Document:

Exhibit 10.3

 

INVESTOR RIGHTS AGREEMENT

dated as of

July 29, 2015

among

VTV THERAPEUTICS INC.

and

VTV THERAPEUTICS HOLDINGS LLC

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

Page

 

	ARTICLE
    1 Definitions
	Section
    1.01.   Definitions	1
	Section
    1.02.   Other Definitional and Interpretative Provisions	7
	ARTICLE
    2 Registration Rights
	Section
    2.01.   Demand Registration	7
	Section
    2.02.   Shelf and Piggyback Registration	11
	Section
    2.03.   Lock-Up Agreements	16
	Section
    2.04.   Registration Procedures	17
	Section
    2.05.   Indemnification by the Company	21
	Section
    2.06.   Indemnification by Registering Stockholders	22
	Section
    2.07.   Conduct of Indemnification Proceedings	22
	Section
    2.08.   Contribution	23
	Section
    2.09.   Participation in Public Offering	24
	Section
    2.10.   Other Indemnification	24
	Section
    2.11.   Cooperation by the Company	24
	Section
    2.12.   Transfer of Registration Rights	24
	Section
    2.13.   Limitations on Subsequent Registration Rights	24
	Section
    2.14.   Free Writing Prospectuses	25
	Section
    2.15.   Information from Registering Stockholders; Obligations of Registering Stockholders	25
	ARTICLE
    3 Board of Directors
	Section
    3.01.   Board of Directors	26
	Section
    3.02.   Termination of Holdings’ Rights	27
	ARTICLE
    4 Termination
	Section
    4.01.   Termination	28
	

    	 

    	 

    

	ARTICLE
    5 Miscellaneous
	Section
    5.01.   Successors and Assigns	29
	Section
    5.02.   Notices	29
	Section
    5.03.   Amendments and Waivers	30
	Section
    5.04.   Governing Law	30
	Section
    5.05.   Jurisdiction	30
	Section
    5.06.   WAIVER OF JURY TRIAL	30
	Section
    5.07.   Specific Enforcement	31
	Section
    5.08.   Counterparts; Effectiveness; Third Party Beneficiaries	31
	Section
    5.09.   Entire Agreement	31
	Section
    5.10.   Severability	31
	Section
    5.11.   Sophisticated Parties; Advice of Counsel	31
	Section
    5.12.   Certificate of Incorporation Supersedes	31

 

Exhibit A        Joinder Agreement 

Schedule 1     Plan of Distribution

 

    	 

    	 

    

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT dated as
of July 29, 2015 (this “Agreement”) among (i) vTv Therapeutics Inc., a Delaware corporation (the “Company”),
(ii) vTv Therapeutics Holdings LLC, a Delaware limited liability company (“Holdings”), and (iii) other stockholders
party hereto from time to time.

 

W I T N E S S E T H:

 

WHEREAS, in connection with the initial
public offering of the Company and the related reorganization transactions, Holdings has received 25,000,000 shares of Class B common
stock, par value $0.01, of the Company; and

 

WHEREAS, the parties hereto are entering
into this Agreement to provide (i) certain registration rights under the Securities Act and applicable state securities laws to
each Stockholder (as defined below) with respect to Registrable Securities (as defined below) each may hold and (ii) certain governance
rights to Holdings.

 

NOW, THEREFORE, in consideration of the
covenants and agreements contained herein, the parties hereto agree as follows:

 

ARTICLE
1

Definitions

 

Section 1.01.     
Definitions. (a) As used herein, the following terms have the following meanings:

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person;
provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason
of any investment in the Company. For the purpose of this definition, the term “control” (including, with correlative
meanings, the terms “controlling”, “controlled by” and “under common control with”),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Applicable
Governance Rules” means applicable federal and state securities laws and the rules of NASDAQ relating to the Board and
the corporate governance of the Company, including, without limitation, Rule 10A-3 of the Exchange Act and Rule 5600 of the NASDAQ
Stock Market Rules, in each case, subject to applicable phase-in periods.

 

“Automatic Shelf Registration Statement”
means an “automatic shelf registration statement” as defined in Rule 405 promulgated under the Securities Act.

 

“beneficial ownership”
and “beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

“Board” means the board
of directors of the Company.

 

    	 

    	 

    

 

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

 

“By-laws” means the Amended
and Restated By-laws of the Company, as the same may be amended, supplemented and or restated from time to time.

 

“Certificate of Incorporation”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, modified or restated from
time to time.

 

“Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, supplemented and/or restated
from time to time.

 

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

 

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

 

“Company Securities”
means (i) the Class A Common Stock, (ii) any securities of the Company or any successor or assign of the Company into which such
Class A Common Stock is reclassified or reconstituted or into which such Class A Common Stock is converted or otherwise exchanged
in connection with a split or combination of shares, recapitalization, merger, sale of assets, consolidation or other reorganization
or otherwise or (iii) any securities received as a dividend or a distribution in respect of the securities described in clauses
(i) or (ii) above.

 

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

 

“Exchange Agreement”
means the Exchange Agreement, dated as of the date hereof, by and among the Company, vTv Therapeutics LLC, Holdings (and its successors or assigns) and any other
Person that becomes a “Holder” thereunder, as the same may be amended, restated, supplemented and/or otherwise modified, from time to time.

 

“Exchange Securities”
means, together, the Nonvoting Common Units of vTv Therapeutics LLC and shares of Class B Common Stock.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act relating to the Registrable
Securities included in the applicable Registration Statement.

 

“Hedging Counterparty”
means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate thereof.

 

“Hedging Transaction”
means any transaction involving a security linked to the Registrable Class Securities or any security that would be deemed to be
a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable
Class Securities or transaction (even if not a security) which would (were it a security) be considered such a derivative security,
or which transfers some or all of the economic risk of ownership of the Registrable Class Securities, including any forward contract,
equity swap, put or call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or similar
transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions:

 

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(i)   transactions by a Stockholder
in which a Hedging Counterparty engages in short sales of Registrable Class Securities pursuant to a prospectus and may use Registrable
Securities to close out its short position;

 

(ii)   transactions pursuant
to which a Stockholder sells short Registrable Class Securities pursuant to a prospectus and delivers Registrable Securities to
close out its short position;

 

(iii)   transactions by a Stockholder
in which the Stockholder delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities to
the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities pursuant to a prospectus
or an exemption from registration under the Securities Act; and

 

(iv)   a loan or pledge of Registrable
Securities to a Hedging Counterparty who may then become a selling stockholder and sell the loaned shares or, in an event of default
in the case of a pledge, sell the pledged shares, in each case, in a public transaction pursuant to a prospectus.

 

“Independent Director”
means a director who qualifies as an “independent director” of the Company under the NASDAQ Stock Market Rules.

 

“Initial Public Offering”
means the initial underwritten public offering of the Class A Common Stock of the Company on July 29, 2015.

 

“MacAndrews Party” means
each of Holdings, MacAndrews & Forbes Incorporated and M&F TTP Holdings LLC and each of their respective Affiliates (other
than the Company and its Subsidiaries).

 

“MacAndrews Stockholder”
means each MacAndrews Party that is a Stockholder.

 

“Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or otherwise) thereto.

 

“Public Offering” means
an underwritten public offering of Registrable Securities (or in the case of the Company, Company Securities) pursuant to an effective
registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any
similar or successor form under the Securities Act.

 

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“Registering Stockholder”
means, with respect to any Registration Statement, each Stockholder whose Registrable Securities are or are to be registered pursuant
to such Registration Statement.

 

“Registrable Class Securities”
means the Registrable Securities and any other securities of the Company that are of the same class as the relevant Registrable
Securities.

 

“Registrable Securities”
means, at any time, any Company Securities beneficially owned (whether beneficially owned as of the date hereof or hereinafter
beneficially owned) by a Stockholder until (i) a registration statement covering such securities has been declared effective by
the SEC and such securities have been disposed of pursuant to such effective registration statement, (ii) such securities are
sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act, (iii) such securities are otherwise
transferred, assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent
registration under the Securities Act or (iv) with respect to any such securities held by any single Stockholder (or group of
Stockholders that are aggregated for purposes of Rule 144), all of such securities held by any Stockholder or group of Stockholders
are able to be sold in a single transaction pursuant to Rule 144 (or any similar provisions then in force) and such securities
of such Stockholder (or group of Stockholder) represent no more than 2.5% of the relevant class of Company Securities. Upon written
request to the Company, Holdings may, from time to time, designate as additional Registrable Securities an aggregate of up to
2,500,000 shares (which number shall be subject to adjustment to take account of any splits, combinations, share dividends or
other similar transactions affecting the Company Securities) of Company Securities that have been issued or are issuable upon
exchange of Exchange Securities that are beneficially owned by parties other than Stockholders. For the avoidance of doubt, in
connection with any designation pursuant to the preceding sentence, parties other than Stockholders will not have any rights,
benefits, remedies, obligations, or liabilities under this Agreement.

 

 

“Registration Expenses”
means any and all expenses incident to the performance of or compliance with any registration or marketing of Registrable Securities,
regardless of whether such Registration Statement is declared effective, including all (i) registration and filing fees, and all
other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer
quotation system, (ii) fees and expenses incurred in complying with any securities or “blue sky” laws (including reasonable
fees and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Securities as may
be set forth in any underwriting agreement), (iii) expenses in connection with the preparation, printing, mailing and delivery
of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its
officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company
and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating
to any comfort letters or costs associated with the delivery by independent certified public accountants of any “comfort”
letters requested pursuant to Section 2.04(h) or any special audits incidental to or required by any registration or qualification),
(vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (viii)
reasonable fees, out-of-pocket costs and expenses of one firm of counsel selected by the holder(s) of a majority of the Registrable
Securities covered by each Registration Statement (the “Holders’ Counsel”), (ix) fees and expenses in
connection with any review by the FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses
of any qualified independent underwriter, including the reasonable fees and expenses of any counsel thereto, (x) fees and disbursements
of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions
attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting
agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection
with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and
expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating
to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing
or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities,
including expenses relating to any presentations to rating agencies, (xv) all out-of pocket costs and expenses incurred by the
Company or its appropriate officers in connection with their compliance with Section 2.04(m) and (xvi) any liability insurance
or other premiums for insurance obtained in connection with any Demand Registration, Piggyback Registration or Shelf Registration
pursuant to the terms of this Agreement.

 

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“Registration Statement”
means any registration statement of the Company under the Securities Act that covers any of the Registrable Securities pursuant
to the provisions of this Agreement.

 

“Requesting Stockholder”
means, with respect to any Demand Registration or Shelf Registration, any Stockholder holding any Registrable Securities initially
making the request for such Demand Registration or Shelf Registration.

 

“Rule 144” means Rule
144 promulgated under the Securities Act.

 

“SEC” means the U.S.
Securities and Exchange Commission or any successor governmental agency.

 

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

 

“Shares” means shares
of Common Stock.

 

“Shelf Registered Securities”
means any Registrable Securities whose offer and sale is registered pursuant to a Registration Statement filed in connection with
a Shelf Registration (including an Automatic Shelf Registration Statement).

 

“Specified Period” means
90 days; provided that such period may be extended as may be reasonably requested by the managing or co-managing underwriter
of a registered offering required hereunder to accommodate regulatory restrictions on (i) the publication or other distribution
of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in
the FINRA rules or any successor provisions or amendments thereto.

 

“Stockholder” means at
any time, (i) each MacAndrews Party beneficially owning Company Securities or Exchange Securities and (ii) any Person (other than
the Company) who shall be a party to or bound by this Agreement (including any permitted transferee or assignee of a MacAndrews
Party) pursuant to Section 2.12, so long as such Person shall beneficially own any Company Securities.

 

“Subsidiary” means, with
respect to any Person, any entity of which securities or other ownership interests having ordinary voting power to elect a majority
of the board of directors or other persons performing similar functions at the time are directly or indirectly owned by such Person.

 

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

 

	
        Term

         
	
        Section

         

	Alternative Transaction	2.02(d)
	Audit Committee Independent Director	3.01(a)(ii)
	Committees	3.01(c)
	Company	Preamble
	Damages	2.05
	Demand Registration	2.01(a)
	Determination Date	2.02(f)
	
        Holdings
	
        Preamble

	Holdings Nominee	3.01(a)(i)
	Holders’ Counsel	1.01(a), 

Definition of 

“Registration 

Expenses”
	Indemnified Party	2.07
	Indemnifying Party	2.07
	Independent Director	3.01(c)(ii)
	Inspectors	2.04(g)
	Issuer Free Writing Prospectus	2.14
	Maximum Offering Size	2.01(e)
	Piggyback Registration	2.02(h)(i)
	Records	2.04(g)
	Registration Actions	2.01(f)
	Requested Shelf Registered Securities	2.02(b)
	Shelf Public Offering	2.02(b)
	Shelf Public Offering Notice	2.02(b)
	Shelf Public Offering Request	2.02(b)
	Shelf Public Offering Requesting Stockholder	2.02(b)
	Shelf Registration	2.02(a)
	Stockholder Parties	2.05
	Suspension Notice	2.01(f)
	Suspension Period	2.01(f)
	Well-Known Seasoned Issuer	2.02(f)

 

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Section 1.02.     
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections,
Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein
are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any
Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in
this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any Person include the successors and permitted assigns of that Person. References from
or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to
laws, rules, regulations and forms shall be deemed to be references to such laws, rules, regulations and forms as amended, succeeded
or replaced.

 

ARTICLE
2

Registration Rights

 

Section 2.01.     
Demand Registration. (a) At any time following the Initial Public Offering, any Stockholder may give a written
request to the Company to effect the registration under the Securities Act (other than pursuant to a registration statement on
Form S-4 or S-8 or any similar or successor form under the Securities Act) of all or any portion of such Requesting Stockholder’s
Registrable Securities, which written request shall specify the number of Registrable Securities to be registered and the intended
method of disposition thereof. Such registration may be for the offering of the Stockholder’s Registrable Securities on a
delayed or continuous basis under Rule 415 under the Securities Act. At any time the Company is eligible for use of Form S-3ASR,
such registration shall occur on such form. Upon the receipt of such written request, the Company shall promptly give notice (via
facsimile or electronic transmission) of such requested registration (each such registration shall be referred to herein as a “Demand
Registration”) at least 10 Business Days prior to the anticipated filing date of the Registration Statement relating
to such Demand Registration to any other Stockholders. Thereafter, the Company shall use its commercially reasonable efforts to
effect, as soon as possible, the registration under the Securities Act of:

 

(i)                
all Registrable Securities for which the Requesting Stockholder has requested registration under this Section
2.01;

 

(ii)               
all other Registrable Securities of the same class or series as those requested to be registered by the Requesting
Stockholder that any other Stockholder have requested the Company to register by request received by the Company within 10 Business
Days after such Stockholders receive the Company’s notice of the Demand Registration; and

 

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(iii)            
any Company Securities to be offered or sold by the Company;

 

all to the extent necessary to permit
the disposition (in accordance with the intended methods thereof as described in the Requesting Stockholder’s written
request) of the Registrable Securities so to be registered; provided that, subject to Section 2.01(d), the
Company shall not be obligated to effect (1) any such Demand Registration (i) within the Specified Period after the effective
date of any other registration statement of the Company in connection with which Stockholders were given Piggyback
Registration rights (other than a registration statement filed in connection with an employee benefit plan or business
combination transaction or a registration statement on Form S-4 or S-8) or (ii) in accordance with Section 2.01(f),
(2) any Demand Registration if the aggregate proceeds expected to be received from the sale of the Registrable Securities
requested to be included in such Demand Registration is less than $25,000,000 (other than with respect to the registration of
the exchange of the Exchange Securities for shares of Class A Common Stock pursuant to the Exchange Agreement) or (3) any
Demand Registration requested by a Stockholder other than the MacAndrews Stockholders if the Company has completed three
Demand Registrations after the date hereof as a result of requests by Stockholders other than MacAndrews Stockholders
pursuant to this Section 2.01(a). A Requesting Stockholder may require any Demand Registration that involves a Public
Offering of at least $25,000,000 to be conducted as an underwritten offering. Notwithstanding the foregoing, a Requesting
Stockholder may request that a Demand Registration take the form of a primary offering by the Company of Class A Common
Stock, whose net proceeds shall be used by the Company, pursuant to the Exchange Agreement, to pay cash in exchange for the
Exchange Securities that underlie the Registrable Securities proposed to be registered pursuant to such Demand
Registration, in which case, (i) the Demand Registration shall cover the primary sale of the number of shares of Class A
Common Stock requested by the Requesting Stockholder, (ii) the Requesting Holder shall exercise its right, pursuant to
Section 2.02 of the Exchange Agreement, to exchange the number of Exchange Securities that is equal to the number of shares
of Class A Common Stock sold in such Public Offering, contingent on (among other things) the closing of such Public Offering
and receipt by the Company of net proceeds therefrom, (iii) upon receipt of the net proceeds from such Public Offering, the
Company shall elect, pursuant to Section 2.01 of the Exchange Agreement, to exchange such net proceeds for the number of
Exchange Securities equal to the number of shares of Class A Common Stock sold pursuant to such Public Offering and (iv)
except where the context otherwise requires, references to “Registrable Securities” with respect to such Demand
Registration shall be to such shares of Class A Common Stock requested to be offered in such Pubic Offering. In addition, to
the extent requested by a Stockholder and agreed by the MacAndrews Stockholders, such Stockholder may request that the Demand
Registration cover the exchange of the Exchange Securities for shares of Class A Common Stock pursuant to the Exchange
Agreement instead of the resale of the Registrable Securities.

 

(b)              
Promptly after the expiration of the 10 Business Day period referred to in Section 2.01(a)(ii), the Company
will notify all Registering Stockholders of the identities of the other Registering Stockholders and the number of shares of Registrable
Securities requested to be included in the Demand Registration. At any time prior to the effective date of the Registration Statement
relating to such Demand Registration, the Requesting Stockholder may upon notice to the Company, revoke such request in whole or
in part with respect to the number of shares of Registrable Securities requested to be included in such Registration Statement,
without liability to any of the other Registering Stockholders.

 

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(c)               
The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless
of whether such Demand Registration becomes effective.

 

(d)              
A Demand Registration shall not be deemed to have occurred or have been completed for purposes of Section 2.01(a):

 

(i)                
unless the Registration Statement relating thereto (A) has become effective under the Securities Act and (B) has
remained continuously effective for a period of at least (x) 180 days (or such shorter period in which all Registrable Securities
of the Registering Stockholders included in such registration have actually been sold thereunder) or (y) with respect to a Shelf
Registration, until the date set forth in Section 2.04(a); provided that such Registration Statement shall not be
considered a Demand Registration if, after such Registration Statement becomes effective, (1) such Registration Statement is interfered
with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less
than 75% of the Registrable Securities included in such Registration Statement have been sold thereunder; or

 

(ii)              
if the Maximum Offering Size is reduced in accordance with Section 2.01(e) such that less than 66 2/3%
of the Registrable Securities of the Requesting Stockholder sought to be included in such registration are included.

 

(e)               
If a Demand Registration involves a Public Offering and the lead managing underwriter advises the Company and the
Requesting Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such registration
(including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number
of shares that can be sold without having a material and adverse effect on such offering, including the price at which such shares
can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed
below, up to the Maximum Offering Size:

 

(i)                
first, all Registrable Securities requested to be registered by the Requesting Stockholder and all other Registering
Stockholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, to give first priority to the inclusion
of the Registrable Securities of the Requesting Stockholder and, thereafter, pro rata among the remaining Registering Stockholders
on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each
such Registering Stockholder);

 

(ii)              
second, any securities proposed to be registered by the Company; and

 

(iii)             
third, any securities proposed to be registered for the account of any other Persons, with such priorities among
them as the Company shall determine.

 

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(f)               
Notwithstanding anything to the contrary contained in this Agreement, but subject to the limitation set forth in
the next succeeding paragraph, the Company shall be entitled to suspend its obligation to file (but not the preparation of) any
Registration Statement in connection with a Demand Registration and any Shelf Registration, file any amendment to such a Registration
Statement, furnish any supplement or amendment to a prospectus included in such a Registration Statement, make any other filing
with the SEC, cause such a Registration Statement or other filing with the SEC to become or remain effective or take any similar
action (collectively, “Registration Actions”) upon (i) the issuance by the SEC of a stop order suspending the
effectiveness of any such Registration Statement or the initiation of proceedings with respect to such a Registration Statement
under Section 8(d) or 8(e) of the Securities Act, (ii) the Board’s determination, in its good faith judgment, that any
such Registration Action should not be taken because it would reasonably be expected to materially interfere with or require the
public disclosure of any material corporate development or plan, including any material financing, securities offering, acquisition,
disposition, corporate reorganization or merger or other transaction involving the Company or any of its Subsidiaries or (iii)
the Company possessing material non-public information the disclosure of which the Board determines, in its good faith judgment,
would reasonably be expected to not be in the best interests of the Company. Upon the occurrence of any of the conditions described
in (i), (ii) or (iii) above, the Company shall give prompt notice of such suspension (and whether such action is being taken pursuant
to (i), (ii) or (iii) above) (a “Suspension Notice”) to the Stockholders. Upon the termination of such condition,
the Company shall give prompt notice thereof to the Stockholders and shall promptly proceed with all Registration Actions that
were suspended pursuant to this paragraph.

 

The Company may only suspend Registration
Actions pursuant to the preceding paragraph on two occasions during any one-year period for a reasonable time specified in the
Suspension Notice but not exceeding an aggregate of 90 days (which period may not be extended or renewed) (each such occasion,
a “Suspension Period”). Each Suspension Period shall be deemed to begin on the date the relevant Suspension
Notice is given to the Stockholders and shall be deemed to end on the earlier to occur of (i) the date on which the Company gives
the Stockholders a notice that the Suspension Period has terminated and (ii) the date on which the number of days during which
a Suspension Period has been in effect exceeds the 90-day period. If the filing of any Demand Registration is suspended pursuant
to this Section 2.01(f), once the Suspension Period ends the Requesting Stockholder may request a new Demand Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be in breach of, or failed to comply with, any
obligation under this Agreement where the Company acts or omits to take any action in order to comply with applicable law, any
interpretation of the staff of the SEC or any order or decree of any court or governmental agency.

 

(g)              
The Company shall have no obligation to file a Registration Statement under this Section 2.01 or Section
2.02 or proceed with Registration Actions related thereto during any time such filing or Registration Actions are prohibited
by any applicable underwriting or lock-up agreement to which the Company is a party relating to the Initial Public Offering or
an offering pursuant to a Registration Statement.

 

    	10

    	 

    

 

Section 2.02.     
Shelf and Piggyback Registration. (a) At any time when (i) the Company is eligible for use of Form S-3 in
connection with a secondary public offering of its equity securities and (ii) a Shelf Registration on a Form S-3 registering Registrable
Securities for resale is not then effective (subject to any applicable Suspension Period), upon the written request of any Stockholder,
the Company shall use its commercially reasonable efforts to register, under the Securities Act on Form S-3 for an offering on
a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act (a “Shelf Registration”),
the offer and sale of all or a portion of the Registrable Securities owned by such Requesting Stockholder. Upon the receipt of
such written request, the Company shall promptly give notice (via facsimile or electronic transmission) of such requested Shelf
Registration at least 10 Business Days prior to the anticipated filing date of such Shelf Registration to the other Stockholders,
and such notice shall describe the proposed Shelf Registration, the intended method of disposition of such Registrable Securities
and any other information that at the time would be appropriate to include in such notice, and offer such Stockholders the opportunity
to register the number of Registrable Securities as each such Stockholder may request in writing to the Company, given within 10
Business Days after such Stockholders receive the Company’s notice of the Shelf Registration. The “Plan of Distribution”
section of such Shelf Registration shall permit all lawful means of disposition of Registrable Securities, including firm-commitment
underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or sales by brokers
and sales not involving a public offering.  With respect to each Shelf Registration, the Company shall, subject to
any Suspension Period, (i) as promptly as practicable after the written request of the Requesting Stockholder, file a Registration
Statement and (ii) use its commercially reasonable efforts to cause such Registration Statement to be declared effective as promptly
as practicable, and remain effective until the date set forth in Section 2.04(a)(ii). No Stockholder shall be entitled to
include any of its Registrable Securities in a Shelf Registration unless such Stockholder has complied with Section 2.15.
The Company shall not be required to amend a Shelf Registration (or the related prospectus) to add or change the disclosure regarding
selling securityholders during any Suspension Period. The obligations set forth in this Section 2.02(a) shall not apply
if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable Securities in accordance
with Section 2.02(f) and has otherwise complied with its obligations pursuant to this Agreement.

 

(b)              
Upon written request by a Requesting Stockholder holding Shelf Registered Securities (such Stockholder, the “Shelf
Public Offering Requesting Stockholder”), which request (the “Shelf Public Offering Request”) shall
specify the class or series and amount of such Shelf Public Offering Requesting Stockholder’s Shelf Registered Securities
to be sold (the “Requested Shelf Registered Securities”), the Company shall (subject to any Suspension Period)
perform its obligations hereunder with respect to the sale of such Requested Shelf Registered Securities in the form of a firm
commitment underwritten public offering (unless otherwise consented to by the Shelf Public Offering Requesting Stockholder) (a
“Shelf Public Offering”) if the aggregate proceeds expected to be received from the sale of the Requested Shelf
Registered Securities equals or exceeds $25,000,000. Promptly upon receipt of a Shelf Public Offering Request, the Company shall
provide notice (the “Shelf Public Offering Notice”) of such proposed Shelf Public Offering (which notice
shall state the material terms of such proposed Shelf Public Offering, to the extent known, as well as the identity of the Shelf
Public Offering Requesting Stockholder) to the other Stockholders holding Shelf Registered Securities. Such other Stockholders
may, by written request to the Company and the Shelf Public Offering Requesting Stockholder, within two Business Days after receipt
of such Shelf Public Offering Notice, include up to all of their Shelf Registered Securities of the same class or series as the
Requested Shelf Registered Securities in such proposed Shelf Public Offering; provided, that any such Shelf Registered Securities
shall be sold subject to the same terms as are applicable to the Shelf Registered Securities of the Shelf Public Offering Requesting
Stockholder. No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Public Offering unless such
Stockholder has complied with Section 2.15. The lead managing underwriter or underwriters selected for such Shelf Public
Offering shall be selected in accordance with Section 2.04(f)(i).

 

    	11

    	 

    

 

(c)               
In a Shelf Public Offering, if the lead managing underwriter advises the Company and the Shelf Public Offering Requesting
Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such Shelf Public Offering
(including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the Maximum Offering
Size, the Company shall include in such Shelf Public Offering, in the priority listed below, up to the Maximum Offering Size:

 

(i)                
first, all Shelf Registered Securities requested to be included in the Shelf Public Offering by the Shelf Public
Offering Requesting Stockholder and all other Stockholders, pro rata on the basis of the relative number of shares of Shelf Registered
Securities so requested to be included in the Shelf Public Offering by each such Stockholder;

 

(ii)              
second, any securities proposed to be included in the Shelf Public Offering by the Company; and

 

(iii)             
third, any securities proposed to be included in the Shelf Public Offering for the account of any other Persons,
with such priorities among them as the Company shall determine.

 

(d)              
The Company shall use its commercially reasonable efforts to cooperate in a timely manner with any request of the
Stockholders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Shelf Registration
that is not a firm commitment underwritten offering (each, an “Alternative Transaction”), including, without
limitation, entering into customary agreements with respect to such Alternative Transactions (and providing customary representations,
warranties, covenants and indemnities in such agreements) as well as providing other reasonable assistance in respect of such Alternative
Transactions of the type applicable to a Public Offering subject to Section 2.04, to the extent customary for such transactions.
The Company shall bear all Registration Expenses in connection with any Shelf Registration, any Shelf Public Offering or any other
transaction (including any Alternative Transaction) registered under a Shelf Registration pursuant to this Section 2.02,
whether or not such Shelf Registration becomes effective or such Shelf Public Offering or other transactions is completed; provided,
however, that if the Shelf Public Offering Requesting Stockholder revokes its request in whole with respect to a Shelf Public
Offering, then the Shelf Public Offering Requesting Stockholder shall reimburse the Company for and/or pay directly all Registration
Expenses incurred relating to such Shelf Public Offering.

 

(e)               
After the Registration Statement with respect to a Shelf Registration is declared effective but subject to the Suspension
Period, upon written request by one or more Stockholders (which written request shall specify the amount of such Stockholders’
Registrable Securities to be registered), the Company shall, as promptly as practicable after receiving such request, (i) if it
is eligible for use of Form S-3 in connection with a secondary public offering of its equity securities, or if such Registration
Statement is an Automatic Shelf Registration Statement, file a prospectus supplement to include such Stockholders as selling stockholders
in such Registration Statement or (ii) if it is not eligible for use of Form S-3 in connection with a secondary public offering
of its equity securities, and the Registrable Securities requested to be registered represent more than 5% of the outstanding Registrable
Securities and the aggregate proceeds expected to be received from the sale thereof is at least $10,000,000, file a post-effective
amendment to the Registration Statement to include such Stockholders in such Shelf Registration and use commercially reasonable
efforts to have such post-effective amendment declared effective.

 

    	12

    	 

    

 

(f)               
Upon the Company becoming aware that it is a “Well-Known Seasoned Issuer” (as defined in Rule 405 under
the Securities Act), (i) the Company shall give written notice to all of the Stockholders as promptly as practicable but in no
event later than 20 Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company
has become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable and subject to any Suspension Period,
register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities in accordance with the
terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement
as promptly as practicable, but in no event later than 15 Business Days after it becomes a Well-Known Seasoned Issuer, and to cause
such Automatic Shelf Registration Statement to remain effective thereafter until the date set forth in Section 2.04(a)(ii).
The Company shall give written notice of filing such Registration Statement to all of the Stockholders as promptly as practicable
thereafter. The Company shall not be required to include any Stockholder as a selling stockholder in any Registration Statement
or prospectus unless such Stockholder has complied with Section 2.15. At any time after the filing of an Automatic Shelf
Registration Statement by the Company, if it is reasonably likely that it will no longer be a Well-Known Seasoned Issuer as of
a future determination date (the “Determination Date”), at least 30 days prior to such Determination Date, the
Company shall (A) give written notice thereof to all of the Stockholders as promptly as practicable but in no event later than
10 Business Days prior to such Determination Date and (B) if the Company is eligible to file a Registration Statement on Form S-3
with respect to a secondary public offering of its equity securities, file a Registration Statement on Form S-3 with respect to
a Shelf Registration in accordance with Section 2.02(a), treating all selling stockholders identified as such in the Automatic
Shelf Registration Statement (and amendments or supplements thereto) as Requesting Stockholders and use all commercially reasonable
efforts to have such Registration Statement declared effective prior to the Determination Date. Any registration pursuant to this
Section 2.02(f) shall be deemed a Shelf Registration for purposes of this Agreement.

 

(g)              
Notwithstanding anything to the contrary, no Shelf Registration pursuant to this Section 2.02 shall be deemed
a Demand Registration for purposes of Section 2.01.

 

    	13

    	 

    
(h)              
Piggyback Registration.

 

(i)                
If the Company proposes to register any Company Securities under the Securities Act (other than a registration on
Form S-8 or S-4 relating to Shares or any other class of Company Securities issuable upon exercise of employee stock options or
in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by
the Company of another Person) other than in connection with a rights offering, whether or not for sale for its own account, the
Company shall each such time give prompt notice (via facsimile or electronic transmission) at least 10 Business Days prior to the
anticipated filing date of the registration statement relating to such registration to each Stockholder, which notice shall set
forth such Stockholder’s rights under this Section 2.02 and shall offer such Stockholder the opportunity to include
in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered
as each such Stockholder may request (a “Piggyback Registration”), subject to the provisions of Section 2.02(h)(ii).
Upon the request of any such Stockholder made within 10 Business Days after the receipt of notice from the Company regarding a
Piggyback Registration (which request shall specify the number of Registrable Securities intended to be registered by such Stockholder),
the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable
Securities that the Company has been so requested to register by all such Requesting Stockholders, to the extent requisite to permit
the disposition of the Registrable Securities so to be registered in accordance with the plan of distribution intended by the Company
for such registration statement; provided that (i) if such registration involves a Public Offering, all such Registering
Stockholders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters
selected as provided in Section 2.04(f)(i) on the same terms and conditions as apply to the Company and (ii) if, at any
time after giving notice of its intention to register any Company Securities pursuant to this Section 2.02(h) and prior
to the effective date of the registration statement filed in connection with such registration, the Company shall determine for
any reason not to register such securities, the Company shall give notice to all Registering Stockholders and, thereupon, shall
be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected
under this Section 2.02 shall relieve the Company of its obligations to effect a Demand Registration or Shelf Registration
to the extent required by Section 2.01. The Company shall pay all Registration Expenses in connection with each Piggyback
Registration.

 

(ii)              
If a Piggyback Registration involves a Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 2.01(e) shall apply) and the lead managing underwriter
advises the Company that, in its view, the number of Registrable Securities that the Company and such Registering Stockholders
intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the
following priority, up to the Maximum Offering Size:

 

    	14

    	 

    

 

(A)            
first, so much of the Registrable Securities proposed to be registered for the account of the Company as would not
cause the offering to exceed the Maximum Offering Size;

 

(B)             
second, all Registrable Securities requested to be included in such registration by any Registering Stockholders
pursuant to this Section 2.02 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata
among such Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in
such registration by each such Stockholder); and

 

(C)             
third, any securities proposed to be registered for the account of any other Persons with such priorities among them
as the Company shall determine.

 

(i)                
Hedging Transactions.

 

(i)                
The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of Holders’
Counsel, it is necessary or desirable to register under the Securities Act such Hedging Transaction or sales or transfers (whether
short or long) of Registrable Class Securities in connection therewith, then the Company shall use its commercially reasonable
efforts to take such actions (which may include, among other things, the filing of a post-effective amendment to a Registration
Statement to include additional or changed information that is material or is otherwise required to be disclosed, including a description
of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates
as underwriters or potential underwriters, if applicable, or any change to the plan of distribution) as may reasonably be required
to register such Hedging Transaction or sales or transfers of Registrable Class Securities in connection therewith under the Securities
Act in a manner consistent with the rights and obligations of the Company hereunder with respect to the registration of Registrable
Securities. Any information provided by the Stockholders regarding the Hedging Transaction that is included in a Registration Statement,
prospectus or Free Writing Prospectus pursuant to this Section 2.02(h) shall be deemed to be information provided by the
Registering Stockholders pursuant to such Registration Statement for purposes of Section 2.15.

 

(ii)              
All Registration Statements in which Stockholders may include Registrable Securities under this Agreement shall be
subject to the provisions of this Section 2.02(h), and the registration of Registrable Class Securities thereunder pursuant
to this Section 2.02(h) shall be subject to the provisions of this Agreement applicable to any such Registration Statements;
provided, however, that the selection of any Hedging Counterparty shall not be subject to Section 2.04(f),
but the Hedging Counterparty shall be selected by the holders of a majority of the Registrable Class Securities subject to the
Hedging Transaction that are proposed to be included in such Registration Statement.

 

    	15

    	 

    

 

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

 

(iv)            
The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption),
in each Registration Statement, and any related prospectus (to the extent such inclusion is permitted under applicable SEC regulations
and is consistent with comments received from the SEC during any SEC review of the Registration Statement), language substantially
in the form of Schedule 1 hereto and to include in each prospectus supplement filed in connection with any proposed Hedging
Transaction language mutually agreed upon by the Company, the relevant Stockholders and the Hedging Counterparty describing such
Hedging Transaction.

 

Section 2.03.     
Lock-Up Agreements. (a) Each Stockholder hereby agrees that it will not effect any public sale or distribution
(including sales pursuant to Rule 144) of Registrable Securities, (i) during (A) the 10 days prior to and the 90-day period beginning
on the effective date of the registration of such Registrable Securities in connection with a Public Offering (which period following
the effective date may, in each case, be extended as reasonably requested by the underwriters participating in such Public Offering
to accommodate regulatory restrictions on (I) the publication or other distribution of research reports and (II) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in the FINRA rules or any successor provisions or amendments
thereto) or (B) such shorter period as the underwriters participating in such Public Offering may require, and (ii) upon notice
from the Company of the commencement of a Public Offering in connection with any Shelf Registration, during (A) 10 days prior to
and the 90-day period beginning on the date of commencement of such Public Offering or (B) such shorter period as the underwriters
participating in such Public Offering may require, in each case except as part of such Public Offering. Each Stockholder agrees
to execute a lock-up agreement in favor of the underwriters in form and substance reasonably acceptable to the Company and the
underwriters to such effect and, in any event, that the underwriters in any relevant offering shall be third party beneficiaries
of this Section 2.03(a). The lock-up agreement to be executed by each Stockholder pursuant to this Section 2.03(a)
shall be no less favorable to such Stockholder than the lock-up agreements (or provisions in any underwriting agreement) executed
by the Company or any of the executive officers or directors of the Company pursuant to Section 2.03(b).

 

(b)              
The Company shall not effect any public sale or distribution of Registrable Securities (except pursuant to registrations
on Form S-8 or Form S-4), (i) with respect to any Public Offering pursuant to a Demand Registration or any Piggyback Registration
in which the holders of Registrable Securities are participating, during (A) the 10 days prior to and the 90-day period beginning
on the effective date of such registration (which period following the effective date may, in each case, be extended as reasonably
requested by the underwriters participating in such Public Offering to accommodate regulatory restrictions on (I) the publication
or other distribution of research reports and (II) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in the FINRA rules or any successor provisions or amendments thereto) or (B) such shorter period as the underwriters
participating in such Public Offering may require, and (ii) upon notice from any holder(s) of Registrable Securities subject to
a Shelf Registration that such holder(s) intend to effect a Public Offering of Registrable Securities pursuant to such Shelf Registration
(upon receipt of which, the Company will promptly notify all other Stockholders of the date of commencement of such Public Offering),
during (A) the 10 days prior to and the 90-day period beginning on the date of commencement of such Public Offering and (B) such
shorter period as the underwriters participating in such Public Offering may require), in each case except as part of such Public
Offering. To the extent required by any underwriter participating in such Public Offering, the Company shall use commercially reasonable
efforts to cause its executive officers and directors to execute customary lock-up agreements in connection with such Public Offering,
which lock-up agreements shall not have a duration shorter than that of the lock-up agreement or provisions applicable to the Company.

 

    	16

    	 

    

 

Section 2.04.     
Registration Procedures. Whenever a Stockholder requests that any Registrable Securities be registered pursuant
to Section 2.01 or 2.02, subject to the provisions of such Sections, the Company shall use its commercially reasonable
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition
thereof as soon as reasonably practicable, and, in connection with any such request:

 

(a)               
The Company shall as soon as reasonably practicable prepare and file with the SEC a Registration Statement on any
form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available
for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof,
and use its commercially reasonable efforts to cause such filed Registration Statement to become and remain effective for a period
of (i) not less than 180 days (or, if sooner, until all Registrable Securities have been sold under such Registration Statement),
or (ii) in the case of a Shelf Registration, until the earlier of the date (x) on which all of the securities covered by such Shelf
Registration are no longer Registrable Securities and (y) on which the Company cannot extend the effectiveness of such Shelf
Registration because it is no longer eligible for use of Form S-3; subject in each case to any Suspension Period.

 

(b)              
Prior to filing a Registration Statement or related prospectus or any amendment or supplement thereto (including
any documents incorporated by reference therein), or before using any Free Writing Prospectus, the Company shall provide to each
Registering Stockholder, the Holders’ Counsel and each underwriter, if any, with an adequate and appropriate opportunity
to review and comment on such Registration Statement, each prospectus included therein (and each amendment or supplement thereto)
and each Free Writing Prospectus proposed to be filed with the SEC, and thereafter the Company shall furnish to such Registering
Stockholder, the Holders’ Counsel and underwriter, if any, such number of copies of such Registration Statement, each amendment
and supplement thereto filed with the SEC (in each case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus)
and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents
as such Registering Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Registering Stockholder; provided, however, that in no event shall the Company be required
to provide to any Person any materials, information or document required to be filed by the Company pursuant to the Exchange Act
prior to its filing other than in connection with a Public Offering. In addition, the Company shall, as expeditiously as practicable,
keep Holders’ Counsel advised in writing as to the initiation and progress of any registration under Sections 2.01
and 2.02 and provide Holders’ Counsel with copies of all correspondence (including any comment letter) with the SEC,
any self regulatory organization or other governmental agency in connection with any such Registration Statement. Each Registering
Stockholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment
and supplement thereto pertaining to such Registering Stockholder and the Company shall use its commercially reasonable efforts
to comply with such request; provided, however, that the Company shall not have any obligation so to modify any information
if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 

    	17

    	 

    

 

(c)               
After the filing of the Registration Statement, the Company shall (i) cause the related prospectus to be supplemented
by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii)
comply with the provisions of the Securities Act applicable to the Company with respect to the disposition of all Registrable Securities
covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the
Registering Stockholder thereof set forth in such Registration Statement or supplement to such prospectus and (iii) promptly notify
each Registering Stockholder holding Registrable Securities covered by such Registration Statement and the Holders’ Counsel
of any stop order issued or threatened by the SEC or any state securities commission and take all commercially reasonable actions
required to prevent the entry of such stop order or to remove it if entered.

 

(d)              
The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered
by such Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as any Registering Stockholder holding such Registrable Securities reasonably (in light of such Registering Stockholder’s
intended plan of distribution) requests, and continue such registration or qualification in effect in such jurisdiction for the
shortest of (A) as long as permissible pursuant to the laws of such jurisdiction, (B) as long as any such Registering Stockholder
requests or (C) until all such Registrable Securities are sold and (ii) cause such Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of
the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Stockholder
to consummate the disposition of the Registrable Securities owned by such Registering Stockholder; provided that the Company
shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 2.04(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service
of process in any such jurisdiction.

 

(e)               
The Company shall promptly notify each Registering Stockholder holding such Registrable Securities covered by such
Registration Statement (i) at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon the discovery that, or upon the occurrence of an event as a result of which, the preparation of a supplement or amendment
to such prospectus is required so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and the Company shall promptly (subject to any applicable Suspension Period) prepare
and make available to each Registering Stockholder and file with the SEC any such supplement or amendment, (ii) as soon as
the Company becomes aware of any request by the SEC or any Federal or state governmental authority for amendments or supplements
to a Registration Statement or related prospectus covering Registrable Securities or for additional information relating thereto,
(iii) as soon as the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending
or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities or (iv) of the receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.

 

    	18

    	 

    

 

(f)               
(i) The Registering Stockholders holding a majority of the Registrable Securities to be included in a Demand Registration
or intended to be sold pursuant to a Public Offering pursuant to a “take down” under a Shelf Registration shall have
the right to select an underwriter or underwriters in connection with such Public Offering or “take down” (as the case
may be) (which underwriter or underwriters may include any Affiliate of any Registering Stockholder so long as including such Affiliate
would not require the separate engagement of a qualified independent underwriter with respect to such offering), subject to the
Company’s approval (which shall not be unreasonably withheld, conditioned or delayed) and (ii) the Company shall select an
underwriter or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall
enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including,
if required, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting
arrangements with the FINRA.

 

(g)              
Subject to confidentiality arrangements customarily applicable to underwriters and the Registering Stockholders,
the Company shall make available for inspection by any Registering Stockholder and any underwriter participating in any disposition
pursuant to a Registration Statement being filed by the Company pursuant to this Section
2.04 and any attorney, accountant or other professional retained by any such Stockholder or underwriter (collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their
due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any Inspectors in connection with such Registration Statement.

 

(h)              
The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed counterpart,
addressed to such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort
letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters
of the kind customarily covered by opinions or comfort letters, as the case may be, any Registering Stockholder or the lead managing
underwriter therefor reasonably requests.

 

    	19

    	 

    

 

(i)                
The Company shall otherwise comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably available, an earnings statement or such other document that shall satisfy the provisions
of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder.

 

(j)                
The Company may require each Registering Stockholder promptly to furnish in writing to the Company such information
regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other
information as may be reasonably required in connection with such registration.

 

(k)               
Each Registering Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 2.04(e), such Stockholder shall forthwith discontinue disposition of Registrable Securities
pursuant to the Registration Statement (including any Shelf Registration) covering such Registrable Securities until such Stockholder’s
receipt of (i) copies of the supplemented or amended prospectus from the Company or (ii) further notice from the Company that distribution
can proceed without an amended or supplemented prospectus, and, in the circumstances described in clause (i), if so directed
by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company
shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 2.04(a)) by the number of days during the period from and including the date
of the giving of notice pursuant to Section 2.04(e) to the date when the Company shall (x) make available to such Stockholder
a prospectus supplemented or amended to conform with the requirements of Section 2.04(e) or (y) deliver to such Stockholder
the notice described in clause (ii).

 

(l)                
The Company shall use its commercially reasonable efforts to list all Registrable Securities of any class or series
covered by such Registration Statement on any national securities exchange on which any of the Registrable Securities of such class
or series are then listed or traded.

 

(m)              
Upon written request (which notice shall be given with reasonable advance notice) to the Company by Registering Stockholders
holding a majority of the Registrable Securities being sold in such offering, the Company shall have appropriate officers of the
Company (i) upon reasonable request and at reasonable times prepare and make presentations at any “road shows” and
before analysts and rating agencies, as the case may be, provided that officers of the Company shall not be required to
participate in “road shows” within 60 days of the completion of a prior Public Offering with a “road show,”
(ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use its commercially reasonable efforts
to cooperate as requested by the underwriters in the offering, marketing or selling of the Registrable Securities.

 

(n)              
The Company shall as soon as possible following its actual knowledge thereof, notify each Registering Stockholder:
(A) when a prospectus, any prospectus supplement, a Registration Statement or a post-effective amendment to a Registration Statement
has been filed with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective; (B) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to
a Registration Statement, a related prospectus (including a Free Writing Prospectus) or for any other additional information; or
(C) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings
for such purpose.

 

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(o)              
The Company shall reasonably cooperate with each Registering Stockholder and each underwriter participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made by FINRA.

 

(p)              
The Company shall take all other steps reasonably necessary to effect the registration of such Registrable Securities
and reasonably cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities.

 

(q)               
The Company shall, within the deadlines specified by the Securities Act, make all required filings of all prospectuses
(including any Free Writing Prospectus) with the SEC and make all required filing fee payments in respect of any Registration Statement
or related prospectus used under this Agreement (and any offering covered hereby).

 

(r)                
The Company shall, if such registration is pursuant to a Registration Statement on Form S-3 or any similar short-form
registration, include in such Registration Statement such additional information for marketing purposes as the managing underwriter
with respect to an underwritten public offering reasonably requests.

 

(s)                
To the extent a Registering Stockholder wishes to register on a Registration Statement the resale of Registrable
Securities to be received upon the exchange of Exchange Securities pursuant to the Exchange Agreement, if required by applicable
law, rule or regulation, each such Registering Stockholder shall exchange its Exchange Securities for shares of Class A Common
Stock or commit to make such exchange prior to the filing of the relevant Registration Statement (or such later time as may be
permitted under applicable law, rule or regulation).

 

Section 2.05.     
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Registering Stockholder
holding Registrable Securities covered by a Registration Statement, its partners, Affiliates, stockholders, members, officers,
directors, employees, partners and agents, and each Person, if any, who controls such Registering Stockholder within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, “Stockholder Parties”)
from and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation
and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement
or allegedly untrue statement of a material fact contained in any Registration Statement or prospectus relating to the Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary
prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to
be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided,
however, that the Company shall not be liable to any Stockholder Party for any Damages that are caused by or related to any
such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to
the Company by or on behalf of such Registering Stockholder expressly for use therein. The Company also agrees to indemnify and
hold harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls
any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same
basis as that of the indemnification of the Registering Stockholders provided in this Section 2.05.

 

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Section 2.06.     
Indemnification by Registering Stockholders. Each Registering Stockholder holding Registrable Securities included
in any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless (i) the Company, (ii) each Person,
if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
(iii) each other Registering Stockholder participating in any offering of Registrable Securities and (iv) the respective partners,
Affiliates, stockholders, members, officers, directors, employees, partners and agents of each of the Persons specified in clauses
(i) through (iii) from and against all Damages to the same extent as the foregoing indemnity from the Company to such
Registering Stockholder, but only with respect to information furnished in writing by or on behalf of such Registering Stockholder
expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement
thereto, or any preliminary prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information
that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act). Each Registering Stockholder also
agrees to indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors and
each Person who controls any underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Company and the other Registering Stockholders provided
in this Section 2.06. As a condition to including Registrable Securities in any Registration Statement filed in accordance
with Article 2, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any
underwriter to indemnify and hold the Company harmless to the extent customarily provided by underwriters with respect to similar
securities and offerings. No Registering Stockholder shall be liable under this Section 2.06 for any Damages in excess of
the net proceeds (after deducting the underwriters’ discounts and commissions) realized by such Registering Stockholder in
the sale of Registrable Securities of such Registering Stockholder to which such Damages relate.

 

Section 2.07.     
Conduct of Indemnification Proceedings. If any proceeding (including any investigation by any governmental
authority) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 2.05
or 2.06, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity
may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable
fees and expenses; provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve
the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by
such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel; (ii) in the reasonable judgment of such Indemnified Party, representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them; or (iii)
the Indemnified Party shall have reasonably concluded (based on the advice of counsel) that there may
be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party. It
is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall
not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time
for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt of a invoice setting
forth such fees and expenses in reasonable detail. In the case of any such separate firm for the Indemnified Parties, such firm
shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any Damages (to the extent obligated
herein) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party
shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such proceeding.

 

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Section 2.08.     
Contribution. If the indemnification provided for in Section 2.05 or 2.06 is unavailable to
the Indemnified Parties or insufficient in respect of any Damages caused by or relating to any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended
or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus
under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, then each such Indemnifying Party,
in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Damages in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified
Parties in connection with such actions which resulted in such Damages, as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and the Indemnified Parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action.

 

The parties agree that it would not be just
and equitable if contribution pursuant to this Section 2.08 were determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by a party as a result of the Damages referred to in the preceding paragraph shall be deemed to include,
subject to the limitations set forth in Sections 2.05 and 2.06, any legal or other expenses reasonably incurred by
a party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section
2.08, no Registering Stockholder shall be required to contribute any amount in excess of the net proceeds (after deducting
the underwriters’ discounts and commissions) received by such Registering Stockholder in the offering. 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. Each Registering Stockholder’s obligation to contribute
pursuant to this Section 2.08 is several in the proportion that the net proceeds of the offering received by such Registering
Stockholder bears to the net total proceeds of the offering received by all such Registering Stockholders and not joint.

 

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Section 2.09.     
Participation in Public Offering. No Stockholder may participate in any Public Offering hereunder unless such
Stockholder (i) agrees to sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements and the provisions of this Agreement in respect of registration rights.

 

Section 2.10.     
Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall
be given by the Company and each Registering Stockholder participating therein with respect to any required registration or other
qualification of securities under any federal or state law or regulation or governmental authority other than the Securities Act.

 

Section 2.11.     
Cooperation by the Company. At any time following the Initial Public Offering, if any Stockholder shall transfer,
assign, sell, convey or otherwise dispose of any Registrable Securities pursuant to Rule 144, the Company shall reasonably cooperate
(subject to the terms and conditions of the Certificate of Incorporation) with such Stockholder, provide to such Stockholder such
information as such Stockholder shall reasonably request and make publicly available information necessary to permit sales pursuant
to Rule 144 for so long as necessary.

 

Section 2.12.     
Transfer of Registration Rights. The rights of a Stockholder under this Article 2 may be transferred
or assigned in connection with a transfer of Registrable Securities provided that all of the following additional conditions
are satisfied: (x) such transfer or assignment is effected in accordance with applicable securities laws, (y) the Company is given
written notice by such transferor of such transfer or assignment, stating the name and address of the transferee or assignee and
identifying the amount of Registrable Securities with respect to which such rights are being transferred or assigned and (z) such
transferee or assignee executes and delivers to the Company an agreement to be bound by this Agreement in the form of Exhibit
A.

 

Section 2.13.     
Limitations on Subsequent Registration Rights. The Company agrees that it shall not enter into any agreement
with any holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to
include such securities in any Demand Registration, Piggyback Registration or Shelf Registration unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their
inclusion would not be on terms more favorable in the aggregate to such holder or prospective holder than this Agreement. The Company
also represents and warrants to each Stockholder that it has not prior to the date of this Agreement entered into any agreement
with respect to any of its securities granting any registration rights to any Person.

 

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Section 2.14.     
Free Writing Prospectuses. Except for a prospectus relating to Registrable Securities included in a Registration
Statement, an “Issuer Free Writing Prospectus” (as defined in Rule 433 under the Securities Act) or other materials
prepared by the Company, each Registering Stockholder represents and agrees that it (i) shall not make any offer relating
to the Registrable Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a Free
Writing Prospectus, and (ii) has not distributed and will not distribute any written materials in connection with the offer
or sale pursuant to a Registration Statement of Registrable Securities without the prior written consent of the Company and, in
connection with any Public Offering, the underwriters.

 

Section 2.15.     
Information from Registering Stockholders; Obligations of Registering Stockholders.

 

(a)               
It shall be a condition precedent to the obligations of the Company to include the Registrable Securities of any
Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement or related prospectus,
as the case may be, that such Registering Stockholder shall take the actions described in this Section 2.15.

 

(b)              
Each Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement
shall (i) furnish to the Company (as a condition precedent to such Registering Stockholder’s participation in such registration)
in writing such information with respect to such Registering Stockholder, its ownership of Company Securities and the intended
method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law or regulations
for use in connection with any related Registration Statement or prospectus (or amendment or supplement thereto) and all information
required to be disclosed in order to make the information previously furnished to the Company by such Registering Stockholder not
contain a material misstatement of fact or necessary to cause such Registration Statement or prospectus (or amendment or supplement
thereto) not to omit a material fact with respect to such Registering Stockholder necessary in order to make the statements therein
not misleading and (ii) comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply
with all applicable regulations in connection with the registration and the disposition of Registrable Securities.

 

(c)               
Each Registering Stockholder shall promptly (i) following its actual knowledge thereof, notify the Company of
the occurrence of any event that makes any statement made in a Registration Statement, prospectus, Issuer Free Writing Prospectus
or other Free Writing Prospectus regarding such Registering Stockholder untrue in any material respect or that requires the making
of any changes in a Registration Statement, prospectus or Free Writing Prospectus so that, in such regard, it shall not contain
any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make the statements
not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement
or post-effective amendment to any such Registration Statement or a supplement to such prospectus or Free Writing Prospectus.

 

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(d)              
Each Registering Stockholder shall use commercially reasonable efforts to cooperate with the Company in preparing
the applicable Registration Statement.

 

(e)               
Each Stockholder agrees that no Stockholder shall be entitled to sell any Registrable Securities pursuant to a Registration
Statement or to receive a prospectus relating thereto unless such Stockholder has furnished the Company with all information required
to be included in such Registration Statement by applicable securities laws in connection with the disposition of such Registrable
Securities as reasonably requested by the Company.

 

(f)               
Notwithstanding anything to the contrary herein, no Registering Stockholder shall be required to make any representations
or warranties to or agreements with the Company, the underwriters of any underwritten Public Offering, or any other Person in connection
with a disposition of Registrable Securities other than representations, warranties or agreements regarding such Registering Stockholder,
such Registering Stockholder's ownership of Registrable Securities and such Registering Stockholder's intended method of distribution
of Registrable Securities.

 

ARTICLE
3

Board of Directors

 

Section 3.01.     
Board of Directors.

 

(a)               
Board Nominees.  Immediately after the consummation of the Initial Public Offering, the Board shall initially
consist of six directors. The Board may increase or decrease the number of Directors, subject to the rights of Holdings under this
Agreement and Applicable Governance Rules, in accordance with the Charter and By-laws. Immediately after the consummation of the
Initial Public Offering, of such six directors:

 

(i)                
the number of directors permitted to be designated by Holdings pursuant to Section 3.02 shall be those designated
by Holdings (such persons, the “Holdings Nominees”); and

 

(ii)               
two shall be independent directors permitted by SEC rules to serve on the Company’s audit committee after applicable
phase-in periods have expired (such persons, the “Audit Committee Independent Directors”) who shall be
designated by the Board and at least one of which shall be an audit committee financial expert under the NASDAQ Stock Market Rules
or SEC rules as currently in effect.

 

In addition, within one year after the date
of the initial listing of the Class A Common Stock on NASDAQ for the Initial Public Offering, one additional Audit Committee Independent
Director shall be appointed.

 

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(b)              
Holdings Nominees. With respect to any Holdings Nominees after the date of the Initial Public Offering, Holdings
shall designate the Holdings Nominees by delivering to the Company its written statement at least (i) 10 days following their receipt
of written notice from the Company to the Holdings notifying Holdings of the setting of the date of the first annual meeting after
the date of the Initial Public Offering, in the case of the first annual meeting after the date of the Initial Public Offering,
and (ii) 60 days prior to the one year anniversary of the preceding annual meeting, in the case of subsequent annual meetings,
designating the Holdings Nominees and setting forth such Holdings Nominees’ business address, telephone number, facsimile
number and e-mail address; provided, that if Holdings shall fail to deliver such written notice, Holdings shall be deemed to have
nominated the Holdings Nominees previously designated. The Company hereby agrees that at each annual meeting of stockholders of
the Company, subject to any rights of the holders of shares of any class or series of preferred stock of the Company, the Company
shall ensure that the directors required to be nominated pursuant to this Article 3 shall be nominated at such annual meeting
and shall use its reasonable best efforts to cause the Holdings Nominees to be elected to the Board.

 

(c)               
Committees. The Board shall have a nominating and corporate governance committee, a compensation committee,
an audit committee and such other committees as the Board may determine (collectively, the “Committees”). Subject
to Section 3.02:

 

(i)                 the
audit committee shall consist of at least three Audit Committee Independent Directors, subject to the exceptions provided by
the applicable transition periods under Rule 10A-3 of the Exchange Act and the NASDAQ Stock Market Rules, and Holdings shall
have the right to designate the members thereof; and

 

(ii)               
each other Committee shall consist of at least three directors, and Holdings shall have the right to designate the
members thereof;

 

provided, however, that: (i) the
membership of each Committee shall meet the requirements of Applicable Governance Rules (after giving effect to applicable transition
periods, if any), and (ii) each Committee shall have such additional members as the Board may determine, which determination
shall be made on the recommendation of the nominating and corporate governance committee. Each Committee shall have such powers
and responsibilities as the Board may from time to time authorize.

 

(d)              
Removal and Replacement of Directors. If a vacancy is created on the Board or a Committee as a result of the
death, disability, retirement, resignation or removal of any Holdings Nominee, then Holdings shall have the right to designate
such person’s replacement. No Holdings Nominee shall be required to resign or be removed from the Board or any committee
thereof as a result of a decrease in the size of the Board or any committee thereof, except as required by Applicable Governance
Rules.

 

Section 3.02.     
Reduction and Termination of Holdings’ Rights.

 

(a)               
Board Nominees. Notwithstanding anything to the contrary in this Agreement, after the Initial Public Offering
the number of Holdings Nominees that may be designated by Holdings or any Person designated by Holdings pursuant to Section 3.01(a)(i)
shall be reduced and the number of other directors shall be increased, based on the percentage of the total Shares of the Company
then beneficially owned by the MacAndrews Stockholders so that the Holdings Nominees constitute:

 

    	27

    	 

    

 

(i)               
a majority of the directors on the Board (and if the number of directors on the Board is even, one director more
than 50% of the number of directors on the Board) if the MacAndrews Stockholders beneficially own greater than 50% of the outstanding
Shares of the Company;

 

(ii)              
one less than a majority of the directors on the Board (and if the number of directors on the Board is even, 50%
of the number of directors on the Board) if the MacAndrews Stockholders beneficially own greater than 25% but less than 50% of
the outstanding Shares of the Company;

 

(iii)            
one-third of the directors on the Board (rounded down to the nearest whole number) if the MacAndrews Stockholders
beneficially own greater than 10% but less than 25% of the outstanding Shares of the Company; and

 

(iv)            
no directors if the MacAndrews Stockholders beneficially own less than 10% of the outstanding Shares of the Company.

 

Holdings shall cause the appropriate number
of Holdings Nominees to resign as required to comply with this Section 3.02 upon the earlier to occur of (i) the date on
which the current term of the resigning Holdings Nominee ends, and (ii) 12 months from the occurrence of such event. To the extent
deemed reasonably necessary by the Board to comply with Applicable Governance Rules (including with respect to composition of committees),
Holdings shall designate Independent Directors as Holdings Nominees; provided that directors who are affiliated with a MacAndrews
Party shall not be automatically deemed not to be Independent Directors.

 

(b)              
Committees. Notwithstanding anything to the contrary in this Agreement, if the MacAndrews Stockholders beneficially
own less than 25% of the outstanding Shares of the Company, Holdings shall cease to have the rights to designate members of Committees
pursuant to Section 3.01(c).

 

ARTICLE
4

Termination

 

Section 4.01.     
Termination. This Agreement shall terminate when the MacAndrews Stockholders beneficially own less than 2.5%
of the outstanding Shares; provided, however, that any Stockholder that ceases to own beneficially any Registrable Securities
shall cease to be bound by the terms hereof other than (i) Sections 2.05, 2.06, 2.07, 2.08 and 2.10
applicable to such Stockholder with respect to any offering of Registrable Securities completed before the date such Stockholder
ceased to own any Registrable Securities) and (ii) Sections 5.01, 5.02 and 5.04 through 5.12.

 

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ARTICLE
5

Miscellaneous

 

Section 5.01.     
Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, successors, legal representatives and permitted assigns.

 

(b)              
Subject to Section 2.12, neither this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by any party.

 

(c)               
Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto,
and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement.

 

(d)              
if and to the extent Holdings is dissolved or liquidated, the MacAndrews Stockholders holding Shares shall be the
successors of Holdings, and references to “Holdings” herein shall be references to such successors of Holdings, collectively,
and the Company shall (and shall cause its Subsidiaries to) enter into such amendments and supplements hereto to effectuate the
intent of this Section 5.01(d).

 

Section 5.02.     
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile or electronic transmission) and shall be given,

 

if to the Company, to:

 

vTv Therapeutics Inc.

4170 Mendenhall Oaks Pkwy

High Point, NC 27265

Attention: Stephen L. Holcombe

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Facsimile: (212) 492-0052

Attention: Lawrence G. Wee, Esq.

if to Holdings, to:

 

c/o MacAndrews & Forbes Incorporated

35 East 62nd Street

New York, NY 10065

Facsimile: (212) 572-5695

Attention: Paul G. Savas

 

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or such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the other parties hereto. All notices, requests and other communications shall be
deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such
day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have
been received until the next succeeding Business Day in the place of receipt. Any Person that becomes a Stockholder shall provide
its address and fax number to the Company, which shall promptly provide such information to each other Stockholder.

 

Section 5.03.     
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed by the Company and Stockholders holding more than 50% of the remaining Registrable Securities;
provided that any amendment or waiver of the provisions of Article 3, to the extent adverse in any respect to Holdings,
shall require the written consent of Holdings. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.

 

Section 5.04.     
Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning
the relative rights of the Company and its stockholders pursuant to Article 3 hereto. All other issues and questions concerning
the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed
by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law
provisions that would indicate the applicability of the laws of any other jurisdiction.

 

Section 5.05.     
Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be
brought in the United States District Court for the Southern District of New York or any New York State court sitting in New York
City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause
of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of New York,
and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 

Section 5.06.     
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	30

    	 

    

 

Section 5.07.     
Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach
or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without
posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in
the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
that may then be available.

 

Section 5.08.     
Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each initial party hereto shall have received a counterpart hereof signed by all of
the other initial parties hereto. Until and unless each initial party has received a counterpart hereof signed by the other initial
parties hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue
of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights,
benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors
and assigns.

 

Section 5.09.     
Entire Agreement. This Agreement, together with the Schedules and Exhibit hereto and any documents, instruments
and writings that are delivered pursuant hereto, constitutes the entire agreement among the parties with respect to the subject
matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, among the parties hereto
with respect to the subject matter of this Agreement.

 

Section 5.10.     
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

Section 5.11.     
Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges
that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set
forth in this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent selection
and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement.

 

Section 5.12.     
Certificate of Incorporation Supersedes. Nothing in this Agreement is intended to conflict with any provision
of the Charter or By-laws, each in effect on the date hereof and, in the event of any such conflict, the applicable provisions
of the Charter or By-laws shall supersede the conflicting provision of this Agreement. Except as provided in Article 3,
nothing in this Agreement is intended to limit or restrict in any manner whatsoever, the rights or powers of the Company under
the Charter or By-laws and the exercise of any such right or power by the Company shall not be, and shall not be construed to be,
a breach or violation of, or a default under, this Agreement or any provision hereof.

 

    	31

    	 

    

 

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

 

	 	VTV THERAPEUTICS INC.
	 	 
	 	 
	 	By:	/s/ Stephen L. Holcombe
	 	 	Name: Stephen L. Holcombe	 
	 	 	Title: President and CEO	 

 

[Signature Page to Investor Rights Agreement]

 

    	 

    	 

    
	 	VTV THERAPEUTICS HOLDINGS LLC
	 	 
	 	 
	 	By:	/s/ Stephen L. Holcombe	 
	 	 	Name: Stephen L. Holcombe	 
	 	 	Title: President	 
	 	 	 	 	 

 

[Signature Page to Investor Rights Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

JOINDER TO INVESTOR RIGHTS AGREEMENT

 

This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance
with the Investor Rights Agreement dated as of _________, 2015 (the “Investor Rights Agreement”) among vTv Therapeutics
Inc. and the other parties thereto, as the same may be amended from time to time. Capitalized terms used, but not defined, herein
shall have the meaning ascribed to such terms in the Investor Rights Agreement.

 

The Joining Party hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to the Investor
Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder
as if it had executed the Investor Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be
bound by, all of the terms, provisions and conditions contained in the Investor Rights Agreement.

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement as of the date written below.

 

Date: ___________ ___, ______

 

	 	[NAME OF JOINING PARTY]
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address for Notices:	 

 

    	 

    	 

    

 

SCHEDULE 1

 

Plan of Distribution

 

A selling stockholder may also enter into
hedging and/or monetization transactions. For example, a selling stockholder may:

 

		(a)	enter into transactions involving short sales of the shares of Class A common stock by underwriters, brokers, dealers or third
parties;

 

		(b)	itself sell short Class A common stock and deliver the shares to close out any short positions;

 

		(c)	enter into options, forwards or other transactions that require the selling stockholder to deliver Class A common stock to
an underwriter, broker, dealer or other third party who may then resell or otherwise transfer that common stock under this prospectus;
or

 

		(d)	loan or pledge shares of Class A common stock to an underwriter, broker, dealer or other third party who may sell the loaned
shares or, in an event of default, sell the pledged shares.Exhibit 10.4

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT (this “Agreement”),
dated as of July 29, 2015, by and among vTv Therapeutics LLC, a Delaware limited liability company (the “Company”),
vTv Therapeutics Inc., a Delaware corporation (“Pubco”), and vTv Therapeutics Holdings LLC (“Holdings”
and together with any person that executes a joinder as set forth in Section 4.01 hereof, the “Holders”
and each, a “Holder”).

 

W I T N E S S E T H:

 

WHEREAS, on the date hereof, the Company,
Pubco and Holdings entered into the LLC Agreement;

 

WHEREAS, the parties hereto desire to provide
for the exchange of Nonvoting Common Units together with shares of Class B Common Stock for (i) shares of Class A Common Stock
(as defined below) or (ii) cash, in any case, on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein made and other good and valuable consideration, the parties hereto hereby agree as set forth herein.

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

(a)         The following terms shall have the following meanings for the purposes of this Agreement:

 

“Affiliate” shall have
the meaning set forth in Rule 405 under the Securities Act (as in effect on the date hereof).

 

“Applicable Law” means,
with respect to any Person, any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention,
ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated
or applied by a Governmental Authority or Regulatory Agency that is binding upon or applicable to such Person or its assets, as
amended unless expressly specified otherwise.

 

“Business Day” means a
day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required
by Applicable Law to close.

 

“Class A Common Stock”
means Class A common stock, $0.01 par value per share, of Pubco.

 

“Class B Common Stock”
means Class B common stock, $0.01 par value per share, of Pubco.

 

    	 

    	 

    

“Code” means the Internal
Revenue Code of 1986, as amended from time to time.

 

“Deliverable Common Stock”
means Class A Common Stock deliverable in connection with the Exchange of a Paired Interest as set forth herein.

 

“Determination Date” means
the third Trading Day prior to the Exchange Date.

 

“Disposition Event” means
any merger, consolidation or other business combination of Pubco, whether effectuated through one transaction or a series of related
transactions (including a tender offer followed by a merger in which the holders of Class A Common Stock receive the same consideration
per share paid in the tender offer), unless, following such transaction, all or substantially all of the holders of the voting
power of all outstanding classes of common stock of Pubco and series of preferred stock of Pubco that are generally entitled to
vote in the election of directors of Pubco prior to such transaction or series of transactions, continue to hold a majority of
the voting power of the surviving entity (or its parent) resulting from such transaction or series of transactions in substantially
the same proportions as immediately prior to such transaction or series of transaction.

 

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

 

“Exchange Date”
means the date of effectiveness of an Exchange, or, in the case of a Synthetic Secondary Offering, immediately  prior to the
time  which such Synthetic Secondary Offering closes.

 

“Exchange Rate” means the
number of shares of Class A Common Stock for which one Paired Interest is entitled to be Exchanged. On the date of this Agreement,
the Exchange Rate shall be one, subject to adjustment pursuant to Section 2.03 of this Agreement.

 

“Exchanging Holder” means
a Holder effecting an Exchange pursuant to this Agreement.

 

“Fair Market Value” of
Class A Common Stock with respect to any Exchange Date shall be determined as follows:

 

(i)                
If Class A Common Stock is then traded on a national securities exchange, then such Fair Market Value shall equal the VWAP
of such Class A Common Stock;

 

(ii)              
If Class A Common Stock is then traded on the over-the-counter system, then such Fair Market Value shall be the average
of the closing bid and ask prices of a share of such Class A Common Stock over the prior 20 Trading Days ending on the Determination
Date; and

 

(iii)            
If there is then no public market for the Class A Common Stock, then such Fair Market Value shall be the highest price per
share which could be obtained from a willing buyer (not a current employee or director of the Company or Pubco) for a share of
Class A Common Stock sold from authorized but unissued shares, as determined in good faith by the board of directors of Pubco.

 

    	2

    	 

    

Notwithstanding the foregoing, in connection
with a Synthetic Secondary Offering, the Fair Market Value per share of Class A Common Stock shall be the amount of proceeds per
share of Class A Common Stock, net of underwriting discounts, received by the Company in such Synthetic Secondary Offering.

 

“Governmental Authority”
means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department,
court, agency or official, including any political subdivision thereof.

 

“Investor Rights Agreement”
means that certain Investor Rights Agreement, dated as of July 29, 2015, by and between Pubco and Holdings (and its successors
and assigns), as the same may be amended, restated, supplemented and/or otherwise modified, from time to time.

 

“LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement of the Company, dated on or about the date hereof, as such agreement may
be amended from time to time.

 

“MacAndrews Stockholder”
means each of Holdings, MacAndrews & Forbes Incorporated and M&F TTP Holdings LLC and each of their respective Affiliates
(other than Pubco and its subsidiaries).

 

“Market Disruption Event”
means a failure by the Principal Market to open for trading during its regular trading session.

 

“Nonvoting Common Units”
means the Nonvoting Common Units of the Company (as such term is defined in the LLC Agreement).

 

“Paired Interest” means
one Nonvoting Common Unit together with one share of Class B Common Stock, subject to adjustment pursuant to Section 2.03(a).

 

“Person” means any individual,
firm, corporation, partnership, limited liability company, trust, estate, joint venture, governmental authority or other entity.

 

“Principal Market” means
(i) NASDAQ, if the Class A Common Stock is listed on NASDAQ, (ii) the principal U.S. national or regional securities exchange on
which the Class A Common Stock is listed, if the Class A Common Stock is not listed on NASDAQ or (iii) the principal market on
which the Class A Common Stock is then traded, if the Class A Common Stock is not listed on NASDAQ or any other U.S. national or
regional securities exchange.

 

“Pubco Charter” means the
Amended and Restated Certificate of Incorporation of Pubco.

 

“Regulatory Agency” means
the United States Securities and Exchange Commission, Financial Industry Regulatory Authority, Inc., the Financial Services Authority,
any non-U.S. regulatory agency and any other regulatory authority or body (including any state or provincial securities authority
and any self-regulatory organization) with jurisdiction over the Company or any of its Subsidiaries.

 

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

 

“Securities Exchange” means
the national securities exchange on which the Class A Common Stock is traded.

 

“Synthetic Secondary Offering”
means an offering by the Company of shares of Class A Common Stock to generate net proceeds to pay cash in an Exchange of Paired
Interests pursuant to Section 2.01.

 

“Tax Receivable Agreement”
shall mean that certain Tax Receivable Agreement, dated as of July 29, 2015, by and among Pubco and each of the parties identified
as Members therein, including Holdings (and its successors and assigns) for the benefit of M&F TTP Holdings, LLC, as the same
may be amended, restated, supplemented and/or otherwise modified, from time to time.

 

    	3

    	 

    

 

“Trading Day” means a
day on which (i) trading in securities generally occurs on the Principal Market, (ii) a volume weighted average price for the
Class A Common Stock is able to be calculated with respect to the Principal Market and (iii) there is no Market Disruption Event
with respect to the Principal Market.

 

“VWAP” means the dollar
volume weighted average price for the Class A Common Stock on a national securities exchange for the 20 consecutive Trading Day
period ending on the Determination Date as reported by Bloomberg Financial Markets (“Bloomberg”), or, if no
dollar volume weighted average price is reported for the Class A Common Stock by Bloomberg for such hours, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink
sheets;” provided, however, that the calculation of VWAP for a particular Trading Day shall exclude any block
trade of 10,000 shares or greater that is executed on such day.

 

(b)         Capitalized terms used but not defined herein shall have the meaning ascribed thereto in the LLC Agreement.

 

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

 

	Term	Section
	Agreement	Preamble
	Company	Preamble
	e-mail	4.03
	Exchange	2.01
	Exchange Agent	2.02(a)
	Holder	Preamble
	Holdings	Preamble
	Notice of Exchange	2.02(a)
	Permitted Transferee	4.01
	Process Agent	4.05(b)
	Pubco	Preamble
	Pubco Offer	2.04(a)

 

Section 1.02       
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this
Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural
term the singular. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed
by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed
to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with
the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References
to “law”, “laws” or to a particular statute or law shall be deemed also to include any Applicable Law.
Unless otherwise expressly provided herein, when any approval, consent or other matter requires any action or approval of any group
of Holders, including any holders of any class of Paired Interests, such approval, consent or other matter shall require the approval
of a majority in interest of such group of Holders. Except to the extent otherwise expressly provided herein, all references to
any Holder shall be deemed to refer solely to such Person in its capacity as such Holder and not in any other capacity.

 

    	4

    	 

    

Article II

EXCHANGE

 

Section 2.01       
Exchange of Paired Interests for Class A Common Stock. From and after the execution and delivery of this Agreement,
each Holder shall be entitled at any time and from time to time upon the terms and subject to the conditions hereof, to surrender
Paired Interests to Pubco (subject to adjustment as provided in Section 2.03) in exchange (such exchange, an “Exchange”)
for, at the option of Pubco (in its capacity as managing member of the Company) (i) the delivery to such Holder of a number of
shares of Class A Common Stock that is equal to the product of the number of Paired Interests surrendered multiplied by the Exchange
Rate in effect as of immediately prior to the close of business on the Exchange Date or (ii) cash in an amount equal to the Fair
Market Value of the shares of Class A Common Stock such Holder would have otherwise received pursuant to clause (i).

 

Section 2.02       
Exchange Procedures; Notices and Revocations.

 

(a)         A
Holder may exercise the right to effect an Exchange as set forth in Section 2.01 by delivering a written notice of
exchange in respect of the Paired Interests to be Exchanged substantially in the form of Exhibit A hereto (the “Notice
of Exchange”), duly executed by such Holder or such Holder’s duly authorized attorney, to Pubco at least 10 Business
Days (or such shorter period of time as may be agreed by Pubco) in advance of the Exchange Date at Pubco’s address set forth
in Section 4.03 during normal business hours, or if any agent for the Exchange is duly appointed and acting (the “Exchange
Agent”), to the office of the Exchange Agent during normal business hours. The Notice of Exchange must set forth (i)
the Exchange Date, which shall be at least 10 Business Days (or such shorter period of time as may be agreed by Pubco) after the
date of the Notice of Exchange and (ii) the number of Paired Interests to be surrendered, which number shall not be less than
1,000 unless (x) the number of surrendered Paired Interests constitutes all of such Holder’s Paired Interests or (y)
the Company or Holdings consents to such Exchange.

 

(b)         Contingent Notice of Exchange and Revocation by Holders.

 

(i)                
A Notice of Exchange from a Holder may specify that the Exchange is to be contingent (including as to the timing)
upon the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise)
of shares of Deliverable Common Stock into which the Paired Interests are exchangeable, or contingent (including as to timing)
upon the closing of an announced merger, consolidation or other transaction or event in which the Deliverable Common Stock would
be exchanged or converted or become exchangeable for or convertible into cash or other securities or property. For the avoidance
of doubt, a Notice of Exchange delivered in connection with a Synthetic Secondary Offering (i) may be subject to the condition
that a price per share of Class A Common Stock that is acceptable to the Holder in its sole and absolute discretion be received
in such Synthetic Secondary Offering and (ii) may be deemed made in part only with respect to the number of Paired Interests that
are able to be paid for using the proceeds (net of underwriting discounts) from such Synthetic Secondary Offering pursuant to Section
2.01.

 

    	5

    	 

    

(ii)              
Notwithstanding anything herein to the contrary, a Holder may withdraw or amend a Notice of Exchange, in whole or
in part, prior to the effectiveness of the Exchange, at any time prior to 5:00 p.m. New York City time, on the Business Day immediately
preceding the Exchange Date (or any such later time as may be required by Applicable Law) by delivery of a written notice of withdrawal
to Pubco or the Exchange Agent, specifying (1) the number of withdrawn Paired Interests, (2) if any, the number of Paired Interests
as to which the Notice of Exchange remains in effect and (3) if the Holder so determines, a new Exchange Date or any other new
or revised information permitted in the Notice of Exchange.

 

(c)         Each Exchange shall be deemed to be effective immediately prior to the close of business on the Exchange Date, and,
from and after that time, (i) the Exchanging Holder (or other Person(s) whose name or names in which the Deliverable Common Stock
is to be issued) shall be deemed to be a holder of Deliverable Common Stock, if any, or (ii) such Exchanging Holder’s (or
other Person’s or Persons’ whose name or names in which the cash is to be delivered) right to receive cash, if any,
shall vest. As promptly as practicable on or after the Exchange Date, Pubco shall deliver or cause to be delivered to the Exchanging
Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued or cash is to be paid) (1)
the number of shares of Deliverable Common Stock deliverable upon such Exchange, if any, pursuant to Section 2.01 hereof,
registered in the name of such Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued)
or (2) an amount of cash to which such Holder or such other Person(s) is entitled pursuant to Section 2.01 hereof, if any,
by wire transfer of immediately available funds to the account or accounts designated by such Holder or such other Person(s) in
the Notice of Exchange. To the extent an Exchanging Holder (or other Person(s) to which the Deliverable Common Stock is to be issued)
is entitled to receive Deliverable Common Stock pursuant to Section 2.01 hereof, and the Deliverable Common Stock is settled
through the facilities of The Depository Trust Company, Pubco will, subject to Section 2.02(d) below, upon the written
instruction of an Exchanging Holder, deliver or cause to be delivered the shares of Deliverable Common Stock deliverable to such
Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued), through the facilities of
The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holder.

 

(d)         The shares of Deliverable Common Stock issued upon an Exchange, if any, shall bear a legend in substantially the
following form:

 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE
SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER
APPLICABLE LAW), OR AN EXEMPTION THEREFROM.

 

    	6

    	 

    

(e)         If (i) any shares of Deliverable Common Stock may be sold pursuant to a registration statement that has been
declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or
(iii) the legend (or a portion thereof) otherwise ceases to be applicable, Pubco, as applicable, upon the written request
of the Holder thereof shall promptly provide such Holder or its respective transferees, without any expense to such Persons (other
than applicable transfer taxes and similar governmental charges, if any) with new certificates (or evidence of book-entry share)
for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has terminated. In
connection therewith, such Holder shall provide Pubco with such information in its possession as Pubco may reasonably request in
connection with the removal of any such legend.

 

(f)         Pubco shall bear all expenses in connection with the consummation of any Exchange, whether or not any such Exchange
is ultimately consummated, including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising
by reason of, any Exchange; provided, however, that if any shares of Deliverable Common Stock are to be delivered
in a name other than that of the Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account
of a participant of The Depository Trust Company that will hold the shares for the account of such Holder), then such Holder and/or
the Person in whose name such shares are to be delivered shall pay to Pubco the amount of any transfer taxes, stamp taxes or duties,
or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction
of Pubco that such tax has been paid or is not payable.

 

(g)         Notwithstanding
anything to the contrary in this Article II, a Holder shall not be entitled to effect an Exchange, and Pubco and the
Company shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period, if Pubco
or the Company shall reasonably determine that such Exchange (i) would be prohibited by any Applicable Law (including the
unavailability of any requisite registration statement filed under the Securities Act or any exemption from the registration requirements
thereunder), or (ii) would not be permitted under (x) the LLC Agreement, (y) other agreements with Pubco, the Company
or any of the Company’s subsidiaries to which such Exchanging Holder may be party or (z) any written policies of Pubco,
the Company or any of the Company’s subsidiaries related to unlawful or inappropriate trading applicable to its directors,
officers or other personnel. Upon such determination, Pubco or the Company (as applicable) shall notify the Holder requesting
the Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that
the Exchange has not been honored.

 

(h)         The parties hereto acknowledge and agree that Pubco’s determination of the settlement method (issuance of Deliverable
Common Stock or payment of cash) for any Exchange shall be made by the entire board of directors of Pubco acting on behalf of Pubco
in its capacity as managing member of the Company.

 

    	7

    	 

    

Section 2.03       
Adjustment.

 

(a)         The Exchange Rate with respect to Paired Interests shall be adjusted accordingly if there is: (i) any subdivision
(by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise)
or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares
of Class B Common Stock or Nonvoting Common Units that is not accompanied by a substantively identical subdivision or combination
of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise)
of the Class A Common Stock that is not accompanied by a substantively identical subdivision or combination of the shares of Class
B Common Stock and Nonvoting Common Units. If there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, then
upon any subsequent Exchange, an Exchanging Holder or such other Person(s) shall be entitled to receive the amount of such security,
securities or other property that such Exchanging Holder or such other Person(s) would have received if such Exchange had occurred
immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction,
taking into account any adjustment as a result of any subdivision (by any split, dividend or distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, reorganization, recapitalization or otherwise)
of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or
other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other
property, this Section 2.03(a) shall continue to be applicable, mutatis mutandis, with respect to such security
or other property. This Agreement shall apply to, mutatis mutandis, and all references to “Paired Interests”
shall be deemed to include, any security, securities or other property of Pubco or the Company which may be issued in respect of,
in exchange for or in substitution of shares of Class B Common Stock or Nonvoting Common Units, as applicable, by reason of stock
or unit split, reverse stock or unit split, stock or unit dividend or distribution, combination, reclassification, reorganization,
recapitalization, merger, exchange (other than an Exchange) or other transaction.

 

(b)         This Agreement shall apply to the Paired Interests held by the Holders and their Permitted Transferees as of the
date hereof, as well as any Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees.

 

Section 2.04       
Tender Offers and Other Events with Respect to Pubco.

 

(a)         In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction
with respect to Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its stockholders
and approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval of the
board of directors of Pubco, the Holders of Paired Interests shall be permitted to participate in such Pubco Offer by delivery
of a Notice of Exchange (which Notice of Exchange shall be effective immediately prior to the consummation of such Pubco Offer
(and, for the avoidance of doubt, shall be contingent upon such Pubco Offer and not be effective if such Pubco Offer is not consummated)).
In the case of a Pubco Offer proposed by Pubco, Pubco will use its reasonable best efforts expeditiously and in good faith to take
all such actions and do all such things as are necessary or desirable to enable and permit the Holders of Paired Interests to participate
in such Pubco Offer to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock
without discrimination; provided, that without limiting the generality of this sentence, Pubco will use its reasonable best
efforts expeditiously and in good faith to ensure that such Holders may participate in each such Pubco Offer without being required
to Exchange Paired Interests. For the avoidance of doubt (but subject to Section 2.04(c)), in no event shall the Holders
of Paired Interests be entitled to receive in such Pubco Offer aggregate consideration for each Paired Interest that is greater
than the consideration payable in respect of each share of Class A Common Stock in connection with a Pubco Offer.

 

    	8

    	 

    

(b)         Notwithstanding any other provision of this Agreement, if a Disposition Event is approved by the board of directors
of Pubco and consummated in accordance with Applicable Law, at the request of the Company (or following such Disposition Event,
its successor) or Pubco (or following such Disposition Event, its successor), each of the Holders shall be required to exchange
with Pubco, at any time and from time to time after, or simultaneously with, the consummation of such Disposition Event, all of
such Holder’s Paired Interests for aggregate consideration for each Paired Interest that is equivalent to the consideration
payable in respect of each share of Class A Common Stock in connection with the Disposition Event, provided, however,
that in the event of a Disposition Event intended to qualify as a reorganization within the meaning of Section 368(a) of the Code
or as a transfer described in Section 351(a) or Section 721 of the Code, a Holder shall not be required to exchange Paired Interest
pursuant to this Section 2.04(b) unless, as a part of such transaction, the Holders are permitted to exchange their
Paired Interest for securities in a transaction that is expected to permit such exchange without current recognition of gain or
loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of Paired Interests (except to the extent that property
other than securities is received in such exchange), based on a “should” or “will” level opinion from independent
tax counsel of recognized standing and expertise.

 

(c)         Notwithstanding any other provision of this Agreement,  in a Disposition Event or other Pubco Offer, payments
under or in respect of the Tax Receivable Agreement shall not be considered part of the consideration payable in respect of any
Paired Interest or share of Class A Common Stock in connection with such Disposition Event or other Pubco Offer for the purposes
of Section 2.04(a) and Section 2.04(b).

 

Section 2.05       
Listing of Deliverable Common Stock. If the Class A Common Stock is listed on a securities exchange, Pubco
shall use its reasonable best efforts to cause all Class A Common Stock issued upon an exchange of Paired Interests to be listed
on the same securities exchange at the time of such issuance.

 

    	9

    	 

    

Section 2.06       
Deliverable Common Stock to be Issued; Class B Common Stock to be Cancelled.

 

(a)         Pubco shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely
for the purpose of issuance upon an Exchange, the maximum number of shares of Deliverable Common Stock as shall be deliverable
upon Exchange of all then-outstanding Paired Interests; provided, that nothing contained herein shall be construed to preclude
Pubco from satisfying its obligations in respect of an Exchange by (i) payment of cash as permitted by the terms of this agreement
or (ii) delivery of shares of Deliverable Common Stock that are held in the treasury of Pubco or any of its subsidiaries or by
delivery of purchased shares of Deliverable Common Stock (which may or may not be held in the treasury of Pubco or any subsidiary
thereof). Pubco covenants that all shares of Deliverable Common Stock issued upon an Exchange, if any, will, upon issuance thereof,
be validly issued, fully paid and non-assessable.

 

(b)         When a Paired Interest has been Exchanged in accordance with this Agreement, (i) the share of Class B Common
Stock corresponding to such Paired Interest shall be cancelled by Pubco and (ii) the Nonvoting Common Unit corresponding to
such Paired Interest shall be deemed transferred from the Exchanging Holder to Pubco and the Company shall cause such transfer
to be registered in the books and records of the Company.

 

(c)         Pubco agrees that it has taken all or will take such steps as may be required to cause to qualify for exemption under
Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange
Act, any acquisitions from, or dispositions to, Pubco of equity securities of Pubco (including derivative securities with respect
thereto) and any securities that may be deemed to be equity securities or derivative securities of Pubco for such purposes that
result from the transactions contemplated by this Agreement, by each officer or director of Pubco, including any director by deputization.
The authorizing resolutions shall be approved by either Pubco’s board of directors or a committee composed solely of two
or more Non-Employee Directors (as defined in Rule 16b-3) of Pubco.

 

Section 2.07       
Distributions. No Exchange shall impair the right of the Exchanging Holder to receive any distributions payable
on the Nonvoting Common Units so exchanged in respect of a record date that occurs prior to the Exchange Date for such Exchange.
No adjustments in respect of dividends or distributions on any Nonvoting Common Unit will be made on the Exchange of any Paired
Interest, and if the Exchange Date with respect to a Nonvoting Common Unit occurs after the record date for the payment of a dividend
or other distribution on Nonvoting Common Units but before the date of the payment, then the registered holder of the Nonvoting
Common Unit at the close of business on the record date will be entitled to receive the dividend or other distribution payable
on the Nonvoting Common Unit on the payment date (without duplication of any distribution to which such holder may be entitled
under Section 5.03(e) of the LLC Agreement in respect of taxes) notwithstanding the Exchange of the Paired Interests or a default
in payment of the dividend or distribution due on the Exchange Date. For the avoidance of doubt, no Exchanging Holder shall be
entitled to receive, in respect of a single record date, distributions or dividends both on Nonvoting Common Units exchanged by
such Holder and on shares of Deliverable Common Stock received by such Holder in such Exchange.

 

    	10

    	 

    

Article III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01       
Representations and Warranties of Pubco and of the Company. Each of Pubco and the Company represents and warrants
that (i) it is a corporation or limited liability company, as applicable, duly incorporated or formed and is existing in good
standing under the laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power and
authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and, in the case of Pubco,
to issue the Deliverable Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement
by it and the consummation by it of the transactions contemplated hereby (including, without limitation, in the case of Pubco,
the issuance of the Deliverable Common Stock) have been duly authorized by all necessary corporate or limited liability company
action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it
in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

Section 3.02       
Representations and Warranties of the Holders. Each Holder, as to itself and not to any other Holder, severally
and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and,
the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it
has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated
hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate or other entity action on the part of such Holder and (iv) this
Agreement constitutes a legal, valid and binding obligation of such Holder enforceable against it in accordance with its terms,
except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally.

 

    	11

    	 

    

Article IV

MISCELLANEOUS

 

Section 4.01       
Additional Holders. To the extent a Holder validly transfers any or all of such Holder’s Paired Interests
to another Person (including by Holdings to any member thereof) in a transaction in accordance with, and not in contravention of,
the LLC Agreement or the Investor Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall
have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon
such Permitted Transferee shall become a Holder hereunder. To the extent the Company issues Nonvoting Common Units in the future,
then the holder of such Nonvoting Common Units shall have the right to execute and deliver a joinder to this Agreement, substantially
in the form of Exhibit B hereto, whereupon such holder shall become a Holder hereunder.

 

Section 4.02       
Further Assurances. Each party hereto agrees to execute, acknowledge, deliver, file and record such further
certificates, amendments, instruments and documents, and to do all such other acts and things, as may be required by law or as,
in the reasonable judgment of Pubco, may be necessary or advisable to carry out the intent and purposes of this Agreement.

 

Section 4.03       
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested
and received by non-automated response) and shall be given:

 

	(a)	 	if to Pubco or the Company, to: 
	 	 	 
	 	 	Stephen L. Holcombe, President and CEO

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Facsimile:(336) 841-0310

E-mail: sholcombe@vtvtherapeutics.com
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	 	Telephone:	(212) 373-3000 
	 	 	Facsimile:	(212) 757-3990
	 	 	Attention:	Angelo Bonvino 
	 	 	 	Lawrence G. Wee 
	 	 	Email:	abonvino@paulweiss.com 
	 	 	 	lwee@paulweiss.com
	 	 	 
	

    	12

    	 

    

	 	 	if to Holdings, to:
	 	 	 
	 	 	c/o
MacAndrews & Forbes Incorporated 

                    35
East 62nd Street 

                    New
York, NY 10065 

                    

	 	 	Attention: 	Paul G. Savas 
	 	 	Facsimile: 	(212) 572-5695
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

	 	 	Telephone:	(212) 373-3000 
	 	 	Facsimile:	(212) 757-3990
	 	 	Attention:	Angelo Bonvino 
	 	 	 	Lawrence G. Wee 
	 	 	Email:	abonvino@paulweiss.com 
	 	 	 	lwee@paulweiss.com
	 	 	 	 
	(b)	 	if to any Holder (other than Holdings), to the address and other contact information set forth in the records of Pubco or
the Company from time to time,

     

 or to such other address or facsimile
number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New York
City time on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have
been received on the next succeeding Business Day in the place of receipt.

 

Section 4.04        Binding
Effect; Successors and Assigns. The provisions of this Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and assigns. No provision of this Agreement is intended to confer any
rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their
respective successors and assigns. If and to the extent Holdings is dissolved or liquidated, the MacAndrews Stockholders
holding Paired Interests shall be the successors of Holdings, and references to “Holdings” herein shall be
references to such successors of Holdings, collectively, and the Pubco shall (and shall cause its subsidiaries to) enter into
such amendments and supplements hereto to effectuate the intent of this Section 4.04.

 

Section 4.05       
Jurisdiction.

 

(a)         The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party
or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Court of Chancery or,
if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and
each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may
now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting
the foregoing, each party agrees that service of process on such party as provided in Section 4.03 shall be deemed
effective service of process on such party.

 

    	13

    	 

    

(b)         EACH OF THE PUBCO, COMPANY AND HOLDINGS HEREBY IRREVOCABLY DESIGNATES THE CORPORATION SERVICE COMPANY (IN SUCH CAPACITY,
THE “Process Agent”), WITH AN OFFICE AT 2711 CENTERVILLE ROAD,
SUITE 400, WILMINGTON, NEW CASTLE COUNTY, DELAWARE 19808, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF
SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT
EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT;
PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER
A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 4.03 OF THIS AGREEMENT. EACH PARTY SHALL TAKE
ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH
PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL
AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT
THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA.

 

Section 4.06       
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 4.07       
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.08       
Entire Agreement. This Agreement, the LLC Agreement and the other Investor Rights Agreement constitute the
entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Nothing in this
Agreement shall create any third-party beneficiary rights in favor of any Person or other party hereto.

 

    	14

    	 

    

Section 4.09       
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

 

Section 4.10       
Amendment. This Agreement can be amended at any time and from time to time by written instrument signed by
the Company, Pubco and Holdings; provided, however, that the consent of any other Holder under this agreement shall
be required for any amendments that disproportionately materially adversely affect such Holder in relation to the other Holders
hereunder.

 

Section 4.11       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any
other State.

 

Section 4.12       
Tax Treatment. This Agreement shall be treated as part of the LLC Agreement as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required
by the Code and the Treasury Regulations, and except with respect to an Exchange occurring pursuant to the proviso to Section 2.04(b),
the parties shall report any Exchange consummated hereunder as a taxable sale of the Nonvoting Common Units and shares of Class
B Common Stock by a Holder to Pubco, and no party shall take a contrary position on any income tax return or amendment thereof
unless an alternate position is permitted under the Code and Treasury Regulations and Pubco consents in writing.

 

Section 4.13       
Independent Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are
several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder under hereunder. The decision of each Holder to enter into to this Agreement has been made
by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto,
shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated hereby.

 

[Signature page follows]

 

    	15

    	 

    

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

 

	 	PUBCO:
	 	 	 
	 	VTV THERAPEUTICS INC.
	 	 	 
	 	By:	/s/ Stephen L. Holcombe
	 	 	Name: Stephen L. Holcombe
	 	 	Title: President and CEO
	 	 	 
	 	COMPANY:
	 	 	 
	 	VTV THERAPEUTICS LLC
	 	 	 
	 	By:	/s/ Stephen L. Holcombe
	 	 	Name: Stephen L. Holcombe
	 	 	Title: President and CEO
	 	 	 
	 	HOLDINGS:
	 	 	 
	 	VTV THERAPEUTICS HOLDINGS LLC
	 	 	 
	 	By:	/s/ Stephen L. Holcombe
	 	 	Name: Stephen L. Holcombe
	 	 	Title: President

 

 

 

[Signature Page to the Exchange Agreement]

 

 

    	 

    	 

    

EXHIBIT A 

 

FORM OF

NOTICE OF EXCHANGE

 

vTv Therapeutics Inc.

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Attention: General Counsel

vTv Therapeutics LLC

4170 Mendenhall Oaks Parkway

High Point, NC 27265

Attention: General Counsel

 

Reference is hereby made to the Exchange Agreement,
dated as of July 29, 2015 (the “Exchange Agreement”), by and among vTv Therapeutics Inc., a Delaware corporation
(“Pubco”), vTv Therapeutics LLC, a Delaware limited liability company (the “Company”), vTv
Therapeutics Holdings LLC (“Holdings”) and the other Persons who become “Holders” as set forth therein.
Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 

The undersigned desires to transfer to Pubco
the number of (i) shares of Class B Common Stock plus Nonvoting Common Units set forth below (the “Paired Interests”)
in exchange for, at the election of Pubco (i) shares of Class A Common Stock (the “Deliverable Common Stock”)
to be issued in its name as set forth below, or (ii) cash, in accordance with the terms of the Exchange Agreement.

 

	Legal Name of Holder:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Number of Paired Interests to be	 
	Exchanged:	 
	 	 
	Exchange Date:	 
	 	 
	Account Information for Wire Transfer	 
	(in the event of cash settlement of	 
	Exchange):	 
	 	 
	 	 
	 	 
	 	 
	

    	 

    	 

    

	
        Conditions Precedent to Notice of Exchange (attach
        additional sheets if necessary):

         
	[_]
	 	
	 	 
	Special delivery instructions:	 
	 	 
	 	 
	 	 
	 	 

 

The undersigned hereby represents and warrants
that (i) the undersigned has full legal capacity to execute and deliver this Notice of Exchange and to perform the undersigned’s
obligations hereunder; (ii) this Notice of Exchange has been duly executed and delivered by the undersigned and is the legal,
valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case
may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability
of equitable remedies; (iii) the Paired Interests subject to this Notice of Exchange are being transferred to Pubco free and
clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization,
order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over
the undersigned or the Paired Interests subject to this Notice of Exchange is required to be obtained by the undersigned for the
transfer of such Paired Interests to Pubco.

 

The undersigned hereby irrevocably constitutes
and appoints any officer of Pubco as the attorney of the undersigned, with full power of substitution and resubstitution in the
premises, to do any and all things and to take any and all actions that may be necessary to transfer to Pubco the Paired Interests
subject to this Notice of Exchange and to deliver to the undersigned the shares of Deliverable Common Stock or cash, as applicable,
to be delivered in Exchange therefor.

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	 
	 	Name:
	 	 
	 	Date:
	 	 

 

 

    	 

    	 

    

EXHIBIT B 

 

FORM OF 

JOINDER AGREEMENT

 

This Joinder Agreement (“Joinder
Agreement”) is a joinder to the Exchange Agreement, dated as of July 29, 2015 (the “Agreement”),
among vTv Therapeutics Inc., a Delaware corporation (“Pubco”), vTv Therapeutics LLC, a Delaware limited liability
company (the “Company”), vTv Therapeutics Holdings LLC and the other Persons who become “Holders”
as set forth therein. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them
in the Agreement. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.
In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control.

 

The undersigned, having acquired shares
of Class B Common Stock and Nonvoting Common Units, hereby joins and enters into the Agreement. By signing and returning this Joinder
Agreement to Pubco, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of
and agreements of a Holder contained in the Agreement, with all attendant rights, duties and obligations of a Holder thereunder
and (ii) makes each of the representations and warranties of a Holder set forth in Section 3.02 of the Agreement
as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution
and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this
Joinder Agreement by Pubco and by the Company, the signature of the undersigned set forth below shall constitute a counterpart
signature to the signature page of the Agreement.

  

	Name:	 	 
	 	 	 
	Address for Notices:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	With Copies To:

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