Document:

EX-10.15

 Exhibit 10.15 

Execution Version 

AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

by and among 

GreenAcreage Real Estate Corp. 

and 
 Certain of its
Stockholders 
 Dated as of March 2, 2021 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	EFFECTIVENESS; DEFINITIONS	  	 	2	 
			
		  	 1.1   Effective Time
	  	 	2	 
			
		  	 1.2   Definitions
	  	 	2	 
			
	 2.
	  	VOTING AGREEMENT	  	 	2	 
			
		  	 2.1   Board Nomination Rights
	  	 	2	 
			
		  	 2.2   Board Committees
	  	 	6	 
			
	 3.
	  	FINANCIAL INFORMATION AND REPORTING	  	 	7	 
			
	 4.
	  	REGISTRATION RIGHTS.	  	 	8	 
			
		  	 4.1   Piggyback Registration
	  	 	8	 
			
		  	 4.2   Registration Procedures
	  	 	10	 
			
		  	 4.3   Underwritten Offerings
	  	 	10	 
			
		  	 4.4   No Inconsistent Agreements; Additional Rights
	  	 	11	 
			
		  	 4.5   Additional Registration Expenses
	  	 	11	 
			
		  	 4.6   Indemnification
	  	 	12	 
			
		  	 4.7   Rules 144 and 144A and Regulation S
	  	 	15	 
			
		  	 4.8   NL Holdco
	  	 	15	 
			
		  	 4.9   Termination
	  	 	16	 
			
	 5.
	  	COVENANTS	  	 	16	 
			
		  	 5.1   Board Compensation
	  	 	16	 
			
		  	 5.2   [Reserved]
	  	 	16	 
			
		  	 5.3   Directors’ and Officers’ Insurance
	  	 	16	 
			
		  	 5.4   NL Holdco Distributions
	  	 	17	 
			
		  	 5.5   Confidentiality
	  	 	17	 
			
	 6.
	  	REMEDIES	  	 	18	 
			
	 7.
	  	AMENDMENT, TERMINATION, ETC.	  	 	18	 
			
		  	 7.1   Oral Modifications
	  	 	18	 
			
		  	 7.2   Written Modifications; Additional Stockholders
	  	 	18	 
			
		  	 7.3   Effect of Termination
	  	 	19	 
			
	 8.
	  	DEFINITIONS	  	 	19	 
			
		  	 8.1   Certain Matters of Construction
	  	 	19	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
		  	 8.2   Definitions
	  	 	19	 
			
	 9.
	  	MISCELLANEOUS	  	 	23	 
			
		  	 9.1   Authority; Effect
	  	 	23	 
			
		  	 9.2   Notices
	  	 	24	 
			
		  	 9.3   Binding Effect
	  	 	26	 
			
		  	 9.4   Descriptive Headings
	  	 	26	 
			
		  	 9.5   Counterparts
	  	 	26	 
			
		  	 9.6   Severability
	  	 	26	 
			
		  	 9.7   No Recourse
	  	 	26	 
			
	 10.
	  	GOVERNING LAW	  	 	27	 
			
		  	 10.1  Governing Law
	  	 	27	 
			
		  	 10.2  Consent to Jurisdiction; Venue; Service
	  	 	27	 
			
		  	 10.3  WAIVER OF JURY TRIAL
	  	 	27	 
			
		  	 10.4  Exercise of Rights and Remedies
	  	 	28	 

  
 -ii- 

 AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Amended and Restated Investor Rights Agreement (this “Agreement”) is made as of March 2, 2021, by and among: 

 

	 	(i)	 GreenAcreage Real Estate Corp., a Maryland corporation (the “Company”); 

 

	 	(ii)	 HG Vora Special Opportunities Master Fund, Ltd., a Cayman Islands exempted company (“HG
Vora”); 

  

	 	(iii)	 West Investment Holdings, LLC, a Delaware limited liability company, West CRT Heavy, LLC, a Delaware limited
liability company, Gary and Mary West Foundation, a Nebraska private foundation, Gary and Mary West Health Endowment, Inc., a Delaware non-profit, non-stock corporation,
Gary and Mary West 2012 Gift Trust, a Georgia irrevocable trust, and WFI Co-investments, an Illinois limited liability company (all such entities collectively, the “West Stockholders”, and
each such entity, a “West Stockholder”); 

  

	 	(iv)	 NLCP Holdings, LLC, a Delaware limited liability company (“NL Holdco”); 

 

	 	(v)	 NL Ventures, LLC, a Delaware limited liability company (“Pangea”); and 

 

	 	(vi)	 Such other Persons who from time to time become party hereto by executing a counterpart signature page hereof
in the form set forth in Exhibit A hereto (together with HG Vora, the West Stockholders and NL Holdco and its assigns (provided that such assigns agree to be bound by the terms of this Agreement), the “Stockholders”).

 RECITALS 

WHEREAS, the Company and certain stockholders of the Company entered into that certain Investor Rights Agreement, dated as of
August 12, 2019 (the “Original IRA”), to set forth their agreements on certain matters relating to the governance of the Company and the rights and obligations of such stockholders; and 

WHEREAS, in connection with the transactions contemplated by that certain Agreement and Plan of Merger, dated as of the date hereof
(the “Merger Agreement”), by and among the Company, NL Merger Sub, LLC and NewLake Capital Partners, Inc., the parties hereto desire to amend and restate the Original IRA as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 AGREEMENT 

 

	1.	 EFFECTIVENESS; DEFINITIONS. 

1.1 Effective Time. Notwithstanding anything to the contrary contained in this Agreement, this Agreement will become effective upon the
Effective Time, as defined in the Merger Agreement, and the effectiveness of this Agreement shall be contingent upon the Closing, as defined in the Merger Agreement. Upon termination of the Merger Agreement or if the Closing, as defined in the
Merger Agreement, otherwise does not occur, then this Agreement shall automatically terminate and be void ab initio. 
 1.2
Definitions. Certain terms are used in this Agreement as specifically defined herein. These definitions are set forth or referred to in Section 8 hereof. 
  

	2.	 VOTING AGREEMENT. 

2.1 Board Nomination Rights. 

2.1.1 Board Size. As of the Effective Time, the board of directors of the Company (the “Board”) shall
consist of seven Directors. Immediately prior to the Effective Time, the Board is comprised of Gordon DuGan, David Weinstein, Alan Carr and Mandy Lam (each, an “Existing Director”, and collectively, the “Existing
Directors”). Except for a change in the size of the Board in accordance with Section 2.1.4 hereof, the Company, the Board, Pangea and each Stockholder agrees to take all Necessary Action, from time to time and at all times, in whatever
manner as shall be necessary to ensure that the size of the Board shall be set and remain at seven directors. In furtherance of the foregoing, as of the Effective Time pursuant to the Company’s amended and restated charter filed in connection
with the transaction contemplated by the Merger Agreement (the “Articles of Incorporation”), the following individuals shall be the members of the Board: Gordon DuGan, Alan Carr, Mandy Lam, David Weinstein, Peter Martay, Anthony
Coniglio and Peter Kadens, or such other Persons designated prior to the Effective Time in accordance with the Merger Agreement (it being acknowledged and agreed that neither David Weinstein nor Anthony Coniglio may be replaced prior to the
Effective Time if, at the Effective Time, they continue to be ready, willing and able to serve in such capacity). 
 2.1.2
Designation of Nominees. 
 (a) Pursuant to the terms and subject to the conditions of this Section 2.1 and
Applicable Law, in respect of any Director Election Meeting, the Company, Pangea and each Stockholder shall take all Necessary Action to nominate a number of Directors in accordance with the following: 

(i) prior to the Public Date, for so long as HG Vora Beneficially Owns at least 10% of the then-outstanding shares of Common
Stock, HG Vora shall be entitled to designate three Nominees; provided, however, that (A) if HG Vora ceases to Beneficially Own at least 10% of the then-outstanding shares of Common Stock for sixty consecutive days, but
Beneficially Owns at least 7.5% of the then-outstanding shares of Common Stock, HG Vora shall be entitled to designate two Nominees; (B) if HG Vora ceases to Beneficially Own at least 7.5% of the then-outstanding shares of Common Stock for
sixty consecutive days, but Beneficially Owns at least 5% of the then-outstanding shares of Common Stock, HG Vora shall be entitled to designate one Nominee; and (C) if 

  
 2 

 
HG Vora Beneficially Owns less than 5% of the then-outstanding shares of Common Stock for sixty consecutive days, HG Vora shall not be entitled to designate any Nominees; provided,
further, that at all times that HG Vora continues to have the right to designate a nominee pursuant to this Section 2.1.2(a)(i), no more than one HG Vora Nominated Director may be an individual who does not qualify as an Independent
Nominee with respect to HG Vora; 
 (ii) upon and after the Public Date, for so long as HG Vora Beneficially Owns at least
9% of the then-outstanding shares of Common Stock, HG Vora shall be entitled to designate two Nominees; provided, however, that (A) if HG Vora ceases to Beneficially Own at least 9% of the then-outstanding shares of Common Stock
for sixty consecutive days, but Beneficially Owns at least 5% of the then-outstanding shares of Common Stock, HG Vora shall be entitled to designate one Nominee; and (B) if HG Vora Beneficially Owns less than 5% of the then-outstanding shares
of Common Stock for sixty consecutive days, HG Vora shall not be entitled to designate any Nominees; provided, further, that at all times that HG Vora continues to have the right to designate a nominee pursuant to this
Section 2.1.2(a)(ii), no more than one HG Vora Nominated Director may be an individual who does not qualify as an Independent Nominee with respect to HG Vora; and 

(iii) prior to the Public Date, for so long as HG Vora has the right to designate any Nominee pursuant to
Section 2.1.2(a)(i), HG Vora shall also be entitled to designate David Weinstein as a Nominee (in addition to those Nominees designated by HG Vora pursuant to Section 2.1.2(a)(i)) for so long as he continues to serve as an officer of the
Company. 
 For each Director nomination that HG Vora loses due to its ownership percentage falling below the required threshold in
accordance with this Section 2.1.2(a), a majority of the then-serving members of the Board shall nominate one Nominee to fill the resulting vacancy unless the Board reduces the size of the Board to eliminate such vacancy. Notwithstanding
anything to the contrary in this Agreement, with respect to any then-serving Director nominated by HG Vora who no longer has the right to be nominated by HG Vora due to HG Vora’s ownership percentage dropping below an applicable ownership
threshold hereunder, such Director shall nonetheless have the right to serve (subject to Section 2.1.5 of this Agreement) until the next Director Election Meeting. 

(b) Pursuant to the terms and subject to the conditions of this Section 2.1 and Applicable Law, in respect of any Director
Election Meeting, the Company, Pangea and each Stockholder shall take all Necessary Action to nominate a number of Directors in accordance with the following: 

(i) prior to the Public Date, for so long as NL Holdco Beneficially Owns at least 25% of the then-outstanding shares of Common
Stock, NL Holdco shall be entitled to designate three Nominees; provided, however, that (A) if NL Holdco ceases to Beneficially Own at least 25% of the then-outstanding shares of Common Stock for sixty consecutive days, but
Beneficially Owns at least 19% of the then-outstanding shares of Common Stock for such period, NL Holdco shall be entitled to 

  
 3 

 
designate two Nominees; (B) if NL Holdco ceases to Beneficially Own at least 19% of the then-outstanding shares of Common Stock for sixty consecutive days, but Beneficially Owns at least 13%
of the then-outstanding shares of Common Stock, NL Holdco shall be entitled to designate one Nominee; and (C) if NL Holdco Beneficially Owns less than 13% of the then-outstanding shares of Common Stock for sixty consecutive days, NL Holdco
shall not be entitled to designate any Nominees; provided, further, that at all times that NL Holdco continues to have the right to designate a nominee pursuant to this Section 2.1.2(b)(i), no more than one NL Holdco Nominated
Director may be an individual who does not qualify as an Independent Nominee with respect to any West Stockholder; provided, further, that if prior to the Public Date NL Holdco does not meet any of the required thresholds in clauses
(A), (B) or (C) because NL Holdco has distributed its shares of Common Stock to its members, then (x) for so long as the West Stockholders Beneficially Own at least 5% of the then-outstanding shares of Common Stock, the West Stockholders
shall be entitled to designate one Nominee and (y) for so long as Pangea Beneficially Owns at least 4% of the then-outstanding shares of Common Stock, Pangea shall be entitled to designate one Nominee; 

(ii) upon and after the Public Date, for so long as the West Stockholders Beneficially Own at least 5% of the then-outstanding
shares of Common Stock, the West Stockholders shall be entitled to designate one Nominee; provided, however, that if the West Stockholders cease to Beneficially Own at least 5% of the then-outstanding shares of Common Stock for sixty
consecutive days, the West Stockholders shall not be entitled to designate any Nominee; 
 (iii) upon and after the Public
Date, for so long as Pangea Beneficially Owns at least 4% of the then-outstanding shares of Common Stock, Pangea shall be entitled to designate one Nominee; provided, however, that if Pangea ceases to Beneficially Own at least 4% of
the then-outstanding shares of Common Stock for sixty consecutive days, Pangea shall not be entitled to designate any Nominee; and 

(iv) prior to the Public Date, (A) for so long as NL Holdco has the right to designate any Nominee pursuant to
Section 2.1.2(b)(i), one such Nominee shall be Anthony Coniglio for so long as he continues to serve as an officer of the Company, and (B) if the West Stockholders have the right to designate a Nominee pursuant to
Section 2.1.2(b)(i)(x), then for so long as the West Stockholders Beneficially Own at least 7.5% of the then-outstanding shares of Common Stock, the West Stockholders shall also nominate Anthony Coniglio for so long as he continues to serve as
an officer of the Company. 
 For each Director nomination that NL Holdco, the West Stockholders or Pangea loses, as applicable, due to NL
Holdco’s, the West Stockholders’ or Pangea’s ownership percentage falling below the required threshold in accordance with this Section 2.1.2(b), a majority of the then-serving members of the Board shall nominate one Nominee to
fill the resulting vacancy unless the Board reduces the size of the Board to eliminate such vacancy. Notwithstanding anything to the contrary in this Agreement, with respect to any then-serving Director nominated by NL Holdco, the West Stockholders
or Pangea, as applicable, who no longer has the right to be nominated by NL Holdco, the West Stockholders or Pangea, as applicable, due to NL Holdco’s, the West Stockholders’ or Pangea’s respective ownership percentage dropping below
an applicable ownership threshold hereunder, such Director shall nonetheless have the right to serve (subject to Section 2.1.5 of this Agreement) until the next Director Election Meeting. 

  
 4 

 2.1.3 Nomination and Election Procedures. 

(a) The Company shall notify HG Vora, NL Holdco, the West Stockholders and Pangea, as applicable, of its intent to hold a
Director Election Meeting at least seventy-five calendar days prior to the date of such Director Election Meeting; provided, that a public notice may satisfy the requirements of this Section 2.1.3(a). 

(b) Each of HG Vora, NL Holdco, the West Stockholders and Pangea, as applicable, must notify the Company of its designated
Nominee(s) at least forty-five calendar days prior to the date of any Director Election Meeting, provided, however, that at such time as the Company is a reporting issuer under the securities laws of the United States or Canada, HG
Vora, NL Holdco, the West Stockholders and Pangea, as applicable, must provide such notice prior to the time the Company files its preliminary proxy statement or proxy statement (if no preliminary proxy statement is required to be filed) or
management circular, as applicable, on EDGAR or SEDAR, as applicable. If, at any time prior to the Director Election Meeting, any HG Vora Nominated Director, NL Holdco Nominated Director, West Nominated Director or Pangea Nominated Director, as
applicable, is unable or unwilling to serve as a Director, then HG Vora, NL Holdco, the West Stockholders or Pangea, as applicable, will be entitled to designate a replacement Nominee in accordance with the terms of Section 2.1.2 within such
timeframe. 
 (c) The Company, Pangea and each Stockholder shall take all Necessary Action which may be necessary or
appropriate to recognize, enforce and comply with the rights of HG Vora, NL Holdco, the West Stockholders and Pangea under this Section 2.1. 

2.1.4 No Expansion or Reduction. Any change in the number of Directors comprising the Board shall require the
affirmative consent of a majority of the Directors then-serving on the Board; provided, that: (a) there shall not be any decrease in the number of Directors that would prevent HG Vora, NL Holdco, the West Stockholders or Pangea, as
applicable, from nominating any Nominee to which it is entitled to nominate pursuant to Section 2.1.2; and (b) such majority must include at least (y) one HG Vora Nominated Director and (z) one NL Holdco Nominated Director or, if
after the Public Date, one West Nominated Director or one Pangea Nominated Director, who, in each case of clause (y) and clause (z), is not an officer or employee of the Company or any of its subsidiaries. 

2.1.5 Removal; Replacement Appointment. 

(a) At any time following the date of this Agreement, HG Vora, NL Holdco, the West Stockholders or Pangea, as applicable, may
deliver, in its sole discretion, a written request to the Company (a “Removal Request”) to remove an HG Vora Nominated Director, an NL Holdco Nominated Director, a West Nominated Director or a Pangea Nominated Director for which it
has the right to nominate such Nominee’s 

  
 5 

 
replacement pursuant to Section 2.1.2. Upon receipt of a Removal Request, the Company, each Stockholder and Pangea shall, as soon as reasonably practicable, take all Necessary Action to
remove the Director identified in such Removal Request and to cause such proposed replacement Director (if any) to be elected to the Board. 

(b) If any Director designated pursuant to the provisions of Section 2.1.2 resigns, is removed, or is unable to serve for
any reason prior to the expiration of his or her term as a Director, then a replacement Director may be designated pursuant to the provisions of Section 2.1.2, and the Company, each Stockholder and Pangea shall, as soon as reasonably
practicable, take all Necessary Action to cause such replacement Director (if any) to be elected to the Board. 
 2.1.6
Cessation; Resignation. Each of HG Vora, NL Holdco, the West Stockholders and Pangea shall cease to have any rights or obligations under this Section 2.1 immediately upon ceasing to have the right to designate any Nominee pursuant to the
terms of Section 2.1.2. 
 2.1.7 Special Approval. The following actions shall require the prior written approval
of NL Holdco (in addition to any other approvals that may be required for such actions by the Maryland General Corporation Law (the “MGCL”) or the Company Organizational Documents): (a) any consolidation, merger, share exchange or
transfer of assets that would otherwise require the approval of the Company’s stockholders under MGCL Sections 3-101 et seq., (b) any voluntary dissolution of the Company under MGCL Section 3-401 et seq. and (c) any conversion of the Company under MGCL Section 3-901 et seq. This Section 2.1.7 shall terminate and be of no further force
or effect on the Public Date. 
 2.2 Board Committees. 

2.2.1 Delegation of Committees. The Board may form the following committees: (i) an Investment Committee;
(ii) a Nominating and Corporate Governance Committee; (iii) a Compensation Committee; (iv) an Audit Committee; and (v) such other committees as may be determined by the Board. Except as otherwise provided in this
Section 2.2, the appointment of committee members and the delegation of the Board’s authority to a committee shall be accomplished in accordance with the Bylaws. Except as provided in Section 2.2.2, the size and composition of the
committees of the Board shall be as determined by the Board from time to time; provided that: (a) if a committee is comprised of three or fewer Directors, at least one of such Directors shall be an NL Holdco Nominated Director for so
long as NL Holdco has the right to nominate a Director pursuant to Section 2.1.2(b); (b) if a committee is comprised of four or five Directors, at least two of such Directors shall be NL Holdco Nominated Directors for so long as NL Holdco has
the right to nominate two Directors pursuant to Section 2.1.2(b); and (c) if a committee is comprised of six or more Directors, at least three of such Directors shall be NL Holdco Nominated Directors for so long as NL Holdco has the right
to nominate three Directors pursuant to Section 2.1.2(b). 

  
 6 

 2.2.2 Investment Committee. The Investment Committee shall be
comprised of the following Directors: (a) two Directors shall be selected by a majority of the HG Vora Nominated Directors for so long as HG Vora has the right to nominate a Director pursuant to Section 2.1.2(a); and (b) two Directors shall be
selected by a majority of the NL Holdco Nominated Directors for so long as NL Holdco has the right to nominate a Director pursuant to Section 2.1.2(b); provided, however, that if at any time HG Vora or NL Holdco, as applicable, is not
entitled to nominate a director pursuant to Section 2.1.2, then such Investment Committee members that otherwise would have been selected pursuant to the immediately preceding clause (a) or (b), as applicable, shall be selected by a majority of the
then-serving members of the Board unless the Board decides to reduce the size of the Investment Committee in connection with any such vacancy. The initial members of the Investment Committee shall be David Weinstein, Anthony Coniglio, Gordon DuGan
and Peter Martay for so long as each is serving as a Director. The Investment Committee may have as many as six non-voting observers who need not be Directors selected as follows: (i) three non-voting members may be appointed by a majority vote of
the HG Vora Nominated Directors; and (ii) three non-voting members may be appointed by NL Holdco. The Board shall approve a committee charter for the Investment Committee providing that (A) the approval of any matter by the Investment Committee will
require the affirmative vote of three of the four voting members of the Investment Committee and (B) Board approval of such matters approved by the Investment Committee will require the affirmative vote of a majority of Directors. 

2.2.3 Termination. 

(a) Sections 2.2.1 and 2.2.2 shall terminate and be of no further force or effect on the Public Date. 

(b) Notwithstanding anything to the contrary in this Section 2, from and after the Public Date, neither Pangea nor any
Stockholder shall be required to take any action (including any Necessary Action) under Section 2.1 to facilitate the nomination, election or removal of any Nominee of Pangea or any other Stockholder. 

3. FINANCIAL INFORMATION AND REPORTING. 
 3.1
The Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions pursuant to a system of accounting established and administered in accordance with generally accepted
accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof), and will set aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting principles
consistently applied. 
 3.2 Prior to the effectiveness of a registration statement filed pursuant to the Securities Act (including without
limitation an IPO) or the Exchange Act (or in either case the equivalent under Canadian law) (collectively, a “Registration Event”), as soon as practicable after the end of each fiscal year of the Company, and in any event within
one hundred twenty (120) days thereafter, the Company will furnish to HG Vora, NL Holdco and the West Stockholders a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash

  
 7 

 
flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients
thereof) and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be accompanied by a report and opinion thereon by independent public accountants selected
by the Board. 
 3.3 Prior to a Registration Event, the Company will furnish to HG Vora, NL Holdco and the West Stockholders, as soon as
practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such
quarterly period, and a statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles consistently applied (except as
noted therein or as disclosed to the recipients thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

3.4 Prior to a Registration Event, the Company will furnish to HG Vora, NL Holdco and the West Stockholders an annual budget for the upcoming
fiscal year. 
 3.5 Prior to a Registration Event, HG Vora, NL Holdco and the West Stockholders shall be entitled to receive all information
provided by the Company or its subsidiaries to the Board at the same time and in the same form as such information is provided to the Board. 

3.6 Prior to a Registration Event, HG Vora, NL Holdco and the West Stockholders shall have the right to visit and inspect any of the
properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable
times and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.6 with respect to information which the Board determines is confidential or privileged and should
not, therefore, be disclosed. 
 3.7 Prior to a Registration Event, the Company shall furnish to the West Stockholders, as soon as is
practicable, a summary of material terms of (a) all side letters and (b) other agreements, in each case, relating to the Company’s qualification as a domestically controlled qualified investment entity within the meaning of
Section 897(h)(4) of the Internal Revenue Code of 1986, as amended, in each case, that are entered into between the Company and any other current or expected holder of Common Stock. 

4. REGISTRATION RIGHTS. 
 4.1 Piggyback
Registration. 
 4.1.1 Participation. If the Company at any time following its IPO, at a time when any Registrable
Shares (as defined in the Registration Rights Agreement) of the Stockholders are not then registered pursuant to a Shelf Registration (as defined in the Registration Rights Agreement), proposes to file a Registration Statement with respect to any
offering of its equity securities for its own account or for the account of any Stockholder (the “Registering Stockholder”) under the Securities Act or to otherwise 

  
 8 

 
conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Person (other than (i) a Registration on Form S-4, Form F-4 or Form S-8 or any successor form to such forms or (ii) a Registration of securities solely relating to an offering
and sale to employees or directors of the Company or its subsidiaries pursuant to any Company stock plan or other Company benefit plan arrangement or (iii) a registration in which the only equity securities being registered are equity
securities issuable upon conversion of debt securities that are also being registered), then, as soon as practicable (but in no event less than five (5) business days prior to the proposed date of filing of the Registration Statement in respect
of such offering or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public
Offering to all Stockholders, and such Piggyback Notice shall offer the Stockholders the opportunity to register under any such Registration Statement, or to include in such Public Offering, such number of Registrable Shares as each such Stockholder
may request in writing (a “Piggyback Registration”). Subject to Section 4.1.2, the Company shall use commercially reasonable efforts to include in such Registration Statement or in such Public Offering, as applicable, all such
Registrable Shares that are requested to be included therein within five (5) days after the receipt by such Stockholder of any such notice; provided, however, that if at any time after giving written notice of its intention to
register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines
for any reason not to register or sell or to delay the Registration or sale of such securities, the Company shall give written notice of such determination to each Stockholder and, thereupon, (i) in the case of a determination not to register
or sell, shall be relieved of its obligation to register or sell any Registrable Shares in connection with such Registration or Public Offering (but not from its obligation to pay the registration expenses in connection therewith), without
prejudice, however, to the rights of any Stockholders pursuant to the Registration Rights Agreement, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for registration made under the Registration
Rights Agreement shall be permitted to delay registering or selling any Registrable Shares, for the same period as the delay in registering or selling such other securities. Any Stockholder shall thereafter have the right to withdraw all or part of
its request for inclusion of its Registrable Shares in a Piggyback Registration by giving written notice to the Company of its request to withdraw. 

4.1.2 Priority of Piggyback Registration. In connection with any Piggyback Registration, the Company shall not be
required under Section 4.1.1 to include any of the participating Stockholders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it, and
then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If such underwriters of any proposed offering of Registrable Shares included in a Piggyback
Registration informs the Company and the participating Stockholders that the number of securities that such Stockholders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without, in the
sole discretion of the underwriters, being likely to have any adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, or jeopardizing in any respect the success of any

  
 9 

 
such offering, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and
(ii) second, the number of Registrable Shares that, in the sole discretion of such underwriters, can be sold without having such adverse effect or otherwise jeopardizing the success of any such offering in any respect, with such number to be
allocated among the Stockholders that have requested to participate in such Registration based on an amount equal to the lesser of (x) the number of such Registrable Shares requested to be sold by such Stockholder, and (y) a number of such
shares equal to such Stockholder’s Pro Rata Portion, and (iii) third, and only if all of the Registrable Shares referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such
Registration. For purposes of the preceding sentence concerning apportionment, for any selling Stockholder which is a holder of Registrable Shares and which is a limited liability company, partnership or corporation, the partners, retired partners,
members, retired members and stockholders of such holder, or the estates and family members of any such partners, members and retired partners and retired members and any trusts for the benefit of any of the foregoing Persons shall be deemed to be a
single “selling Stockholder”, and any pro-rata reduction with respect to such “selling Stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by
all entities and individuals included in such “selling Stockholder”, as defined in this sentence; provided, however, that each West Stockholder shall be deemed a separate “selling Stockholder”. 

4.2 Registration Procedures. In connection with the Company’s obligations under Section 4.1, the Company shall use its
commercially reasonable efforts to effect such Registration and to permit the offering, sale and distribution of such Registrable Shares in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably
practicable, and in connection therewith the Company shall do all things and undertake all of the obligations described in Section 5 of the Registration Rights Agreement. 

4.2.1 Company Information Requests. The Company may require each seller of Registrable Shares as to which any
Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Stockholder and its ownership of Registrable Shares as the Company may from
time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Shares of any such Stockholder who unreasonably fails to furnish such information within a reasonable time after receiving such
request. Each Stockholder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

4.3 Underwritten Offerings. 

4.3.1 Piggyback Registrations. If the Company proposes to register or sell any of its securities as contemplated by
Section 4.1 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Stockholder entitled to include securities in such registration pursuant to Section 4.1 and, subject to the
provisions of Section 4.1.2, use its commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in 

  
 10 

 
such Registration or sale all the Registrable Shares to be offered and sold by such Stockholder among the securities of the Company to be distributed by such underwriters in such Registration or
sale. The Stockholders of Registrable Shares to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and
other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Stockholder shall not 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 Stockholder, such Stockholder’s title to the Registrable Shares, such Stockholder’s intended method of distribution and any other representations to be made
by the Stockholder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Stockholder shall not exceed such Stockholder’s proceeds from the sale of its Registrable Shares in the offering, net
of underwriting discounts and commissions but before expenses. 
 4.3.2 Selection of Underwriters; Selection of
Counsel. At any time when HG Vora and the West Stockholders are Stockholders, in the case of an Underwritten Public Offering the counsel and managing underwriter or underwriters to administer the offering shall be determined by the Company;
provided that such counsel, underwriter or underwriters shall be reasonably acceptable to HG Vora and the West Stockholders, in each case, solely to the extent HG Vora and/or the West Stockholders, as applicable, are participating as selling
stockholders in such Underwritten Public Offering; provided, further that HG Vora and the West Stockholders hereby consent to Compass Point or Ladenburg Thalmann & Co, Inc. serving as such underwriter and Hunton Andrews Kurth
LLP serving as counsel. 
 4.4 No Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall
hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Stockholders by this Agreement. Aside from the
Registration Rights Agreement, neither the Company nor any of its subsidiaries shall enter into any agreement granting to any Person registration or similar rights that are superior to such rights granted to HG Vora or the West Stockholders, as
applicable, without the approval of HG Vora and/or the West Stockholders, as applicable, which consent shall, in each case, not be unreasonably withheld, conditioned or delayed, and the Company hereby represents and warrants that, as of the date
hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement and the Registration Rights Agreement. To the extent of any inconsistencies between this Agreement and the Registration Rights
Agreement, the terms of the Registration Rights Agreement shall govern the rights of the Parties hereunder. 
 4.5 Additional
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement and the Registration Rights Agreement shall be paid by the Company, including, in addition to any registration expenses, all
reasonable fees and disbursements of legal counsel for the Stockholders. 

  
 11 

 4.6 Indemnification. 

4.6.1 Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by
law, each Stockholder, each shareholder, member, limited or general partner of such Stockholder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates,
officers, directors, managers, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) or is deemed to control such Persons and each of their respective
Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and contribution
payments made to underwriters ) (each, a “Loss” and collectively “Losses”) arising out of or based upon (A) any untrue or alleged untrue statement of a material fact contained in any Registration Statement
under which such Registrable Shares are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein), or (B) (i) any 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 or preliminary Prospectus, in light of the
circumstances under which they were made) not misleading, (ii) any untrue or alleged untrue statement of a material fact contained in any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any
report and other document filed under the Exchange Act or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its
subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or report; provided, that no selling Stockholder shall be entitled to indemnification pursuant to this
Section 4.6.1 in respect of any untrue statement or omission or any material misrepresentation contained in any information relating to such selling Stockholder furnished in writing by such selling Stockholder to the Company specifically for
inclusion in a Registration Statement and used by the Company in conformity therewith (such information “Selling Holder Information”); provided, further, that the indemnity provided for in this Section 4.6.1 shall
not apply to amounts paid in settlement of any such Losses if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. This indemnity shall be in addition to any
liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Stockholder or any indemnified party and shall survive the transfer of such securities by
such Stockholder and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Stockholders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate
modification) with respect to the indemnification of the indemnified parties. 

  
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 4.6.2 Indemnification by the Selling Stockholders. Each selling
Stockholder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its Directors and officers and each Person who controls (within the meaning of the Securities Act or the Exchange
Act) or is deemed to control the Company, and any other selling stockholder and any of such other selling stockholders partners, directors or officers and any Person who controls such other selling Stockholder (within the meaning of the Securities
Act or the Exchange Act), from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Shares were registered or sold under the Securities Act (including any
final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any 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 or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, but only to the extent that any such untrue statement or omission is contained
in such Stockholder’s Selling Holder Information. In no event shall the liability of any selling Stockholder hereunder be greater in amount than the dollar amount of the proceeds actually received by such selling Stockholder from the sale of
its Registrable Shares in the offering giving rise to such indemnification obligation, less any amounts paid by such Stockholder pursuant to Section 4.6.4 and any amounts paid by such Stockholder as a result of liabilities incurred under the
underwriting agreement, if any, related to such sale. Each selling Stockholders shall also indemnify the underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers
and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified
parties. 
 4.6.3 Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall
(a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its
obligations hereunder only to the extent, if at all, that it is prejudiced by reason of such delay or failure) and (b) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such
counsel shall be solely at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a
reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, or (iii) an actual or potential conflict of interest may exist between such
Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying
party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified
party, which shall not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not 

  
 13 

 
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation
without the prior written consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such
consent may not be unreasonably withheld, conditioned or delayed. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 4.6.3, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel
has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to
those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of
which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

4.6.4 Contribution. If for any reason the indemnification provided for in Section 4.6.1 and Section 4.6.2 is
unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Section 4.6.1 and Section 4.6.2), then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties
on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and the indemnified party on
the other hand shall be determined by reference to, among other things whether any untrue or alleged untrue statement of a material fact or misrepresentation or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement, misrepresentation or omission. The parties hereto agree
that it would not be just or equitable if contribution pursuant to this Section 4.6.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
this Section 4.6.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 4.6.1 and 4.6.2 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.6.4, in connection with any Registration effected pursuant to this Agreement, a selling Stockholder shall
not be required to contribute any amount in excess of the dollar amount of the proceeds actually received by it from the sale of its Registrable Shares in the offering giving rise to such indemnification obligation, less any amounts paid by such
Stockholder pursuant to Section 4.6.2 and any 

  
 14 

 
amounts paid by such Stockholder as a result of liabilities incurred under the underwriting agreement, if any, related to such Registration. If indemnification is available under this
Section 4.6, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 4.6.1 and 4.6.2 hereof without regard to the provisions of this Section 4.6.4. The remedies provided for in this
Section 4.6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

4.6.5 Priority. The Company hereby acknowledges and agrees that any Person entitled to indemnification pursuant to
Section 4.6.1 (a “Company Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i) that it is the
indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such other sources to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee
are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the
extent legally permitted and as required by the terms of this Agreement without regard to any rights a Company Indemnitee may have against such other sources. Notwithstanding the foregoing, each Company Indemnitee shall reimburse the Company for any
and all amounts received by it, him or her pursuant to any directors’ and offices’ liability insurance policy maintained on its, his or her behalf by the Company, to the extent such Company Indemnitee has previously received
indemnification payments hereunder for such amounts from the Company. 
 4.7 Rules 144 and 144A and Regulation S. The Company shall
file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of any
Stockholder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may
be amended from time to time or any similar rule or regulation hereafter adopted by the Commission), and it will take such further action as any Stockholder may reasonably request, all to the extent required from time to time to enable such
Stockholder to sell Registrable Shares without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or
Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Stockholder, the Company will deliver to such Stockholder
a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 4.8 NL Holdco.
Notwithstanding anything in this Section 4 to the contrary, all rights and obligations of the West Stockholders pursuant to this Section 4 shall be exercised (in the case of rights) and performed (in the case of obligations) by
(a) the applicable West Stockholders, to the extent such West Stockholders own Registrable Shares directly and then only in respect of such Registrable Shares, and (b) NL Holdco, at the direction of the West Stockholders, with respect to
an amount of Registrable Shares of NL Holdco equal to the product of (i) all Registrable Shares 

  
 15 

 
then-held by NL Holdco and (ii) the West Stockholders’ combined ownership percentage in NL Holdco (such Registrable Shares, the “West Holdco Shares”), and then only in
respect of such West Holdco Shares; provided, that notwithstanding the immediately preceding clause (b), the West Stockholders shall be liable for NL Holdco’s obligations hereunder with respect to the West Holdco Shares to the extent
that NL Holdco is acting at the direction of the West Stockholders. Notwithstanding anything to the contrary in this Agreement, NL Holdco acknowledges and agrees that it shall only be considered to be a “Stockholder” under this
Section 4 with respect to actions taken by NL Holdco at the direction of a West Stockholder pursuant to this Section 4.8, and shall not otherwise be considered or deemed to be a “Stockholder” entitled to exercise any rights on
its own behalf under this Section 4 (it being understood that NL Holdco shall not have any registration rights on its own behalf under this Agreement). 

4.9 Termination. The right of any Stockholder to request registration pursuant to Section 4.1 shall terminate upon such time as
there are no longer any Registrable Shares outstanding owned, whether directly or indirectly, by such Stockholder. 
 5. COVENANTS 

5.1 Board Compensation. The Company shall maintain a market based compensation for the
non-executive members of the Board and its Committees; provided, that the compensation shall initially be comprised of: 

5.1.1 an annual grant of $30,000 of restricted shares of the Common Stock, which shares will vest in equal installments
annually over three years, subject to continued service on the Board; 
 5.1.2 an annual cash retainer of $25,000 to each
Director; 
 5.1.3 an annual cash retainer of $10,000 to each member of the Audit Committee; 

5.1.4 an annual cash retainer of $10,000 to each member of the Compensation Committee; 

5.1.5 an annual cash retainer of $10,000 to each member of the Nominating and Corporate Governance Committee; and 

5.1.6 an annual cash retainer of $10,000 to each member of the Investment Committee. 

5.2 [Reserved]. 
 5.3
Directors’ and Officers’ Insurance. The Company will purchase, within a reasonable period following the date hereof, and maintain for such periods as the Board determines, at its expense, insurance
providing coverage to the maximum extent permissible under Maryland law, on behalf of any Person who after the date hereof is or was a Director or officer of the Company, or is or was serving at the request of the Company as a Director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including any direct or indirect subsidiary of the Company, against any expense, liability or loss asserted against

  
 16 

 
such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as such, subject to customary exclusions, and covering the Company for any
indemnification or advance of expenses made by the Company to such person for any claims arising out of such Person’s status as such. The Company hereby acknowledges that any Director, officer or other indemnified Person covered by any such
indemnity insurance policy (any such Person, a “Covered Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by the Stockholder or its Affiliates with whom such Covered
Indemnitee is affiliated (collectively, the “Stockholder Indemnitors”). The Company hereby agrees (a) that the Company shall be the indemnitor of first resort (i.e., its obligations to a Covered Indemnitee shall be
primary and any obligation of any Stockholder Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Covered Indemnitee shall be secondary) and (b) the Company irrevocably waives,
relinquishes and releases the Stockholder Indemnitors from any and all claims against the Stockholder Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or
payment by the Stockholder Indemnitors on behalf of a Covered Indemnitee with respect to any claim for which such Covered Indemnitee has sought indemnification from the Company shall affect the foregoing and the Stockholder Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Covered Indemnitee against the Company. The provisions of this Section 5.3 will survive any termination of this
Agreement. Any Stockholder Indemnitor or insurer thereof not a party to this Agreement is an express third-party beneficiary of this Section 5.3 and is entitled to enforce this Section 5.3 according to its terms to the same extent as if
such Stockholder Indemnitor or insurer thereof were a party hereto. 
 5.4 NL Holdco Distributions. The Company agrees that it shall
use commercially reasonable efforts to promptly issue certificates or book-entry confirmations (as determined by the Company) in connection with any distribution of Common Stock by NL Holdco to its members to reflect such transfer. 

5.5 Confidentiality. 

5.5.1 Each of the Stockholders and Pangea agrees that it will keep confidential and will not disclose, divulge or use for any
purpose, other than to monitor its investment in the Company and its subsidiaries, any confidential information obtained from the Company, unless such confidential information (a) is known or becomes known to the public in general (other than
as a result of a breach of this Section 5.5 by such Stockholder, such Stockholder’s Affiliates, Pangea or Pangea’s Affiliates), (b) is or has been independently developed or conceived by such Stockholder or Pangea without use of the
Company’s confidential information or (c) is or has been made known or disclosed to such Stockholder or Pangea by a third party (other than an Affiliate of such Stockholder or Pangea) without a breach of any obligation of confidentiality
such third party may have; provided, however, that (i) a Stockholder or Pangea may disclose confidential information (x) to its Representatives, in each case in the ordinary course of business on a “need to know”
basis, or (y) as determined in the reasonable opinion of such Stockholder’s or Pangea’s legal counsel, as otherwise required by law or legal, judicial or regulatory process or requested by any regulatory or self-regulatory authority
or examiner, provided that such Stockholder or Pangea shall be responsible for any disclosure of any confidential 

  
 17 

 
information or breach of the provisions of this Section 5.5.1 by any such Persons under clause (x) and shall take commercially reasonable steps, at its sole cost and expense, to
minimize the extent of any required disclosure described in clause (y); and (ii) in the case of NL Holdco, NL Holdco may disclose confidential information to its members only (A) to the extent that such member would be entitled to such
information if it were a stockholder of the Company or (B) with the Company’s consent, which consent shall not be unreasonably withheld. Each party hereto acknowledges that HG Vora Capital Management, LLC, Pangea, the West Stockholders and
any of their respective Affiliates and related investment funds may review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly
with those of the Company and its subsidiaries, and may trade in the securities of such enterprises. Nothing in this Section 5.5 will preclude or in any way restrict HG Vora Capital Management, LLC, Pangea, the West Stockholders or their
respective Affiliates or related investment funds from investing or participating in any particular enterprise, or trading in the securities thereof, whether or not such enterprise has products or services that compete with those of the Company and
its subsidiaries. 
 5.5.2 It is agreed that irreparable harm would occur and money damages would not be a sufficient remedy
for any breach of Section 5.5.1 by any Stockholder, Pangea or NL Holdco, as applicable, or any of their respective Representatives, and that the Company shall be entitled to injunctive relief, specific performance and/or other appropriate
equitable remedies for such breach without the necessity of posting of a bond or demonstrating actual damages. Such remedies shall not be deemed to be the exclusive remedy for breach of Section 5.5.1, but shall be in addition to all remedies
available under law or in equity. 
 6. REMEDIES. 

The Company, Pangea and each Stockholder will have all remedies available at law, in equity or otherwise in the event of any breach or
violation of this Agreement or any default hereunder by the Company, Pangea or any Stockholder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the
parties hereto will be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. 

7. AMENDMENT, TERMINATION, ETC. 
 7.1 Oral
Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor will any oral waiver of any of its terms be effective. 

7.2 Written Modifications; Additional Stockholders. This Agreement may be amended, modified, extended or terminated, and the provisions
hereof may be waived, only by an agreement in writing signed by the Company, Pangea and each of the Stockholders (but only for so long as such Stockholder or Pangea, as applicable, continues to Beneficially Own any shares of Common Stock). Each such
amendment, modification, extension, termination and waiver will be 

  
 18 

 
binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party or holder. Additional Stockholders may become party
to this Agreement with the consent of the Company, Pangea and each of the Stockholders (but only for so long as such Stockholder or Pangea, as applicable, continues to own any shares of Common Stock). 

7.3 Effect of Termination. This Agreement shall terminate automatically, with respect to any Stockholder or Pangea, upon the date as of
which such Stockholder or Pangea ceases to Beneficially Own any Common Stock. No expiration or termination of this Agreement or any part hereof will relieve any Person of liability for a breach at or prior to such expiration or termination. 

8. DEFINITIONS. 
 For purposes of this
Agreement: 
 8.1 Certain Matters of Construction. In addition to the definitions referred to or set forth below in this
Section 8: 
 (a) The words “hereof”, “herein”, “hereunder” and words
of similar import refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and references to a particular Section of this Agreement include all subsections thereof; 

(b) The word “including” means including, without limitation; 

(c) Definitions are equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and 

(d) The masculine, feminine and neuter genders shall each be deemed to include the other. 

8.2 Definitions. The following terms shall have the following meanings: 

“Affiliate” means, with respect to any specified Person, any other Person which directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise). 
 “Agreement” has the meaning set forth in the Preamble. 

“Applicable Law” means any laws, regulations or other rules applicable to the Company, including, for the avoidance of doubt,
the rules and regulations of any securities exchange on which the securities of the Company may from time to time be listed. 

“Articles of Incorporation” has the meaning set forth in Section 2.1.1. 

  
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 “Beneficially Own” means with respect to any Person, securities of which
such Person or any of such Person’s Affiliates, directly or indirectly, has “beneficial ownership” as determined pursuant to Rule 13d-3 and Rule 13d-5 of
the Exchange Act and shall be deemed to include the shares of Common Stock that such Person would receive upon liquidation of NL Holdco (which shares shall also be deemed to be Beneficially Owned by NL Holdco for so long as NL Holdco remains the
record owner of such shares). 
 “Board” has the meaning set forth in Section 2.1.1. 

“business day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Bylaws” means the bylaws of the Company in effect from time to time. 

“Commission” means the Securities and Exchange Commission. 

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

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

“Company Indemnitee” has the meaning set forth in Section 4.6.5. 

“Company Organizational Documents” means the Bylaws and the Articles of Incorporation. 

“Covered Action” has the meaning set forth in Section 10.1. 

“Covered Indemnitee” has the meaning set forth in Section 5.3. 

“Director” means a director on the Board. 

“Director Election Meeting” means any meeting of stockholders of the Company at which Directors are to be elected to the
Board. 
 “Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time. 

“Existing Director” has the meaning set forth in Section 2.1.1. 

“FINRA” means the Financial Industry Regulatory Authority. 

“HG Vora” has the meaning set forth in the Preamble. 

“HG Vora Nominated Director” means a Director that has been designated by HG Vora for election as Nominee or appointment
pursuant to Section 2.1.2(a). 
 “Independent Nominee” means, with respect to a Stockholder having the right to
designate Nominees hereunder, a Person who is not an officer, director, principal, managing director, partner, employee, associate or affiliate of, and does not have any material financial interest in or compensatory relationship with, such
Stockholder or any of its Affiliates. For the avoidance of 

  
 20 

 
doubt, in no event shall Pangea or its Affiliates be deemed or considered an Affiliate of any of the West Stockholders for purposes of this definition and the fact that a person is an officer,
director, principal, managing director, partner, employee, associate or affiliate of Pangea or any of its Affiliates shall not preclude such person from being an Independent Nominee with respect to the West Stockholders regardless of whether any
West Stockholders have business dealings or arrangements with Pangea or any of its Affiliates. 
 “IPO” means an initial
Public Offering of securities of the Company on the New York Stock Exchange, the Nasdaq, the Toronto Stock Exchange, the Canadian Securities Exchange, the NEO Exchange, Inc., the OTCQX Best Market or OTCQB Venture Market or on any of their
respective affiliate exchanges (or any successors to any of the foregoing). 
 “Issuer Free Writing Prospectus” means an
issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of the Registrable Shares. 

“Loss” and “Losses” has the meaning set forth in Section 4.6.1. 

“Merger Agreement” has the meaning set forth in the Recitals. 

“Necessary Action” means, as applicable to accomplish a particular action, (a) voting, or providing a written consent or
proxy with respect to, shares of Common Stock to elect or remove a Director, (b) causing the adoption of stockholder resolutions, (c) amending the Company Organizational Documents, and (d) using reasonable best efforts to cause
Directors (to the extent such Directors were nominated by the Person obligated to undertake the Necessary Action, but subject to any applicable fiduciary duties) to act in a certain manner or causing them to be removed in the event they do not act
in such a manner, including by requesting such Directors to fill a vacancy in accordance with this Agreement. 
 “NL
Holdco” has the meaning set forth in the Preamble. 
 “NL Holdco Nominated Director” means a Director that has
been designated by NL Holdco for election as Nominee or appointment pursuant to Section 2.1.2(b). 
 “No Recourse
Persons” has the meaning set forth in Section 9.7. 
 “Nominee” means a nominee proposed for election as
Director by the Company. 
 “Original IRA” has the meaning set forth in the Recitals. 

“Pangea” has the meaning set forth in the Recitals. 

“Pangea Nominated Director” means a Director that has been designated by Pangea for election as Nominee or appointment
pursuant to Section 2.1.2(b). 
 “Person” means any individual, partnership, corporation, company, association, trust,
joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

  
 21 

 “Piggyback Notice” has the meaning set forth in Section 4.1.1. 

“Piggyback Registration” has the meaning set forth in Section 4.1.1. 

“Pro Rata Portion” means, with respect to each Stockholder requesting that its shares be registered or sold in an
Underwritten Public Offering, a number of such shares equal to the aggregate number of Registrable Shares to be registered or sold (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator
of which is the aggregate number of Registrable Shares held by such Stockholder (or in the case of a West Stockholder, the aggregate number of Registrable Shares Beneficially Owned by such West Stockholder, including those Registrable Shares
Beneficially Owned through NL Holdco), and the denominator of which is the aggregate number of Registrable Shares held by all Stockholders (which, in the case of a West Stockholder, may include Registrable Share Beneficially Owned through NL Holdco)
requesting that their Registrable Shares be registered or sold. 
 “Prospectus” means (i) the prospectus included in
any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing
Prospectus. 
 “Public Date” means the date of the earlier to occur of (i) the consummation of the Company’s IPO,
and (ii) the Common Stock being listed for trading on the New York Stock Exchange, the Nasdaq, the Toronto Stock Exchange, the Canadian Securities Exchange, the OTCQX Best Market or OTCQB Venture Market or on any of their respective affiliate
exchanges (or any successors to any of the foregoing). 
 “Public Offering” means a public offering and sale of Common
Stock for cash pursuant to an effective registration statement under the Securities Act (other than a Registration Statement on Form S-3, Form F-4 or Form S-8 or any successor form). 
 “Registering Stockholder” has the meaning set forth in
Section 4.1.1. 
 “Registration” means a registration under the Securities Act of the offer and sale to the public of
any Registrable Shares under a Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

“Registration Rights Agreement” means that certain Amended and Restated Registration Rights Agreement entered into among the
Company, GreenAcreage Operating Partnership, LP and certain of the Company’s stockholders, including the Stockholders, as of the date hereof. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the Commission
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material
incorporated by reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4, Form F4 or Form S-8 or any
successor form thereto. 

  
 22 

 “Registrable Shares” shall have the meaning set forth in the Registration
Rights Agreement. 
 “Registration Event” has the meaning set forth in Section 3.2. 

“Removal Request” has the meaning set forth in Section 2.1.5. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor provision). 

“Sale” means a transfer for value; and “Sell” and “Sold” shall each have a correlative
meaning. 
 “Securities Act” means the Securities Act of 1933, as in effect from time to time. 

“Selling Holder Information” has the meaning set forth in Section 4.6.1. 

“Stockholders” has the meaning set forth in the Preamble. 

“Stockholder Indemnitors” has the meaning set forth in Section 5.3. 

“Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial
institution conducted as an underwritten Public Offering. 
 “West Nominated Director” means a Director that has been
designated by the West Stockholders for election as Nominee or appointment pursuant to Section 2.1.2(b). 
 “West
Stockholders” has the meaning set forth in the Preamble. 
 “West Holdco Shares” has the meaning set forth in
Section 4.8. 
 9. MISCELLANEOUS. 
 9.1
Authority; Effect. Each party hereto represents and warrants to and agrees with each other party hereto that (a) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly
authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which such party’s assets are bound and (b) this Agreement constitutes a legal, valid and binding obligation of such
party, enforceable against such party in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting the rights and remedies of creditors generally and (ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties
hereto, or to constitute any of such parties members of a joint venture or other association. 

  
 23 

 9.2 Notices. Any notices and other communications required or permitted in this
Agreement shall be effective if in writing and (a) delivered personally or (b) sent (i) by nationally-known, reputable overnight carrier, (ii) by registered or certified mail, postage prepaid, or (iii) by facsimile, in each case,
addressed as follows: 
 If to the Company: 

GreenAcreage Real Estate Corp. 

300 Park Ave, 12th Floor 

New York, NY 10022 
 with a copy
(which shall not constitute notice) to: 
 Morgan, Lewis & Bockius LLP 

101 Park Avenue, 40th Floor 
 New
York, NY 10178 
 Attn: Sheryl Orr 

If to HG Vora: 
 c/o HG Vora
Capital Management, LLC 
 330 Madison Avenue, 20th Floor 

New York, NY 10017 
 Attention:
Mandy Lam 
 with a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, MA 02199 

Attention: Jeffrey Katz, Esq. 

Facsimile: 617-951-7000 

If to the West Stockholders: 

West Family Investments, Inc. 

1603 Orrington Avenue, Suite 810 

Evanston, IL 60201 
 Attention:
Andrea Borrego Dawkins 
 Email: andrea.dawkins@gowestinvest.com 

c/o West Development LLC 
 5800
Armada Drive, Suite 100 
 Carlsbad, CA 92008 

Attention: Marc D. Harper 
 Email:
mdharper@westdevllc.com; 

  
 24 

 c/o West Health 

10350 North Torrey Pines Road 
 La
Jolla, CA 92037 
 Attention: Shelley Lyford 

Email: slyford@westhealth.org 

with a copy (which shall not constitute notice) to: 

McDermott Will & Emery LLP 

444 West Lake Street, Suite 4000 

Chicago, IL 60606 
 Attention:
Scott M. Williams, Esq. 
 Facsimile: 312-277-7641 

If to NL Holdco: 
 NLCP Holdings,
LLC 
 549 West Randolph St 

Chicago, IL 60661 
 Attention:
Anthony Coniglio 
 with a copy (which shall not constitute notice) to: 

Hunton Andrews Kurth LLP 
 2200
Pennsylvania Avenue NW 
 Washington, DC 20037 

Attention: Robert K. Smith 

Facsimile: 202-955-1611 

If to Pangea: 
 NL Ventures, LLC

 549 West Randolph St 

Chicago, IL 60661 
 Attention:
Peter Martay 
 Notice to the holder of record of any shares of capital stock will be deemed to be notice to the holder of such shares for
all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications will be deemed effective (a) on the
date received, if personally delivered, (b) one business day after being sent by nationally-known, reputable overnight carrier, (c) three business days after deposit with the U.S. Postal Service, if sent by registered or certified mail,
and (d) when receipt is acknowledged, in the case of facsimile. Each party hereto is entitled to specify a different address by giving notice as aforesaid to the Company and HG Vora. 

  
 25 

 9.3 Binding Effect, Etc. Except for the Registration Rights Agreement, this Agreement
constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and is binding upon and will inure to the
benefit of the parties hereto and their respective heirs, representatives, successors and assigns. Except as otherwise expressly provided herein (including Section 2.1.2(b)), no party hereto may assign any of its respective rights or delegate
any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing will be null and void. 

9.4 Descriptive Headings. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a
part hereof and will not be construed to define or limit any of the terms or provisions hereof. 
 9.5 Counterparts. This Agreement
may be executed in multiple counterparts, each of which will be deemed an original, but all of which taken together constitute one instrument. A facsimile or electronic signature will be considered due execution and will be binding upon the
signatory thereof with the same force and effect as if the signature were an original. 
 9.6 Severability. In the event that any
provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision will be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under,
applicable law and the parties will 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 to the fullest extent possible. The provisions hereof are
severable, and in the event any provision hereof is held invalid or unenforceable in any respect, that will not invalidate, render unenforceable or otherwise affect any other provision hereof. 

9.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each party to this Agreement covenants,
agrees and acknowledges that, except in the case of fraud or willful misconduct, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement will be had against any former, current or future, direct
or indirect director, officer, employee, agent or affiliate of HG Vora Capital Management, LLC, NL Holdco, Pangea or any of the West Stockholders, any former, current or future, direct or indirect holder of any equity interests or securities of HG
Vora Capital Management, LLC, NL Holdco, Pangea or any of the West Stockholders (in each case, whether such holder is a limited or general partner, member, stockholder or otherwise), any former, current or future assignee of HG Vora Capital
Management, LLC, NL Holdco, Pangea or any of the West Stockholders or any former, current or future director, officer, employee, general or limited partner, manager, member, stockholder, affiliate, controlling Person, or assignee of any of the
foregoing (collectively, the “No Recourse Persons”), as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly
agreed and acknowledged that, except in the case of fraud or willful misconduct, no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any No Recourse Person for any obligation of HG Vora, NL Holdco, Pangea or
the West Stockholders under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

  
 26 

 10. GOVERNING LAW. 

10.1 Governing Law. This Agreement and all Covered Actions will be governed by and construed in accordance with the domestic
substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. As used herein, the term
“Covered Action” means any action claim, cause of action or suit (whether based in contract, tort or otherwise), inquiry, proceeding or investigation arising out of, based upon or relating to this Agreement or relating to the
subject matter hereof. 
 10.2 Consent to Jurisdiction; Venue; Service. Each party to this Agreement, by its execution hereof,
(a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the State of New York for the purpose of any Covered Action, (b) hereby waives to the extent not prohibited
by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any Covered Action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or any Covered Action or the subject matter hereof or
thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any Covered Action other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause
the transfer or removal of any such Covered Action to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Each party consents to service of process in any Covered Action in any manner
permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9.2 hereof is reasonably calculated to give actual notice. Notwithstanding the
foregoing in this Section 10.2, a party may commence any action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

10.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND
COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR
INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY
HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 10.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
 27 

 10.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of any
right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement will impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or
default, or of any similar breach or default occurring later; nor will any such delay, omission or waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

[Signature Pages Follow] 

  
 28 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

									
	THE COMPANY:	 		 	GREENACREAGE REAL ESTATE CORP.
					
		 		 		 	By:	 	/s/ David Weinstein
		 		 		 		 	Name:  David Weinstein
		 		 		 		 	Title:    Chief Executive Officer
			
	HG Vora	 		 	HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD.
			
		 		 	By: HG Vora Capital Management, LLC, as investment adviser
					
		 		 		 	By:	 	/s/ Mandy Lam
		 		 		 		 	Name:  Mandy Lam
		 		 		 		 	Title:    Authorized Signatory
			
	West Stockholders	 		 	WEST INVESTMENT HOLDINGS, LLC
					
		 		 		 	By:	 	/s/ Marc D. Harper
		 		 		 		 	Name:  Marc D. Harper
		 		 		 		 	Title:    Treasurer
			
		 		 	WEST CRT HEAVY, LLC
					
		 		 		 	By:	 	/s/ Marc D. Harper
		 		 		 		 	Name:  Marc D. Harper
		 		 		 		 	Title:    Treasurer
			
		 		 	 GARY AND MARY WEST FOUNDATION

					
		 		 		 	By:	 	/s/ Shelley M. Lyford
		 		 		 		 	Name:  Shelley M. Lyford
		 		 		 		 	Title:    President & CEO
			
		 		 	 GARY AND MARY WEST HEALTH ENDOWMENT, INC.

					
		 		 		 	By:	 	/s/ Shelley M. Lyford
		 		 		 		 	Name:  Shelley M. Lyford
		 		 		 		 	Title:    President & CEO

  
 [Signature Pages to
Amended and Restated Investor Rights Agreement] 

									
			
		 		 	   GARY AND MARY WEST 2012 GIFT TRUST
					
		 		 		 	    By:	 	/s/ Thomas J. Culhane
		 		 		 		 	Name:  Thomas J. Culhane
		 		 		 		 	Title:    Trustee

									
			
		 		 	            WFI CO-INVESTMENTS

									
					
		 		 		 	   By:	 	/s/ Marc D. Harper
		 		 		 		 	Name:  Marc D. Harper
		 		 		 		 	Title:    Manager

									
			
	NL Holdco	 		 	NLCP HOLDINGS, LLC
					
		 		 		 	By:	 	/s/ Anthony Coniglio
		 		 		 		 	Name:  Anthony Coniglio
		 		 		 		 	Title:    President

									
			
	Pangea	 		 	NL VENTURES, LLC
					
		 		 		 	By:	 	/s/ Patrick Borchard
		 		 		 		 	Name:  Patrick Borchard
		 		 		 		 	Title:    Chief Financial Officer

  
 [Signature Pages to
Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to, and be bound by, as a “Stockholder,” the Amended and Restated Investor
Rights Agreement of GreenAcreage Real Estate Corp. (the “Company”), dated as of _______ __, 2021, by and among: (i) the Company; and (ii) certain holders of the Company’s outstanding securities (if any), as the same
may be in effect from time to time. 
  

	
	
	   

	Name of Stockholder

			
		
	By:	 	 
		 	(if applicable)
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: _________ ___, 20__ 

Address for notices: 

__________________________ 

__________________________ 

__________________________EX-10.16

 Exhibit 10.16 

Execution Version 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Amended and Restated Registration Rights Agreement (this “Agreement”) is made and entered into as of March 2,
2021, by and among (i) GreenAcreage Real Estate Corp., a Maryland corporation (together with any successor entity thereto, the “Company”), (ii) each of the Affiliated Holders, (iii) HG Vora Special Opportunities
Master Fund, Ltd., a Cayman Islands exempted company (“HG Vora”), (iv) GreenAcreage Operating Partnership, LP, a Delaware limited partnership (together with any successor entity thereto, the “Operating
Partnership”), (v) West Investment Holdings, LLC, a Delaware limited liability company, West CRT Heavy, LLC, a Delaware limited liability company, Gary and Mary West Foundation, a Nebraska private foundation, Gary and Mary West Health
Endowment, Inc., a Delaware nonprofit, non-stock corporation, Gary and Mary West 2012 Gift Trust, a Georgia irrevocable trust, and WFI Co-investments, LLC, an Illinois
limited liability company (all such entities in this clause (v) collectively, the “West Stockholders”) and (vi) NLCP Holdings, LLC, a Delaware limited liability company (“NL Holdco”). 

RECITALS 
 WHEREAS,
the Original Agreement was entered into pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of August 12, 2019, among the Company, the Operating Partnership, GreenAcreage
Management LLC, a Delaware limited liability company, and the initial purchasers/placement agents named therein in connection with the sale and issuance by the Company of an aggregate of 6,750,000 shares of the Company’s common stock, par value
$0.01 per share (“Common Stock”) (plus up to an additional 1,012,500 shares of Common Stock that the initial purchasers/placement agents had the option to purchase or place (the “Private Offering and Private
Placement”); and 
 WHEREAS, in connection with the transactions contemplated by the Merger Agreement (as defined
below), the parties hereto desire to amend and restate the Original Agreement as set forth herein. 
 NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows: 
 AGREEMENT 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

Accredited Investor Shares: The Shares sold by the Company to “accredited investors” (within the meaning of Rule 501(a)
promulgated under the Securities Act) prior to the date hereof or issued pursuant to the Merger (as defined in the Merger Agreement), or Shares issued upon the valid exercise of options or warrants. 

 Affiliate: As to any specified Person, (i) any Person directly or
indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or
general partner of such Person, and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Affiliated Holder(s): (i) KBA Green Holdings LLC, (ii) Gordon DuGan, (iii) Kevin Murphy, and (iv) officers and
directors of the Company set forth on the signature page to the Original Agreement (which in the case of clause (iv) shall include such officers or directors who purchased Shares in the Private Offering and Private Placement); for the avoidance
of doubt, Affiliated Holder(s) shall not include HG Vora, NL Holdco or any West Stockholder. 
 Agreement: As defined in the
preamble. 
 Board of Directors: As defined in Section 5(j) hereof. 

Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which banking institutions in the State of New York, the Province of Ontario, or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 

Bylaws: The bylaws of the Company going into effect at the Effective Time (as defined in the Merger Agreement), as the same may
be amended from time to time. 
 Canadian Control Person: A “control person” as defined under applicable Canadian
Securities Laws, which generally means a Person, or combination of Persons, who holds a sufficient number of the outstanding voting securities of an issuer to materially affect control of the issuer. In the absence of evidence to the contrary, a
Person, or combination of Persons, holding more than 20% of such voting securities is deemed to be a control person under applicable Canadian Securities Laws. 

Canadian Prospectus: A preliminary prospectus and a final prospectus (including the short forms thereof) prepared in accordance
with applicable Canadian Securities Laws for the purposes of qualifying securities for distribution or distribution to the public, or becoming a reporting issuer (as defined under applicable Canadian Securities Laws) which would allow the Company to
become eligible for listing on the applicable Canadian Securities Exchange, as the case may be, in any province or territory of Canada, including all amendments and supplements thereto. 

Canadian Securities Laws: The applicable securities laws in any province or territory of Canada including applicable rules,
regulations, instruments, rulings, policy statements, notices, blanket rulings, orders, communiqués and interpretation notes issued thereunder or in relation thereto, promulgated by the Commissions in Canada, as the same may hereinafter be
amended from time to time or replaced. 

  
 2 

 Charter: The Articles of Amendment and Restatement of the Company going into
effect at the Effective Time (as defined in the Merger Agreement), as the same may be amended from time to time. 
 Closing
Date: The date of the Closing, as defined in the Merger Agreement. 
 Commissions: (i) The SEC, and (ii) any
securities commission or securities regulatory authority in each applicable province and territory of Canada, or, in each case, any successor regulatory authorities having similar powers in the United States or Canada, as the case may be. 

Common Stock: As defined in the recitals. 

Company: As defined in the preamble. 

Controlling Person: As defined in Section 8(a) hereof. 

Direct Canadian Listing: As defined in Section 2(f) hereof. 

Effectiveness Deadline: As defined in Section 2(a)(ii) hereof. 

End of Suspension Notice: As defined in Section 7(b) hereof. 

Exchange Act: The U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC
thereunder. 
 FINRA: The Financial Industry Regulatory Authority, Inc., formerly the National Association of Securities
Dealers, Inc. 
 HG Vora: As defined in the preamble. 

Holder: Each record owner of any Registrable Shares from time to time, who has executed this Agreement or otherwise become bound
by it through a joinder or other written instrument. 
 Holder Underwritten Offering Threshold: As defined in
Section 5(k) hereof. 
 Indemnified Party: As defined in Section 8(c)
hereof. 
 Indemnifying Party: As defined in Section 8(c) hereof. 

Initial Offering: The initial underwritten public offering of securities of the Company in any jurisdiction. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

Issuer Free Writing Prospectus: An offer that would constitute an “issuer free writing prospectus,” as defined in Rule
433 or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the SEC. 

  
 3 

 Investor Rights Agreement: That certain Amended and Restated Investor Rights
Agreement, dated as of the date hereof (as the same may be amended from time to time), by and among the Company, HG Vora, the West Stockholders and certain other parties thereto. 

Law: Any and all laws, including all federal, state, provincial, territorial and local statutes, codes, ordinances, guidelines,
decrees, rules, regulations and municipal by-laws and all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other
requirements of any Person binding on or affecting the Person referred to in the context in which the term is used. 

Liabilities: As defined in Section 8(a) hereof. 

Mandatory Shelf Registration Statement: A Registration Statement filed by the Company pursuant to
Section 2(a)(ii) or Section 2(a)(iii) hereof. 
 Merger Agreement: That
certain Agreement and Plan of Merger, dated as of the date hereof, by and among the Company, NL Merger Sub, LLC and NewLake. 

NewLake: means NewLake Capital Partners, Inc. 

NL Holdco: As defined in the preamble. 

NI 44-101: means National Instrument 44-101 of
the Canadian Securities Administrators entitled “Short Form Prospectus Distributions,” and any successor policy, rule, regulation or similar instrument. 

No Objections Letter: As defined in Section 5(s) hereof. 

Operating Partnership: As defined in the preamble. 

Original Agreement: That certain Registration Rights Agreement dated as of August 12, 2019, by and among (i) the
Company, (ii) the initial purchasers/placement agents named therein, for the benefit of the purchasers of the Common Stock in the Private Offering and Private Placement, and the direct and indirect transferees of the initial
purchasers/placement agents and the purchasers, (iii) each of the Affiliated Holders, (iv) HG Vora, and (v) the Operating Partnership. 

Person: An individual, corporation, limited liability company, partnership, trust, unincorporated organization, government or
agency or political subdivision thereof, or any other legal entity. 
 Private Offering and Private Placement: As defined in
the recitals. 
 Proceeding: An action (including a class action), claim, suit or proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 

  
 4 

 Prospectus: The prospectus included in any Registration Statement, including
any preliminary prospectus at the applicable “time of sale” within the meaning of Rule 159 under the Securities Act, and all other amendments and supplements to any such prospectus, including post-effective amendments to the applicable
Registration Statement, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 

Purchaser Indemnitee: As defined in Section 8(a) hereof. 

register, registered and registration: A registration effected by preparing and filing a registration statement in compliance
with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. In addition, unless inconsistent with the context: (i) the term “registration” and any references to the act of
“registering” or being “registered” include (a) the qualification under applicable Canadian Securities Laws of a Canadian Prospectus in respect of a distribution or distribution to the public, as the case may be, of
securities, (b) enabling Holders (other than Canadian Control Persons under applicable Canadian Securities Laws) to freely trade the Registrable Shares in Canada, and (c) the elimination of restrictions as to resale of securities in a
jurisdiction of Canada (other than any restrictions imposed on Canadian Control Persons under applicable Canadian Securities Laws); (ii) the term “registration statement” includes a Canadian Prospectus; and (iii) any references to a
registration statement having become effective, or similar references, shall include a Canadian Prospectus for which a final receipt has been obtained from the relevant Canadian Commissions. Any registration of securities that occurs
concurrently in Canada and the United States shall be counted as a single registration for the purposes of this Agreement. 

Registrable Shares: The Rule 144A Shares, the Regulation S Shares and the Accredited Investor Shares, upon original issuance
thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder, and any shares or other securities of the Company issued in respect of such Registrable Shares by reason of or in
connection with any stock dividend, stock distribution, stock split, purchase in any rights offering, or in connection with any exchange for or replacement of such Registrable Shares by reason of or in connection with any recapitalization, merger or
consolidation, or any combination of shares or any other equity securities of the Company issued pursuant to any other pro rata distribution with respect to the Rule 144A Shares, the Regulation S Shares and the Accredited Investor Shares, until, in
the case of any such share, the earliest to occur of (i) the date on which the resale of such share has been registered and it has been disposed of in accordance with the Registration Statement relating to the resale of such share,
(ii) the date on which such share has been disposed of pursuant to Rule 144, or any similar provision then in effect under the Securities Act, or applicable Canadian Securities Laws, or (iii) the date on which such share is sold to the
Company. 
 Registration Expenses: Any and all fees and expenses incident to the Company’s performance of or compliance
with this Agreement, including, without limitation: (i) all Commission, FINRA or other registration and filing fees; (ii) all fees and expenses incurred in connection with compliance with the Securities Laws and any other international,
federal or state securities or blue sky Laws (including, without limitation, any registration, listing and filing fees, and reasonable fees and disbursements of counsel in connection with qualification of any of the Registrable Shares under blue sky
Laws, the preparation of a blue sky memorandum, and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word 

  
 5 

 
processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any certificates, and any other documents
relating to the performance under and compliance with this Agreement; (iv) all fees and expenses incurred in connection with the initial listing or inclusion of any of the Registrable Shares on any Securities Exchange pursuant to Sections
5(m) and 6(j) hereof; (v) the fees and disbursements of counsel for the Company and of the independent registered public accounting firm of the Company (including, without limitation, the expenses of any special audit and
“comfort” letters required by or incident to the performance of this Agreement); (vi) the reasonable fees and disbursements of one nationally-recognized U.S. securities law counsel and, if relevant, one nationally recognized Canadian
securities law counsel, in each case reasonably acceptable to the Company, selected by HG Vora and the West Stockholders (provided, that if either the West Stockholders or HG Vora provides written notice to the other party identifying a
proposed counsel, the other party, as applicable, shall have ten days to consent to such counsel and, if such party has not provided written notice of their acceptance or rejection of such counsel within ten days following delivery by HG Vora or the
West Stockholders, as applicable, of written notice identifying the proposed counsel, HG Vora’s or the West Stockholders’ proposed counsel, as applicable, shall be deemed accepted by HG Vora or the West Stockholders, as applicable), to
serve as counsel for the selling Holders or, in the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold, selected by the Holder or Holders requesting such Underwritten Offering (such counsel, the “Selling
Holders’ Counsel”); provided, however, that except in the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold, Holders holding a majority of the Registrable Shares may object to the
appointment of such nationally-recognized securities law counsel as Selling Holders’ Counsel and appoint a new Selling Holders’ Counsel; and (vii) any other fees and disbursements customarily paid by issuers in connection with the
registration of sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement); provided, however, that Registration Expenses shall exclude (a) any and
all brokers’ or underwriters’ discounts and commissions, transfer taxes, and transfer fees relating to the sale or disposition of Registrable Shares by a Holder, and (b) the fees and expenses of any counsel to the Holders, except as
provided for in clause (vi) above. 
 Registration Statement: Any registration statement of the Company that covers the
resale, or enables the free trading, of Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including
pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. The term
“Registration Statement” includes a Canadian Prospectus, and any references herein to a Registration Statement having become effective, or similar references, shall include a Canadian Prospectus for which a final receipt has been obtained
from the relevant Canadian Commission(s). 
 Regulation S: Regulation S (Rules
901-905) promulgated by the SEC under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC as a replacement thereto having
substantially the same effect as such regulation. 

  
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 Regulation S Shares: The Shares initially sold by the Company to the initial
purchasers/placement agents and resold by the initial purchasers/placement agents pursuant to the Purchase/Placement Agreement to “non-U.S. persons” (in accordance with Regulation S) as purchasers in
an “offshore transaction” (in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the SEC pursuant
to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 144A: Rule 144A promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 144A Shares: The Shares initially sold by the Company to the initial purchasers/placement agents and resold by the initial
purchasers/placement agents pursuant to the Purchase/Placement Agreement to “qualified institutional buyers” (as such term is defined in Rule 144A) as purchasers. 

Rule 158: Rule 158 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 159: Rule 159 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 405: Rule 405 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 415: Rule 415 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 429: Rule 429 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

Rule 433: Rule 433 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

SEC: The U.S. Securities and Exchange Commission. 

  
 7 

 Securities Act: The U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated by the SEC thereunder. 
 Securities Exchange: The NYSE American, the New York Stock Exchange, the
Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the Toronto Stock Exchange, the Canadian Securities Exchange, the NEO Exchange, Inc., the TSX Venture Exchange, the OTCQX Best Market or the OTCQB Venture Market (or
any successors to any of the foregoing). 
 Securities Laws: Unless inconsistent with the context, the Canadian Securities
Laws and the U.S. Securities Laws. 
 Selling Holders’ Counsel: As defined in clause (vi) of the definition for
Registration Expenses. 
 Shares: The shares of Common Stock offered and sold pursuant to the terms and conditions of the
Purchase/Placement Agreement and all other Accredited Investor Shares. 
 Short Form Registration: A registration effected
using (i) Form S-3, Form F-3 or Form F-10 (or any comparable or successor form or forms under the applicable U.S. Securities
Laws), if the IPO Registration Statement was completed in the United States, or (ii) a short form Canadian Prospectus in the form of Form 44-101F1 pursuant to NI
44-101 (or any comparable or successor form or forms under the Canadian Securities Laws). 

Suspension Event: As defined in Section 7(b) hereof. 

Suspension Notice: As defined in Section 7(b) hereof. 

Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for
re-offering to the public, or a sale of securities of the Company to the public pursuant to a solicitation of purchasers by an underwriter or underwriters on an agency basis. 

U.S. Securities Exchange: The NYSE American, the New York Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the OTCQX Best Market or the OTCQB Venture Market. 
 U.S. Securities Laws: All
federal and state securities Laws of the United States and regulations promulgated thereunder, including, without limitation, the Securities Act and the Exchange Act. 

West Stockholders: As defined in the preamble. 

  
 8 

 2. Registration Rights 

(a) Mandatory Shelf Registration. 

(i) U.S. Securities Exchanges. As soon as practicable following the Closing Date, the Company agrees to contact and continue to engage
in discussions with various U.S. Securities Exchanges to determine whether any such U.S. Securities Exchange would be willing to accept the Company’s application to list the Common Stock on such U.S. Securities Exchange (the “U.S.
Listing Discussions”), with the goal of listing the Common Stock on such U.S. Securities Exchange within six months following the initial submission of such listing application. If, following the U.S. Listing Discussions, any U.S.
Securities Exchange (A) is willing to accept the Company’s application to list the Common Stock on such U.S. Securities Exchange, and (B) provides reasonable assurance to the Company that the Company will receive final approval to
list the Common Stock on such U.S. Securities Exchange within a reasonable time following the Company’s initial submission of such listing application (subject to the Company meeting all applicable listing standards (other than any listing
standards related to the Company’s business) of such U.S. Securities Exchange), the Company shall file a Mandatory Shelf Registration Statement pursuant to Section 2(a)(ii) hereof, and, following the effectiveness of
such Mandatory Shelf Registration Statement, shall thereafter not be subject to the provisions of Sections 2(a)(iii) and 6 hereof. Notwithstanding any provision of this Agreement to the contrary, if, following the U.S. Listing
Discussions, no U.S. Securities Exchange (A) is willing to accept the Company’s application to list the Common Stock on such U.S. Securities Exchange, or (B) provides reasonable assurance to the Company that it will receive final
approval to list the Common Stock on such U.S. Securities Exchange within a reasonable time following the Company’s initial submission of such listing application (subject to the Company meeting all applicable listing standards (other than any
listing standards related to the Company’s business) of such U.S. Securities Exchange), the Company shall file a Mandatory Shelf Registration Statement pursuant to Section 2(a)(iii) hereof, and, following the
effectiveness of such Mandatory Shelf Registration Statement, shall thereafter not be subject to the provisions of Sections 2(a)(ii) and 5 hereof. 

(ii) Mandatory Shelf Registration Statement in the United States. Subject to Section 2(a)(i) hereof, as set
forth in Section 5 hereof, the Company agrees to file a Mandatory Shelf Registration Statement as soon as reasonably practicable following the Closing Date, and take such other steps as may be necessary under the U.S.
Securities Laws to register the resales of the Registrable Shares held by the Holders pursuant to Rule 415 in order to facilitate distribution (including an Initial Offering) of such Registrable Shares from time to time in the United States. The
Company shall use its commercially reasonable efforts to (A) effect the registration, qualification or compliance (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other
state securities Laws and appropriate compliance with applicable Securities Laws and any other governmental requirements or regulations) as would permit or facilitate the sale and distribution of all of the Registrable Shares as soon as practicable
after the initial filing of the Mandatory Shelf Registration Statement, but, subject to Section 2(b)(ii), in no event later than the date that is 90 days following the date of the earlier to occur of (1) the effective
date of the IPO Registration Statement and (2) the Common Stock being listed for trading on a Securities Exchange (the “Effectiveness Deadline”) and (B) cause the Mandatory Shelf Registration to remain effective
until the date on which all shares of Common Stock included in the Mandatory Shelf Registration Statement cease to be Registrable Shares. If the Company has an effective Mandatory Shelf Registration Statement providing for the resale of the
Registrable Shares by the Holders and becomes eligible to use a Short Form Registration, the Company shall promptly give notice of such eligibility to the Holders and may, in its sole discretion, convert such Mandatory Shelf Registration Statement
to a Short Form Registration by means of a post-effective amendment or otherwise, unless the Holders notify 

  
 9 

 
the Company within 10 Business Days of receipt of the Company’s notice that such conversion would interfere with its distribution of Registrable Shares already in progress and provide a
reasonable explanation therefor, in which case the Company will delay the conversion of the Mandatory Shelf Registration Statement for a reasonable time after receipt of the first such notice, not to exceed 30 days. The Mandatory Shelf Registration
Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including an Underwritten Offering, a direct sale to purchasers, a sale through brokers or agents, or a sale over the
internet), by the Holders of any and all Registrable Shares. 
 (iii) Mandatory Shelf Registration Statement in Canada. Subject to
Sections 2(a)(i) and 2(f) hereof, as set forth in Section 6 hereof, the Company agrees to file a Mandatory Shelf Registration Statement as soon as reasonably practicable following the Closing Date, and take
such other steps as may be necessary under the Canadian Securities Laws to permit Holders (other than Canadian Control Persons under applicable Canadian Securities Laws) to freely trade such Registrable Shares in a jurisdiction of Canada under
applicable Canadian Securities Laws. The Company shall use its commercially reasonable efforts to cause a receipt for a final Canadian Prospectus to be issued by the applicable Canadian Commissions as soon as practicable after the initial filing of
the Mandatory Shelf Registration Statement, but, subject to Section 2(b)(ii), in no event later than the Effectiveness Deadline. 

(b) IPO Registration. If the Company proposes to file a Registration Statement with a Commission to provide for the Initial Offering of
shares of Common Stock (the “IPO Registration Statement”), the Company will notify in writing each Holder of the filing before (but not earlier than 10 Business Days before) or within five Business Days after the initial
filing of the IPO Registration Statement and afford each Holder an opportunity to include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration
Statement all or part of the Registrable Shares held by such Holder shall, within 20 days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of
Registrable Shares such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such Registrable Shares in the
Mandatory Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement. 
 (i) Right
to Terminate IPO Registration. The Company shall have the right to terminate or withdraw the IPO Registration Statement prior to the effectiveness of the IPO Registration Statement whether or not any Holder has elected to include Registrable
Shares in the Registration Statement; provided, however, the Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination or withdrawal.
Furthermore, in the event the IPO Registration Statement is not declared effective within 150 days following the initial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration
Statement is actually in progress at such time, the Company shall promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder
receiving such notice shall have the same election rights afforded to such Holder as described in clause (b) of this Section 2 above. 

  
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 (ii) Shelf Registration not Impacted by IPO Registration Statement. Subject to
Sections 2(a)(i) and 2(f) hereof, (A) the Company’s obligation to file the Mandatory Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness
of the IPO Registration Statement, and (B) the Company’s obligation to file and use its commercially reasonable efforts to cause to become and keep effective the Mandatory Shelf Registration Statement pursuant to
Section 2(a) hereof shall not be affected by the filing or effectiveness of an IPO Registration Statement. 
 (c)
Issuer Free Writing Prospectus. The Company represents that any Issuer Free Writing Prospectus will not include any information that conflicts with the information contained in any Registration Statement or the related Prospectus, and any
Issuer Free Writing Prospectus, when taken together with the information in such Registration Statement and the related Prospectus, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Underwriting. The
Company shall advise all Holders of the lead managing underwriter for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder to include Registrable Shares in the IPO Registration Statement pursuant to
Section 2(b) hereof shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Shares in such Underwritten Offering to the extent provided
herein. All Holders proposing to distribute their Registrable Shares through such Underwritten Offering shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected for such Underwritten Offering and
complete, execute and deliver any questionnaires, powers of attorney, indemnities, custody agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such Underwritten
Offering, and furnish to the Company such information in writing as the Company may reasonably request in writing for inclusion in the Registration Statement; provided, however, that no 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 Holder and such Holder’s intended method of distribution and any other representation
required by Law or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be
included in an IPO Registration Statement or Underwritten Offering, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration Statement or Underwritten Offering, as applicable, and any shares
included in such IPO Registration Statement or Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a
pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided, however, that the number of Registrable Shares to be included in the IPO Registration Statement shall not be
reduced unless all other securities of the Company held by (i) officers, directors, other employees of the Company and consultants and (ii) other holders of the Company’s capital stock with registration rights that are inferior (with
respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the underwriting registration. 

  
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 By electing to include the Registrable Shares in the IPO Registration Statement, the Holder
of such Registrable Shares shall be deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration Statement or any
securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in no event for a period longer than 30
days prior to and 180 days following the effective date of the IPO Registration Statement) by the representatives of the underwriters in an Underwritten Offering, or by the Company in any other registration. 

If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company
and the managing underwriter(s), delivered by the later of (i) two Business Days after the price range in the Initial Offering is communicated by the Company to such Holder, and (ii) ten Business Days prior to the effective date of the IPO
Registration Statement. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

(e) Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to
this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all
discounts and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement. 

(f) Direct Canadian Listing. Notwithstanding Section 2(a)(iii) or 6 hereof, if the Company determines
to pursue a listing on a Securities Exchange in Canada, and the Company obtains legal advice that a Canadian Prospectus is not required in order to permit Holders to freely trade Registrable Shares in Canada in accordance with Canadian Securities
Laws, then the Company may elect to not file a Mandatory Shelf Registration Statement pursuant to Section 2(a)(iii) hereof, and in lieu thereof, make an application for the listing of the Common Stock on such Securities
Exchange in Canada (a “Direct Canadian Listing”), which may (but is not required to) include the use of a Canadian Prospectus filed with one or more Canadian Commissions. If the Company elects to pursue a Direct Canadian
Listing, the Company shall satisfy its obligations pursuant to Sections 2(a)(iii) and 6 hereof; provided, that the Common Stock is listed on a Securities Exchange in Canada and the Holders are permitted to freely trade the
Registrable Shares, without restriction (other than any restrictions imposed on Canadian Control Persons under applicable Canadian Securities Laws), on such Securities Exchange in Canada on or before the Effectiveness Deadline. 

3. [RESERVED].  

4. Rules 144 and 144A Reporting. With a view to making available the benefits of certain rules and regulations of the SEC
that may at any time permit the resales of the Registrable Shares to the public without registration, so long as a Holder owns any Shares, the Company agrees to: 

(a) make and keep “current public information” available, as those terms are understood and defined in Rule 144, at all times after
the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public; 

  
 12 

 (b) file with the SEC in a timely manner all reports and other documents required to be
filed by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 

(c) if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, make available other
information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to Rule 144 or Rule 144A, and in any event make available (either by mailing a copy thereof, by posting on the Company’s website, or by press
release) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial statements (including at least balance sheets,
statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in accordance with generally accepted accounting principles in the United States, accompanied by an audit report of the Company’s
independent accountants, no later than 90 days after the end of each fiscal year of the Company; and 
 (ii) the Company’s unaudited
quarterly financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual
financial statements, no later than 45 days after the end of each of the first three fiscal quarters of the Company beginning with the quarter ending March 31, 2021. 

(d) hold, a reasonable time after the availability of such financial statements and upon reasonable notice to the Holders (either by mail, by
posting on the Company’s website, or by press release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to such
financial statements, and will also cooperate with, and make management reasonably available in connection with making Company information available to investors; and 

(e) furnish to the Holder promptly upon request (i) a written statement by the Company as to its compliance with the reporting
requirements of Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public pursuant to the Securities Act), and with the Securities
Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), and (ii) a copy of the most recent annual or quarterly report of the Company. 

  
 13 

 5. Registration Procedures. Subject to
Section 2(a)(i) hereof, in connection with the obligations of the Company pursuant to Section 2(a)(ii) with respect to the registration of the Registrable Shares under the Securities Act to permit
the public sale of such Registrable Shares in the United States by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, the Company shall: 

(a) (i) notify the Selling Holders’ Counsel, in writing, at least ten Business Days prior to filing a Registration Statement, of its
intention to file a Registration Statement with the SEC and, at least five Business Days prior to filing, provide a copy of the Registration Statement to the Selling Holders’ Counsel for review and comment; (ii) prepare and file with the
SEC, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by
the SEC to be filed therewith and (y) be reasonably acceptable to the Selling Holders’ Counsel; (iii) notify the Selling Holders’ Counsel in writing, at least five Business Days prior to filing of any amendment or supplement to
such Registration Statement, and, at least three Business Days prior to filing, provide a copy of such amendment or supplement to the Selling Holders’ Counsel for review and comment; (iv) promptly following receipt from the SEC, provide
the Selling Holders’ Counsel copies of any comments made by the staff of the SEC relating to such Registration Statement and of the Company’s responses thereto for review and comment; and (v) use its commercially reasonable efforts to
cause such Registration Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 7 hereof, until the earlier of (A) such time as all Registrable Shares covered
thereby have been sold in accordance with the intended distribution of such Registrable Shares, (B) the date on which all Registrable Shares covered thereby are disposed of pursuant to Rule 144 or any similar provision then in effect under the
Securities Act, (C) the date on which all Registrable Shares covered thereby have been sold to the Company, or (D) the date on which all Registrable Shares covered thereby cease to be outstanding; provided, however, that the
Company shall not be required to cause the IPO Registration Statement to remain effective for any period longer than 90 days following the effective date of the IPO Registration Statement (subject to extension as provided in
Section 7(c) hereof); provided, further, that if the Company has an effective Mandatory Shelf Registration Statement on Form S-11 (or other form then available to the
Company) under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon 30 Business Days prior written notice
to all Holders, register any Registrable Shares registered but not yet distributed under the effective Mandatory Shelf Registration Statement on Form S-3 or such other short-form registration statement form
under the Securities Act and, once such the short-form registration statement is declared effective, de-register such shares under the previous Mandatory Shelf Registration Statement or transfer the filing
fees from the previous Mandatory Shelf Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder notifies the Company within 15 Business Days of receipt of the Company notice that such conversion would interfere
with its distribution of Registrable Shares already in progress, in which case, the Company shall delay the effectiveness of the conversion to Form S-3 or such other short-form registration statement form
under the Securities Act for a period of not less than 30 days from the date that the Company receives the notice from such Holder requesting a delay; 

(b) subject to Section 5(h) hereof, (i) prepare and file with the SEC such amendments and post-effective
amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause each Prospectus contained therein to be
supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply with the applicable provisions of the Securities Laws
with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

  
 14 

 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; provided,
however, that any such document’s availability on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (or any successor thereto) shall satisfy such obligation; and subject to Section 7
hereof, the Company consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all
Registrable Shares by the time the applicable Registration Statement is declared effective by the SEC under all applicable state securities or “blue sky” Laws of such jurisdictions as any Holder of Registrable Shares covered by a
Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to
Section 5(a) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such
Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify
but for this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction;

 (e) (i) notify each Holder promptly and, if requested by any Holder, confirm such advice in writing (A) when a Registration
Statement has become effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any Proceeding for that purpose, (C) of any request by the SEC or any other federal, state or foreign governmental authority for (x) amendments or supplements to a Registration Statement or related Prospectus
or (y) additional information, and (D) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any document incorporated by
reference therein contains any 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 (which information shall be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made); and (ii) at the request of any such Holder, promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus
as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; 

  
 15 

 (f) use its commercially reasonable efforts to avoid the issuance of, or if issued, to
obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for sale in any jurisdiction, as
promptly as practicable; 
 (g) upon request, furnish to each requesting Holder of Registrable Shares covered by a Registration Statement,
without charge, one conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

(h) except as provided in Section 7 hereof, upon the occurrence of any event contemplated by
Section 5(e)(i)(D) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(i) if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with such
offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included
therein, and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment; 
 (j) in the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold,
use its commercially reasonable efforts to (A) furnish to each Holder of Registrable Shares covered by such Registration Statement and the underwriters a signed counterpart, addressed to each such Holder and the underwriters, of: (i) an
opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory to such Holder and the underwriters; and (ii) a “comfort” letter, dated the effective date of such
Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, covering
substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters
delivered to underwriters in underwritten public offerings of securities and such other financial matters as such Holder and the underwriters may reasonably request, and (B) if requested by the underwriters of such Underwritten Offering, cause
the members of the Company’s management and board of directors of the Company (the “Board of Directors”) to be reasonably available for any road show or similar marketing activities related to such Underwritten Offering;

  
 16 

 (k) if requested by one or more Holders proposing to sell at least $10 million of
Registrable Shares in the aggregate (the “Holder Underwritten Offering Threshold”), cooperate in effecting an Underwritten Offering of such Holders’ Registrable Shares and enter into customary agreements (including in
the case of such Underwritten Offering, an underwriting agreement with the underwriter selected by such Holders in customary form and reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to
expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope
as are customarily made by issuers to underwriters in underwritten offerings and confirm the same, to the extent customary, if and when requested; 

(l) make available for inspection by representatives of the Holders and the representative of any underwriters participating in any offering
pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers,
directors and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided,
however, that such records, documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall
not be disclosed by such representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a
Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have
been generally made available to the public; provided, further, that the representatives of the Holders and any underwriters will use reasonable best efforts, to the extent practicable, to coordinate the foregoing inspection and
information gathering and not materially disrupt the Company’s business operations; 
 (m) use its commercially reasonable efforts
(including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares on a Securities Exchange and thereafter maintain the
listing on such exchange when such Registrable Shares are included in a Registration Statement; 
 (n) if applicable, prepare and file in a
timely manner all documents and reports required by the Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period
of the Registration Statement as required by Section 5(a) hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by
Section 5(a) hereof; 
 (o) provide a CUSIP number for all Registrable Shares, not later than the effective date
of the Registration Statement; 

  
 17 

 (p) (i) otherwise use its commercially reasonable efforts to comply with all applicable
rules and regulations of the SEC, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least 12 months beginning after the effective date of the Registration Statement that
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act), but in no event later than 45 days after the end of each fiscal year of the Company, and (iii) not file
any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such
Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two Business Days prior to the
filing thereof; 
 (q) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any
Registration Statement from and after a date not later than the effective date of such Registration Statement; 
 (r) in connection with any
sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the
underwriters, if any, to facilitate the timely preparation and delivery of certificates or book-entry designations representing the Registrable Shares to be sold, which certificates or book-entry designations shall not bear any restrictive transfer
legends (other than as required by the Company’s Charter, as amended) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request
at least three Business Days prior to any sale of the Registrable Shares; 
 (s) in connection with the initial filing of a Mandatory Shelf
Registration Statement and each amendment thereto with the SEC pursuant to Section 2(a)(ii) hereof, cooperate with the underwriters in connection with the filing with FINRA of all forms and information required or requested
by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation,
a “No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Mandatory Shelf Registration Statement, including, without limitation, information provided to FINRA through its public offering system,
and pay all costs, fees and expenses incident to FINRA’s review of the Mandatory Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or
submissions to FINRA and the legal expenses, filing fees and other disbursements of any FINRA member that is the Holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Mandatory Shelf Registration Statement
(including in connection with any initial or subsequent member filing); 
 (t) in connection with the initial filing of a Mandatory Shelf
Registration Statement and each amendment thereto with the SEC pursuant to Section 2(a)(ii) hereof, provide to the underwriters and its representatives, the opportunity to conduct due diligence, including, without
limitation, a reasonable inquiry of the Company’s financial and other records, and make available members of its management for questions regarding information which the underwriters may reasonably request in order to fulfill any due diligence
obligation on its part; 

  
 18 

 (u) if applicable, upon effectiveness of the first Registration Statement filed under this
Agreement, take such actions and make such filings as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement; and 

(v) in the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold, use its commercially reasonable efforts to
cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is
required to be retained in accordance with the rules and regulations of FINRA. 
 The Company may require the Holders to furnish (and each
Holder shall furnish) to the Company such information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration
of the Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such
information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be named as a selling stockholder in the related
prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Holder not misleading.

 Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 5(e)(i)(B), 5(e)(i)(C) or 5(e)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s receipt of the
copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
 6.
Qualification in Canada. Subject to Sections 2(a)(i) and 2(f) hereof, in connection with the obligations of the Company pursuant to Section 2(a)(iii) with respect to any filing of a
Canadian Prospectus to permit the public sale of the Registrable Shares in a jurisdiction of Canada by the Holder or Holders (other than Canadian Control Persons under applicable Canadian Securities Laws), the Company shall: 

(a) use its commercially reasonable efforts to prepare and file, in each jurisdiction in Canada in which the distribution is to be effected by
the Holders, a preliminary and final Canadian Prospectus, which shall comply as to form in all material respects with the requirements of applicable Canadian Securities Laws, together with any required amendments or supplements thereto as may be
required to comply with applicable Canadian Securities Laws and all material incorporated by reference or deemed to be incorporated by reference therein (as applicable), and use its commercially reasonable efforts to obtain receipts for the
preliminary and final prospectus from the applicable Canadian Commission(s); 

  
 19 

 (b) furnish to the Holders, without charge, as many copies of the Canadian Prospectus and
such other relevant documents as the Holders may reasonably request; provided, however, that any such document’s availability on the System for Electronic Document Analysis and Retrieval database (or any successor thereto) shall
satisfy such obligation; and the Company hereby consents to the use of the Canadian Prospectus by the Holders in connection with the offering and sale of the Registrable Shares covered by such Canadian Prospectus; 

(c) in the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold, use its commercially reasonable efforts to
(A) furnish or cause to be furnished to the Holders and the underwriters a signed counterpart, addressed to the Holders and the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing under the
underwriting agreement, reasonably satisfactory to the underwriters, and (ii) a “comfort” letter, dated the date of the underwriting agreement and the date of each closing thereunder, signed by the independent public accountants who
have certified the Company’s financial statements included in the Canadian Prospectus, covering substantially the same matters with respect to the Canadian Prospectus and with respect to events subsequent to the date of such financial
statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities, and such other financial matters as the underwriters may reasonably request and are customarily obtained by
underwriters in underwritten offerings; provided, that to be an addressee of the comfort letter, the Holders may be required to confirm that it is in the category of persons to whom a comfort letter may be delivered in accordance with
applicable accounting literature, and (B) if requested by the underwriters of such Underwritten Offering, cause the members of the Company’s management and Board of Directors to be reasonably available for any road show or similar
marketing activities related to such Underwritten Offering; 
 (d) enter into customary agreements (including in the case of an Underwritten
Offering meeting the Holder Underwritten Offering Threshold, an underwriting agreement) and take all other action in connection therewith to expedite or facilitate the distribution of the Registrable Shares covered by the Canadian Prospectus, and in
the case of an Underwritten Offering meeting the Holder Underwritten Offering Threshold make representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and
confirm the same, to the extent customary, if and when requested; 
 (e) in the case of an Underwritten Offering meeting the Holder
Underwritten Offering Threshold, use its commercially reasonable efforts to make available for inspection by the underwriters participating in any distribution pursuant to the Canadian Prospectus and their representatives (including counsel or other
professional advisors), all financial and other records, pertinent corporate documents, and properties of the Company, and cause the officers and employees of the Company to supply all information reasonably requested; provided,
however, that any records, documents, or information that the Company determines, in good faith, to be confidential and notifies the underwriters accordingly shall not be disclosed unless (i) disclosure is necessary to avoid or correct a
misrepresentation in the Canadian Prospectus, (ii) the release of such records, documents, or information is required by law or ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records,
documents, or information have been generally made available to the public; provided, further, that to the extent practicable, the foregoing inspection and information gathering shall be coordinated on behalf of the Holders and the
other parties entitled thereto by one counsel designated by and on behalf of the Holders and the other parties, which counsel the Company determines in good faith is reasonably acceptable; 

  
 20 

 (f) (i) notify the Holders promptly of the happening of any event as a result of which the
Canadian Prospectus as then in effect and pursuant to which Registrable Shares are qualified for public distribution in Canada would include an untrue statement of material fact or would omit to state a material fact that is required to be stated or
that is necessary to make any statement therein not misleading in light of the circumstances in which it was made (which notice shall be accompanied by an instruction to suspend the use of the Canadian Prospectus until the required updates have been
completed); (ii) except as provided in Section 7 use its commercially reasonable efforts to promptly amend or supplement the Canadian Prospectus so that the Canadian Prospectus, as amended or supplemented, will not include
an untrue statement of material fact or omit to state a material fact that is required to be stated or that is necessary to make any statement therein not misleading in light of the circumstances in which it was made; and (iii) promptly furnish
to the Holders a reasonable number of copies of any such amendment or supplement; provided, however, that any such document’s availability on the System for Electronic Document Analysis and Retrieval database (or any successor
thereto) shall satisfy such obligation; 
 (g) notify the Holders promptly of the issuance by a Canadian Commission, or by any court or
other governmental or regulatory authority, of any order or ruling suspending the effectiveness of the receipt for a Canadian Prospectus, ceasing any trading in Registrable Shares or the Common Stock generally, or suspending or preventing the use of
a Canadian Prospectus or the qualification of any securities thereunder for distribution in any jurisdiction; and use its commercially reasonable efforts to have any such order or ruling cancelled or withdrawn pending which the Holders shall cease
any distribution of Common Stock and acts in furtherance thereof and shall not deliver a Canadian Prospectus to any person; 
 (h) notify
the Holders promptly of the initiation of any proceedings for an order or ruling described in Section 6(g) above or any request by a Canadian Commission, or by any court or other governmental or regulatory authority, for
amendments or supplements to a Canadian Prospectus or for additional information; 
 (i) in connection with any disposition of Registrable
Shares (whether or not pursuant to a Canadian Prospectus) that will result in the securities being delivered no longer constituting Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the
timely preparation and delivery of certificates or book-entry designations representing the Registrable Shares to be sold, which certificates or book-entry designations shall not bear any transfer restrictive legends under Canadian Securities Laws
(other than as required by the Company’s Charter, as amended), and to facilitate such Registrable Shares to be in such denominations and registered in such names as the Holders or the representative of the underwriters, if any, may request at
least seven Business Days before any sale of Registrable Shares; 
 (j) in connection with any disposition of Registrable Shares by a
Canadian Control Person, use customary and its commercially reasonable efforts to cooperate with such Canadian Control Person to facilitate such disposition; 

  
 21 

 (k) use its commercially reasonable efforts to cause all Registrable Shares to be listed on
a Securities Exchange; 
 (l) provide a CUSIP number for all Registrable Shares; 

(m) (i) otherwise use its commercially reasonable efforts to comply in all material respects with all applicable Canadian Securities Laws, and
(ii) delay filing any document comprising a part of the Canadian Prospectus to which the Holders shall have reasonably objected on the grounds that such document does not comply in all material respects with the requirements of applicable
Canadian Securities Laws, the Holders having been furnished with a draft or copy thereof at least three Business Days before the filing thereof; provided, that the Company may file such document after the Company shall have made a good faith
effort to resolve any such issue with the Holders and shall have advised the Holders in writing of its reasonable belief that such filing complies in all material respects with the requirements of applicable Canadian Securities Laws; and 

(n) cause to be maintained a registrar and transfer agent for all Registrable Shares. 

The Company may require the Holders to furnish (and each Holder shall furnish) to the Company such information regarding the proposed
distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration or distribution of the Registrable Shares, and no Holder shall be entitled
to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells Registrable Shares
pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be named as a selling stockholder in the related prospectus and to deliver a prospectus supplied by the Company to
purchasers, additionally each selling stockholder will be required to execute a certificate to the prospectus, in the form required by applicable Canadian Securities Laws. Each Holder further agrees to furnish promptly to the Company in writing all
information required from time to time to make the information previously furnished by such Holder not misleading. 
 7. Black-Out Period 
 (a) Subject to the provisions of this Section 7 and
a good faith determination by a majority of the Board of Directors that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any
international, federal, state or provincial securities commissions), the Company, by written notice to the applicable Holders, may direct the applicable Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such
times as the Company reasonably may determine is necessary and advisable (but in no event for more than an aggregate of 90 days in any rolling 12 month period commencing on the Closing Date or more than 60 days in any rolling 90 day period), if any
of the following events shall occur: (i) the representative of the underwriters, if applicable, or the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares
pursuant to the Registration Statement would have a material adverse effect on the Company’s 

  
 22 

 
primary Underwritten Offering; (ii) the majority of the Board of Directors shall have determined in good faith that (A) the offer or sale of any Registrable Shares would materially
impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or other significant transaction involving the Company, (B) after the advice
of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable Law, and
(C) (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction,
or (z) the proposed transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the Board of Directors shall have determined in good faith, after the advice of counsel, that it is
required by Law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the
Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus included in the Registration Statement any
facts or events arising after the effective date of the Registration Statement or any misstatement or omission in the Prospectus (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change
in the information set forth therein; or (3) including in the Prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change
to such information. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a
post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the applicable Holders to resume sales of the Registrable
Shares as soon as possible. 
 (b) In the case of an event that causes the Company to suspend the use of a Registration Statement (a
“Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to the applicable Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis
for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its commercially reasonable efforts and taking all reasonable steps to terminate suspension of the
use of the Registration Statement as promptly as possible. The applicable Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice
from the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each applicable Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies
then in such applicable Holder’s possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The applicable Holders may recommence effecting sales of the Registrable Shares pursuant to the
Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the applicable Holders in the
manner described above promptly following the conclusion of any Suspension Event and its effect. 

  
 23 

 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 7, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the
number of days during the period from the date of receipt by the applicable Holders of the Suspension Notice to and including the date of receipt by the applicable Holders of the End of Suspension Notice and provide copies of the supplemented or
amended Prospectus necessary to resume sales. 
 8. Indemnification and Contribution 

(a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the
Securities Act) for such Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i) (any of the Persons referred
to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors, partners, members, employees, representatives and agents of any such Person or any
Controlling Person (any Person referred to in clause (i) or (ii) above or this clause (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all
losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the “Liabilities”), including without limitation and
as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees
and expenses of counsel to such Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus, or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such Liabilities arise out of or are
based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to the Company or any underwriter in writing by such
Purchaser Indemnitee expressly for use therein. The Company shall notify the Holders promptly of the institution, threat made in writing or assertion of any claim, Proceeding (including any governmental investigation), or litigation of which it
shall have become aware in connection with the matters addressed by this Agreement which involves the Company or a Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by
or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is
participating, and as a condition to such participation, such Holder agrees, severally and not jointly, to indemnify and hold harmless the Company and each Person who controls the Company within the meaning of Section 15 of the Securities Act
or Section 20(a) of the Exchange Act (each a “Company Controlling Person”) and each of their respective officers, 

  
 24 

 
directors, partners, members, employees, representatives and agents of such Person or Company Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser
Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in conformity with information relating to such Holder furnished to the Company in writing by such Holder
expressly for use in such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. The liability of
any Holder pursuant to this paragraph shall in no event exceed the net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement
thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. 
 (c) If any suit, action,
Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an
Indemnifying Party shall not relieve it from any liability which it may have under this Section 8, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying
Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay
the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time
after notice of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action,
or (iv) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised
by counsel that, either (A) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party, or (B) a conflict may
exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense of such action on behalf of such Indemnified
Party; it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a
majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company). The
Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent 

  
 25 

 
shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and
against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (x) includes an unconditional release of such Indemnified Party from all liability on claims that
are the subject matter of such Proceeding, and (y) does not include a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 

(d) If the indemnification provided for in paragraphs (a) and (b) of this Section 8 is for any reason held to
be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under
such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the
relative benefits of the Indemnified Party, on the one hand, and the Indemnifying Party(ies), on the other hand, in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause
(i) above is not permitted by applicable Law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified
Party, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and any Purchaser Indemnitees 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 relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. 
 (e) The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8 were determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take
account of the equitable considerations referred to in Section 8(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 8(d) above shall
be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable
Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this
Section 8, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) a Holder of Registrable Shares shall have the same rights to contribution
as such Holder, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or
manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit 

  
 26 

 
or Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but
the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 8 or otherwise, except to the extent
that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements contained in this
Section 8 will be in addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The obligations of the Purchaser Indemnitees to contribute pursuant to this
Section 8 are several in proportion to the respective number of Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 

9. Market Stand-off Agreement. In connection with the filing of an IPO
Registration Statement, each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale),
grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock, or any securities convertible into or exchangeable or exercisable for shares of Common Stock, then owned by such Holder (other than to
donees or partners of the Holder who agree to be similarly bound) (i) in the case of the Company and each of its officers, directors, managers and employees, in each case to the extent such person or entity holds shares of Common Stock or
securities convertible into or exchangeable or exercisable for shares of Common Stock, for a period beginning 30 days prior to, and continuing for 180 days following, the effective date of the IPO Registration Statement; (ii) in the case of all
other Holders who include Registrable Shares in the IPO Registration Statement, beginning 30 days prior to, and continuing for 180 days following, the effective date of the IPO Registration Statement, and (iii) in the case of all other Holders
who do not include Registrable Shares in the IPO Registration Statement, for a period beginning 30 days prior to, and continuing for 60 days following, the effective date of an IPO Registration Statement; provided, however, that: 

(a) the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement or any other shares of Common
Stock purchased after the initial public offering of shares of Common Stock of the Company; 
 (b) all Affiliated Holders and all executive
officers and directors of the Company then holding shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock enter into agreements that are no less restrictive; and 

(c) the Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into agreements that
are no less restrictive (with such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such officer or director);
provided, that nothing in this Section 9(c) shall be construed as a right to proportionate release for the executive officers and directors of the Company upon the expiration of the 60 day period applicable to all
Holders other than the executive officers and directors of the Company; and this Section 9 shall not be applicable if a Mandatory Shelf Registration Statement has been declared effective prior to an IPO Registration
Statement being declared effective. 

  
 27 

 (d) In order to enforce the foregoing covenant, the Company shall have the right to place
restrictive legends on the certificates or book-entry designations representing the securities subject to this Section 9 and to impose stop transfer instructions with respect to the Registrable Shares and such other
securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 

10. Termination of the Company’s Obligation. The Company shall have no obligation pursuant to this Agreement upon
the date that there are no longer any Registrable Shares outstanding hereunder; provided, however, that the Company’s and the Holders’ obligations under Section 8 and
Section 12 (and any related definitions) shall remain in full force and effect following such time. 
 11.
Limitations on Subsequent Registration Rights. Without the prior written consent of HG Vora, the West Stockholders and Holders of a majority of the then outstanding Registrable Shares, the Company will not, on or after the date of this
Agreement, enter into any agreement with respect to its securities which is inconsistent with the rights granted in this Agreement or otherwise conflicts with the provisions hereof or provides terms and conditions which, taken as a whole, are
materially more favorable to, or materially less restrictive on, the other party or parties thereto than the terms and conditions contained in this Agreement are (insofar as they are applicable) to the Holders. The Company further agrees that if any
other registration rights agreement entered into after the date of this Agreement with respect to any of its securities contains terms which, taken as a whole, are materially more favorable to, or materially less restrictive on, the other party or
parties thereto than the terms and conditions contained in this Agreement are (insofar as they are applicable) to the Holders, then the terms and conditions of this Agreement shall immediately be deemed to have been amended without further action by
the Company or any of the Holders so that the Holders shall each be entitled to the benefit of any such more favorable or less restrictive terms or conditions. 

12. Miscellaneous 

(a) Effectiveness. Notwithstanding anything to the contrary contained in this Agreement, this Agreement will become effective only upon
the Effective Time, as defined in the Merger Agreement, and the effectiveness of this Agreement shall be contingent upon the Closing, as defined in the Merger Agreement. Upon termination of the Merger Agreement or if the Closing, as defined in the
Merger Agreement, otherwise does not occur, then this Agreement shall automatically terminate and be void ab initio. 
 (b)
Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights provided herein or granted by Law, including recovery of damages, will be
entitled to specific performance of its rights under this Agreement. Subject to Section 8, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any
of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at Law would be adequate. 

 

  
 28 

 (c) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning more than 50%
of the then outstanding Registrable Shares; provided, however, that for purposes of this Section 12(c), Registrable Shares that are owned, directly or indirectly, by an Affiliated Holder, any Affiliate thereof, or
any Affiliate of the Company, as the term “Affiliate” is defined in clauses (iv) and (v) of the definition for “Affiliate” (other than HG Vora, NL Holdco or any West Stockholder) shall not be deemed to be outstanding;
provided, further, however, that any amendments, modifications or supplements to, or any waivers or consents to departures from, the provisions of Section 9 hereof that would have the effect of
extending the 60 or 180 day periods referenced therein shall be approved by, and shall only be applicable to, those Holders who provide written consent to such extension to the Company. No amendment shall be deemed effective unless it applies
uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder; provided, that the provisions of this sentence may not be amended, modified or
supplemented except in accordance with the provisions of the first and second sentences of this paragraph. Notwithstanding the foregoing or anything else to the contrary in this Agreement, the provisions of this Agreement, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given (each such amendment, modification, supplement, waiver, consent or departure, as applicable, an
“Amendment”), in each case, in a manner that is material (a) without the written consent of NL Holdco (for so long as it owns at least 5% of the Registrable Shares), (b) without the written consent of HG Vora (for so long as it
owns at least 5% of the Registrable Shares) and (c) without the written consent of the West Stockholders (for so long as the West Stockholders collectively own at least 5% of the Registrable Shares); provided, that with respect to the
written consents contemplated by the immediately preceding clauses (a), (b) and (c), if NL Holdco, HG Vora or the West Stockholders, as applicable, fails to respond to the Company in writing with its determination as to such consent within ten days
following delivery by the Company of a copy of such Amendment, then such non-responding party shall be deemed to have consented to such Amendment. When calculating ownership percentages for purposes of
Section 2.1(a)(ii) and the preceding sentence, the West Stockholders shall be deemed to own (in addition to any Registrable Shares they own directly) the number of Registrable Shares held by NL Holdco that the West Stockholders would receive
upon liquidation of NL Holdco (provided that the Registrable Shares deemed to be owned by the West Stockholders shall not reduce the calculation of the ownership percentage of NL Holdco). 

(d) Notices. Notwithstanding anything to the contrary contained in this Agreement, all notices and other communications, provided for
or permitted hereunder, shall be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 

  
 29 

 (i) if to a Holder, at the most current address given by the transfer agent and registrar
of the Shares to the Company; 
 (ii) if to the Company, at the offices of the Company at 300 Park Avenue, Floor 12, New York, NY 10022,
Attention: David Weinstein, Chief Executive Officer; and 
 (iii) the West Stockholders shall be deemed a Holder for purposes of all
notices required to be given to Holders. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to
the agreements made hereunder by the Company, and the Holders shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable to protect their rights hereunder. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Agreement via email or other electronic transmission and of electronic signatures
thereto shall constitute effective execution and delivery of this Agreement as to the parties hereto. Electronic signatures transmitted via email or such other means shall be deemed original signatures for all purposes. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN NEW YORK COUNTY IN THE
STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK COUNTY IN NEW YORK STATE IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES WAIVE THE RIGHT TO A TRIAL
BY JURY IN ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT. 

  
 30 

 (i) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. 
 It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(j) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, the Merger Agreement and the Investor Rights
Agreement, is intended by the parties hereto as a final expression of their agreement, and is 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. 
 (k) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a
specified percentage of Registrable Shares is required hereunder, Registrable Shares held, directly or indirectly, by an Affiliated Holder, such Affiliated Holder’s Affiliates, or any Affiliate of the Company, as the term “Affiliate”
is defined in clauses (iv) and (v) of the definition for “Affiliate” (other than HG Vora, NL Holdco or any West Stockholder) shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage. 
 (l) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number of
shares, then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding
shares of such class or series of stock by such subdivision, combination, or stock dividend. 
 (m) Survival. This Agreement is
intended to survive the consummation of the transactions contemplated by the Merger Agreement and the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 8 of this Agreement shall
survive the termination of the Company’s obligations under Section 2 of this Agreement. 
 (n)
Attorneys’ Fees. In any action or Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to
recover its reasonable attorneys’ fees in addition to any other available remedy. 
 [Signature Pages Follow] 

  
 31 

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

			
	COMPANY:
	
	GREENACREAGE REAL ESTATE CORP.
		
	By:	 	/s/ David Weinstein
		 	Name: David Weinstein
		 	Title: Chief Executive Officer

  

			
	OPERATING PARTNERSHIP:
	
	GREENACREAGE OPERATING PARTNERSHIP LP
	By: GreenAcreage Real Estate Corp., its sole General Partner 
		
	By:	 	/s/ David Weinstein
		 	Name: David Weinstein
		 	Title: Chief Executive Officer

 [Signature Pages to Amended and Restated Registration Rights Agreement] 

 
			
	HG VORA:
	
	HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD.
	
	By: HG Vora Capital Management, LLC, as investment adviser

 
			
		
	By:	 	/s/ Mandy Lam

 
			
	      	 	 Name: Mandy Lam

		 	Title: Authorized Signatory

 [Signature Pages to Amended and Restated Registration Rights Agreement] 

 
			
	WEST STOCKHOLDERS:
	
	WEST INVESTMENT HOLDINGS, LLC

 
			
		
	By:	 	/s/ Marc D. Harper

 
			
	      	 	 Name: Marc D. Harper

		 	Title: Treasurer

  

			
	WEST CRT HEAVY, LLC

 
			
		
	By:	 	/s/ Marc D. Harper

 
			
	      	 	Name: Marc D. Harper
		 	Title: Treasurer

  

			
	 GARY AND MARY WEST FOUNDATION

 
			
		
	By:	 	/s/ Shelly M. Lyford

 
			
	      	 	 Name: Shelley M. Lyford

		 	Title: President & CEO

  

			
	 GARY AND MARY WEST HEALTH ENDOWMENT, INC.

			
		
	By:	 	/s/ Shelly M. Lyford

 
			
	      	 	Name: Shelley M. Lyford
		 	Title: President & CEO

  

			
	 GARY AND MARY WEST 2012 GIFT TRUST

			
		
	By:	 	/s/ Thomas J. Culhane

 
			
	      	 	 Name: Thomas J. Culhane

		 	Title: Trustee

 [Signature Pages to Amended and Restated Registration Rights Agreement] 

 
			
	WFI CO-INVESTMENTS

 
			
		
	By:	 	/s/ Marc D. Harper

 
			
	      	 	 Name: Marc D. Harper

		 	 Title: Manager

  

			
	 NL HOLDCO:

	
	NLCP HOLDINGS, LLC 

 
			
		
	By:	 	/s/ Anthony Coniglio

 
			
	      	 	Name: Anthony Coniglio
		 	Title: President

 [Signature Pages to Amended and Restated Registration Rights Agreement] 

 EXHIBIT A 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned (the “Affiliated Holder”) pursuant to the terms of that certain Amended and Restated Registration Rights Agreement, dated as of
__________, 2021 (the “Agreement”), by and among (i) GreenAcreage Real Estate Corp., a Maryland corporation (together with any successor entity thereto, the “Company”), (ii) each of the Affiliated
Holders (as defined in the Agreement), (iv) HG Vora Special Opportunities Master Fund, Ltd., a Cayman Islands exempted company, (v) GreenAcreage Operating Partnership, LP, a Delaware limited partnership (together with any successor entity
thereto, the “Operating Partnership”), (vi) the West Stockholders (as defined in the Agreement) and (vii) NLCP Holdings, a Delaware limited liability company (“NL Holdco”). Capitalized terms used
but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, the Affiliated Holder agrees as follows: 

1.1 Acknowledgement. Affiliated Holder acknowledges that Affiliated Holder is acquiring certain equity securities of the Company or
securities convertible into or exchangeable or exercisable for the Company’s equity securities (including, without limitation, Common Stock and limited partnership interests in the Operating Partnership) (collectively referred to herein as
“Equity Securities”), subject to the terms and conditions of the Agreement. 
 1.2 Agreement. Affiliated
Holder agrees that he, she or it shall be an “Affiliated Holder” for purposes of the Agreement. Affiliated Holder (i) agrees that Affiliated Holder and the Equity Securities acquired by Affiliated Holder shall be bound by and subject
to the terms of the Agreement applicable to Affiliated Holders, and (ii) hereby adopts the Agreement with the same force and effect as if Affiliated Holder were originally a party thereto. 

EXECUTED AND DATED this __ day of , 20___. 
  

			
	AFFILIATED HOLDER
		
	By:	 	 
		
	Name:	 	 
		 	(print or type name)
		
	Title:	 	 
		 	(insert title if Stockholder is an entity)

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