Document:

Exhibit 10.2

 

EXCHANGE AGREEMENT 

 

EXCHANGE AGREEMENT (this “Agreement”),
dated as of [____], 2021, by and among Alclear Holdings, LLC, a Delaware limited liability company (the “Company”),
Clear Secure, Inc., a Delaware corporation (“Pubco”), and the holders of Common Units (as defined below) and shares
of Class C Common Stock (as defined below) or Class D Common Stock (as defined below) from time to time party hereto (each, a “Holder”).

 

W I T N E S S E T H:

 

WHEREAS, on the date hereof, the Company, Pubco
and the Holders entered into the Second Amended and Restated Operating Agreement of the Company (as amended, restated, amended and restated
or otherwise modified or supplemented from time to time, the “LLC Agreement”);

 

WHEREAS, the parties hereto desire to provide for
the exchange of Common Units together with shares of Class C Common Stock or Class D Common Stock for (i) (A) shares of Class A
Common Stock (as defined below), in the case of shares of Class C Common Stock, or (B)  shares of Class B Common Stock (as defined
below), in the case of shares of Class D Common Stock, or (ii) cash from a substantially concurrent public offering or private sale of
shares of Class A Common Stock (based on the market price of Class A Common Stock in such public offering or private sale), at Pubco’s
option, in each 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 follows:

 

Article I

DEFINITIONS AND USAGE

 

Section 1.01       
Definitions.

 

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

 

“Alclear Investments I” means
Alclear Investments, LLC, a Delaware limited liability company.

 

“Alclear Investments II” means
Alclear Investments II, LLC, a Delaware limited liability company.

 

“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.

 

“Cash Exchange Payment” means
an amount in U.S. dollars equal to the product of (a) the number of applicable Paired Interests multiplied by (b) the sale price
of Class A Common Stock in a private sale or the price to the public of Class A Common Stock in a public offering as set forth in Section
2.01.

 

“Class A Common Stock” means
Class A common stock, $0.00001 par value per share, of Pubco.

 

“Class B Common Stock” means
Class B common stock, $0.00001 par value per share, of Pubco.

 

“Class C Common Stock” means
Class C common stock, $0.00001 par value per share, of Pubco.

 

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

 

“Class D Common Stock” means
Class D common stock, $0.00001 par value per share, of Pubco.

 

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

 

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

 

“Common Unit” means a Unit (as
such term is defined in the LLC Agreement).

 

“Deliverable Common Stock” means
(i) with respect to Class C Paired Interests, Class A Common Stock and (ii) with respect to Class D Paired Interests, Class
B Common Stock.

 

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

 

“Exchange Date” means the third
Business Day immediately following the receipt of the applicable Notice of Exchange by Pubco, or such later Business Day set forth in
the applicable Notice of Exchange.

 

“Exchange Rate” means (i) with
respect to Class C Paired Interests, the number of shares of Class A Common Stock for which one Class C Paired Interest is entitled to
be Exchanged or (ii) with respect to Class D Paired Interests, the number of shares of Class B Common Stock for which one Class
D Paired Interest is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate for the purposes of the Class C Paired
Interests and Class D Paired Interests shall be one (1), subject to adjustment pursuant to Section 2.03 of this Agreement.

 

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

 

“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.

 

“Paired Interest” means one Class
C Paired Interest or one Class D Paired Interest, as applicable.

 

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

 

“Pubco Charter” means the Second
Amended and Restated Certificate of Incorporation of Pubco, as amended, restated, amended and restated or otherwise modified or supplemented
from time to time.

 

“Registration Rights Agreement”
means the Registration Rights Agreement by and among Pubco and the stockholders party thereto, dated on or about the date hereof, as
such agreement may be amended from time to time.

 

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

 

“Securities Exchange” means the
national securities exchange on which the Class A Common Stock is listed or admitted to trading.

 

“Tax Receivable Agreement” shall
have the meaning given to such term in the LLC Agreement.

 

(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:

 

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

 

 

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.

 

Article II

 

EXCHANGE

 

Section 2.01       
Exchange of Paired Interests for Class A Common Stock or Class B Common Stock. From and after the execution and delivery
of this Agreement, each Holder shall be entitled on an Exchange Date, upon the terms and subject to the conditions hereof, to surrender
Paired Interests (excluding, for the avoidance of doubt, any Paired Interest that includes an unvested Common Unit) to Pubco (subject
to adjustment as provided in Section 2.03) in exchange (such exchange, an “Exchange”) for the delivery
to such Holder, at the option of the board of directors of Pubco (acting (which may be by e-mail) by a majority of the disinterested
members of the board of directors of Pubco or a committee of disinterested directors of the board of directors of Pubco), of:

 

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(a)              
a Cash Exchange Payment by the Company from the proceeds of a private sale or a public offering of Class A Common Stock; or

 

(b)              
(X) with respect to Class C Paired Interests, a number of shares of Class A Common Stock that is equal to the product of the number
of Class C Paired Interests surrendered multiplied by the Exchange Rate; and (Y) with respect to Class D Paired Interests, a number of
shares of Class B Common Stock that is equal to the product of the number of Class D Paired Interests surrendered multiplied by the Exchange
Rate (in each case under this clause (b), a “Share Exchange”);

 

provided that a Holder, together with any other
Holder that is an Affiliate of such Holder, shall only be entitled to one Exchange per each calendar month unless otherwise agreed to
by Pubco.

 

Notwithstanding anything to the contrary herein,
Pubco and the Company shall not effectuate a Cash Exchange Payment pursuant to Section 2.01(a) above unless (A) Pubco determines to consummate
a private sale or public offering of Class A Common Stock on, or not later than five Business Days after, the relevant Exchange Date
and (B) Pubco contributes sufficient proceeds from such private sale or public offering to the Company for payment by the Company of
the applicable Cash Exchange Payment.

 

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 three Business
Days prior to the Exchange Date at its 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. Each Exchange shall be deemed to be effective immediately prior to the close of business on the Exchange Date. The Notice
of Exchange must set forth the number of Paired Interests to be surrendered, which number shall not be less than the number of Paired
Interests reasonably expected to have a value of at least $50,000 unless (x) the number of surrendered Paired Interests constitutes all
of such Holder’s Paired Interests or (y) Pubco 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.

 

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(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)           
Cash Exchange Payment. The Company shall provide notice to the Exchanging Holder of its intention to consummate an Exchange
through a Cash Exchange Payment on the first Business Day immediately following the receipt of a Notice of Exchange by Pubco. Additionally,
the Company shall deliver or cause to be delivered the Cash Exchange Payment in accordance with Section 2.01(a) as promptly
as practicable (but not later than five Business Days) after the Exchange Date.

 

(d)           
Share Exchange. In the case of a Share Exchange:

 

(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 from and after the close of business on the Exchange Date;

 

(ii)             
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) the number of shares of Deliverable Common
Stock deliverable upon such Exchange, 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). To the extent the Deliverable Common Stock is settled through the facilities of The Depository Trust Company,
Pubco will, subject to Section 2.02(d)(iii) 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;

 

(iii)           
if the shares of Deliverable Common Stock issued upon an Exchange are not issued pursuant to a registration statement that has
been declared effective by the Securities and Exchange Commission, such shares shall bear a legend in substantially the following form:

 

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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.

 

(iv)            
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, 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.

 

(e)           
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.

 

(f)             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. Notwithstanding anything to the contrary herein, if PubCo, after consultation with its
outside legal counsel and tax advisor, shall determine in good faith that interests in the Company do not meet the requirements of
Treasury Regulation Section 1.7704-1(h) (or other provisions of those Treasury Regulations as determined by PubCo) (including for Exchanges in 2021), the Company may
impose such restrictions on Exchange as the Company may reasonably determine to be necessary or advisable so that the Company is not
treated as a “publicly traded partnership” under Section 7704 of the Code.

 

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Section 2.03       
Adjustment.

 

(a)           
The Exchange Rate with respect to the Class C Paired Interests and/or the components of a Class C Paired Interest 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 C Common Stock or 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 C
Common Stock and Common Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which
the Class A Common Stock are converted or changed into another security, securities or other property, then upon any subsequent Exchange,
an Exchanging Holder shall be entitled to receive the amount of such security, securities or other property that such Exchanging Holder
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 are 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 “Class C 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 C Common Stock or 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.

 

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(b)           
The Exchange Rate with respect to the Class D Paired Interests and/or the components of a Class D Paired Interest 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 D Common Stock or Common Units that is not accompanied by a substantively identical subdivision
or combination of the Class B 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 B Common Stock that is not accompanied by a substantively identical subdivision or combination of the shares of Class D
Common Stock and Common Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which
the Class B Common Stock are converted or changed into another security, securities or other property, then upon any subsequent Exchange,
an Exchanging Holder shall be entitled to receive the amount of such security, securities or other property that such Exchanging Holder
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 B Common Stock are converted or changed into another security, securities
or other property, this Section 2.03(b) 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 “Class D 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 D Common Stock or 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.

 

(c)           
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 to expeditiously and in good faith 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 to expeditiously and in good faith
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.

 

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(b)           
Notwithstanding any other provision of this Agreement, in the event of a Pubco Offer 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 its Paired Interest without its prior consent.

 

(c)           
Notwithstanding any other provision of this Agreement,  (i) in a Pubco Offer where the consideration payable in connection
therewith includes Equity Securities, the aggregate consideration for any Class D Paired Interest shall be deemed to be equivalent to
the consideration payable in respect of each share of Class A Common Stock if the only difference in the per share distribution to the
Holders of Class D Paired Interests is that the Equity Securities distributed to such Holders have not more than twenty times the voting
power of any Equity Securities distributed to the holder of a share of Class A Common Stock (so long as such Equity Securities issued
to the Class D Paired Interests remain subject to automatic conversion on terms no more favorable to such Holders than those set forth
in Article IV, Section G of the Pubco Charter), (ii) in a 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 Pubco Offer for the purposes of Section 2.04(a) and (iii) the Company shall not be entitled to make a Cash Exchange Payment
in the case of an Exchange in connection with a Pubco Offer.

 

Section 2.05       
Listing of Deliverable Common Stock. If the Class A Common Stock is listed on a securities exchange or inter-dealer quotation
system, 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 or traded on such inter-dealer quotation system at the time of such issuance.

 

Section 2.06       
Deliverable Common Stock to be Issued; Class C Common Stock or Class D 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 and Class B 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 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 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 C Common Stock or Class
D Common Stock corresponding to such Paired Interest shall be cancelled by Pubco and (ii) the 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.

 

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(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
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 Common Unit will be made on the Exchange of any Paired Interest, and if the Exchange Date with respect
to a Common Unit occurs after the record date for the payment of a dividend or other distribution on Common Units but before the date
of the payment, then the registered Holder of the Common Unit at the close of business on the record date will be entitled to receive
the dividend or other distribution payable on the 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 Common Units exchanged by such Holder
and on shares of Deliverable Common Stock received by such Holder in such Exchange.

 

Section 2.08       
Withholding; Certification of Non-Foreign Status.

 

(a)           
If PubCo or the Company shall be required to withhold any amounts by reason of any federal, state, local or non-U.S. foreign tax
rules or regulations in respect of any Exchange, PubCo or the Company, as the case may be, shall be entitled to take such action as it
deems appropriate in order to ensure compliance with such withholding requirements, including, at its option, withholding shares of Class
A Common Stock or Class B Common Stock, as applicable, with a fair market value equal to the minimum amount of any taxes that PubCo or
the Company, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property
is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes
of this Agreement as having been paid (or delivered) to the applicable Holder.

 

(b)           
Notwithstanding anything to the contrary herein, each of PubCo and the Company may, in its discretion, require that an exchanging
Holder deliver to the PubCo or the Company, as the case may be, a certification of non-foreign status in accordance with Treasury Regulation
Section 1.1445-2(b) and 1.1446(f)-2(b)(2) prior to an Exchange. In the event PubCo or the Company has required delivery of such certification
but an exchanging Holder does not provide such certification, PubCo or the Company, as the case may be, shall nevertheless deliver or
cause to be delivered to the exchanging Holder the Class A Common Stock or the Class B Common Stock, as applicable, or Cash Payment in
accordance with Section 2.01, but subject to withholding as provided in Section 2.08(a).

 

    11

     

    

 

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 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, 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.

 

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 in a transaction in accordance with, and not in contravention of, the LLC Agreement or the Registration 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 Common Units in the future, then the holder of such 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.

 

    12

     

    

 

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, to:

 

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, New York, 10022

Attention:          Matthew Levine, General Counsel and Chief Privacy Officer

 

(b)         
if to the Company, to:

 

Alclear Holdings, LLC

65 East 55th Street, 17th Floor

New York, New York, 10022

Attention:          Matthew Levine, General Counsel and Chief Privacy Officer

 

(c)         
if to any Holder, 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.

 

    13

     

    

 

Section 4.04       
Binding Effect. 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.

 

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 Chancery Court 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.

 

(b)           
EACH OF THE COMPANY AND THE HOLDERS HEREBY IRREVOCABLY DESIGNATES CORPORATION SERVICE COMPANY (IN SUCH CAPACITY, THE “Process
Agent”), WITH AN OFFICE AT 251 LITTLE FALLS DRIVE, 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.

 

    14

     

    

 

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 Reorganization Documents 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, except to the extent provided herein with respect to Holders
of Indemnitee-Related Entities, each of whom are intended third-party beneficiaries of those provisions that specifically relate to them
with the right to enforce such provisions as if they were a party hereto.

 

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 (including in accordance with Section 2.3 of
the Reorganization Agreement to the extent applicable) by written instrument signed by the Company and Pubco; provided that:

 

(i)                
so as long as Alclear Investments I owns any Paired Interests, without the prior written consent of Alclear Investments I, no
amendment to this Agreement may (x) adversely affect the rights (including the ability to Exchange Paired Interests pursuant to this
Agreement) and obligations of Alclear Investments I or (y) modify the rights or obligations of Alclear Investments I hereunder in any
different or disproportionate manner to the rights or obligations of Alclear Investments II hereunder that, in any such case, is more
favorable to Alclear Investments II relative to Alclear Investments I;

 

    15

     

    

 

(ii)             
 so as long as Alclear Investments II owns any Paired Interests, without the prior written consent of Alclear Investments II,
no amendment to this Agreement may (x) adversely affect the rights (including the ability to Exchange Paired Interests pursuant
to this Agreement) and obligations of Alclear Investments II or (y) modify the rights or obligations of Alclear Investments II hereunder
in any different or disproportionate manner to the rights or obligations of Alclear Investments I hereunder that, in any such case, is
more favorable to Alclear Investments I relative to Alclear Investments II; and

 

(iii)           
no amendment to this Agreement may adversely modify in any material respect the rights (including the ability to Exchange Paired
Interests pursuant to this Agreement) and obligations of any Holders in any materially disproportionate manner to the rights and obligations
of any other Holders without the prior written consent of a majority in interest of such disproportionately affected Holder or Holders.

 

In the event that this Agreement is amended, whether
or not the prior written consent of Alclear Investments I or Alclear Investments II is required under the foregoing clauses (i), (ii)
or (iii), as applicable, the Company and Pubco shall provide a copy of such amendment to all Holders.

 

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 the parties shall report any Exchange consummated hereunder as a taxable sale of the Common Units and
shares of Class C Common Stock or Class D Common Stock, as applicable, 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 pages follow]

 

    16

     

    

 

 

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

 

 

	 	Clear Secure, Inc.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Alclear Holdings,
LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to the Exchange Agreement]

 

    

    

    

 

		HOLDERS:

 

	 	ALCLEAR INVESTMENTS, LLC

 

	 	 	 
	 	By:	Caryn Seidman-Becker
	 	Title:	Manager
	 	 	 
	 	 	 

 

	 	ALCLEAR INVESTMENTS II, LLC

 

	 	 	 
	 	By:	Kenneth L. Cornick
	 	Title:	Manager
	 	 	 
	 	 	 

 

[Signature Page to the Exchange Agreement]

 

    

    

    

 

	 	 
	 	[OTHER HOLDERS]

 

[Signature Page to the Exchange Agreement]

 

    

    

    

 

EXHIBIT A 

 

[FORM OF]

 

NOTICE OF EXCHANGE

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, New York 10022

Attention: General Counsel and Chief Privacy Officer

 

Alclear Holdings, LLC

65 East 55th Street, 17th Floor

New York, New York 10022

Attention: General Counsel and Chief Privacy Officer

 

Reference is hereby made to the Exchange Agreement,
dated as of [____], 2021 (the “Exchange Agreement”), by and among Clear Secure, Inc., a Delaware corporation (“Pubco”),
Alclear Holdings, LLC, a Delaware limited liability company (the “Company”), and the holders of Common Units (as defined
therein) and shares of Class C Common Stock (as defined therein) or Class D Common Stock (as defined therein) from time to time party
hereto (each, a “Holder”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Exchange Agreement.

 

The undersigned Holder desires to transfer to
Pubco the number of (i) shares of Class [C/D] Common Stock plus Common Units set forth below (together, the “Paired Interests”)
in Exchange for shares of Class [A/B] Common Stock (the “Deliverable Common Stock”) to be issued in its name as set
forth below, in accordance with the terms of the Exchange Agreement.

 

	Legal Name of Holder:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Number of Paired Interests 

to be Exchanged:	 
	 	 
	Proposed Exchange Date:	 
	 	 
	DTC Participant Number for delivery of Deliverable 

Common Stock:	 

 

    

    

    

 

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 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 [____], 2021 (the “Agreement”), by and among Clear Secure, Inc.,
a Delaware corporation (“Pubco”), Alclear Holdings, LLC, a Delaware limited liability company (the “Company”),
and the holders of Common Units (as defined therein) and shares of Class C Common Stock (as defined therein) or Class D Common Stock (as
defined therein) from time to time party hereto (each, a “Holder”). 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
[C/D] Common Stock and 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:	 
	 	 
	 	 
	 	 

 

    

    

    

 

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

 

	 	 
	 	 	Name:
	 	 
	 	 	Date:Exhibit 10.3

 

REGISTRATION RIGHTS
AGREEMENT

 

This Registration Rights Agreement (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), dated as of [___], 2021, is made by and among:

 

		i.	Clear Secure, Inc., a Delaware corporation (the “Company”);

 

		ii.	Alclear Investments, LLC, a Delaware limited liability company (the “Alclear Investments Holder”);

 

		iii.	Alclear Investments II, LLC, a Delaware limited liability company (the “Alclear Investments II Holder” and, together
with the Alclear Investments Holder, the “Founder Holders”); and

 

		iv.	each of the Persons who has executed a signature page hereto under the heading “Additional Holders” (collectively, the
 “Other Holders”).

 

The Founder Holders and the Other Holders are each
referred to herein as a “Holder” and are collectively referred to herein as the “Holders”. In addition,
the Holders and the Company are each referred to herein as a “Party” and are collectively referred to herein as the
 “Parties”.

 

WHEREAS, pursuant to a Reorganization Agreement,
dated as of [___], 2021, by and among the Company, Alclear (as defined below) and the other Persons listed on the signature pages thereto,
the Company has effected a series of reorganization transactions (the “Reorganization Transactions”);

 

WHEREAS, in connection with the Reorganization Transactions,
Alclear, the Company and other parties thereto have entered into the Second Amended and Restated Operating Agreement of Alclear (the “LLC
Agreement”);

 

WHEREAS, the Company has priced an initial public
offering of shares of its Class A Common Stock (the “IPO”) pursuant to an Underwriting Agreement, dated as of the date
hereof; and

 

WHEREAS, in connection with the Reorganization Transactions
and the IPO, the Company has agreed to provide the Holders with certain registration rights with respect to their Registrable Securities,
subject to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the premises
and of the mutual agreements, covenants and provisions contained in this Agreement and for good and valuable consideration, the Parties
agree as follows:

 

    1

     

    

 

ARTICLE
I

Definitions

 

1.1          Definitions.
The following terms shall have the following respective meanings:

 

“Affiliate” means, with respect
to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with, such first Person.

 

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

 

“Alclear” mean Alclear Holdings,
LLC, a Delaware limited liability company.

 

“Alclear Investments Holder” has
the meaning set forth in the preamble.

 

“Alclear Investments II Holder”
has the meaning set forth in the preamble.

 

“Alclear Units” means non-voting
common interest units in Alclear.

 

“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 shares
of the Company’s Class A common stock, $0.00001 par value per share.

 

“Class B Common Stock” means shares
of the Company’s Class B common stock, $0.00001 par value per share.

 

“Class C Common Stock” means shares
of the Company’s Class C common stock, $0.00001 par value per share.

 

“Class D Common Stock” means shares
of the Company’s Class D common stock, $0.00001 par value per share.

 

“Common Stock” means the Class
A Common Stock.

 

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

 

“Continuance Notice” has the meaning
set forth in Section 2.6(c).

 

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

 

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

 

“Disclosure Package” means (i)
the preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information that is deemed, under Rule 159 under the
Securities Act, to have been conveyed to purchasers of securities at the time of sale (including a contract of sale).

 

“Equity Securities” means, with
respect to any Person, any (i) equity interests, membership interests, shares of capital stock or other ownership, voting, profit or participation
interests of such Person or (ii) similar rights or securities of such Person, or any rights or securities convertible into or exchangeable
for, options or other rights to acquire from such Person, any of the foregoing.

 

    2

     

    

 

“Electing Registration Party”
has the meaning set forth in Section 2.6(c).

 

“Exchange” means (i) the
exchange of shares of Class D Common Stock together with Alclear Units for shares of Class B Common Stock, pursuant to the Exchange
Agreement, and the further conversion of such shares of Class B Common Stock into shares of Common Stock and (ii) the exchange
of shares of Class C Common Stock together with Alclear Units for shares of Common Stock, pursuant to the Exchange Agreement.

 

“Exchange Agreement” means that
certain Exchange Agreement, dated as of the date hereof, by and among the Company, Alclear and the other Persons listed on the signature
pages thereto.

 

“Form S-3 Registration Statement”
has the meaning set forth in Section 2.3(b).

 

“Form S-3 Shelf Registration Statement”
has the meaning set forth in Section 2.3(b).

 

“Founder Holder” has the meaning
set forth in the preamble.

 

“Founder Registration Party” means
any Founder Holder or any of their respective permitted Transferees that have executed and delivered a Joinder Agreement in accordance
with this Agreement holding Registrable Securities.

 

“Free Writing Prospectus” means
any “free writing prospectus,” as defined in Rule 405 under the Securities Act.

 

“Governmental Authority” means
any United States or non-United States federal, national, supranational, state, provincial, local or similar government, governmental,
regulatory or administrative authority, branch, agency or commission or any court, tribunal, or arbitral or judicial body.

 

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

 

“Initiating Shelf Holder” has
the meaning set forth in the Section 2.4(a).

 

“IPO” has the meaning set forth
in the recitals.

 

“Law” means any statute, law,
ordinance, regulation, rule, code, executive order, injunction, judgment, decree or order of any Governmental Authority.

 

“LLC Agreement” has the meaning
set forth in the recitals.

 

“Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

“Non-Marketed Take-Down
Share” means with respect to each Initiating Shelf Holder and each other Notice Recipient delivering a notice with respect
to and participating in such Non-Marketed Underwritten Shelf Take-Down subject to Section 2.4(d), a number equal to the product of
(i) the total number of Registrable Securities to be included in such Non-Marketed Underwritten Shelf Take-Down pursuant to Section
2.4(c) and (ii) a fraction, the numerator of which is the total number of Registrable Securities beneficially owned by the
Initiating Shelf Holder or such participating Notice Recipient, as applicable, and the denominator of which is the total number of
Registrable Securities beneficially owned by the Initiating Shelf Holder and all participating Notice Recipients delivering a notice
and participating in such Non-Marketed Underwritten Shelf Take-Down.

 

    3

     

    

 

“Non-Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(c).

 

“Non-Marketed Underwritten Shelf Take-Down
Notice” has the meaning set forth in Section 2.4(d).

 

“Non-Marketed Underwritten Shelf Take-Down
Piggyback Election” has the meaning set forth in Section 2.4(c).

 

“Notice Recipient” has the meaning
set forth in Section 2.4(c).

 

“Other Holders” has the meaning
set forth in the preamble.

 

“Other Holder Registration Party”
means, individually or collectively, any Other Holder or Other Holders, or any of their respective permitted Transferees that have executed
and delivered a Joinder Agreement in accordance with this Agreement, beneficially owning at least a majority of the outstanding Common
Stock.

 

“Other Securities” means Common
Stock of the Company sought to be included in a registration other than Registrable Securities.

 

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

 

“Person” means an individual,
corporation, partnership, limited liability company, limited liability partnership, joint venture, syndicate, person, trust, association,
organization or other entity, including any Governmental Authority, and including any successor, by merger or otherwise, of any of the
foregoing.

 

“Piggyback Notice” has the meaning
set forth in Section 2.2(a).

 

“Public Offering” means a public
offering of Common Stock pursuant to an effective registration statement (other than on Form S-4 or Form S-8 or their respective equivalents)
filed by the Company under the Securities Act.

 

“Registrable Securities”
means shares of Common Stock owned by a Holder, whether now held or hereinafter acquired, including any shares of Common Stock
issuable or issued upon conversion or exchange of other securities of the Company or any of its Subsidiaries (“Overlying
Securities”), including upon an Exchange or by way of unit or stock dividend or unit or stock split, or in connection with
a combination of units or shares, recapitalization, merger, consolidation or other reorganization, until: (i) a registration
statement covering such shares of Common Stock or applicable Overlying Securities has been declared effective by the SEC and such
shares of Common Stock or applicable Overlying Securities have been disposed of pursuant to such effective registration statement;
(ii) such shares of Common Stock or applicable Overlying Securities are sold under circumstances in which all of the applicable
conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met; (iii) with respect to any Holder,
such Holder and its Affiliates beneficially own less than 1% of the outstanding Common Stock and all of such shares of Common Stock
may be sold without restriction under Rule 144 (or any similar provisions then in force); or (iv) (A) such shares of
Common Stock or applicable Overlying Securities are otherwise Transferred to a non-Affiliate of the Transferor, (B) the Company
has delivered a new certificate or other evidence of ownership for such shares of Common Stock or applicable Overlying Securities
not bearing a restrictive legend and (C) such shares of Common Stock or applicable Overlying Securities may be resold without
limitation or subsequent registration under the Securities Act.

 

    4

     

    

 

“Registration Expenses” means
any and all expenses incident to performance of or compliance with any registration of securities pursuant to Article II (other than underwriting
discounts and commissions), including (i) the fees, disbursements and expenses of the Company’s counsel and accountants, including
for special audits and comfort letters; (ii) all expenses, including filing fees, in connection with the preparation, printing and filing
of the registration statement, any preliminary prospectus or final prospectus, any other offering document and amendments and supplements
thereto and the mailing and delivering of copies thereof to any underwriters and dealers; (iii) the cost of printing or producing any
underwriting agreements and blue sky or legal investment memoranda and any other documents in connection with the offering, sale or delivery
of the securities to be disposed of; (iv) all expenses in connection with the qualification of the securities to be disposed of for offering
and sale under state “blue sky” securities laws, including the reasonable fees and disbursements of one counsel for the underwriters
and the Selling Holders in connection with such qualification and in connection with any blue sky and legal investment surveys; (v) all
expenses, including filing fees, incident to securing any required review by FINRA of the terms of the sale of the securities to be disposed
of; (vi) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed
in connection with such offering; (vii) all security engraving and security printing expenses; (viii) all fees and expenses payable in
connection with the listing of the securities on any securities exchange or automated interdealer quotation system or the rating of such
securities; (ix) all expenses with respect to road shows that the Company is obligated to pay pursuant to Section 2.7(o); and (x) the
reasonable fees and disbursements of one counsel for the Registration Parties participating in the registration (which counsel shall be
chosen by the participating Registration Party that then holds the most Registrable Securities), not to exceed $50,000, incurred in connection
with any such registration and any offering of Common Stock relating to such registration, including Shelf-Take Downs (as defined below).

 

“Registration Party” means any
Founder Registration Party or Other Holder Registration Party.

 

“Selling Holder” means, with respect
to any registration statement, any Holder whose Registrable Securities are included therein.

 

    5

     

    

 

“Shelf Holder” means any Holder
whose Registrable Securities are included in the Form S-3 Shelf Registration Statement.

 

“Shelf Take-Down” has the meaning
set forth in Section 2.4(a).

 

“Subsidiary” means, with respect
to any Person, any other Person controlled by such first Person, directly or indirectly, through one of more intermediaries.

 

“Transfer” means, in respect of
any Common Stock, property or other assets, any direct or indirect sale, assignment, hypothecation, lien, encumbrance, transfer, distribution
or other disposition thereof or of a participation therein, or other conveyance of legal or beneficial interest therein, including rights
to vote and to receive dividends or other income with respect thereto, or any short position in a security or any other action or position
otherwise reducing risk related to ownership through hedging or other derivative instruments, whether voluntarily or by operation of Law,
or any agreement or commitment to do any of the foregoing.

 

“Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

“Underwritten Shelf Take-Down Notice”
has the meaning set forth in Section 2.4(b).

 

“Withdrawn Offering” has the meaning
set forth in Section 2.6(c).

 

Capitalized terms used but not otherwise defined
in this Agreement shall have the meanings ascribed to such terms in the LLC Agreement.

 

ARTICLE
II

REGISTRATION RIGHTS

 

2.1             
Demand Rights.

 

(a)               Demand
Rights. Subject to the terms and conditions of this Agreement (including Section 2.1(b)), (I) at any time, upon written notice
delivered by a Founder Registration Party or (II) at any time after November 22, 2023, upon written notice delivered by an Other
Holder Registration Party (in each case, a “Demand”), in each case requesting that the Company effect the
registration (a “Demand Registration”) under the Securities Act of any or all of the Registrable Securities held
by such Registration Party, which Demand shall specify the number and type of such Registrable Securities to be included in such
registration and the intended method or methods of disposition of such Registrable Securities, the Company shall use its reasonable
best efforts to promptly (but in any event within 10 days of such Demand) give written notice of such Demand to all other Holders
and shall use its reasonable best efforts to promptly file the appropriate registration statement with the SEC and use its
reasonable best efforts to effect the registration under the Securities Act and applicable state securities laws of (i) the
Registrable Securities which the Company has been so requested to register for sale by such Registration Party in the Demand, and
(ii) all other Registrable Securities which the Company has been requested to register for sale by such other Holders by written
request given to the Company within 20 days after the giving of such written notice by the Company (which request shall specify the
intended method of disposition of such Registrable Securities), in each case subject to Section 2.1(f), all to the extent required
to permit the disposition (in accordance with such intended methods of disposition) of the Registrable Securities to be so
registered for sale. Notwithstanding the foregoing, in the event the method of disposition is an underwritten offering, (x) the
right of any Holder to include Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless
otherwise agreed by the Holders with a majority of the Registrable Securities participating in the registration and by the
requesting Registration Party) to the extent provided in this Agreement and (y) all Holders proposing to distribute their
Registrable Securities through such underwriting shall (together with the Company) enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such underwriting.

 

    6

     

    

 

(b)              
Limitations on Demand Rights. The Founder Registration Parties shall be entitled to make two Demands in the aggregate under
Section 2.1(a) and the Other Registration Parties shall be entitled to make two Demands in the aggregate under Section 2.1(a), subject,
in each case, to Section 2.6(c). No registration effected pursuant to Section 2.2 or Section 2.3 and no Shelf Take-Down pursuant to Section
2.4 shall be counted as the making of a Demand for purposes of Section 2.1(a).

 

(c)              
Assignment. In connection with the Transfer of Registrable Securities to any Person, a Registration Party or Other Holder
may assign to any Transferee of such Registrable Securities (i) the right to make one or more Demands pursuant to Section 2.1(a)
(in the case of the Registration Party) and (ii) the right to participate in or effect any registration and/or Shelf Take-Down pursuant
to the terms of Section 2.1(a), Section 2.2, Section 2.3 and Section 2.4, in each case to the extent that such Transferor
has such rights. In the event of any such assignment, references to the Registration Parties in Section 2.1, Section 2.2, Section 2.3
and Section 2.4 shall be deemed to refer to such Transferee if such Transferee is making any Demand or otherwise exercising its registration
rights hereunder. In each of the foregoing cases, in the event the relevant Registration Party or Other Holder assigns, directly or indirectly,
any registration rights to any Person as contemplated in this Section 2.1(c) in connection with a Transfer of Registrable Securities,
the Registration Party or Other Holder shall, as a condition to any such assignment, require such Transferee to enter into a Joinder Agreement
in the form attached hereto as Annex B to become party to this Agreement and expressly be subject to Section 2.12. If
any such Transferee is an individual and married, such relevant Registration Party or Other Holder shall, as a condition to such Transfer,
cause such Transferee to deliver to the Company a duly executed copy of a Spousal Consent in the form attached hereto as Annex C.
In the event of any such assignment, references to the Registration Party or Other Holder in Section 2.12 shall be deemed to refer
to such Transferee. In addition, in each of the foregoing cases, the relevant Registration Party or Other Holder, as applicable, shall,
as promptly as reasonably practicable, give written notice of any such assignment to the Company and, in the case of an assignment by
a Registration Party, the other Registration Parties in accordance with the LLC Agreement or, to the extent applicable to such other Registration
Parties, to the addresses and other contact information set forth on Annex A to this Agreement.

 

    7

     

    

 

(d)              
 Company Blackout Rights. With respect to any registration statement filed, or to be filed, including any amendment, renewal
or replacement thereof, pursuant to this Section 2.1, if the board of directors of the Company determines in good faith after consultation
with outside counsel that such registration would cause the Company to disclose material non-public information, which disclosure (x)
would be required to be made in any registration statement so that such registration statement would not be materially misleading, (y)
would not be required to be made at such time but for the filing or effectiveness of such registration statement and (z) would be materially
detrimental to the Company or would materially interfere with any material financing, acquisition, corporate reorganization or merger
or other similar transaction involving the Company or any of its Subsidiaries, and that, as a result of such potential disclosure or interference,
it is in the best interests of the Company to defer the filing or effectiveness of such registration statement at such time or suspend
the Selling Holders’ use of any prospectus which is a part of the registration statement, then the Company shall have the right
to defer such filing or effectiveness or suspend the continuance of such effectiveness for a period of not more than 120 days (in which
event, in the case of a suspension, such Selling Holder shall discontinue sales of Registrable Securities pursuant to such registration
statement); provided, that the Company shall not use this right, together with any other deferral or suspension of the Company’s
obligations under Section 2.1 or Section 2.3, more than once in any 12-month period. The Company shall as promptly as reasonably practicable
notify the Selling Holders of the expiration of any deferral or suspension period during which it exercised its rights under this Section
2.1(d). The Company agrees that, in the event it exercises its rights under this Section 2.1(d), it shall use its reasonable best efforts
to, as promptly as reasonably practicable following the expiration of the applicable deferral or suspension period, file or update and
use its reasonable best efforts to cause the effectiveness of, as applicable, the applicable deferred or suspended registration statement
or prospectus which is a part of the registration statement.

 

(e)               Fulfillment
of Registration Obligations. Notwithstanding any other provision of this Agreement, a registration requested pursuant to this
Section 2.1 shall not be deemed to have been effected and the Registration Party that issued the Demand shall not be deemed to have
used one of its Demands for purposes of Section 2.1(b): (i) if the registration statement is withdrawn without becoming effective;
(ii) if after it has become effective such registration is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other Governmental Authority for any reason other than a misrepresentation or an omission by a Selling
Holder that is the Registration Party, or an Affiliate of the Registration Party (other than the Company and its controlled
Affiliates), that made the Demand relating to such registration and, as a result thereof, the Registrable Securities requested to be
registered cannot be completely distributed in accordance with the plan of distribution set forth in the related registration
statement; (iii) if the registration does not contemplate an underwritten offering, if it does not remain effective for at least 180
days (or such shorter period as will terminate when all securities covered by such registration statement have been sold or
withdrawn); or if such registration statement contemplates an underwritten offering, if it does not remain effective for at least
180 days plus such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required by
applicable Law to be delivered in connection with the sale of Registrable Securities by an underwriter or dealer; or (iv) in the
event of an underwritten offering, if the conditions to closing (including any condition relating to an overallotment option)
specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied or
waived other than by reason of some wrongful act or omission by a Selling Holder that is the Registration Party, or an Affiliate of
the Registration Party, that made the Demand relating to such registration.

 

    8

     

    

 

(f)               
Cutbacks in Demand Registration. If the lead underwriter or managing underwriter advises the Company in writing that, in
such firm’s good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in a Demand
Registration exceeds the largest number that can be included in such registration without materially adversely affecting the distribution
(including timing or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company
shall include in such registration:

 

(1)              
first, Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to Section 2.1(a)
and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata
among the Holders thereof based upon the number of Registrable Securities held by each such Holder);

 

(2)              
second, Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect
referred to above; and

 

(3)              
third, Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration
that can be sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other
Securities owned by such Persons requesting inclusion in such registration.

 

2.2             
Piggyback Registration Rights.

 

(a)               Notice
and Exercise of Rights. If the Company at any time proposes or is required to register any of its Common Stock or any other
Equity Securities of the Company under the Securities Act (other than a Demand Registration pursuant to Section 2.1 or a
registration pursuant to Section 2.3) whether or not for sale for its own account, in a manner that would permit registration of
Registrable Securities for sale for cash to the public under the Securities Act, subject to the last sentence of this Section
2.2(a), it shall at each such time promptly give written notice (the “Piggyback Notice”) to each Holder of
Registrable Securities of its intention to do so at least 10 Business Days before the initial filing of the registration statement
related thereto and, upon the request of any Holder of Registrable Securities to include in such registration Registrable Securities
(which request shall specify the number of shares of such Registrable Securities to be included in such registration), the Company
shall use its reasonable best efforts to cause all such Registrable Securities to be included in such registration on the same terms
and conditions as the Common Stock or other Equity Securities being registered in such registration; provided, that in no
event shall the Company be required to register pursuant to this Section 2.2 any securities other than Common Stock. Notwithstanding
anything to the contrary contained in this Section 2.2, the Company shall not be required to effect any registration of Registrable
Securities under this Section 2.2 incidental to the registration of any of its securities on Forms S-4 or S-8 (or any similar or
successor form providing for the registration of securities in connection with mergers, acquisitions, exchange offers, subscription
offers, dividend reinvestment plans or stock option or other executive or employee benefit or compensation plans) or any other form
that would not be available for registration of Registrable Securities.

 

    9

     

    

 

(b)              
Determination Not to Effect Registration. If at any time after giving such Piggyback Notice 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 the
securities originally intended to be included in such registration, the Company may, at its election, give written notice of such determination
to the Selling Holders and thereupon the Company shall be relieved of its obligation to register such Registrable Securities in connection
with the registration of securities originally intended to be included in such registration, without prejudice, however, (i) to the right
of a Registration Party immediately to request that such registration be effected as a registration under Section 2.1 or (ii) the right
of a Shelf Registration Party (as defined below) immediately to request that such registration be effected as a shelf registration under
Section 2.3, in each case, to the extent permitted thereunder.

 

(c)              
Cutbacks in Company Offering or Other Offerings.

 

(1)              
Cutbacks in Company Offering. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten
registration on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s
good faith view, the aggregate number of Registrable Securities and Other Securities requested to be included in such registration exceeds
the largest number that can be included in such registration without materially adversely affecting the distribution (including timing
or pricing) of the Registrable Securities and Other Securities proposed to be included in such registration, the Company shall include
in such registration:

 

(A)            
first, all securities proposed to be registered on behalf the Company;

 

(B)             
second, Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to this Section
2.2 and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata
among the Holders thereof based upon the number of Registrable Securities held by each such Holder); and

 

(C)             
third, Other Securities that are requested to be included in such registration pursuant to the terms of any agreement providing
for registration rights to which the Company is a party that can be sold without having the adverse effect referred to above, pro rata
on the basis of the relative number of such Other Securities owned by such Persons requesting inclusion in such registration.

 

(2)               Cutbacks
in Other Offerings. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten
registration other than on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing
that, in such firm’s good faith view, the aggregate number of Registrable Securities and Other Securities requested to be
included in such registration exceeds the largest number that can be included in such registration without materially adversely
affecting the distribution (including timing or pricing) of the Registrable Securities and Other Securities proposed to be included
in such registration, the Company shall include in such registration:

 

    10

     

    

 

(A)            
first, Other Securities held by any holder thereof with a contractual right to include such Other Securities in such registration
prior to any other Person;

 

(B)             
second, Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to this Section
2.2 and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities pro rata
among the Holders thereof based upon the number of Registrable Securities held by each such Holder);

 

(C)             
third, Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect
referred to above; and

 

(D)            
fourth, Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration
that can be sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other
Securities owned by such Persons requesting inclusion in such registration.

 

2.3             
Form S-3 Registration; Shelf Registration.

 

(a)              
Notwithstanding anything in Section 2.1 or Section 2.2 to the contrary, at such time the Company shall have qualified for the use
of a Form S-3 under the Securities Act or any successor form thereto, any Founder Registration Party or any other Holder who beneficially
owns not less than 10% of the outstanding Common Stock at the time of determination (each, a “Shelf Registration Party”),
shall have the right to request an unlimited number of registrations of Registrable Securities on Form S-3 (which may, at such Holder’s
request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its successor form, which request or requests
shall (i) specify the number of Registrable Securities intended to be Transferred and the Holders thereof and (ii) state whether the intended
method of Transfer of such Registrable Securities is an underwritten offering or a shelf registration, and upon receipt of such request,
the Company shall use its reasonable best efforts to promptly effect the registration under the Securities Act of the Registrable Securities
so requested to be registered. A requested registration on Form S-3 (or its successor form) in compliance with this Section 2.3 shall
not constitute a Demand. If requested in accordance with this Section 2.3(a), the Company shall use its reasonable best efforts to:

 

(1)              
as promptly as reasonably practicable, give written notice of the proposed registration, and any related qualification or compliance,
to all other Holders; and

 

(2)               as
promptly as reasonably practicable, file with the SEC and use reasonable best efforts to effect such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such
portion of such Shelf Registration Party’s Registrable Securities as are specified in such request, together with all or such
portion of the Registrable Securities of any other Holder joining in such request as are specified in a written request given within
10 days after receipt of such written notice from the Company; provided, that the Company shall not be obligated to effect
any such registration, qualification or compliance pursuant to this Section 2.3 (or, with respect to a request under Section 2.4,
any Shelf Take-Down pursuant to Section 2.4):

 

    11

     

    

 

(A)            
if Form S-3 is not available for such registration or offering;

 

(B)             
solely with respect to filing and causing the effectiveness of a registration on Form S-3 or effecting a Marketed Underwritten
Shelf Take-Down, if the Shelf Registration Party, together with the Holders of any Registrable Securities entitled to inclusion in such
registration (or Marketed Underwritten Shelf Take-Down, as applicable), propose to sell Registrable Securities at an aggregate price to
the public (net of any underwriting discounts or commissions) of less than $50 million;

 

(C)             
if the board of directors of the Company determines in good faith after consultation with outside counsel that such Form S-3 registration
would cause the Company to disclose material non-public information, which disclosure (x) would be required to be made in any registration
statement so that such registration statement would not be materially misleading, (y) would not be required to be made at such time but
for the filing or effectiveness of such registration statement and (z) would be materially detrimental to the Company or would materially
interfere with any material financing, acquisition, corporate reorganization or merger or other similar transaction involving the Company
or any of its Subsidiaries, and that, as a result of such potential disclosure or interference, it is in the best interests of the Company
to defer the filing or effectiveness of such registration statement (or, with respect to a Shelf Take-Down under Section 2.4, the sale
of securities of the Company pursuant to such Form S-3 Registration Statement (as defined below)) at such time, then the Company shall
have the right to defer such filing of the Form S-3 Registration Statement (or Shelf Take-Down) for a period of not more than 120 days
after receipt of the request of the Shelf Registration Party under this Section 2.3 (or Section 2.4, as applicable); provided,
that the Company shall not use this right, together with any other deferral or suspension of the Company’s obligations under Section
2.1 or Section 2.3, more than once in any 12-month period. The Company shall as promptly as reasonably practicable notify the Selling
Holders of the expiration of any period during which it exercised its rights under this Section 2.3(a)(2)(C). The Company agrees that,
in the event it exercises its rights under this Section 2.3(a)(2)(C), it shall use its reasonable best efforts to, as promptly as reasonably
practicable following the expiration of the applicable deferral period, file or update and use its reasonable best efforts to cause the
effectiveness of, as applicable, the applicable deferred registration statement (or Shelf Take-Down);

 

(D)             solely
with respect to filing and causing the effectiveness of a registration on Form S-3, subject to Section 2.3(d), if the Company has,
within the 120-day period preceding the date of such request, already effected one registration on Form S-3 for a Shelf
Registration Party pursuant to this Section 2.3 (but, for the avoidance of doubt, regardless of whether any Shelf Take-Downs have
been effected during such period); provided, that any such registration shall be deemed to have been “effected”
if the registration statement relating thereto (x) has become or been declared or ordered effective under the Securities Act, and
any of the Registrable Securities of the Shelf Registration Party included in such registration have actually been sold thereunder,
and (y) has remained effective for a period of at least 180 days; or

 

    12

     

    

 

(E)             
in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance.

 

(b)              
Subject to the foregoing, the Company shall use its reasonable best efforts to file a registration statement covering the Registrable
Securities so requested to be registered, as promptly as reasonably practicable, after receipt of the request or requests of the Shelf
Registration Party and the other Holders (the “Form S-3 Registration Statement”) and any such Holder may request inclusion
of a plan of distribution in accordance with Section 2.7(i) and/or that such Form S-3 Registration Statement constitute a shelf offering
on a delayed or continuous basis in accordance with Rule 415 under the Securities Act (a “Form S-3 Shelf Registration Statement”),
in which case the provisions of Section 2.4 shall also be applicable.

 

(c)              
If a Shelf Registration Party intends to distribute the Registrable Securities covered by its request under this Section 2.3 by
means of a Marketed Underwritten Shelf Take-Down pursuant to Section 2.4(b), it shall so advise the Company as a part of its request made
pursuant to this Section 2.3 and, subject to the limitations set forth in Section 2.3(a), the Company shall include such information in
the written notice referred to in Section 2.3(a). In such event, the right of any Holder to include Registrable Securities in such registration
(or Underwritten Shelf Take-Down, as applicable) shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided in this Agreement. All Holders
proposing to distribute their securities through such underwriting shall (together with the Company) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 2.3
or Section 2.4, if the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s good faith view,
the aggregate number of Registrable Securities and Other Securities requested to be included in such registration exceeds the largest
number that can be included in such registration without materially adversely affecting the distribution (including timing or pricing)
of the Registrable Securities and Other Securities proposed to be included in such registration, the Company shall include in such registration:

 

(1)              
first, Registrable Securities owned by the Holders that are requested to be included in such registration pursuant to Section 2.3
and Section 2.4 and that can be sold without having the adverse effect referred to above (or, if necessary, such Registrable Securities
pro rata among the Holders thereof based upon the number of Registrable Securities held by each such Holder); and

 

(2)              
second, Other Securities proposed to be sold by the Company for its own account that can be sold without having the adverse effect
referred to above; and

 

(3)               third,
Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration that can
be sold without having the adverse effect referred to above, pro rata  on the basis of the relative number of such Other
Securities owned by such Persons requesting inclusion in such registration.

 

    13

     

    

 

(d)              
Notwithstanding the foregoing, if the Company shall receive from any Holders of Registrable Securities then outstanding a written
request or requests under Section 2.3 that the Company effect a registration statement on Form S-3 that includes only those items
and that information that is required to be included in parts I and II of such Form, and does not include any additional or extraneous
items of information (e.g., a lengthy description of the Company or the Company’s business) (an “Ordinary S-3 Registration
Statement”), then Section 2.3(a)(2)(D) shall not apply to such Ordinary S-3 Registration Statement request.

 

(e)              
Upon the written request of any Shelf Registration Party (which shall not constitute a Demand), prior to the expiration of effectiveness
of any existing Form S-3 Shelf Registration Statement in accordance with Rule 415, the Company shall use its reasonable best efforts to
file and seek the effectiveness of a new Form S-3 Shelf Registration Statement in order to permit the continued offering of the Registrable
Securities included under such existing Form S-3 Shelf Registration Statement.

 

2.4             
Shelf Take-Downs.

 

(a)              
Any Selling Holder of Registrable Securities included in a Form S-3 Shelf Registration Statement (an “Initiating Shelf
Holder”) may initiate an offering or sale of all or part of such Registrable Securities (a “Shelf Take-Down”),
in which case the provisions of this Section 2.4 shall apply.

 

(b)              
If an Initiating Shelf Holder who is a Shelf Registration Party so elects in a written request delivered to the Company (an “Underwritten
Shelf Take-Down Notice”), a Shelf Take-Down may be in the form of an underwritten offering (an “Underwritten Shelf
Take-Down”) and, subject to the limitations set forth in the proviso to Section 2.3(a)(2) as modified by Section 2.3(d), the
Company shall file and effect an amendment or supplement to its Form S-3 Shelf Registration Statement (including the filing of a supplemental
prospectus) for such purpose as promptly as reasonably practicable. Such Initiating Shelf Holder who is a Shelf Registration Party shall
indicate in such Underwritten Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a customary “road
show” (including an “electronic road show”) or other substantial marketing effort by the underwriters over a period
of at least 48 hours (a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down Notice
indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, the Company shall use its reasonable
best efforts to as promptly as reasonably practicable (but in any event no later than three Business Days after receipt of such Marketed
Underwritten Shelf Take-Down Notice) give written notice of such Marketed Underwritten Shelf Take-Down to all other Shelf Holders and
shall permit the participation of all such Shelf Holders that request inclusion in such Marketed Underwritten Shelf Take-Down who respond
in writing within five days after the receipt of such notice of their election to participate. The provisions of Section 2.3(c) (other
than the first sentence thereof) shall apply with respect to the right of the Initiating Shelf Holder and any other Shelf Holder to participate
in any Underwritten Shelf Take-Down.

 

    14

     

    

 

(c)              
 If the Initiating Shelf Holder who is a Shelf Registration Party desires to effect an Underwritten Shelf Take-Down that does not
constitute a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), such Initiating
Shelf Holder shall so indicate in a written request delivered to the Company no later than two Business Days prior to the expected date
of such Non-Marketed Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable Securities expected
to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the expected plan of distribution of such Non-Marketed
Underwritten Shelf Take-Down, (iii) the action or actions required (including the timing thereof) in connection with such Non-Marketed
Underwritten Shelf Take-Down (including the delivery of one or more stock certificates representing shares of Registrable Securities to
be sold in such Non-Marketed Underwritten Shelf Take-Down) and (iv) at the option and in the sole discretion of such Initiating Shelf
Holder, an election that such Non-Marketed Underwritten Shelf Take-Down shall be subject to Section 2.4(d) (a “Non-Marketed Underwritten
Shelf Take-Down Piggyback Election”), and, subject to the limitations set forth in the proviso to Section 2.3(a)(2) as modified
by Section 2.3(d), the Company shall use its reasonable best efforts to file and effect an amendment or supplement to its Form S-3 Shelf
Registration Statement (including the filing of a supplemental prospectus) for such purpose as promptly as reasonably practicable (and
in any event within three Business Days).

 

(d)               Upon
receipt from any Shelf Registration Party of a written request pursuant to Section 2.4(c) that contains an affirmative Non-Marketed
Underwritten Shelf Take-Down Piggyback Election, the Company shall provide written notice (a “Non-Marketed
Underwritten Shelf Take-Down Notice”) of such Non-Marketed Underwritten Shelf Take-Down promptly to all Holders (other
than the requesting Shelf Registration Party), which Non-Marketed Underwritten Shelf Take-Down Notice shall set forth (i) the total
number of Registrable Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the
expected plan of distribution of such Non-Marketed Underwritten Shelf Take-Down, (iii) that each recipient of such Non-Marketed
Underwritten Shelf Take-Down Notice (each, a “Notice Recipient”) shall have the right, upon the terms and subject
to the conditions set forth in this Section 2.4(d), to elect to sell up to its Non-Marketed Take-Down Share and (iv) the action or
actions required (including the timing thereof, which for the avoidance of doubt shall not require any delay in the expected date of
such Non-Marketed Underwritten Shelf Take-Down or extension of the Company’s obligation to file and effect an amendment or
supplement to its Form S-3 Shelf Registration Statement as soon as practicable of the Initiating Shelf Holder’s Non-Marketed
Underwritten Shelf Take-Down request pursuant to Section 2.4(c)) in connection with such Non-Marketed Underwritten Shelf Take-Down
with respect to each Notice Recipient that elects to exercise such right (including the delivery of one or more stock certificates
representing shares of Registrable Securities held by such Notice Recipient to be sold in such Non-Marketed Underwritten Shelf
Take-Down). Upon receipt of such Non-Marketed Underwritten Shelf Take-Down Notice, each such Notice Recipient may elect to sell up
to its Non-Marketed Take-Down Share with respect to each such Non-Marketed Underwritten Shelf Take-Down, by taking such action or
actions referred to in clause (iv) above in a timely manner. If the Shelf Registration Party does not elect to sell all of its
Non-Marketed Take-Down Share, the unelected portion of such Non-Marketed Take-Down Share shall be allocated to the Notice
Recipients, pro rata based on their respective Non-Marketed Take-Down Shares. Notwithstanding the delivery of any
Non-Marketed Underwritten Shelf Take-Down Notice, all determinations as to whether to complete any Non-Marketed Underwritten Shelf
Take-Down and as to the timing, manner, price and other terms of any Non-Marketed Underwritten Shelf Take-Down contemplated by
Section 2.4(d) shall be at the discretion of the Initiating Shelf Holder who is a Shelf Registration Party.

 

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2.5             
Selection of Underwriters. In the event that any registration pursuant to this Article II (other than
a registration under Section 2.2) shall involve, in whole or in part, an underwritten offering, the underwriter or underwriters shall
be designated by the Registration Party (or in the case of a Shelf Take-Down, the Initiating Shelf Holder) that requested such underwritten
offering in accordance with this Article II, which underwriter or underwriters shall be reasonably acceptable to the Company.

 

2.6             
Withdrawal Rights; Expenses.

 

(a)              
A Selling Holder may withdraw all or any part of its Registrable Securities from any registration or offering (including a registration
effected pursuant to Section 2.1) by giving written notice to the Company of its request to withdraw at any time prior to the earlier
of the effectiveness of the registration statement for such registration or the public announcement of such offering. The Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to a Demand if the registration request is subsequently
withdrawn at the request of the Selling Holders (in which case all Selling Holders shall bear such expenses pro rata based upon the number
of Selling Holders that were to be included in the withdrawn registration), unless the Selling Holders agree to forfeit their right to
one registration pursuant to Section 2.1. In the case of a withdrawal, any Registrable Securities so withdrawn shall be reallocated among
the remaining participants in accordance with the applicable provisions of this Agreement.

 

(b)              
Except as provided in this Agreement, the Company shall pay all Registration Expenses with respect to a particular offering (or
proposed offering). Except as provided herein, each Selling Holder and the Company shall be responsible for its own fees and expenses
of financial advisors and their internal administrative and similar costs, as well as their respective pro rata shares of underwriting
discounts and commissions, which shall not constitute Registration Expenses.

 

(c)               If
the Registration Party that requested a Demand Registration or the Shelf Registration Party that requested a Marketed Underwritten
Shelf Take-Down pursuant to Section 2.1 or Section 2.4 withdraws all of its Registrable Securities from such Demand Registration or
Marketed Underwritten Shelf Take-Down (a “Withdrawn Offering”), the other applicable Party(ies) or the Company
may, in any of their sole discretion, elect within two Business Days thereafter to have the Company continue such Withdrawn Offering
by giving written notice of such election to the Company and/or the other applicable Parties (a “Continuance
Notice”), in which case such Withdrawn Offering shall proceed in accordance with the applicable provisions of this
Agreement as if such Withdrawn Offering had been initiated by the Party providing the Continuance Notice (which, for the avoidance
of doubt, shall not cause any new notice or consent period with respect to other Holders to occur under this Agreement and shall not
otherwise change the requirements for and timing of any notices and consents under this Agreement as they then exist with respect to
such Withdrawn Offering). If a Continuance Notice is provided by a Registration Party (the “Electing Registration
Party”), for the purpose of the limits on number of Demands set forth in Section 2.1(b), such Withdrawn Offering
shall count as use of one Demand by such Electing Registration Party and shall not count as use of a Demand by the Registration
Party that originally requested such Withdrawn Offering. If a Continuance Notice is provided by the Company, such Withdrawn
Registration shall not count as use of a Demand for any Registration Party for the purpose of the limits on number of Demands set
forth in Section 2.1(b). If no Continuance Notice is timely provided with respect to a Withdrawn Offering, the Company shall abandon
the Withdrawn Offering, and such Withdrawn Offering shall count as use of one Demand by the Registration Party that originally
requested such Withdrawn Offering for the purpose of the limits on number of Demands set forth in Section 2.1(b), unless such
Registration Party elects in writing to bear the Registration Expenses for such Withdrawn Offering.

 

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2.7             
Registration and Qualification. If and whenever the Company is under an obligation pursuant to this Agreement
to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act as provided in this
Article II, the Company shall use its reasonable best efforts to as promptly as practicable:

 

(a)              
Registration Statement. (i) Prepare and file a registration statement that registers such Registrable Securities, and cause
such registration statement to become effective as promptly as practicable thereafter, and keep such registration statement effective
for 180 days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, that
in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis,
such 180-day period shall be extended, if necessary, to keep the registration statement continuously effective, supplemented and amended
to the extent necessary to ensure that it is available for sales of such Registrable Securities, and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and regulations of the SEC as announced from time to time,
until (A) the Selling Holders have sold all of such Registrable Securities or (B) no Registrable Securities then exist; (ii) furnish to
the lead underwriter or underwriters, if any, and to the Selling Holders who have requested that Registrable Securities be covered by
such registration statement, prior to the filing thereof with the SEC, a copy of the registration statement, and each amendment thereof,
and a copy of any prospectus, and each amendment or supplement thereto (excluding amendments caused by the filing of a report under the
Exchange Act); and (iii) use reasonable best efforts to reflect in each such document, when so filed with the SEC, such comments as such
Persons reasonably may on a timely basis propose;

 

(b)              
Amendments; Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective until (A) all of such Registrable
Securities have been disposed of and to comply with the provisions of the Securities Act with respect to the sale or other disposition
of such Registrable Securities and (B) if a Form S-3 registration, the expiration of the applicable period specified in Section 2.7(a)
and, if not a Form S-3 registration, the applicable period specified in Section 2.1(e)(iii); provided, that any such required
period shall be extended for such number of days (x) during any period from and including the date any written notice contemplated by
paragraph (f) below is given by the Company until the date on which the Company delivers to the Selling Holders the supplement or amendment
contemplated by paragraph (f) below or written notice that the use of the prospectus may be resumed, as the case may be, and (y)
during which the offering of Registrable Securities pursuant to such registration statement is interfered with by any stop order, injunction
or other order or requirement of the SEC or any other governmental agency or court; provided, further, that the Company
shall have no obligation to a Selling Holder participating on a “piggyback” basis pursuant to Section 2.1(a) or Section 2.2
in a registration statement that has become effective to keep such registration statement effective for a period beyond 180 days from
the effective date of such registration statement. The Company shall respond, as promptly as reasonably practicable, to any comments
received from the SEC and request acceleration of effectiveness, as promptly as reasonably practicable, after it learns that the SEC
will not review the registration statement or after it has satisfied comments received from the SEC. With respect to each Free Writing
Prospectus or other materials to be included in the Disclosure Package, ensure that no Registrable Securities be sold “by means
of” (as defined in Rule 159A(b) under the Securities Act) such Free Writing Prospectus or other materials without the prior written
consent of the Selling Holders of the Registrable Securities covered by such registration statement, which Free Writing Prospectuses
or other materials shall be subject to the review of counsel to such Selling Holders, and make all required filings of all Free Writing
Prospectuses with the SEC;

 

    17

     

    

 

(c)              
Copies. Furnish to the Selling Holders and to any underwriter of such Registrable Securities such number of conformed copies
of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of
copies of the prospectus included in such registration statement (including each preliminary prospectus, summary prospectus and Free Writing
Prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration
statement or prospectus, and such other documents, as such Selling Holders or such underwriter may reasonably request, and upon request
a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any other Governmental Authority or
self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering;

 

(d)              
Blue Sky. Use its reasonable best efforts to register or qualify such Registrable Securities under such other securities
or blue sky laws of such jurisdictions as the Selling Holders reasonably request and do any and all other acts and things which may be
reasonably necessary or advisable to enable such Selling Holders to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such Selling Holder; provided, however, that the Company shall not be required to qualify generally
to do business, subject itself to general taxation, or consent to general service of process, in any jurisdiction where it would not otherwise
be required to do so but for this Section 2.7(d);

 

(e)               Delivery
of Certain Documents. (i) Furnish to each Selling Holder and to any underwriter of such Registrable Securities an opinion of
counsel for the Company (which opinion (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters,
if any, or, in the case of a non-underwritten offering, to the Selling Holders) dated the date of the closing under the underwriting
agreement (if any) (or if such offering is not underwritten, dated the effective date of the applicable registration statement)
covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings, (ii) in connection
with an underwritten offering, furnish to each Selling Holder and any underwriter of such Registrable Securities a “cold
comfort” and “bring-down” letter signed by the independent public accountants who have audited the financial
statements of the Company included in such registration statement, in each such case covering substantially the same matters with
respect to such registration statement (and the prospectus included therein) as are customarily covered in accountants’
letters delivered to underwriters in underwritten public offerings of securities and such other matters as any Selling Holder may
reasonably request and, in the case of such accountants’ letter, with respect to events subsequent to the date of such
financial statements and (iii) cause such authorized officers of the Company to execute customary certificates as may be requested
by any Selling Holder or any underwriter of such Registrable Securities;

 

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(f)               
Notification of Certain Events; Corrections. (i) Notify the Selling Holders on a timely basis when a prospectus relating
to such Registrable Securities or any document related thereto includes an untrue statement of a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then existing and furnish to such Selling Holders
a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered
to the offerees of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing; and (ii) promptly notify the Holders of Registrable Securities in writing (A) of the receipt by the Company of any notification
with respect to any comments by the SEC with respect to such registration statement or prospectus or any amendment or supplement thereto
or any request by the SEC for the amending or supplementing thereof or for additional information with respect thereto, (B) of the receipt
by the Company of any notification with respect to the issuance by the SEC of any stop order suspending the effectiveness of such registration
statement or prospectus or any amendment or supplement thereto, which the Company will take all reasonable actions required to prevent
the entry of such stop order or remove it if entered after the filing of the registration statement, or the initiation or threatening
of any proceeding for that purpose, and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification
of such Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes.

 

(g)              
Notice of Effectiveness. Notify the Selling Holders and the lead underwriter or underwriters, if any, and (if requested)
confirm such advice in writing, as promptly as reasonably practicable after notice thereof is received by the Company (i) when the applicable
registration statement or any amendment thereto has been filed or becomes effective and when the applicable prospectus or any amendment
or supplement thereto has been filed, (ii) of any comments by the SEC, (iii) of the issuance by the SEC of any stop order suspending
the effectiveness of such registration statement or any order preventing or suspending the use of any preliminary or final prospectus
or the initiation or threat of any proceedings for such purposes and (iv) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threat
of any proceeding for such purpose;

 

(h)              
Stop Orders. Use its reasonable best efforts to prevent the entry of, and use its reasonable best efforts to obtain as
promptly as reasonably practicable the withdrawal of, any stop order with respect to the applicable registration statement or other
order suspending the use of any preliminary or final prospectus;

 

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(i)                
Plan of Distribution. Promptly incorporate in a prospectus supplement or post-effective amendment to the applicable registration
statement such information as any Selling Holder requests (subject to the agreement of the lead underwriter or underwriters, if any) be
included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such
prospectus supplement or post-effective amendment as promptly as reasonably practicable after being notified of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

 

(j)                
Other Filings. Use its reasonable best efforts to cause such Registrable Securities 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 to enable the Selling
Holders to consummate the disposition of such Registrable Securities;

 

(k)              
FINRA Compliance. Cooperate with each Selling Holder and each underwriter or agent, if any, participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(l)                
Listing. Use its reasonable best efforts to cause all such Registrable Securities registered pursuant to such registration
to be listed and remain on each securities exchange and automated interdealer quotation system on which identical securities issued by
the Company are then listed;

 

(m)            
Transfer Agent; Registrar; CUSIP Number. Provide a transfer agent and registrar (which may be the same entity and which
may be the Company) for such Registrable Securities and a CUSIP number for all such Registrable Securities, in each case not later than
the effective date of the applicable registration statement;

 

(n)              
Compliance; Earnings Statement. Otherwise use its reasonable best efforts to comply with all applicable rules and regulations
of the SEC, and make available to each Selling Holder, as soon as reasonably practicable, an earnings statement covering the period of
12 months beginning within three months after the effective date of the subject registration statement;

 

(o)              
Road Shows. To the extent reasonably requested by the lead or managing underwriters in connection with an underwritten offering
pursuant to Section 2.1 or a Form S-3 underwritten offering pursuant to Section 2.3 and Section 2.4(b), send appropriate officers of the
Company to attend any “road shows” scheduled in connection with any such underwritten offering, with all out of pocket costs
and expenses incurred by the Company or such officers in connection with such attendance to be paid by the Company;

 

(p)              
Certificates. Unless the relevant securities are issued in book-entry form, furnish for delivery in connection with the
closing of any offering of Registrable Securities pursuant to a registration effected pursuant to this Article II unlegended certificates
representing ownership of the Registrable Securities being sold in such denominations as shall be requested by any Selling Holder or
the underwriters of such Registrable Securities (it being understood that the Selling Holders shall use reasonable best efforts
to arrange for delivery to the Depository Trust Company); and

 

(q)              
Reasonable Best Efforts. Use its reasonable best efforts to take all other steps necessary to effect the registration and
offering of the Registrable Securities contemplated hereby.

 

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2.8             
Underwriting; Due Diligence.

 

(a)              
If requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a registration requested under
this Article II, the Company shall enter into an underwriting agreement with such underwriters for such offering, which agreement will
contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting
agreements generally with respect to secondary distributions to the extent relevant, including indemnification and contribution provisions
substantially to the effect and to the extent provided in Section 2.9, and agreements as to the provision of opinions of counsel and accountants’
letters to the effect and to the extent provided in Section 2.7(e). The Selling Holders on whose behalf the Registrable Securities are
to be distributed by such underwriters shall be parties to any such underwriting agreement, and the representations and warranties by,
and the other agreements on the part of, the Company to and for the benefit of such underwriters, shall also be made to and for the benefit
of such Selling Holders and the conditions precedent to the obligations of such underwriters under such underwriting agreement shall also
be conditions precedent to the obligations of such Selling Holders to the extent applicable. Subject to the following sentence, such underwriting
agreement shall also contain such representations and warranties by such Selling Holders and such other terms and provisions as are customarily
contained in underwriting agreements with respect to secondary distributions, when relevant. No Selling Holder shall be required in any
such underwriting agreement or related documents to make any representations or warranties to or agreements with the Company or the underwriters
other than customary representations, warranties or agreements, and the liability of any Selling Holder under the underwriting agreement
shall be several and not joint and in no event shall the liability of any Selling Holder under the underwriting agreement be greater in
amount than the dollar amount of the proceeds received by such Selling Holder under the sale of the Registrable Securities pursuant to
such underwriting agreement (net of underwriting discounts and commissions).

 

(b)              
In connection with the preparation and filing of each registration statement registering Registrable Securities under the Securities
Act pursuant to this Article II, the Company shall make available upon reasonable notice at reasonable times and for reasonable periods
for inspection by each Selling Holder, by any lead underwriter or underwriters participating in any disposition to be effected pursuant
to such registration statement, and by any attorney, accountant or other agent retained by any Selling Holder or any lead underwriter,
all pertinent financial and other records, pertinent corporate documents and properties of the Company, and use its reasonable best efforts
to cause all of the Company’s officers, directors and employees and the independent public accountants who have certified the Company’s
financial statements to make themselves reasonably available to discuss the business of the Company and to supply all information reasonably
requested by any such Selling Holders, lead underwriters, attorneys, accountants or agents in connection with such registration statement
as shall be necessary to enable them to exercise their due diligence responsibility (subject to entry by each party referred to
in this clause (b) into customary confidentiality agreements in a form reasonably acceptable to the Company).

 

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(c)              
In the case of an underwritten offering requested by the Registration Parties pursuant to Section 2.1 or Section 2.3 or an Underwritten
Shelf Take-Down pursuant to Section 2.4, the price, underwriting discount and other financial terms for the Registrable Securities of
the related underwriting agreement shall be determined by the Registration Party exercising its Demand or Shelf Registration Party requesting
such Underwritten Shelf Take-Down. In the case of any underwritten offering of securities by the Company pursuant to Section 2.2, such
price, discount and other terms shall be determined by the Company, subject to the right of Selling Holders to withdraw their Registrable
Securities from the registration pursuant to Section 2.6(a).

 

(d)              
Subject to Section 2.8(a), no Person may participate in an underwritten offering (including an Underwritten Shelf Take-Down) unless
such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons
entitled to approve such arrangements and (ii) completes and executes all customary questionnaires, powers of attorney, custody agreements,
indemnities, underwriting agreement and other documents reasonably required under the terms of such underwriting arrangements.

 

2.9             
Indemnification and Contribution.

 

(a)              
Indemnification by the Company. In connection with any registration of any Registrable Securities under the Securities
Act pursuant to this Agreement, the Company shall indemnify and hold harmless the Holders of Registrable Securities, each of such Holder’s
officers, directors, employees, members, partners, and advisors and their respective Affiliates, each underwriter, broker or any other
Person acting on behalf of the Holders of Registrable Securities and each other Person, if any, who controls any of the foregoing Persons
within the meaning of the Securities Act against any losses, claims, damages, liabilities, or actions joint or several (or actions in
respect thereof), costs and reasonable expenses (including legal fees and expenses), to which any of the foregoing persons may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the registration statement
under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained
therein or otherwise filed with the SEC, any amendment or supplement thereto or any document incident to registration or qualification
of any Registrable Securities, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make
the statements therein in light of the circumstances under which they were made not misleading, or any violation by the Company of the
Securities Act or state securities or blue sky laws applicable to the Company or relating to action or inaction required of the Company
in connection with such registration or qualification under such state securities or blue sky laws; and shall reimburse such Persons
for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the Company shall not be liable in any such case to the extent
that any such loss, claim, damage, liability or action (including any legal or other expenses incurred) arises out of or is based upon
an untrue statement or allegedly untrue statement or omission or alleged omission made in said registration statement, preliminary prospectus,
final prospectus, amendment, supplement or document incident to registration or qualification of any Registrable Securities in reliance
upon and in conformity with written information furnished to the Company by the Holders of Registrable Securities specifically for use
in the preparation thereof; provided further, however, that the foregoing indemnity agreement is subject to the condition that,
insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary prospectus
but eliminated or remedied in the final prospectus, such indemnity agreement shall not inure to the benefit of any of such Persons if
a copy of such final prospectus had been made available to such Persons and such final prospectus was not delivered to the purchaser
of the Registrable Securities with or prior to the written confirmation of the sale of such Registrable Securities.

 

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(b)              
Indemnification by Selling Holders. In connection with any registration of Registrable Securities under the Securities Act
pursuant to the terms of this Agreement, each Holder of Registrable Securities shall severally, and not jointly and severally, indemnify
and hold harmless (in the same manner and to the same extent as set forth in Section 2.9(a)) the Company, each member of the board of
directors of the Company, each officer of the Company who shall sign such registration statement, each underwriter, broker or other person
acting on behalf of the Holders of Registrable Securities and each person who controls any of the foregoing persons within the meaning
of the Securities Act with respect to any statement or omission from such registration statement, any preliminary prospectus or final
prospectus contained therein or otherwise filed with the SEC, any amendment or supplement thereto or any document incident to registration
or qualification of any Registrable Securities, if such statement or omission was made in reliance upon and in conformity with written
information furnished to the Company or such underwriter by such Holder of Registrable Securities specifically for use in connection with
the preparation of such registration statement, preliminary prospectus, final prospectus, amendment, supplement or document; provided,
however, that the maximum amount of liability in respect of such indemnification shall be in proportion and limited to, in the
case of each Holder of Registrable Securities, to an amount equal to the net proceeds actually received by such Holder from the sale of
Registrable Securities effected pursuant to such registration.

 

(c)              
Indemnification Procedures. Promptly after receipt by an indemnified party of notice of the commencement of any action
involving a claim referred to in this Section 2.9, such indemnified party will, if a claim in respect thereof is made against an indemnifying
party, give written notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying
party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying
party from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action is brought
against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the
defense thereof; provided, however, that if any indemnified party shall have reasonably concluded that there may be
one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available
to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity
agreement provided hereunder, the indemnifying party shall not have the right to assume the defense of such action on behalf of such
indemnified party (but shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse
such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel retained
by the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided hereunder. If the indemnifying
party is not entitled to, or elects not to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more
than one counsel with respect to such claim.

 

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(d)              
Contribution. If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable
to an indemnified party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party,
in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as
a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in such
loss, claim, damage, liability or action as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party
or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined
by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to herein.
No person guilty or liable of fraudulent misrepresentation shall be entitled to contribution from any person.

 

(e)              
Settlement/Judgement. In the defense of any claim or litigation pursuant to this Section 2.9, the indemnifying party shall
not, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement which imposes
restrictions or non-monetary obligations on the indemnified party, nor shall the indemnifying party, without the prior written consent
of the indemnified party, consent to entry of any judgment or enter into any settlement unless such judgment or settlement includes an
unconditional release of each indemnified party from any liabilities arising out of such claim, action or proceeding.

 

(f)               
Survival. The indemnification provided for under this Agreement will 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 will survive
the Transfer of Securities.

 

(g)              
Limitation of Selling Holder Liability. The liability of any Selling Holder under this Section 2.9 shall be several and
not joint and in no event shall the liability of any Selling Holder under this Section 2.9 be greater in amount than the dollar amount
of the proceeds, net of underwriting discounts and commissions, received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification/contribution obligation.

 

(h)              
Third Party Beneficiary. Each of the indemnified Persons referred to in this Section 2.9 shall be a third party beneficiary
of the rights conferred to such Person in this Section.

 

    24

     

    

 

2.10         
Cooperation; Information by Holders.

 

(a)              
It shall be a condition of each Selling Holder’s rights under this Article II that such Selling Holder cooperate with the
Company by entering into any undertakings and taking such other action relating to the conduct of the proposed offering which the Company
or the underwriters may reasonably request as being necessary to insure compliance with federal and state securities laws and the rules
or other requirements of FINRA and the stock exchange on which the Common Stock is then listed or which are otherwise customary and which
the Company or the underwriters may reasonably request to effectuate the offering.

 

(b)              
Each Selling Holder shall furnish to the Company such information regarding such Selling Holder and the distribution proposed by
such Selling Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration,
qualification or compliance referred to in this Article II. The Company shall have the right to exclude from the registration any Selling
Holder that does not comply with this Section 2.10.

 

(c)              
At such time as an underwriting agreement with respect to a particular underwriting is entered into, the terms of any such underwriting
agreement shall govern with respect to the matters set forth therein to the extent inconsistent with this Article II; provided,
that the indemnification provisions of such underwriting agreement as they relate to the Selling Holders are customary for registrations
of the type then proposed and provide for indemnification by such Selling Holders only with respect to information relating to such Selling
Holder (which information shall be limited to the name of such Selling Holder, the address of such Selling Holder, the number of shares
of Common Stock held by such Selling Holder, the number of shares of Common Stock being offered by such Selling Holder in the offering
and the nature of the beneficial ownership of the Common Stock owned by such Person) furnished in writing to the Company by or on behalf
of such Selling Holder expressly for inclusion in such registration statement (or in any preliminary, final or summary prospectus included
therein) or Disclosure Package, or any amendment thereof or supplement thereto.

 

2.11          Rule
144. The Company shall use its reasonable best efforts to ensure that the conditions to the availability of Rule 144 under
the Securities Act set forth in paragraph (c) of Rule 144 shall be satisfied. The Company agrees to use its reasonable best efforts
to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act, at any time after it has become subject to such reporting requirements. Upon the request of any Holder for so long as
such information is a necessary element of such Person’s ability to avail itself of Rule 144, the Company shall deliver to
such Person (i) a written statement as to whether it has complied with such requirements and (ii) a copy of the most recent annual
or quarterly report of the Company, and such other reports and documents so filed as such Person may reasonably request in
availing itself of any rule or regulation of the SEC allowing such Person to sell any such securities without registration.

 

    25

     

    

 

2.12         
Holdback Agreement. (a) In connection with any underwritten offering pursuant to this Agreement, each
Holder agrees (i) not to effect any sale, distribution or other Transfer (including sales pursuant to Rule 144) of Common Stock or other
equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such equity securities, during
any time period reasonably requested by the managing underwriter(s) of such underwritten offering, which shall not exceed 90 days, and
(ii) if requested by the Company or the managing underwriter(s) for such underwritten offering, to execute and delivery customary lock-up
or similar agreements to the managing underwriter(s). Each Holder subject to the restrictions of the preceding sentence shall receive
the benefit of any shorter “lock-up” period or permitted exceptions agreed to by the managing underwriter(s) for any underwritten
offering pursuant to this Agreement.

 

(b) In the case of any underwritten offering pursuant
to this Agreement, the Company shall use commercially reasonable efforts to cause any stockholders that beneficially own 1% or more of
the Common Stock (other than the Holders) and its directors and executive officers to execute any lock-up agreements in form and substance
as reasonably requested by the managing underwriters for a time period reasonably requested by the managing underwriter(s) of such underwritten
offering, which shall not exceed 90 days.

 

2.13         
Suspension of Sales. Each Selling Holder, upon receipt of any notice from the Company of any event of
the kind described in Section 2.7(f)(i), shall forthwith discontinue disposition of the Registrable Securities pursuant to the registration
statement covering such Registrable Securities until such holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 2.7(f)(i), or until advised in writing by the Company that the use of the prospectus may be resumed, as the case
may be, and, if so directed by the Company, such Selling Holder shall deliver to the Company all copies, other than permanent file copies
then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities at the time of receipt of such
notice.

 

2.14         
Third Party Registration Rights. Nothing in this Agreement shall be deemed to prevent the Company from
providing registration rights to any other Person on such terms as the board of directors of the Company deems desirable in its sole discretion,
so long as (1) such registration rights do not limit the ability of the Registration Parties to require a Demand Registration or
the Shelf Registration Party to request a Marketed Underwritten Shelf Take-Down under this Agreement and (2) such Person may include
Common Stock in a registration only to the extent that the inclusion of such Common Stock will not diminish the amount of Registrable
Securities that are entitled to be included in such registration by the Holders under the terms of this Agreement.

 

2.15         
Synthetic Secondary Offerings. If a Holder elects to conduct an offering of Registrable Securities pursuant
to this Agreement, the Company may, in its sole discretion, elect to conduct a synthetic secondary offering with respect to such Registrable
Securities (i.e. an offering in which the Company sells Common Stock for its account and uses the net proceeds of such offering to acquire
an equal number of Registrable Securities from the Holder that has elected to conduct an offering). In such case, the Common Stock
sold by the Company for its own account shall be treated the same as Registrable Securities being offered by the Holder for purposes
of Sections 2.1(f), 2.2(c)(1), 2.2(c)(2), 2.3(c) and 2.4 and other related provisions of this Agreement.

 

    26

     

    

 

ARTICLE
III

MISCELLANEOUS

 

3.1             
Notices. All notices, requests, demands and other communications to any party hereunder shall be made
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 the Company, to:

 

Clear Secure, Inc.

65 East 55th Street, 17th Floor

New York, New York 10022

Attention: Matthew Levine, General Counsel and Chief Privacy
Officer

E-mail:

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Brian M. Janson

Facsimile: (212) 492-0588

E-mail: bjanson@paulweiss.com

 

(b)          
if to the Alclear Investments Holder, to:

 

Alclear Investments, LLC

65 East 55th Street, 17th Floor

New York, New York 10022

Attention: Caryn Seidman Becker

E-mail: 

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Brian M. Janson

Facsimile: (212) 492-0588

E-mail: bjanson@paulweiss.com

  

    27

     

    

 

(c)          
if to the Alclear Investments II Holder, to:

 

Alclear Investments, LLC

65 East 55th Street, 17th Floor

New York, New York 10022

Attention: Kenneth L. Cornick

E-mail:

 

With copies (which shall not constitute actual or
constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Brian M. Janson

Facsimile: (212) 492-0588

E-mail: bjanson@paulweiss.com

 

(d)         
if to any Additional Holder, to the addresses and other contact information set forth on Annex A to this Agreement (it being
understood that any Holder may, from time to time, update any address and/or other contact information for itself on Annex A by
providing written notice of such update to the Company and the other Holders), 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.

 

3.2             
Section Headings. The article and section headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement. References in this Agreement to a designated “Article” or
 “Section” refer to an Article or Section of this Agreement unless otherwise specifically indicated.

 

3.3             
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware.

 

3.4             
Consent to Jurisdiction and Service of Process. The Parties 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 by this Agreement (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 Chancery Court 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 3.1 shall
be deemed effective service of process on such Party.

 

    28

     

    

 

3.5             
Waiver of Jury Trial. EACH OF THE PARTIES 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 BY THIS AGREEMENT.

 

3.6             
Amendments; Termination. This Agreement may be amended only by an instrument in writing executed by the
Company and the Holders holding a majority of the Registrable Securities at the time of determination. Any such amendment will apply to
all Holders equally, without distinguishing between them. This Agreement will terminate as to any Holder when it no longer holds any Registrable
Securities. This Agreement will no longer be applicable to Registrable Securities that are registered in a Public Offering on The New
York Stock Exchange, Nasdaq National Market or any successor thereto or any other U.S. securities exchange on which shares issued by the
Company are then so qualified or listed or are sold pursuant to a brokers’ transaction or a transaction directly with a market maker,
including a sale pursuant to Rule 144 of the Securities Act or any similar rule or successor rule promulgated for similar purposes.

 

3.7             
Specific Enforcement. The Parties acknowledge 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.

 

3.8             
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the Parties with
respect to the transactions contemplated by this Agreement. The registration rights granted under this Agreement supersede any registration,
qualification or similar rights with respect to any Registrable Securities granted under any other agreement at any time, and any of such
preexisting registration rights are hereby terminated.

 

3.9             
Severability. The invalidity or unenforceability of any specific provision of this Agreement shall not
invalidate or render unenforceable any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be
deemed reformed, if practicable, to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent
with the intent of the Parties to this Agreement.

 

3.10         
Counterparts. This Agreement may be executed in multiple counterparts, including by means of facsimile
or .pdf, each of which shall be deemed an original, but all of which together shall constitute the same instrument.

 

[Signature Page Follows]

 

    29

     

    

 

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed and delivered as of the date first set forth above.

 

	 	CLEAR SECURE, INC.
	 	 
	 	By: 	         
	 	Name:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	ALCLEAR INVESTMENTS, LLC
	 	 
	 	By: 	                  
	 	Name:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	ALCLEAR INVESTMENTS II, LLC
	 	 
	 	 
	 	By:
	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

	 	Additional
    holders
	 	 
	 	 
	 	[Additional Holders]

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

Annex A

 

Contact Information

 

	Additional Holder	Address
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    

     

    

 

Annex B

FORM OF

JOINDER AGREEMENT

 

The undersigned is executing and delivering this
Joinder Agreement pursuant to that certain Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Registration Rights Agreement”), by and among Clear
Secure, Inc., Alclear Investments, LLC, Alclear Investments II, LLC and the other Persons who execute the signature pages thereto under
the heading “Additional Holders.” Capitalized terms used but not defined in this Joinder Agreement shall have the respective
meanings ascribed to such terms in the Registration Rights Agreement.

 

By executing and delivering this Joinder Agreement
to the Registration Rights Agreement, the undersigned hereby adopts and approves the Registration Rights Agreement and agrees, effective
commencing on the date hereof and as a condition to the undersigned’s becoming a Transferee of Registrable Securities, to be bound
by and comply with the provisions of, the Registration Rights Agreement, including Section 2.12 therein, in the same manner as if the
undersigned were an original signatory to the Registration Rights Agreement.

 

The undersigned acknowledges and agrees that Article
III of the Registration Rights Agreement is incorporated herein by reference, mutatis mutandis.

 

Accordingly, the undersigned has executed and delivered
this Joinder Agreement as of the __ day of ____________, _____.

 

	 	 
	 	(Signature of Transferee)
	 	 
	 	 
	 	(Print Name of Transferee)
	 

 

	 	Address:	 
	 	 
	 	 

 

	 	Telephone:	 

 

	 	Facsimile:	 

 

	 	Email:	 

 

    

     

    

 

AGREED AND ACCEPTED

as of the ____ day of ____________,
_____.

 

 

	CLEAR SECURE, INC.
	 
	 
	
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

Annex C

 

FORM OF

SPOUSAL CONSENT

 

 

In consideration of the execution of that certain
Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented or otherwise modified in accordance with the
terms thereof, the “Registration Rights Agreement”), by and among Clear Secure, Inc., Alclear Investments, LLC, Alclear
Investments II, LLC and the other parties thereto, I, ____________________, the spouse of ___________________________, who is a party
to the Registration Rights Agreement, do hereby join with my spouse in executing the foregoing Registration Rights Agreement and do hereby
agree to be bound by all of the terms and provisions thereof, in consideration of Transfer of Registrable Securities and all other interests
I may have in the shares and securities subject thereto, whether the interest may be pursuant to community property laws or similar laws
relating to marital property in effect in the state or province of my or our residence as of the date of signing this consent. Capitalized
terms used but not defined herein shall have the meaning ascribed to such terms in the Registration Rights Agreement.

 

Dated as of _______ __, ____

	 	 
	 	(Signature of Spouse)
	 	 
	 	 
	 	(Print Name of Spouse)

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