Document:

Document

Exhibit 10.1

GOSSAMER BIO, INC.
STOCK PURCHASE AGREEMENT
This Stock Purchase Agreement (the “Agreement”) is made as of July 12, 2022 (the “Effective Date”), by and among Gossamer Bio, Inc., a Delaware corporation (the “Company”), and the purchasers whose names and addresses are set forth on the signature pages hereof (each, a “Purchaser” and, collectively, the “Purchasers”).
Whereas, in furtherance of such desire, the Purchasers desire to purchase, and the Company has agreed to sell, 16,649,365 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), for a purchase price of $7.21 per share, for aggregate gross proceeds to the Company of approximately $120.0 million.

AGREEMENT

In consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchasers hereby agree, severally and not jointly, as follows:

SECTION 1.    AUTHORIZATION OF SALE OF SECURITIES.
The Company has authorized the sale and issuance of shares of its Common Stock to the Purchasers on the terms and subject to the conditions set forth in this Agreement. The shares of Common Stock that may be sold to the Purchasers hereunder at the Closing (as defined in Section 3.1) shall be referred to as the “Shares.”
SECTION 2.    AGREEMENT TO SELL AND PURCHASE THE SHARES.
2.1    Purchase. At the Closing, the Company will issue, sell and deliver to each Purchaser, and such Purchaser will purchase from the Company (the “Purchase”), that number of shares of Common Stock (the “Shares”) set forth opposite such Purchaser’s name on Schedule A hereto, for the purchase price set forth therein (the “Purchase Price”).
2.2    Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

(a)    “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

(b)    “Knowledge of the Company” shall mean, with respect to the Company, the knowledge of any of Faheem Hasnain, Bryan Giraudo, Richard Aranda, M.D. and Christian Waage. Such individuals will be deemed to have “knowledge” of a particular fact or other matter if such individual has or at any time had actual knowledge of such fact or other matter or if, in the absence of such actual knowledge, such person reasonably should have known such fact or other matter based on their role in the Company.

(c)    “Governmental Entity” means any nation, federal, state, county municipal, local or foreign government, or other political subdivision thereof or any other governmental, administrative, judicial, arbitral, legislative, executive, regulatory or self-regulatory authority, instrumentality, agency, commission or body and any entity exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or pertaining to government.

(d)    “Law” means any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation, order, judgment, writ, stipulation, award, injunction, decree, arbitration award or finding or any other legally enforceable requirement.

(e)    “Material Adverse Effect” means any change, event, development, condition, occurrence or effect that (a) is, or could reasonably be expected to be, materially adverse to the business, financial 

condition, prospects, assets, liabilities or results of operations of the Company and its subsidiaries considered as one enterprise, or (b) materially impairs the ability of the Company to comply, or prevents the Company from complying, with its material obligations with respect to the Closing or would reasonably be expected to do so; provided, however, that none of the following will be deemed in themselves, either alone or in combination, to constitute, and that none of the following will be taken into account in determining whether there has been or will be, a Material Adverse Effect under subclause (a) of this definition:
 
									
	 	i.	any change generally affecting the economy, financial markets or political, economic or regulatory conditions in the United States or any other geographic region in which the Company conducts business, if the Company is not disproportionately affected thereby;

 
									
	 	ii.	general financial, credit or capital market conditions, including interest rates or exchange rates, or any changes therein, if the Company is not disproportionately affected thereby;

 
									
	 	iii.	any change that generally affects industries in which the Company conducts business, if the Company is not disproportionately affected thereby;

 
									
	 	iv.	changes in Laws after the date hereof, if the Company is not disproportionately affected thereby;

 
									
	 	v.	changes in U.S. generally accepted accounting principles after the date of this Agreement, if the Company is not disproportionately affected thereby; or

 
									
	 	vi.	any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions.

(f)    “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein.
(g)    “subsidiary” means any individual or entity the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the Securities Act (as defined below).
(h)    “Trading Market” means the Nasdaq Global Select Market.

SECTION 3.    CLOSING, CLOSING CONDITIONS AND CLOSING DELIVERIES.

3.1    Closing. The closing of the purchase and sale of the Shares pursuant to this Agreement (the “Closing”) shall occur no later than 5:00 p.m., Pacific time, on July 15, 2022, subject to the satisfaction or waiver of all of conditions set forth in Section 3.2 and the delivery of all of the closing deliveries set forth in Section 3.3 (such date, the “Closing Date”), at the offices of Latham & Watkins LLP, 12670 High Bluff Drive, San Diego, CA, 92130, or at such other time and place as may be agreed to by the Company and the Purchasers. At or prior to the Closing, each of the Company and the Purchasers shall execute any related agreements or other documents required hereunder to be executed as of the Closing hereunder, each dated as of the date of the Closing.

3.2    Closing Conditions.

(a)    Mutual Closing Condition. There shall have been no Law enacted, entered, promulgated, enforced or deemed applicable by any Governmental Entity of competent jurisdiction that is in effect and makes illegal or otherwise prohibits or materially delays the consummation of the Closing.

(b)    Conditions to Purchaser’s Obligations. Each Purchaser’s obligation to purchase the Shares at the Closing is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless waived:
 
									
	 	i.	The Company’s representations and warranties in Section 4 shall be true and correct in all material respects at the date of the Closing, with the same force and effect as if they had been made on and as of said date, other than the representations and warranties set forth in Sections 4.1, 4.2, 4.3, 4.5, 4.8, 4.9, and 4.14 which shall be true and correct in all respects as if they had been made on and as of said date.

 
									
	 	ii.	The Company shall have performed and complied with in all material respects all agreements and conditions herein required to be performed or complied with by the Company on or before the Closing, or any breach or failure to do so has been cured.
		iii.	There shall have been no Material Adverse Effect with respect to the Company since the date hereof.

(c)    Conditions to the Company’s Obligations. The Company’s obligation to issue and sell the Shares at the Closing to a Purchaser is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless waived:
 
									
	 	i.	Such Purchaser’s representations and warranties in Section 5 shall be true and correct in all material respects at the date of the Closing, with the same force and effect as if they had been made on and as of said date.

 
									
	 	ii.	Such Purchaser shall have performed and complied with in all material respects all agreements and conditions herein required to be performed or complied with by it on or before the Closing, or any breach or failure to do so has been cured.

3.3    Closing Deliveries.

(a)    Payment of the Purchase Price at Closing. At the Closing, each Purchaser shall deliver, or cause to be delivered, to the Company, an amount equal to the Purchase Price by wire transfer of immediately available funds to the Company’s account pursuant to wire instructions set forth in Schedule B. Each Purchaser’s obligations to pay the Purchase Price shall be several and not joint.
 
 (b)    Issuance of the Shares at the Closing. At the Closing, the Company shall issue, or cause the Company’s transfer agent to issue, to each Purchaser in global form through a book-entry account maintained by the Company’s transfer agent the number of Shares purchased by such Purchaser, as set forth in Schedule A hereto, at the Closing against payment by such Purchaser of the Purchase Price (including providing a copy of the irrevocable instructions delivered by the Company to the Company’s transfer agent instructing the transfer agent to issue the Shares to the Purchasers by crediting the Shares to the respective accounts of the Purchasers on the transfer agent’s book-entry system on the Closing Date and confirmation from the transfer agent that such Shares were so issued on the date thereof). Such Shares shall be appropriately legended as set forth in Section 5.4 herein.
(c)    Secretary’s Certificate. At the Closing, the Purchasers shall have received a certificate signed by the Secretary of the Company, certifying the resolutions of the Board of Directors of the 

Company or a duly authorized committee thereof approving this Agreement and all of the transactions contemplated hereunder.
(d)    Compliance Certificate. At the Closing, the Purchasers shall have received a certificate signed by the President and Chief Executive Officer of the Company certifying to the fulfillment of the conditions set forth in Section 3.2(b).
(e)    Opinion. At the Closing, the Purchasers shall have received an opinion of Latham & Watkins LLP, counsel for the Company, dated as of the Closing Date, in a form reasonably satisfactory to the Purchasers.
(e)    Lock-up Agreements. At the Closing, the Purchasers shall have received executed lock-up agreements, dated as of the date hereof, by and among the Company and the directors and officers of the Company, and any stockholder affiliated with such directors of the Company, listed on Schedule C hereto, in the form attached hereto as Exhibit B (the “D&O Lock-up”), which lock-up agreement may only be waived by the Company upon receipt of written consent of the Purchasers holding at least two-thirds of the Shares issued hereunder and then-held by all Purchasers (the “Requisite Purchasers”).
SECTION 4.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.
Except as disclosed in the SEC Documents (as defined below) and publicly available prior to the date of this Agreement and only as and to the extent disclosed therein, the Company hereby represents, warrants and covenants to the Purchasers as follows:
4.1    Organization and Standing. The Company has been duly incorporated or organized and is validly existing and in good standing under the laws of Delaware or other jurisdiction of incorporation or organization, has full corporate or other power and authority necessary to own or lease its properties and conduct its business as presently conducted, and is duly qualified as a foreign corporation and in good standing in all jurisdictions in which the character of the property owned or leased or the nature of the business transacted by it makes qualification necessary, except where the failure to be so qualified would not have a Material Adverse Effect. The Company owns, directly or through subsidiaries, all of the issued outstanding equity securities of each of its subsidiaries. Each of the Company’s subsidiaries has been duly incorporated or organized and is validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, has full corporate or other power and authority necessary to own or lease its properties and conduct its business as presently conducted, and is duly qualified as a foreign corporation and in good standing in all jurisdictions in which the character of the property owned or leased or the nature of the business transacted by it makes qualification necessary, except where the failure to be so qualified would not have a Material Adverse Effect.
4.2    Corporate Power; Authorization. The Company has all requisite corporate power, and the Company and its Board of Directors have taken all requisite corporate action, to authorize, execute and deliver this Agreement, to consummate the transactions contemplated herein and therein, including to sell, issue and deliver the Shares to the Purchasers, and to carry out and perform all of the Company’s obligations hereunder and thereunder. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific performance.
4.3    Issuance and Delivery of the Shares. The Shares have been duly authorized and, when issued and paid for in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable. The issuance and delivery of the Shares is not subject to preemptive, co-sale, right of first refusal or any other similar rights of the stockholders of the Company or any other Person or any liens or encumbrances, other than encumbrances under applicable securities laws. Assuming the accuracy of the representations made by the Purchasers in Section 5, the offer and issuance by the Company of the Shares is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

4.4    SEC Documents; Financial Statements; Independent Accountants. The Company is not an “ineligible issuer” (as defined in Rule 405 promulgated under the Securities Act). The Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and has filed or will file in a timely manner all documents that the Company was or is required to file with the Securities and Exchange Commission (the “Commission”) under Sections 13, 14(a) and 15(d) of the Exchange Act, since becoming subject to the requirements of the Exchange Act (the foregoing documents (together with any documents filed by the Company under the Exchange Act, whether or not required) being collectively referred to herein as the “SEC Documents”). As of their respective filing dates (or, if amended prior to the date of this Agreement, when amended), all SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. None of the SEC Documents as of their respective filing dates contained any untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company set forth in the SEC Documents (the “Financial Statements”) comply in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. The Financial Statements have been prepared in accordance with United States generally accepted accounting principles consistently applied and fairly present the financial position of the Company at the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal, recurring adjustments).  The accountants who certified the Financial Statements are independent public accountants as required by the Securities Act and the Exchange Act and the regulations thereunder and the Public Company Accounting Oversight Board.
4.5    Capitalization. As set forth in the SEC Documents as of the date set forth therein, all of the Company’s outstanding shares of capital stock have been duly authorized and validly issued and are fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and were not issued in violation of or subject to any preemptive right or other rights to subscribe for or purchase securities. Except as disclosed in the SEC Documents, there are no existing options, warrants, calls, subscriptions or other rights, agreements, arrangements or commitments of any character, relating to the issued or unissued capital stock of the Company, obligating the Company to issue, transfer, sell, redeem, purchase, repurchase or otherwise acquire or cause to be issued, transferred, sold, redeemed, purchased, repurchased or otherwise acquired any capital stock or voting debt of, or other equity interest in, the Company or securities or rights convertible into or exchangeable for such shares or equity interests or obligations of the Company to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment. Neither the execution of this Agreement nor the issuance of Common Stock or other securities pursuant to any provision of this Agreement will give rise to any preemptive rights or rights of first refusal on behalf of any Person or result in the triggering of any anti-dilution or other similar rights. Other than the Common Stock, there are no other shares of any other class or series of capital stock of the Company issued or outstanding. The Company’s Certificate of Incorporation, as amended and as in effect on the date hereof (the “Certificate of Incorporation”), or the Company’s Bylaws, as amended and as in effect on the date hereof (the “Bylaws”), are included in the SEC Documents, and the Company shall not amend or otherwise modify the Certificate of Incorporation or Bylaws prior to the Closing.
4.6    Litigation. There are no legal or governmental actions, suits or other proceedings pending or, to the Knowledge of the Company, threatened against the Company or any of its subsidiaries, before or by any court, regulatory body or administrative agency or any other governmental agency or body, domestic or foreign, which actions, suits or proceedings, individually or in the aggregate, could reasonably be expected to (a) challenge this Agreement or prohibit or delay the transactions contemplated herein or (b) have a Material Adverse Effect. Neither the Company nor any of its subsidiaries, is a party to or subject to the provisions of any injunction, judgment, decree or order of any court, regulatory body, administrative agency or other governmental agency or body that might have a Material Adverse Effect.
 
4.7    Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority or the Trading Market on the part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement except for the filing of a Form D with the Commission under the Securities Act and compliance with the securities and blue sky laws in the states and other 

jurisdictions in which shares of Common Stock are offered and/or sold, which compliance will be effected by the Company in accordance with such laws.
4.8    No Default or Consents. Neither the Company nor any of its subsidiaries, is in violation or default under its organizational documents. Neither the execution, delivery or performance of this Agreement by the Company nor the consummation of any of the transactions contemplated hereby (including the issuance, sale and delivery by the Company of the Shares) will: (i) give rise to a right to terminate or accelerate the due date of any payment due under, or conflict with or result in the breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the execution or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or any subsidiary pursuant to the terms of, any indenture, mortgage, deed of trust or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which either or them or any of their respective properties or businesses are bound, or any franchise, license, permit, judgment, decree, order, statute, rule or regulation (including federal and state securities laws and regulations) and the rules and regulations, assuming the correctness of the representations and warranties made by the Purchasers herein, of any self-regulatory organization to which the Company or any of its subsidiaries or their securities are subject) applicable to the Company, or (ii) violate or conflict with any provision of the Certificate of Incorporation or the Bylaws, except in the case of clause (i) as would not cause, either individually or in the aggregate, a Material Adverse Effect, and except for such consents or waivers which have already been obtained and are in full force and effect.
4.9    No Material Adverse Change. Since December 31, 2021, except as specifically disclosed in the SEC Documents, there have been no events, occurrences or developments that have had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Except for the transactions contemplated by this Agreement, no event, liability or development has occurred or exists with respect to the Company or any of its subsidiaries or their respective businesses, properties, operations or financial conditions that would be required to be disclosed by the Company under applicable securities laws at the Effective Date that has not been publicly disclosed at least one Trading Market trading day prior to the Effective Date.
4.10    No General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection with the offer or sale of the Shares.
4.11    No Integrated Offering. None of the Company or any of its affiliates, or any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of any of the Shares under the Securities Act or cause this offering of the Shares to be integrated with prior offerings by the Company for purposes of the Securities Act or any applicable stockholder approval provisions, including under the rules and regulations of the Trading Market.
 
4.12    Sarbanes-Oxley Act. The Company is in material compliance with the requirements of the Sarbanes-Oxley Act of 2002 that are effective and applicable to the Company as of the date hereof, and the rules and regulations promulgated by the Commission thereunder that are effective and applicable to the Company as of the date hereof.
4.13    Intellectual Property. To the Knowledge of the Company, the Company and its subsidiaries own, possess, license or have rights to use, on terms that the Company believes to be reasonable, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses, trade secrets, know-how and other similar rights that are necessary or material for use in connection with the businesses of the Company and its subsidiaries as described in the SEC Documents (collectively, the “Intellectual Property Rights”). Neither the Company nor any of its subsidiaries has received a written notice that the Intellectual Property Rights used by the Company or any subsidiary violates or infringes upon the rights of any Person. To the Knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its subsidiaries have taken reasonable security 

measures to protect the secrecy and confidentiality of the Intellectual Property Rights (excluding any patents or patent applications that have or will become public), except where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect.
4.14    Disclosure. The Company understands and confirms that the Purchasers will rely on the representations, warranties and covenants set forth in this Section 4 in effecting the transactions contemplated by this Agreement. To the Knowledge of the Company, all due diligence materials regarding the Company and its business and the transactions contemplated hereby (including the information referred to in Section 5.8 hereof), furnished by or on behalf of the Company to the Purchasers upon their request are, when taken together with the SEC Documents, true and correct in all material respects and do not contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances in which they were made, misleading.
4.15    Contracts.
(a)    Each indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character that is required to be described or summarized in the SEC Documents or to be filed as an exhibit to the SEC Documents under the Exchange Act and the rules and regulations promulgated thereunder (collectively, the “Material Contracts”) is so described, summarized or filed.
(b)    The Material Contracts to which the Company or any of its subsidiaries is a party have been duly and validly authorized, executed and delivered by the Company or such subsidiary and constitute the legal, valid and binding agreements of the Company or such subsidiary, enforceable by and against the Company and its subsidiaries in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to enforcement of creditors’ rights generally, and general equitable principles relating to the availability of remedies, except as rights to indemnity or contribution may be limited by federal or state securities laws. Neither the Company nor any of its subsidiaries nor, to the Knowledge of the Company, any third party has violated any provision of, or failed to perform any obligation required under the provisions of, any of the  Material Contracts. Neither the Company nor any of its subsidiaries nor, to the Knowledge of the Company, any third party is in breach or default, or has received written notice of breach or default, of any of the Material Contracts. To the Knowledge of the Company, no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default pursuant to any Material Contract by the Company or any of its subsidiaries, or, to the Knowledge of the Company, any other party thereto, and, as of the date of this Agreement, neither the Company nor any of its subsidiaries has received written notice of the foregoing or from the counterparty to any Material Contract (or, to the Knowledge of the Company, any of such counterparty's affiliates) regarding an intent to terminate, cancel, or modify any Material Contract (whether as a result of a change of control or otherwise).
4.16    Properties and Assets. The Company and its subsidiaries have good and marketable title to all the properties and assets described as owned by them in the latest Financial Statements set forth in the SEC Documents, free and clear of all liens, mortgages, pledges or encumbrances of any kind except (a) those, if any, reflected in such Financial Statements or (b) those that are not material in amount and do not adversely affect the use made and proposed to be made of such property by the Company or any subsidiary. The Company and its subsidiaries hold their respective leased properties under valid and binding leases, except as would not have a Material Adverse Effect. The Company and its subsidiaries own or lease all such properties as are materially necessary to their respective operations as now conducted.
 
4.17    Compliance and Regulatory. The Company and its subsidiaries are in compliance with all applicable laws, rules and regulations of the jurisdictions in which they are conducting their business, including all applicable local, state and federal environmental laws and regulations, and all applicable laws, rules and regulations enforced by the United States Food and Drug Administration (the “FDA”), (including the Federal Food, Drug And Cosmetic Act of, as amended, and the regulations promulgated thereunder) or any applicable laws enforced by equivalent Governmental Entities outside the United 

States, except where failures to be so in compliance, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Any preclinical studies or clinical trials conducted by or, to the Company’s Knowledge, on behalf of the Company or any of its subsidiaries (“Studies”), were and, if still pending, are being and shall continue to be, conducted in all material respects in accordance all applicable laws and regulations governing the conduct of such Studies. Neither the Company nor any of its subsidiaries has received any written notice from the FDA or any other Governmental Entity or institutional review board exercising comparable authority requiring the termination, suspension, or clinical hold of Studies, where such termination, suspension or clinical hold would reasonably be expected to have a Material Adverse Effect.
4.18    Taxes. The Company and its subsidiaries have filed on a timely basis (giving effect to extensions) all required federal, state and foreign income and franchise tax returns and have timely paid or accrued all taxes shown as due thereon, including interest and penalties, and to the Knowledge of the Company there is no tax deficiency that has been or might be asserted or threatened against it or them that could have a Material Adverse Effect. All tax liabilities accrued through the date hereof have been adequately provided for on the books of the Company. There are no liens for material taxes upon the assets of the Company or any of its subsidiaries other than for current taxes not yet due and payable or for taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP has been made in the Company's most recent financial statements included in the SEC Documents.
4.19    Investment Company. The Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for an investment company, within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder.
4.20    Insurance. The Company maintains insurance underwritten by insurers of recognized financial responsibility, of the types and in the amounts that the Company reasonably believes is adequate for businesses of the Company and its subsidiaries, including directors’ and officers’ liability insurance and insurance covering all real and personal property owned or leased by the Company or any of its subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured against and against such risks which the Company believes it is prudent to insure against, with such deductibles as are customary for companies in the same or similar business, all of which insurance is in full force and effect.
4.21    Price of Common Stock. The Company has not taken, and will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or that might reasonably be expected to constitute, the stabilization or manipulation of the price of the shares of the Common Stock to facilitate the sale or resale of the Shares.
4.22    Governmental Permits, Etc. The Company and its subsidiaries have all franchises, licenses, permits, certificates and other authorizations from such federal, state or local government or governmental agency, department or body that are currently necessary for the operation of their respective businesses as currently conducted, including, without limitation, all such certificates, approvals, authorizations, exemptions, licenses and permits required by the FDA or any other comparable Governmental Entities (collectively, “Permits”), except where the failure to possess such Permits  would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any written notice requiring or threatening any revocation or modification of any such Permits, where such revocation or modification would reasonably be expected to have a Material Adverse Effect.
 
4.23    Internal Control over Financial Reporting. The Company maintains internal control over financial reporting (as such term is defined in paragraph (f) of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act. To the Knowledge of the Company, since the end of the Company’s most recent audited fiscal year, there has been no material weakness in the design or operation of the Company’s internal control over financial reporting (whether or not remediated) which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information.

4.24    Foreign Corrupt Practices. Neither the Company nor any of its subsidiaries nor, to the Knowledge of the Company, any director, officer, agent, employee or other Person acting on behalf of the Company or any of its subsidiaries, has, in the course of its actions for, or on behalf of, the Company or any subsidiary (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (c) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (d) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.
4.25    Employee Relations.  No material labor dispute with the employees of the Company or any of its subsidiaries, or with the employees of any principal supplier, manufacturer, customer or contractor of the Company or any of its subsidiaries, exists or, to the Company’s Knowledge, is threatened or imminent. No executive officer of the Company (as defined in Rule 501(f) promulgated under the Securities Act) has notified the Company that such officer intends to leave the Company or otherwise terminate such officer’s employment with the Company. To the Knowledge of the Company, no executive officer of the Company is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other agreement or any restrictive covenant involving or otherwise affecting such executive officer’s relationship with the Company, and the continued employment of each such executive officer does not subject the Company to any material liability with respect to any of the foregoing matters.
4.26    ERISA. The Company and its subsidiaries are in compliance in all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA) for which the Company or any subsidiary would have any material liability; the Company nor any of its subsidiaries has not incurred or expects to incur material liability under (a) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension plan” or (b) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the “Code”); and each “Pension Plan” for which the Company or any of its subsidiaries would have liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and to the Knowledge of the Company, nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.
4.27    Registration Rights and Other Stockholder Agreements. No Person has any right to cause the Company to effect the registration under the Securities Act covering the transfer of any securities of the Company and there are no other stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the Company’s Knowledge, between or among any of the Company’s stockholders.
4.28    Trading Market Compliance. The Company has not, in the previous twelve (12) months, received (i) written notice from the Trading Market that the Company is not in compliance with the listing or maintenance requirements of Trading Market that would result in immediate delisting or (ii) any notification, Staff Delisting Determination, or Public Reprimand Letter (as such terms are defined in applicable listing rules of the Trading Market) that requires a public announcement by the Company of any noncompliance or deficiency with respect to such listing or maintenance requirements. The Company is in compliance with all listing and maintenance requirements of the Trading Market on the date hereof.
 
4.29    No “Bad Actor” Disqualification. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Knowledge of the Company, any Company Covered Person (as defined below), except for a Disqualification Event to which Rule 506(d)(2)(ii-iv) or (d)(3) is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1).

4.30    OFAC.  None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or  representative of the Company or any of its subsidiaries is Person, or is more than 50 percent owned in the aggregate by or acting on behalf of one or more Persons that are, currently the subject or target of any  sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business (i) with any Person, or in any country or territory, that, at the time of such funding, is a designated target of Sanctions, (ii) in or involving a country or territory which at the time of such funding is the subject of comprehensive country-wide or territory-wide Sanctions, or (iii) in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.
SECTION 5.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.
Each Purchaser, severally and not jointly, represents and warrants to and covenant with the Company that:
5.1    Risk. Such Purchaser, taking into account the personnel and resources it can practically bring to bear on the purchase of the Shares contemplated hereby, is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities presenting an investment decision like that involved in the purchase of the Shares, including investments in securities issued by the Company, and has requested, received, reviewed and considered all information the Purchasers know about and deem relevant (including the SEC Documents) in making an informed decision to purchase the Shares.
5.2    Purchase for Investment. Purchaser is acquiring the Shares pursuant to this Agreement for its own account for investment only and with no present intention of distributing any of such Shares or any arrangement or understanding with any other Persons regarding the distribution of such Shares, except in compliance with Section 5.4.
5.3    Reliance. Such Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions from the registration requirements of the Securities Act, the Rules and Regulations and state securities laws and that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Shares. If any of the representations deemed to have been made by it by its purchase of the Shares are no longer accurate prior to Closing, the Investor shall promptly notify the Company. If such Purchaser is acquiring the Shares as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to each such account and it has full power to make the foregoing representations, acknowledgements and agreements on behalf of such account.
5.4    Compliance with the Securities Act. Such Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the securities purchased hereunder except in compliance with the Securities Act, applicable blue sky laws, and the rules and regulations promulgated thereunder.
5.5    Accredited Investor. Such Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act or a Qualified Institutional Buyer within the meaning of Rule 144A promulgated under the Securities Act.
 
5.6    Power and Authority. Such Purchaser has all requisite corporate power, and has taken all requisite corporate action, to authorize, execute and deliver this Agreement and each of the other 

agreements and instruments contemplated herein to which the Purchaser is a party, to consummate the transactions contemplated herein and therein and to carry out and perform all of such Purchaser’s obligations hereunder and thereunder. Upon the execution and delivery of this Agreement, this Agreement shall constitute a valid and binding obligation of such Purchaser, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific performance.
5.7    Broker Dealer. Such Purchaser is not a broker or dealer registered pursuant to Section 15 of the Exchange Act (a “Registered Broker Dealer”) and is not an affiliate of a Registered Broker Dealer.
5.8    Sophisticated Investor. Such Purchaser acknowledges that it is a sophisticated investor engaged in the business of assessing and assuming investment risks with respect to securities, including securities such as the Shares, and further acknowledges that the Company is entering into this Agreement in reliance on this acknowledgment and such Purchaser’s understanding, acknowledgment and agreement that the Company has disclosed certain confidential matters to such Purchaser as part of its due diligence review that may represent material, non-public information of the Company.  Such Purchaser further acknowledges that it is aware of the restrictions imposed by United States securities laws on the purchase or sale of securities by any Person who has received material, non-public information from the issuer of such securities and on the communication of such information to any other Person when it is reasonably foreseeable that such other Person is likely to purchase or sell such securities in reliance upon such information.  Such Purchaser hereby waives any claim, or potential claim, it has or may have against the Company relating to the Company’s confidential disclosure, and the Purchaser’s receipt and possession, of such information. 
5.9    Other Securities Transactions. Such Purchaser has not, either directly or indirectly through an affiliate, agent or representative of the Company, engaged in any transaction in the securities of the Company other than with respect to the transactions contemplated herein, since the time that the Purchaser was first contacted by the Company or any other Person regarding the transactions contemplated hereby until the date hereof, except as set forth in filings made with the Commission pursuant to the Exchange Act.
5.10    Independent Advice. Such Purchaser understands that nothing in this Agreement or any other materials presented to such Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.
5.11    Legends. Such Purchaser understands that, until such time as the Shares may be sold pursuant to Rule 144, any certificates representing the Shares, whether maintained in a book entry system or otherwise, will bear one or more legends in substantially the following form and substance:
“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND, IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE FROM IT OF SUCH RESALE RESTRICTIONS.”

“ANY TRANSFER OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS SUBJECT TO COMPLIANCE WITH THE TERMS OF A LOCK-UP AGREEMENT, A COPY OF WHICH IS AVAILABLE FROM THE COMPANY.”
In addition any stock certificates, whether maintained in a book entry system or otherwise, representing the Shares may contain any legend required by the blue sky laws of any state to the extent such laws are applicable to the sale of such Shares hereunder. The Company shall use its commercially reasonable efforts to help facilitate the removal of such legend when it is legally permitted to do so under Rule 144, or to facilitate any transfer of the Shares under Rule 144 that may be requested by Purchasers, but shall not be obligated to incur any material costs or expenses in making such efforts other than as set forth herein.
The Company shall, at its sole expense, upon appropriate notice from any Purchaser stating that Registrable Securities have been sold pursuant to an effective Registration Statement, cause its transfer agent to timely prepare and deliver certificates or book-entry shares representing the Shares to be delivered to a transferee pursuant to the Registration Statement, which certificates or book-entry shares shall be free of any restrictive legends and in such denominations and registered in such names as such Purchaser may request. Further, the Company shall, at its sole expense, cause its legal counsel or other counsel satisfactory to the transfer agent: (i) while the Registration Statement is effective, to issue to the transfer agent a “blanket” legal opinion to allow sales without restriction pursuant to the effective Registration Statement, and (ii) provide all other opinions as may reasonably be required by the transfer agent in connection with the removal of legends. A Purchaser may request that the Company remove, and the Company agrees to authorize the removal of, any legend from such Shares, following the delivery by a Purchaser to the Company or the Company’s transfer agent of a legended certificate representing such Shares: (i) following any sale of such Shares pursuant to Rule 144, (ii) if such Shares are eligible for sale under Rule 144(b)(1), or (iii) following the time that the Registration Statement is declared effective. If a legend removal request is made pursuant to the foregoing, the Company will, no later than two business days following the delivery by a Purchaser (if the request is made on or after five business days prior to the expiration of the Lock-Up Period, or if prior to such time, no later than five business days) to the Company or the Company’s transfer agent of a legended certificate representing such Shares (or a request for legend removal, in the case of Shares issued in book-entry form), deliver or cause to be delivered to such Purchaser a certificate representing such Shares that is free from all restrictive legends or an equivalent book-entry position, as requested by the Purchaser. Certificates for Shares free from all restrictive legends may be transmitted by the Company’s transfer agent to the Purchasers by crediting the account of the Purchaser’s prime broker with the Depository Trust Company (“DTC”) as directed by such Purchaser. The Company warrants that the Shares shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement. If a Purchaser effects a transfer of the Shares in accordance with Section 5.11, the Company shall permit the transfer and shall promptly instruct its transfer agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name and in such denominations as specified by such Purchaser to effect such transfer. Each Purchaser hereby agrees that the removal of the restrictive legend pursuant to this Section 5.11 is predicated upon the Company’s reliance that such Purchaser will sell any such Shares pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and such Purchaser will not sell any such Shares during the Lock Up Period, and such Purchaser shall deliver a certificate reasonably satisfactory to the Company to the foregoing effect.
5.12    Restricted Securities. Such Purchaser understands that the Shares are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Shares may be resold without registration under the Securities Act only in certain limited circumstances. Accordingly, such Purchaser represents that it is familiar with Rule 144 of the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
SECTION 6.    REGISTRATION OF THE SHARES AND COMPLIANCE WITH THE SECURITIES ACT.

6.1    Registration Procedures and Expenses.

(a)    Piggyback Rights. In the event that the Company, in its sole discretion, shall determine to prepare and file a registration statement on Form S-3, or any other appropriate form on which the Shares may be registered for resale (each of the Shares, together with any shares of capital stock issued or issuable, from time to time, upon any reclassification, share combination, share subdivision, stock split, share dividend or similar transaction or event or otherwise as a distribution on, in exchange for or with respect to any of the foregoing, in each case held at the relevant time by a Purchaser, the “Registrable Securities”) by the Purchasers, whether or not on a continuous basis pursuant to Rule 415 under the Securities Act, which such registration statement may include shares that may be offered by the Company (the “Subsequent Registration Statement”), and has not previously filed a Secondary Registration Statement (as defined below), the Company shall: (i) notify each Purchaser of such determination; and (ii) if, within ten (10) days after receipt of such notice, any Purchaser requests in writing to include all or any part of its Registrable Securities in such Subsequent Registration Statement, include the Registrable Securities as so requested by the applicable Purchaser. Notwithstanding the foregoing and for avoidance of doubt, the Company may, but shall not be required to, file a Subsequent Registration Statement pursuant to this Agreement.
 
(b)    Secondary Registration Statement. If the Company has not previously filed a Subsequent Registration Statement, the Company shall, on or before the date that is thirty (30) days after the Closing (the “Filing Deadline”), use its commercially reasonable efforts to prepare and file with the Commission a Registration Statement on Form S-1 or S-3, as appropriate (the “Secondary Registration Statement”; where used hereafter, “Registration Statement” shall mean either a Subsequent Registration Statement which includes the Registrable Securities, or the Secondary Registration Statement, as applicable), relating to and providing for the resale of the Shares by the Purchasers on a continuous basis pursuant to Rule 415 under the Securities Act.
(c)    The Company shall use its commercially reasonable efforts, subject to receipt of necessary information from the Purchasers, to cause the Commission to declare a Registration Statement covering the Shares effective as soon as practicable after the date of the filing thereof and in any event no later than sixty (60) days after such filing if the Registration Statement has been filed on Form S-3, and no later than ninety (90) days after such filing if such Registration Statement has been filed on Form S-1, and in either case, no later than forty-five (45) days after such filing in the event the Registration Statement is not reviewed by the Commission (in either case, such date, the “Effectiveness Deadline”).
(d)    The Company shall promptly prepare and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective until the earliest of (i) the third anniversary of the effective date of the Registration Statement, (ii) such time as all of the Shares purchased by the Purchasers pursuant to the terms of this Agreement have been sold pursuant to the Registration Statement, or (iii) such time as the Shares become eligible for resale by non-affiliates without any volume limitations or other restrictions pursuant to Rule 144(b)(1)(i) under the Securities Act or any other rule of similar effect.
(e)    Notwithstanding the foregoing obligations, the Company may, upon written notice to the Purchasers, for a reasonable period of time, not to exceed forty-five (45) days in the case of clauses (A) and (B) below, or thirty (30) days in the case of clause (C) below (each, a “Blackout Period”) and collectively not to exceed seventy-five (75) days, delay the filing of a Secondary Registration Statement or a request for acceleration of the effective date, or suspend the effectiveness of any Registration Statement, in the event that (A) the Company is engaged in any activity or transaction or preparations or negotiations for any activity or transaction that the Company desires to keep confidential for business reasons, if the Company determines in good faith that the public disclosure requirements imposed on the Company under the Securities Act in connection with the Registration Statement would require at that time disclosure of such activity, transaction, preparations or negotiations and such disclosure could result in material harm to the Company or its business transactions or activities, (B) the Company does not yet have appropriate financial statements of any acquired or to be acquired entities necessary for filing, or (C) any other event occurs that makes any statement of a material fact made in such Registration Statement, including any document incorporated by reference therein, untrue or that requires the making 

of any additions or changes in the Registration Statement in order to make the statements therein not misleading; provided, however, that in the case of a Blackout Period pursuant to clause (A) above, the Blackout Period shall terminate upon the earlier of (i) such forty-five (45) day or thirty (30) day period, as applicable or (ii) the completion, resolution or public announcement of the relevant transaction or event. If the Company suspends the effectiveness of a Registration Statement pursuant to this Section 6.1(e), the Company shall, as promptly as reasonably practicable following the termination of the circumstance which entitled the Company to do so, take such actions as may be necessary to reinstate the effectiveness of such Registration Statement and give written notice to the Purchasers authorizing the Purchasers to resume offerings and sales pursuant to such Registration Statement. If as a result thereof the prospectus included in such Registration Statement has been amended or supplemented to comply with the requirements of the Securities Act, the Company shall enclose such revised prospectus with the notice to Investor given pursuant to this Section 6. The Company shall be entitled to exercise its rights under this Section 6.1(e) not more than once in any six (6) month period; provided, however, that the aggregate number of days of all Blackout Periods hereunder shall not exceed seventy-five (75) days in any twelve (12) month period.  After the expiration of any Blackout Period and without further request from the Investor, the Company shall effect the filing (or if required amendment or supplement) of the Registration Statement, or the filing of other documents, as necessary to allow the Investor to resell the Registrable Securities as set forth herein.
(f)    Upon notification by the Commission that the Registration Statement will not be reviewed or is not subject to further review by the Commission, the Company shall within three Business Days following the date of such notification request acceleration of such Registration Statement (with the requested effectiveness date to be not more than two Business Days later).
(g)    The Company shall furnish to the Purchasers with respect to the Shares registered under any Registration Statement (and to each underwriter, if any, of such Shares) such number of copies of prospectuses and such other documents as the Purchaser may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Shares by the Purchaser.
(h)    The Company shall bear all expenses in connection with the procedures in paragraphs (a) through (g) of this Section 6.1 and the registration of the Shares pursuant to the Registration Statement, other than fees and expenses, if any, of counsel or other advisers to the Purchasers or underwriting discounts, brokerage fees and commissions incurred by the Purchaser, if any in connection with the offering of the Shares pursuant to the Registration Statement.
(i)    In order to enable the Purchasers to sell the Shares under Rule 144 to the Securities Act, the Company shall use its commercially reasonable efforts to comply with the requirements of Rule 144, including without limitation, use its commercially reasonable efforts to comply with the requirements of Rule 144(c)(1) with respect to public information about the Company and to timely file all reports required to be filed by the Company under the Exchange Act.
(j)    The Company shall provide the Purchasers an opportunity to review and comment on all disclosures regarding the Purchasers and any plan of distribution proposed by them in connection with the preparation of any Registration Statement. Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Purchaser or affiliate of a Purchaser as an “underwriter” without the prior written consent of such Purchaser.
6.2    Restrictions on Transfer. Each Purchaser agrees that it will not effect any disposition of the Shares that would constitute a sale within the meaning of the Securities Act or pursuant to any applicable state securities laws, unless and until (1) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement or (2) such disposition is otherwise permitted by law, including pursuant to the procedures set forth in Rule 144 under the Securities Act. Notwithstanding the preceding sentence, no restriction shall apply to a transfer by a Purchaser that is a partnership transferring to its partners or former partners in accordance with partnership interests.
6.3    Indemnification. For the purpose of this Section 6.3: (i) the term “Purchaser/Affiliate” shall mean any affiliate of the Purchaser, including, without limitation, any general partner or managing 

member of the Purchaser, any investment adviser of the Purchaser, or any transferee who is an affiliate of the Purchaser, and any person who controls the Purchaser or any affiliate of the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and (ii) the term “Registration Statement” shall include any preliminary prospectus, final prospectus (the “Prospectus”), free writing prospectus, exhibit, supplement or amendment included in or relating to, and any document incorporated by reference in, the Registration Statement referred to in Section 6.1.
(a)    The Company agrees to indemnify and hold harmless the Purchasers and each Purchaser/Affiliate, against any losses, claims, damages, liabilities or expenses, joint or several, that such Purchaser or Purchaser/Affiliate incurs, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) (i) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, including the Prospectus, financial statements and schedules, and all other documents filed as a part thereof, as amended at the time of effectiveness of the Registration Statement, including any information deemed to be a part thereof as of the time of effectiveness pursuant to paragraph (b) of Rule 430A, or pursuant to Rules 430B, 430C or 434, of the Rules and Regulations, or the Prospectus, in the form first filed with the Commission pursuant to Rule 424(b) of the Regulations, or filed as part of the Registration Statement at the time of effectiveness if no Rule 424(b) filing is required or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state in any of them a material fact required to be stated therein or necessary to make the statements in the Registration Statement or any amendment or supplement thereto not misleading or in the Prospectus or any amendment or supplement thereto not misleading in light of the circumstances under which they were made or (ii) arise out of or are based in whole or in part on any inaccuracy in the representations or warranties of the Company contained in this Agreement, breach of any covenant of the Company contained in this Agreement or any failure of the Company to perform its other obligations hereunder or under law, and will promptly reimburse each Purchaser and each Purchaser/Affiliate for any legal and other out-of-pocket expenses as such expenses are reasonably incurred and documented by such Purchaser or such Purchaser/Affiliate in connection with investigating, defending or preparing to defend, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the Company will not be liable for amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the written consent of the Company, which consent shall not be unreasonably withheld or delayed, and the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon (i) the gross negligence or willful misconduct of such Purchaser, or (ii) an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Purchaser expressly for use therein, or (iii) the inaccuracy of any representation or warranty made by such Purchaser herein or (iv) any statement or omission in any Prospectus that is corrected in any subsequent Prospectus that was delivered to the Purchaser prior to the pertinent sale or sales by the Purchaser. Any such indemnified Purchaser shall return all payments made hereunder if it is determined, by a final, non-appealable judgment by a court or arbitral tribunal, that the losses for which such payments were made resulted from such Indemnified Person’s gross negligence or willful misconduct.
(b)    Each Purchaser will severally, but not jointly, indemnify and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages, liabilities or expenses that the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person incurs, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, but only if such settlement is effected with the written consent of such Purchaser) insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based upon (i) any failure to comply with the covenants and agreements contained in Section 6.2 hereof respecting the sale of the Shares or (ii) the inaccuracy of any representation or warranty made by such Purchaser herein or (iii) any untrue or alleged untrue statement of any material fact contained in the Registration 

Statement, the Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements in the Registration Statement or any amendment or supplement thereto not misleading or in the Prospectus or any amendment or supplement thereto not misleading in the light of the circumstances under which they were made, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Prospectus, or any amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Purchaser expressly for use therein; and will reimburse the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person for any legal and other expense reasonably incurred by the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that (i) each Purchaser’s aggregate liability under this Section 6 shall not exceed the amount of proceeds received by such Purchaser on the sale of the Shares pursuant to the Registration Statement and (ii) the Purchasers will not be liable for amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the written consent of such Purchasers.
(c)    Promptly after receipt by an indemnified party under this Section 6.3 of notice of the threat or commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 6.3 promptly notify the indemnifying party in writing thereof, but the omission to notify the indemnifying party will not relieve it from any liability that it may have to any indemnified party for contribution or otherwise under the indemnity agreement contained in this Section 6.3 to the extent it is not prejudiced as a result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with all other indemnifying parties similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party, and the indemnifying party and the indemnified party shall have reasonably concluded, based on an opinion of counsel reasonably satisfactory to the indemnifying party, that there may be a conflict of interest between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 6.3 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed such counsel in connection with the assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, reasonably satisfactory to such indemnifying party, representing all of the indemnified parties who are parties to such action) or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of action, in each of which cases the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party. In no event shall any indemnifying party be liable in respect of any amounts paid in settlement of any action unless the indemnifying party shall have approved in writing the terms of such settlement; provided that such consent shall not be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnification could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding.
(d)    If the indemnification provided for in this Section 6.3 is required by its terms but is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party under paragraphs (a), (b) or (c) of this Section 6.3 in respect to any losses, claims, damages, liabilities or 

expenses referred to herein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any losses, claims, damages, liabilities or expenses referred to herein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Purchaser from the private placement of Shares hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but the relative fault of the Company and the Purchaser in connection with the statements or omissions or inaccuracies in the representations and warranties in this Agreement and/or the Registration Statement that resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and each Purchaser on the other shall be deemed to be in the same proportion as the amount paid by such Purchaser to the Company pursuant to this Agreement for the Shares purchased by such Purchaser that were sold pursuant to the Registration Statement bears to the difference (the “Difference”) between the amount such Purchaser paid for the Shares that were sold pursuant to the Registration Statement and the amount received by such Purchaser from such sale. The relative fault of the Company on the one hand and each Purchaser on the other shall be determined by reference to, among other things, whether the untrue or alleged statement of a material fact or the omission or alleged omission to state a material fact or the inaccurate or the alleged inaccurate representation and/or warranty relates to information supplied by the Company or by such Purchaser and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in paragraph (c) of this Section 6.3, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in paragraph (c) of this Section 6.3 with respect to the notice of the threat or commencement of any threat or action shall apply if a claim for contribution is to be made under this paragraph (d); provided, however, that no additional notice shall be required with respect to any threat or action for which notice has been given under paragraph (c) for purposes of indemnification. The Company and the Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 6.3 were determined solely by pro rata allocation (even if the Purchaser were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this paragraph. Notwithstanding the provisions of this Section 6.3, no Purchaser shall be required to contribute any amount in excess of the amount by which the Difference exceeds the amount of any damages that such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Purchasers’ obligations to contribute pursuant to this Section 6.3 are several and not joint.
6.4    Information Available. The Company, upon the reasonable request of a Purchaser, shall make available for inspection by such Purchaser, any deemed underwriter participating in any disposition pursuant to the Registration Statement and any attorney, accountant or other agent retained by the Purchasers or any deemed underwriter, all financial and other records, pertinent corporate documents and properties of the Company.
6.5    Delay in Effectiveness of Registration Statement. If (a) a Registration Statement covering the Shares is not declared effective by the Commission on or prior to the later of the Effectiveness Deadline or the expiration of the Lock Up Period (as defined in Exhibit A), then for each day following the later of the Effectiveness Deadline or the expiration of the Lock Up Period, until but excluding the date the Commission declares the Registration Statement effective, the Company shall, for each such day, pay each Purchaser with respect to any such failure, as liquidated damages and not as a penalty, an amount per thirty (30)-day period equal to 1.0% of the purchase price paid by such Purchaser for its Shares pursuant to this Agreement (calculated on a daily pro rata basis for any portion of such thirty (30)-day period prior to the cure of such failure); and for any such thirty (30)-day period (or earlier period if such failure is cured prior to thirty (30) days), such payment shall be made no later than three (3) Business Days following such thirty (30)-day period (or earlier period if such failure is cured prior to thirty (30) days). Notwithstanding the foregoing provisions, in no event shall the Company be obligated to pay any liquidated damages pursuant to this Section 6.6 to more than one Purchaser in respect of the same Shares for the same period of time or in an aggregate amount that exceeds 5% of the purchase price paid 

by the Purchasers for the Shares pursuant to this Agreement. Such payments shall be made to the Purchasers in cash.
SECTION 7.    NO BROKER’S FEE.
Each of the Company and the Purchasers hereby represents that no broker, investment banker, financial advisor or other individual, corporation, general or limited partnership, limited liability company, firm, joint venture, association, enterprise, joint securities company, trust, unincorporated organization or other entity is entitled to any broker’s, finder’s, financial advisor’s financial advisor’s or other similar fee or commission in connection with the transactions contemplated by this Agreement. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 7 being untrue.

SECTION 8.    COVENANTS.

8.1    Form D; Blue Sky Filings. The Company agrees to file a Form D with respect to the Shares as required under Regulation D of the Securities Act. The Company will take such action as the Company shall reasonably determine is necessary in order to obtain an exemption from, or to qualify the Shares for, sale to the Purchasers at each of the Closings respectively pursuant to this Agreement under applicable securities of “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon the written request of the Purchasers.

8.2    Lock-up. Each Purchaser agrees to comply with the terms of the Lock-up set forth in Exhibit A during the Lock Up Period (as defined in Exhibit A). The Company covenants and agrees that it shall not waive the terms of the foregoing Lock-up unless such waiver applies to all Purchasers. Furthermore, the Company covenants and agrees that it shall not waive the terms of any D&O Lock-up without the prior written consent of the Requisite Purchasers.

8.3    Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income taxes) that are required to be paid in connection with the issuance, sale and delivery of the Shares to the Purchasers hereunder will be fully paid or provided for by the Company and all laws imposing such taxes will have been fully complied with and the Purchasers and their respective affiliates shall have no obligation therefor.

8.4    Listing of Common Stock. The Company shall promptly secure the listing of the Shares upon each national securities exchange and automated quotation system that requires an application by the Company for listing, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and shall maintain such listing, so long as any other shares of Common Stock shall be so listed. The Company shall use its commercially reasonable efforts to maintain the Common Stock’s listing on the Trading Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 8.4.

8.5    Non-Public Information. The Company has not provided the Purchasers with any information that will constitute material, non-public information upon the expiration of the Lock-Up Period.
 
SECTION 9.    NOTICES.
All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows:

(a)    if to the Company, to:
Gossamer Bio, Inc.
3013 Science Park Road
San Diego, CA 92121
Attn: Bryan Giraudo
Email: bgiraudo@gossamerbio.com

with a copy to (which shall not constitute notice):
Jeff Boerneke
Email: jboerneke@gossamerbio.com
        with a copy to (which shall not constitute notice):
Latham & Watkins LLP
12670 High Bluff Drive
Attn: Matthew T. Bush
Email: matt.bush@lw.com
or to such other Person at such other place as the Company shall designate to the Purchasers in writing; and
(b)    if to the Purchasers, to the address set forth Schedule A or to such other Person at such other place as the Purchasers shall designate to the Company in writing.

SECTION 10.    MISCELLANEOUS.

10.1    Waivers and Amendments. Neither this Agreement nor any provision hereof may be changed, waived, discharged, terminated, modified or amended except upon the written consent of the Company and the Requisite Purchasers, in the case of any change, discharge, termination, modification, or of the party hereto against whom the waiver is to be effective, in the case of a waiver, provided that if any amendment or waiver disproportionately and adversely affects a Purchaser (or group of Purchasers) in any material respect, the consent of such disproportionately affected Purchaser (or group of Purchasers) shall also be required.

10.2    Headings; Interpretation. The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. The terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement as a whole and not to any particular provision of this Agreement. Except when used together with the word “either” or otherwise for the purpose of identifying mutually exclusive alternatives, the term “or” has the inclusive meaning represented by the phrase “and/or.” All references in this Agreement to “dollars” or “$” shall mean United States dollars. Except where the context otherwise requires, wherever used the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders. The term “including” or “includes” means “including without limitation” or “includes without limitation.”

10.3    Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.
 
10.4    Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares. The agreements and covenants contained herein shall survive for the applicable statute of limitations.

10.5    Governing Law; Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the substantive laws of the State of New York, without regard to its or any other jurisdiction’s choice of law rules. Any and all disputes arising out of, concerning, or related to this Agreement, or to the interpretation, performance, breach or termination thereof shall be referred to and resolved by the federal courts located in New York, New York. EACH PARTY HEREBY WAIVES ITS 

RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SHARES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

10.6    Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other party. Signatures to this Agreement transmitted by facsimile, by email in “portable document format” (“.pdf”), or by any other electronic means intended to preserve the original graphic and pictorial appearance of this Agreement shall have the same effect as physical delivery of the paper document bearing original signature.

10.7    Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. None of the Purchasers may assign this Agreement or any rights or obligations hereunder, in whole or in part, without the prior written consent of the Company.

10.8    No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 6.3 and this Section 10.8.
 
10.9    Entire Agreement. This Agreement and the other documents and instruments delivered pursuant hereto or thereto, including the exhibits hereto or thereto, constitute the full and entire understanding and agreement between the parties hereto with regard to the subjects hereof and thereof.

10.10    Independent Nature of Purchasers’ Obligations And Rights. The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group, or are deemed affiliates (as such term is defined under the Exchange Act) with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser acknowledges that it is not relying upon any person, firm, or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Purchaser agrees that no Purchaser nor the respective controlling persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.

10.11    Payment of Fees and Expenses. Except as otherwise provided herein or in the other documents or instruments contemplated hereby, each of the Company and the Purchasers shall bear its own expenses and legal fees incurred on its behalf with respect to this Agreement and the transactions contemplated hereby. If any action at law or in equity is necessary to enforce or interpret the terms of this 

Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

10.12    Further Actions. Each party hereto agrees to execute, acknowledge, and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

10.13    Form 8-K. On or before the fourth (4th) Business Day following the Effective Date, the Company shall file a Current Report on Form 8-K with the Commission describing the terms of the transactions contemplated by this Agreement; provided, however that the Purchasers shall be given an opportunity to review and comment on the disclosure contained in such Current Report on Form 8-K prior to filing). Except for the Current Report on Form 8-K contemplated by this Section 10.13, all public announcements regarding this Agreement shall be issued only in accordance with Section 10.14.

10.14    Public Announcement. No press release or, except to the extent required under applicable law (in which case the disclosing party shall use reasonable efforts to give the other party hereto an opportunity to review and comment on such disclosure in advance of its public release), other public announcement shall be made, directly or indirectly, by either party hereto concerning the execution of this Agreement, the terms and conditions hereof or the consummation of the transactions contemplated hereby, in each case without the prior written consent of the other party hereto, which consent shall not be unreasonably withheld, conditioned or delayed.

[signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

COMPANY:

GOSSAMER BIO, INC.

By: /s/ Faheem Hasnain                
Name:     Faheem Hasnain
Title:    Chief Executive Officer
 
									
			

[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

ECOR1 CAPITAL FUND QUALIFIED, L.P.
By: EcoRl Capital, LLC, its General Partner

By:       /s/ Oleg Nodelman______________________
Name:     Oleg Nodelman
Title:      Manager

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

US-DOCS\133294322.6

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

GROWTH EQUITY OPPORTUNITIES 18 VGE, LLC 
By: NEA 18 VENTURE GROWTH EQUITY, L.P., its sole member
By: NEA PARTNERS VG 18, L.P., its general partner 
By: NEA VG 18 GP, LLC, its general partner

By:       /s/ Louis S. Citron ________________________________
Name:     Louis S. Citron
Title:      Chief Legal Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BROOKDALE INTERNATIONAL PARTNERS, L.P.

By:       /s/ Scott Bell__________________________________
Name:     Scott Bell
Title:      Authorized Signatory of Weiss Asset Management LP, as Investment 
    Manager of Purchaser

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

MADISON AVENUE INTERNATIONAL LP

By:       /s/ Chris Carroll______________________________
Name:     Chris Carroll 
Title:      Chief Financial Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

ROCK SPRINGS CAPITAL MASTER FUND LP
By:  ROCK SPRINGS GENERAL PARTNER LLC

By:       /s/ Kris Jenner________________________________
Name:     Kris Jenner
Title:      Member

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BOXER CAPITAL, LLC

By:       /s/ Aaron Davis_____________________________
Name:     Aaron Davis    
Title:      Chief Executive Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BROOKDALE GLOBAL OPPORTUNITY FUND

By:       /s/ Scott Bell_______________________________
Name:     Scott Bell
Title:      Authorized Signatory of Weiss Asset Management LP, as Investment
    Manager of Purchaser

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

INVUS PUBLIC EQUITIES, L.P.

By:       /s/ Khalil Barrage____________________________
Name:     Khalil Barrage
Title:      Vice President of the General Partner

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

ALTMAN FAMILY TRUST DATED 8/21/92

By:       /s/ Altman Family Trust Dated 8/21/92______________
Name:     Steve Altman
Title:      Trustee

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

ECORL CAPITAL FUND, L.P. 
By: EcoRl Capital, LLC, its General Partner

By:       /s/ Oleg Nodelman______________________________
Name:     Oleg Nodelman
Title:      Manager

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

FOUR PINES MASTER FUND LP 
By:  FOUR PINES GENERAL PARTNER LLC

By:       /s/ Kris Jenner_____________________________
Name:     Kris Jenner
Title:      Member

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

DS LIQUID DIV RVA MON LLC

By:       /s/ Jeff Muller____________________________
Name:     Jeff Muller
Title:      Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

MONASHEE SOLITARIO FUND LP

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:      Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

WILLIAM RASTETTER

By:       /s/ William Rastetter___________________________
Name:     William Rastetter
Title:      Self

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

HASNAIN REVOCABLE TRUST U/A DTD 2/19/2010

By:       /s/ Faheem Hasnain______________________________
Name:     Faheem Hasnain    
Title:      Trustee

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

MONASHEE PURE ALPHA SPV I LP

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:   Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BEMAP MASTER FUND LTD

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:   Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

MONASHEE MANAGED ACCOUNT SP

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:   Chief Compliance Officer
    

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

MISSION PURE ALPHA LP

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:   Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BESPOKE ALPHA MAC MIM LP

By:       /s/ Jeff Muller_____________________________
Name: Jeff Muller
Title:   Chief Compliance Officer

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

BRYAN AND COURTNEY GIRAUDO REVOCABLE TRUST

By:       /s/ Bryan Giraudo________________________________
Name:     Bryan Giraudo
Title:      Trustee

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

CHRISTIAN WAAGE AND LINA PITESA WAAGE, TRUSTEES OF THE WAAGE FAMILY TRUST DATED JUNE 11, 2008

By:      /s/ Christian Waage_________________________________
Name:     Christian Waage
Title:      Trustee

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

PURCHASER:

LAURA CARTER

By:       /s/ Laura Carter______________________________
Name: Laura Carter     

    
[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

EXHIBIT A
Lock-up Terms
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Stock Purchase Agreement (the “Agreement”) made as of July 12, 2022, and among Gossamer Bio, Inc., a Delaware corporation (the “Company”), and the purchasers whose names and addresses are set forth on the signature pages thereof (each, a “Purchaser”).
Beginning on the Closing Date through October 1, 2022 (the “Lock Up Period”), the Purchaser shall not, without the prior written consent of the Company, subject to the exceptions set forth below:
(1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company’s Common Stock or any securities convertible into or exercisable or exchangeable for the Company’s Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (the “Lock-up Shares”), or publicly disclose the intention to make any offer, sale, pledge or disposition of any Lock-up Shares; or
(2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Lock-Up Shares or such other securities, in cash or otherwise, in each case other than:
(A) transfers of the Lock-up Shares as a bona fide gift or gifts,
(B) transfers or dispositions of the Lock-up Shares to any trust for the direct or indirect benefit of the Purchaser,
(C) distributions by a trust to its beneficiaries,
(D) transfers or dispositions of the Lock-up Shares to any corporation, partnership, limited liability company or other entity, all of the beneficial ownership interests of which are held by Purchaser,
(E) transfers or dispositions of the Lock-up Shares by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of Purchaser,
(F) transfers of the Lock-up Shares to partners, members or stockholders of Purchaser, or to another partnership, limited liability company, corporation or other business entity that controls, is controlled by or is under common control with Purchaser;
(G) if the Purchaser is an investment company registered under the Investment Company Act of 1940, as amended (a “Mutual Fund”), pursuant to a merger or reorganization with or into another Mutual Fund that shares the same investment adviser registered pursuant to the requirements of the Investment Advisers Act of 1940, as amended;
(H) any transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, approved by the board of directors of the Company, made to all holders of Common Stock involving a change of control of the Company, provided that, in the event that such tender offer, merger, consolidation or other similar transaction is not completed, any shares of Common Stock or securities convertible into or exercisable or 

exchangeable for Common Stock held by the undersigned shall remain subject to the restrictions on transfer set forth herein;
(I)  transfers to the Company as forfeitures to satisfy tax withholding and remittance obligations of the undersigned in connection with the exercise or vesting of equity awards granted pursuant to the Company’s equity incentive plans or transfers to the Company pursuant to a net exercise or cashless exercise by the stockholder of outstanding equity awards pursuant to the Company’s equity incentive plans; provided the Common Stock issued shall remain subject to the restrictions on transfer set forth in this agreement and any filing under Section 16 of the Exchange Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause;
(J)  transfers to the Company pursuant to any contractual arrangement that provides for the repurchase by the Company or forfeiture of the undersigned’s Common Stock in connection with the termination of the undersigned’s service to the Company; provided that if the undersigned is required to file a report under Section 16 of the Exchange Act reporting a reduction in beneficial ownership of shares of Common Stock during the Lock-Up Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the termination of the undersigned’s employment or other services;
provided that (x) in the case of any transfer or distribution pursuant to clauses (A) – (G), each transferee, donee or distributee shall execute and deliver to the Company a lock-up letter agreeing to these Lock-up Terms; and (y) in the case of any transfer, disposition or distribution pursuant to clause (A) – (F), any such transfer or distribution shall not involve a disposition for value. For purposes of these Lock-up Terms, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.
Notwithstanding anything herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act (“10b5-1 Trading Plan”) or from amending an existing 10b5-1 Trading Plan so long as there are no sales of Shares under such plan during the Lock-Up Period; and provided that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan, in either case, providing for sales of Shares shall only be permitted if (i) the establishment or amendment of such plan is not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise, and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment or amendment of such plan.
All authority herein conferred or agreed to be conferred and any obligations of the Purchaser shall be binding upon the successors, assigns, heirs or personal representatives of the Purchaser.

EXHIBIT B
D&O Lock-up

Lock-Up Agreement
Gossamer Bio, Inc.
July 12, 2022

Gossamer Bio, Inc.
3013 Science Park Road
San Diego, CA 92121    
Re: Gossamer Bio, Inc. - Lock-Up Agreement
Ladies and Gentlemen:
The undersigned understands that you, as purchasers (the “Purchasers”), are party to that certain Stock Purchase Agreement with Gossamer Bio, Inc. (the “Company”) dated as of July 12, 2022 (the “Purchase Agreement”) providing for the sale and issuance of shares of the Company’s Common Stock. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Purchase Agreement.
In consideration of the entry into the Purchase Agreement, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning on the date hereof and continuing to, and including, October 1, 2022 (the “Lock-Up Period”), the undersigned shall not, without the prior written consent of the Company, subject to the exceptions set forth below: 
(1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company’s Common Stock or any securities convertible into or exercisable or exchangeable for the Company’s Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (the “Lock-Up Shares”), or publicly disclose the intention to make any offer, sale, pledge or disposition of any Lock-Up Shares; or
(2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Lock-Up Shares or such other securities, in cash or otherwise, in each case other than:
(A) transfers of the Lock-Up Shares as a bona fide gift or gifts,
(B) transfers or dispositions of the Lock-Up Shares to any trust for the direct or indirect benefit of the undersigned,
(C) distributions by a trust to its beneficiaries,
(D) transfers or dispositions of the Lock-Up Shares to any corporation, partnership, limited liability company or other entity, all of the beneficial ownership interests of which are held by undersigned,
(E) transfers or dispositions of the Lock-Up Shares by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of undersigned,
[Signature Page to Lock-Up Agreement]

(F) transfers of the Lock-Up Shares to partners, members or stockholders of the undersigned, or to another partnership, limited liability company, corporation or other business entity that controls, is controlled by or is under common control with the undersigned;
(G) if the undersigned is an investment company registered under the Investment Company Act of 1940, as amended (a “Mutual Fund”), pursuant to a merger or reorganization with or into another Mutual Fund that shares the same investment adviser registered pursuant to the requirements of the Investment Advisers Act of 1940, as amended;
(H) any transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, approved by the board of directors of the Company, made to all holders of Common Stock involving a change of control of the Company, provided that, in the event that such tender offer, merger, consolidation or other similar transaction is not completed, any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock held by the undersigned shall remain subject to the restrictions on transfer set forth herein;
(I)  transfers to the Company as forfeitures to satisfy tax withholding and remittance obligations of the undersigned in connection with the exercise or vesting of equity awards granted pursuant to the Company’s equity incentive plans or transfers to the Company pursuant to a net exercise or cashless exercise by the stockholder of outstanding equity awards pursuant to the Company’s equity incentive plans; provided the Common Stock issued shall remain subject to the restrictions on transfer set forth in this agreement and any filing under Section 16 of the Exchange Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause;
(J)  transfers to the Company pursuant to any contractual arrangement that provides for the repurchase by the Company or forfeiture of the undersigned’s Common Stock in connection with the termination of the undersigned’s service to the Company; provided that if the undersigned is required to file a report under Section 16 of the Exchange Act reporting a reduction in beneficial ownership of shares of Common Stock during the Lock-Up Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the termination of the undersigned’s employment or other services;
provided that (x) in the case of any transfer or distribution pursuant to clauses (A) – (G), each transferee, donee or distributee shall execute and deliver to the Company a lock-up letter in the form of this letter agreement; and (y) in the case of any transfer, disposition or distribution pursuant to clause (A) – (F), any such transfer or distribution shall not involve a disposition for value. For purposes of this agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.
Notwithstanding anything herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act (“10b5-1 Trading Plan”) or from amending an existing 10b5-1 Trading Plan so long as there are no sales of Shares under such plan during the Lock-Up Period; and provided that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan, in either case, providing for sales of Lock-Up Shares shall only be permitted if (i) the establishment or amendment of such plan is not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise, and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment or amendment of such plan.
This letter agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provisions hereof be enforced by, any other Person.
All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned understands that the undersigned shall be released from all obligations under this letter agreement if the Purchase Agreement shall terminate or be terminated prior to the Closing.  

 [signature page follows]

Very truly yours,

						
	IF AN INDIVIDUAL:	IF AN ENTITY:
	

By:         
    (duly authorized signature)
	

    
(please print complete name of entity)

	

Name:         
    (please print full name)
	

By:         
    (duly authorized signature)

		

Name:         
    (please print full name)

Title:         
    (please print full title)Exhibit 4.1

 

 

 

 

WARRANT ISSUANCE AGREEMENT

 

Dated as of July 11, 2022

 

by and between

 

CANOO INC.

 

and

 

WALMART INC.

 

 

 

     

     

    

 

This WARRANT ISSUANCE AGREEMENT,
dated as of July 11, 2022 (this “Agreement”), is by and between Canoo Inc., a Delaware corporation (the “Company”),
and Walmart Inc., a Delaware corporation (“Walmart”).

 

RECITALS:

 

WHEREAS, the Company,
through its affiliate Canoo Sales, LLC, and Walmart are parties to that certain Electric Vehicle Fleet Purchase Agreement, dated as of
the date of this Agreement (as it may be amended from time to time, including all annexes, schedules, exhibits, work orders and purchase
orders thereto, collectively, the “EV Agreement”);

 

WHEREAS, in connection
with the transactions contemplated by the EV Agreement, and subject to the terms and conditions hereof, the Company desires to issue to
Walmart, and Walmart desires to acquire from the Company, concurrently with the execution of this Agreement, a warrant to purchase a specified
number of shares of the Company’s common stock, $ 0.001 par value per share (the “Common Stock”); and

 

WHEREAS, the parties
wish to set forth in this Agreement certain terms and conditions regarding, among other things, Walmart’s ownership of the Warrant
and Warrant Shares (as defined below), as applicable.

 

NOW, THEREFORE, in
consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be
legally bound, the parties agree as set forth herein.

 

Article
I

WARRANT ISSUANCE

 

1.1 Warrant Issuance.
On the terms and subject to the conditions set forth in this Agreement, the Company shall issue to Walmart, and Walmart shall acquire
from the Company, concurrently with the execution of this Agreement, a warrant to purchase up to an aggregate of 61,160,011 fully paid
and nonassessable shares of Common Stock (the “Warrant Shares”), subject to adjustment in accordance with its terms,
in the form attached hereto as Annex A (the “Warrant”). The issuance of the Warrant by the Company and the acquisition
of the Warrant by Walmart are referred to herein as the “Warrant Issuance”.

 

1.2 Interpretation.
When a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” “Annexes”
or “Schedules” such reference shall be to a Recital, Article or Section of, or Annex or Schedule to, this Agreement unless
otherwise indicated. The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. References to
“herein,” “hereof,” “hereunder” and the like refer to this Agreement as a whole and not to any particular
section or provision, unless the context requires otherwise. References to parties refer to the parties to this Agreement. The table of
contents and headings contained in this Agreement are for reference purposes only and are not part of this Agreement. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed followed by
the words “without limitation.” No rule of construction against the draftsperson shall be applied in connection with the interpretation
or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Any
reference to a wholly owned subsidiary of a person shall mean such subsidiary is directly or indirectly wholly owned by such person. All
references to “$” or “dollars” mean the lawful currency of the United States of America. Except as expressly stated
in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented
or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any
section of any statute, rule or regulation include any successor to the section. The term “Business Day” means any
day, other than a Saturday, a Sunday or any other day on which commercial banks in the State of New York are authorized or required by
Applicable Law to be closed. With respect to the Warrant and Warrant Shares, such term shall include any shares of Common Stock or other
securities of the Company received by Walmart as a result of any stock split, stock dividend or distribution, other subdivision, reorganization,
reclassification or similar capital transaction.

 

     

     

    

 

Article
II

REPRESENTATIONS AND WARRANTIES

 

2.1 Representations and
Warranties of the Company. The Company represents and warrants as of the date of this Agreement and, in the case of the representation
in the last sentence of Section 2.1(c), as of the date of each issuance of Warrant Shares, to Walmart that:

 

(a) Organization and
Authority. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the
State of Delaware, with the corporate power and authority to own its properties and conduct its business in all material respects as currently
conducted, and is duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each
other jurisdiction in which the ownership or leasing of property or the conduct of its business requires such qualification. The Company
has made available to Walmart complete and correct copies of the Company’s certificate of incorporation and bylaws, as of the date
of this Agreement, and each as so delivered is in full force and effect.

 

(b) Capitalization.
The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock of which, as of the date hereof,
269,262,458 shares were issued and outstanding, and 10,000,000 shares of undesignated preferred stock of which, as of the date
hereof, 0 shares were issued and outstanding. As of the date hereof, the Company had 135,074,003 shares of Common Stock reserved for
issuance, including: 33,970,858 reserved for under the standby equity purchase agreement,
dated as of May 10, 2022, between the Company and YA-II PN, Ltd., 4,279,351 reserved for under the Company’s 2018 Share
Option and Grant Plan, 8,015,856 reserved under the 2020 Employee Stock Purchase Plan, 49,080,716 reserved under the 2020 Equity
Incentive Plan, 972,222 common stock warrants held by VDL Nedcar, and 15,000,000 contingent earnout shares and 23,755,000 warrants
assumed in connection with the Company’s business combination with Hennessy Capital Acquisition Corp. IV,. Subject to
Shareholder approval the company may issue additional shares under the standby equity purchase agreement with YA-II PN. The
outstanding shares of capital stock have been, and the shares of Common Stock issuable upon the exercise of the warrants will be,
duly authorized and are validly issued, fully paid and nonassessable, and subject to no preemptive rights (and were not, and the
shares of Common Stock issuable upon the exercise of the warrants will not be, issued in violation of any preemptive rights, the
Company’s certificate of incorporation, or any Applicable Law). Except as set forth above, there are no (A) shares of capital
stock or other equity interests or voting securities of the Company authorized, reserved for issuance, issued or outstanding, (B)
options, warrants, calls, preemptive rights, subscription or other rights, instruments, agreements, arrangements or commitments of
any character, obligating the Company or any of its subsidiaries to issue, transfer or sell or cause to be issued, transferred or
sold any shares of capital stock or other equity interest or voting security in the Company or any securities or instruments
convertible into or exchangeable for such shares of capital stock or other equity interests or voting securities, or obligating the
Company or any of its subsidiaries to grant, extend or enter into any such option, warrant, call, preemptive right, subscription or
other right, instrument, agreement, arrangement or commitment, (C) outstanding contractual obligations of the Company or any of its
subsidiaries to repurchase, redeem or otherwise acquire any capital stock or other equity interest or voting securities of the
Company, or (D) issued or outstanding performance awards, units, rights to receive any capital stock or other equity interest or
voting securities of the Company on a deferred basis, or rights to purchase or receive any capital stock or equity interest or
voting securities issued or granted by the Company to any current or former director, officer, employee or consultant of the
Company. No subsidiary of the Company owns any shares of capital stock or other equity interest or voting securities of the Company.
There are no voting trusts or other agreements or understandings to which the Company or any of its subsidiaries is a party with
respect to the voting of the capital stock or other equity interest or voting securities of the Company. The issuance of the Warrant
and the Warrant Shares will not result in any adjustment to the conversion price or exercise price of any securities of the Company
that are convertible into, or exercisable or exchangeable for, shares of Common Stock.

 

    -2-

     

    

 

(c) The Warrant and
Warrant Shares. The Warrant has been duly authorized by the Company and constitutes a valid, legal and binding obligation of the Company
in accordance with its terms, except as the same may be limited by the Bankruptcy Exceptions. The Warrant Shares have been duly authorized
and reserved for issuance upon exercise of the Warrant and, when so issued, paid for and delivered upon due exercise of the Warrant, will
be validly issued, fully paid and non-assessable, and free and clear of any liens or encumbrances, other than liens or encumbrances arising
as a matter of Applicable Law or created by or at the direction of Walmart or any of its Affiliates.

 

(d) Authorization,
Enforceability.

 

(i)
 The Company has the power and authority to execute and deliver this Agreement and the other Transaction
Documents, as applicable, to consummate the transactions contemplated hereby and thereby, and to carry out its obligations hereunder
and thereunder, except with respect to the issuance of Warrant Shares in an amount in excess of 20% of the shares outstanding as of
the date hereof, the issuance of which shall be subject to the Company obtaining the Requisite Stockholder Approval. The execution,
delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the
part of the Company, and no further approval or authorization is required on the part of the Company. This Agreement and the other
Transaction Documents, assuming the due authorization, execution and delivery by the other parties hereto and thereto, are valid and
binding obligations of the Company, enforceable against the Company and such subsidiary, respectively, in accordance with their
respective terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such
enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”).

 

(ii) The execution,
delivery and performance by the Company of this Agreement and the other Transaction Documents, as applicable, and the consummation of
the transactions contemplated hereby and thereby and compliance by the Company with any of the provisions hereof and thereof, will not
(A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result
in a right of termination or acceleration of, or result in the creation of, any lien, security interest, charge or encumbrance upon any
of the properties or assets of the Company or any of its subsidiaries under any of the terms, conditions or provisions of (x) its certificate
of incorporation (or analogous organizational documents), or (y) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement
or other instrument or obligation to which the Company or any of its subsidiaries is a party or by which it or any of its subsidiaries
may be bound, or to which the Company or any of its subsidiaries or any of the properties or assets of the Company or any of its subsidiaries
is subject; (B) subject to compliance with the statutes and regulations referred to in the next paragraph, violate any Applicable Law
or Order applicable to the Company or any of its subsidiaries or any of their respective properties or assets; (C) result in any payment
(including severance, unemployment compensation, forgiveness of indebtedness or otherwise) becoming due to any director or any employee
of the Company or any of its subsidiaries under any employment, compensation or benefit plan, program, policy, agreement or arrangement
that is sponsored, maintained or contributed to by the Company or any of its subsidiaries (each, a “Company Benefit Plan”)
or otherwise; (D) increase any benefits otherwise payable under any Company Benefit Plan; (E) result in any acceleration of the time of
payment or vesting of any such benefits; (F) require the funding or acceleration of funding of any trust or other funding vehicle; or
(G) constitute a “change in control,” “change of control” or other similar term under any Company Benefit Plan;
provided, however, that the foregoing shall not be deemed to include payments or other benefits under a Company Benefit
Plan that (a) gives effect to the Company’s performance of the Transaction Documents insofar as that performance impacts the Company’s
overall results of operations, and (b) are made to any individual whose compensation is based in part on performance related to a specific
territory that is impacted by the Company’s performance of the Transaction Documents.

 

    -3-

     

    

 

(iii)       
Other than (A) such notices, filings, exemptions, reviews, authorizations, consents or approvals as have been made or obtained
as of the date hereof, and (B) notices, filings, exemptions, reviews, authorizations, consents or approvals as may be required
under, and other applicable requirements of (1) any Antitrust Laws, to the extent applicable, (2) the Exchange Act, (3) 
the Securities Act, and (4) The NASDAQ Global Select Market, no notice to, filing with, exemption or review by, or
authorization, consent or approval of, any federal, national, state, local, municipal, international or multinational government or
political subdivision thereof, governmental department, commission, board, bureau, agency, taxing or regulatory authority, judicial
or administrative body, official, tribunal or other instrumentality of any government, whether federal, state or local, domestic or
foreign, or arbitrator or SRO (each, a “Governmental Entity”) is required to be made or obtained by the Company
or any of its subsidiaries in connection with the consummation by the Company or any of its subsidiaries of the Warrant Issuance and
the other transactions contemplated hereby and by the other Transaction Documents,. For purposes of this Agreement,
“Antitrust Laws” means the HSR Act, the Sherman Act, as amended, the Clayton Act, as amended, the Federal Trade
Commission Act, as amended, and any other federal, state, local, domestic, foreign or supranational laws that are designed to
prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or that provide for
review of foreign investment.

 

(e) Company Financial
Statements. Each of the consolidated financial statements included in the SEC Reports (A) complied as to form, as of their respective
dates of filing with the Commission, in all material respects with the applicable accounting requirements and with the rules and regulations
of the Commission, (B) were prepared in accordance with GAAP, in all material respects, applied on a consistent basis during the periods
involved (except as may be indicated in such financial statements or in the notes thereto and subject, in the case of unaudited statements,
to normal year-end audit adjustments and the absence of footnote disclosure), and (C) fairly presents, in all material respects, the consolidated
financial position and the consolidated results of operations and cash flows (and changes in financial position, if any) of the Company
and its subsidiaries as of the date and for the periods referred to in such financial statements except to the extent such financial statements
have been modified or superseded by later SEC Reports, and except, in the case of the unaudited statements, as permitted by Rule 10-01
of Regulation S-X under the Exchange Act and pursuant to Sections 13 or 15(d) of the Exchange Act and for normal year end audit adjustments
which would not be material in amount or effect.

 

(f)   Anti-Takeover
Provisions. The actions taken by the Board to approve this Agreement, the Transaction Documents and the transactions contemplated
hereby and thereby, constitute all the action necessary to render inapplicable to this Agreement, the Transaction Documents and the transactions
contemplated hereby and thereby the provisions of any potentially applicable anti-takeover, control share, fair price, moratorium, interested
shareholder or similar Applicable Law (including, for the avoidance of doubt, Section 203 of the Delaware General Corporation Law) and
any potentially applicable provision of the Company’s certificate of incorporation or bylaws (collectively, the “Anti-Takeover
Provisions”). The Company is not a party to any stockholder rights plan or “poison pill” agreement.

 

(g) Reports.

 

(i)   
Since December 31, 2020, the Company has complied in all material respects with the filing requirements of Sections 13(a), 14(a) and 15(d)
of the Exchange Act, and of the Securities Act.

 

    -4-

     

    

 

(ii) The SEC Reports,
when they became effective or were filed with the Commission as the case may be, complied in all material respects with the requirements
of the Securities Act, the Exchange Act and SOX as applicable, and none of such documents, when they became effective or were filed with
the Commission, as the case may be, contained an untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
except to the extent such statements have been modified or superseded by later SEC Reports filed or furnished and publicly available prior
to the date of this Agreement.

 

2.2 Representations and
Warranties of Walmart. Walmart hereby represents and warrants as of the date of this Agreement to the Company that:

 

(a) Organization.
Walmart has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with the corporate power and authority to own its properties and conduct its business in all material respects as currently conducted.

 

(b) Authorization,
Enforceability. Walmart and each of its subsidiaries that is a party to any other Transaction Document have the corporate or analogous
power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party, to consummate the
transactions contemplated hereby and thereby, and to carry out its obligations hereunder and thereunder. The execution, delivery and performance
by Walmart, and by each of its subsidiaries that is a party to any other Transaction Document, as applicable, of this Agreement and the
other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby have been
duly authorized by all necessary corporate or analogous action on its, or such subsidiary’s or part, as applicable, and no further
approval or authorization is required on its, or such subsidiary’s part, as applicable. This Agreement and the other Transaction
Documents, assuming the due authorization, execution and delivery by the other parties hereto and thereto, are valid and binding obligations
of Walmart, and such subsidiary, as applicable, enforceable against it, and such subsidiary, as applicable, in accordance with their respective
terms, except as the same may be limited by Bankruptcy Exceptions. Notwithstanding anything to the contrary contained herein, the exercise
of the Warrant, in whole of from time to time in part, may require further board of director or other management or board or management
committee approvals or authorizations on the part of Walmart or such subsidiary, as applicable.

 

Article
III

COVENANTS

 

3.1 Efforts.

 

(a) Subject to the terms
and conditions hereof (including the remainder of this Section 3.1) and the other Transaction Documents, each party shall use
its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary,
proper or desirable under Applicable Law to carry out the provisions hereof and thereof and give effect to the transactions
contemplated hereby and thereby. In furtherance and not in limitation of the foregoing, each of the parties shall (i) subject
to the provisions of this Section 3.1, use its commercially reasonable efforts to obtain as promptly as reasonably
practicable and advisable (as determined in good faith by Walmart after consultation with the Company in accordance with the first
sentence of Section 3.1(d)) all exemptions, authorizations, consents or approvals from, and to make all filings with and
to give all notices to, all third parties, including any Governmental Entities, required in connection with the transactions
contemplated by this Agreement and the other Transaction Documents, which, for the avoidance of doubt, shall include providing, as
promptly as reasonably practicable and advisable, such information to any Governmental Entity as such Governmental Entity may
request in connection therewith, and (ii) cooperate fully with the other party in promptly seeking to obtain all such
exemptions, authorizations, consents or approvals and to make all such filings and give such notices.

 

    -5-

     

    

 

(b) Without limiting
the generality of the foregoing, and only to the extent required by Applicable Law (including, for the avoidance of doubt, any Antitrust
Law), (i) as promptly as reasonably practicable after written notice from Walmart, and in any event no later than in accordance with
established regulatory timeframes, the parties shall file any Notification and Report Forms required under the HSR Act with the Federal
Trade Commission and the United States Department of Justice (the date on which all such Notification and Report Forms required under
the HSR Act have been initially filed, the “HSR Filing Date if required”) and (ii) as promptly as reasonably practicable
after written notice from Walmart, file, make or give, as applicable, all other filings, requests or notices required under any other
Antitrust Laws, in each case with respect to the exercise of the Warrant Shares (the “Initial Filing Transaction”)
(the filings, requests and notices described in the foregoing clauses (i) and (ii), collectively, the “Initial Antitrust Filings”).
Walmart shall be responsible for payment of all filing fees associated with the HSR Act and any other Antitrust Laws. In addition, following
the receipt of the Initial Antitrust Clearance, to the extent required by Applicable Law (including, for the avoidance of doubt, any Antitrust
Law) in connection with any further exercise of Warrant Shares (in each case, whether in full or in part), the parties shall file, make
or give, as applicable, as promptly as reasonably practicable and advisable (as determined in good faith by Walmart after consultation
with the Company in accordance with the first sentence of Section 3.1(d)), any further required filings, requests or notices required
under any Antitrust Laws, including the HSR Act (collectively, the “Other Antitrust Filings”). Without limiting the
generality of the foregoing, each party shall supply as promptly as reasonably practicable to the appropriate Governmental Entities any
information and documentary material that may be required pursuant to the HSR Act or any other Antitrust Laws. For purposes of this Agreement,
the term “Initial Antitrust Clearance” as of any time means (x) prior to such time, the expiration or termination
of the waiting period under the HSR Act and the receipt of all exemptions, authorizations, consents or approvals, the making of all filings
and the giving of all notices, and the expiration of all waiting periods, pursuant to any other Antitrust Laws, in each case to the extent
required with respect to the Initial Filing Transaction, and (y) the absence at such time of any Applicable Law or Order issued by
any court of competent jurisdiction or other legal restraint or prohibition under any Antitrust Law, in each case that has the effect
of preventing the consummation of the Initial Filing Transaction.

 

(c) Subject to the terms
and conditions hereof (including the remainder of this Section 3.1) and the other Transaction Documents, and only to the
extent required under the Antitrust Laws, each of the parties shall use its commercially reasonable efforts to avoid or eliminate
each and every impediment under any Antitrust Laws that may be asserted by any Governmental Entity, so as to enable the parties to
give effect to the transactions contemplated hereby and by the other Transaction Documents in accordance with the terms hereof and
thereof; provided, that notwithstanding anything to the contrary contained herein or in any of the other Transaction
Documents, nothing in this Section 3.1 shall require, or be construed to require, any party or any of its Affiliates to agree
to (and no party or any of its Affiliates shall agree to, without the prior written consent of the other
parties):  (i) sell, hold separate, divest, discontinue or limit (or any conditions relating to, or changes or
restrictions in, the operation of) any assets, businesses or interests of it or its Affiliates (irrespective of whether or not such
assets, businesses or interests are related to, are the subject matter of or could be affected by the transactions contemplated by
the Transaction Documents); (ii) without limiting clause (i) in any respect, any conditions relating to, or changes or
restrictions in, the operations of any such assets, businesses or interests that would reasonably be expected to adversely impact
(x) the business of, or the financial, business or strategic benefits of the transactions contemplated hereby or by any of the
other Transaction Documents to it or its Affiliates, or (y) any other assets, businesses or interests of it or its Affiliates;
or (iii) without limiting clause (i) in any respect, any modification or waiver of the terms and conditions of this Agreement
or any of the other Transaction Documents that would reasonably be expected to adversely impact (x) the business of, or
financial, business or strategic benefits of the transactions contemplated hereby or by any of the other Transaction Documents to it
or its Affiliates, or (y) any other assets, businesses or interests of it or its Affiliates.

 

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(d) The parties anticipate that HSR will not
apply to the issuance of Warrants, but may apply to the exercise of those Warrants, and at such time, if applicable Walmart shall
have the principal responsibility for devising and implementing the strategy (including with respect to the timing of filings) for
obtaining any exemptions, authorizations, consents or approvals required under the HSR Act or any other Antitrust Laws in connection
with the transactions contemplated hereby and by the other Transaction Documents; provided, however, that Walmart
shall consult in advance with the Company and in good faith take the Company’s views into account regarding the overall
antitrust strategy. Each of the parties shall promptly notify the other party of, and if in writing furnish the other with copies of
(or, in the case of oral communications, advise the other of), any substantive communication that it or any of its Affiliates
receives from any Governmental Entity, whether written or oral, relating to the matters that are the subject of this Agreement or
any of the other Transaction Documents and, to the extent reasonably practicable, permit the other party to review in advance any
proposed substantive written communication by such party to any Governmental Entity and consider in good faith the other
party’s reasonable comments on any such proposed substantive written communications prior to their submission. No party shall,
and each party shall cause its Affiliates not to, participate or agree to participate in any substantive meeting or communication
with any Governmental Entity in respect of the subject matter of the Transaction Documents, including on a “no names” or
hypothetical basis, unless (to the extent legally permissible) it or they consult with the other party in advance and, to the extent
practicable and permitted by such Governmental Entity, give the other party the opportunity to jointly prepare for, attend and
participate in such meeting or communication. The parties shall (and shall cause their Affiliates to) coordinate and cooperate fully
with each other in exchanging such information and providing such assistance as the other party may reasonably request in connection
with the matters described in this Section 3.1, including (x) furnishing to each other all information reasonably
requested to determine the jurisdictions in which a filing or submission under any Antitrust Law is required or advisable,
(y) furnishing to each other all information required for any filing or submission under any Antitrust Law and (z) keeping
each other reasonably informed with respect to the status of each exemption, authorization, consent, approval, filing and notice
under any Antitrust Law, in each case, in connection with the matters that are the subject of this Agreement or any of the other
Transaction Documents. The parties shall to the extent legally permissible provide each other with copies of all substantive
correspondence, filings or communications between them or any of their Affiliates or Representatives, on the one hand, and any
Governmental Entity or members of its staff, on the other hand, relating to the matters that are the subject of this Agreement or
any of the other Transaction Documents; provided that such material may be redacted as necessary to (1) comply with
contractual arrangements, (2) address good faith legal privilege or confidentiality concerns and (3) comply with
Applicable Law.

 

(e) Subject to the other provisions of this
Agreement, including in this Section , in the event that any arbitral, administrative, judicial or analogous action, claim or proceeding
is instituted (or threatened to be instituted) by a Governmental Entity or any other party challenging the transactions contemplated hereby
or by any of the other Transaction Documents (“Transaction Litigation”), neither party shall be required to contest
and resist any such Transaction Litigation or to seek to have vacated, lifted, reversed or overturned any judgment, ruling, order, writ,
injunction or decree, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts consummation
or implementation of the transactions contemplated hereby or by any of the other Transaction Documents. Each party shall keep the other
party reasonably informed with respect to any Transaction Litigation unless doing so would reasonably be likely to jeopardize any privilege
of such party regarding any such Transaction Litigation (subject to such party using commercially reasonable efforts to, and cooperating
in good faith with the other party in, developing and implementing reasonable alternative arrangements to provide such other party with
such information). Subject to the immediately preceding sentence, each party shall promptly advise the other party orally and in writing
in connection with, and shall consult with each other with respect to, any Transaction Litigation and shall in good faith give consideration
to each other’s advice with respect to such Transaction Litigation.

 

(f)   As promptly
as practicable following the date hereof, the Company shall adopt such amendments and take such further actions and do or cause to be
done all things necessary, proper or advisable under Applicable Law, to prevent the execution and delivery of the Transaction Documents
and the consummation of the transactions contemplated thereby from constituting a “change in control,” “change of control”
or other similar term under any Company Benefit Plan.

 

(g) Notwithstanding anything
herein to the contrary, from and after the earlier of (i) the exercise of the Warrant in full and (ii) the expiration, termination
or cancellation of the Warrant without the Warrant having been exercised in full, no party shall have any further obligations under this
Section 3.1; provided, that this Section 3.1(g) shall in no way relieve any party with respect to any breach by such
party of this Section 3.1 prior to such time.

 

    -7-

     

    

 

3.2 Stockholder Approval.

 

(a) To the extent required, as promptly as
reasonably practicable following the date of this Agreement, and in any event no later than the Company’s 2023 annual meeting of
the stockholders of the Company (the “Company Stockholders”), the Company shall convene and hold a meeting of the Company
Stockholders (the “Company Stockholder Meeting”) to consider and vote on the issuance of the Warrant in respect of
any Warrant Shares in excess of 53,852,492 shares, pursuant to the applicable rules of the NASDAQ Global Select Market, including but
not limited to, NASDAQ Rule 5635(d), for the avoidance of doubt, without giving effect to any “cashless” or “net”
exercise provisions therein (the “Requisite Stockholder Approval”); provided that the parties acknowledge that
such meeting may be postponed or adjourned in accordance with the Company’s bylaws or as otherwise required by Applicable Law if
(x) there is an insufficient number of shares of Common Stock present or represented by a proxy at the Company Stockholder Meeting to
conduct business at the Company Stockholder Meeting, (y) the Company is required to postpone or adjourn the Company Stockholder Meeting
by Applicable Law or a request from the Commission or its staff, or (z) the Company determines in good faith that it is necessary or appropriate
to postpone or adjourn the Company Stockholder Meeting in order to give the Company Stockholders sufficient time to evaluate any information
or disclosure that the Company has sent or otherwise made available to them. If, despite the Company’s reasonable best efforts the
Requisite Stockholder Approval is not obtained at or prior to the Company Stockholder Meeting, the Company shall seek to obtain such Requisite
Stockholder Approval at a meeting of the stockholders of the Company at least once each calendar year and within 13 months of the previous
meeting of the stockholders of the Company at which the Requisite Stockholder Approval was sought until such Requisite Stockholder Approval
is obtained or the Warrant is no longer outstanding.

 

(b) The Company shall use
its reasonable best efforts to obtain the Requisite Stockholder Approval. Without limiting the foregoing, the Board shall (x)
recommend that the Company Stockholders vote in favor of the Requisite Stockholder Approval (the “Company Board
Recommendation”) (and not withdraw or modify in any adverse respect such Company Board Recommendation unless the Board
determines in good faith (after consultation with outside legal counsel and financial advisors) that the failure to take such action
would be inconsistent with its fiduciary duties to the holders of Common Stock under Applicable Law, (y) solicit proxies in favor of
the Requisite Stockholder Approval in accordance with this Section 3.4(b), and (z) obtain commitments from each of the
directors and executive officers of the Company to vote in favor of the Requisite Stockholder Approval. In connection with the
Company Stockholder Meeting, the Company shall promptly prepare (and Walmart shall reasonably cooperate with the Company to prepare)
and file with the Commission a preliminary proxy statement, shall use its commercially reasonable efforts to respond to any comments
of the Commission or its staff and to cause a definitive proxy statement related to such meeting to be mailed to the Company
Stockholders as promptly as practicable after clearance thereof by the Commission. The Company shall notify Walmart promptly of the
receipt of any comments from the Commission or its staff with respect to the proxy statement and of any request by the Commission or
its staff for amendments or supplements to such proxy statement or for additional information and shall supply Walmart with copies
of all correspondence between the Company or any of its Representatives, on the one hand, and the Commission or its staff, on the
other hand, with respect to such proxy statement. If at any time prior to the Company Stockholder Meeting there shall occur any
event that is required to be set forth in an amendment or supplement to the proxy statement, the Company shall as promptly as
reasonably practicable prepare and mail to the Company Stockholders such an amendment or supplement. Each of the parties shall
promptly correct any information provided by it or on its behalf for use in the proxy statement if and to the extent that such
information shall have become false or misleading in any material respect, and the Company shall as promptly as reasonably
practicable prepare and furnish to the Company Stockholders an amendment or supplement to correct such information to the extent
required by Applicable Laws. The Company shall consult with Walmart prior to filing any proxy statement, or any amendment or
supplement thereto, or responding to any comments from the Commission or its staff with respect thereto, and provide Walmart with a
reasonable opportunity to comment thereon, and consider in good faith any comments proposed by Walmart.

 

    -8-

     

    

 

(c) Walmart shall furnish
the Company all information reasonably requested by the Company concerning itself, its Affiliates, directors, officers, stockholders and
such other matters as may be reasonably necessary or advisable in connection with the proxy statement in connection with the Company Stockholder
Meeting.

 

Article
IV

ADDITIONAL AGREEMENTS

 

4.1 Acquisition for Investment.
Walmart acknowledges that the issuance of the Warrant and the Warrant Shares has not been registered under the Securities Act or under
any state securities laws. Walmart (i) acknowledges that it is acquiring the Warrant and the Warrant Shares pursuant to an exemption
from registration under the Securities Act solely for its own account for investment with no present intention to distribute them to any
person in violation of the Securities Act or any other applicable state securities laws and that the Company is relying in part upon the
truth and accuracy of, and Walmart’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of Walmart set forth herein in order to determine the availability of such exemptions and the eligibility of Walmart to acquire the Warrant
and the Warrant Shares, (ii) agrees that it shall not (and shall not permit its Affiliates to) sell or otherwise dispose of the Warrant
or the Warrant Shares, except in compliance with the registration requirements or exemption provisions of the Securities Act and any applicable
state securities laws, (iii) acknowledges that it has such knowledge and experience in financial and business matters and in investments
of this type that it is capable of evaluating the merits and risks of the Warrant Issuance and of making an informed investment decision,
and (iv)  acknowledges that it is an “accredited investor” (as that term is defined by Rule 501 under the Securities
Act).

 

4.2 Legend. Walmart
agrees that all certificates or other instruments representing the Warrant and the Warrant Shares shall bear any legend as required by
the “blue sky” laws of any state and a restrictive legend substantially to the following effect:

 

“THE SECURITIES REPRESENTED
BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

THIS INSTRUMENT IS ISSUED PURSUANT TO
AND SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A WARRANT ISSUANCE AGREEMENT, DATED AS OF JULY 11, 2022, BY AND BETWEEN
THE ISSUER OF THESE SECURITIES AND WALMART INC., A DELAWARE CORPORATION, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED
BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN
COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.”

 

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In the event that any Warrant Shares become registered
under the Securities Act or the Company is presented with an opinion of counsel reasonably satisfactory, in form and substance, to the
Company that the Warrant Shares are eligible to be transferred without restriction in accordance with Rule 144 under the Securities Act,
the Company shall issue new certificates or other instruments representing such Warrant Shares which shall not contain such portion of
the above legend that is no longer applicable; provided that the holder of such Warrant Shares surrenders to the Company the previously
issued certificates or other instruments.

 

4.3 Anti-Takeover Provisions.
The Company shall not take any action that would prevent Walmart from exercising any of its rights under this Agreement or any of the
other Transaction Documents, or any of the transactions contemplated hereby or thereby (a “Burdensome Action”), including
by causing this Agreement or any of the other Transaction Documents, or any of the transactions contemplated hereby or thereby, to be
subject to any requirements imposed by any Anti-Takeover Provisions or subject in any manner to any “poison pill” or similar
shareholder rights plan, in each case the result of which would be to cause a Burdensome Action to occur, and shall take all necessary
steps within its control to exempt (or ensure the continued exemption of) the transactions contemplated by the Transaction Documents from
any applicable Anti-Takeover Provisions, as now or hereafter in effect.

 

Article
V

GOVERNANCE

 

5.1 Information Rights.

 

(a) Until such time as
Walmart shall cease to hold shares of Common Stock, or Warrants exercisable for shares of Common Stock, representing in the aggregate
at least five percent (5%) of the Common Stock on a fully diluted basis, the Company shall prepare and provide, or cause to be prepared
and provided, to Walmart:

 

(i)   
within thirty (30) days after the end of each fiscal quarter the number of outstanding shares of Common Stock at the end of such fiscal
quarter calculated on both an undiluted basis and a fully diluted basis without regard to exercise or conversion prices of derivative
securities;

 

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(ii) within the
time periods applicable to the Company under Section 13(a) or 15(d) of the Exchange Act, all interim and annual financial statements required
to be contained in a filing with the Commission on Forms 10-K and 10-Q; and

 

(iii)
if the Company is at any time not subject to Section 13(a) or 15(d) under the Exchange Act, the information set forth on Schedule 5.1(a);

 

provided, however, that the requirements
of this paragraph (a) shall be deemed to be satisfied to the extent such information is publicly filed on EDGAR within the time periods
specified above.

 

(b) Until such time as
Walmart shall cease to hold shares of Common Stock, or Warrants exercisable for shares of Common Stock, representing in the aggregate
at least five percent (5%) of the Common Stock on a fully diluted basis, the Company shall consider and respond in good faith to reasonable
requests for information, to the extent already existing or that can be prepared without excessive cost or management time, regarding
the Company and its subsidiaries from Walmart in its capacity as a holder of the Warrant or the Common Stock. Without limiting the generality
of the foregoing, the Company and its subsidiaries shall not be required to provide any such information if (i) the Company determines
that such information is competitively sensitive, (ii) the Company determines in good faith that providing such information would adversely
affect the Company (taking into account the nature of the request and the facts and circumstances at such time) other than to a de minimis
extent or (iii) providing such information (A) would reasonably be expected to jeopardize an attorney-client privilege or cause a loss
of attorney work product protection, (B) would violate a confidentiality obligation to any person in effect on the date of this Agreement
or (C) would, based on the written advice of the Company’s outside legal counsel, violate any Applicable Law; provided, that,
with respect to clauses (i)-(iii), the Company uses reasonable efforts, and cooperates in good faith with Walmart, to develop and implement
reasonable alternative arrangements to provide Walmart (and its Representatives) with the intended benefits of this Section 5.1.

 

(c) In furtherance and
not in limitation of the foregoing, during the term of this Agreement, the Company shall, and shall cause its subsidiaries to, use commercially
reasonable efforts to prepare and provide, or to cause to be prepared and provided, including, if requested and reasonably available,
in electronic data format, to Walmart, or to assist Walmart with preparing (at the expense of Walmart), in a reasonably timely fashion
following a request by Walmart any (i) financial information or other data relating to the Company and its subsidiaries and (ii) any other
relevant information or data, in each case to the extent necessary, as reasonably determined in good faith by Walmart for Walmart to (x)
comply with GAAP or to comply with its reporting, filing, accounting or other financial obligations under Applicable Law or (y) apply
the equity method of accounting, in the event Walmart is required to account for its investment in the Company under the equity method
of accounting under GAAP; provided, however, that any requests with respect to tax matters shall be addressed by Section
5.2 and not by this Section 5.1.

 

    -11-

     

    

 

The Company shall use commercially reasonable
efforts to cause its and its subsidiaries’ Representatives to cooperate in good faith with Walmart in connection with the foregoing.

 

5.2 Tax Reporting Requirements(a).
The Company will provide Walmart with any reasonably requested by Walmart and within the Company’s possession or that can be provided
with the use of reasonable efforts, to allow Walmart to comply with Applicable Law related to taxes or to avail itself of any provision
of Applicable Law related to taxes. Walmart will provide the Company with any information reasonably requested by the Company and within
Walmart’s possession or that can be provided with the use of reasonable efforts, to allow the Company to comply with Applicable
Law related to taxes or to avail itself of any provision of Applicable Law related to taxes.

 

Article
VI

 

REGISTRATION

 

6.1 Demand Registrations.

 

(a) Subject to the terms
and conditions hereof, solely during any period that the Company is then ineligible under Applicable Law to register Registrable Securities
on a registration statement on Form S-3 or any successor form thereto (“Form S-3”), or if the Company is so eligible
but has failed to comply with its obligations under Section 6.3 any Demand Shareholders (“Requesting Shareholders”)
shall be entitled to make no more than three (3) written requests of the Company (each, a “Demand”) for registration
under the Securities Act of an amount of Registrable Securities then held by such Requesting Shareholders that equals or is greater than
the Registrable Amount (a “Demand Registration” and such registration statement, a “Demand Registration Statement”);
provided, however, that no Demand may be made by any Demand Shareholder prior to the date that is one (1) year after the
date of this Agreement. Thereupon, the Company shall, subject to the terms of this Agreement, file the registration statement no later
than 30 days after receipt of a Demand and shall use its commercially reasonable efforts to effect the registration as promptly as practicable
under the Securities Act of:

 

(i)   
the Registrable Securities which the Company has been so requested to register by the Requesting Shareholders for disposition in accordance
with the intended method of disposition stated in such Demand;

 

(ii) all other Registrable
Securities which the Company has been requested to register pursuant to Section 6.1(b), but subject to Section 6.1(g); and

 

(iii)
all shares of Common Stock which the Company may elect to register in connection with any offering of Registrable Securities pursuant
to this Section 6.1, but subject to Section 6.1(g);

 

all to the extent necessary to permit the disposition
(in accordance with the intended methods thereof) of the Registrable Securities and the additional shares of Common Stock, if any, to
be so registered.

 

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(b) A Demand shall specify:  (i) the
aggregate number of Registrable Securities requested to be registered in such Demand Registration, (ii) the intended method of disposition
in connection with such Demand Registration, to the extent then known, and (iii) the identity of the Requesting Shareholder(s). Within
five (5) days after receipt of a Demand, the Company shall give written notice of such Demand to all other holders of Registrable Securities.
The Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company
has received a written request for inclusion therein within five (5) days after the Company’s notice required by this paragraph
has been given, provided that if such five (5) day period ends on a day that is not a Business Day, such period shall be deemed to end
on the next succeeding Business Day. Each such written request shall comply with the requirements of a Demand as set forth in this Section
6.1(b).

 

(c) A Demand Registration
shall not be deemed to have been effected (i) unless the Demand Registration Statement with respect thereto has become effective
and has remained effective for a period of at least one hundred five (105) days or such shorter period in which all Registrable Securities
included in such Demand Registration have actually been sold or otherwise disposed of thereunder (provided, that such period shall
be extended for a period of time equal to the period the holders of Registrable Securities refrain from selling any securities included
in such registration statement at the request of the Company or the lead managing underwriter(s) pursuant to the provisions of this Agreement)
or (ii) if, after it has become effective, such Demand Registration becomes subject, prior to one hundred five (105) days after effectiveness,
to any stop order, injunction or other order or requirement of the Commission or other Governmental Entity, other than by reason of any
act or omission by the applicable Selling Shareholders.

 

(d) Demand Registrations
shall be on such appropriate registration form of the Commission as shall be selected by the Company and reasonably acceptable to the
Requesting Shareholders.

 

(e) The Company shall
not be obligated to (i) subject to Section 6.1(c), maintain the effectiveness of a registration statement under the Securities
Act filed pursuant to a Demand Registration for a period longer than one hundred five (105) days or (ii) effect any Demand Registration
(A) within ninety (90) days of a “firm commitment” Underwritten Offering in which all Demand Shareholders were offered
“piggyback” rights pursuant to Section 6.2 (subject to Section 6.2(b)) and at least fifty percent (50%) of the
number of Registrable Securities requested by such Demand Shareholders to be included in such Demand Registration were included, (B) within
ninety (90) days of the completion of any other Demand Registration (including, for the avoidance of doubt, any Underwritten Offering
pursuant to any Shelf Registration Statement), (C) within ninety (90) days of the completion of any other Underwritten Offering by
the Company or any shorter period during which the Company has agreed not to effect a registration or public offering of securities (in
each case only to the extent that the Company has undertaken contractually to the underwriters of such Underwritten Offering not to effect
any registration or public offering of securities), (D) if, in the Company’s reasonable judgment, it is not feasible for the
Company to proceed with the Demand Registration because of the unavailability of audited or other required financial statements of the
Company or any other Person; provided, that the Company shall use its commercially reasonable efforts to obtain such financial
statements as promptly as practicable.

 

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(f)   The Company
shall be entitled to (i) postpone (upon written notice to the Demand Shareholders) the filing or the effectiveness of a registration
statement for any Demand Registration, (ii) cause any Demand Registration Statement to be withdrawn and its effectiveness terminated
and (iii) suspend the use of the prospectus forming the part of any registration statement, in each case in the event of a Blackout
Period until the expiration of the applicable Blackout Period. In the event of a Blackout Period under clause (ii) of the definition thereof,
the Company shall deliver to the Demand Shareholders requesting registration a certificate signed by either the chief executive officer
or the chief financial officer of the Company certifying that, in the good faith judgment of the Company, the conditions described in
clause (ii) of the definition of Blackout Period are met. Such certificate shall contain an approximation of the anticipated delay. Upon
notice by the Company to the Demand Shareholders of any such determination, each Demand Shareholder covenants that, subject to Applicable
Law, it shall keep the fact of any such notice strictly confidential, and, in the case of a Blackout Period pursuant to clause (ii)(y)
of the definition of Blackout Period, promptly halt any offer, sale, trading or other Transfer by it or any of its Affiliates of any Registrable
Securities for the duration of the Blackout Period set forth in such notice (or until such Blackout Period shall be earlier terminated
in writing by the Company) and promptly halt any use, publication, dissemination or distribution of the Demand Registration Statement,
each prospectus included therein, and any amendment or supplement thereto by it and any of its Affiliates for the duration of the Blackout
Period set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and, if so directed
in writing by the Company, will deliver to the Company any copies then in the Demand Shareholder’s possession of the prospectus
covering such Registrable Securities that was in effect at the time of receipt of such notice.

 

(g) If, in connection
with a Demand Registration that involves an Underwritten Offering, the lead managing underwriter(s) advise(s) the Company that, in its
(their) good faith opinion, the inclusion of all of the securities sought to be registered in connection with such Demand Registration
would adversely affect the success thereof, then the Company shall include in such registration statement only such securities as the
Company is advised by such lead managing underwriter(s) can be sold without such adverse effect as follows and in the following order
of priority:  (i) first, up to the number of Registrable Securities requested to be included in such Demand Registration
by the Demand Shareholders, which, in the opinion of the lead managing underwriter(s), can be sold without adversely affecting the success
thereof, pro rata among such Demand Shareholders on the basis of the number of such Registrable Securities requested to be included by
such Demand Shareholders; (ii) second, securities the Company proposes to sell; and (iii) third, all other securities of the
Company duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested
to be included or such other allocation method determined by the Company.

 

(h) Any time that a Demand
Registration involves an Underwritten Offering, the Requesting Shareholder(s) shall select the investment banker(s) and manager(s) that
will serve as managing underwriters (including which such managing underwriters will serve as lead or co-lead) and underwriters with respect
to the offering of such Registrable Securities; provided, that such investment banker(s) and manager(s) shall be reasonably acceptable
to the Company (such acceptance not to be unreasonably withheld, conditioned or delayed).

 

    -14-

     

    

 

6.2 Piggyback Registrations.

 

(a) Subject to the terms
and conditions hereof, from and after the date that is one hundred eighty (180) days after the date of this Agreement, whenever the Company
proposes to register any Common Stock (or any other securities that are of the same class or series as any Registrable Securities that
are not shares of Common Stock) under the Securities Act (other than a registration by the Company (i) on Form S-4 or any successor form
thereto, (ii) on Form S-8 or any successor form thereto, (iii) pursuant to Section 6.3, or (iv) pursuant to Section 6.1)
(a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give all
Demand Shareholders prompt written notice thereof (but not less than ten (10) Business Days prior to the filing by the Company with the
Commission of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify the
number of shares of Common Stock (or other securities, as applicable) proposed to be registered, the proposed date of filing of such registration
statement with the Commission, the proposed means of distribution and the proposed managing underwriter(s) (if any) and a good faith estimate
by the Company of the proposed minimum offering price of such shares of Common Stock (or other securities, as applicable), in each case
to the extent then known. Subject to Section 6.2(b), the Company shall include in each such Piggyback Registration all Registrable
Securities held by Demand Shareholders (a “Piggyback Seller”) with respect to which the Company has received written
requests (which written requests shall specify the number of Registrable Securities requested to be disposed of by such Piggyback Seller)
for inclusion therein within ten (10) business days after such Piggyback Notice is received by such Piggyback Seller.

 

(b) If, in connection
with a Piggyback Registration that involves an Underwritten Offering, the lead managing underwriter(s) advise(s) the Company that, in
its opinion, the inclusion of all the securities sought to be included in such Piggyback Registration by (w) the Company, (x) other
Persons who have sought to have shares of Common Stock registered in such Piggyback Registration pursuant to rights to demand (other than
pursuant to so-called “piggyback” or other incidental or participation registration rights) such registration (such Persons
being “Other Demanding Sellers”), (y) the Piggyback Sellers and (z) any other proposed sellers of shares
of Common Stock (such Persons being “Other Proposed Sellers”), as the case may be, would materially and adversely affect
the success thereof, then the Company shall include in the registration statement applicable to such Piggyback Registration only such
securities as the Company is so advised by such lead managing underwriter(s) can be sold without such an effect, as follows and in the
following order of priority:

 

(i)   
if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such number of shares of
Common Stock (or other securities, as applicable) to be sold by the Company as the Company, in its reasonable judgment, shall have determined,
(B) second, Registrable Securities of Piggyback Sellers, pro rata on the basis of the number of Registrable Securities proposed to
be sold by such Piggyback Sellers, (C) third, shares of Common Stock sought to be registered by Other Demanding Sellers, pro rata
on the basis of the number of shares of Common Stock proposed to be sold by such Other Demanding Sellers and (D) fourth, other shares
of Common Stock proposed to be sold by any Other Proposed Sellers; or

 

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(ii) if the Piggyback
Registration relates to an offering other than for the Company’s own account, then (A) first, such number of shares of Common
Stock (or other securities, as applicable) sought to be registered by each Other Demanding Seller pro rata in proportion to the number
of securities sought to be registered by all such Other Demanding Sellers, (B) second, Registrable Securities of Piggyback Sellers,
pro rata on the basis of the number of Registrable Securities proposed to be sold by such Piggyback Sellers, (C) third, shares of
Common Stock to be sold by the Company and (D) fourth, other shares of Common Stock proposed to be sold by any Other Proposed Sellers.

 

(c) For clarity, in connection
with any Underwritten Offering under this Section 6.2 for the Company’s account, the Company shall not be required to include
the Registrable Securities of a Piggyback Seller in the Underwritten Offering unless such Piggyback Seller accepts the terms of the underwriting
as agreed upon between the Company and the lead managing underwriter(s), which shall be selected by the Company.

 

(d) If, at any time after
giving written notice of its intention to register any shares of Common Stock (or other securities, as applicable) as set forth in this
Section 6.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective,
the Company shall determine for any reason not to register such shares of Common Stock (or other securities, as applicable), the Company
may, at its election, give written notice of such determination to the Piggyback Sellers within five (5) Business Days thereof and thereupon
shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback
Registration; provided, that, if permitted pursuant to Section 6.1, the Demand Shareholders may continue the registration
as a Demand Registration pursuant to the terms of Section 6.1.

 

6.3 Shelf Registration
Statement.

 

(a) Subject to the terms
and conditions hereof, and further subject to the availability of Form S-3 to the Company, any of the Demand Shareholders may by written
notice delivered to the Company (the “Shelf Notice”) require the Company to file as soon as reasonably practicable,
and to use commercially reasonable efforts to cause to be declared effective by the Commission as soon as reasonably practicable after
such filing date, a Form S-3, providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act
relating to the offer and sale, from time to time, of an amount of Registrable Securities then held by such Demand Shareholders that equals
or is greater than the Registrable Amount (the “Shelf Registration Statement”). To the extent the Company is a well-known
seasoned issuer (as defined in Rule 405 under the Securities Act), the Company shall file the Shelf Registration Statement in the form
of an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) or any successor form thereto. If registering
a number of Registrable Securities, the Company shall pay the registration fee for all Registrable Securities to be registered pursuant
to an automatic shelf registration statement at the time of filing of the automatic shelf registration statement and shall not elect to
pay any portion of the registration fee on a deferred basis. The Company may also amend an existing registration statement on Form S-3,
including by post-effective amendment, in order to fulfill its obligations hereunder.

 

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(b) Within five business
(5) days after receipt of a Shelf Notice pursuant to Section 6.3(a), the Company will deliver written notice thereof to all
other holders of Registrable Securities. Each other holder of Registrable Securities may elect to participate with respect to its Registrable
Securities in the Shelf Registration Statement in accordance with the plan and method of distribution set forth, or to be set forth, in
such Shelf Registration Statement by delivering to the Company a written request to so participate within five (5) days after the Shelf
Notice is received by any such holder of Registrable Securities.

 

(c) Subject to Section
6.3(d), the Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective
until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance
with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise cease
to be Registrable Securities.

 

(d) Notwithstanding anything
to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing written notice to the holders
of Registrable Securities who elected to participate in the Shelf Registration Statement, to require such holders of Registrable Securities
to suspend the use of the prospectus for sales of Registrable Securities under the Shelf Registration Statement during any Blackout Period.
In the event of a Blackout Period under clause (ii) of the definition thereof, the Company shall deliver to the Demand Shareholders
requesting registration a certificate signed by either the chief executive officer or the chief financial officer of the Company certifying
that, in the good faith judgment of the Company, the conditions described in clause (ii) of the definition of Blackout Period are met.
Such certificate shall contain an approximation of the anticipated delay. Upon notice by the Company to the Demand Shareholders of any
such determination, each Demand Shareholder covenants that it shall, subject to Applicable Law, keep the fact of any such notice strictly
confidential, and, in the case of a Blackout Period pursuant to clause (ii)(y) of the definition of Blackout Period, promptly halt any
offer, sale, trading or other Transfer by it or any of its Affiliates of any Registrable Securities for the duration of the Blackout Period
set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and promptly halt any use,
publication, dissemination or distribution of the Shelf Registration Statement, each prospectus included therein, and any amendment or
supplement thereto by it and any of its Affiliates for the duration of the Blackout Period set forth in such notice (or until such Blackout
Period shall be earlier terminated in writing by the Company) and, if so directed in writing by the Company, will deliver to the Company
any copies then in the Demand Shareholder’s possession of the prospectus covering such Registrable Securities that was in effect
at the time of receipt of such notice.

 

(e) After the expiration
of any Blackout Period and without any further request from a holder of Registrable Securities, the Company, to the extent necessary,
shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the
prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to
purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading.

 

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(f)   At any time
that a Shelf Registration Statement is effective, if any Demand Shareholder delivers a notice to the Company (a “Take-Down Notice”)
stating that it intends to sell all of part of its Registrable Securities included by it on the Shelf Registration Statement (a “Shelf
Offering”), then the Company shall amend or supplement the Shelf Registration Statement as may be necessary in order to enable
such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account, solely in connection with a Marketed
Underwritten Shelf Offering, the inclusion of Registrable Securities by any other holders pursuant to this Section 6.3). In connection
with any Shelf Offering that is an Underwritten Offering and where the plan of distribution set forth in the applicable Take-Down Notice
includes a customary “road show” (including an “electronic road show”) or other substantial marketing effort by
the Company and the underwriters (a “Marketed Underwritten Shelf Offering”):

 

(i)   
such proposing Demand Shareholder(s) shall also deliver the Take-Down Notice to all other Demand Shareholders included on the Shelf Registration
Statement and permit each such holder to include its Registrable Securities included on the Shelf Registration Statement in the Marketed
Underwritten Shelf Offering if such holder notifies the proposing Demand Shareholder(s) and the Company within two (2) Business Days after
delivery of the Take-Down Notice to such holder; and

 

(ii) if the lead
managing underwriter(s) advises the Company and the proposing Demand Shareholder(s) that, in its opinion, the inclusion of all of the
securities sought to be sold in connection with such Marketed Underwritten Shelf Offering would materially and adversely affect the success
thereof, then there shall be included in such Marketed Underwritten Shelf Offering only such securities as the proposing Demand Shareholder(s)
is advised by such lead managing underwriter(s) can be sold without such adverse effect, and such number of Registrable Securities shall
be allocated in the same manner as described in Section 6.1(g). Except as otherwise expressly specified in this Section 6.3,
any Marketed Underwritten Shelf Offering shall be subject to the same requirements, limitations and other provisions of this Article
VI as would be applicable to a Demand Registration (i.e., as if such Marketed Underwritten Shelf Offering were a Demand Registration),
including Section 6.1(e)(ii) and Section 6.1(g).

 

(g) Notwithstanding any
other provision of this Agreement, if the requesting Demand Shareholder wishes to engage in a block sale (including a block sale off of
a Shelf Registration Statement or an effective automatic shelf registration statement, or in connection with the registration of the Registrable
Securities under an automatic shelf registration statement for purposes of effectuating a block sale), then notwithstanding the foregoing
or any other provisions hereunder, no Demand Shareholder shall be entitled to receive any notice of or have its Registrable Securities
included in such block sale.

 

(h) Any time that a Shelf
Offering involves a Marketed Underwritten Shelf Offering, the Requesting Shareholder(s) shall select the investment banker(s) and manager(s)
that will serve as managing underwriters (including which such managing underwriters will serve as lead or co-lead) and underwriters with
respect to the offering of such Registrable Securities; provided, that such investment banker(s) and manager(s) shall be reasonably
acceptable to the Company (such acceptance not to be unreasonably withheld, conditioned or delayed).

 

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6.4 Withdrawal Rights.
Any holder of Registrable Securities having notified or directed the Company to include any or all of its Registrable Securities in a
registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all
of the Registrable Securities designated by it for registration by giving written notice, of not less than 2 business days, to such effect
to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not
include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities
for all purposes of this Agreement (subject to the other terms and conditions of this Agreement). No such withdrawal shall affect the
obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case
of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration
below the Registrable Amount, then the Company shall as promptly as practicable give each Demand Shareholder seeking to register Registrable
Securities notice to such effect and, within five (5) days following the mailing of such notice, such Demand Shareholder still seeking
registration shall, by written notice to the Company, elect to register additional Registrable Securities to satisfy the Registrable Amount
or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such five (5) day period, the Company
shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the
Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof.

 

6.5 Hedging Transactions

 

(a) The provisions of
this Agreement relating to the registration, offer and sale of Registrable Securities shall apply also to (i) any transaction which Transfers
some or all of the economic risk of ownership of Registrable Securities, including any forward contract, equity swap, put or call, put
or call equivalent position, collar, margin loan, sale of exchangeable security or similar transaction (including the registration, offer
and sale under the Securities Act of Registrable Securities pledged to the counterparty to such transaction or of securities of the same
class as the underlying Registrable Securities by the counterparty to such transaction in connection therewith), and that the counterparty
to such transaction shall be selected in the sole discretion of the Demand Shareholders and (ii) any derivative transactions in which
a broker-dealer, other financial institution or unaffiliated Person (each, a “Hedging Counterparty”) may sell Registrable
Securities covered by any prospectus and the applicable prospectus supplement including short sale transactions using Registrable Securities
pledged by a Demand Shareholder or borrowed from the Demand Shareholder or others and Registrable Securities loaned, pledged or hypothecated
to any such party (each, a “Hedging Transaction”); provided that the Demand Shareholder’s legal counsel
has determined in its reasonable judgment (after good-faith consultation with counsel of the Company) that it is reasonably necessary
to register under the Securities Act such Hedging Transaction. Any written information regarding the Hedging Transaction provided to the
Company by a Hedging Counterparty for inclusion in any registration statement, prospectus or free writing prospectus filed pursuant to
this Section 6.5 shall, for purposes of Section 6.9, be deemed to be written information provided by a Selling Shareholder
for purposes of Section 6.9.

 

(b) If in connection with
a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is (or may reasonably be considered) an underwriter or
selling stockholder, then such Hedging Counterparty shall be required to provide customary indemnities to the Company regarding the
plan of distribution and related matters.

 

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6.6 Holdback Agreements.

 

(a)
Walmart shall enter into customary agreements restricting the sale or distribution of Equity Securities of the Company (including sales
pursuant to Rule 144 under the Securities Act) to the extent required by the lead managing underwriter(s) with respect to an applicable
Underwritten Offering in which Walmart participates during the period commencing on the date of the request (which shall be no earlier
than fourteen (14) days prior to the expected “pricing” of such Underwritten Offering) and continuing for not more than ninety
(90) days after the date of the “final” prospectus (or “final” prospectus supplement if the Underwritten Offering
is made pursuant to a Shelf Registration Statement), pursuant to which such Underwritten Offering shall be made. The Company shall not
include Registrable Securities of any other Demand Shareholder in such an Underwritten Offering unless such other Demand Shareholder enters
into a customary agreement restricting the sale or distribution of Equity Securities of the Company (including sales pursuant to Rule
144 under the Securities Act) if requested by the lead managing underwriter(s).

 

(b) If any Demand
Registration or Shelf Offering involves an Underwritten Offering, the Company will not affect any sale or distribution of shares of
Common Stock (or securities convertible into or exchangeable or exercisable for shares of Common Stock) (other than a registration
statement on Form S-4, Form S-8 or any successor forms thereto) for its own account, within sixty (60) days (plus an extension
period as may be proposed by the lead managing underwriter(s) for such Underwritten Offering to address FINRA regulations regarding
the publication of research, or such shorter periods as the lead managing underwriter(s) may agree with the Company), after the
effective date of such registration except as may otherwise be agreed between the Company and the lead managing underwriter(s) of
such Underwritten Offering.

 

6.7 Registration Procedures.

 

(a) If and whenever the
Company is required to use commercially reasonable efforts to effect the registration of any Registrable Securities under the Securities
Act as provided in Section 6.1, Section 6.2 or Section 6.3, the Company shall as expeditiously as reasonably practicable:

 

(i) prepare
and file with the Commission a registration statement to effect such registration in accordance with the intended method or methods
of distribution of such securities and thereafter use commercially reasonable efforts to cause such registration statement to become
and remain effective pursuant to the terms of this Article VI; provided, however, that the Company may
discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the
registration statement relating thereto; provided, further, that before filing such registration statement or any
amendments thereto, the Company will furnish to the Demand Shareholders which are including Registrable Securities in such
registration (“Selling Shareholders”), their counsel and the lead managing underwriter(s), if any, copies of all
such documents proposed to be filed, which documents will be subject to the review and reasonable comment of such counsel, and other
documents reasonably requested by such counsel, including any comment letter from the Commission, and, if requested by such counsel,
provide such counsel reasonable opportunity to participate in the preparation of such registration statement and each prospectus
included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act,
including reasonable access to the Company’s books and records, officers, accountants and other advisors. The Company shall
not file any such registration statement or prospectus or any amendments or supplements thereto with respect to a Demand
Registration to which the holders of a majority of Registrable Securities held by the Requesting Shareholder(s), their counsel or
the lead managing underwriter(s), if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the
Company, such filing is necessary to comply with Applicable Law;

 

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(ii) except in the
case of a Shelf Registration Statement, prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration
statement effective pursuant to the terms of this Article VI, and comply in all material respects with the provisions of the Securities
Act with respect to the disposition of all securities covered by such registration statement;

 

(iii) in the
case of a Shelf Registration Statement, prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Shelf Registration Statement and the prospectus used in connection therewith as may be necessary to keep
such Shelf Registration Statement effective and to comply in all material respects with the provision of the Securities Act with
respect to the disposition of the Registrable Securities subject thereto for a period ending on the date on which all the
Registrable Securities held by the Demand Shareholders cease to be Registrable Securities;

 

(iv) if
requested by the lead managing underwriter(s), if any, or the holders of a majority of the then outstanding Registrable Securities
being sold in connection with an Underwritten Offering, promptly include in a prospectus supplement or post-effective amendment such
information as the lead managing underwriter(s), if any, and such holders may reasonably request in order to permit the intended
method of distribution of such securities and make all required filings of such prospectus supplement or such post-effective
amendment as soon as reasonably practicable after the Company has received such request; provided, however, that the
Company shall not be required to take any actions under this Section 6.7(a)(iv) that are not, in the opinion of counsel for
the Company, in compliance with Applicable Law;

 

(v) furnish to
the Selling Shareholders and each underwriter, if any, of the securities being sold by such Selling Shareholders such number of
conformed copies of such registration statement and of each amendment and supplement thereto, such number of copies of the
prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free
writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized in
connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of
the Securities Act, and such other documents as such Selling Shareholders and underwriter, if any, may reasonably request in order
to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Shareholders;

 

(vi) use
commercially reasonable efforts to register or qualify or cooperate with the Selling Shareholders, the underwriters, if any, and
their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Securities covered by such registration statement under such other securities laws or “blue sky”
laws of such jurisdictions as the Selling Shareholders and any underwriter of the securities being sold by such Selling Shareholders
shall reasonably request, and to keep each such registration or qualification (or exemption therefrom) effective during the period
such registration statement is required to be kept effective and take any other action which may be necessary or reasonably
advisable to enable such Selling Shareholders and underwriters to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such Selling Shareholders, except that the Company shall not for any such purpose be required to
(A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements
of this clause (vi) be obligated to be so qualified, (B) subject itself to taxation in any such jurisdiction or (C) file a
general consent to service of process in any such jurisdiction;

 

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(vii)
use commercially reasonable efforts to cause such Registrable Securities (if such Registrable Securities are shares of Common Stock) to
be listed on each securities exchange on which shares of Common Stock are then listed;

 

(viii) use
commercially reasonable efforts to provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such registration statement;

 

(ix) enter
into such agreements (including an underwriting agreement) in form, scope and substance as is customary in underwritten offerings of
shares of Common Stock by the Company and use its commercially reasonable efforts to take all such other actions reasonably
requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably
requested by the lead managing underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and
in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten
Offering (A) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if
any, with respect to the business of the Company and its subsidiaries, and the registration statement, prospectus and documents, if
any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily
made by issuers in underwritten offerings, and, if true, confirm the same if and when requested, (B) if any underwriting
agreement has been entered into, the same shall contain customary indemnification provisions and procedures with respect to all
parties to be indemnified pursuant to Section 6.10, except as otherwise agreed by the holders of a majority of the
Registrable Securities being sold and (C) deliver such documents and certificates as reasonably requested by the holders of a
majority of the Registrable Securities being sold, their counsel and the lead managing underwriter(s), if any, to evidence the
continued validity of the representations and warranties made pursuant to sub-clause (A) above and to evidence compliance with
any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. The above shall be
done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder;

 

(x) in
connection with an Underwritten Offering, use commercially reasonable efforts to obtain for the underwriter(s)
(A) opinions of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such underwriters and (B) ”comfort” letters and
updates thereof (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort”
letter specified in Statement on Auditing Standards No. 72, an “agreed upon procedures” letter) signed by the
independent public accountants who have certified the Company’s financial statements included in such registration statement,
covering the matters customarily covered in “comfort” letters in connection with underwritten offerings;

 

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(xi) make
available for inspection by the Selling Shareholders, any underwriter participating in any disposition pursuant to any registration
statement, and any attorney, accountant or other agent or Representative retained in connection with such offering by such Selling
Shareholders or underwriter (collectively, the “Inspectors”), any public non material financial and other
records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be
reasonably necessary, or as shall otherwise be reasonably requested, to enable them to exercise their due diligence responsibility,
and cause the officers, directors and employees of the Company and its subsidiaries to supply all information in each case
reasonably requested by any such Representative, underwriter, attorney, agent or accountant in connection with such registration
statement; provided, however, that the Company shall not be required to provide any information under this Section 6.7(a)(xi)
if (A) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit
an attorney-client privilege that was applicable to such information or (B) either (1) the Company has requested and been
granted from the Commission confidential treatment of such information contained in any filing with the Commission or documents
provided supplementally or otherwise or (2) the Company reasonably determines in good faith that such Records are confidential
and so notifies the Inspectors in writing; unless prior to furnishing any such information with respect to clause (1) or (2) such
Selling Shareholder requesting such information enters into, and causes each of its Inspectors to enter into, a confidentiality
agreement on terms and conditions reasonably acceptable to the Company; provided, further, that each Selling
Shareholder agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction or by
another Governmental Entity, give notice to the Company and allow the Company, at its expense, to undertake appropriate action
seeking to prevent disclosure of the Records deemed confidential;

 

(xii)
as promptly as practicable notify in writing the Selling Shareholders and the underwriters, if any, of the following events:  (A) the
filing of the registration statement, any amendment thereto, the prospectus or any prospectus supplement related thereto or post-effective
amendment to the registration statement or any Free Writing Prospectus utilized in connection therewith, and, with respect to the registration
statement or any post-effective amendment thereto, when the same has become effective; (B) any request by the Commission or any other
U.S. or state governmental authority for amendments or supplements to the registration statement or the prospectus or for additional information;
(C) the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or the initiation
of any proceedings by any Person for that purpose; (D) the receipt by the Company of any notification with respect to the suspension
of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or
the initiation or threat of any proceeding for such purpose; (E) if at any time the representations and warranties of the Company
contained in any mutual agreement (including any underwriting agreement) contemplated by Section 6.7(a)(ix) cease to be true and
correct in any material respect; and (F) upon the happening of any event that makes any statement made in such registration statement
or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in such registration statement, prospectus or documents so that, in the case of the registration
statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and that in the case of the prospectus, it will not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, and, at the request of any Selling Shareholder, promptly prepare and furnish to such Selling
Shareholder a reasonable number of copies of a supplement to or an amendment of such registration statement or prospectus as may be necessary
so that, as thereafter delivered to the purchasers of such Registrable Securities, 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, in light
of the circumstances under which they were made, not misleading;

 

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(xiii) use
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement,
or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction at the earliest reasonable practicable date, except that, subject to the requirements of Section 6.7(a)(vi),
the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this clause (xiii) be obligated to be so qualified, (B) subject
itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction;

 

(xiv)
cooperate with the Selling Shareholders and the lead managing underwriter(s) to facilitate the timely preparation and delivery of
certificates (which shall not bear any restrictive legends unless required under Applicable Law) representing securities sold under
any registration statement, and enable such securities to be in such denominations and registered in such names as the lead managing
underwriter(s) or such Selling Shareholders may request and keep available and make available to the Company’s transfer agent
prior to the effectiveness of such registration statement a supply of such certificates;

 

(xv)
cooperate with each seller of Registrable Securities 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;

 

(xvi) have
appropriate officers of the Company prepare and make presentations at a reasonable number of “road shows” and before
analysts and rating agencies, as the case may be, and other information meetings reasonably organized by the underwriters, take
other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its commercially
reasonable efforts to cooperate as reasonably requested by the Selling Shareholders and the underwriters in the offering, marketing
or selling of the Registrable Securities; provided, however, that the scheduling of any such “road shows”
and other meetings shall not unduly interfere with the normal operations of the business of the Company; and

 

(xvii) take
all other actions reasonably requested by Walmart or the lead managing underwriter(s) to effect the intent of this Agreement.

 

(b)  The Company may require
each Selling Shareholder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Shareholder
or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request in writing
to complete or amend the information required by such registration statement.

 

(c)  Each Selling Shareholder
agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in clauses (B), (C), (D),
(E) and (F) of Section 6.7(a)(xii), such Selling Shareholder shall forthwith discontinue such Selling Shareholder’s disposition
of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Shareholder’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 6.7(a)(xii), or until it is advised in
writing by the Company that the use of the applicable prospectus may be resumed, and has received copies of any additional or supplemental
filings that are incorporated or deemed to be incorporated by reference in such prospectus; provided, however, that the
Company shall extend the time periods under Section 6.1(c) with respect to the length of time that the effectiveness of a registration
statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities.

 

    -24-

     

    

 

(d)  With a view to making
available to the holders of Registrable Securities the benefits of Rule 144 under the Securities Act and any other rule or regulation
of the Commission that may at any time permit a holder to sell securities of the Company to the public without registration, the Company
shall:

 

(i)
use commercially reasonable efforts to make and keep public information available, as those terms are understood and defined in Rule 144
under the Securities Act;

 

(ii) use commercially
reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Exchange
Act, at any time when the Company is subject to such reporting requirements; and

 

(iii) furnish
to any holder of Registrable Securities, promptly upon request, a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 under the Securities Act and of the Exchange Act, a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed or furnished by the Company with the Commission as such holder
may reasonably request in connection with the sale of Registrable Securities without registration (in each case to the extent not
readily publicly available).

 

6.8 Registration Expenses.
All fees and expenses incident to the Company’s performance of its obligations under this Article VI, including (a) all
registration and filing fees, including all fees and expenses of compliance with securities and “blue sky” laws (including
the reasonable and documented fees and disbursements of counsel for the underwriters in connection with “blue sky” qualifications
of the Registrable Securities pursuant to Section 6.7(a)(vi)) and all fees and expenses associated with filings required to be
made with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is
defined in FINRA Rule 5121, except in the event that Requesting Shareholders select the underwriters) (b) all printing (including
expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and
of printing prospectuses if the printing of prospectuses is requested by Walmart) and copying expenses, (c) all messenger, telephone
and delivery expenses, (d) all fees and expenses of the Company’s independent certified public accountants and counsel (including
with respect to “comfort” letters and opinions), (e) expenses of the Company incurred in connection with any “road
show”, other than any expense paid or payable by the underwriters and (f) reasonable and documented fees and disbursements
of one counsel for all holders of Registrable Securities whose Registrable Securities are included in a registration statement, which
counsel shall be selected by, in the case of a Demand Registration, the Requesting Shareholders, in the case of a Shelf Offering, the
Demand Shareholder(s) requesting such offering, or in the case of any other registration, the holders of a majority of the Registrable
Securities being sold in connection therewith, shall be borne solely by the Company whether or not any registration statement is filed
or becomes effective. In connection with the Company’s performance of its obligations under this Article VI, the Company
will pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties
and the expense of any annual audit) and the expenses and fees for listing the securities to be registered on the primary securities exchange
or over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Shareholder shall
pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Shareholder’s
Registrable Securities pursuant to any registration.

 

    -25-

     

    

 

6.9 Miscellaneous.

 

(a)  Not less than five
(5) Business Days before the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify
each holder of Registrable Securities who has timely provided the requisite notice hereunder entitling such holder to register Registrable
Securities in such registration statement of the information, documents and instruments from such holder that the Company or any underwriter
reasonably requests in connection with such registration statement, including a questionnaire, custody agreement, power of attorney, lock-up
letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the
second Business Day before the expected filing date, the Requested Information from such holder, the Company may file the registration
statement without including Registrable Securities of such holder. The failure to so include in any registration statement the Registrable
Securities of a holder of Registrable Securities (with regard to that registration statement) shall not result in any liability on the
part of the Company to such holder.

 

(b)  The Company shall
not grant to any Person any demand, piggyback or shelf registration rights the terms of which are senior to or conflict with the rights
granted to Walmart hereunder without the prior written consent of Walmart. If Walmart provides such consent, Walmart and the Company shall
amend this Agreement to grant Walmart any such senior demand, piggyback or shelf registration rights.

 

6.10
Registration Indemnification.

 

(a) The Company agrees,
without limitation as to time, to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Shareholder and
its Affiliates and their respective officers, directors, members, stockholders, employees, managers and partners and each Person who
controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Selling Shareholder or
such other indemnified Person and the officers, directors, members, stockholders, employees, managers and partners of each such
controlling Person, each underwriter, if any, and each Person who controls (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act) such underwriter, from and against all losses, claims, damages, liabilities, costs, expenses
(including reasonable expenses of investigation and reasonable attorneys’ fees and expenses), judgments, fines, penalties,
charges and amounts paid in settlement (collectively, the “Losses”), as incurred, arising out of, caused by,
resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment 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, in light of the
circumstances under which they were made, not misleading and (without limitation of the preceding portions of this Section 6.10(a))
will reimburse each such Selling Shareholder, each of its Affiliates, and each of their respective officers, directors, members,
stockholders, employees, managers and partners and each such Person who controls each such Selling Shareholder and the officers,
directors, members, stockholders, employees, managers, partners, accountants, attorneys and agents of each such controlling Person,
each such underwriter and each such Person who controls any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending or settling any such claim, Loss, damage, liability or action, except
insofar as the same are caused by any information furnished in writing to the Company by any Selling Shareholder expressly for use
therein.

 

(b)  In connection with
any registration statement in which a Selling Shareholder is participating, without limitation as to time, each such Selling Shareholder
shall, severally and not jointly, indemnify the Company, its directors, officers and employees, and each Person who controls (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company, from and against all Losses, as incurred,
arising out of, caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of material fact contained
in the registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment 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, in
light of the circumstances under which they were made, not misleading, and (without limitation of the preceding portions of this Section
6.10(b)) will reimburse the Company, its directors, officers and employees and each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act) for any legal and any other expenses reasonably incurred in connection
with investigating and defending or settling any such claim, Loss, damage, liability or action, in each case solely to the extent, but
only to the extent, that such untrue statement or omission is made in such registration statement, prospectus or preliminary prospectus
or Free Writing Prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information furnished
to the Company by such Selling Shareholder for inclusion in such registration statement, prospectus or preliminary prospectus or Free
Writing Prospectus or any amendment or supplement thereto. Notwithstanding the foregoing, no Selling Shareholder shall be liable under
this Section 6.10(b) for amounts in excess of the gross proceeds (after deducting any underwriting discount or commission) received
by such holder in the offering giving rise to such liability.

 

    -26-

     

    

 

(c)  Any Person entitled
to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification;
provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except
to the extent that the indemnifying party has been actually and materially prejudiced by such failure to provide such notice on a timely
basis.

 

(d) In any case in which
any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein, and, to the extent that it may wish, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof and acknowledging the obligations of the indemnifying party with respect to such
proceeding, the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate and settle
the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other
expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the
grounds that (A) there may be defenses available to it which are different from or in addition to the defenses available to
such indemnifying party or (B) such action involves, or is reasonably likely to have an effect beyond, the scope of matters
that are subject to indemnification pursuant to this Section 6.10, or (ii) the indemnifying party shall have failed
within a reasonable period of time to assume such defense and the indemnified party is or would reasonably be expected to be
materially prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party
for the expenses incurred in connection with retaining one separate legal counsel (for the avoidance of doubt, for all indemnified
parties in connection therewith)). For the avoidance of doubt, notwithstanding any such assumption by an indemnifying party, the
indemnified party shall have the right to employ separate counsel in any such matter and participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such indemnified party except as provided in the previous sentence. An
indemnifying party shall not be liable for any settlement of an action or claim effected without its consent. No matter shall be
settled by an indemnifying party without the consent of the indemnified party (which consent shall not be unreasonably withheld,
conditioned or delayed), unless such settlement (x) includes 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, (y) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party and
(z) is settled solely for cash for which the indemnified party would be entitled to indemnification hereunder.

 

(e)  The indemnification
provided for under this Agreement shall survive the Transfer of the Registrable Securities and the termination of this Agreement.

 

(f) If recovery
is not available under the foregoing indemnification provisions for any reason or reasons other than as specified therein, any Person
who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to
any Losses with respect to which such Person would be entitled to such indemnification but for such reason or reasons, in such proportion
as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand,
in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party, the Persons’ relative knowledge and access to information concerning the matter
with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations
appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution
were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation.
Notwithstanding the foregoing, no Selling Shareholder shall be required to make a contribution in excess of the amount received by such
Selling Shareholder from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obligation.

 

6.11 Free Writing
Prospectuses. Walmart shall not use any “free writing prospectus” (as defined in Rule 405 under the Securities Act)
in connection with the sale of Registrable Securities pursuant to this Article VI without the prior written consent of the
Company (which consent shall not be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, Walmart may use
any free writing prospectus prepared and distributed by the Company.

 

6.12
Termination of Registration Rights. The rights granted pursuant to this Article VI shall terminate, as to any holder of Registrable
Securities on the date the Company is acquired in a transaction approved by the Company’s Board (including, without limitation,
through a merger, consolidation, stock purchase, or sale of all or substantially all of the Company’s assets) or the earlier to
occur of (a) the date on which all Registrable Securities held by such holder have been disposed; (b) the date on which all Registrable
Securities held by such holder may be sold without registration in compliance with Rule 144 without regard to volume limitations or other
restrictions on transfer thereunder.

 

    -27-

     

    

 

Article
VII

DEFINITIONS

 

7.1 Defined Terms.
In addition to the terms defined elsewhere in this Agreement, the following terms will have the meanings set forth below :

 

“Affiliate”
means, with respect to any person, any other person (for all purposes hereunder, including any entities or individuals) that directly
or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first person. It
is expressly agreed that, for purposes of this definition, none of the Company or any of its subsidiaries is an Affiliate of Walmart or
any of its subsidiaries (and vice versa).

 

“Agreement”
has the meaning set forth in the preamble.

 

“Applicable Law”
means, with respect to any Person, any federal, national, state, local, municipal, international, multinational or SRO statute, law, ordinance,
secondary and subordinate legislation, directives, rule (including rules of common law), regulation, ordinance, treaty, Order, permit,
authorization or other requirement applicable to such Person, its assets, properties, operations or business.

 

“Anti-Takeover Provisions”
has the meaning set forth in Section 2.2(f).

 

“Antitrust Laws”
has the meaning set forth in Section 2.2(d)(iii).

 

“Bankruptcy Exceptions”
has the meaning set forth in Section 2.2(d)(i).

 

“Beneficial Owner”,
“Beneficially Own” or “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3
under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions
of such Rule (in each case, irrespective of whether or not such Rule is actually applicable in such circumstance); provided that,
except as otherwise specified herein, such calculations shall be made inclusive of all Warrant Shares subject to issuance pursuant to
the Warrant. Solely for purposes of the standstill provisions set forth in Section 5.3 (and for the avoidance of doubt, not for
purposes of the Exchange Act), immediately following the issuance of the Warrant, Walmart and its Affiliates will be treated as having
Beneficial Ownership of all of the Warrant Shares.

 

“Blackout Period”
means (i) any regular quarterly period during which directors and executive officers of the Company are not permitted to trade under
the insider trading policy or similar policy of the Company then in effect and (ii) in the event that the Company determines in good
faith that a registration of securities would (x) reasonably be expected to materially adversely affect or materially interfere with any
bona fide material financing of the Company or any material transaction under consideration by the Company or (y) require disclosure
of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would
adversely affect the Company in any material respect, a period of the shorter of the ending of the condition creating a Blackout Period
and up to ninety (90) days; provided, that a Blackout Period described in this clause (ii) may not occur more than once in
any period of six (6) consecutive months.

 

    -28-

     

    

 

“Burdensome Action”
has the meaning set forth in Section 4.3.

 

“Business Day”
has the meaning set forth in Section 1.3.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
has the meaning set forth in the recitals.

 

“Company”
has the meaning set forth in the preamble.

 

“control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise. “Controlled” and “controlling”
shall be construed accordingly.

 

“conversion”
has the meaning set forth in the definition of Equity Securities.

 

“convertible securities”
has the meaning set forth in the definition of Equity Securities.

 

“Demand”
has the meaning set forth in Section 6.1(a).

 

“Demand Registration”
has the meaning set forth in Section 6.1(a).

 

“Demand Registration
Statement” has the meaning set forth in Section 6.1(a).

 

“Demand Shareholder”
means Walmart or any wholly owned subsidiary of Walmart, in either case that holds Registrable Securities.

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto.

 

“Equity
Securities” means any and all (i) shares, interests, participations or other equivalents (however designated) of
capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting
interests in a Person (other than a corporation), (ii) securities convertible into or exchangeable for shares, interests,
participations or other equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or
voting interests in) such Person, and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether
voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants,
options, rights or other interests are authorized or otherwise existing on any date of determination (clauses (ii) and (iii),
collectively “convertible securities” and any conversion, exchange or exercise of any convertible securities, a
“conversion”).

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Form S-3”
has the meaning set forth in Section 6.1(a).

 

“Free Writing Prospectus”
has the meaning set forth in Section 6.7(a)(v).

 

    -29-

     

    

 

“fully diluted basis”
mean as of any time of determination, the number of shares of Common Stock which would then be outstanding assuming the complete exercise,
exchange or conversion of all then outstanding convertible securities, options, rights, and warrants of the Company, provided that such
amount shall not include any common stock issuable upon the vesting of contingent earnout shares or the exercise of warrants assumed in
connection with the Company’s business combination with Hennessy Capital Acquisition Corp. IV.

 

“GAAP”
has the meaning set forth in in Section 2.1(a).

 

“Governmental Approval”
means any authorization, consent, approval, waiver, exception, variance, order, exemption, publication, filing, declaration, concession,
grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Entity, the giving of notice to or registration
with any Governmental Entity or any other action in respect of any Governmental Entity.

 

“Governmental Entity”
has the meaning set forth in Section 2.1(d)(iii).

 

“Group”
has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act.

 

“Hedging Counterparty”
has the meaning assigned to such term in Section 6.5(a).

 

“Hedging Transaction”
has the meaning assigned to such term in Section 6.5(a).

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

“HSR Filing Date”
has the meaning set forth in Section 3.1(b).

 

“Initial Antitrust
Clearance” has the meaning set forth in Section 3.1(b).

 

“Initial Antitrust
Filings” has the meaning set forth in Section 3.1(b).

 

“Initial Filing Transaction”
has the meaning set forth in Section 3.1(b).

 

“Inspectors”
has the meaning set forth in Section 6.7(a)(xi).

 

“Losses”
has the meaning set forth in Section 6.10(a).

 

“Marketed Underwritten
Shelf Offering” has the meaning set forth in Section 6.3(f).

 

“Order”
means any judgment, decision, decree, order, settlement, injunction, writ, stipulation, determination or award issued by any Governmental
Entity.

 

    -30-

     

    

 

“Other Antitrust
Filings” has the meaning set forth in Section 3.1(b).

 

“Other Demanding
Sellers” has the meaning set forth in Section 6.2(b).

 

“Other Proposed Sellers”
has the meaning set forth in Section 6.2(b).

 

“Person”
means an individual, company, corporation, partnership, limited liability company, trust, body corporate (wherever located) or other entity,
organization or unincorporated association, including any Governmental Entity.

 

“Piggyback Notice”
has the meaning set forth in Section 6.2(a).

 

“Piggyback Registration”
has the meaning set forth in Section 6.2(a).

 

“Piggyback Seller”
has the meaning set forth in Section 6.2(a).

 

“Records”
has the meaning set forth in Section 6.7(a)(xi).

 

“Registrable Amount”
means an amount of Registrable Securities having an aggregate value of at least $5 million (based on the anticipated offering price (as
reasonably determined in good faith by the Company)), without regard to any underwriting discount or commission, or such lesser amount
of Registrable Securities as would result in the disposition of all of the Registrable Securities Beneficially Owned by the applicable
Requesting Shareholder(s); provided, that such lesser amount shall have an aggregate value of at least $2 million (based on the
anticipated offering price (as reasonably determined in good faith by the Company)), without regard to any underwriting discount or commission.

 

“Registrable
Securities” means any and all (i) Warrant or Warrant Shares, (ii) other stock or securities that Walmart or its
subsidiaries may be entitled to receive, or will have received, pursuant to its ownership of the Warrant or Warrant Shares, in lieu
of or in addition to shares of Common Stock, and (iii) Equity Securities issued or issuable directly or indirectly with respect to
the securities referred to in the foregoing clause (i) or (ii) by way of conversion or exchange thereof or share dividend or share
split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement,
consolidation or other reorganization. As to any particular securities constituting Registrable Securities, such securities shall
cease to be Registrable Securities when they (x) have been effectively registered or qualified for sale by prospectus filed under
the Securities Act and disposed of in accordance with the Registration Statement covering therein, or (y) may be sold pursuant
to Rule 144 without regard to volume limitations or other restrictions on transfer thereunder. For purposes of this Agreement, a
Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly or indirectly
such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding
any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected.

 

“Requested Information”
has the meaning set forth in Section 6.9(a).

 

“Requesting Shareholders”
has the meaning set forth in Section 6.1(a).

 

“Requisite Stockholder
Approval” has the meaning set forth in Section 3.2(a).

 

“SEC Reports”
has the meaning set forth in Section 2.1(b).

 

    -31-

     

    

 

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

 

“Selling Shareholders”
has the meaning set forth in Section 6.7(a)(i).

 

“Shelf Notice”
has the meaning set forth in Section 6.3(a).

 

“Shelf Offering”
has the meaning set forth in Section 6.3(f).

 

“Shelf Registration
Statement” has the meaning set forth in Section 6.3(a).

 

“SRO” means
any (i) ”self-regulatory organization” as defined in Section 3(a)(26) of the Exchange Act, (ii) other United
States or foreign securities exchange, futures exchange, commodities exchange or contract market or (iii) other securities exchange.

 

“subsidiary”
means, with respect to such person, any foreign or domestic entity, whether incorporated or unincorporated, of which (i) such person
or any other subsidiary of such person is a general partner, (ii) at least a majority of the voting power to elect a majority of
the directors or others performing similar functions with respect to such other entity is directly or indirectly owned or controlled by
such person or by any one or more of such person’s subsidiaries, or (iii) at least fifty percent (50%) of the equity interests
or which are is directly or indirectly owned or controlled by such person or by any one or more of such person’s subsidiaries.

 

“Take-Down Notice”
has the meaning set forth in Section 6.3(f).

 

“Transaction Documents”
means collectively this Agreement, the Warrant, the EV Agreement and any other agreement entered into by and among the parties and/or
their Affiliates on the date hereof in connection with the transactions contemplated hereby or thereby, in each case, as amended, modified
or supplemented from time to time in accordance with their respective terms.

 

“Transaction Litigation”
has the meaning set forth in Section 3.1(e).

 

“Underwritten Offering”
means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

 

“Walmart”
has the meaning set forth in the preamble.

 

“Warrant”
has the meaning set forth in Section 1.1.

 

“Warrant Issuance”
has the meaning set forth in Section 1.1.

 

“Warrant Shares”
has the meaning set forth in Section 1.1.

 

    -32-

     

    

 

Article
VIII

MISCELLANEOUS

 

8.1 Amendment. No amendment
of any provision of this Agreement shall be effective unless made in writing and signed by a duly authorized officer of each party.

 

8.2 Waiver of Conditions.
The conditions to any party’s obligation to consummate any transaction contemplated herein are for the sole benefit of such party
and may be waived by such party in whole or in part to the extent permitted by Applicable Law. No waiver shall be effective unless it
is in writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject
to such waiver.

 

8.3 Counterparts. This
Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and
all such counterparts shall together constitute the same agreement. Executed signature pages to this Agreement may be transmitted electronically
by “pdf” file and such pdf files shall be deemed as sufficient as if actual signature pages had been delivered.

 

8.4
Governing Law; Submission to Jurisdiction. Any action or proceeding seeking to enforce any provision of, or based on any right
arising out of, this Warrant shall be brought against either of the parties only in any state or federal court located in the State of
Delaware located in the County of New Castle, Delaware. Each party to this Agreement: (i) expressly and irrevocably consents and submits
to the jurisdiction of each state and federal court located in the County of New Castle located in the State of Delaware (and each appellate
court located in the State of Delaware or the applicable federal court of appeals) in connection with any such legal proceeding; (ii)
agrees that each state and federal court located in the County of New Castle, Delaware shall be deemed to be a convenient forum; and (iii)
agrees not to assert (by way of motion, as a defense or otherwise), in any such legal proceeding commenced in any state or federal court
located in the County of New Castle, Delaware any claim that such party is not subject personally to the jurisdiction of such court, that
such legal proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement
or the subject matter of this Agreement may not be enforced in or by such court. Each of the parties irrevocably waive the right to a
jury trial in connection with any legal proceeding relating to this Agreement or the enforcement of any provision of this Agreement.

 

8.5 Notices. Any
notice, request, instruction or other document to be given hereunder by any party to the other shall be in writing and shall be
deemed to have been duly given (a) if sent by registered or certified mail in the United States return receipt requested, upon
receipt, (b) if sent by nationally recognized overnight air courier, one Business Day after mailing, (c) if sent by email,
with a copy mailed on the same day in the manner provided in clauses (a) or (b) of this Section 8.5 when transmitted and
receipt is confirmed, or (d) if otherwise actually personally delivered, when delivered. All notices hereunder shall be
delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such
notice.

 

If to the Company, to:

 

Canoo Inc.

 

15520 Highway 114, Suite 2C

Justin, Texas 76247

Attention: Legal Department

Email: legal@canoo.com 

Hector Ruiz Hector.Ruiz@canoo.com 

Ramesh Murthy Ramesh.Murhty@canoo.com

 

if to Walmart, to:

 

		Name:	Walmart Inc.

		Address:	702 SW 8th Street

Bentonville, AR 72712

		Email:	WMLGLTRANSACTNOTICE@walmart.com

		Attn:	General Counsel, Corporate

 

8.6 Entire Agreement, Etc.
This Agreement (including the Schedules and Annexes hereto) and the other Transaction Documents, constitute the entire agreement, and
supersede all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with
respect to the subject matter hereof. No party shall take, or cause to be taken, including by entering into agreements or other arrangements
with provisions or obligations that conflict, or purport to conflict, with the terms of the Transaction Documents or any of the transactions
contemplated thereby, any action with either an intent or effect of impairing any such other person’s rights under any of the Transaction
Documents.

 

8.7
Assignment. Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall
be assignable by any party without the prior written consent of the other party, and any attempt to assign any right, remedy, obligation
or liability hereunder without such consent shall be void, except that either party may transfer or assign, in whole or from time to time
in part, to one or more of its direct or indirect wholly owned subsidiaries, its rights and/or obligations under this Agreement, but any
such transfer or assignment shall not relieve the other party of its obligations hereunder. Subject to the preceding sentence, this Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.

 

8.8 Severability.
If any provision of this Agreement or a Transaction Document, or the application thereof to any person or circumstance, is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the
application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable,
shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or
legal substance of the transactions contemplated hereby or thereby is not affected in any manner materially adverse to any party.
Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute
provision to effect the original intent of the parties.

 

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8.9 No Third Party Beneficiaries.
Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person other than the parties (and any wholly
owned subsidiary of Walmart to which an assignment is made in accordance with this Agreement) any benefits, rights, or remedies.

 

8.10
Specific Performance. The parties agree that failure of any party to perform its agreements and covenants hereunder, including
a party’s failure to take all actions as are necessary on such party’s part in accordance with the terms and conditions of
this Agreement to consummate the transactions contemplated hereby, will cause irreparable injury to the other party, for which monetary
damages, even if available, will not be an adequate remedy. It is agreed that the parties shall be entitled to equitable relief including
injunctive relief and specific performance of the terms hereof, without the requirement of posting a bond or other security, and each
party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of a party’s
obligations and to the granting by any court of the remedy of specific performance of such party’s obligations hereunder, this being
in addition to any other remedies to which the parties are entitled at law or equity.

 

* * *

 

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IN WITNESS WHEREOF, this Agreement has been duly
executed and delivered by the duly authorized officers of the parties as of the date first herein above written.

 

	 	CANOO INC.

 

	 	By:	/s/ Tony Aquila
	 	 	Name: Tony Aquila
	 	 	Title:

 

	 	WALMART INC.

 

	 	By:	/s/ Michael Guptan
	 	 	Name: Michael Guptan
	 	 	Title: Senior Vice President – 

Corporate Development

 

     

     

    

 

Schedule 5.1(a)

 

1. Basic
Financial Information and Reporting.

 

A. As
soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days thereafter, the Company
shall furnish Walmart with a balance sheet and equity capitalization table of the Company, as of the end of such fiscal year, a statement
of income, a statement of stockholders’ equity, and a statement of cash flows of the Company and accompanying notes to the financial
statements, for such year, all audited and prepared in accordance with GAAP consistently applied (except as noted therein) and setting
forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall
be accompanied by an audit report and opinion thereon by independent public accountants of national standing selected by the Board.

 

B. The
Company shall furnish Walmart as soon as practicable after the end of the first, second and third quarterly accounting periods in each
fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet and equity capitalization table of
the Company as of the end of each such quarterly period , and a statement of income and a statement of cash flows of the Company for such
period and for the current fiscal year to date, prepared in accordance with GAAP consistently applied (except as noted therein or as disclosed
to the recipients thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not
have been made. In order to facilitate Walmart’s compliance with its public reporting requirements, the Company shall deliver the
financial statements described in this Schedule 5.1(a) to Walmart, together with a certification that, to the Company’s knowledge,
(i) such interim financial statements are fairly stated, in all material respects, in accordance with GAAP for the periods presented,
applied on the same basis as the Company’s audited financial statements as of and for the most recent fiscal year end, and reflect
all adjustments necessary for a fair presentation of the interim financial statements, subject to the exceptions noted on an exhibit to
such certification and (ii) that the Company has made available to Walmart the information required by Section 5.1 of this
Agreement. In addition, to facilitate Walmart’s compliance with its public reporting requirements, the Company shall engage a nationally
recognized accounting firm (the “Auditor”) to perform quarterly review procedures that result in the issuance of an
independent accountant’s review report on the Company’s quarterly and year-to-date balance sheet and statement of operations
for the periods ending March 31, June 30 and September 30; which reports shall be delivered within 45 days after the end of the quarter
for with the report pertains. In order to facilitate Walmart’s compliance with its public reporting requirements, the Company’s
chief financial officer and chief accounting officer shall participate in one or more teleconferences with Representatives of Walmart
each quarter to review the financial statements previously delivered and discuss significant transactions reflected for the period of
the financial statements.

 

C. The Company shall
furnish to Walmart at least sixty (60) days prior to the beginning of each fiscal year or as soon as otherwise available in the
ordinary course of the Company’s budgeting process (and as soon as available, any subsequent written revisions thereto) a
comprehensive operating budget forecasting the Company’s revenues, expenses, net income/loss and cash position on a
month-to-month basis for the upcoming fiscal year (a “Budget”). Each Budget shall be prepared in accordance with
United States generally accepted accounting principles consistently applied (except as noted thereon).

 

     

     

    

 

D. All
financial information and budgets required under clauses (A) and (B) above shall consist of consolidated financial statements (consolidating
the Company and its subsidiaries) unless GAAP provides otherwise.

 

E. As
soon as reasonably practicable, and in any event within 15 business days after the issuance of the report, the Company shall furnish to
Walmart any 409A valuation reports that it prepares or causes to be prepared.

 

2. Inspection
Rights. Walmart shall have the right to visit and inspect any of the properties of the Company or any of its subsidiaries, and to
discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information
as is reasonably requested all at such reasonable business times, with reasonable advance notice and no more often than Quarterly.

 

     

     

    

 

ANNEX A

 

Form of Warrant

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