Document:

Exhibit 10.1

        

      

        LINCOLN EDUCATIONAL SERVICES CORPORATION

      SEVERANCE AND RETENTION PAY POLICY

      

      

      	I.	
              PURPOSE

            

       

      This Lincoln Educational Services Corporation Severance and Retention Pay Policy (this “Policy”) was established by Lincoln Educational Services Corporation (the “Company”) to outline the procedure for granting
        severance and retention pay, at the discretion of senior management, to an eligible employee when such employee is involuntarily terminated or involuntarily transitioned from full-time to part-time.

       

      This Policy supersedes any and all other policies and procedures relating to the same subject matter.

       

      	II.	
              SCOPE

            

       

      This policy describes the benefits available to eligible employees under this Policy and serves as both the official plan document and the summary plan description that is required by the Employee Retirement Income
        Security Act of 1974 (“ERISA”).

      

      

      The benefits contemplated under the terms of this Policy are intended to fall within an exception to the application of Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance issued
        thereunder and this Policy shall be construed, as necessary, to comply with such Section and such guidance.

      

      

      The Company retains the right to amend, modify or terminate this Policy in accordance with its terms and no such amendment, modification, suspension or termination shall require the consent of any employee.

       

      

      Eligibility for specified pay:

      

      

      	

            	A.	
              SEVERANCE PAY

            

       

      Regular full-time employees who are not subject to a collective bargaining agreement. Only employees who have been involuntarily terminated for reasons other than gross misconduct, dishonesty, or
        violation of a Company rule or policy, and specifically for reasons as defined in Section III below.

       

      	

            	B.	
              RETENTION PAY

            

       

      Regular full or part-time employees who are not subject to a collective bargaining agreement. Only employees who are involuntarily terminated for reasons other than gross misconduct, dishonesty, or
        violation of a Company rule or policy, and specifically for reasons as defined in Section III below.

       

      	III.	
              PROCEDURE

            

       

      	

            	A.	
              SEVERANCE PAY

            

       

      	

            	1.	
              Severance pay may be granted, on a discretionary basis, to those eligible employees who:

            

       

      	

            	(a)	
              are terminated involuntarily due to reduction in the work force, or

            

       

      	

            	(b)	
              are terminated due to inability to perform the duties of their position, or

            

       

      	

            	(c)	
              are terminated under such other circumstances as the Company may determine,

            

       

      in each case provided such termination does not involve any finding of gross misconduct, dishonesty, or violation of a Company rule or policy.

       

      
        
          

      

      
        LINCOLN EDUCATIONAL SERVICES CORPORATION

        SEVERANCE AND RETENTION PAY POLICY

      

       

      

      	

            	2.	
              When a non-Director or non-Senior Executive level employee is terminated under the conditions described above, the employee may be granted severance pay, based on the following guidelines:

            

       

      	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of pay)

            	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of

              pay)

            	 
	 	
              Less than 1 year

            	 	
              1 week

            	 	
              8+ years, but less than 9 years

            	 	
              9 weeks

            	 
	 	
              1+ year, but less than 2 years

            	 	
              2 weeks

            	 	
              9+ years, but less than 10 years

            	 	
              10 weeks

            	 
	 	
              2+ years, but less than 3 years

            	 	
              3 weeks

            	 	
              10+ years, but less than 11 years

            	 	
              11 weeks

            	 
	 	
              3+ years, but less than 4 years

            	 	
              4 weeks

            	 	
              11+ years, but less than 12 years

            	 	
              12 weeks

            	 
	 	
              4+ years, but less than 5 years

            	 	
              5 weeks

            	 	
              12+ years, but less than 13 years

            	 	
              13 weeks

            	 
	 	
              5+ years, but less than 6 years

            	 	
              6 weeks

            	 	
              13+ years, but less than 14 years

            	 	
              14 weeks

            	 
	 	
              6+ years, but less than 7 years

            	 	
              7 weeks

            	 	
              14+ years, but less than 15 years

            	 	
              15 weeks

            	 
	 	
              7+ years, but less than 8 years

            	 	
              8 weeks

            	 	
              15+ years or more

            	 	
              16 weeks

            	 

      

      

      	

            	3.	
              When an Assistant Vice President, Assistant Controller, Corporate Director, National Director, Academic Dean, Director of Administrative Services, Director of Admissions, Director of Career Services, Director of Education, Director of
                Financial Aid: or another Director title deemed eligible by the Senior Vice President and Chief Human Resources Officer is terminated under the conditions described above, the employee may be granted severance pay based on the following
                guidelines:

            

       

      	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of

              pay)

            	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of

              pay)

            	 
	 	
              Less than 1 year

            	 	
              2 weeks

            	 	
              5+ years, but less than 6 years

            	 	
              12 weeks

            	 
	 	
              1+ year, but less than 2 years

            	 	
              4 weeks

            	 	
              6+ years, but less than 7 years

            	 	
              14 weeks

            	 
	 	
              2+ years, but less than 3 years

            	 	
              6 weeks

            	 	
              7+ years, but less than 8 years

            	 	
              16 weeks

            	 
	 	
              3+ years, but less than 4 years

            	 	
              8 weeks

            	 	
              8+ years, but less than 9 years

            	 	
              18 weeks

            	 
	 	
              4+ years, but less than 5 years

            	 	
              10 weeks

            	 	
              9+ years or more

            	 	
              20 weeks

            	 

      

      

      
        
          

      

      
        
          LINCOLN EDUCATIONAL SERVICES CORPORATION

          SEVERANCE AND RETENTION PAY POLICY

        

      

       

      

      	

            	4.	
              When the President & Chief Executive Officer, any Executive Vice President, any Senior Vice President, any Vice President or Group Vice President or Campus President, without an employment agreement with the Company, is terminated
                under the conditions described above, the employee may be granted severance pay based on the following guidelines:

            

       

      	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of

              pay)

            	 	
              Length of Employment

            	 	
              Amount of

              Severance

              (weeks of

              pay)

            	 
	 	
              Less than 1 year

            	 	
              2 weeks

            	 	
              5+ years, but less than 6 years

            	 	
              12 weeks

            	 
	 	
              1+ year, but less than 2 years

            	 	
              4 weeks

            	 	
              6+ years, but less than 7 years

            	 	
              14 weeks

            	 
	 	
              2+ years, but less than 3 years

            	 	
              6 weeks

            	 	
              7+ years, but less than 8 years

            	 	
              16 weeks

            	 
	 	
              3+ years, but less than 4 years

            	 	
              8 weeks

            	 	
              8+ years, but less than 9 years

            	 	
              18 weeks

            	 
	 	
              4+ years, but less than 5 years

            	 	
              10 weeks

            	 	
              9+ years, but less than 10 years

            	 	
              20 weeks

            	 
	 	

            	 	

            	 	
              10+ years or more

            	 	
              24 weeks

            	 

      

      

      	

            	5.	
              When the President & Chief Executive Officer, any Executive Vice President, any Senior Vice President, any Vice President, or Group Vice President, without an employment agreement, is terminated within twelve months after a Change in
                Control either by the Company without Cause, or by the employee for Good Reason, the employee may be granted severance pay and benefits, based on the following guidelines:

            

       

      	 	
              Length of 

              Employment

            	 	
              Amount of

              Severance

              (months of

              pay)

            	 	
              Annual Target

              Incentive

            	 	
              COBRA Coverage

            	 	
              Outplacement

            	 
	 	
              NA

            	 	
              12 months

            	 	
              Prorated to termination date

            	 	
              6 months

            	 	
              6 months

            	 

      

      

      	

            	6.	
              When an employee with an employment agreement is terminated under the conditions described above or within twelve months after a Change in Control either by the Company without Cause, or by the employee for Good Reason, the employee will
                receive severance pay and benefits in accordance with his or her employment agreement.

            

       

      	

            	7.	
              For purposes of this Policy, “Cause” shall mean (a) the employee’s failure to perform their duties (other than such failure resulting from incapacity due to physical or mental illness); (b) the employee’s failure to comply with any valid
                and legal directive of the Board or the person to whom the employee reports; (c) the employee’s engagement in dishonesty, illegal conduct or misconduct; (d) the employee’s embezzlement, misappropriation or fraud whether or not related to
                the employee’s employment with the Company; (e) the employee’s conviction of or please of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral
                turpitude; (f) the employee’s violation of the Company’s policies or codes of conduct including policies related to discrimination, harassment, performance of illegal or unethical activities and ethical misconduct; or (g) the employee’s
                engagement in conduct that brings or is reasonably likely to bring the Company negative publicity or into public embarrassment or disrepute. “Good Reason” shall mean (a) a material reduction in the employee’s base salary other than a
                general reduction in base salary that affects all similarly situated employees in substantially the same proportions; (b) a relocation of the employee’s principal place of employment by more than 50 miles; or (c) a material, adverse change
                in the employee’s title, reporting relationship, authority, duties or responsibilities (other than temporarily while the employee is physically or mentally incapacitated); provided, however, that the employee cannot terminate his or her
                employment for Good Reason unless he or she has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty days of the initial existence of such grounds and
                the Company has had at least thirty days from the date of such notice to cure such circumstances if curable; and further provided, that if the employee shall not have terminated his or her employment within ninety days after the first
                occurrence of the applicable grounds, the employee will be deemed to have waived the right to terminate for Good Reason with respect to such grounds.

            

       

      
        
          

      

      
        
          LINCOLN EDUCATIONAL SERVICES CORPORATION

          SEVERANCE AND RETENTION PAY POLICY

        

      

       

      

      	

            	8.	
              Receipt of severance payments shall be conditioned upon the execution and delivery of a release of claims form in the form specified by the Company from time to time which may include, without limitation, a non-compete provision, a
                non-disparagement provision, a non-solicitation provision, a confidentiality provision and such further terms as the Company may determine. In addition to execution and delivery of the release of claims form, payment of severance shall be
                conditioned upon the employee’s continued work, in a satisfactory manner, until his or her date of termination and the employee’s cooperation in transitioning all of the employee’s work in consultation with such employee’s supervisor or
                other designated employee.

            

       

      	

            	9.	
              Timing of payments shall be determined as follows:

            

       

      	

            	(a)	
              With respect to an employee aged 40 or older on the date that the employee executes the release of claims form (an “ADEA Employee”), the release of claims form must be executed and delivered within the time period specified under the
                terms of the applicable release of claims form; provided, however, that in no event will severance pay be paid in the event that a release of claims form is executed later than sixty days following the employees’ separation from
                employment.  For purposes of waiving any potential claims under the Age Discrimination in Employment Act (the “ADEA”) and for purposes of compliance with Section 7(f) of the ADEA and the applicable guidance thereunder, no severance pay
                shall commence prior to a period ending seven days following the execution of the release of claims form (the “Revocation Period”).  In no event will severance pay be paid with respect to an ADEA Employee if the release of claims form is
                revoked during the Revocation Period.  Severance pay shall commence with respect to an ADEA Employee as soon as practicable following expiration of the Revocation Period, which generally shall be the first regularly scheduled payroll date
                following the expiration of the Revocation Period and shall thereafter be paid in accordance with the Company’s regular payroll practice.

            

       

      	

            	(b)	
              With respect to an employee younger than age 40 on the date that the employee executes a release of claims form (a “Non-ADEA Employee”), severance pay shall commence as soon as practicable which generally shall be the first regularly
                scheduled payroll date following the date on which the Non-ADEA Employee submits an executed release of claims form to the Company and shall thereafter be paid in accordance with the Company’s regular payroll practice.

            

       

      	

            	(c)	
              Any payment of severance pay to an employee shall be subject to normal withholding for local, state and federal income taxes and Social Security taxes.

            

       

      	

            	(d)	
              Upon the death of an employee who has not received all severance pay payable to him or her, the benefits otherwise payable shall be paid in the form of a lump sum to the employee’s estate as soon as practicable.

            

       

      	 	10.	
              Employees who receive severance pay and are subsequently rehired shall be eligible for additional severance pay based on their rehire date.

            

       

      	

            	
              11.

            	
              The foregoing guidelines, and in particular the severance pay guidelines set forth in Sections III A 3-6, do not establish any entitlement.  The Company may vary the eligibility requirements and the amount of severance pay, if any.

            

       

      
        
          

      

      
        
          LINCOLN EDUCATIONAL SERVICES CORPORATION

          SEVERANCE AND RETENTION PAY POLICY

        

      

       

      

      	

            	B.	
              RETENTION PAY

            

       

      	

            	1.	
              Retention pay may be granted to those eligible employees who will be terminated due to a reduction in work force or such other reasons as the Company may determine, but are asked to continue working until a specified date.

            

       

      	

            	2.	
              Employees may be eligible for up to four weeks of retention pay in addition to any severance pay. Retention pay may be increased to recognize such extended employment based on the length of time an employee is asked to continue working.

            

       

      	

            	C.	
              ALTERNATIVE POSITIONS

            

       

      	

            	1.	
              It is expected that employees whose positions are being eliminated will accept a comparable position if offered. Comparable positions may be located within the Company or within any company assuming control of the operation of any
                Company program and/or campus. Employees who elect not to accept a comparable position may not be eligible for severance or retention pay.

            

       

      	

            	2.	
              For purposes of this Policy, “comparable position” means any position that pays a base salary of at least 85% of the employee’s then-current base salary, excluding overtime, benefits, or other aspects of employment, and is located within
                50 miles of the employee’s then-current work location and/or the position can work remotely.

            

       

      	

            	3.	
              If an employee is involuntarily transitioned from full-time to part-time the employee may elect to decline the part-time position and be eligible to receive severance pay as if the employee’s position had been eliminated.

            

       

      	

            	D.	
              APPROVAL

            

       

      All severance and retention pay is subject to the approval of the Senior Vice President and Chief Human Resources Officer. All severance and retention pay is subject to written severance and
        retention agreements.

       

      	

            	E.	
              REPAYMENT OF SEVERANCE

            

       

      Under this Policy, any employee who returns to work for the Company after an applicable termination shall be required to reimburse the Company for all severance amounts received less the number of
        weeks that the employee was unemployed. For example, if an employee receives six weeks of severance and is rehired within four weeks after his or her date of termination, the employee shall be required to repay two weeks of severance pay.

       

      Employees are not required to repay any retention pay they receive.

       

      
        
          

      

      
        
          LINCOLN EDUCATIONAL SERVICES CORPORATION

          SEVERANCE AND RETENTION PAY POLICY

        

      

       

      

      	

            	F.	
              CLAIMS

            

       

      An employee must follow the Policy’s claim procedure including the rules relating to appeals before initiating any legal action with respect to a claim for benefits under this Policy.

       

      An employee may file a claim for payment of benefits under this Policy by submitting such claim in writing to the Senior Vice President and Chief Human Resources Officer.  Within ninety days of
        receipt of such claim, the employee shall be notified, in writing, of the grant or denial of the claim, except in special circumstances where additional time is needed to process the claim; provided, however, that in no event will the extension
        exceed ninety days from the end of the initial ninety-day period.   Any denial will specify the reason or reasons for the denial, reference the relevant Policy provisions and provide an explanation of this Policy’s claim review procedures including
        any rights of the employee under ERISA.

       

      Within sixty days following receipt by the employee of the denial, the employee may make written application to the Company’s President and Chief Executive Officer to be afforded a full and fair
        review of the denial in support of which the employee may submit written materials or other information deemed applicable.

       

      The determination of the President and Chief Executive Officer shall not be made later than sixty days after receipt of the request for review by the employee unless special circumstances require
        and extension of time for processing in which case the determination shall be rendered not later than one hundred twenty days after receipt of the request for review by the employee.

       

      The employee shall be provided with written notification of the determination on review and, in the case of an adverse determination, the notification shall set forth the specific reason for the
        determination as well as specific references to this Policy’s provisions on which the determination was based and a statement of the employee’s right to bring an action under Section 502(a) of ERISA.

       

      No legal action may be commenced or maintained against the Company in connection with this Policy prior to the employee’s compliance with the claims procedure set forth herein.  Additionally, no
        legal action may be commenced against the Company in connection with this Policy more than ninety days after the determination of the President and Chief Executive Officer.

       

      	IV.	
              EXCEPTIONS

            

       

      Exceptions to any part of this Policy may be made by joint decision of the Group President and the Senior Vice President and Chief Human Resources Officer.

       

      	V.	
              MISCELLANEOUS

            

       

      This Policy contains all of the terms and conditions with respect to the benefits provided hereunder and no employee or former employee may rely on any other communication or representation,
        whether oral or written, of the Company as creating any right or obligation not expressly provided by this Policy.

       

      This Policy shall not give any employee any right or claim except to the extent that the right is specifically fixed under the terms of this Policy.  The establishment of this Policy shall not be
        construed to give any employee a right to continue in the employ of the Company or to interfere with the right of the Company to terminate the employment of any employee at any time.

       

      The validity, interpretation, construction and performance of the obligations created under this Policy shall be governed by ERISA and, to the extent not preempted by federal law, the laws of the
        State of New Jersey without regard to conflict of law principles.EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 1, 2022, by and among Peak
Bio, Inc., a Delaware corporation (the “Company”) (f/k/a Ignyte Acquisition Corp., a Delaware corporation (“Ignyte”)), Ignyte Sponsor LLC, a Delaware limited liability company (the “Sponsor”), and each of
the undersigned stockholders listed under “Holder” on the signature page hereto, including the Key Company Stockholder (each such party, a “Holder” and collectively the “Holders”). Any capitalized term
used but not defined herein will have the meaning ascribed to such term in the Business Combination Agreement (as defined below). 

RECITALS 
 WHEREAS, on
April 28, 2022, Ignyte, Peak Bio Co., Ltd., a corporation organized under the laws of the Republic of Korea, Ignyte Korea Co., Ltd., a corporation organized under the laws of the Republic of Korea and a wholly-owned direct subsidiary of Ignyte,
entered into that certain Business Combination Agreement (the “Business Combination Agreement”), pursuant to which the parties thereto agreed to, among other things, effect the Share Swap, and as a result, the Company will become a
wholly-owned subsidiary of the Company; 
 WHEREAS, the Sponsor holds (i) shares of the Company’s common stock, par value $0.0001
per share (the “Common Stock”) and (ii) Private Placement Warrants (as defined below) to purchase Common Stock at an exercise price of $11.50 per share, subject to adjustment; 

WHEREAS, pursuant to the transactions contemplated by the Business Combination Agreement, the Company will issue shares of the Company’s
Common Stock to the Holders, on or about the date hereof; 
 WHEREAS, the Company desires to set forth certain matters regarding the
ownership of the Registrable Securities (as defined below) by the Sponsor and the Holders. 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. For purposes of this Agreement, the following terms
and variations thereof have the meanings set forth below: 
 “Agreement” shall have the meaning given in the Preamble. 

“Adverse Disclosure” means any public disclosure of material non-public information,
which disclosure, in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the Company, after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement or
Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and
any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a
bona fide business purpose for not making such information public. 
 “Board” shall mean the Board of Directors of the
Company. 
 “Business Combination Agreement” has the meaning set forth in the Recitals. 

 “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 law to close; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”,
“shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of
any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the State of New York are generally are open for use by customers on
such day. 
 “Commission” means the Securities and Exchange Commission, or any other federal agency then administering the
Securities Act or the Exchange Act. 
 “Common Stock” shall have the meaning given in the Recitals. 

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

“Demand Registration” has the meaning set forth in Section 2.1.1. 

“Demanding Holder” has the meaning set forth in Section 2.1.1. 

“Demand Registration” has the meaning set forth in Section 2.1.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time. 
 “Form S-1
Shelf” has the meaning set forth in Section 2.3.1. 
 “Form
S-3 Shelf” has the meaning set forth in Section 2.3.1. 

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

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

“Maximum Number of Securities” shall have the meaning given in Section 2.1.4. 

“Minimum Takedown Threshold” shall have the meaning given in Section 2.3.1. 

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

“Notices” has the meaning set forth in Section 5.3. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, trust,
unincorporated organization or any other entity, including a governmental authority. 
 “Piggyback Registration” has the
meaning set forth in Section 2.2.1. 
 “Private Placement Warrants” means the warrants issued in a private
placement to the Sponsor in connection with the consummation of Ignyte’s initial public offering. 
 “Prospectus”
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

  
 2 

 “Registrable Securities” means (i) any equity securities (including
the shares of Common Stock issued or issuable upon the exercise or conversion of any such equity security) of the Company held by a Holder immediately following consummation of the Business Combination; (ii) the Private Placement Warrants;
(iii) all shares of Common Stock issuable upon the exercise of any Private Placement Warrants; and (iv) any shares of capital stock or other securities of the Company issued as a dividend or other distribution with respect to or in
exchange for or in replacement of any of the securities described in the foregoing clauses (i), (ii), (iii) or (iv). As to any particular Registrable Security, such security shall cease to be a Registrable Security when: (a) a Registration
Statement with respect to the sale of such security shall have become effective under the Securities Act and such security shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such
security shall have been otherwise transferred, a new certificate for such security not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such security shall not require
registration under the Securities Act; (c) such security shall have ceased to be outstanding; or (d) such security has been sold pursuant to Rule 144. 

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

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

(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority and any securities exchange on which the Common Stock is then listed); 
 (B) fees and expenses of compliance with securities or
blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

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

(D) reasonable fees and disbursements of counsel for the Company; 

(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and 
 (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration. 

“Registration Statement” means a registration statement filed by the Company with the Commission in compliance with the
Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of securities (other than a registration statement on Form S-4 or Form
S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity). 

“Requesting Holder” has the meaning set forth in Section 2.1.1. 

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

“Rule 415” has the meaning set forth is Section 2.3.1. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time. 
 “Shelf” has the meaning set forth in
Section 2.3.1. 
 “Shelf Registration” has the meaning set forth in
Section 2.3.1. 
 “Shelf Underwriting Request” has the meaning set forth in
Section 2.3.1. 
 “Transfer” means to, directly or indirectly, sell, transfer, assign, pledge,
encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or
similar disposition of, any interest owned by a person or any interest (including a beneficial interest) in, or the ownership, control or possession of, any interest owned by a person. 

  
 3 

 “Underwriter” means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such dealer’s market-making activities. 
 “Underwritten
Registration” or “Underwritten Offering” means a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

ARTICLE II 
 REGISTRATION

 Section 2.1 Demand Registration 

2.1.1 Request for Registration. Subject to the provisions
of Section 2.1.4, Section 2.3 and Section 2.4 hereof, at any time and from time to time on or after the Closing Date, the Holders holding at least a
majority in interest of the then-outstanding number of Registrable Securities held by all the Holders (such Holders, the “Demanding Holders”), may make a written demand for Registration under the Securities Act of all or part of
their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The
Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to
include all or a portion of such Holder’s Registrable Securities in the Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such
Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days
immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the
Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this Section 2.1.1 initiated by Holders; provided, however, that an
Underwritten Offering pursuant to a Demand Registration shall not be counted for such purposes unless a Registration Statement that may be available at such time has become effective and all of the Registrable Securities requested by the Demanding
Holders to be registered on behalf of the Demanding Holders in such Registration Statement have been sold, in accordance with Section 3.1 of this Agreement. 

2.1.2 Effective Registration. Notwithstanding the provisions of Section 2.1.1 above or any
other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to such Demand Registration has been
declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, that if, after such Registration Statement has been declared effective, the
offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration
will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a
majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing of such election, which notice shall be received by the Company not later than five (5) days after the removal of any such stop order or injunction; provided, further, that the Company shall
not be obligated to file a second Registration Statement until a Registration Statement that has been previously filed pursuant to a Demand Registration becomes effective or is terminated. 

2.1.3 Underwritten Offering. Subject to the provisions of Section
2.1.4 and Section 2.4 hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their
Demand Registration that the offering of Registrable Securities pursuant thereto shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such
Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s 

  
 4 

 
Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
this Section 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by a
majority-in-interest of the Demanding Holders initiating the Demand Registration. 

2.1.4 Reduction of Underwritten Offering. If the managing Underwriter(s) for a Demand Registration that is to be an Underwritten
Offering, in good faith, advises the Company, the Demanding Holders and the Requesting Holders in writing that the dollar amount or number of Registrable Securities which the Demanding Holders and the Requesting Holders (if any) desire to sell,
taken together with all other shares of Common Stock or other equity securities which the Company desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual
piggyback registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability of success of such Underwritten Offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum Number of Securities”), then
the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each
Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such
Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1 hereof), that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (i), (ii) and (iii), the Common Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Securities. 
 2.1.5 Demand Registration
Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration pursuant to a Registration
under Section 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter(s) (if
any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration.
Notwithstanding anything to the contrary in this Agreement, if with respect to a Demand Registration, a majority-in-interest of the Demanding Holders initiating a Demand
Registration so withdraw from a Registration pursuant to such Demand Registration, such Registration shall not count as a Demand Registration provided for in Section 2.1.1 and the Company shall be responsible for
the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this Section 2.1.5. 

Section 2.2 Piggyback Registration. 

2.2.1 Piggyback Rights. If, at any time on or after the Closing Date, the Company proposes to file a Registration Statement under
the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, for its own account or for the account of stockholders of the Company
(or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) filed pursuant to
Section 2.3 or (v) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but in no event less than ten
(10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or
Underwriters, if any, 

  
 5 

 
of the offering, and (y) offer to all of the Holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such
Holders may request in writing within five (5) days following receipt of such notice (a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Registration and shall use
its best efforts to cause the managing Underwriter(s) of a proposed Underwritten Offering to permit the Registrable Securities requested to be included in such Piggyback Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their Registrable Securities through
a Piggyback Registration that involves an Underwriter(s) shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Piggyback Registration. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter(s) for a Piggyback Registration that is to be an
Underwritten Offering, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of securities which the Company desires to sell, taken
together with (i) the Common Stock or other equity securities, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities
hereunder, (ii) the Registrable Securities as to which Registration has been requested under this Section 2.2, and (iii) the Common Stock or other equity securities, if any, as to which Registration has been
requested pursuant to separate written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then: 

(i) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the
Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggyback registration rights of other stockholders of the Company that pre-dates
this Agreement, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Registrable Securities
of Holders exercising their rights to register their Registrable Securities pursuant to Section 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggyback registration rights of other
stockholders of the Company not otherwise covered above, which can be sold without exceeding the Maximum Number of Securities; and 
 (ii) If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such
requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to Section 2.2.1, Pro Rata based on the number of Registrable Securities that each Holder has
requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of
Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the
account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities. 

  
 6 

 2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities
shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter(s) of his, her or its intention to withdraw from such Piggyback Registration prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate
written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the
contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.2.3. 

2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant
to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof or an Underwritten Offering pursuant to a Shelf
Underwriting Request effected under Section 2.3. 
 Section 2.3 Shelf Registration. 

2.3.1 Initial Registration. The Company shall file a shelf registration statement under Rule 415 of the Securities Act (or any successor
rule promulgated thereafter by the Commission) (“Rule 415”) on Form S-1 (the “Form S-1 Shelf”) within forty five (45) days of the Closing Date
covering the resale of all Registrable Securities on a delayed or continuous basis (a “Shelf Registration”), and use commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable
thereafter and no later than the earlier of (x) the 90th calendar day (or 135th calendar day if the Commission notifies the Company that it will “review” the Registration Statement) following the filing date and (y) the tenth
(10th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review. If, at any time the
Company shall have qualified for the use of a Registration Statement on Form S-3 (the “Form S-3 Shelf” and, together with the Form S-1 Shelf, each a “Shelf”) or any other form which permits incorporation of substantial information by reference to other documents filed by the Company with the Commission and at such time the Company has
an outstanding Form S-l Shelf, then the Company shall use its commercially reasonable efforts to, as soon as reasonably practical, convert such outstanding Form S-l
Shelf into a Form S-3 Shelf. Such Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any
Holder named therein. The Company shall use its commercially reasonable efforts to maintain the Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements as may be necessary to keep a Shelf continuously effective and available for use to permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until
such time as there are no longer any Registrable Securities, subject in each case to the provisions of this Agreement that permit the Company to suspend the use of the Registration Statement in the circumstances, and subject to the terms and
conditions, set forth in those provisions. No filing of a Form S-1 Shelf or a Form S-3 Shelf, as applicable, pursuant to this Section 2.3 shall
be counted as a Demand Registration effected pursuant to Section 2.1. Notwithstanding anything to the contrary herein, to the extent there is an effective Shelf under this Section 2.3, covering a
Holder’s or Holders’ Registrable Securities, such Holder or Holders shall not have rights to make a Demand Registration with respect to Section 2.1. Notwithstanding anything to the contrary herein, to the extent
there is an effective Shelf under this Section 2.3, covering a Holder’s or Holders’ Registrable Securities, and such Holder or Holders qualify for and wish to request an Underwritten Offering from such Shelf (a
“Shelf Underwriting Request”), such Underwritten Offering shall follow the procedures and limitations of Section 2.1 (including Section 2.1.3 and Section 2.1.4)
but such Underwritten Offering shall be made from the Shelf and shall count against the number of Demand Registrations that may be made by the applicable Holder(s) pursuant to Section 2.1.1; provided that, in the event that
the Underwritten Offering is being made from a Form S-3 Shelf, (i) the period of time for the Company to notify all other Holders of Registrable Securities of the Company’s receipt of the applicable
Demand Registration shall be reduced from ten (10) days (as set forth in Section 2.1.1) to two (2) Business Days and (ii) the period of time that the Holders have to respond to such notice shall be reduced
from five (5) days (as set forth in Section 2.1.1) to three (3) Business Days. Notwithstanding anything to the contrary in Section 2.1.1 or this Section 2.3.1,
the Company shall only be obligated to effect an Underwritten Offering pursuant to such Shelf Underwriting Request if such Underwritten Offering shall include Registrable Securities proposed to be sold by the Demanding Holder, either individually or
together with other Demanding Holders, (x) with a total offering price reasonably expected to exceed, in the aggregate, $5,000,000 or (y) that constitute all of the remaining Registrable Securities held by the Demanding Holder ((x) or (y),
as applicable, the “Minimum Takedown Threshold”). Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a Form S-3, that is then available for such offering. 

  
 7 

 2.3.2 Removal of Holders. The Company shall have the right to remove any persons no
longer holding Registrable Securities from the Shelf or any other shelf registration statement by means of a post-effective amendment. 

2.3.3 Right to Register Additional Common Stock. The Company shall have the right to register any other Common Stock or securities of
the Company on any Registration Statement, including the Shelf. 
 Section 2.4 Restrictions on Registration
Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective
date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to Section 2.1.1 and it continues to actively employ, in good
faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to
firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration
Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such
Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than sixty
(60) days; provided, that the Company may not defer its obligation in this manner more than once in any 12-month period. 

ARTICLE III 

REGISTRATION PROCEDURES 

Section 3.1 General Procedures. If at any time on or after the Closing Date the Company is required to effect
the registration of any Registrable Securities pursuant to Section 2, the Company shall use its best efforts to effect the Registration to permit the sale of such Registrable Securities in accordance with the intended
plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as practicable and in connection with any such request: 

3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; 

3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to
the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities
Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration
Statement or supplement to the Prospectus; 
 3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement
thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment
and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such
other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders; 

  
 8 

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

3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed; 
 3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such
Registrable Securities no later than the effective date of such Registration Statement; 
 3.1.7 advise each seller of such Registrable
Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for
such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

3.1.8 advise each Holder of Registrable Securities covered by such Registration Statement, promptly after the Company receives notice thereof,
of the time when such registration statement has been declared effective or a supplement to any Prospectus forming a part of such registration statement has been filed; 

3.1.9 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel, including, without
limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus; 

3.1.10 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth
in Section 3.4 hereof; 
 3.1.11 permit a representative of the Holders (such representative to be
selected by a majority of the participating Holders), the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration
Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, that
such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 

3.1.12 obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration, in customary form and covering such matters of the type customarily covered by “comfort” letters as the managing Underwriter may reasonably request, and may be found reasonably satisfactory to a
majority-in-interest of the participating Holders; 
 3.1.13
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to
the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or
Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and may be found reasonably satisfactory to a majority in interest of the participating Holders; 

3.1.14 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriters of such offering; 

  
 9 

 3.1.15 make available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 
 3.1.16
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and 
 3.1.17 otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration. 

Section 3.2 Registration Expenses. Except as otherwise provided herein, the Registration Expenses of all
Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts,
brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders. 

Section 3.3 Requirements for Participation in Underwritten Offerings. No person or entity may participate in any
Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (i) agrees to sell such person’s or entity’s securities on the basis provided in any
underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other
customary documents as may be reasonably required under the terms of such underwriting arrangements. 
 Section 3.4 Suspension of
Sales; Adverse Disclosure.
 3.4.1 The Company shall be entitled to postpone and suspend the effectiveness or use of the Registration
Statement for a reasonable period of time, not to exceed 90 calendar days in any 360-day period (i) during any customary blackout or similar period or as permitted hereunder and (ii) as may
be necessary in connection with the preparation and filing of a post-effective amendment to the Registration Statement following the filing of the Company’s Annual Report on Form 10-K for its
first completed fiscal year. 
 3.4.2 Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until such Holder has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to prepare and file such supplemented or amended Prospectus as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the
filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than forty-five (45) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding
sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall
immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4, and upon the expiration of such period the Holders shall be entitled to resume the use of any
such Prospectus in connection with any sale or offer to sell Registrable Securities, and upon the expiration of such period the Holders shall be entitled to resume the use of any such Prospectus in connection with any sale or offer to sell
Registrable Securities 
 Section 3.5 Reporting Obligations. As long as any Holder shall own Registrable
Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company
after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete 

  
 10 

 
copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter
by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements. 

ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.1 Indemnification by the Company. The Company agrees to indemnify, to the extent permitted by law,
and hold harmless each Holder of Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) from and against any losses, claims, damages, liabilities and expenses (including
reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus, or any amendment or supplement to any of them, or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same is contained in any information furnished in writing to the Company by the Holder expressly for
use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers and directors and each person who controls such Underwriter (within the meaning of the Securities Act) on substantially the same basis as
that of the indemnification of the Holder provided in this Section 4.1. 
 Section 4.2
Indemnification by Holders of Registrable Securities. In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and
affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who
controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact
contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, that the obligation to indemnify shall be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Registration Statement. Each Holder shall indemnify any Underwriter of Registrable Securities sold by such Holder, their officers, directors and each person who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company. 

Section 4.3 Conduct of Indemnification Proceedings. Any person entitled to indemnification herein shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the
extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any
other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the
payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation. 

  
 11 

 Section 4.4 Survival. The indemnification provided for under
this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities.
The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such
Holder’s indemnification is unavailable for any reason. 
 Section 4.5 Contribution. If the
indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and
expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in
such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, that
the liability of any Holder under this Section 4.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 4.1, 4.2 and 4.3 above, any legal or other fees, charges or
expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.5 were
determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section 4.5. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.5 from any person who was not guilty of such fraudulent misrepresentation. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.1 Entire Agreement. This Agreement (including Schedule A hereto)
constitutes the entire understanding and agreement between the parties as to the matters covered herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature
with respect thereto. 
 Section 5.2 No Registration Rights to Third Parties. Without the prior written consent of
the Holders of at least sixty percent (60%) of the number of Registrable Securities then outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any Person any registration rights
of any kind (whether similar to the Demand Registration, Piggyback Registration or Shelf Registration rights described in this Agreement, or otherwise) relating to any securities of the Company which are senior to those granted to the Holders of
Registrable Securities. In any event, if the Company grants to any holder of the Company’s security any registration right of any nature that are superior to the Holders, as determined in good faith by the Board, the Company shall grant such
superior registration right to the Holders as well. 
 Section 5.3 Notices. Any notice or other
communication required or permitted to be delivered to any party under this Agreement shall be in writing and shall be deemed properly delivered, given and received (a) upon receipt when delivered by hand, (b) upon transmission, if sent by
facsimile or electronic transmission (in each case with receipt verified by electronic confirmation), or (c) one (1) Business Day after being sent by courier or express delivery service, specifying next day delivery, with proof of receipt.
The addresses, email addresses and facsimile numbers for such notices and communications are those set forth on the signature pages hereof, or such other address, email address or facsimile numbers as may be designated in writing hereafter, in the
same manner, by any such person. 

  
 12 

 Section 5.4 Assignment; No Third-Party Beneficiaries. This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the Holders hereunder may be freely assigned or
delegated by such Holder in conjunction with and to the extent of any transfer of Common Stock by any such Holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and the permitted
assigns of the applicable Holder or of any assignee of the applicable Holder. This Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Article
4 and this Section 5.4. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have
received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an
addendum or certificate of joinder to this Agreement). 
 Section 5.5 Counterparts. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart and such counterparts may be delivered by the parties hereto via facsimile or electronic transmission. 

Section 5.6 Amendment; Waiver. This Agreement may be amended or modified, and any provision hereof may be
waived, in whole or in part, at any time pursuant to an agreement in writing executed by the Company and Holders holding a majority of the Registrable Securities at such time; provided, however, that notwithstanding the
foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in
such capacity) shall require the consent of the Holder so affected. Any failure by any party at any time to enforce any of the provisions of this Agreement shall not be construed a waiver of such provision or any other provisions hereof. 

Section 5.7 Severability. In the event that any provision of this Agreement or the application thereof becomes
or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other persons or circumstances will be
interpreted so as reasonably to effect the intent of the parties hereto. 
 Section 5.8 Governing Law;
Venue. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of Delaware applicable to agreements made and to be performed within the State of Delaware, without giving
effect to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. 

Section 5.9 Specific Performance. Each party acknowledges and agrees that the other parties hereto would be
irreparably harmed and would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed by such first party in accordance with their specific terms or were otherwise breached by such first party.
Accordingly, each party agrees that the other parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to
any other remedy to which such parties are entitled at law or in equity. 
 [Signature Page Follows.] 

  
 13 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first
written above. 
  

			
	COMPANY:
	
	PEAK BIO, INC.
		
	By:	 	 /s/ Stephen LaMond

	Name: Stephen LaMond
	Title: Interim Chief Executive Officer
	
	 Address for Notice:
 3350 W Bayshore
Road, Suite 100
 Palo Alto, CA 94303

 [Signature Page to Registration Rights Agreement] 

 
			
	IGNYTE SPONSOR LLC
		
	By:	 	 /s/ David Rosenberg

	Name: David Rosenberg
	Title: Manging Member
	
	 Address for Notice:
 640 Fifth
Avenue
 New York, NY
 Attention: David Rosenberg, Co-Chief Executive Officer; David J. Strupp, Jr., Co-Chief Executive Officer

Email: drosenberg@ignytespac.com

            dstrupp@ignytespac.com

 [Signature Page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first
written above. 
  

			
	HOLDER:
	
	[NAME]
		
	By:	 	  

	Name:
	Title:

 
			
	
	Address for Notice:
	  

	  

	  

		
	Telephone No.:	 	
                     

		
	Facsimile No.:	 	
                     

		
	Email Address:	 	
                     

 [Signature Page to Registration Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]