Document:

Exhibit 10.17
Execution Version
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REGISTRATION RIGHTS AGREEMENT
among
NUVVE HOLDING CORP.
and
THE HOLDERS PARTY HERETO
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TABLE OF CONTENTS
Page
Article I DEFINITIONS2
Section 1.01Definitions2
Section 1.02Registrable Securities4
Article II REGISTRATION RIGHTS5
Section 2.01Shelf Registration5
Section 2.02Piggyback Registration7
Section 2.03Underwritten Offering10
Section 2.04Further Obligations10
Section 2.05Cooperation by Holders15
Section 2.06Restrictions on Public Sale by Holders of Registrable Securities15
Section 2.07Expenses15
Section 2.08Indemnification16
Section 2.09Rule 144 Reporting18
Section 2.10Transfer or Assignment of Registration Rights19
Section 2.11Limitation on Subsequent Registration Rights19
Article III MISCELLANEOUS19
Section 3.01Communications19
Section 3.02Binding Effect21
Section 3.03Assignment of Rights21
Section 3.04Recapitalization, Exchanges, Etc. Affecting Units21
Section 3.05Aggregation of Registrable Securities21
Section 3.06Specific Performance21
Section 3.07Counterparts21
Section 3.08Governing Law, Submission to Jurisdiction22
Section 3.09Waiver of Jury Trial22
Section 3.10Entire Agreement22
Section 3.11Amendment23
Section 3.12No Presumption23
Section 3.13Obligations Limited to Parties to Agreement23
Section 3.14Interpretation23
Section 3.15Severability of Provisions24
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REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT, dated as of May 17, 2021 (this “Agreement”) is entered into by and among NUVVE HOLDING CORP., a Delaware corporation (including such Person’s successors by merger, acquisition, reorganization or otherwise, the “Company”), and each of the undersigned Holders (collectively, “Stonepeak Purchasers”).
WHEREAS, this Agreement is made in connection with (i) the issuance of the Series B, C, D, E and F Warrants of the Company (the “Warrants”), and (ii) the Common Stock issuable pursuant to the Securities Purchase Agreement, dated as of May 17, 2021, by and among the Company and Stonepeak Purchasers (the “Securities Purchase Agreement”); and 
WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of Stonepeak Purchasers in connection with its entry into Securities Purchase Agreement and issuance of the Warrants.
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
Article I ​
DEFINITIONS
Section 1.01Definitions. As used in this Agreement, the following terms have the meanings indicated:
“Affiliate” shall have the meaning ascribed to it, on the date hereof, in Rule 405 under the Securities Act; provided, that for purposes of this Agreement, Stonepeak Purchasers (and their respective Affiliates) shall not be Affiliates of the Company or any of its subsidiaries, and neither the Company nor any of its subsidiaries shall be an Affiliate of any Stonepeak Purchaser (or any of such Stonepeak Purchaser’s respective Affiliates).
“Agreement” has the meaning set forth in the introductory paragraph of this Agreement.
“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in the State of New York or State of California are authorized or required by law or other governmental action to close.
“Commission” means the United States Securities and Exchange Commission.
“Commitment Shares” means the Common Stock issuable pursuant to the Securities Purchase Agreement.
“Common Stock” means the common stock of the Company, par value $0.0001 per share.
“Company Cooperation Event” has the meaning specified in Section 2.04(r).

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“Effective Date” means the date of effectiveness of any Registration Statement.
“Effectiveness Period” has the meaning specified in Section 2.01(a).
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.
“Existing Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement, dated as of the March 19, 2021, by and among the Company and the parties listed under Investor on the signature page thereto.
“Financial Counterparty” has the meaning specified in Section 2.04(r).  
“Holder” means the record holder of any Registrable Securities.
“Holder Underwriter Registration Statement” has the meaning specified in Section 2.04(q).
“In-the-Money Registrable Securities” means Warrant Shares to the extent the exercise price for the Warrant Shares is less than the Market Value (as defined in the Warrants) of the Common Stock and Commitment Shares to the extent the purchase price is less than the Market Value (as defined in the Warrants) of the Common Stock, in each case as of the date of determination.
“Included Registrable Securities” has the meaning specified in Section 2.02(a).
“Issue Date” shall mean May 17, 2021.
“Liquidated Damages” has the meaning specified therefor in Section 2.01(b).
“Liquidated Damages Multiplier” means the product of (i) the Purchased Common Stock Price and (ii) the number of In-the-Money Registrable Securities then held by the applicable Holder and included on the applicable Registration Statement.
“Losses” has the meaning specified in Section 2.08(a).
“Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such Underwritten Offering.
“Nasdaq” means the Nasdaq Capital Market.
“Other Holder” has the meaning specified in Section 2.02(a)
“Person” means any individual, corporation, company, voluntary association, company, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity.
“Piggyback Notice” has the meaning specified in Section 2.02(a).

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“Piggyback Opt-Out Notice” has the meaning specified in Section 2.02(a).
“Piggyback Registration” has the meaning specified in Section 2.02(a).
“Purchased Common Stock Price” means the weighted average exercise price of the In-the-Money Registrable Securities.
 “Registration” means any registration pursuant to this Agreement, including pursuant to a Registration Statement or a Piggyback Registration.
“Registrable Securities” means, collectively, (a) the Warrants, (b) the Warrant Shares, and (c) the Commitment Shares, all of which are subject to the rights provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02.
“Registration Expenses” has the meaning specified in Section 2.07(a).
“Registration Statement” has the meaning specified in Section 2.01(a).
“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.
“Securities Purchase Agreement” has the meaning specified in the Preamble of this Agreement.
“Selling Expenses” has the meaning specified in Section 2.07(a).
“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.
“Selling Holder Indemnified Persons” has the meaning specified in Section 2.08(a).
“Stonepeak Purchasers” has the meaning specified in the Preamble of this Agreement.
“Target Effective Date” has the meaning specified therefor in Section 2.01(a).
“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Common Stock are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks.
“Warrant” has the meaning specified in the Recitals of this Agreement.
“Warrant Shares” means the Common Stock issuable on exercise of the Warrants.
“WKSI” means a well-known seasoned issuer (as defined in the rules and regulations of the Commission).
Section 1.02Registrable Securities. Any Registrable Security will cease to be a Registrable Security upon the earliest to occur of the following: (a) when a registration statement 

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covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement, (b) when such Registrable Security has been disposed of (excluding transfers or assignments by a Holder to an Affiliate or to another Holder or any of its Affiliates or to any assignee or transferee to whom the rights under this Agreement have been transferred pursuant to Section 2.10) pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, (c) when such Registrable Security is held by the Company or one of its direct or indirect subsidiaries, and (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.10. In addition, any Registrable Securities shall not be considered Registrable Securities for so long as such Registrable Securities may be sold by a Holder without volume or manner of sale limitations pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act. 
Article II ​
REGISTRATION RIGHTS
Section 2.01Shelf Registration.
(a)Shelf Registration. The Company shall (i) prepare and file within thirty (30) days of the Issue Date (plus up to an additional thirty (30) days to the extent reasonably necessary to prepare any necessary financial statements of the Company or its predecessors) an initial registration statement under the Securities Act to permit the public resale of Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the Commission then in effect) of the Securities Act (a “Registration Statement”) (provided, for the avoidance of doubt, that such Registration Statement may not be filed prior to June 5, 2021) and (ii) use its reasonable best efforts to cause such initial Registration Statement to become effective no later than ninety (90) days from the earlier of (i) the date of filing of the Registration Statement and (ii) the date that is 60 days after the Issue Date (the “Target Effective Date”). The Company will use its reasonable best efforts to cause such initial Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act, with respect to any Holder, or if such Registration Statement is not available, that another registration statement is available for the resale of the Registrable Securities, in each case until the earliest to occur of the following: (A) the date on which all Registrable Securities covered by the Registration Statement have been distributed in the manner set forth and as contemplated in such Registration Statement and (B) the date on which there are no longer any Registrable Securities outstanding (such period, the “Effectiveness Period”). A Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by the Company; provided that, (i) if the Company is then eligible, it shall file such Registration Statement on Form S-3 and (ii) if such Registration Statement is on Form S-1 and the Company later becomes eligible to register the Registrable Securities for resale on Form S-3 (including without limitation a Form S-3 filed as an automatic shelf Registration Statement), the Company shall amend such Registration Statement to a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of such Registration Statement as initially filed. The Company shall be entitled to take into account of the position of the staff of the Commission (the “Staff”) with respect to the character and maximum number of Registrable Securities which may be registered on the Registration Statement.

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(b)A Registration Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain 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 (and, in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Registration Statement becomes effective, but in any event within three Business Days of such date, the Company shall provide the Holders with written notice of the effectiveness of a Registration Statement.
(c)Failure to Become Effective. If a Registration Statement required by Section 2.01(a) does not become or is not declared effective by the Target Effective Date, then each Holder shall be entitled to a payment (with respect to each of the Holder’s Registrable Securities which are included in such Registration Statement), as liquidated damages and not as a penalty, (i) for each non-overlapping 30-day period for the first 60 days following the Target Effective Date, an amount equal to 0.25% of the Liquidated Damages Multiplier, which shall accrue daily, and (ii) for each non-overlapping 30-day period beginning on the 61st day following the Target Effective Date, an amount equal to the amount set forth in clause (i) plus an additional 0.25% of the Liquidated Damages Multiplier for each subsequent 60 days (i.e., 0.5% for 61-120 days, 0.75% for 121-180 days, and 1.0% thereafter), which shall accrue daily, up to a maximum amount equal to 1.0% of the Liquidated Damages Multiplier per non-overlapping 30 day period (the “Liquidated Damages”), until such time as such Registration Statement is declared or becomes effective or there are no longer any Registrable Securities outstanding; provided, that the aggregate Liquidated Damages shall not exceed 6.0% of the Liquidated Damages Multiplier. The Liquidated Damages Multiplier shall be determined as of the first day of each such 30-day period. The Liquidated Damages shall be payable within 10 Business Days after the end of each such 30 day period in immediately available funds to the account or accounts specified by the applicable Holders. Any amount of Liquidated Damages shall be prorated for any period of less than 30 days accruing during any period for which a Holder is entitled to Liquidated Damages hereunder.
(d)Waiver of Liquidated Damages. If the Company is unable to cause a Registration Statement to become effective on or before the Target Effective Date, then the Company may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of at least a majority of the outstanding Registrable Securities that have been included on such Registration Statement, in their sole discretion, and which such waiver shall apply to all the Holders of Registrable Securities included on such Registration Statement.
(e)Delay Rights. Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to any Selling Holder whose Registrable Securities are included in a Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of such Registration Statement (in which event the Selling Holder shall suspend sales of the Registrable Securities pursuant to such Registration Statement) if (i) the Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines in good faith that the Company’s ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction in such Registration Statement or (ii) the Company has experienced some other material non-public event, the disclosure of which at such time, in the good faith judgment of the Company, would materially 

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and adversely affect the Company; provided, however, that in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to such Registration Statement for a period that exceeds an aggregate of forty-five (45) days in any 180-day period or sixty (60) days in any 365-day period. Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement.
Section 2.02Piggyback Registration.
(a)Participation. If at any time the Company proposes to file (i) a Registration Statement (other than a Registration Statement contemplated by Section 2.01(a)) on its own behalf relating to the sale of Common Stock or on behalf of any other Persons who have or have been granted registration rights (the “Other Holders”) or (ii) a prospectus supplement relating to the sale of Common Stock by the Company or any Other Holders to an effective “automatic” registration statement, so long as the Company is a WKSI at such time or, whether or not the Company is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf Registration Statement or are included on an effective Registration Statement, or in any case in which Holders may participate in such offering without the filing of a post-effective amendment, in the case of each of clause (i) and (ii), for the sale of Common Stock by the Company or Other Holders in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to Section 2.03), then the Company shall give not less than four (4) Business Days’ notice (or two (2) Business Days in connection with any overnight or bought Underwritten Offering) (including, but not limited to, notification by electronic mail) (the “Piggyback Notice”) of such proposed Underwritten Offering to Stonepeak Purchasers and their respective Affiliates and to each other Holder (together with its Affiliates) owning more than $25 million of Common Stock (determined by multiplying the number of Registrable Securities owned by the Purchased Common Stock Price), and such Piggyback Notice shall offer such Holder the opportunity to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”); provided, however, that the Company shall not be required to offer such opportunity (A) to any such Holders (other than any Stonepeak Purchaser and any of such Stonepeak Purchaser’s respective Affiliates) if such Holders, together with their Affiliates, do not offer a minimum of $10 million of Registrable Securities in the aggregate (determined by multiplying the number of Registrable Securities owned by the Purchased Common Stock Price), or (B) to any Holders if and to the extent that the Company has been advised by the Managing Underwriter, acting in good faith, that the inclusion of Registrable Securities for sale for the benefit of such Holders will have an adverse effect on the price, timing or distribution of the Common Stock in such Underwritten Offering, in which case the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Each Piggyback Notice shall be provided to Holders on a Business Day pursuant to Section 3.01. If practical in the context of the contemplated offering, the Company shall use reasonable efforts to increase the length of the Piggyback Notice to provide more time for the applicable Holders to make an election to participate; provided, however, that any decision to increase the length of the Piggyback Notice for longer than two Business Days shall be in the sole discretion of the Company. Each such Holder will have four (4) Business Days (or two (2) Business Days in connection with any overnight or 

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bought Underwritten Offering), or such longer period as may be specified by the Company, in its sole discretion, in the Piggyback Notice, after such Piggyback Notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake such an Underwritten Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company may, at its election, give written notice of such determination to the Selling Holders and, (1) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at least one Business Day prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (a “Piggyback Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings pursuant to this Section 2.02(a), unless such Piggyback Opt-Out Notice is revoked by such Holder.
(b)Priority of Piggyback Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering, acting in good faith, advise the Company that the total amount of Registrable Securities that the Selling Holders and any Other Holders intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing, distribution method or probability of success of such offering, then the Common Stock to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or Underwriters advise the Company can be sold without having such adverse effect (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), with such number to be allocated:
(i)in the case of a Registration Statement filed on the Company’s own behalf, (A) first, the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, as to which registration has been requested pursuant to the terms of the Existing Registration Statement, that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), collectively, the Registrable Securities pro rata among the Selling Holders who have requested participation in the Piggyback Registration (based, for each such Selling Holder, on the percentage 

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derived by dividing (A) the Registrable Securities proposed to be sold by such Selling Holder in such offering by (B) the aggregate number of shares of Common Stock proposed to be sold by all Selling Holders in the Piggyback Registration); and (D) fourth, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A), (B) and (C), collectively, the shares of Common Stock or other securities for the account of other persons that the Company is obligated to Register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; 
(ii)in the case of demand registration by Other Holders under the Existing Registration Rights Agreement, (A) first, to the Other Holders exercising demand registration rights under the Existing Registration Rights Agreement; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Registrable Securities of the Selling Holders pro rata among the Selling Holders who have requested participation in the Piggyback Registration (based, for each such Selling Holder, on the percentage derived by dividing (A) the number of shares of Common Stock proposed to be sold by such Selling Holder in such offering by (B) the aggregate number of shares of Common Stock proposed to be sold by all Selling Holders in the Piggyback Registration); (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A), (B) and (C), collectively, the shares of Common Stock or other securities for the account of other persons that the Company is obligated to Register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and
(iii)in the case of demand registration by Other Holders other than under the Existing Registration Rights Agreement, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, as to which registration has been requested pursuant to the terms of the Existing Registration Statement, that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), collectively, the Registrable Securities pro rata among the Selling Holders who have requested participation in the Piggyback Registration (based, for each such Selling Holder, on the percentage derived by dividing (A) the Registrable Securities proposed to be sold by such Selling Holder in such offering by (B) the aggregate number of shares of Common Stock proposed to be sold by all Selling Holders in the Piggyback Registration); and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), collectively, the shares of Common Stock or other securities for 

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the account of other persons that the Company is obligated to Register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.
Section 2.03Underwritten Offering.
(a)Registration. In the event that any Holder elects to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $35 million from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to participate in such Underwritten Offering pursuant to Section 2.02), the Company shall, at the request of such Selling Holder(s), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with the Managing Underwriter or Underwriters, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall take all such other reasonable actions as are requested by the Managing Underwriter in order to expedite or facilitate the disposition of such Registrable Securities; provided, that the Company shall not be obligated to engage in more than three (3) such Underwritten Offerings in any twelve (12) full calendar month period. The Managing Underwriter or Underwriters for such Underwritten Offering shall be selected by the Stonepeak Purchasers owning a majority of the Registrable Securities to be included by Stonepeak Purchasers in such Underwritten Offering, or if no Stonepeak Purchaser is a Selling Holder in such Underwritten Offering, by Selling Holders owning a majority of the Registrable Securities to be included in such Underwritten Offering, in each case with the consent of the Company (such consent not to be unreasonably withheld). 
(b)General Procedures. In connection with any Underwritten Offering contemplated by Section 2.03(a), the underwriting agreement into which each Selling Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject to Section 2.08) and other rights and obligations as are customary in Underwritten Offerings of securities by the Company. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by law. If any Selling Holder disapproves of the terms of an Underwritten Offering contemplated by this Section 2.03, such Selling Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter; provided, however, that such withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering to be effective. No such withdrawal or abandonment shall affect the Company’s obligation to pay Registration Expenses.
Section 2.04Further Obligations. In connection with its obligations under this Article II, the Company will:
(a)promptly prepare and file with the Commission such amendments and supplements to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may 

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be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement;
(b)if a prospectus supplement will be used in connection with the marketing of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of such Underwritten Offering, the Company shall use its commercially reasonable efforts to include such information in such prospectus supplement;
(c)furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and, to the extent timely received, make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing such Registration Statement or such other registration statement and the prospectus included therein or any supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement;
(d)if applicable, use its commercially reasonable efforts to promptly register or qualify the Registrable Securities covered by any Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject;
(e)promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to a Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to any such Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto;
(f)promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the happening of 

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any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does 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 the light of the circumstances then existing and to take such other action as is reasonably necessary to remove a stop order, suspension, threat thereof or proceedings related thereto;
(g)in the event the Company is unable to register the Registrable Securities pursuant to Section 2.01(a) for any reason, the Company will use its best efforts to take such action(s) necessary, in cooperation with the Stonepeak Purchasers, (i) to permit the registration of such securities as soon as practicable thereafter or (ii) to provide an alternative, substantially similar means for the resale of such securities, in each case subject to the consent of the Stonepeak Purchasers holding a majority of the Registrable Securities held by such Stonepeak Purchasers.  
(h)upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities;
(i)in the case of an Underwritten Offering, furnish, or use its commercially reasonable efforts to cause to be furnished, upon request, (i) an opinion of counsel for the Company addressed to the underwriters, dated the date of the closing under the applicable underwriting agreement and (ii) a “comfort” letter addressed to the underwriters, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the applicable underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Company and such other matters as such underwriters may reasonably request;
(j)otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission;

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(k)make available to the appropriate representatives of the Managing Underwriter during normal business hours access to such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, however, that the Company need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Company;
(l)use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Company are then listed; provided, that, the Company shall use commercially reasonable efforts to effect the listing of the Warrants on Nasdaq as promptly as practical after the Warrants become eligible for such listing;
(m)use its commercially reasonable efforts to cause Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities;
(n)provide a transfer agent and registrar for all Registrable Securities covered by any Registration Statement not later than the Effective Date of such Registration Statement;
(o)enter into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of Registrable Securities (including making appropriate officers of the Company available to participate in customary marketing activities);
(p)if reasonably requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment;
(q)if reasonably required by the Company’s transfer agent, the Company shall promptly deliver any authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to transfer such Registrable Securities without legend upon sale by the Holder of such Registrable Securities under the Registration Statement;
(r)if any Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with the Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), then the Company will reasonably cooperate with such Holder in allowing such Holder to conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at any Holder’s request, the Company will furnish to such Holder, on the date of the effectiveness of the Holder Underwriter Registration Statement and thereafter 

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from time to time on such dates as such Holder may reasonably request, (i) a “comfort” letter, dated such date, from the Company’s independent certified public accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in Underwritten Public Offerings of securities by the Company, addressed to such Holder, (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Public Offerings of securities by the Company, including standard “10b-5” negative assurance for such offerings, addressed to such Holder, and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Holder, as has been customarily given by such officers in Underwritten Public Offerings of securities by the Company. The Company will also use its reasonable efforts to provide legal counsel to such Holder with an opportunity to review and comment upon any such Holder Underwriter Registration Statement, and any amendments and supplements thereto, prior to its filing with the Commission; and
(s)in connection with any transaction or series of anticipated transactions (i) effected pursuant to a Registration Statement filed pursuant to Section 2.01(a), (ii) with reasonably anticipated gross proceeds in excess of $25 million or involving Registrable Securities having a fair market value in excess of $25 million and (iii) involving a broker, agent, counterparty, underwriter, bank or other financial institution (“Financial Counterparty”) (each a “Company Cooperation Event”), to the extent requested by the Financial Counterparty in order to engage in the proposed Company Cooperation Event, the Company will cooperate with such Holder in allowing Financial Counterparty to conduct customary “underwriter’s due diligence” with respect to the Company, including (1) by using commercially reasonable efforts to cause its independent certified public accountants to provide to the Financial Counterparty a “cold comfort” letter in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Financial Counterparty, (2) by using commercially reasonable efforts to cause its outside counsel to the Company to deliver an opinion in form, scope and substance as is customarily given in an underwritten public offering, including a standard “10b-5” letter for such offering, addressed to such Financial Counterparty, and (3) by providing a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Financial Counterparty.
Notwithstanding anything to the contrary in this Section 2.04, the Company will not name a Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Holder Underwriter Registration Statement, as applicable, without such Holder’s consent. If the staff of the Commission requires the Company to name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the applicable Registration Statement and the Company shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless such Holder has not had an opportunity to conduct customary underwriter’s due diligence as set forth in subsection (q) of this Section 2.04 with respect to the Company at the time such Holder’s consent is sought.
Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in subsection (f) of this Section 2.04, shall forthwith discontinue offers 

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and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will, or will request the Managing Underwriter or Managing Underwriters, if any, to deliver to the Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.
Section 2.05Cooperation by Holders. The Company shall have no obligation to include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant to Section 2.03(a) if such Holder has failed to timely furnish such information that the Company determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act.
Section 2.06Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities participating in an Underwritten Offering included in a Registration Statement agrees to enter into a customary letter agreement with underwriters, if required by such underwriters, providing that such Holder will not effect any public sale or distribution of Registrable Securities during the thirty (30) calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of such Underwritten Offering; provided, however, that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder.
Section 2.07Expenses.
(a)Certain Definitions. “Registration Expenses” shall not include Selling Expenses but otherwise means all expenses of the Company incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01, a Piggyback Registration pursuant to Section 2.02, or an Underwritten Offering pursuant to Section 2.03, and the disposition of such Registrable Securities, including all registration, filing, securities exchange listing and Nasdaq fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any “cold comfort” letters required by or incident to such performance and compliance. “Selling Expenses” means all underwriting fees, discounts and selling commissions and transfer taxes allocable to the sale of the Registrable Securities.
(b)Expenses. The Company will pay all reasonable Registration Expenses, as determined in good faith, in connection with a shelf Registration, a Piggyback Registration or an Underwritten Offering, whether or not any sale is made pursuant to such shelf Registration, 

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Piggyback Registration or Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.07(a) and Section 2.08, the Company shall not be responsible for professional fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.
Section 2.08Indemnification.
(a)By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, members, partners, employees, agents and Affiliates and each Person, if any, who controls such Selling Holder or its Affiliates within the meaning of the Securities Act and the Exchange Act, and its directors, officers, managers, members, partners, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses incurred by or on such Holder’s behalf or liabilities (including reasonable attorneys’ fees and expenses incurred by or on such Holder’s behalf) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the applicable Registration Statement or other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by or on such Holder’s behalf in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Company will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by any Selling Holder in writing specifically for use in the applicable Registration Statement or other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder.
(b)By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Company, the Company’s directors, officers, employees and agents and each Person, who, directly or indirectly, controls the Company within the meaning of the Securities Act or of the Exchange Act, and the other Selling Holders, to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or 

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final prospectus contained therein, or any amendment or supplement thereto or any free writing prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.
(c)Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.08(c) except to the extent that the indemnifying party is materially prejudiced by such failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably satisfactory to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if counsel to the indemnified party shall have concluded that the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. It is understood and agreed that the indemnifying person shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for the indemnified persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred.  The indemnifying person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party may be entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, includes a complete and unconditional release from liability of, and does not contain any admission of wrongdoing by, the indemnified party.
(d)Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount 

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paid or payable by such indemnified party as a result of such Losses 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 hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall any Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other, 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 has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.
(e)Other Indemnification. The provisions of this Section 2.08 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. To the extent that any of the Holders is, or would be expected to be, deemed to be an underwriter of Registrable Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that the indemnification and contribution provisions contained in this Section 2.08 shall be applicable to the benefit of such Holder in its role as deemed underwriter in addition to its capacity as a Holder. 
Section 2.09Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to:
(a)make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act (or any successor or similar provision then in effect), at all times from and after the date hereof;
(b)file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and
(c)so long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any successor or similar provision then in effect) and (ii) unless otherwise available via the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the 

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Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration.
Section 2.10Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities under this Article II may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities or securities convertible into or exercisable for Registrable Securities except that no rights provided for in Section 2.03(a) may be transferred or assigned by any Holder to any Person acquiring less than $10 million in Registrable Securities (determined by multiplying the number of Registrable Securities owned by the Purchased Common Stock Price); provided, however, that (a) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned and (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such transferring Holder under this Agreement.
Section 2.11Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities and securities convertible or exercisable into Registrable Securities, voting as a single class on an as-converted basis, enter into any agreement with any current or future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any registration statement filed by the Company on a basis other than expressly subordinate to the piggyback rights of the Holders of Registrable Securities hereunder.
Article III ​
MISCELLANEOUS
Section 3.01Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery, personal delivery or (in the case of any notice given by the Company to Stonepeak Purchasers) email to the following addresses:
(a)If to Stonepeak Purchasers or any Holder (other than Evolve Transition Infrastructure LP):
Stonepeak Partners LP
55 Hudson Yards
550 W. 34th Street, 48th Floor
New York, NY 10001
Attention: Trent Kososki, William Demas and Adrienne Saunders
Email: kososki@stonepeakpartners.com; demas@stonepeakpartners.com; LegalandCompliance@stonepeakpartners.com
with a copy to (which shall not constitute notice):

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Kirkland & Ellis LLP
609 Main Street 
Houston, TX 77002 
Attention: Julian J. Seiguer, P.C. and John D. Pitts, P.C.
Email: julian.seiguer@kirkland.com; john.pitts@kirkland.com
(b)If to Evolve Transition Infrastructure LP: 
Evolve Transition Infrastructure LP
1360 Post Oak Blvd
Suite 2400
Houston, TX  77056
Attention: Charles Ward
Email: cward@evolvetransition.com
​
with a copy to (which shall not constitute notice):
Sidley Austin LLP
1000 Louisiana Street
Suite 5900 
Houston, TX 77002 
Attention: Cliff Vrielink and George Vlahakos
Email: cvrielink@sidley.com; gvlahakos@sidley.com
(c)If to the Company:
Nuvve Holding Corp.
2468 Historic Decatur Road
San Diego, California 92106
Attention: Gregory Poilasne and Stephen Moran
Email: gregory@nuvve.com and smoran@nuvve.com
with a copy to (which shall not constitute notice):
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, Massachusetts 02110
Attention: Sahir Surmeli and Eric Macaux
Email: ssurmeli@mintz.com, ewmacaux@mintz.com
​
and
​
Graubard Miller
The Chrysler Building
405 Lexington Ave., 11th Floor
New York, NY 10174
Attention: Eric Schwartz

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Email: eschwartz@graubard.com
​
or to such other address as the Company or any Holder may designate to each other in writing from time to time or, if to a transferee or assignee of any Stonepeak Purchaser or any transferee or assignee thereof, to such transferee or assignee at the address provided pursuant to Section 2.10. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the facsimile or email copy, if sent via facsimile or email; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery.
Section 3.02Binding Effect. This Agreement shall be binding upon the Company, each of the Holders and their respective successors and permitted assigns, including subsequent Holders of Registrable Securities to the extent permitted herein. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns.
Section 3.03Assignment of Rights. Except as provided in Section 2.10, neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any party hereto without the prior written consent of the other party.
Section 3.04Recapitalization, Exchanges, Etc. Affecting Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement.
Section 3.05Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.
Section 3.06Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to seek an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have.
Section 3.07Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, 

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when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement.
Section 3.08Governing Law, Submission to Jurisdiction. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party relating to the foregoing shall be brought in the courts of the State of New York sitting in New York City in the borough of Manhattan or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York located therein, and the parties shall submit to the exclusive jurisdiction of each such court in any such proceeding or action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Section 3.09Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
Section 3.10Entire Agreement. This Agreement, the Warrants, the Securities Purchase Agreement and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or in the Warrants or Securities Purchase Agreement with respect to the rights granted by the Company or any of its Affiliates or any Stonepeak Purchaser or any of such Stonepeak Purchaser’s Affiliates set forth herein or therein. This Agreement, the Warrants, the Securities Purchase Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter.

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Section 3.11Amendment. This Agreement may be amended, and any provision hereof may be waived, by and only by means of a written amendment or waiver signed by the Company and the Holders of a majority of the outstanding Registrable Securities or securities convertible into Registrable Securities, as applicable; provided, however, that no such amendment shall disproportionately adversely affect the rights of any Holder hereunder without the consent of such Holder. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Company or any Holder from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which such amendment, supplement, modification, waiver or consent has been made or given.
Section 3.12No Presumption. This Agreement has been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter.
Section 3.13Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than Stonepeak Purchasers, the Selling Holders, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding that one or more of such Persons may be a corporation, Company or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any of their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of such Persons or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any assignee of any Stonepeak Purchaser or a Selling Holder hereunder.
Section 3.14Interpretation. Article, Section and Schedule references in this Agreement are references to the corresponding Article, Section or Schedule to this Agreement, unless otherwise specified. All Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. Whenever the Company has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Company unless otherwise specified. Any reference in this Agreement to “$” shall mean U.S. dollars. Whenever any determination, consent or approval is to be made or given by a Holder, such 

23

action shall be in such Holder’s sole discretion, unless otherwise specified in this Agreement. If any provision in this Agreement is held to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto 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 greatest extent possible. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement.
Section 3.15Severability of Provisions. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction.
[Remainder of Page Left Intentionally Blank]
​
​
​
​

24

IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.
COMPANY:
NUVVE HOLDING CORP.
​
By:   /s/ Gregory Poilasne​ ​​ ​​ ​
Name: Gregory Poilasne
Title: Chairman and Chief Executive Officer
​

Signature Page to Registration Rights Agreement
​

HOLDERS:
STONEPEAK ROCKET HOLDINGS LP
By: STONEPEAK ASSOCIATES IV LLC, 
its general partner
​
By:   /s/ Jack Howell​ ​​ ​​ ​​ ​
Name: Jack Howell
Title: Senior Managing Director
​
​

Signature Page to Registration Rights Agreement
​

EVOLVE TRANSITION INFRASTRUCTURE LP 

By: Evolve Transition Infrastructure GP LLC, its 
general partner
By:   /s/ Charles C. Ward​ ​​ ​​ ​
Name: Charles C. Ward
Title: Chief Financial Officer & Secretary

Signature Page to Registration Rights Agreement
​June 30, 2021 10-Q  Exhibit 10.1

Exhibit 10.1 

EMPLOYMENT AGREEMENT

AGREEMENT made and entered into in Seattle,
Washington, by and between MICROVISION, Inc. (the “Company”), a Delaware corporation with its principal place of business
in Seattle, Washington, and Sumit Sharma (“Executive”), effective as of April 8, 2021 (the “Effective Date”).

WHEREAS, subject to the terms and conditions
hereinafter set forth, the Company wishes to employ Executive as its Chief Executive Officer and Executive wishes to accept such employment;

NOW, THEREFORE, in consideration of the
foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree:

1.
                 
Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and Executive hereby
accepts, continued employment.

2.
                 
Term. Subject to earlier termination as hereafter provided, Executive’s employment hereunder shall be for a fixed
term of three (3) years, commencing as of the Effective Date of this Agreement (“Term”), subject to earlier termination as
set forth in Section 5 below.

3.
                 
Capacity and Performance.

a.
                  
During the Term, Executive shall serve the Company as its Chief Executive Officer, reporting to the Company’s Board of Directors
(the “Board”). In addition, and without further compensation, Executive may also serve as a member of the Board. In addition,
Executive may also serve as a director and/or officer of one or more of the Company’s Affiliates, if so elected or appointed from
time to time.

b.
                 
During the Term, Executive shall be employed by the Company on a full-time basis and shall perform such duties as are intrinsic
to his position and such other duties and responsibilities on behalf of the Company and its Affiliates as may reasonably be designated
from time to time by the Board or by its designees.

c.
                  
During the Term, Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively
to the advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities
hereunder. Executive shall not actively engage in any other business activity during the Term, but may participate in industry, trade,
professional, charitable and community activities and manage personal investments so long as such activities, either individually or in
the aggregate, do not unreasonably conflict with the interests of the Company and its Affiliates or unreasonably interfere with the discharge
of Executive’s responsibilities to the Company and its Affiliates. Executive may serve on the boards of directors of other companies
only with the prior express permission of the Board.

4.
                 
Compensation and Benefits. As compensation for all services performed by Executive under and during the Term and subject
to performance of Executive’s duties and of the obligations of Executive to the Company and its Affiliates, pursuant to this Agreement
or otherwise:

a.
                  
Base Salary. Beginning with the Effective Date, the Company shall pay Executive an annual base salary at the rate of Three
Hundred Thousand Dollars ($300,000) per year (the “Base Salary”), payable in accordance with the payroll practices of the
Company for its executives and subject to annual review by the Board or a committee thereof and to such adjustment as the Board or a committee
thereof, in its sole discretion, may from time to time determine. No decrease may be made in Executive’s Base Salary without the
prior written consent of the Executive.

b.
                 
Bonus Compensation. In consideration for the Incentive RSU Award (as defined below), Executive agrees that during the Term
he will not be eligible for an annual bonus opportunity under any bonus or other annual incentive plan of the Company.

c.
                  
Long Term Incentives. As soon as reasonably practicable following the Effective Date, and then on, or as soon as reasonably
practical following, each eighth day of April for the next three calendar years (April 8, 2022, April 8, 2023 and April 8, 2024), provided
that Executive remains employed by the Company on each such date, Executive will be awarded a grant of 300,000 restricted stock units
(collectively, the “Incentive RSU Award”), with each grant of restricted stock units under the Incentive RSU Award being fully
vested on its respective date of grant. In the event that a Change of Control (as defined below) occurs while Executive remains employed
by the Company and prior to the time when any portion of the Incentive RSU Award remains ungranted to Executive, then such ungranted portion
of the Incentive RSU Award shall be granted as a single fully vested award to Executive sufficiently in advance of the closing of the
Change of Control such that Executive can participate in the transaction as a shareholder with respect to the shares of stock underlying
such award. The other terms and conditions of the Incentive RSU Award will be as set forth in separate award agreements (the “Award
Agreements”). The Incentive RSU Award will be subject to the terms and conditions of the Company’s 2020 Equity Incentive Plan,
as the same may be amended from time to time (the “Plan”), the applicable Award Agreement, and any other restrictions and
limitations generally applicable to the equity of the Company or equity awards held by Company executives or otherwise imposed by law;
provided, that Executive acknowledges and agrees that the granting of the Incentive RSU Award will be in lieu of any right
to receive, or to be paid any amount in respect of, an annual bonus opportunity during the Term under any bonus or other annual incentive
plan of the Company, in accordance with Section 11 of the Plan. Executive further acknowledges and agrees that, other than the Incentive
RSU Award, he shall not be entitled to receive any other equity-based award of the Company, whether issued under the Plan or otherwise,
that is subject solely to a time-based vesting requirement, including but not limited to grants of stock options or restricted stock units;
provided, however, that Executive shall remain entitled to receive equity-based awards of the Company that are subject to performance-based
vesting conditions, including grants of performance-based restricted stock units, at such time(s), and on such terms and conditions, as
the Board, or the compensation committee of the Board, shall prescribe in its or their discretion.

                                                             -2-

d.
                 
Vacations. During the Term, Executive shall be entitled to receive vacation time in accordance with the vacation policy
of the Company, as the same may be in effect from time to time; provided that Executive’s taking of any such vacation will
be subject to the reasonable business needs of the Company.

e.
                  
Other Benefits. During the Term and subject to any contribution therefore generally required of employees of the Company,
Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executives or employees
of the Company generally, except to the extent such plans provide a category of benefit (for example, but without limitation, severance)
otherwise provided to Executive pursuant to this Agreement. Such participation shall be subject to the terms of the applicable plan documents
and generally applicable Company policies. The Company may alter or terminate its employee benefit plans at any time, as it, in its sole
judgment, determines to be appropriate.

f.
                  
Business Expenses. The Company shall pay or reimburse Executive for all reasonable business expenses incurred or paid by
Executive in the performance of his duties and responsibilities hereunder, subject to such policies as may be established by the Company
from time to time, any maximum annual limit or other restrictions on such expenses and to the provision of such reasonable substantiation
and documentation as may be specified by the Company from time to time. Any such payment or reimbursement that could constitute “nonqualified
deferred compensation” subject to Section 409A of the Code shall be subject to the requirements that: (i) the amount of expenses
eligible for payment or reimbursement during any calendar year may not affect the expenses eligible for payment or reimbursement in any
other taxable year, (ii) the payment or reimbursement must be made, if at all, not later than December 31 of the calendar year following
the calendar year in which the expense was incurred, and (iii) any right that Executive may have to reimbursement shall in no event be
subject to liquidation or exchange for any other benefit.

5.
                 
Termination of Employment and Severance Benefits; Termination Upon Expiration of Term. Notwithstanding the provisions of
Section 2 hereof, Executive’s employment hereunder shall terminate prior to the expiration of the Term under the following circumstances:

a.
                  
Death. In the event of Executive’s death during the Term, Executive’s employment hereunder shall immediately
and automatically terminate. In such event, the Company shall pay to Executive’s designated beneficiary or, if no beneficiary has
been designated by Executive, to his estate: (i) any earned and unpaid Base Salary, payable on the Company’s next regular pay day
following termination and (ii) subject to Section 4(f) above, any reimbursable business expenses incurred by Executive but not yet reimbursed
on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty
(60) days of termination, with reimbursement being made promptly after receipt of documentation (amounts provided in (i) and (ii), the
“Final Payment”). The Company shall also make provision, in a manner consistent with Section 409A of the Code, such that for
a period of up to twelve (12) months following Executive’s death Executive’s surviving spouse, if any, and his surviving dependents,
if any, if they are eligible for and timely elect continuation of health coverage pursuant to the so-called “COBRA” coverage-continuation
provisions applicable to the Company’s group health plan, shall be required to contribute to such coverage only so much as they
would have contributed for comparable family coverage had Executive continued to be employed by the Company. The Company shall have no
further obligations to Executive.

                                                             -3-

b.
                 
Disability.

i.
                   
To the extent permitted by applicable law, the Company may terminate Executive’s employment hereunder, upon notice to Executive,
in the event that Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either
a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder,
with or without reasonable accommodation as required by law, for a period of more than one hundred twenty (120) days during any period
of three hundred and sixty-five (365) consecutive calendar days. In the event of such termination, the Company shall pay Executive the
Final Payment. The Company shall also make provision, in a manner consistent with Section 409A of the Code, such that for a period of
up to twelve (12) months following such termination Executive and his family members, to the extent they are eligible for and timely elect
continuation of health coverage (including pursuant to the so-called “COBRA” coverage-continuation provisions applicable to
the Company’s group health plan), shall be required to contribute to such coverage only so much as they would have contributed for
comparable family coverage had Executive continued to be employed by the Company. The Company shall have no further obligations to Executive.

ii.
                 
Prior to termination as provided at clause i. above, the Board may designate another employee to act in Executive’s place
during any period of Executive’s disability. Notwithstanding any such designation, Executive shall continue to receive the compensation
and benefits in accordance with Sections 4.a through 4.d and benefits in accordance with Section 4.e, to the extent permitted by the then-current
terms of the applicable benefit plans, until Executive becomes eligible for disability income benefits under the Company’s disability
income plan or until the termination of his employment, whichever shall first occur.

iii.
               
While receiving disability income payments under the Company’s disability income plan, Executive shall not be entitled to
receive any Base Salary under Section 4.a hereof, but shall continue to participate in Company benefit plans in accordance with Section
4.e and the terms of such plans, until the termination of his employment.

iv.
               
If any question shall arise as to whether during any period Executive is disabled as described above, a determination of whether
Executive has a disability shall be made by Executive’s health care provider. In the event the Company questions the medical opinion
of Executive’s health care provider, the Company may require Executive to obtain a second opinion from a different health care provider
chosen by the Company at its own expense. If there is a conflict between the opinion of Executive’s health care provider and the
opinion of the Company’s selected health care provider, the Company may require Executive to obtain a third opinion from a health
care provider jointly approved by the Company and Executive at the Company’s expense, and this third opinion shall be binding on
Executive and the Company. Any such determination of disability under this Section 5.b.iv is not intended to alter any benefits any party
may be entitled to receive under any long-term disability insurance policy carried by either the Company or Executive with respect to Executive, which benefits

                                                             -4-

shall be governed solely by the terms of any such insurance policy. If Executive fails to submit to a medical
examination at the request of the Company as provided above, the Company’s determination of the issue shall be binding on Executive.

c.
                  
By the Company for Cause. The Company may terminate Executive’s employment hereunder for Cause at any time upon notice
to Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable
judgment, shall constitute Cause for termination: (i) Executive’s repeated willful failure to perform, or gross negligence in the
performance of, his duties and responsibilities to the Company or any of its Affiliates; (ii) fraud, embezzlement or other dishonesty
with respect to the Company or any of its Affiliates; (iii) material breach by Executive of any of the terms of this Agreement, including
a breach of any of his obligations under Section 7, 8 or 9 hereof; (iv) commission of a felony or other crime involving moral turpitude
or (v) a material violation of a material provision of the Company’s code of conduct or other material policy applicable to the
Executive. Upon termination of Executive’s employment hereunder for Cause, the Company shall have no further obligations to Executive
other than to pay Executive the Final Payment.

d.
                 
By the Company Other than for Cause. The Company may terminate Executive’s employment hereunder other than for Cause
at any time upon notice to Executive. In the event of such termination during the Term, then the Company (i) shall pay Executive (A) the
Final Payment, (B) severance pay in an amount equal to twelve (12) months of Base Salary, at the rate in effect at the date of termination;
and (ii) shall reimburse Executive a monthly amount equal to the amount the Company contributes from time to time to group medical, dental
and/or vision insurance premiums (as applicable) for its active employees (the “Monthly Premium Payment”), until the earlier
of (x) the end of the Severance Period (as defined below) or (y) the date Executive and his dependents are no longer entitled to coverage
under COBRA or Company plans (the “COBRA Period”); provided that Executive (I) timely elects to continue his participation
and that of his eligible dependents in such plans, (II) is entitled to continue such participation under applicable law and plan terms
and (III) pays the remainder of the premium cost from month to month in accordance with the schedule established by the Company. Any obligation
of the Company to Executive under clause (i) or (ii) hereof, exclusive of any Final Payment due, however, shall be reduced by any other
payments from the Company to which Executive is entitled as a result of termination and is conditioned on Executive signing and delivering
to the Company, not later than the earlier of the following dates, inclusive of the end of any applicable revocation period (the “Release
Deadline”) (a) thirty (30) days after termination of employment or (b) the deadline for consideration and execution thereof specified
in the reasonable form of release of claims to be provided to Executive by the Company at the time Executive’s employment terminates
(the “Employee Release”). Severance pay to which Executive is entitled hereunder shall be payable pro-rata at the Company’s
regular payroll periods during the twelve (12) month period immediately following termination of Executive’s employment (the “Severance
Period”), with the first payment being made on the Company’s next regular payday following the Release Deadline, but retroactive
to the next business day following the date of termination of employment; provided, that no payment will be made prior to the effective
date of the Employee Release and that if at the relevant time Executive is a Specified Employee, so much of the amounts payable hereunder
as constitutes nonqualified deferred compensation subject to Section 409A of the Code and that would be payable during the six-month period
following Executive’s termination shall instead be accumulated and paid in a single lump sum upon the day after the conclusion of
such six-month period.

                                                             -5-

e.
                  
By Executive for Good Reason. Executive may terminate his employment hereunder for Good Reason provided that (A)
he gives notice to the Company within ninety (90) days of Executive’s knowledge of the initial occurrence of the event or condition
constituting Good Reason, setting forth in reasonable detail the nature of such Good Reason; (B) the Company fails to cure within thirty
(30) days following such notice; and (C) Executive terminates his employment within thirty (30) days following the end of the thirty (30)-day
cure period (if the Company fails to cure). The following shall constitute Good Reason for termination by Executive: (i) failure of the
Company to continue Executive in the position of Chief Executive Officer; (ii) material diminution in the nature and scope of Executive’s
responsibilities, duties, authority, and reporting up requirements of Executive, provided, however, that the Company’s
failure to continue Executive’s appointment or election as a member of the Board or a director or officer of one of the Company’s
Affiliates and any diminution of the business at the Company or any of its Affiliates shall not constitute “Good Reason”;
(iii) material failure of the Company to provide Executive with the Base Salary and benefits in accordance with the terms of Section 4
hereof; or (iv) relocation of Executive’s office more than thirty-five (35) miles from the then-current location of the Company’s
principal offices without his consent. In the event of termination in accordance with this Section 5.e during the Term, then Executive
will be entitled to the same pay and benefits he would have been entitled to receive had Executive been terminated by the Company other
than for Cause in accordance with Section 5.d above; provided that Executive satisfies all conditions to such entitlement, including
without limitation the timely signing of an effective Employee Release, in accordance with the requirements set forth in Section 5.d.

f.
                  
By Executive Other than for Good Reason. Executive may terminate his employment hereunder at any time upon sixty (60) days’
notice to the Company. In the event of termination by Executive pursuant to this Section 5.f, the Board may elect to waive the period
of notice, or any portion thereof, and, if the Board so elects, the Company will pay Executive the Base Salary for the notice period (or
for any remaining portion of the period) and the Final Payment. The Company shall have no further obligation to Executive.

g.
                 
Termination on the End Date. Unless the Company in its sole discretion determines to offer Executive continued employment
following the expiration of the Term, Executive’s employment hereunder shall cease effective upon the expiration of the Term (the
“End Date”), without further action by the Company. In such case, Executive shall be treated for all purposes of this Agreement
as having terminated his employment voluntarily on the End Date and he shall be entitled only to those benefits to which he would be entitled
under Section 5(f).

h.
                 
Upon a Change of Control.

i.
                   
If a Change of Control occurs and the Company terminates Executive’s employment hereunder other than for Cause during the
Term and within two (2) years following such Change of Control, then, in lieu of any payments to or on behalf of Executive under Section
5.d or 5.e hereof, the Company, in addition to providing Executive the Final Payment, (A) shall pay Executive an amount equal to one year of

                                                             -6-

Base Salary at the rate in effect at the date of termination or, if higher, on the date of the Change of Control, which amount shall
be payable in a single lump sum within ten (10) business days following the Employee Release Deadline and (B) shall pay the full cost
of Executive’s continued participation in the Company’s group health and dental plans for one year or, if less, for so long
as Executive remains entitled to continue such participation under applicable law. The obligations of the Company hereunder, however,
other than for the Final Payment, if any, are subject to Executive signing a timely and effective Employee Release in accordance with
the rules specified in subsection (d) above. Notwithstanding the generality of the foregoing, (i) if the Change of Control is not a “change
in control event” (as that term is defined at Section 1.409A-3(i)(5) of the Treasury Regulations), so much of the amounts described
in this paragraph as do not exceed the amounts that would have been payable to Executive under Section 5.d. or Section 5.e., as the case
may be, had termination occurred prior to the Change of Control, and that constitute nonqualified deferred compensation subject to Section
409A of the Code, shall be paid in the same manner and on the same schedule as described in Sections 5.d. and 5.e., and (ii) if at the
relevant time Executive is a Specified Employee, so much of the amounts payable hereunder as constitute nonqualified deferred compensation
subject to Section 409A of the Code and that would be payable during the six-month period following Executive’s termination shall
instead be accumulated and paid in a single lump sum upon the day after the conclusion of such six-month period.

ii.
                 
If any payment or benefit Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. 
The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment
being subject to the Excise Tax or (y) the largest portion, up to and including the total Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in the Executive’s receipt, on an after-tax basis, of the greatest economic benefit notwithstanding that
all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in payments or benefits constituting Parachute
Payments is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest
economic benefit for Executive to the extent permitted by Section 409A of the Code, to the extent applicable, and Section 280G of the
Code.

iii.
               
“Change of Control” means the occurrence of any of the following events after the Effective Date:

(A)
            
The acquisition by any Person or group of the ultimate beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of more than 50% of the then outstanding securities
of the Company entitled to vote generally in the election of directors; excluding, however, the following: (i) any acquisition directly
from the Company (other than any acquisition by virtue of the exercise of an exercise, conversion

                                                             -7-

or exchange privilege unless the security
being so exercised, converted or exchanged was itself acquired directly from the Company); (ii) any acquisition by the Company; (iii)
any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or by any corporation controlled
by the Company; (iv) any acquisition by Executive, by any Executive Related Party (as defined herein) or by a group of which Executive
is a member; or (v) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of this
subsection g.(iii)(A); or

(B)
             
Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof
whose election, or nomination for election, by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; or

(C)
             
A reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) of the Company, unless (i)
securities representing more than 50% of the then outstanding securities entitled to vote generally in the election of directors of the
Company or the corporation resulting from or surviving such Corporate Transaction (or the ultimate parent of the Company or such corporation
after such Corporate Transaction) are beneficially owned subsequent to such Corporate Transaction by the Person or Persons who were the
beneficial owners of the outstanding securities of the Company entitled to vote generally in the election of directors immediately prior
to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction,
(ii) no Person (excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of
the Company of such corporation resulting from such Corporate Transaction) ultimately beneficially owns, directly or indirectly, more
than 50% of the then outstanding securities entitled to vote generally in the election of directors of the Company or the corporation
resulting from or surviving such Corporate Transaction (or the ultimate parent of the Company or such corporation after such Corporate
Transaction) except to the extent that such ownership existed prior to the Corporate Transaction; and (iii) at least a majority of the
members of the board of directors of the corporation resulting from such Corporate Transaction were members of the Incumbent Board at
the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or

(D)
            
The sale, transfer or other disposition of all or substantially all of the assets of the Company; or

(E)
             
The complete liquidation or dissolution of the Company.

                                                             -8-

For purposes of this definition, securities entitled to vote generally
in the election of directors that are issuable upon exercise of an exercise, conversion or exchange shall be deemed to be outstanding.
In addition, for purposes of this definition, the following terms have the meanings set forth below:

A Person shall be deemed to be the “owner” of any securities
of which such Person would be the “beneficial owner,” as such term is defined in Rule 13d-3 promulgated by the Securities
and Exchange Commission under the Exchange Act.

“Person” has the meaning used in Section 13.d of the
Exchange Act, except that “Person” does not include (i) Executive, an Executive Related Party, or any group of which Executive
or Executive Related Party is a member, or (ii) the Company or a wholly owned subsidiary of the Company or an employee benefit plan (or
related trust) of the Company or of a wholly owned subsidiary.

An “Executive Related Party” means any affiliate or
associate of Executive other than the Company or a subsidiary of the Company. The terms “affiliate” and “associate”
have the meanings given in Rule 12b-2 under the Exchange Act; the term “registrant” in the definition of “associate”
means, in this case, the Company.

6.
                 
Effect of Termination. The provisions of this Section 6 shall apply to termination of employment pursuant to Section 5 or
otherwise.

a.
                  
Payment by the Company in accordance with the applicable termination provision of Section 5, if any, shall constitute the entire
obligation of the Company to Executive. Executive shall promptly give the Company notice of all facts necessary for the Company to determine
the amount and duration of its obligations in connection with any termination pursuant to Section 5.d, 5.e or 5.g hereof.

b.
                 
Except for medical, dental and vision plan coverage continued pursuant to Section 5.d, 5.e or 5.g hereof, benefits shall terminate
pursuant to the terms of the applicable benefit plans based on the date of termination of Executive’s employment without regard
to any payments to Executive following such date of termination.

c.
                  
Provisions of this Agreement shall survive expiration of the Term and any termination hereunder if so provided herein or if necessary
or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of Executive under
Sections 7, 8 and 9 hereof. The obligation of the Company to make payments to or on behalf of Executive under Section 5.d, 5.e or 5.g
hereof is expressly conditioned upon Executive’s continued full performance of his obligations under Sections 7, 8 and 9 hereof.
Executive recognizes that, except as expressly provided in Section 5.d, 5.e or 5.g no compensation is earned after termination of employment.

7.
                 
Confidential Information.

a.
                  
Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that Executive may in
the future develop Confidential Information for the Company or its Affiliates and that Executive has in the past and may in the

                                                             -9-

future learn of Confidential Information during the course of employment. Executive will comply with the policies and procedures of the Company
and its Affiliates for protecting Confidential Information and shall not use or disclose to any Person (except as required by applicable
law or for the proper performance of his duties and responsibilities to the Company and its Affiliates hereunder) any Confidential Information
obtained by Executive incident to his employment or other association with the Company or any of its Affiliates. Executive understands
that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. Nothing
in this Agreement limits, restricts or in any other way affects Executive’s communicating with any governmental agency or entity,
or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental
agency or entity. Executive cannot be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade
secret (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for
the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed under seal in a
lawsuit or other proceeding.   Notwithstanding this immunity from liability, Executive may be held liable if Executive unlawfully
accesses trade secrets by unauthorized means.

b.
                 
All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of
the Company or its Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by Executive,
shall be the sole and exclusive property of the Company and its Affiliates. Executive shall reasonably safeguard all Documents and shall
surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify,
all Documents then in Executive’s possession or control.

8.
                 
Assignment of Rights to Intellectual Property.

a.
                  
Executive shall promptly and fully disclose all Intellectual Property to the Company. Executive hereby assigns and agrees to assign
to the Company (or as otherwise directed by the Company) Executive’s full right, title and interest in and to all Intellectual Property.
Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do
such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) reasonably
requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights
or other proprietary rights to the Intellectual Property. Executive will not charge the Company for time spent in complying with these
obligations. All copyrightable works that Executive creates shall be considered “work made for hire.”

b.
                 
For purposes of this Agreement, “Intellectual Property” means inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created,
developed or reduced to practice by Executive (whether alone or with others, whether or not during normal business hours or on or off
Company premises) during Executive’s employment; provided, however, that, pursuant to Section 49.44.140 of the Revised
Code of Washington, the text of which is appended hereto as Exhibit A, the Company shall have no rights to any invention for which
no equipment, supplies, facilities or trade secret information of the

                                                             -10-

Company was used and which was developed entirely on Executive’s
own time, unless (a) the invention relates (i) directly to the business of the Company or (ii) to the Company’s actual or demonstrably
anticipated research or development; or (b) the invention results from any work performed by Executive for the Company.

9.
                 
Restricted Activities. Executive agrees that some restrictions on his activities during and after his employment are necessary
to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates:

a.
                  
While Executive is employed by the Company and for the twenty-four (24) month period immediately following termination of his employment
with the Company (the “Non-Competition Period”), Executive shall not, directly or indirectly, whether as owner, partner, investor,
consultant, agent, employee, co-venturer or otherwise, compete with the Company anywhere worldwide. Specifically, but without limiting
the foregoing, Executive agrees not to engage in any manner of any activity that is directly or indirectly competitive or potentially
competitive with the business of the Company as conducted at any time during Executive’s employment. For the purposes of this Section
9, the business of the Company shall include all Products and Executive’s undertaking shall encompass all items, products and services
that may be used in substitution for Products. The foregoing, however, shall not prevent Executive’s passive ownership of two percent
(2%) or less of the equity securities of any publicly traded company.

b.
                 
Executive agrees that, during his employment with the Company, in addition to complying with the limitations of Section 3.c., he
will not undertake any outside activity, whether or not competitive with the business of the Company or its Affiliates, that could reasonably
give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates and
that would not otherwise be prohibited under Section 3.c.

c.
                  
Executive further agrees that while he is employed by the Company and for twenty-four (24) months following termination of his
employment (the “Non-Solicitation Period”), Executive will not solicit any employee of the Company or encourage any customer
or vendor of the Company to terminate or diminish its relationship with the Company, or, in the case of a customer, to conduct with any
Person any business or activity which such customer conducts with the Company. It shall not be a violation of this Agreement for Executive
to hire, interview, recruit or otherwise discuss employment or other business relationship with any employee of the Company that responds
to a general advertisement. For purposes of this Agreement, an employee or customer of the Company is any Person who was a current employee
or a current or prospective customer of the Company at the time Executive’s employment with the Company ended.

For purposes of this Section 9, “Company” shall include
Affiliates of the Company with which Executive has had involvement in the course of his employment or about which Affiliate or Affiliate’s
activities he has acquired or received any Confidential Information until a Change of Control has occurred; after the time of a Change
of Control, Company shall not be broadened to include any new Affiliates.

                                                             -11-

10.
             
Notification Requirement. Until the conclusion of the Non-Competition Period, Executive shall give notice to the Company
of each new business activity he plans to undertake that could reasonably be construed to potentially violate Section 7, 8 or 9 above,
at least ten (10) business days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom
such activity is undertaken and the nature of Executive’s business relationship(s) and position(s) with such Person. Executive shall
provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order
to determine Executive’s continued compliance with his obligations under Sections 7, 8 and 9 hereof.

11.
             
Enforcement of Covenants. Executive acknowledges that he has carefully read and considered all the terms and conditions
of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8 and 9 hereof. Executive agrees that said restraints
are necessary for the reasonable and proper protection of the Company and its Affiliates (as defined in Section 9) and that each and every
one of the restraints is reasonable in respect to subject matter, length of time and geographic area. Executive further agrees that if,
during the Term or at any time following termination of his employment hereunder, regardless of the reason for such termination, Executive
breaches any provision of Sections 7, 8 or 9, the Company’s obligation, if any, to pay benefits under Section 5 hereof shall forthwith
cease and Executive shall immediately forfeit and disgorge to the Company, with interest at the prime rate then in effect, any benefits
theretofore paid to Executive under Section 5, including but not limited to any severance based on Executive’s Base Salary and the
value of any equity-based award that vested in connection with or following termination of Executive’s employment. Executive further
acknowledges that, were he to breach any of the covenants contained in Sections 7, 8 and 9 hereof, the damage to the Company would be
irreparable. Executive therefore agrees that, in addition to the Company’s clawback remedy in the immediately preceding sentence
and any other remedies available to it, the Company shall also be entitled to preliminary relief against any breach or threatened breach
by Executive of any of said covenants, without having to post bond. So that the Company may enjoy the full benefit of the covenants contained
in Section 9, Executive further agrees that the Non-Competition Period and the Non-Solicitation Period shall be tolled, and shall not
run, during the period of any breach by Executive of any of the covenants contained in Section 9. The parties further agree that, in the
event that any provision of Sections 7, 8 or 9 hereof shall be determined by any court of competent jurisdiction to be unenforceable by
reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall
be deemed to be modified to permit its enforcement to the maximum extent permitted by law. No claimed breach of this Agreement or other
violation of law attributed to the Company, or change in the nature or scope of Executive’s employment or other relationship with
the Company or any of its Affiliates, shall operate to excuse Executive from the performance of his obligations under Section 9.

12.
             
Conflicting Agreements. Executive hereby represents and warrants that the execution of this Agreement and the performance
of his obligations hereunder will not breach or be in conflict with any other agreement to which Executive is a party or is bound and
that Executive is not now subject to any covenants against competition or similar covenants or any court order or other obligation that
would affect the performance of his obligations hereunder. Executive will not disclose to or use on behalf of the Company any proprietary
information of a third party without such party’s consent.

                                                             -12-

13.
             
Arbitration.

a.
                  
Any dispute, controversy or claim between the parties arising out of this Agreement shall be settled by arbitration conducted in
Seattle, Washington in accordance with the rules and procedures of JAMS for the resolution of employment disputes (the “Rules”)
and the laws of the State of Washington.

b.
                 
In the event that a party requests arbitration (the “Requesting Party”), it shall serve upon the other party (the “Non-Requesting
Party”) within ninety (90) days of the date the Requesting Party knew, or reasonably should have known, of the facts on which the
controversy, dispute or claim is based, a written demand for arbitration stating the substance of the controversy, dispute or claim and
the contention of the Requesting Party. An arbitrator shall be selected in accordance with the Rules, with the Requesting Party initiating
that process within thirty (30) days of the date it serves demand for arbitration on the Non-Requesting Party (or such longer period to
which the parties shall agree in writing.).

c.
                  
The function of the arbitrator shall be to determine the interpretation and application of the specific provisions of this Agreement
to the issues submitted to arbitration. There shall be no right in arbitration to obtain, and no arbitrator shall have any authority to
award or determine, any change in, addition to, or detraction from, any of the provisions of this Agreement. The decision of the arbitrator
shall be in writing, shall set forth the basis for the decision and shall be rendered within thirty (30) business days following the hearing.
The decision of the arbitrator acting within the scope of his/her authority shall be final and binding upon the parties and may be enforced
and executed upon in any court having jurisdiction over the party against whom enforcement of such decision is sought.

d.
                 
The parties involved in the dispute shall divide equally the administrative charges, arbitrator’s fees and related expenses
of the arbitration, but each party shall pay its own legal fees and expenses incurred in connection with such arbitration.

e.
                  
Nothing contained herein, however, shall limit the right of the Company to seek equitable or other relief from any court of competent
jurisdiction for violation of Section 7, 8 or 9 of this Agreement.

14.
             
Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided
in this Section 14 and as provided elsewhere in this Agreement. For purposes of this Agreement, the following definitions apply:

a.
                  
“Affiliates” means any parent and subsidiaries of the Company and any entities directly or indirectly controlling,
controlled by or under common control with the Company, where control may be by either management authority or equity interest.

b.
                 
“Code” means the U.S. Internal Revenue Code of 1986, as amended.

c.
                  
“Confidential Information” means any and all information of the Company and its Affiliates that is not generally known
by others with whom they compete or do business, or with whom they plan to compete or do business. Confidential Information includes without
limitation such information relating to (i) the development, research, testing,

                                                             -13-

manufacturing, marketing and financial activities of the
Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company
and its Affiliates, (iv) the identity and special needs of the customers of the Company and its Affiliates and (v) the people and organizations
with whom the Company and its Affiliates have business relationships and those relationships. Confidential Information also includes information
that the Company or any of its Affiliates have received belonging to others with any understanding, express or implied, that it would
not be disclosed. Confidential Information does not include information which is in the public domain without fault by Executive or any
third party.

d.
                 
Exclusive of Section 5.g.iii of this Agreement, “Person” means an individual, a corporation, an association, a partnership,
an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates.

e.
                  
“Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise
distributed or put into use by the Company, or prior to a Change of Control, of its Affiliates with which Affiliate or Affiliate’s
activities Executive has had involvement in the course of his employment or about which he has acquired or received any Confidential Information,
together with all services provided or planned by the Company, or prior to a Change of Control, of its Affiliates with which Executive
has had involvement in the course of his employment or about which Affiliate or Affiliate’s activities he has acquired or received
any Confidential Information, during Executive’s employment.

f.
                  
To the extent required to comply with Section 409A of the Code, references to termination of employment, retirement, separation
from service and similar or correlative terms mean a “separation from service” (as defined at Section 1.409A-l(h) of the Treasury
Regulations, after giving effect to the presumptions contained therein) from the Company and from all other corporations and trades or
businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of
the Treasury Regulations. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments,
reimbursements or otherwise) will be treated as a right to receive a series of separate payments and, accordingly, each installment payment
hereunder will at all times be considered a separate and distinct payment.

g.
                 
“Specified employee” means an individual who is determined by the Company to be a specified employee as defined in
subsection (a)(2)(B)(i) of Section 409A of the Code. The Company may, but need not, elect in writing, subject to the applicable limitations
under Section 409A of the Code, any of the special elective rules prescribed in Section 1.409A-1(i) of the Treasury Regulations for purposes
of determining “specified employee” status. Any such written election shall be deemed part of this Agreement.

15.
             
Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required
to be withheld by the Company under applicable law.

                                                             -14-

16.
             
Assignment. Neither the Company nor Executive may make any assignment of this Agreement or any interest herein, by operation
of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its
rights and obligations under this Agreement without the consent of Executive to one of its Affiliates or to a Person with whom the Company
shall hereafter effect a reorganization, consolidation or merger or to whom the Company transfers all or substantially all of its business
or assets. This Agreement shall inure to the benefit of and be binding upon the Company and Executive, their respective successors, executors,
administrators, heirs and permitted assigns.

17.
             
Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by
a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision
of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

18.
             
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The
failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach
of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

19.
             
Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing
and shall be effective when delivered in person, consigned to a national overnight courier service or deposited in the United States mail,
postage prepaid, and addressed to Executive at his last known address on the books of the Company or, in the case of the Company, at its
principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to
the other actually received.

20.
             
Entire Agreement. As of the Effective Date, this Agreement constitutes the entire agreement between the parties and supersedes
all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of Executive’s
employment.

21.
             
Amendment. This Agreement may be amended or modified only by a written instrument signed by Executive and by an expressly
authorized representative of the Company.

22.
             
Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope
or content of any provision of this Agreement.

23.
             
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of
which together shall constitute one and the same instrument.

                                                             -15-

24.
             
Governing Law. This Agreement shall be construed and enforced under, and be governed in all respects by, the laws of the
State of Washington, without regard to the conflict of laws principles thereof; provided, however, that in the event the
Company relocates its principal place of business and Executive’s principal place of work to another state, the laws of that state
shall apply without regard to the conflict of laws principles thereof.

IN WITNESS WHEREOF, this Agreement has
been executed as a sealed instrument by Executive and by the Company, by its duly authorized representative, as of the date first above
written.

 

	
    EXECUTIVE

     

     

     
	 	THE COMPANY:
	Sumit Sharma 	 	
    Name:

    Title:

     

 

    	 

    	 

    

                                                             -16-

EXHIBIT A

INVENTION ASSIGNMENT NOTICE

You are hereby notified that the
Employment Agreement between you and MICROVISION, Inc., to which this Exhibit A is appended (the “Agreement”), does
not apply to any invention or Intellectual Property (as such term is defined in the Agreement) which qualifies fully for exclusion under
the provisions of Section 49.44.140 of the Revised Code of Washington. Following is the text of Washington Revised Code § 49.44.140:

Washington
Revised Code § 49.44.140

Requiring assignment of employee’s
rights to inventions—Conditions.

(1)        A
provision in an employment agreement which provides that an employee shall assign or offer to assign any of the employee's rights in an
invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret information of
the employer was used and which was developed entirely on the employee's own time, unless (a) the invention relates (i) directly to the
business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the invention results
from any work performed by the employee for the employer. Any provision which purports to apply to such an invention is to that extent
against the public policy of this state and is to that extent void and unenforceable.

(2)        An
employer shall not require a provision made void and unenforceable by subsection (1) of this section as a condition of employment or continuing
employment.

(3)        If
an employment agreement entered into after September 1, 1979, contains a provision requiring the employee to assign any of the employee's
rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written notification to
the employee that the agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret information
of the employer was used and which was developed entirely on the employee's own time, unless (a) the invention relates (i) directly to
the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the invention
results from any work performed by the employee for the employer.

 

I acknowledge receiving a copy of this Invention Assignment Notice:

__________________________________

Sumit Sharma

Date: _____________________________

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