Document:

Exhibit
10.5

 

Execution
Version

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [   ], 2023, by and among Wellous
Group Holding Limited1, a Cayman Islands company (the “Company”) and the undersigned parties
listed under Investor on the signature page hereto (each, an “Investor” and collectively, the
“Investors”).

 

WHEREAS,
the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration
of the securities held by them as of the date hereof;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means the business combination between and among Parent, Wellous, the Company, and Merger Sub.

 

“Business
Combination Agreement” means a certain agreement dated December 9, 2022 (as may be amended from time to time) between and
among Parent, Wellous, the Company and Merger Sub, among others.

 

“Closing”
means the consummation of the Business Combination.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form
S-3” is defined in Section 2.3.

 

 

1
Subject to final charter.

 

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“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Shares” means all of the outstanding Ordinary Shares issued to the Investors prior to or upon the consummation of the Business
Combination including (i) the Sponsor Founder Shares; (ii) the Sponsor Private Shares; (iii) the Sponsor Working Capital Shares; and
(iv) the Merger Consideration Shares.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Merger
Consideration Shares” means 26,732,673 Ordinary Shares issued to shareholders of Wellous immediately prior to the Closing
in exchange of their shares of Wellous.

 

“Merger
Sub” means KAC Merger Sub 2, a Cayman Islands exempted company that existed immediately prior to the Closing

 

“Notices”
is defined in Section 6.3.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Ordinary
Shares” means the ordinary shares of the Company, with US$0.0001 par value.

 

“Parent”
means Kairous Acquisition Corp. Limited, a Cayman Islands exempted company that existed immediately prior to the Closing.

 

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

 

“Registrable
Securities” means (i) the Initial Shares, and (ii) the Sponsor Warrants (and underlying securities). Registrable Securities
include any warrants, rights, shares or other securities of the Company issued as a dividend or other distribution with respect to or
in exchange for or in replacement of such Initial Shares and Sponsor Warrants (and underlying securities). As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such
securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or
exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the
Registrable Securities are freely saleable under Rule 144 without volume limitations.

 

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

 

“Release
Date” means the date, (i) with respect to the Sponsor Founder Shares, on which the Sponsor Founder Shares are disbursed
from escrow pursuant to Section 3 of that certain Stock Escrow Agreement dated as of December 13, 2021 by and among the Sponsor and Continental
Stock Transfer & Trust Company; and (ii) with respect to the Merger Consideration Shares, on which the Merger Consideration Shares
are released from lock-up pursuant to certain Lock-up Agreement dated [   ] by and among the holders of Merger Consideration Shares and
the Company.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Sponsor”
means Kairous Asia Limited, a limited liability company incorporated in the British Virgin Islands.

 

“Sponsor
Founder Shares” means 2,156,250 Ordinary Shares issued to the Sponsor and its affiliates or designees in exchange for their
2,156,250 founder shares of Parent.

 

“Sponsor
Private Shares” means 392,857 Ordinary Shares issued to the Sponsor and its Affiliates or designees in exchange of their
private shares included in the 357,143 private units of Parent.

 

“Sponsor
Warrants” means 178,571 warrants issued to Sponsor, each entitling the holder to purchase one Ordinary Share at a price
of $11.50 per share, subject to adjustments.

 

“Sponsor
Working Capital Shares” means [ ] Ordinary Shares issued to the Sponsor and its Affiliates or designees upon conversion
of outstanding promissory notes Parent issued to the Sponsor at or prior to the Closing.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.

 

“Warrants(s)”
means the warrants of the Company.

 

“Wellous”
means Wellous Group Limited, a Cayman Islands exempted Company.

 

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2. REGISTRATION
RIGHTS.

 

2.1 Demand
Registration.

 

2.1.1 Request
for Registration. (i)_At any time with respect to the Sponsor Private Shares and Sponsor Warrants (including underlying securities),
and (ii) at any time and from time to time on or after three months prior to the applicable Release Date with to the Sponsor Founder
Shares and the Merger Consideration Shares, the holders of a majority-in-interest of the Registrable Securities that have been released
or to be released during such three-month period, as the case may be, held by the Investors or the permitted transferees of the Investors,
may make a written demand, on no more than two occasions, for registration under the Securities Act of all or part of their Registrable
Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration shall specify
the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will
notify, in writing, all holders of Registrable Securities of the demand, provided that such Registerable Securities have been released
or to be released during the three-month period, ,with ten (10) days of the Company’s receipt of such demand, and each holder of
Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration
(each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall
so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.1.4 and the provisions set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two (2) Demand
Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the
Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations
under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission
or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to
have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall
not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration
or is terminated.

 

2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall
be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities
in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through
such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwriting by a majority-in-interest of the holders initiating the Demand Registration.

 

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2.1.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires to sell
and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of
Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such Person has
requested be included in such registration, regardless of the number of shares held by each such Person (such proportion is referred
to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Ordinary Shares or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other securities for
the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons
and that can be sold without exceeding the Maximum Number of Shares.

 

2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of
their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering
by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of
the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable
Securities in connection with such Demand Registration as provided in Section 3.3.

 

2.2 Piggy-Back
Registration.

 

2.2.1 Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their
account (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the
Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders
of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice
shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name
of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities
in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in
writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall
cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter
or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration
on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

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2.2.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary Shares
which the Company desires to sell, taken together with the Ordinary Shares, if any, as to which registration has been demanded pursuant
to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 2.2, and the Ordinary Shares, if any, as to which registration has been
requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum
Number of Shares, then the Company shall include in any such registration:

 

(a) If
the registration is undertaken for the Company’s account: (A) first, the Ordinary Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable Securities,
as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares;

 

(b)
If the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively
the Ordinary Shares or other securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant
to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be
sold without exceeding the Maximum Number of Shares.

 

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2.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration
Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4
Registrations on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that
the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which
may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice of
the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the registration
of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder or holders joining
in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Form
S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities
(if any) at any aggregate price to the public of less than $1,000,000. Registrations effected pursuant to this Section 2.3 shall not
be counted as Demand Registrations effected pursuant to Section 2.1.

 

3. REGISTRATION
PROCEDURES.

 

3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a
Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which the
Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its
best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective for the period required
by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty (30) days,
and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back
Registration relates, in each case if the Company shall furnish to the holders a certificate signed by Chief Executive Officer or Chairman
of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental
to the Company and its shareholders for such Registration Statement to be effected at such time; provided further, however, that the
Company shall not have the right to exercise the right set forth in this provision more than once in any 365-day period in respect of
a Demand Registration hereunder.

 

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3.1.2
Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish
without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including
each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal
counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

3.1.3 Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

3.1.4
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business
days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence
of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take
all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for
any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the
occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case of the
prospectus, in the light of the circumstances under which they were made), not misleading, and promptly make available to the holders
of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for
any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal
counsel shall object.

 

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3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the
holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this paragraph or subject itself to taxation in any such jurisdiction.

 

3.1.6
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement
in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to
or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such registration statement. No holder of Registrable Securities included in such registration statement shall
be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material
agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished
in writing expressly for inclusion in such Registration Statement.

 

3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

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3.1.8
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their
due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by
any of them in connection with such Registration Statement.

 

3.1.9 Opinions
and Comfort Letters. In the case of any underwritten offering or if reasonably requested by any participant in any other offering
pursuant to a Registration Statement filed pursuant to this Agreement, the Company shall obtain opinions of counsel representing the
Company for the purposes of a registration pursuant to this Agreement, addressed to the holders participating in such registration, the
placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to such registration in
respect of which such opinion is being given as such holders, placement agent, sales agent, or Underwriter may reasonably request and
as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a holders of a majority-in-interest
of the Registrable Securities included in such registration. In the case of any underwritten offering or if reasonably requested by any
participant in any other offering pursuant to a Registration Statement filed pursuant to this Agreement, the Company shall obtain a “cold
comfort” letters from the Company’s independent registered public accountants in the event of an underwritten public offering
pursuant to this Agreement, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a holders of a majority-in-interest of the
Registrable Securities included in such registration. The Company shall furnish to each holder of Registrable Securities included in
any Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to
any Underwriter and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter.

 

3.1.10
Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act,
and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or,
if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable
Securities included in such registration.

 

3.1.12
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of 5,000,000,
the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

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3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the existence of material non-public information, each
holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended prospectus
contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities
is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent
file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of
receipt of such notice.

 

3.3
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant
to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all
salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel
for the Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses or
costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the reasonable fees
and expenses of any special experts retained by the Company in connection with such registration and (ix) the reasonable fees and expenses
of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration. The
Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally,
in an underwritten offering, all selling shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of shares each is selling in such offering.

 

3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter,
if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect
the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s
obligation to comply with Federal and applicable state securities laws.

 

    	11

    	 

    

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if
any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly
untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was
registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission)
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by
the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration; and the Company shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and
defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company will not be liable
in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement
or allegedly untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus,
or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company,
in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.

 

4.2
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any
registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling
holder, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act,
against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a
material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or
supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material
fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in
reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein,
and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for any legal or other
expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or
action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the
amount of any net proceeds actually received by such selling holder.

 

    	12

    	 

    

 

4.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the
“Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however,
that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability
which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is
actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the
Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense
of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however,
that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall
have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling
persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party
against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party,
consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4
Contribution.

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any
loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in
connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

    	13

    	 

    

 

4.4.2
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1.

 

4.4.3 The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section
4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds
(after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the sale of Registrable
Securities which gave rise to such contribution obligation. 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.

 

5. RULE
144.

 

5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time
to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 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. Upon the request of any holder of Registrable Securities, the Company shall deliver to
such Holder a written certification of a duly authorized officer as to (A) whether the Company has filed (i) all reports and other materials
required to be filed pursuant to Sections 13(a) or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such
shorter period that the Company was required to file such reports and materials), other than Current Reports on Form 8-K and (ii) current
“Form 10 information” (within the meaning of Rule 144 under the Securities Act) with the Commission reflecting the Company’s
status as an entity that is no longer an issuer described in paragraph (i)(1)(i) of Rule 144 under the Securities Act and (B) the first
date that the Company filed “Form 10 information” (within the meaning of Rule 144 under the Securities Act) with the Commission.

 

6. MISCELLANEOUS.

 

6.1 Other
Registration Rights. The Company represents and warrants that, except as disclosed in the Company’s registration statement
on Form S-1 (File No. 333-259031), no person, other than the holders of the Registrable Securities, has any right to require the Company
to register any of the Company’s share capital for sale or to include the Company’s share capital in any registration filed
by the Company for the sale of share capital for its own account or for the account of any other person.

 

    	14

    	 

    

 

6.2
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not
be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of
Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and
to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Investors or holder of Registrable Securities
or of any assignee of the Investors or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits
on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. Any additional holder of
Registrable Securities may become party to this Agreement by executing and delivering a joinder to the Company and the Sponsor in form
and substance reasonably satisfactory to the Company.

 

6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted
to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered
by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set
forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given
on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service
or transmission is not on a business day or is after normal business hours, then such notice shall be deemed given on the next business
day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice
to a reputable air courier service with an order for next-day delivery.

 

To
the Company:

 

Wellous
Group Limited

 

No
1-1B, Jalan Tasik Utama 3,

Medan
Niaga Tasik Damai,

Lake
Field Sungai Besi,

57000
Kuala Lumpur, Malaysia.

	 	Attention: 	Henry Chin
	 	 	Wee Kuan Tan

	 	Email: 	henrychin@wellous.com
	 	 	andytan@wellous.com

 

with
a copy to:

 

Robinson
+ Cole LLP

666
Third Avenue, 20th Floor

Attention:
Arila E. Zhou, Esq.

Email:
azhou@rc.com

 

To
an Investor, to the address set forth below such Investor’s name on Exhibit A hereto.

 

    	15

    	 

    

 

6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which
taken together shall constitute one and the same instrument.

 

6.6 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior
and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7
Modifications and Amendments. No amendment, modification or termination of this Agreement shall be binding upon the Company unless
executed in writing by the Company. No amendment, modification or termination of this Agreement shall be binding upon the holders of
the Registrable Securities unless executed in writing by the holders of the majority Registrable Securities.

 

6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

6.9
Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically
refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred.
Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity
or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of
any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to
take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

6.11
Governing Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction. The venue for any action taken
with respect to the Agreement shall be any state or federal court in New York County in the State of New York.

 

6.12 Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim
or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the
transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement hereof.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	16

    	 

    

 

Execution
Version

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	WELLOUS
    GROUP HOLDING LIMITED
	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

    	17

    	 

    

 

	 	INITIAL SHAREHOLDERS:
	 	 	 
	 	J.HARVESTON HOLDING LIMITED
	 	 	 
	 	By:	                                                       
	 	Name:	Tan
    Wee Kuan
	 	Title:	Director
	 	 	 
	 	SHAREE HOLDING LIMITED
	 	 	 
	 	By:
    	 
	 	Name:
    	Henry
    Chin
	 	Title:
    	Director
	 	 	 
	 	DRAGON DEN HOLDING LIMITED
	 	 	 
	 	By:
    	 
	 	Name:	Henry
    Chin
	 	Title:
    	Director
	 	 	 
	 	By:
    	 
	 	Name:	Tan
    Wee Kuan
	 	Title:
    	Director
	 	 	 
	 	KAIROUS ASIA LIMITED
	 	 	 
	 	By:	 
	 	Name:	Joseph
    Lee Moh Hon
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	______________________________
	 	Joseph Lee Moh Hon
	 	 
	 	_____________________________
	 	Philip Wong Cheung Wang
	 	 
	 	______________________________
	 	Steve Hsia Hsien-Chieng
	 	 
	 	______________________________
	 	Ng Kim Kiat
	 	 
	 	______________________________
	 	Dato’ Seri Chee Hong Leong
	 	 
	 	________________________
	 	Ang Siak Keng

 

    	18

    	 

    

 

Execution
Version

 

EXHIBIT
A

 

Name
and Address of Initial Shareholders

 

To
the Sponsor, affiliates and designees:

c/o
Kairous Acquisition Corp. Limited

Unit
9-3, Oval Tower @ Damansara,

No.
685, Jalan Damansara,

60000
Taman Tun Dr. Ismail,

Kuala
Lumpur, Malaysia

Attn:
Joseph Lee, Chief Executive Officer

E-mail:
joseph@kairous.com

 

To:
J.Harveston Holding Limited

Address:
Tortola Pier Park, Building 1,

Second
Floor, Wickhams Cay I,

Road
Town, Tortola

British
Virgin Islands

Attn:
Tan Wee Kuan, Director

Email:
andytan@wellous.com

 

To:
Dragon Den Holding Limited

Address:
Tortola Pier Park, Building 1,

Second
Floor, Wickhams Cay I,

Road
Town, Tortola

British
Virgin Islands

Attn:
Henry Chin & Andy Tan, Directors

Email:
henrychin@wellous.com, andytan@wellous.com

 

To:
Sharee Holding Limited

Address:
Tortola Pier Park, Building 1,

Second
Floor, Wickhams Cay I,

Road
Town, Tortola

British
Virgin Islands

Attn:
Henry Chin, Director

Email:
henrychin@wellous.com

 

    	19Exhibit 10.1

 

THIS Unsecured
Promissory Note (AS AMENDED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, this “NOTE”) AND ANY SECURITIES
WHICH MAY BE ISSUED BY THE COMPANY (AS DEFINED BELOW) UNDER ITS TERMS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE ACT.

 

THE INDEBTEDNESS
REPRESENTED BY THIS NOTE IS EXPRESSLY SUBORDINATED TO THE ‎PAYMENT OF THE “SENIOR Debt” as defined IN that certain Subordination
Agreement dated as of december 13, 2022 (as amended from time to time, The “Subordination Agreement”) entered
into between Holder and CRG Servicing LLC (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS, “CRG”), AS MORE PARTICULARLY
SET FORTH IN THE SUBORDINATION AGREEMENT.‎

 

THE FOLLOWING
INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE WAS ISSUED WITH "ORIGINAL ISSUE DISCOUNT" (“OID”)
WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND THIS
LEGEND IS REQUIRED BY SECTION 1275(c) OF THE CODE. HOLDER MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF ANY OID, THE ISSUE
PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTES BY CONTACTING ChIEF FINANCIAL OFFICER AT 2370 Corporate Circle,
Suite 300, Henderson, NV 89074.

 

UNSECURED PROMISSORY NOTE

 

	$40,000,000.00	December 13, 2022

 

FOR VALUE RECEIVED, P3
Health Group, LLC, a Delaware limited liability company (the “Company”), hereby promises to pay to VBC
Growth SPV LLC, a Delaware limited liability company (“Holder”), the principal sum of up to Forty Million and
00/100 Dollars ($40,000,000.00) (“Maximum Loan Amount”), at the place and in the manner hereinafter provided,
together with interest thereon at the rate or rates, and on the terms, described below, and any and all other amounts which may be due
and payable hereunder from time to time.

 

1.            Advances
of the Loan.

 

(a)            Subject
to the terms and conditions hereof, Holder hereby extends to the Company a line of credit ‎facility pursuant to which Holder will
make loans to the Company upon the Company’s request ‎subject to this Section 1(a) and Section 1(b) from
time to time until the Maturity Date in ‎an amount not exceeding, in the aggregate, the Maximum Loan Amount (each amount advanced
by Holder to the Company hereunder, a “Loan”, and collectively, the “‎Loans”).
The Company may not reborrow any amounts repaid by Company under the Loans. The Loans will be available for draw by the Company as follows:‎

 

		i.	A first tranche of $15,000,000 (the “First Tranche”) available to the Company
upon the date hereof.

 

		ii.	A second tranche of up to $15,000,000 (the “Second Tranche”) available at the
Company’s sole ‎option in a single draw, on or prior to January 5, 2023.

 

     

     

    

 

		iii.	A third tranche of up to $10,000,000 (the “Third Tranche”) available at the
Company’s sole option in a single draw, after January 5, 2023 and on or prior to February 3, 2023.

 

(b)            Subject
to Section 1(a), the Holder agrees to fund draws of the Loans to the Company promptly upon written request from the Company
to the Holder, but in any event, (1) with respect First Tranche, on the date of Holder’s receipt of a written draw request
from the Company and (2) with respect to the Second Tranche and the Third Tranche, within five (5) Business Days of Holder’s
receipt of a written draw request from the Company. All draw requests shall include a certification, explicitly or by implication evidenced
by the delivery of the request, from the Company’s representative executing the written draw request that (i) no Event of Default
has occurred and is continuing hereunder; and (ii) such representative has all necessary authorizations to submit the request on
behalf of the Company, and Holder shall be entitled to rely on such certification. ‎

 

(c)            The
Holder is hereby authorized by the Company to record on a schedule ‎annexed to this Note (or on a supplemental schedule) the amounts
owing with respect to the Loans, ‎and the payment thereof. Notwithstanding the foregoing, however, Holder’s failure to make
any such recording or notation shall not affect in any manner the rights of the ‎Holder or any obligations of the Company hereunder.‎

 

2.            Maturity.
Unless accelerated or otherwise paid or payable sooner in accordance with the terms set forth herein, this Note will automatically mature
and be due ‎and payable on May 19, 2026 (the “Maturity Date”).

 

3.            Interest.

 

(a)            Interest
Generally. Subject to Section 3(d) and the Subordination Agreement, the Company agrees to pay to the Holder ‎interest
on the unpaid principal amount of the Loans (including, for the avoidance of doubt, PIK ‎Loans) and the amount of all other outstanding
Obligations (other than Warrant Obligations), in the ‎case of the Loans, for the period from the applicable borrowing date and,
in the case of any other ‎Obligation (other than Warrant Obligations), from the date such other Obligation (other than ‎Warrant
Obligations) is due and payable, in each case, to and including the date on which such ‎Loan or Obligation is paid in full, at a
rate per annum equal to fourteen percent (14%).‎

 

(b)            Default
Interest. Notwithstanding the foregoing, automatically upon the occurrence and during the ‎continuance of any Event of Default
under Section 8, the interest payable pursuant to Section 3(a) shall increase automatically ‎by four
percent (4.00%) per annum (such aggregate increased rate, the “Default Rate”). ‎Notwithstanding any other
provision herein (including Section 3(d)) but subject to the terms of the Subordination Agreement, if interest is required
to be ‎paid at the Default Rate, it shall be paid entirely in cash.‎

 

(c)            Interest
Payment Dates. Subject to Section 3(d) and the Subordination Agreement, accrued interest on the Loans shall be ‎payable
in arrears on each Payment Date with respect to the most recently completed Interest Period ‎in cash, and upon the payment or prepayment
of the Loans (on the principal amount being so paid ‎or prepaid); provided, that, subject to the terms of the Subordination
Agreement, interest payable at the Default Rate shall be payable from time to time ‎on demand.‎

 

    2 

     

    

 

(d)            Paid
In-Kind Interest. Notwithstanding Section 3(a), ‎so long as no Event of Default has occurred and is continuing,
the Company may elect at any time to pay interest on the outstanding principal amount of the Loans as follows: (i) ‎eight percent
(8.00%) per annum interest payable in cash and (ii) six percent (6.00%) per annum ‎interest payable as compounded interest,
added to the aggregate principal amount of the Loans for ‎all purposes under this Note on such Payment Date (the amount of any such
compounded interest being a “PIK Loan”); provided that payment of interest in cash will be required only to
the extent permitted pursuant to the terms of the Subordination Agreement, and if payment in cash not so permitted, all cash interest
shall accrue as a PIK Loan. The principal amount of each PIK Loan under this Section 3(d) shall ‎accrue interest
in accordance with the provisions of this Note applicable to the Loans. The PIK Loans shall not reduce the availability of the First Tranche,
Second Tranche or Third Tranche.

 

(e)            Computations.
All computations of interest and fees hereunder shall be computed on the basis of a year of 360 days and actual days elapsed during the
period for which payable.

 

4.            Payments.

 

(a)            Repayment.
Unless otherwise accelerated in accordance with the terms hereof, no scheduled payments of principal of the ‎Loans shall be due
prior to the Maturity Date. The Company agrees to repay to the Holder the outstanding principal amount of ‎the Loans (including,
for the avoidance of doubt, PIK Loans), together with all other outstanding Obligations (other than ‎Warrant Obligations and contingent
indemnification obligations for which no claim has been ‎made), on the Maturity Date (subject to the terms and conditions
of the Subordination Agreement).‎

 

(b)            Application.
Any optional or mandatory prepayment of the Loans shall be applied to the ‎Loans (and PIK Loans in respect thereof) in the inverse
order in which such Loans were made.

 

(c)            Prepayments.
This Note may be prepaid, either in whole or in part, without penalty or premium, at any time and from time to time; provided that
repayments of the obligations hereunder by the Company must be in increments equal to at least 5% of Maximum Loan Amount.

 

(d)            Mandatory
Prepayments.

 

		i.	Asset Sales. In the event of any contemplated Asset Sale or Involuntary ‎Disposition, as
applicable, or series of related Asset Sales or Involuntary Dispositions, as applicable, yielding ‎Asset Sale Net Proceeds in excess
of three million Dollars ($3,000,000) in the aggregate for all ‎Asset Sales and Involuntary Dispositions (and series thereof) during
the term of this Note, ‎the Company shall provide at least three (3) Business Days’ prior written notice of such Asset
Sale, ‎Involuntary Disposition or series thereof, as applicable, to the Holder and shall, not later ‎than the date that is
three (3) Business Days after the date of such Asset Sale, Involuntary ‎Disposition or series thereof, as applicable,
in each case to the extent permitted pursuant to the Subordination Agreement: (x) if the assets subject to such Asset Sale, Involuntary
‎Disposition or series thereof represent substantially all of the assets or revenues of the Company and its subsidiaries, on a consolidated
basis, or represent any specific line of business which either on ‎its own or together with other lines of business sold or otherwise
disposed of over the term of this Note account for revenue generated by such lines of business exceeding fifteen percent ‎‎(15%)
of the revenue of the Company and its subsidiaries, on a consolidated basis, in the immediately ‎preceding year, prepay the aggregate
Obligations (other than ‎Warrant Obligations) outstanding on the date of such Asset Sale, Involuntary Disposition or series
‎thereof, and (y) in the case of all other Asset Sales, Involuntary Dispositions and series thereof not ‎described
in the foregoing clause (x), prepay the Loans in an amount equal to the entire amount of ‎the Asset Sale Net Proceeds of such Asset
Sale, Involuntary Disposition or series thereof, plus any ‎accrued but unpaid interest and any fees (including the Back-End
Facility Fee, if applicable) then ‎due and owing with respect to the principal amount of the Loans being prepaid, credited in accordance
with Section 4(b) above.

 

    3 

     

    

 

		ii.	Change of Control; Qualified Financing.
                                            In the event of a Change of Control or a Qualified Financing, the Company shall immediately
                                            provide ‎notice of such Change of Control or Qualified Financing to the Holder and,
                                            subject to the terms of the Subordination Agreement, if within ten (10) days of receipt
                                            of ‎such notice, the Holder advises the Company that the Holder requires a ‎prepayment
                                            pursuant to this Section 4(d)(ii), the Company shall prepay the aggregate Obligations
                                            (other than ‎Warrant Obligations) outstanding on the date ‎of such Change of
                                            Control or Qualified Financing and pay any fees payable (including the Back-End Facility
                                            Fee).

 

5.            Fees.

 

(a)            On
the date hereof, the Company shall pay to the Holder an aggregate upfront financing fee in an amount equal to one and one half percent
‎‎(1.50%) of the First Tranche, which fee is deemed ‎fully earned on the date hereof (the “Closing Date
Financing Fee”).

 

(b)            On
the date of any borrowing after the date hereof, the Company shall pay to the Holder an aggregate upfront financing fee in an amount equal
to one and ‎one half percent (1.50%) of the principal amount of such borrowing, which fee is deemed fully ‎earned on the date
of such borrowing (each such upfront financing fee, together with the Closing ‎Date Financing Fee, a “Financing Fee”
and collectively, the “Financing Fees”).‎ Each Financing Fee shall be paid by netting it out of the amount
of the applicable borrowing.

 

(c)            On
the earlier of (a) the Maturity Date and (b) the date the Loans become due and payable in full ‎for any other reason (including,
without limitation, the prepayment by the Company, the requirement of a mandatory prepayment under ‎Section 4(d) above
or an acceleration under Section 7 below) (the “Loan Repayment Date”), the Company shall pay to
the Holder, to the extent permitted pursuant to the Subordination Agreement, an aggregate fee in an amount equal to: (1) if the Loan
Repayment Date is on or prior to February 28, 2023, 2.25% ‎of the aggregate principal amount of the Loans (including, for the
avoidance of doubt, the aggregate ‎principal amount of all PIK Loans issued) advanced to the Company on or prior to such date, (2) if
the Loan Repayment Date is after February 28, 2023 but on or prior to June 30, 2023, 4.5% ‎of the aggregate principal
amount of the Loans (including, for the avoidance of doubt, the aggregate ‎principal amount of all PIK Loans issued) advanced to
the Company on or prior to such date, (3) if the Loan Repayment Date is after June 30, 2023 but on or prior December 31,
2023, 6.75% ‎of the aggregate principal amount of the Loans (including, for the avoidance of doubt, the aggregate ‎principal
amount of all PIK Loans issued) advanced to the Company on or prior to such date, or (4) if the Loan Repayment Date is after December 31,
2023, 9.00% ‎of the aggregate principal amount of the Loans (including, for the avoidance of doubt, the aggregate ‎principal
amount of all PIK Loans issued) advanced to the Company on or prior to such date (such applicable fee, ‎the “Back-End
Facility Fee”), less any partial payment of the Back-End Facility Fee already paid ‎by the Company prior to such date,
in connection with the partial prepayment of the Loans, as ‎described in the next sentence. Notwithstanding the foregoing, if the
Company makes a partial ‎prepayment of the Loans through the exercise of an optional prepayment under Section 4(c) or
a partial mandatory prepayment pursuant to Section 4(d)(i), the Company shall pay, to the extent permitted pursuant to the
Subordination Agreement, on such date of prepayment, to the Holder for the ‎account of the Holder, an aggregate fee in an amount
equal to Back-End Facility Fee applicable to the principal amount of such payment (it being ‎understood and agreed that any fee
paid pursuant to this sentence shall constitute a partial payment ‎of the Back-End Facility Fee (as described in the immediately
preceding sentence)).

 

    4 

     

    

 

(d)            All
amounts payable by the Company hereunder, other than interest payable in kind, shall be paid by the Company unconditionally in ‎full
without set-off (except as otherwise expressly provided herein) or counterclaim or other ‎defense, in U.S. Dollars and in same day
or immediately available funds, to such account as ‎the Holder shall designate. The fees payable hereunder shall be fully earned
upon ‎becoming due and payable, shall be non-refundable for any reason whatsoever and shall be in ‎addition to any other fee,
cost or expense payable pursuant to the Loan Documents.‎

 

6.          Covenants.
The Company covenants and agrees with the Holder that, until all Obligations (other than Warrant Obligations and contingent indemnification
obligations for which no claim has been made) have been paid in full in cash:

 

(a)            The
Company shall deliver to the Holder, concurrently with delivery to CRG, each of the items set forth in Section 8.01 of the Senior
Loan Agreement (as in effect on the date hereof).

 

(b)            To
the extent the Company performs a monthly operating review, the Company shall deliver to the Holder, promptly following the completion
thereof, a reasonably detailed report of the results thereof.

 

(c)            The
Company shall deliver to the Holder, on a bi-weekly basis, cash forecasts for the succeeding two-month period in the form provided in
the Forecast (as defined below).

 

(d)            The
Company shall deliver to the Holder, concurrently with delivery to CRG, the notices set forth in Section 8.02 of the Senior Loan
Agreement (as in effect on the date hereof).

 

(e)            The
Company shall, and shall cause each of its subsidiaries to, permit any representatives designated by the Holder, upon reasonable prior
notice, to visit and inspect its properties, to examine and make extracts from its books and records, to inspect its facilities and to
discuss its affairs, finances and condition with its officers and, in the presence of an officer of the Company, its independent accountants,
all at such reasonable times and intervals (but not more often than once per calendar quarter in the aggregate unless an Event of Default
has occurred and is continuing) as the Holder may request.

 

(f)            The
Company shall not, and shall not permit any of its subsidiaries to, create, incur, assume or permit to exist any Indebtedness (as defined
in the Senior Loan Agreement (as in effect on the date hereof)), in any form, whether directly or indirectly, except (i) the Obligations,
(ii) the obligations under the Senior Loan Agreement, (iii) the Intermountain Obligations, (iv) Indebtedness that is subordinate
to the Obligations pursuant to the terms of a binding agreement between the lender thereof and the Holder, (v) Indebtedness outstanding
on the date of this Note (and any refinancing thereof in a manner that does not increase the principal amount thereof) and (v) any
other Indebtedness permitted by Section 9.01 of the Senior Loan Agreement (as in effect on the date hereof), excluding Sections 9.01(n),
(o) and (s) of the Senior Loan Agreement (as in effect on the date hereof) unless such Indebtedness is expressly subordinated
to the Obligations on terms reasonably satisfactory to the Holder.

 

    5 

     

    

 

(g)            The
Company shall not, and shall not permit any of its subsidiaries to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in
respect of any thereof, except for (i) the Liens granted to CRG in connection with the Senior Loan Agreement, (ii) Liens outstanding
on the date of this Note (and any refinancing thereof in a manner that does not increase the obligations secured thereby) and (iii) any
other Lien permitted by Section 9.02 of the Senior Loan Agreement (as in effect on the date hereof), excluding Sections 9.02(c) and
(r) of the Senior Loan Agreement (as in effect on the date hereof).

 

(h)            The
Company shall not, and shall not permit any of its subsidiaries to, declare or make, or agree to pay or make, directly or indirectly,
any Investments or Restricted Payments (each as defined in the Senior Loan Agreement (as in effect on the date hereof)), other than any
such Investments permitted by Section 9.05 of the Senior Loan Agreement (as in effect on the date hereof) and Restricted Payments
permitted by Section 9.06 of the Senior Loan Agreement (as in effect on the date hereof).

 

(i)            During
the period covered by the Forecast, the Company shall not, and shall not permit any of its subsidiaries to, declare or make, or agree
to pay or make, directly or indirectly, any material disbursements or other payments outside the ordinary course of business that are
not contemplated by the Forecast. “Forecast” means that certain cash flow update and projection dated December 9, 2022
attached hereto as Exhibit A, and as shall be updated to include projections for the month of February.

 

7.            Events
of Default. In the case of the happening of any of the following events, if any (each, an “Event of Default”):

 

(a)            the
Company shall fail to pay any Obligation hereunder, when and as the same shall become due and payable, whether at the due date thereof
or by acceleration thereof or otherwise; or

 

(b)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of the Company or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Company or for a substantial part of its assets, and, in the case of each of the foregoing, such
proceeding or appointment continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution
thereof; provided, that, if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against Company
in the interim, such grace period will cease to apply; provided further, that, if the Company files an answer admitting the material allegations
of a petition filed against it in any such proceeding, such grace period will cease to apply;

 

(c)            the
Company shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under
any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the
institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (b) of this
Section 7, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Company or for a substantial part of its assets, (iv) file an answer admitting the allegations of a petition filed
against it in any such proceeding, (v) admit in writing its inability to pay its debts as they come due or make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; or

 

(d)            the
failure by the Company to observe any of the covenants set forth in Section 6(f), (g) or (h); or

 

    6 

     

    

 

(e)            the
failure by the Company to observe any other covenant set forth herein and such failure shall continue unremedied for a period of thirty
(30) days after the earlier of the date on which (i) an officer of the Company obtains knowledge of such failure and (ii) written
notice of such failure shall have been given to the Company by Lender; or

 

(f)            the
occurrence of any “event of default” or similar event under the Senior Loan Agreement (as in effect on the date hereof) or
Intermountain Note; or

 

(g)            any
Material Adverse Change (as defined in the Senior Loan Agreement (as in effect on the date hereof)) shall occur; or

 

(h)            one
or more judgments or settlements for the payment of money in an aggregate amount in excess of two million five hundred thousand Dollars
($2,500,000) (or the equivalent amount in other currencies) shall be rendered against or entered into by the Company, any of its subsidiaries
or any combination thereof and (i) the same shall remain undismissed, unsatisfied or undischarged for a period of forty-five (45)
consecutive days during which execution shall not be effectively stayed or (ii) any action shall be legally taken by a judgment or
settlement creditor to attach or levy upon any assets of the Company or any of its subsidiaries to enforce any such judgment or settlement;

 

then, and in every such
event (other than an event described in clause (b) or (c) of this Section), and at any time thereafter during the
continuance of such event, the Holder may, by notice to the Company, in addition to, and not in limitation of, any other rights to
which Holder is or may be entitled, declare this Note to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of this Note so
declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Company accrued
hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Company; and in the case of any event described in clause (b) or (c) of this Section, this Note
shall automatically be due and payable in whole, and thereupon the entire principal of this Note, together with accrued interest
thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Holder’s delay or
failure to exercise any right shall not be deemed a waiver of such right or any other right available to Holder.

 

THE COMPANY HEREBY WAIVES PRESENTMENT, DEMAND
FOR PAYMENT, NOTICE OF DISHONOR, NOTICE OF PROTEST, PROTEST AND ANY AND ALL OTHER NOTICES OR DEMANDS IN CONNECTION WITH THE DELIVERY,
ACCEPTANCE, PERFORMANCE, DEFAULT, OR ENFORCEMENT OF THIS NOTE. No failure to accelerate or demand payment of the indebtedness evidenced
hereby by reason of an Event of Default hereunder, and no indulgence that may be granted from time to time, shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration or of
the right of Holder thereafter to make demand for payment or otherwise to insist upon strict compliance with the terms of this Note, or
(ii) to prevent the exercise of such right of acceleration, or to demand payment, or any other right granted hereunder or under applicable
law; and the Company hereby expressly waives the benefit of any statute or rule of law or equity now provided or that may hereafter
be provided that would produce a result contrary to or in conflict with the foregoing. No extension of the time for the payment of this
Note shall operate to release, discharge, modify, change or affect the original liability of the Company under this Note, either in whole
or in part, unless Holder agrees otherwise in writing.

 

    7 

     

    

 

8.            Warrants.
Concurrently herewith, and in consideration of the Holder’s obligations hereunder, the Company and the Holder are entering into
that certain Class A Common Stock Purchase Warrant dated as of the date hereof (the “Warrant Agreement”).

 

9.           Subordination.
Notwithstanding anything in this Note to the contrary, the indebtedness, interest ‎thereon and all other obligations of the Company
hereunder are subordinated in right of payment and the exercise of any ‎right or remedy hereunder is subordinated, in each case,
to the payment of all obligations of the Company to CRG and the other Secured Parties (as defined in the Senior Loan Agreement (as in
effect on the date hereof)) pursuant to the Senior Loan Agreement and the other Loan Documents (as defined in the Senior Loan Agreement
(as in effect on the date hereof))‎ pursuant to and in accordance with the terms of the Subordination Agreement.

 

10.            Expenses;
Indemnification, Etc.

 

(a)          Expenses.
The Company agrees to pay or reimburse Holder for all of its reasonable out-of-pocket costs and expenses (including the reasonable fees
‎and expenses of Locke Lord LLP, as primary counsel to Holder) in connection with (i) the negotiation, preparation, execution
and delivery of ‎this Note and the other Loan Documents and the making of the Loans, (ii) post-closing costs and (iii) the
negotiation or preparation of any modification, ‎supplement or waiver of any of the terms of this Note or any of the other Loan
Documents ‎‎(whether or not consummated), and (iv) any enforcement or collection proceedings resulting from the occurrence
of an ‎Event of Default.‎

 

(b)          Indemnification.
The Company hereby indemnifies Holder, its affiliates, and their respective directors, officers, employees, attorneys, ‎agents,
advisors and controlling parties (each, an “Indemnified Party”) from and against, and agrees ‎to hold
them harmless against, any and all Claims and Losses of any kind that may be incurred by or asserted or awarded against any Indemnified
Party, in each case ‎arising out of or in connection with or relating to this Note or any of the other Loan ‎Documents or
the transactions contemplated hereby or thereby or any use made or proposed to be ‎made with the proceeds of the Loans, and any
claim, investigation, litigation or proceeding or the ‎preparation of any defense with respect thereto arising out of or in connection
with or relating to ‎any of the foregoing, whether or not any Indemnified Party is a party to an actual or prospective ‎claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based in ‎contract, tort or any other theory,
and whether or not such investigation, litigation or proceeding is ‎brought by the Company, any of its shareholders or creditors,
and whether or not the other transactions contemplated by this Note are consummated, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ‎ARISING, IN
WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY ‎OR SOLE NEGLIGENCE OF THE INDEMNIFIED PARTY, except to the extent such Claim
or ‎Loss (x) is found in a final, non-appealable judgment by a court of competent jurisdiction to have ‎resulted from
such Indemnified Party’s gross negligence or willful misconduct, (y) results from a ‎claim brought by the Company or
any subsidiary against an Indemnified Party for material breach in ‎bad faith of such Indemnified Party’s obligations hereunder
or under any other Loan Document, if ‎the Company or such subsidiary has obtained a final and non-appealable judgment in its favor
on ‎such claim as determined by a court of competent jurisdiction or (z) arises solely from a dispute ‎between or among
Indemnified Parties and does not relate to (i) any action of any such ‎Indemnified Party in its capacity as Holder or (ii) any
act or omission on the part of ‎the Company and its subsidiaries, in each case, as determined by a court of competent jurisdiction
‎in a final, non-appealable judgment. The Company shall not ‎assert any claim against any Indemnified Party, on any theory
of liability, for consequential, ‎indirect, special or punitive damages arising out of or otherwise relating to this Note or any
of ‎the other Loan Documents or any of the transactions contemplated hereby or thereby or the actual ‎or proposed use of the
proceeds of the Loans

 

(c)            This
Section 10 shall not apply with respect to taxes other than any taxes that represent losses, claims, damages, etc. arising from
any non-tax claim.. ‎

 

    8 

     

    

 

11.            Defined
Terms.

 

(a)            ‎“Asset
Sale” means any sale, lease, license, transfer, or otherwise disposition of any of the Company’s or its subsidiaries’
property (including accounts receivable and Equity Interests of subsidiaries) to any person in one transaction or series of transactions,
except:

 

		i.	transfers of cash in the ordinary course of its business for equivalent value;

 

		ii.	sales of inventory in the ordinary course of its business on ordinary business terms;

 

		iii.	development and other collaborative arrangements where such arrangements provide for the licenses or disclosure
of intellectual property rights in the ordinary course of business and consistent with general market practices where such license requires
periodic payments based on per unit sales of a product, service or procedure over a period of time; provided, that, each
such license does not effect a legal transfer of title to such intellectual property rights, that each such license must be a true license
as opposed to a license that is a sales transaction in substance and that each such license does not materially restrict the ability of
the Company or any of its subsidiaries to commercialize any material product of, or provide any material service or procedure by, the
Company or any of its subsidiaries;

 

		iv.	licenses, sublicenses, leases or subleases granted to third parties in the ordinary course of business
(but limited, in the case of licenses of intellectual property, to non-exclusive licenses), in each case, not interfering with the business
of the Company and its subsidiaries;

 

		v.	the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course
of business in connection with the collection or compromise thereof;

 

		vi.	the lapse, abandonment, of other disposition of intellectual property that in the commercially reasonable
business judgment of the Company is not (i) necessary or material for the conduct of the businesses of the Company and its subsidiaries
or (ii) material to the value of the Company and its subsidiaries; and

 

		vii.	dispositions, sales or other transfers among the Company and its subsidiaries.

 

(b)            “Asset
Sale Net Proceeds” means the aggregate amount of the cash proceeds received from any Asset Sale or Involuntary Disposition,
net of (a) any bona fide costs and expenses incurred in connection with such Asset Sale or Involuntary Disposition, as applicable,
(b) income, franchise, sales and other applicable taxes paid or required to be paid (as reasonably estimated in good faith by the
Company) as a result of such Asset Sale or Involuntary Disposition, as applicable, in respect of the taxable year such Asset Sale or Involuntary
Disposition, as applicable, is consummated, the computation of which shall, in each case take into account the actual reduction in tax
liability resulting from any available operating losses, net operating loss carryovers, tax credits, tax carry forwards or similar tax
attributes, or deductions and any tax sharing arrangements, (c) the amount of any reasonable reserve established in accordance with
GAAP against any adjustment to the sale price or any liabilities related to any of the assets sold (provided, that, to the
extent and at the time any such amounts are released from reserve, such amounts shall constitute Asset Sale Net Proceeds) and (d) amounts
required to be applied to the prepayment of the obligations under the Senior Loan Agreement.

 

(c)            “Board”
means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof to the extent duly authorized
to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership,
(c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof or if not member-managed, the managers thereof, or any committee of managing members or managers thereof to the extent duly authorized
to act on behalf of such Persons, and (d) with respect to any other Person, the board or committee of such Person serving a similar
function.

 

    9 

     

    

 

(d)            “Business
Day” means a day (other than a Saturday or Sunday) on which commercial banks ‎are not authorized or required to close
in New York City.‎

 

(e)           “Change
of Control” means (a) at any time and for any reason whatsoever, any “person” or “group” (within
the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)),
other than any of the Holdings Permitted Holders, is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange
Act, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group
has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of Holdings entitled to vote for
members of the Board of Holdings on a fully diluted basis (and taking into account all such securities that such person or group has the
right to acquire pursuant to any option right), (b) at any time and for any reason whatsoever, the Permitted Holders shall cease
to own and control, directly or indirectly, beneficially and of record, Equity Interests representing more than fifty percent (50%) of
the aggregate ordinary voting power for the election of the Board of the Company represented by the issued and outstanding Equity Interests
of the Company on a fully-diluted basis, (c) at any time and for any reason whatsoever, Holdings shall cease to be the sole managing
member of the Company, (d) the occurrence of any “Change of Control” (or any equivalent term) under any the Senior Loan
Agreement (as in effect on the date hereof) or the Intermountain Note.

 

(f)           “Claims”
means any claims, demands, complaints, grievances, actions, applications, suits, causes of action, orders, charges, indictments, prosecutions,
informations (brought by a public prosecutor without grand jury indictment) or other similar processes, assessments or reassessments.

 

(g)           “Controlled
Investment Affiliate” means, as to any Person, any other Person which directly or indirectly is in control of, is controlled
by, or is under common control with such Person and is organized by such first Person (or any other Person controlling such first Person)
primarily for making equity investments in Company or any other portfolio companies in the ordinary course of business.

 

(h)            “Equity
Interest” means, with respect to any person, any and all shares (including, for the avoidance of doubt, shares of
capital stock), interests, participations or other equivalents, including membership interests (however designated, whether voting
or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether general or
limited) and any other interest or participation that confers on a person the right to receive a share of the profits and losses of,
or distributions of property of, such partnership, but excluding debt securities convertible or exchangeable into such equity or
other interests described in this definition.

 

(i)           “Holdings”
means P3 Health Partners Inc., a Delaware corporation.

 

(j)           “Holdings
Permitted Holders” means Chicago Pacific Capital, L.P., Chicago Pacific Founders GP, L.P. and their respective Controlled
Investment Affiliates.

 

    10 

     

    

 

(k)            “Interest
Period” means, with respect to each borrowing of a Loan, (i) initially, the period commencing on and including the
borrowing date thereof and ending on and excluding the next Payment Date, and, (ii) thereafter, each period beginning on and including
the last day of the immediately preceding Interest Period and ending on and excluding the earlier of (x) the next succeeding Payment
Date and (y) the Maturity Date; provided, that, the Interest Period ending on the Maturity Date shall include the Maturity
Date.

 

(l)            “Intermountain
Obligations” means the Company’s obligations to IHC Health Services, Inc. pursuant to the terms of that certain
Repurchase Promissory Note, dated as of June 28, 2019, as amended, restated, supplemented or otherwise modified from time to time
(the “Intermountain Note”).

 

(m)            “Involuntary
Disposition” means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any
property of the Company or any subsidiary of the Company.

 

(n)            “Lien”
means any mortgage, lien, pledge, charge or other security interest, or any lease, title retention agreement, mortgage, restriction, easement,
right-of-way, option or adverse claim (of ownership or possession) or other encumbrance of any kind or character whatsoever or any preferential
arrangement that has the practical effect of creating a security interest.

 

(o)            “Loan
Documents” means, collectively, this Note, the Warrant Agreement, the Warrant, the Subordination Agreement, and any other
present or future document, instrument, agreement or certificate executed by the Company and delivered to the Holder in connection with
or pursuant to this Note or the Loans, all as amended, restated, supplemented or otherwise modified.

 

(p)            “Loss”
means judgments, debts, liabilities, expenses, costs, damages or losses, contingent or otherwise, whether liquidated or unliquidated,
matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees
and disbursements of legal counsel on a full indemnity basis, and all costs incurred in investigating or pursuing any Claim or any proceeding
relating to any Claim.

 

(q)            “Obligations”
means, with respect to the Company, all amounts, obligations, liabilities, covenants and duties of every type and description owing by
the Company to the Holder, any indemnitee hereunder or any participant, arising out of, under, or in connection with, any Loan Document,
whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated
or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or for the payment of money,
including, without duplication, (a) all Loans, (b) all interest, whether or not accruing after the filing of any petition in
bankruptcy or after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing
or post-petition interest is allowed in any such proceeding, and (c) all other fees, expenses (including reasonable out-of-pocket
fees, charges and disbursements of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts
paid and other sums chargeable to the Company under any Loan Document.

 

(r)            “Payment
Date” means (a) each March 31, June 30, September 30 and December 31 (commencing on the first such
date to occur at least thirty (30) days after the date hereof) and (b) the Maturity Date; provided, that, if any such
date shall occur on a day that is not a Business Day, the applicable Payment Date shall be the next preceding Business Day.

 

(s)            “Permitted
Holders” means Chicago Pacific Capital, L.P., Chicago Pacific Founders GP, L.P., Holdings and their respective Controlled
Investment Affiliates.

 

    11 

     

    

 

(t)            “Person”
means any individual, corporation, company, voluntary association, partnership, limited liability company, joint venture, trust, unincorporated
organization or Governmental Authority or other entity of whatever nature.

 

(u)            “Qualified
Financing” means the Company obtaining in one transaction or a series of related transactions financing through the sale
of equity securities or debt securities, however structured, in an amount sufficient to permit the Company to repay in full all obligations
payable under the Senior Loan Agreement.

 

(v)            “Senior
Loan Agreement” means that certain Term Loan Agreement dated as of November 19, 2020 by and among the Company, as borrower,
the subsidiary guarantors from time to time party thereto, CRG, as administrative agent and collateral agent, and the lenders from time
to time party thereto, as amended on November 16, 2021 and December 21, 2021 and as further amended, restated, supplemented
or otherwise modified from time to time.

 

(w)            “Warrant”
has the meaning set forth in the Warrant Agreement.

 

(x)            “Warrant
Obligations” means, with respect to the Company and Holdings, all Obligations arising out of, under or in connection with,
the Warrant.

 

12.            Other
General Agreements.

 

(a)            The
Company agrees that the Loan evidenced by this Note is an exempted transaction under the Truth In Lending Act, 15 U.S.C., Section 1601,
et seq.

 

(b)            Time
is of the essence hereof. If any payment of principal or interest on this Note shall become due on a day that is not a Business Day, the
payment will be made on the next succeeding Business Day.

 

(c)            This
Note is governed and controlled as to validity, enforcement, interpretation, construction, effect and in all other respects by the statutes,
laws and decisions of the State of Delaware (without giving effect to Delaware conflict of laws principles). This Note may not be changed
or amended orally but only by an instrument in writing signed by the party against whom enforcement of the change or amendment is sought.

 

(d)            The
Company further agrees, in the event that this Note or any portion of the debt evidenced hereby is collected by law or through an attorney
at law, to pay all costs of collection, including, without limitation, reasonable attorneys’ fees and all other reasonable costs
of collection, which, if unpaid after Holder’s demand, shall be added to the principal balance of this Note and accrue interest
as provided herein.

 

(e)            The
Company agrees that Holder may assign this Note, and all rights of Holder accruing hereunder, to an affiliate of Holder upon written notice
of assignment from Holder to the Company. This Note and the Loans shall be registered debt obligations for US federal income tax purposes.
The Company will keep, at its principal executive office, books for the registration and registration of transfer of this Note and the
Loans.

 

(f)            For
U.S. federal income tax purposes, parties intend to treat the Note, together with the Warrants, as an investment unit, and the portion
of price deemed paid for the Warrants as resulting in a corresponding reduction in the “issue price” of the applicable Loan
for U.S. federal income tax purposes.

 

(g)            If
any provision of this Note is deemed to be invalid by reason of the operation of law, or by reason of the interpretation placed thereon
by any administrative agency or any court, the Company and Holder shall negotiate an equitable adjustment in the provisions of the same
in order to effect, to the maximum extent permitted by law, the purpose of this and the validity and enforceability of the remaining provisions,
or portions or applications thereof, shall not be affected thereby and shall remain in full force and effect.

 

[Signature Page Follows]

 

    12 

     

    

 

IN
WITNESS WHEREOF, the Company has executed and delivered Unsecured Promissory Note as of the day and year first written above.

 

	 	P3
    Health Group, LLC
	 	 
	 	By:	/s/ Erin Darakjian
	 	Name: 	Erin Darakjian
	 	Its:	Chief Accounting Officer

 

	 
	Acknowledged and agreed:
	 
	VBC
    Growth SPV LLC
	 
	By: Chicago Pacific Founders GP, L.P., its Manager 
	By: Chicago Pacific Founders UGP, LLC, its General Partner
	 
	By:	/s/ Lawrence B. Leisure 
          	 
	Name: Lawrence B. Leisure 
	Title: Manager

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