Document:

Exhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of August 19, 2021 by and among Rafael Holdings,
Inc., a Delaware corporation (the “Company”), and the “Investors” named in the Securities Purchase Agreement,
dated as of the date hereof, by and among the Company and the Investors identified on Exhibit A attached thereto (the “Purchase
Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise
defined herein.

  

The parties hereby agree as follows:

 

1. Certain
Definitions.

 

As used in this Agreement, the following terms
shall have the following meanings:

 

“Initiation Date” means the
date that is earlier of (i) the date of the “Closing” , as such term is defined in the Merger Agreement, and (ii) the date
the Merger Agreement is terminated in accordance with its terms.

 

“Investors” means the Investors
identified in the Purchase Agreement and any Affiliate or permitted transferee of any such Investor who is a subsequent holder of Registrable
Securities.

 

“Prospectus” means (i) the
prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements
to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and (ii) any
“free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“Register,” “registered”
and “registration” refer to a registration made by preparing and filing a Registration Statement or similar document
in compliance with the 1933 Act, and the declaration or ordering of effectiveness of such Registration Statement or document.

 

“Registrable Securities” means
(i) the Shares and (ii) any other shares of Class B Common Stock issued as a dividend or other distribution with respect to, in exchange
for or in replacement of the Shares; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder
with respect thereto) upon the first to occur of (A) a Registration Statement with respect to the sale of such Registrable Securities
being declared effective by the SEC under the 1933 Act and such Registrable Securities having been disposed of by the holder thereof in
accordance with such effective Registration Statement, (B) such Registrable Securities having been previously sold in accordance
with Rule 144 (or another exemption from the registration requirements of the 1933 Act), (C) such securities becoming eligible for
resale without volume or manner-of-sale restrictions and without current public information requirements pursuant to Rule 144 as set forth
in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected holders (assuming
that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities
were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the
advice of counsel to the Company and the Transfer Agent has issued certificates or book entries for such Registrable Securities to the
holder thereof, or as such holder may direct, without any restrictive legend and (D) the second anniversary of the Initiation Date.

 

     

     

    

 

“Registration Statement” means
any registration statement of the Company under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the
provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all material incorporated by reference in such Registration Statement.

 

“Required Investors” means the
Investors holding a majority of the Registrable Securities outstanding from time to time and shall include any and all Major Investors
that, together with their respective Affiliates, own Registrable Securities.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or requests
of the SEC staff and (ii) the 1933 Act.

 

“Shares” means the shares of
Class B Common Stock purchased by the Investors pursuant to the Purchase Agreement.

 

2. Registration.

 

(a) Registration
Statements.

 

(i) Promptly
following the Initiation Date but no later than thirty (30) calendar days after the Initiation Date (the “Filing Deadline”),
the Company shall prepare and file with the SEC one Registration Statement covering the resale of all of the Registrable Securities which,
for the avoidance of doubt, may also register the sale or issuance of primary securities. Subject to any SEC comments, such Registration
Statement shall include the plan of distribution, substantially in the form and substance, set forth in Part III of each Investor’s
Selling Stockholder Notice and Questionnaire. Such Registration Statement also shall cover, to the extent allowable under the 1933 Act
and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional shares of Class B Common Stock
resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities. Such Registration Statement
shall not include any shares of Class B Common Stock or other securities for the account of any other holder without the prior written
consent of the Required Investors. Such Registration Statement (and each amendment or supplement thereto, and each request for acceleration
of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors prior to its filing or other submission.
If a Registration Statement covering the Registrable Securities is not filed with the SEC on or prior to the fifth Business Day following
the Filing Deadline, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount
equal to 1% of the aggregate amount paid pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held
by such Investor for each 30-day period or pro rata for any portion thereof following the Filing Deadline for which no Registration Statement
is filed with respect to the Registrable Securities. Such payments shall constitute the Investors’ exclusive monetary remedy for
such events, but shall not affect the right of the Investors to seek injunctive relief. Such payments shall be made to each Investor in
cash no later than five (5) Business Days after the end of each 30-day period (the “Payment Date”). Interest shall
accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Payment Date until such amount
is paid in full.

 

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(ii) The
Company shall take reasonable efforts to register the Registrable Securities on Form S-3 if such form is available for use by the Company,
provided that if at such time the Registration Statement is on Form S-1, the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared
effective by the SEC.

 

(b) Expenses.
The Company will pay all expenses associated with each Registration Statement, including filing and printing fees, the Company’s
counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities
laws and listing fees, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities
industry professionals with respect to the Registrable Securities being sold. Except as provided in Section 6 hereof, the Company shall
not be responsible for legal fees incurred by holders of Registrable Securities in connection with the performance of its rights and obligations
under the Transaction Documents.

 

(c) Effectiveness.

 

(i) The
Company shall use commercially reasonable efforts to have the Registration Statements declared effective as soon as reasonably practicable
after the filing thereof. The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event,
within twenty-four (24) hours, after any Registration Statement is declared effective and shall simultaneously provide the Investors
with access to a copy of any related Prospectus to be used in connection with the sale or other disposition of the securities covered
thereby. Subject to Section 2(d), if (A) a Registration Statement covering the Registrable Securities is not declared effective by the
SEC prior to the earlier of (i) five (5) Business Days after the SEC informs the Company that no review of such Registration Statement
will be made or that the SEC has no further comments on such Registration Statement and (ii) the 90th day after the Initiation Date (the
“Effectiveness Deadline”), or (B) after a Registration Statement has been declared effective by the SEC, sales cannot
be made pursuant to such Registration Statement for any reason (including without limitation by reason of a stop order, or the Company’s
failure to update such Registration Statement), but excluding any Allowed Delay (as defined below) or, if the Registration Statement is
on Form S-1, for a period of twenty (20) days following the date on which the Company files a post-effective amendment to incorporate
the Company’s Annual Report on Form 10-K (a “Maintenance Failure”), then the Company will make pro rata payments
to each Investor then holding Registrable Securities, as liquidated damages and not as a penalty, in an amount equal to 1% of the aggregate
amount paid pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held by such Investor for each 30-day
period or pro rata for any portion thereof following the date by which such Registration Statement should have been effective (the “Blackout
Period”). Such payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not affect
the right of the Investors to seek injunctive relief. The amounts payable as liquidated damages pursuant to this paragraph shall be paid
no later than five (5) Business Days after each such 30-day period following the commencement of the Blackout Period until the termination
of the Blackout Period (the “Blackout Period Payment Date”). Such payments shall be made to each Investor in cash.
Interest shall accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Blackout Payment
Date until such amount is paid in full.

 

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(ii) Notwithstanding
anything to the contrary contained herein, (i) the Company shall not be required to file a Registration Statement (or any amendment thereto)
or, if a Registration Statement has been filed but not declared effective by the SEC, request effectiveness of such Registration Statement,
for a period of up to forty-five (45) days, if (A) the Company determines in good faith that a postponement is in the best interest of
the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering
by the Company, or any proposed financing, acquisition, merger, tender offer, business combination, corporate reorganization, consolidation
or other significant transaction involving the Company), (B) the Company determines such registration would render the Company unable
to comply with applicable securities laws, (C) the Company determines such registration would require disclosure of material information
that the Company has a bona fide business purpose for preserving as confidential, or (D) audited financial statements as of a date other
than the fiscal year end of the Company would be required to be prepared; and (ii) the Company may, upon written notice to any holder
of Registrable Securities included in a Registration Statement, suspend the use of any Registration Statement, including any Prospectus
that forms a part of a Registration Statement, if the Company (X) determines that it would be required to make disclosure of material
information in the Registration Statement that the Company has a bona fide business purpose for preserving as confidential, (Y) the Company
determines it must amend or supplement the Registration Statement or the related Prospectus so that such Registration Statement or Prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the case of the Prospectus in light of the circumstances under which they were made, not misleading or
(Z) the Company has experienced or is experiencing some other material non-public event, including a pending transaction involving
the Company, the disclosure of which at such time, in the good faith judgment of the Company, would adversely affect the Company; provided,
however, in no event shall holders of Registrable Securities be suspended from selling Registrable Securities pursuant to the Registration
Statement for a period that exceeds 30 consecutive Trading Days or 60 total Trading Days in any 180-day period (any such suspension contemplated
by this Section 2(c)(ii), an “Allowed Delay”). Upon disclosure of such information or the termination of the condition
described above, the Company shall provide prompt notice to holders whose Registrable Securities are included in the Registration Statement,
and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered
sales of Registrable Securities as contemplated hereby.

 

(d) Rule 415;
Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration
Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act (provided,
however, the Company shall be obligated to use commercially reasonable efforts to advocate with the SEC for the registration of all of
the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation
612.09) or requires any Investor to be named as an “underwriter,” the Company shall (i) promptly notify each holder of Registrable
Securities thereof and (ii) make commercially reasonable efforts to persuade the SEC that the offering contemplated by such Registration
Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and
that none of the Investors is an “underwriter.” The Investors shall have the right to select one legal counsel designated
by the holders of a majority of the Registrable Securities, at such Investors’ expense, to review and oversee any registration or
matters pursuant to this Section 2(d), including participation in any meetings or discussions with the SEC regarding the SEC’s
position and to comment on any written submission made to the SEC with respect thereto. No such written submission with respect to this
matter shall be made to the SEC to which the Investors’ counsel reasonably objects. In the event that, despite the Company’s
commercially reasonable efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the Company
shall (i) remove from such Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”)
and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may
require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”).
Any cut-back imposed on the Investors pursuant to this Section 2(d) shall be allocated among the Investors on a pro rata basis and shall
be applied first to any of the Registrable Securities of such Investor as such Investor shall designate, unless the SEC Restrictions otherwise
require or provide or the Investors otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the
Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions applicable to such Cut Back
Shares (such date, the “Restriction Termination Date”). In furtherance of the foregoing, each Investor shall provide
the Company with prompt written notice of its sale of substantially all of the Registrable Securities under such Registration Statement
such that the Company will be able to file one or more additional Registration Statements covering the Cut Back Shares. From and after
the Restriction Termination Date applicable to any Cut Back Shares, all of the provisions of this Section 2 (including the Company’s
obligations with respect to the filing of a Registration Statement and its obligations to use reasonable efforts to have such Registration
Statement declared effective within the time periods set forth herein and the liquidated damages provisions relating thereto) shall again
be applicable to such Cut Back Shares; provided, however, that (i) the Filing Deadline for such Registration Statement
including such Cut Back Shares shall be ten (10) Business Days after such Restriction Termination Date, and (ii) the date by which
the Company is required to obtain effectiveness with respect to such Cut Back Shares shall be the 60th day immediately after the Restriction
Termination Date (or the 90th day if the SEC reviews such Registration Statement).

 

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(e) Other
Limitations. Notwithstanding any other provision herein or in the Purchase Agreement, (i) the Filing Deadline and each Effectiveness
Deadline for a Registration Statement shall be extended and any Maintenance Failure shall be automatically waived by no action of the
Investors, in each case, without default by or liquidated damages payable by the Company hereunder in the event that the Company’s
failure to make such filing or obtain such effectiveness or a Maintenance Failure results from the failure of an Investor to timely
provide the Company with information requested by the Company and necessary to complete a Registration Statement in accordance with the
requirements of the 1933 Act (in which case any such deadline would be extended, and a Maintenance Failure waived, with respect to all
Registrable Securities until such time as the Investor provides such requested information) and (ii) in no event shall the aggregate amount
of liquidated damages (or interest thereon) paid under this Agreement exceed, in the aggregate, 10% of the aggregate purchase price of
the Shares.

 

3. Company
Obligations. The Company will use reasonable best efforts to effect the registration of the Registrable Securities in accordance with
the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a) use
reasonable best efforts to cause such Registration Statement to become effective and to remain continuously effective until such time
as there are no longer Registrable Securities held by the Investors (the “Effectiveness Period”) and advise the Investors
promptly in writing when the Effectiveness Period has expired;

 

(b) prepare
and file with the SEC such amendments and post-effective amendments to such Registration Statement and the related Prospectus as may be
necessary to keep such Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933 Act
and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

(c) provide
via email to the Investors who have supplied the Company with email addresses each Registration Statement and all amendments and supplements
thereto not less than three (3) Trading Days prior to their filing with the SEC and reflect in each such document when so filed with the
SEC such comments regarding the Investors and the plan of distribution as the Investors may reasonably and promptly propose no later than
two (2) Trading Days after the Investors have been so furnished with copies of such documents as aforesaid;

 

(d) furnish
to each Investor whose Registrable Securities are included in any Registration Statement (i) promptly after the same is prepared
and filed with the SEC one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus
and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and
each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any
portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number
of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as
each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor (it being
understood and agreed that such documents, or access thereto, may be provided electronically);

 

(e) use
reasonable best efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such
order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

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(f) prior
to any public offering of Registrable Securities, use reasonable best efforts to assist or cooperate with the Investors and their counsel
in connection with their registration or qualification of such Registrable Securities for the offer and sale under the securities or blue
sky laws of such jurisdictions reasonably requested by the Investors; provided, however, that the Company shall not be required
in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would
not otherwise be so subject but for this Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction;

 

(g) use
reasonable best efforts to cause all Registrable Securities covered by a Registration Statement to be listed on the NYSE (or the primary
securities exchange, interdealer quotation system or other market on which the Class B Common Stock then listed);

 

(h) promptly
(and in any event within two (2) Trading Days thereof) notify the Investors, at any time prior to the end of the Effectiveness Period,
upon discovery that, or upon the happening of any event as a result of which, the Prospectus includes an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment
of such Prospectus as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing;

 

(i) otherwise
use reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act, including,
without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment thereof, with the
SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing if, at any time during the Effectiveness Period,
the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investors are required to deliver
a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to
facilitate the registration of the Registrable Securities hereunder; and

 

(j) with
a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation of
the SEC that may at any time permit the Investors to sell shares of Class B Common Stock to the public without registration, the Company
covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144,
until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the holders
thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as there are no longer Registrable Securities;
(ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish
electronically to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written statement by
the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of or electronic access to the Company’s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested
in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without
registration. In the event that the Company fails to comply with the requirements of this Section 3(j) after the 180th day after the Initiation
Date, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1% of
the aggregate amount paid pursuant to the Purchase Agreement by such Investor for each 30-day period or pro rata for any portion thereof
following for each 30-day period or pro rata for any portion thereof until such failure is cured; provided, however, that only
Investors that have not sold or otherwise disposed of all of their Registrable Securities prior to such failure shall be entitled to receive
liquidated damages pursuant to this Section 3. Such payments shall constitute the Investors’ exclusive monetary remedy for such
events, but shall not affect the right of the Investors to seek injunctive relief. Such payments shall be made to each Investor in cash
no later than five (5) Business Days after the end of each 30-day period. (the “Information Failure Payment Date”).
Interest shall accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Information Failure
Payment Date until such amount is paid in full.

 

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4. Due
Diligence Review; Information. If any Investor is required under applicable securities laws to be described in a Registration Statement
as an “underwriter,” the Company shall, upon reasonable prior notice, make available, during normal business hours, for inspection
and review by the Investors, advisors to and representatives of the Investors (who may or may not be affiliated with the Investors and
who are reasonably acceptable to the Company) (collectively, the “Inspectors”), all pertinent financial and other records,
and all other corporate documents and properties of the Company (collectively, the “Records”) as may be reasonably
necessary for the purpose of such review, and cause the Company’s officers, directors and employees, within a reasonable time period,
to supply all such information reasonably requested by the Inspectors (including, without limitation, in response to all questions and
other inquiries reasonably made or submitted by any of them), prior to and from time to time after the filing and effectiveness of such
Registration Statement for the sole purpose of enabling such Investor and its accountants and attorneys to conduct such due diligence
solely for the purpose of establishing a due diligence defense to underwriter liability under the 1933 Act; provided, however,
that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to such Investor) or use of any
Record or other information which the Company determines in good faith to be confidential, and of which determination the Inspectors are
so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration
Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable
subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally
available to the public other than by disclosure in violation of this Agreement or the Purchase Agreement. Each Investor agrees that it
shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through
other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between
the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is
otherwise consistent with applicable laws and regulations.

 

Notwithstanding the foregoing, the Company shall
not disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless prior to disclosure
of such information the Company identifies such information as being material nonpublic information and provides the Investors, such advisors
and representatives with the opportunity to accept or refuse to accept such material nonpublic information for review and any Investor
wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect thereto.

 

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5. Obligations
of the Investors.

 

(a) Each
Investor shall execute and deliver a Selling Stockholder Questionnaire prior to the Closing Date. Each Investor shall additionally furnish
in writing to the Company such other information regarding itself, the Registrable Securities held by it and the intended method of disposition
of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and
shall execute such documents in connection with such registration as the Company may reasonably request. At least five (5) Business
Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify each Investor of the additional
information the Company requires from such Investor if such Investor elects to have any of the Registrable Securities included in such
Registration Statement (the “Registration Information Notice”). An Investor shall provide such information to the Company
no later than two (2) Business Days following receipt of a Registration Information Notice if such Investor elects to have any of
the Registrable Securities included in such Registration Statement. It is agreed and understood that it shall be a condition precedent
to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of
a particular Investor that (i) such Investor furnish to the Company such information regarding itself, the Registrable Securities held
by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness
of the registration of such Registrable Securities, and (ii) the Investor execute such documents in connection with such registration
as the Company may reasonably request, including, without limitation, a waiver of its registration rights hereunder to the extent an Investor
elects not to have any of its Registrable Securities included in a Registration Statement.

 

(b) Each
Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in
writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

(c) Each
Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to
Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will immediately discontinue
disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities, until the Investor
is advised by the Company that such dispositions may again be made.

 

(d) Each
Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an
exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

 

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6. Indemnification.

 

(a) Indemnification
by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members, managers, partners,
trustees, employees and agents and other representatives, successors and assigns, and each other person, if any, who controls such Investor
within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject
under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any
Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof; provided, however,
that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of
or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information
furnished by such Investor or any such controlling person in writing specifically for use in such Registration Statement or Prospectus,
(ii) the use by an Investor of an outdated or defective Prospectus after the Company has notified such Investor in writing that such Prospectus
is outdated or defective or (iii) an Investor’s failure to send or give a copy of the Prospectus or supplement (as then amended
or supplemented), if required (and not exempted) to the Persons asserting an untrue statement or omission or alleged untrue statement
or omission at or prior to the written confirmation of the sale of Registrable Securities.

 

(b) Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of
the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from any untrue
statement of a material fact or any omission of a material fact required to be stated in any Registration Statement or Prospectus or preliminary
Prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the
extent, that such untrue statement or omission is contained in any information regarding such Investor and furnished in writing by such
Investor to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto. In
no event shall the liability of an Investor be greater than the dollar amount of the proceeds (net of all expenses paid by such Investor
in connection with any claim relating to this Section 6 and the amount of any damages such Investor has otherwise been required to pay
by reason of such untrue statement or omission) received by such Investor upon the sale of the Registrable Securities included in such
Registration Statement giving rise to such indemnification obligation.

 

(c) Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party; provided, that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of
such counsel shall be at the expense of such person unless (A) the indemnifying party has agreed to pay such fees or expenses, (B) the
indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or
(C) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between
such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing
that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such claim on behalf of such person); and provided, further that the failure of any indemnified
party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that
such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It
is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or
expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except
with the consent of the indemnified party, which shall not be unreasonably withheld or conditioned, consent to entry of any judgment or
enter into any settlement that 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 of such claim or litigation.

 

    9

     

    

 

(d) Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified
party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations.
No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution
from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a holder of Registrable
Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such holder in connection with any
claim relating to this Section 6 and the amount of any damages such holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to
such contribution obligation.

 

7. Miscellaneous.

 

(a) Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors. The Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained
the written consent to such amendment, action or omission to act, of the Required Investors.

 

(b) Notices.
All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.4 of the Purchase
Agreement.

 

(c) Assignments
and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors and their
respective successors and permitted assigns. An Investor may transfer or assign, in whole or from time to time in part, to one or more
persons its rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person, provided that
(i) the Investor agrees in writing with the transferee or assignee to assign such rights and a copy of such agreement is furnished to
the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (A) the name and address of such transferee or assignee and (B) the securities with respect to which
such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition
of such securities by the transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or before
the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing
with the Company to be bound by all of the provisions contained herein; (v) such transfer shall have been made in accordance with
the applicable requirements of the Purchase Agreement and (vi) unless the transferee or assignee is an Affiliate of, and after such transfer
or assignment continues to be an Affiliate of, such Investor, the amount of Registrable Securities transferred or assigned to such transferee
or assignee represents at least $5.0 million of Registrable Securities (based on the then-current market price of the Class B Common Stock).

 

(d) Assignments and Transfers by the Company.
This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the
Required Investors, provided, however, that in the event that the Company is a party to a merger, consolidation, share
exchange or similar business combination transaction in which the Class B Common Stock is converted into the equity securities of another
Person, from and after the effective time of such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed
the obligations of the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Registrable
Securities” shall be deemed to include the securities received by the Investors in connection with such transaction unless such
securities are otherwise freely tradable by the Investors after giving effect to such transaction.

 

(e) Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

 

(f) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying
with the U.S. ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    10

     

    

 

(g) Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

(h) Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as
if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by
applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect.

 

(i) Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

(j) Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter.

 

(k) Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New York without regard to the choice of law principles thereof (other than sections 5-1401 and 5-1402 of the General
Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York
located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection
with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified
for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court
in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to
the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT
TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
AS TO THIS WAIVER.

 

(l) Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor hereunder are several and not joint with the obligations
of any other Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other Holder
hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Investor
pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other
kind of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Investors
are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions.
Each Investor shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement,
and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The use of
a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not the action or
decision of any Investor, and was done solely for the convenience of the Company and not because it was required or requested to do so
by any Investor. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and an Investor,
solely, and not between the Company and the Investors collectively and not between and among Investor.

 

[remainder of page intentionally
left blank]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

 

	COMPANY:	
    RAFAEL HOLDINGS, INC.

	 	 
	 	By:	/s/ Ameet Mallik
	 	 	Name: Ameet Mallik
	 	 	Title:  Chief Executive Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	Park West Investors Master Fund, Limited
	 	 
	 	By: Park West Asset Management LLC
	 	Its: Investment Manager
	 	 
	 	Signature:	/s/ Grace Jimenez
	 	Name:	Grace Jimenez
	 	Title:	Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	Park West Partners International, Limited
	 	 
	 	By: Park West Asset Management LLC
	 	Its: Investment Manager
	 	 	 
	 	Signature:	/s/ Grace Jimenez
	 	Name:	Grace Jimenez
	 	Title:	Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Newtyn Partners, LP
	 	Signature:	/s/ Noah G Levy
	 	Name:	Noah G. Levy
	 	Title:	Managing Member of Ledo Capital LLC, the general partner of Newtyn
    Capital Partners, LP, the general partner of Newtyn Partners, LP

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Newtyn TE Partners, LP
	 	Signature:	/s/ Noah G Levy
	 	Name:	Noah G. Levy
	 	Title:	Managing Member of Ledo Capital LLC, the general partner of Newtyn
    Capital Partners, LP, the general partner of Newtyn Partners, LP

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Deep Track Biotechnology Master Fund, Ltd.
	 	 	 
	 	Signature:	/s/ Nir Messafi
	 	Name:	Nir Messafi
	 	Title:	Authorized Person

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	BIOMEDICAL VALUE FUND, L.P.
	 	 	 
	 	Signature:	/s/ TAVI YEHUDAI
	 	Name:	TAVI YEHUDAI
	 	Title:	MANAGING DIRECTOR

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 
	 	Entity:	BIOMEDICAL OFFSHORE VALUE FUND, L.P.
	 	 	 
	 	Signature:	/s/ TAVI YEHUDAI
	 	Name:	TAVI YEHUDAI
	 	Title:	MANAGING DIRECTOR

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Cadian Capital Management, LP
	 	By:	Cadian Capital Management GP, LLC, its General Partner
	 	 	 
	 	Signature:	/s/ D. Justin Griffith
	 	Name:	D. Justin Griffth
	 	Title:	COO / General Counsel

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Empery Asset Master, LTD
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 
	 	Signature:	/s/ Brett S. Director
	 	Name:	Brett S. Director
	 	Title:	General Counsel of Empery Asset Management, LP

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Empery Tax Efficient, LP
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 
	 	Signature:	/s/ Brett S. Director
	 	Name:	Brett S. Director
	 	Title:	General Counsel of Empery Asset Management, LP

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Empery Tax Efficient III, LP
	 	By: Empery Asset Management, LP, its authorized agent
	 	 	 
	 	Signature:	/s/ Brett S. Director
	 	Name:	Brett S. Director
	 	Title:	General Counsel of Empery Asset Management, LP

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Blue Sparrow Onshore Fund LP
	 	By: Blue Sparrow Funds GP LLC, its general partner
	 	 	 
	 	Signature:	/s/ Dror Bar-Ziv
	 	Name:	Dror Bar-Ziv
	 	Title:	Manager

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Prelude Opportunity Fund, LP
	 	By:	Diametric Capital LP, its Sub-Advisor
	 	 	 
	 	Signature:	/s/ David Salvietti
	 	Name:	David Salvietti
	 	Title:	Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Diametric True Alpha Enhanced Market Neutral Master Fund LP
	 	 	 
	 	Signature:	/s/ David Salvietti
	 	Name:	David Salvietti
	 	Title:	Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	Diametric True Alpha Market Neutral Master Fund LP
	 	 	 
	 	Signature:	/s/ David Salvietti
	 	Name:	David Salvietti
	 	Title:	Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	[if signatory is an individual]
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	[if signatory is an entity]
	 	 	 
	 	Entity:	JZG Investments LLC
	 	 	 
	 	Signature:	/s/ Justin Gordon
	 	Name:	Justin Gordon
	 	Title:	Managing Member

 

[Signature Page to Registration Rights Agreement]

 

 

26EX-4.1

 Exhibit 4.1 

NUMBER UNITS 
 U- 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP [●] 
 FIRST LIGHT
ACQUISITION GROUP, INC. 
 UNITS CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND ONE-HALF
OF ONE 
 REDEEMABLE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK 

THIS CERTIFIES THAT                is the owner
of                Units. 
 Each Unit
(“Unit”) consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of First Light Acquisition Group, Inc. a Delaware corporation (the
“Company”), and one-half (1/2) of one redeemable warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share
(subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable. Each Warrant will become exercisable commencing on the later of (i) the date that is thirty (30) days after the
Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business Combination”), or
(ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes
its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The shares of Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately
prior to                , 2021, unless Guggenheim Securities, LLC elects to allow separate trading earlier, subject to the Company’s filing of a Current Report on
Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of its initial public offering and the Company issuing a
press release announcing when separate trading will begin. No fractional warrants will be issued upon separation of the Units and only whole Warrants will trade following such separation. The terms of the Warrants are governed by a Warrant
Agreement, dated as of                 , 2021, between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant
Agent”), and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the
Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost. 

Upon the consummation of the Business Combination, the Units represented by this certificate will automatically separate into shares of Common
Stock and Warrants comprising such Units. 
 This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the
Company. 
 This certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 

Witness the facsimile signature of its duly authorized officers. 
  

					
	  
	 		 	  

	Co-President and Secretary	 		 	Chief Financial Officer
			
	 Continental Stock Transfer & Trust Company,

as Transfer Agent and Registrar
	 		 	
			
	  
	 		 	

 By: 
 Title:

 FIRST LIGHT ACQUISITION GROUP, INC. 

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

																	
	TEN COM	  	–	  	as tenants in common	  		  	UNIF GIFT MIN ACT	  	–	  	  
	 	Custodian	 	  

	TEN ENT	  	–	  	as tenants by the entireties	  		  		  		  	(Cust)	 		 	(Minor)
							
	JT TEN	  	–	  	as joint tenants with right of survivorship and not as tenants in common	  		  		  		  	under Uniform Gifts to Minors Act
		  		  		  		  		  		  	  

(State)

 Additional abbreviations may also be used though not in the above list. 

For value received,                  hereby
sell, assign and transfer unto                  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 (PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  
  

 
  

                        
Units represented by the within Certificate, and do hereby irrevocably constitute and appoint 

                 Attorney to transfer the said Units on the books of
the within named Company with full power of substitution in the premises. 
 Dated 

 

	
	  

	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

	
	Signature(s) Guaranteed:
	
	  

	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES

  
 2 

 EXCHANGE ACT OF 1934, AS AMENDED (OR ANY 

SUCCESSOR RULE)). 
 In each case, as more fully
described in the Company’s final prospectus dated                , 2021, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the shares of its Common
Stock sold in its initial public offering and liquidates because it does not consummate an initial Business Combination by the date set forth in the Company’s amended and restated certificate of incorporation, (ii) the Company redeems the
shares of its Common Stock sold in its initial public offering in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s
obligation to allow redemptions in connection with the Company’s initial Business Combination or to redeem 100% of the shares of its Common Stock sold in its initial public offering if it does not consummate an initial Business Combination by
the date set forth in the Company’s amended and restated certificate of incorporation or (B) with respect to any other provision relating to the rights of holders of the Common Stock or pre-initial
Business Combination activity or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder
approval of the proposed initial Business Combination) setting forth the details of a proposed initial Business Combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account. 

  
 3

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