement, FoxWayne will be renamed “Clover Media Inc.” (Target, following
the consummation of the Merger Agreement, the “Company”);

 

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

 

    	 	1	 

    	 	 

    

 

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

  

DEFINITIONS

 

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

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer or Chief Financial Officer of the Company or the Board of Directors of the Company, after consultation
with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable
Registration Statement or Prospectus not to contain any Misstatement, (ii) would not be required to be made at such time if the Registration
Statement were not being filed, declared effective or used, as the case may be, and (iii) the Company has a bona fide business
purpose for not making such information public.

 

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

 

“Bought
Deal” shall mean an Underwritten Shelf Takedown in which Underwriter(s) agree to purchase Registrable Securities at an agreed
price without a prior marketing process.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

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

 

“Company”
shall have the meaning given in the Recitals hereto.

 

“Demanding
Holder” shall have the meaning given in Section 2.01(c).

 

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

 

“Filing
Date” shall have the meaning given in Section 2.01(a).

 

“Form
S-1 Shelf’ shall have the meaning given in Section 2.01(a).

 

“Form
S-3 Shelf’ shall have the meaning given in Section 2.01(a).

 

“Holder”
or “Holders” shall have the meaning given in the Preamble; including any person who hereafter becomes a party of this
Agreement pursuant to Section 5.02.

 

    	 	2	 

    	 	 

    

 

“Lock-up
Period” shall mean with respect to the Sponsor and Prior Holders, the period ending 180 days after the closing date of the
Merger. With respect to the Clover Holders, the term “Lock-up Period” shall mean 180 days after the Form S-1 Shelf is declared
effective by the SEC.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.01(d).

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.01(c).

 

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

 

“Piggyback
Registration” shall have the meaning given in Section 2.02(a).

 

“Private
Placement Warrants” shall mean the private placement warrants issued pursuant to the Sponsor Warrants Purchase Agreement, dated
as of January 19, 2021 between the Company and Sponsor, and that certain Warrant Agreement, dated as of January 19, 2021 between the
Company and Continental Stock Transfer & Trust Company, as warrant agent.

 

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

 

“Registrable
Security” shall mean any issued and outstanding shares of Common Stock or any other equity security (including the shares of
Common Stock issued or issuable upon the exercise of any other equity security, including warrants) of the Company held by a Holder as
of the date of this Agreement, and any other equity security of the Company issued or issuable with respect to any such share of Common
Stock described above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation, spin-off, exchange, reorganization or other similar event; provided, however, that, as to any particular Registrable
Security, such securities shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new
certificates or book-entry positions for such securities not bearing a legend restricting further transfer shall have been delivered
by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such
securities shall have ceased to be outstanding; or (D) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

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

 

    	 	3	 

    	 	 

    

 

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

 

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

 

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

 

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

 

	 	(d)	reasonable
  fees and disbursements of counsel for the Company;
	 	 	 
	 	(e)	reasonable
  fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such
  Registration; and
	 	 	 
	 	(f)	reasonable
  fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten Offering.

 

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

 

“Requesting
Holders” shall have the meaning given in Section 2.01(d).

 

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

 

“Shelf’
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

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

 

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

 

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

 

“Subsequent
Shelf Registration” shall have the meaning given in Section 2.01(b).

 

    	 	4	 

    	 	 

    

 

“Transfer”
shall mean the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security,
(ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public
announcement of any intention to effect any transaction specified in clause (i) or (ii). Notwithstanding the foregoing, a Transfer shall
not be deemed to include any transfer for no consideration if the donee, trustee, heir or other transferee has agreed in writing to be
bound by the same terms under this Agreement to the extent and for the duration that such terms remain in effect at the time of the Transfer.

 

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

 

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

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.01(c).

 

REGISTRATIONS

 

Shelf
Registration.

 

Filing.
As soon as practicable but no later than 30 calendar days following the closing of the transactions contemplated by the Merger Agreement
(the “Filing Date”), the Company shall file a Registration Statement for a Shelf Registration on Form S-1 (the “Form
S-1 Shelf”) or, if the Company is eligible to use a Registration Statement on Form S-3, a Registration Statement for a Shelf
Registration on Form S-3 (the “Form S-3 Shelf’), in each case, covering the resale of all the Registrable Securities
(determined as of two (2) business days prior to such filing) on a delayed or continuous basis and shall use its reasonable best efforts
to have such Shelf declared effective as soon as practicable after the filing thereof. Such Shelf shall provide for the resale of the
Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any
Holder named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission
such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available
for use to permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf,
the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration) to a
Form S-3 Shelf as soon as practicable after the Company is eligible to use a Form S-3 Shelf.

 

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Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.04, use its commercially reasonable efforts to as promptly as is
reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale of all Registrable Securities (determined as of two (2) business days prior to
such filing), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein.
If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf
Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being
agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated
under the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act)
at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective,
available for use to permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the
provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration
shall be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall
be on another appropriate form.

 

Requests
for Underwritten Shelf Takedowns. Following the expiration of the Lock-up Period and subject to Section 3.04, at any time
and from time to time when an effective Shelf is on file with the Commission, Sponsor, or any other Holder (Sponsor or any such Holder
being in such case a “Demanding Holder”) may request to sell all or any portion of its Registrable Securities in an
Underwritten Offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided
that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities
proposed to be sold by the Demanding Holder, either individually or together with other Demanding Holders, with a total offering price
reasonably expected to exceed, in the aggregate, $[●]2 million (the “Minimum Takedown Threshold”).
Notwithstanding any other provision of this Article II, at any time and from time to time when an effective Shelf is on file with the
Commission, if a Demanding Holder wishes to engage in a Bought Deal (i) with a total offering price reasonably expected to satisfy the
Minimum Takedown Threshold or (ii) that would constitute a sale of all remaining Registrable Securities held by such Demanding Holder,
provided that such Registrable Securities cannot be sold in a single transaction under the volume limitations of Rule 144, then such
Demanding Holder need only make a demand of the Company for such Bought Deal at least five (5) business days (or ten (10) business days
if such Bought Deal is the first Underwritten Shelf Takedown to occur after the date of this Agreement) prior to the day such offering
is to commence and the Company shall as expeditiously as possible use commercially reasonable efforts to facilitate such Bought Deal;
provided that the Demanding Holder shall use commercially reasonable efforts to work with the Company and any Underwriters, auditors,
legal counsel and other advisors prior to making such request in order to facilitate preparation of the registration statement, prospectus,
prospectus supplement and other offering documentation related to the Bought Deal. All requests for Underwritten Shelf Takedowns shall
be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be
sold in the Underwritten Shelf Takedown. The Company shall have the right to select the Underwriters for such offering (which shall consist
of one or more reputable nationally recognized investment banks), subject to the initial Demanding Holder’s prior approval (which
shall not be unreasonably withheld, conditioned or delayed). The Holders collectively may demand Underwritten Shelf Takedowns and Block
Trades pursuant to this Section 2.01(c) (i) not more than two (2) times in any twelve (12) month period (the “Yearly Limit”)
and (ii) not more than five (5) times in the aggregate (the “Total Limit”). Notwithstanding anything to the contrary
in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including
a Form S-3, that is then available for such offering.

 

 

 

2
Note to draft: Amount to be determined on post-Closing market cap and pro forma capitalization table.

 

    	 	6	 

    	 	 

    

 

Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advise the
Company, the Demanding Holders and the Holders requesting piggyback rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or
other equity securities that the Company desires to sell and all other shares of Common Stock or other equity securities, if any, that
have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggyback registration rights held
by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any shares of Common Stock or other equity securities
proposed to be sold by Company or by other holders of Common Stock or other equity securities, (i) first, the Registrable Securities
of the Demanding Holders (pro rata based on the respective number of Registrable Securities that each Demanding Holder has requested
be included in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that the Demanding Holders have requested
be included in such Underwritten Shelf Takedown), and (ii) second, the Registrable Securities of the Requesting Holders (if any) (pro
rata based on the respective number of Registrable Securities that each Requesting Holder (if any) has requested be included in such
Underwritten Shelf Takedown and the aggregate number of Registrable Securities that the Requesting Holders have requested be included
in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities.

 

Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, any Demanding Holder initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten
Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to the Company and
the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten Shelf Takedown; provided that any
other Demanding Holder(s) may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would
still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the other Demanding Holder(s),
as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown
by the withdrawing Demanding Holder for purposes of Section 2.01(c) and shall count toward the Yearly Limit and the Total Limit,
unless either (a) such Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (b) such Demanding Holder reimburses
the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there is more than one Demanding Holder,
a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities that each Demanding Holder
has requested be included in such Underwritten Shelf Takedown); provided that, if any Demanding Holder elects to continue an Underwritten
Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown shall instead count as
an Underwritten Shelf Takedown demanded by the Demanding Holders for purposes of Section 2.01(c) and shall count toward the Yearly
Limit and the Total Limit. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice
to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement,
the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under
this Section 2.01(e), other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of the
second sentence of this Section 2.01(e).

 

Piggyback
Registration.

 

Piggyback
Rights. If the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of equity
securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account
or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation,
pursuant to Section 2.01 hereof), other than a Registration Statement (or any registered offering with respect thereto) (i) filed
in connection with any employee stock option or other benefit plan, (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) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give
written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10)
days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant to a Shelf
Registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering, which notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the
name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within
five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). Subject to Section
2.02(b), the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall
use its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this Section 2.02(a) to be included in a Piggyback Registration on the same terms
and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable
Securities in a Piggyback Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

    	 	7	 

    	 	 

    

 

Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of shares of Common Stock or other equity securities that the Company desires to sell, taken together with
(i) the shares of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.02 hereof, and (iii) the shares
of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to
separate written contractual piggyback registration rights of persons or entities other than the Holders of Registrable Securities hereunder,
exceeds the Maximum Number of Securities, then:

 

If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.02(a), pro rata, based on the respective number of Registrable Securities that each Holder has requested
be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity
securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual piggyback
registration rights of persons or entities other than the Holders of Registrable Securities hereunder, which can be sold without exceeding
the Maximum Number of Securities;

 

If
the Registration or registered offering is pursuant to a demand by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the shares of Common Stock or other equity
securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to Section 2.02(a), pro rata, based on the respective number of Registrable Securities that each Holder has requested be included
in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such
Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, , to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity securities,
if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual piggyback registration
rights of persons or entities other than the Holders of Registrable Securities hereunder, which can be sold without exceeding the Maximum
Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A), (B)and (C), the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and

 

    	 	8	 

    	 	 

    

 

If
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities
pursuant to Section 2.01(c) hereof, then the Company shall include in any such Registration or registered offering securities
in the priority set forth in Section 2.01(d).

 

Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.01(e)) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the effectiveness of such Registration
Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.01(f)), the Company shall be responsible
for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.02(c).

 

Unlimited
Piggyback Registration Rights. For purposes of clarity, any Piggyback Registration effected pursuant to Section 2.02 hereof
shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.01(e) hereof.

 

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

 

Clover
Holders. Each Clover Holder hereby agrees that commencing on the date of this Agreement and ending on the date that is one hundred
eighty (180) days after the date (the “Lock-Up Expiration Date”) that any lock-up restrictions entered in connection
with the Merger expire with respect to the Common Stock (or any rights to acquire Common Stock) held by the Sponsor (the “Term”),
the Clover Holder will not exercise registration rights hereunder or Transfer any Common Stock (or any rights to acquire Common Stock)
held by it pursuant to a registration statement filed hereunder (the “Restriction Shares”).

 

    	 	9	 

    	 	 

    

 

COMPANY
PROCEDURES

 

General
Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its reasonable best efforts to effect such
Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant
thereto the Company shall, as expeditiously as possible:

 

prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such Registration Statement to become effective and remain effective, or file a Subsequent Shelf Registration
until all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities;

 

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

 

prior
to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriter(s),
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriter(s) and the Holders of Registrable Securities included in such
Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

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

 

    	 	10	 

    	 	 

    

 

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

 

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

 

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

 

at
least two (2) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable), furnish a copy thereof to each
seller of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that
is to be incorporated by reference thereto);

 

notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof;

 

permit
a representative of the Holders, the Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter to
participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality
agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;
provided further, that notwithstanding the foregoing, the Company shall not be required to provide any documents or information
to an Underwriter if such Underwriter has not then been named with respect to the applicable Underwritten Offering;

 

in
the event of any Underwritten Offering, obtain a “comfort” letter from the Company’s independent registered public
accountants in the event of an Underwritten Offering in customary form and covering such matters of the type customarily covered by “comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders;

 

    	 	11	 

    	 	 

    

 

in
the event of any Underwritten Offering, on the date the Registrable Securities are delivered for sale pursuant to such Registration,
obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes of such Registration,
addressed to the participating Holders and the Underwriter(s), if any, covering such legal matters with respect to the Registration in
respect of which such opinion is being given as the participating Holders or Underwriter(s) may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating
Holders;

 

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

 

cooperate
with each Holder covered by the Registration Statement and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter
by the Commission); provided that such obligation may be satisfied by the Company’s timely filings on the Commission’s EDGAR
system;

 

with
respect to an Underwritten Offering pursuant to Section 2.01(c), use its reasonable best efforts to make available senior executives
of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter(s)
in any Underwritten Offering;

 

otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders
in connection with such Registration and comply with all applicable rules and regulations of the Securities and Exchange Commission;

 

upon
request of a Holder, the Company shall (i) authorize the Company’s transfer agent to remove any legend on share certificates of
such Holder’s Common Stock restricting further transfer (or any similar restriction in book entry positions of such Holder) if
such restrictions are no longer required by the Securities Act or any applicable state securities laws or any agreement with the Company
to which such Holder is a party, including if such shares subject to such a restriction have been sold on a Registration Statement, (ii)
request the Company’s transfer agent to issue in lieu thereof shares of Common Stock without such restrictions to the Holder upon,
as applicable, surrender of any stock certificates evidencing such shares of Common Stock, or to update the applicable book entry position
of such Holder so that it no longer is subject to such a restriction, and (iii) use reasonable best efforts to cooperate with such Holder
to have such Holder’s shares of Common Stock transferred into a book-entry position at The Depository Trust Company, in each case,
subject to delivery of customary documentation, including any documentation required by such restrictive legend or book-entry notation.

 

    	 	12	 

    	 	 

    

 

Notwithstanding
the foregoing, the Company shall not be required to provide any documents or information to an Underwriter if such Underwriter has not
then been named with respect to the applicable Underwritten Offering.

 

Registration
Expenses. Except as otherwise provided herein, the Registration Expenses of all Registrations shall be borne by the Company. It is
acknowledged by the Holders that each Holder shall bear, with respect to such Holder’s Registrable Securities being sold, all Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable and documented fees and expenses of any legal counsel representing such Holders.

 

Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the
Company pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements. Notwithstanding anything in this Agreement to the contrary, if any Holder does not
provide to the Company in writing information and affidavits as the Company reasonably requests for use in connection with any Registration
Statement or Prospectus, the Company may exclude such Holder’s Registrable Securities from the applicable Registration Statement
or Prospectus if the Company determines, based on the advice of counsel, that such information is necessary to effect the registration
and such Holder continues thereafter to withhold such information. For the avoidance of doubt, the exclusion of a Holder’s Registrable
Securities as a result of this Section 3.03 shall not affect the registration of the other Registrable Securities to be included in such
Registration.

 

Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would (A) require the Company to make an Adverse Disclosure (B) require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control,
or (C) in the good faith judgment of the majority of the Board of Directors, be seriously detrimental to the Company and the majority
of the Board of Directors concludes as a result that it is essential to defer such filing, initial effectiveness or continued use at
such time, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement for the shortest period of time, but in no event (i) on more than three (3) occasions,
for more than sixty (60) consecutive calendar days, or (ii) more than ninety (90) days in any twelve (12) month period, in each case
as determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the
preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify
the Holders of the expiration of any period during which it exercised its rights under this Section 3.04.

 

    	 	13	 

    	 	 

    

 

Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act.

 

INDEMNIFICATION
AND CONTRIBUTION

 

Indemnification.

 

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

 

In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors, officers
and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and out-of-pocket expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue or alleged untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue or alleged untrue statement or omission is contained in any information
or affidavit so furnished in writing by such Holder expressly for use therein. The Holders of Registrable Securities shall indemnify
the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act)
to the same extent as provided in the foregoing with respect to indemnification of the Company. For the avoidance of doubt, the obligation
to indemnify under this Section 4.01(b) shall be several, not joint and several, among the Holders of Registrable Securities,
and the total indemnification liability of a Holder under this Section 4.01(b) shall be in proportion to and limited to the net
proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.

 

    	 	14	 

    	 	 

    

 

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

 

The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities.

 

If
the indemnification provided under Section 4.01 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action and the benefits received by the such indemnifying
party or indemnified party; provided, however, that the liability of any Holder under this Section 4.01(e) shall be limited
to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable
by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set
forth in Sections 4.01(a), 4.01(b) and 4.01(c) above, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 4.01(e) were determined by pro rata allocation or by any other method of allocation, which
does not take account of the equitable considerations referred to in this Section 4.01(e). No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.01(e)
from any person who was not guilty of such fraudulent misrepresentation.

 

    	 	15	 

    	 	 

    

 

MISCELLANEOUS

 

Notices.
Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier
service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail or facsimile. Each notice or communication
that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (except in the case
of electronic mail, with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee
upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: Clover, Inc., 401-1500
Don Mills Road, Toronto, Ontario M38 3K4, Attention: Isaac Raiychyk, email: Isaac@clover.co with a copy to Joseph P. Galda & Co,
40 East Montgomery Avenue, LTW 220, Ardmore, PA 19003 Attention: Joseph P. Galda, email: jpgalda@jpgaldaco.com and, if to any Holder,
at such Holder’s address, electronic mail address or facsimile number as set forth in the Company’s books and records. Any
party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change
of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.01.

 

Assignment;
No Third Party Beneficiaries.

 

Subject
to Section 5.02(b) and Section 5.02(c), this Agreement and the rights, duties and obligations of the Company and the Holders of
Registrable Securities, as the case may be, hereunder may not be assigned or delegated by the Company or the Holders of Registrable Securities,
as the case may be, in whole or in part.

 

Prior
to the expiration of any applicable lock-up (including, with respect to the Sponsor and any other party hereto subject thereto, the Lock-Up
Period), no Holder subject to any such lock-up may assign or delegate such Holder’s rights, duties or obligations under this Agreement,
in whole or in part, in violation of the applicable lock-up.

 

    	 	16	 

    	 	 

    

 

This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the applicable Holders, which shall include any transferee of the Registrable Securities of a Holder.

 

This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 5.02 hereof.

 

No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.01 hereof and
(ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement in the form set forth in Exhibit
A hereto). Any transfer or assignment made other than as provided in this Section 5.02 shall be null and void.

 

Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced. Each party agrees that an electronic
copy of this Agreement shall be considered and treated like an original, and that an electronic or digital signature shall be as valid
as a handwritten signature (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g.,www.docusign.com)).

 

Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware, without giving effect to principles of conflicts of laws that would require the application of the laws of any other jurisdiction.
The parties hereto agree that any proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement shall be brought exclusively in any federal or state court located in the State of Delaware, and each of the parties
hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such 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 proceeding in any such court or that any such proceeding brought in any such court has been brought in an inconvenient
forum. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of
any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 5.01
shall be deemed effective service of process on such party.

 

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

 

    	 	17	 

    	 	 

    

 

Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority-in-interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, (a) any amendment hereto or waiver hereof that adversely affects one Holder or group of affiliated Holders, solely in
his, her or its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the
other Holders (in such capacity) shall require the consent of the Holder so affected, (b) any amendment hereto or waiver hereof that
adversely affects the rights of any Holder shall require the consent of such Holder, and (c) any amendment hereto or waiver hereof that
adversely affects either the Holders as a group, as the case may be, in a manner that is materially adversely different from the other
Holders shall require the consent of at least a majority-in-interest of the Registrable Securities held by such Holders, at the time
in question so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on
the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right
to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. For
so long as any Holders hold, in the aggregate, at least [●] percent ([●]%) of the outstanding shares of Common Stock of the
Company, the Company will not grant any person or entity with any registration rights with respect to the capital stock of the Company
that are senior to or in conflict or inconsistent with the rights of the Holders as set forth in this Agreement in any material respect,
except as may be necessary in connection with the establishment of an equity line facility to provide the Company with additional capital
resources.

 

Term.
This Agreement shall terminate upon the earlier of (a) the tenth anniversary of the date of this Agreement, or (b) the date as of which
(1) all of the Registrable Securities have been sold or disposed of pursuant to a Registration Statement (but in no event prior to the
applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter
by the Commission) or (2) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or
any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale; provided further
that with respect to any Investor, such Investor will have no rights under this Agreement and all obligations of the Company to such
Investor under this Agreement shall terminate upon the earlier of (x) the date such Investor ceases to hold at least [●] Registrable
Securities or (y) if such Investor is an individual and such Investor is a director or an executive officer of Clover as of immediately
prior to the consummation of the Merger, the date such Investor is no longer an affiliate of the Company. The provisions of Section
3.05 and Article IV shall survive any termination.

 

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

 

Entire
Agreement; Restatement. This Agreement constitutes the full and entire agreement and understanding between the parties with respect
to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the consummation
of the transactions contemplated by the Merger Agreement, the Existing Registration Rights Agreement shall no longer be of any force
or effect.

 

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

 

[Signature
Pages Follow]

 

    	 	18	 

    	 	 

    

 

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

 

	 	COMPANY:
	 	 	 
	 	FOXWAYNE
    ENTERPRISES ACQUISITION CORP.
	 	 
	 	By:
    	 
	 	Name:	Robb
    Knie
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	SPONSOR:
	 	 	 
	 	FOXWAYNE
    ENTERPRISES ACQUISITION SPONSOR LLC
	 	 
	 	By:
    	 
	 	Name:	Robb
    Knie
	 	Title:	Authorized
    Signatory
	 	 	 
	 	PRIOR
    HOLDERS:
	 	 	 
	 	 	 
	 	CLOVER
    HOLDERS:
		 	 

 

[Signature
Page to Registration Rights Agreement]

 

    	 	19	 

    	 	 

    

 

Exhibit
A

 

REGISTRATION
RIGHTS AGREEMENT JOINDER

 

The
undersigned is executing and delivering this joinder (this “Joinder”) pursuant to the Registration Rights Agreement,
dated as of [●] (as the same may hereafter be amended, the “Registration Rights Agreement”), among FoxWayne
Enterprises Acquisition Corp., a [Delaware] corporation (the “Company”), and the other persons or entities named as
parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Registration Rights
Agreement.

 

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

 

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

 

	 	Signature
  of Stockholder
	 	 
	 	 
	 	Print
  Name of Stockholder
	 	 
	 	Its:
	 	Address:

 

Agreed
and Accepted as of

________________,
20__

[____________________]

 

By:
__________________________________

Name:

Its:

 

    	 	20	 

    	 	 

    

 

Schedule
1

 

    	 	21EXHIBIT 4.1

 

EXHIBIT A

 

Form of Representative’s Warrant Agreement

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY
ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE, OR BE SUBJECT OF ANY HEDGING, SHORT
SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS,
LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EF HUTTON, DIVISION
OF BENCHMARK INVESTMENTS, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO _____________, 2022. [DATE THAT IS SIX MONTHS FROM THE DATE OF THE COMMENCEMENT OF SALES OF THIS PUBLIC SECURITIES IN THE INITIAL
PUBLIC OFFERING.]

VOID AFTER 5:00 P.M., EASTERN TIME, ___________,
2027. [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THIS OFFERING, IN PURSUANCE WITH FINRA RULE 5110(G)(8)(A)]

 

COMMON STOCKS PURCHASE WARRANT

 

For the Purchase of [__] Shares of Common Stocks

of

INNOVATION BEVERAGE GROUP LIMITED

 

1. Purchase Warrant. THIS CERTIFIES THAT, in
consideration of funds duly paid by or on behalf of EF Hutton, division of Benchmark Investments, LLC (“Holder”), as
registered owner of this Purchase Warrant, Innovation Beverage Group Limited., an Australian public limited company (collectively with
its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement as being
subsidiaries (the “Company”), Holder is entitled, at any time or from time to time from _______, 2022 [DATE THAT
IS SIX MONTHS FROM THE DATE OF THE COMMENCEMENT OF SALES OF THE PUBLIC SECURITIES IN THIS INITIAL PUBLIC OFFERING] (the “Commencement
Date”), and at or before 5:00 p.m., Eastern time, _______, 2027 [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THIS
OFFERING, IN PURSUANCE WITH FINRA RULE 5110(G)(8)(A)] (the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to [●][1]
common stocks of the Company (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding
day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not
to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at a price of $___ per Share;
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted
by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be
adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price of $____ per Share (equal
to 120% of the initial public offering price) or the adjusted exercise price, depending on the context. The term “Effective Date”
shall mean ___________, 2022, the date on which the Registration Statement on Form F-1 (File No. 333-266965) of the Company (“Registration
Statement”) was declared effective by the Securities and Exchange Commission (the “Commission”).

  

[1]
3% of the aggregate number of Common Stocks sold in the Offering (including Option Shares).

 

     

     

    

 

2. Exercise.

 

2.1 Exercise Form. In order
to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company,
together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer
of immediately available funds to an account designated by the Company or by certified check or official bank check. If the subscription
rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern Time, on the Expiration Date, this Purchase Warrant shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2 Cashless Exercise.
If at any time after the Commencement Date there is no effective registration statement registering, or no current prospectus available
for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment of cash or check payable to the
order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this
Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise
form attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For purposes of this Section 2.2,
the fair market value of a Share is defined as follows:

 

	 	(i)	if the Company’s common stock is traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the trading day immediately prior to the exercise form being received by the Company in connection with the exercise of the Purchase Warrant; or
	 	 	 
	 	(ii)	if the Company’s common stock is actively traded over-the-counter, the value shall be deemed to be the closing bid price on the trading day prior to the exercise form being received by the Company in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

2.3 Legend. If at any time
after the Commencement Date there is no effective registration statement registering, or no current prospectus available for, the resale
of the Shares by the Holder, each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows
unless such securities have been registered under the Securities Act of 1933, as amended (the “Securities Act”):

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE
LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE
STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

3. Transfer Restrictions.

 

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Commencement Date to anyone
other than: (i) EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) or an underwriter or a selected dealer
participating in the Offering, or (ii) a bona fide officer or partner of EF Hutton or of any such underwriter or selected dealer, in each
case in accordance with FINRA Rule 5110(e)(1), or (b) for a period of one hundred eighty (180) days following the Commencement Date, cause
this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in
FINRA Rule 5110(e)(2). On and after 180 days after the Commencement Date, transfers to others may be made subject to compliance with or
exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable
in connection therewith. The Company shall within five (5) business days transfer this Purchase Warrant on the books of the Company and
shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing
the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

 

    A-2 

     

    

 

3.2 Restrictions Imposed by
the Securities Act. If at any time after the Commencement Date there is no effective registration statement registering, or no current
prospectus available for, the resale of the Shares by the Holder, the securities evidenced by this Purchase Warrant shall not be transferred
unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to
an exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Carmel, Milazzo & Feil LLP shall be
deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the
Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the Commission
and compliance with applicable state securities law has been established.

 

4 Registration Rights.

 

4.1 Demand Registration.

 

4.1.1 Grant of Right. The
Company, upon written demand (a “Demand Notice”) of the Holders of at least 51% of the Purchase Warrants and/or the
underlying Shares, agrees to register, on one (1) occasion, all or any portion of Shares for which the Purchase Warrant is exercisable
(collectively, the “Registrable Securities”). On such occasion, the Company will file a registration statement with
the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable best
efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission;
provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration
statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either:
(i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration statement
relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has
been withdrawn or until thirty (30) days after such offering is consummated. The Company covenants and agrees to give written notice of
its receipt of any Demand Notice by any Holders to all other registered Holders of the Purchase Warrants and/or the Registrable Securities
within ten (10) days after the date of the receipt of any such Demand Notice. Notwithstanding anything to the contrary, the obligations
of the Company pursuant to this Section 4.1 shall not be applicable so long as the Company’s Registration Statement on Form
F-1 (File No. 333-266965) covering the Registrable Securities remains effective.

 

4.1.2 Terms. The Company
shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filings
required herein to become effective promptly and to qualify or register the Registrable Securities in such states of the Unites States
of America or such foreign jurisdictions as may be reasonably requested by the Holders; provided, however, that in no event
shall the Company be required to register the Registrable Securities in such states or jurisdictions in which such registration would
cause: (i) the Company to be obligated to register or license to do business in such state or jurisdiction or submit to general service
of process therein, or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall cause any registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective
for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such
registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided
by the Company to sell the shares covered by such registration statement and will immediately cease to use any prospectus furnished by
the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on
only one (1) occasion in accordance with FINRA Rule 5110(g)(8)(B) and such demand registration right shall terminate on the third anniversary
of the Effective Date in accordance with FINRA Rule 5110(g)(8)(C).

 

    A-3 

     

    

 

4.2 “Piggy-Back”
Registration.

 

4.2.1 Grant of Rights. In
addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a period of
no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable Securities
as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Securities Act or pursuant to Form S-8 or Form S-4; equivalent form); provided, however, that
if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof
shall, in its reasonable discretion, impose a limitation on the number of Registrable Securities which may be included in the Registration
Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate
public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable
Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of
Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number
of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any
Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion
of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities. Notwithstanding
anything to the contrary, the obligations of the Company pursuant to this Section 4.2 shall not be applicable so long as the Company’s
Registration Statement on Form F-1 (File No. 333-266965) covering the Registrable Securities remains effective.

 

4.2.2 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the
then Holders of outstanding Registrable Securities with not less than thirty (30) days’ written notice prior to the proposed date
of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed
by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities
shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of
the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there
shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided, however,
that such registration rights shall terminate on the third (3rd) anniversary of the Commencement Date.

 

4.3 General Terms.

 

4.3.1 Indemnification. The
Company shall indemnify the Holders of the Registrable Securities to be sold pursuant to any registration statement hereunder and each
person, if any, who controls such Holders within the meaning of section 15 of the Securities Act or section 20(a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
contained in Section 5.1 of the Underwriting Agreement between the Underwriters (as defined therein) and the Company, dated ___________,
2022 with respect to the Company’s initial public offering of the Shares. The Holders of the Registrable Securities to be sold pursuant
to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all
loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise,
arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion
in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting
Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

    A-4 

     

    

 

4.3.2 Exercise of Purchase Warrants.
Nothing contained in this Purchase Warrant shall be construed as requiring the Holders to exercise their Purchase Warrants prior to or
after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3 Documents Delivered to
Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such
offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the
date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective
date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the
closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the
Company’s financial statements included in such registration statement, in each case covering substantially the same matters with
respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with
respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel
and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditor and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditor, all
to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

4.3.4 Underwriting Agreement.
The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the
Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares, and their intended methods of distribution.

 

4.3.5 Documents to be Delivered
by Holders. Each of the Holders participating in any of the foregoing offerings shall furnish to the Company a completed and executed
questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6 Damages. Should the
registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company otherwise fails
to comply with such provisions, the Holders shall, in addition to any other legal or other relief available to the Holders, be entitled
to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions or the
continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

 

4.4 Termination of Registration
Rights. The registration rights afforded to the Holders under this Section 4 shall terminate on the earliest date when all
Registrable Securities of such Holder either: (i) have been publicly sold by such Holder pursuant to a Registration Statement, (ii) have
been covered by an effective Registration Statement on Form F-1 or Form S-3 (or successor form), which may be kept effective as an evergreen
Registration Statement, or (iii) may be sold by the Holder (including on a cashless basis) within a 90-day period without registration
pursuant to Rule 144 or consistent with applicable SEC interpretive guidance (including CD&I No. 201.04 (April 2, 2007) or similar
interpretive guidance).

 

    A-5 

     

    

 

5. New Purchase Warrants to be Issued.

 

5.1 Partial Exercise or Transfer.
Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the
event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly
executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section
2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase
Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which
this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate. Upon
receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably
satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and
date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments to Exercise
Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject to adjustment
from time to time as hereinafter set forth:

 

6.1.1 Share Dividends; Split
Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased
by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number
of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall
be proportionately decreased.

 

6.1.2 Aggregation of Shares.
If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased by
a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of
Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall be
proportionately increased.

 

6.1.3 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares or a variation of share capital
of the Company, other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation
or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase
Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise
hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock
or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation,
or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable
upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations,
or consolidations, sales or other transfers.

 

    A-6 

     

    

 

6.1.4 Changes in Form of Purchase
Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase
Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants
initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required
or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation
thereof.

 

6.2 Substitute Purchase Warrant.
In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation
(other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding
Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder
a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the
right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and
amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation,
by a holder of the number of Shares for which such Purchase Warrant might have been exercised immediately prior to such consolidation,
share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be
identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive
consolidations or share reconstructions or amalgamations.

 

6.3 Elimination of Fractional
Interests. The Company shall not be required to issue fractions of Shares upon the exercise of the Purchase Warrant, nor shall it
be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests
shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities,
properties or rights.

 

7. Reservation and Listing. The Company shall
at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase
Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any stockholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its
commercially reasonable efforts to list (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed
and/or quoted.

 

8. Certain Notice Requirements.

 

8.1 Holder’s Right to
Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice
as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company.
If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case
may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders
of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the
Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting
treatment of such dividend or distribution on the books of the Company; (ii) the Company shall offer to all the holders of its Shares
any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the
Company, or any option, right or warrant to subscribe therefor; or (iii) a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property,
assets and business shall be proposed.

 

    A-7 

     

    

 

8.3 Notice of Change in Exercise
Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send
notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing
the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Financial
Officer.

 

8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been
duly made when hand delivered or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Warrant,
to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address
as the Company may designate by notice to the Holders:

 

If to the Holder:

 

EF Hutton, division of Benchmark
Investments, LLC

590 Madison Avenue, 39th Floor

New York, New York 10022

Attn: Mr. Joseph T. Rallo, Head
of Investment Banking

Fax:

Email: jrallo@efhuttongroupcm.com

 

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

Ross Carmel, Esq.

Carmel, Milazzo & Feil LLP

55 West 39th Street, 18th Floor

New York, New York 10018

Fax: (646) 838-1314

Email: rcarmel@cmfllp.com

 

If to the Company:

Innovation Beverage Group Limited

29 Anvil Rd

Seven Hills, NSW 2147, Australia

Attn: Mr. Dean Huge

Email: dean@innovationbev.com

 

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

Darrin Ocasio, Esq

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31th
Floor

New York, NY 10036

Email: dmocasio@srf.law

 

9. Miscellaneous.

 

9.1 Amendments. The Company
and EF Hutton may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure
any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and EF Hutton may deem necessary
or desirable and that the Company and EF Hutton deem shall not adversely affect the interest of the Holders. All other modifications or
amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is
sought.

 

9.2 Headings. The headings
contained herein are for the sole purpose of convenience of reference and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Purchase Warrant.

 

    A-8 

     

    

 

9.3 Entire Agreement. This
Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant)
constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect. This
Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5 Governing Law; Submission
to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed in accordance with the law of the State of
New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase
Warrant shall be brought and enforced in the Supreme Court of the State of New York sitting in the County of New York, or in the United
States District Court for the Southern District of New York, and irrevocably submits to the jurisdiction of such courts and the appellate
courts therefrom, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Purchase Warrant or the transactions contemplated hereby.

 

9.6 Waiver, etc. The failure
of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to
be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Execution in Counterparts.
This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.
Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete
exercise of this Purchase Warrant by Holder, if the Company and EF Hutton enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

    A-9 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2022.

 

	 	INNOVATION BEVERAGE GROUP LIMITED
	 	 	 
	 	By:	 
	 	Name:	Dean Huge
	 	Title:	Chief Executive Officer

 

 

    	 

    	 

    

 

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Common Stocks (the “Shares”), of , Innovation Beverage Group
Limited., an Australian public limited company (the “Company”), and hereby makes payment of $____ (at the rate of $____
per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in
accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this
Purchase Warrant has not been exercised.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase Shares of the Company under the Purchase Warrant for ______ Shares, as determined in accordance
with the following formula:

 

	 	X	=	
    Y(A-B)

     

    A
	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

The undersigned agrees and acknowledges
that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall
be resolved by the Company in its sole discretion.

 

Please issue the Shares as to
which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Shares for which this Purchase Warrant has not been exercised.

 

Signature _______________________________________

 

Signature Guaranteed ______________________________

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name: 	 	 
	 	(Print in Block Letters)	 

 

	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

 

    A-10 

     

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the within
Purchase Warrant):

 

FOR VALUE RECEIVED, __________________ does hereby
sell, assign and transfer unto______________ the right to purchase _______________ shares (the “Shares”), of the common
stock of Innovation Beverage Group Limited., (collectively with its subsidiaries and affiliates, including, without limitation, all entities
disclosed or described in the Registration Statement as being subsidiaries (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

	Signature 	 	 

 

	Signature Guaranteed 	 	 

 

NOTICE: The signature to this form must correspond
with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

 

A-11

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