Document:

Exhibit 10.3

 

FORM OF AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2022 (the
 “Effective Date”), is made and entered into by and among Dragonfly Energy Holdings Corp., a Delaware corporation (f/k/a
Chardan NexTech Acquisition 2 Corp.) (the “Company”), and each of the stockholders set forth on the signature pages hereto
(each, a “Stockholder” collectively, the “Stockholders”).

 

WHEREAS,
on the Effective Date, certain Stockholders identified as the “Initial Stockholders” on Exhibit A hereto (the
 “Initial Stockholders”) collectively hold 3,162,500 shares of Common Stock (the “Initial Shares”)
and warrants exercisable for 4,627,858 shares of Common Stock (the “Initial Warrants”), which were issued to the Initial
Stockholders prior to the consummation of the Company’s initial public offering;

 

WHEREAS,
the Company and the Initial Stockholders are party to that certain Registration Rights Agreement, dated August 10, 2021 (the “Original
RRA”);

 

WHEREAS,
on the Effective Date, certain of the Stockholders identified as the “Dragonfly Stockholders” on Exhibit A hereto
(the “Dragonfly Stockholders”) have acquired an aggregate of [●] shares of Common Stock (together with any shares
of Common Stock that may be issued to the Dragonfly Stockholders as Earnout Shares (as defined in the Merger Agreement) in connection
with the consummation of the transactions contemplated by that certain Agreement and Plan of Merger (the “Merger Agreement”),
dated as of May 15, 2022, by and among the Company, Bronco Merger Sub, Inc., a Nevada corporation and a direct wholly owned
subsidiary of the Company (“Merger Sub”), and Dragonfly Energy Corp., a Nevada corporation (the “Acquired
Company”), pursuant to which Merger Sub merged with and into the Acquired Company (the “Merger”), with the
Acquired Company surviving the Merger as a wholly owned subsidiary of the Company;

 

WHEREAS,
on the date hereof, Sponsor (as defined below) purchased an aggregate of 500,000 shares of Common Stock less the Open Market
Share Credit (as defined in the Subscription Agreement) (the “PIPE Shares”) in a transaction exempt from registration
under the Securities Act pursuant to the Subscription Agreement dated as of May 15, 2022, entered into by and between the Company
and Sponsor  (the “Subscription Agreement”); and

 

WHEREAS,
in connection with the Closing, the Company and the Initial Stockholders desire to amend and restate the Original RRA in its entirety
as set forth herein, and the Stockholders and the Company desire to enter into this Agreement to provide the Stockholders with certain
rights relating to the registration of such securities from time to time after the Effective Date.

 

     

     

    

 

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, intending to be legally bound, hereby
agree as follows:

 

1.            CERTAIN
DEFINITIONS. As used in this Agreement, the following capitalized terms used herein shall
have the following meanings:

 

“1933
Act” means the Securities Act of 1933, as amended.

 

“1934
Act” means the Securities and Exchange Act of 1934, as amended.

 

“Acquired
Company” has the meaning set forth in the Recitals.

 

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

 

“Allowed
Delay” has the meaning set forth in Section 2(c)(iii).

 

“Availability
Date” has the meaning set forth in Section 3(n).

 

“Block
Trade” means an offering and/or sale of Registrable Securities by any Stockholder on a block trade or underwritten basis
(whether firm commitment or otherwise) not involving a “roadshow,” including, without limitation, a same day trade, overnight
trade or similar transaction.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law to remain closed.

 

“Closing” shall have the meaning
given in the Merger Agreement.

 

“Common
Stock” means the Company’s common stock, par value $0.0001 per share.

 

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

 

“Cut
Back Shares” has the meaning set forth in Section 2(d).

 

“Demand”
has the meaning set forth in Section 2(e)(i).

 

“Demanding
Stockholders” has the meaning set forth in Section 2(e)(i).

 

“Dragonfly
Stockholders” has the meaning set forth in the Recitals.

 

“Earnout
Shares” has the meaning set forth in the Merger Agreement.

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Effectiveness
Period” has the meaning set forth in Section 3(a).

 

“Filing
Deadline” has the meaning set forth in Section 2(a)(i).

 

    	 	2	 

     

    

 

“Indemnified
Party” has the meaning set forth in Section 5(c).

 

“Indemnifying
Party” has the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” has the meaning set forth in Section 2(a)(i).

 

“Initial
Shares” has the meaning set forth in the Recitals.

 

“Initial
Stockholders” has the meaning set forth in the Recitals.

 

“Initial
Warrants” has the meaning set forth in the Recitals.

 

“Lock-up” shall have the meaning
given in Section 6.

 

“Lock-up Parties” shall mean
the Dragonfly Stockholders and their Permitted Transferees.

 

“Lock-up Period” shall mean
the period beginning on the Closing Date and ending on the date that is six (6) months after the Closing Date.

 

“Lock-up Shares” shall mean
(a) the shares of Common Stock and any other equity securities convertible into or exercisable or exchangeable for shares of Common
Stock held by the Dragonfly Stockholders immediately following the Closing (other than shares of Common Stock acquired in the public
market) and (b) any Earnout Shares issued within six (6) months of the Closing Date and the shares of Common Stock issued with
respect to or in exchange for such Earnout Shares (if applicable).

 

“Losses”
has the meaning set forth in Section 5(a).

 

“Maximum
Number of Shares” has the meaning set forth in Section 2(e)(ii).

 

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

 

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

 

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

 

“Minimum
Takedown Threshold” has the meaning set forth in Section 2(e)(i).

 

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

 

“Original
RRA” has the meaning set forth in the Recitals.

 

“Other
Coordinated Offering” has the meaning set forth in Section 2(f)(i).

 

    	 	3	 

     

    

 

“Permitted
Transferees” means (a) with respect to the Dragonfly Stockholders and their respective Permitted Transferees, (i) prior
to the expiration of the Lock-up Period, any person or entity to whom such Stockholder is permitted to transfer such Registrable Securities
prior to the expiration of the Lock-up Period pursuant to Section 6(b) and (ii) after the expiration of the
Lock-up Period, any person or entity to whom such Stockholder is permitted to transfer such Registrable Securities, subject to and in
accordance with any applicable agreement between such Stockholder and/or their respective Permitted Transferees and the Company and any
transferee thereafter; and (b) with respect to all other Stockholders and their respective Permitted Transferees, any person or
entity to whom a Stockholder is permitted to transfer its Registrable Securities, including prior to the expiration of any lock-up period
applicable to such Registrable Securities, subject to and in accordance with any applicable agreement between such Stockholder and/or
their respective Permitted Transferees and the Company and any transferee thereafter.

 

“Piggy-Back
Registration” has the meaning set forth in Section 2(f)(i).

 

“PIPE
Shares” has the meaning set forth in the Recitals.

 

“Prospectus”
means (i) the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus, and (ii) when available to be used, any “free writing prospectus” as defined in Rule 405 under
the 1933 Act.

 

“Register,”
 “registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of
such Registration Statement or document.

 

“Registrable
Securities” means (a) any outstanding shares of Common Stock and any other equity security (including the Initial
Warrants and any other warrants to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of
any other equity security) of the Company held by a Stockholder immediately following the Closing (including any securities distributable
pursuant to the Merger Agreement and any PIPE Shares); (b) any outstanding shares of Common Stock or any other equity security (including
warrants to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of any other equity security)
of the Company acquired by a Stockholder following the date hereof to the extent that such securities are “restricted securities”
(as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of the Company; (c) any
shares of Common Stock and any other equity security received as Earnout Shares; and (d) any other equity security of the Company
or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a), (b) or (c) above
by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or
similar transaction; provided that, such securities shall cease to be Registrable Securities upon the earliest to occur of: (i) 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 by the applicable Stockholder;
(ii) such securities shall have been otherwise transferred, new certificates or book entry positions for such securities not bearing
a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities
shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such
securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction
in compliance with Rule 144 following the Closing Date; or (v) with respect to a Stockholder, when all such securities held
by such Stockholder could be sold without restriction on volume or manner of sale in any three-month period without registration under
Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the SEC).

 

    	 	4	 

     

    

 

“Registration
Statement” means any registration statement filed by the Company under the 1933 Act and the rules and regulations
promulgated thereunder that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus included in such registration statement, amendments and supplements to such Registration Statement, including post-effective
amendments, and all exhibits to and all material incorporated by reference in such Registration Statement.

 

“Requesting
Stockholder” means Stockholders requesting piggy back rights pursuant to this Agreement with respect to an Underwritten
Offering or Underwritten Shelf Takedown.

 

“Required
Stockholders” means the Stockholders holding a majority of the Registrable Securities outstanding from time to time.

 

“Restriction
Termination Date” has the meaning set forth in Section 2(d).

 

“Rule 144”
means Rule 144 promulgated by the SEC pursuant to the 1933 Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such rule.

 

“Rule 415”
has the meaning set forth in Section 2(a)(i).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“SEC
Restrictions” has the meaning set forth in Section 2(d).

 

“Selling
Stockholder” means any Stockholder electing to sell any of its Registrable Securities in a Registration.

 

“Selling
Stockholder Questionnaire” means such form of questionnaire as may reasonably be adopted by the Company from time to
time.

 

“Sponsor” means Chardan NexTech
Investments 2 LLC prior to its dissolution and, after the dissolution of Chardan NexTech Investments 2 LLC, the members of Chardan NexTech
Investments 2 LLC.

 

    	 	5	 

     

    

 

“Sponsor Managers” shall mean
(i) prior to the dissolution of the Sponsor, the managers of the Sponsor and (ii) after the dissolution of the Sponsor, the
managers of the Sponsor immediately prior to such dissolution.

 

“Sponsor Member” shall mean
a member of Sponsor who becomes party to this Agreement as a Permitted Transferee of Sponsor.

 

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

 

“Stockholder
Indemnified Party” has the meaning set forth in Section 5(a).

 

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

 

“Subsequent
Registration Statement” means a new registration statement for an offering to be made on a delayed or continuous basis
pursuant to Rule 415.

 

“Trading
Day” means a day on which the Common Stock is listed or quoted and traded on the Nasdaq Capital Market.

 

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

 

“Underwritten
Offering” has the meaning set forth in Section 2(e)(i).

 

“Underwritten
Shelf Takedown” has the meaning set forth in Section 2(e)(i).

 

“Withdrawal
Notice” has the meaning set forth in Section 2(e)(iii).

 

2.              REGISTRATION
RIGHTS.

 

(a)            Registration
Statements.

 

(i)            As
soon as practicable following the Effective Date but no later than thirty (30) calendar days after the Effective Date (the “Filing
Deadline”), the Company shall submit to or file with the SEC a Registration Statement registering the resale of all of the
Registrable Securities (determined as of two (2) Business Days prior to such submission or filing) for an offering to be made on
a delayed or continuous basis pursuant to Rule 415 promulgated under the 1933 Act (“Rule 415”) or, if Rule 415
is not available for offers and sales of the Registrable Securities, by such other form of registration statement as is then available
to effect a registration for resale of such Registrable Securities (the “Initial Registration Statement”). The Initial
Registration Statement shall be on Form S-1; provided, however, that no Stockholder shall be named as an Underwriter
in such Registration Statement without the Stockholder’s prior written consent. The Company shall use commercially reasonable efforts
to convert or replace the Initial Registration Statement with a Registration Statement on Form S-3 promptly following confirmation
that the Company has become eligible to use Form S-3 to register the Registrable Securities.

 

    	 	6	 

     

    

 

(ii)            Such
Registration Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder (including
Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock combinations, stock
dividends or similar transactions with respect to the Registrable Securities. Such Registration Statement (and each amendment or supplement
thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to
the Stockholders prior to its filing or other submission.

 

(iii)            If
the Initial Registration Statement ceases to be effective under the 1933 Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable to cause
such Initial Registration Statement to again become effective under the 1933 Act or file a Subsequent Registration Statement registering
the resale of all Registrable Securities (determined as of two (2) business days prior to such filing) pursuant to any method or
combination of methods legally available to the Company. Any Subsequent Registration Statement shall be an automatic shelf registration
statement (as defined in Rule 405 promulgated under the 1933 Act) if the Company is a well-known seasoned issuer (as defined in
Rule 405 promulgated under the 1933 Act) at the most recent applicable eligibility determination date, and shall be on Form S-3
to the extent that the Company is eligible to use such form.

 

(b)            Expenses.
Except as otherwise set forth herein, the Company will pay all expenses associated with each Registration Statement, including filing
and printing fees, the fees and expenses of the Company’s counsel and accounting fees and expenses, costs associated with clearing
the Registrable Securities for sale under applicable state securities laws and listing fees, but excluding discounts, commissions, fees
of Underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities
being sold.

 

(c)            Effectiveness.

 

(i)            The
Company shall use commercially reasonable efforts to have each Registration Statement declared effective as soon as practicable after
the filing thereof, but no later than the earlier of (i) the ninetieth (90th) calendar day following the filing date
thereof if the SEC notifies the Company that it will “review” the Registration Statement and (ii) the tenth (10th)
Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement
will not be “reviewed” or will not be subject to further review. The Company shall notify the Stockholders as promptly as
practicable after the Registration Statement is declared effective and shall simultaneously or prior thereto file with the SEC pursuant
to Rule 424(b) promulgated under the 1933 Act, and provide the Stockholders with copies of, any related Prospectus to be used
in connection with the sale or other disposition of the securities covered thereby.

 

(ii)            The
Company shall maintain the Initial Registration Statement and any Subsequent Registration Statement in accordance with the terms hereof,
and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary to
keep the Initial Registration Statement and any Subsequent Registration Statement continuously effective, available for use to permit
the Stockholders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the 1933
Act until such time as there are no longer any Registrable Securities.

 

    	 	7	 

     

    

 

(iii)            In
the event that any Stockholder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, the
Company, upon written request of such Stockholder, shall promptly use its commercially reasonable efforts to cause the resale of such
Registrable Securities to be covered by either, at the Company’s option, any then available Registration Statement (including by
means of a post-effective amendment) or by filing a Subsequent Registration Statement and causing the same to become effective as soon
as reasonably practicable after such filing and such Subsequent Registration Statement shall be subject to the terms hereof.

 

(iv)            For
not more than ninety (90) consecutive days or for a total of not more than one-hundred twenty (120) days, in each case, in any twelve
(12) month period, the Company may suspend the filing, initial effectiveness or continued use of any Registration Statement in respect
of any Registration contemplated by this Section 2 in the event that the Company determines in good faith that such suspension
is necessary to (A) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the
time is not, in the good faith opinion of the Company, in the best interests of the Company; (B) amend or supplement the affected
Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include any Misstatement;
or (C) require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company’s control (each, an “Allowed Delay”); provided that the Company shall promptly (1) notify
each Stockholder in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of a Stockholder)
disclose to such Stockholder any material non-public information giving rise to an Allowed Delay, (2) advise the Stockholders in
writing to cease all sales under such Registration Statement until the end of the Allowed Delay (but not, for the avoidance of doubt,
any sale pursuant to Rule 144 or other applicable exemption under the 1933 Act) and (3) use commercially reasonable efforts
to terminate an Allowed Delay as promptly as reasonably practicable.

 

    	 	8	 

     

    

 

(d)            Rule 415;
Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a
Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 or requires
any Stockholder to be named as an Underwriter, the Company shall use commercially reasonable efforts to persuade the SEC that the
offering contemplated by such Registration Statement is a valid secondary offering and not an offering “by or on behalf of the
issuer” as defined in Rule 415 and that none of the Stockholders is an Underwriter. The Stockholders shall have the right
to select one legal counsel to review any registration or matters pursuant to this Section 2(d). In the event that,
despite the Company’s commercially reasonable efforts and compliance with the terms of this Section 2(d), the SEC
refuses to alter its position, the Company shall (i) remove from such Registration Statement such portion of the Registrable
Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the
registration and resale of the Registrable Securities as the SEC may require to assure the Company’s compliance with the
requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the
Company shall not agree to name any Stockholder as an Underwriter in such Registration Statement without the prior written consent
of such Stockholder. Any cut-back imposed on the Stockholders pursuant to this Section 2(d) shall be allocated
among the Stockholders on a pro rata basis and shall be applied first to any of the Registrable Securities of such
Stockholder as such Stockholder shall designate, unless the SEC Restrictions otherwise require or provide or the Required
Stockholders and Sponsor otherwise agree. From and after the first date on which the Company is able to effect
the registration of such Cut Back Shares (such date, the “Restriction Termination Date”), all of the provisions
of this Section 2 (including the Company’s obligations with respect to the submission or filing of a Registration
Statement and its obligations to use commercially reasonable efforts to have such Registration Statement declared effective within
the time periods set forth herein) shall again be applicable to such Cut Back Shares; provided, however, that
(i) the Filing Deadline for such Registration Statement including such Cut Back Shares shall be ten (10) Business Days
after the Restriction Termination Date, and (ii) the date by which the Company is required to obtain effectiveness with respect
to such Cut Back Shares under Section 2(c) shall be the earlier of (i) the ninetieth (90th)
calendar day following the filing date thereof if the SEC notifies the Company that it will “review” the Registration
Statement and (ii) the tenth (10th) Business Day after the date the Company is notified (orally or in writing,
whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to
further review.

 

(e)            Underwritten
Offerings.

 

(i)            Requests
for Underwritten Shelf Takedowns. Subject to the provisions of: (A) Section 6(a), with respect to any Lock-up Party and
(B) any existing lock-up arrangement then in effect, with respect to any other Stockholder, at any time and from time to time when
an effective Registration Statement is on file with the SEC, a Stockholder may make a written demand (a “Demand”,
and such Stockholder, a “Demanding Stockholder”) to sell all or any portion of its Registrable Securities in a firm
commitment underwritten offering (an “Underwritten Offering”) that is registered pursuant to the applicable Registration
Statement (each, an “Underwritten Shelf Takedown”), to be effected by the Company as soon as reasonably practicable;
provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such Underwritten Shelf Takedown shall
include Registrable Securities proposed to be sold by the Demanding Stockholders, either individually or together with other Demanding
Stockholders, with a total offering price reasonably expected to exceed, in the aggregate, $25 million (the “Minimum Takedown
Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company, which shall
specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected price
range of such Underwritten Shelf Takedown. A majority-in-interest of the Stockholders initiating the Demand and the Company shall have
the right to jointly select the Underwriters for such Underwritten Shelf Takedown (which shall consist of one or more reputable nationally
recognized investment banks). The Sponsor and the Dragonfly Stockholders may each demand not more than one (1) Underwritten Shelf
Take-Down in any twelve (12) month period, for an aggregate of not more than two (2) Underwritten Shelf Take-Downs in any twelve
(12) month period. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Shelf Takedown
pursuant to any then effective Registration Statement, including a Form S-1 or a Form S-3, that is then available for such
Underwritten Shelf Takedown.

 

    	 	9	 

     

    

 

(ii)            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters for a Demand, in good faith, advises the Company, the Demanding
Stockholders and the Requesting Stockholders (if any) that the dollar amount or number of shares of Registrable Securities which the
Demanding Stockholders and Requesting Stockholders (if any) desire to sell, taken together with all other shares of Common Stock or other
equity securities which the Company desires to sell and the shares of Common Stock or other equity securities, if any, as to which Underwritten
Offering has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders of
the Company who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in such Underwritten
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 securities, as applicable, the “Maximum Number of Shares”),
then the Company shall include in such Underwritten Offering the following securities in the following order of priority: (i) the
Registrable Securities as to which an Underwritten Shelf Takedown has been requested by the Demanding Stockholders on a pro rata
basis that can be sold without exceeding the Maximum Number of Shares; (ii) to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (i), the Registrable Securities as to which an Underwritten Shelf Takedown has been
requested by the Requesting Stockholders (if any) on a pro rata basis that can be sold without exceeding the Maximum Number of
Shares; (iii) any shares of Common Stock or other equity securities proposed to be sold by Company, which can be sold without exceeding
the Maximum Number of Shares; and (iv) to the extent that the Maximum Number of Shares have not been reached under the foregoing
clauses (i), (ii) and (iii), the shares of Common Stock or other securities for the account of other persons that the Company
is obligated to Register pursuant to separate written contractual arrangements of persons or entities other than the Holders of Registrable
Securities hereunder, which can be sold without exceeding the Maximum Number of Shares.

 

(iii)            Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Stockholders initiating the Underwritten Shelf Takedown shall have the right
to withdraw from such offering for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to
the Company and the Underwriter or Underwriters (if any) of their intention to withdraw; provided that the Sponsor or the Dragonfly
Stockholders may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied
by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor or the Dragonfly Stockholders, as
applicable (including their Permitted Transferees). If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand
for an Underwritten Shelf Takedown by the withdrawing Demanding Stockholder for purposes of Section 2(e)(i), unless such
Demanding Stockholder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there
is more than one Demanding Stockholder, a pro rata portion of such Registration Expenses based on the respective number of Registrable
Securities that each Demanding Stockholder has requested be included in such Underwritten Shelf Takedown); provided that, if the
Sponsor or such Dragonfly Stockholders, as applicable, elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the
immediately preceding sentence, such Underwritten Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the
Sponsor or such Dragonfly Stockholders, as applicable, for purposes of Section 2(e)(i). Following the receipt of any Withdrawal
Notice, the Company shall promptly forward such Withdrawal Notice to any other Stockholders that had elected to participate in such Underwritten
Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses
incurred in connection with an Underwritten Shelf Takedown prior to its withdrawal under this Section 2(e)(iii), other than
if a Demanding Stockholder elects to pay the Registration Expenses with respect to an Underwritten Shelf Takedown pursuant to clause (ii) of
the second sentence of this Section 2(e)(iii).

 

    	 	10	 

     

    

 

(f)            Piggy-Back
Registration.

 

(i)            Piggy-Back
Rights. If at any time, the Company proposes to conduct a registered offering of, or if the Company proposes to file a Registration
Statement under the 1933 Act with respect to the Registration 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 stockholders of the Company for their
account (including, without limitation, pursuant to Section 2(e)), other than a Registration Statement (or any registered
offering with respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering solely of debt that is
convertible into equity securities of the Company, (iv) for a dividend reinvestment plan, (v) for a Block Trade, (vi) for
an Other Coordinated Offering or (vii) that is the Equity Facility Form S-1 (as defined in the Merger Agreement), 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 of such Registration Statement or, in the case of an Underwritten
Shelf Takedown, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering, 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”). Subject
to Section 2(f)(ii), the Company shall, in good faith, cause such Registrable Securities to be included in such Piggy-Back
Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such
Piggy-Back Registration to permit the Registrable Securities requested by the holders pursuant to this Section 2(f)(i) to
be included therein on the same terms and conditions as any similar securities included in such registered offering 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 Underwritten Offering.

 

    	 	11	 

     

    

 

(ii)            Reduction
of Piggy-Back Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggy-Back Registration
advises the Company and the Holders of Registrable Securities participating in the Piggy-Back Registration that the dollar amount or
number of shares of Common Stock or other equity securities which the Company desires to sell, taken together with shares of Common Stock
or other equity securities, if any, as to which such Underwritten Offering has been demanded pursuant to separate written contractual
arrangements with persons or entities other than the Holders of Registrable Securities hereunder, the Registrable Securities as to which
such Underwritten Offering has been requested under this Section 2(f), and the shares of Common Stock or other equity securities,
if any, as to which such Underwritten Offering has been requested pursuant to separate written contractual piggy-back registration rights
of persons or entities other than the Holders of Registrable Securities hereunder, exceeds the Maximum Number of Shares, then the Company
shall include in any such Registration or registered offering:

 

(1)            If
the Registration is undertaken for the Company’s account: (A) the shares of Common Stock or other securities that the Company
desires to sell for its own account that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the
Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if
any, comprised of Registrable Securities, as to which Registration has been requested pursuant to the applicable written contractual
Piggy-Back Registration rights of the Stockholders pursuant to Section 2(f)(i), on a pro rata basis, that can be sold
without exceeding the Maximum Number of Shares; and (C) to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons that the
Company is obligated to Register pursuant to separate written contractual piggy-back registration rights of persons or entities other
than the Holders of Registrable Securities hereunder, which can be sold without exceeding the Maximum Number of Shares;

 

(2)            If
the Registration or registered offering is a “demand” registration undertaken at the demand of persons or entities other
than the Holders of Registrable Securities, (A) the shares of Common Stock or other securities for the account of the demanding
persons that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable
Securities, as to which Registration has been requested pursuant to the applicable written contractual Piggy-Back Registration rights
of Holders under Section 2(f)(i), on a pro rata basis, that can be sold without exceeding the Maximum Number of Shares;
(C) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the
shares of Common Stock or other securities that the Company desires to sell for its own account that can be sold without exceeding the
Maximum Number of Shares; and (D) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A),
(B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to Register
pursuant to separate written contractual piggy-back registration rights of persons or entities other than the Holders of Registrable
Securities hereunder, that can be sold without exceeding the Maximum Number of Shares; and

 

(3)            If
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by a Stockholder pursuant to Section 2(e)(i) hereof,
then the Company shall include in any such Registration or registered offering securities in the priority set forth in Section 2(e)(ii).

 

    	 	12	 

     

    

 

(iii)           Unlimited
Piggy-Back Registration Rights. For purposes of clarity, any Registration effected pursuant to this Section 2(f) shall
not be counted as a Registration pursuant to a Demand effected under Section 2(e) hereof.

 

(iv)           Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Stockholder, whose right to withdraw from an
Underwritten Shelf Takedown, and related obligations, shall be governed by Section 2(e)(iii)) shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement
filed with the SEC with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to an Underwritten
Shelf Takedown, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback
Registration used for marketing such transaction upon no less than three (3) days’ notice to the Company. The Company (whether
on its own good faith determination or as the result of a request for withdrawal by persons or entities pursuant to separate written
contractual obligations) may withdraw a Registration Statement filed with the SEC in connection with a Piggyback Registration (which,
in no circumstance, shall include the Initial Registration Statement or any Subsequent Registration Statement) at any time prior to the
effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2(e)(iii)),
the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2(f)(iv).

 

(g)            Block
Trades; Other Coordinated Offerings.

 

(i)             Subject
to Section 2(c)(iv), at any time and from time to time when an effective Registration Statement is on file with the SEC,
if a Stockholder wishes to engage in (a) a Block Trade or (b) an “at the market” or similar registered offering
through a broker, sales agent or distribution agent, whether as agent or principal (an “Other Coordinated Offering”),
in each case, (x) with a total offering price reasonably expected to exceed $20 million in the aggregate or (y) with respect
to all remaining Registrable Securities held by the Stockholder, then such Stockholder only needs to notify the Company of the Block
Trade or Other Coordinated Offering at least two (2) business days prior to the day such offering is to commence and the Company
shall use its commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that the
Stockholders representing a majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering
shall use commercially reasonable efforts to work with the Company and any Underwriters, brokers, sales agents or placement agents prior
to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation
related to the Block Trade or Other Coordinated Offering.

 

(ii)            Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Stockholders initiating such Block Trade or Other Coordinated Offering shall
have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sales agents or
placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block
Trade or Other Coordinated Offering prior to its withdrawal under this Section 2(g)(ii).

 

    	 	13	 

     

    

 

(iii)            Notwithstanding
anything to the contrary in this Agreement, Section 2(f) shall not apply to a Block Trade or Other Coordinated Offering
initiated by a Stockholder pursuant to this Agreement.

 

(iv)            The
Stockholder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sales agents
or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable
nationally recognized investment banks), subject to the approval of the Company (which shall not be unreasonably withheld).

 

(v)            For
the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2(g)(v) shall
not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2(e)(i) hereof, provided that no more
than two Block Trades may be demanded in any twelve-month period.

 

(h)            Statutory
Underwriter.

 

(i)             In
no event shall any Stockholder be identified as an underwriter in any Registration Statement; provided, that if the SEC requires
that a Stockholder be identified as a statutory underwriter in a Registration Statement, the Stockholder will have the option, in its
sole and absolute discretion, to either (i) withdraw from the Registration Statement, it being understood that such withdrawal shall
not relieve the Company of its obligation to register for resale such Stockholder’s Registrable Securities at a later date or (ii) be
included as such in the Registration Statement. In the event that a Stockholder elects to include its Registrable Securities on a Registration
Statement in accordance with the foregoing clause (ii), the Company shall provide such Stockholder with a draft of such Registration
Statement (and any amendments or supplements thereto) as soon as reasonably practicable, and any disclosures contained therein relating
to such Stockholder shall be subject to the approval of such Stockholder (which approval shall not be unreasonably withheld or delayed).

 

3.              COMPANY
OBLIGATIONS.

 

In connection with any Registration Statement,
Underwritten Offering and/or Underwritten Shelf Takedown, the Company will use commercially reasonable efforts to effect the registration
of the Registrable Securities in accordance with the terms hereof and the intended plan of distribution, and pursuant thereto the Company
will, as expeditiously as possible:

 

(a)            use
commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period
that will terminate upon the date on which all Registrable Securities covered by such Registration Statement cease to be Registrable
Securities (the “Effectiveness Period”) and advise the Stockholders promptly in writing when the Effectiveness Period
has expired;

 

    	 	14	 

     

    

 

(b)            prepare
and file with the SEC such amendments and post-effective amendments to such Registration Statement and the related Prospectus as may
be necessary to keep such Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933
Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

(c)            provide
copies to and permit the Stockholders to review each Registration Statement and all amendments and supplements thereto not less than
five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the
filing of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports) and provide the Stockholders a reasonable
opportunity to comment thereon, and the Company shall consider such comments in good faith before filing any Registration Statement or
amendment or supplement thereto;

 

(d)            furnish
to each Stockholder whose Registrable Securities are included in any Registration Statement (i) promptly after the same is prepared
and filed with the SEC, if requested by the Stockholder, one (1) copy of any Registration Statement and any amendment thereto, each
preliminary prospectus and Prospectus and each amendment or supplement thereto, and (ii) such number of copies of a Prospectus,
including a preliminary prospectus, and all amendments and supplements thereto and such other documents as each Stockholder may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such Stockholder that are covered by such Registration
Statement; provided that the Company shall have no obligation to provide any document pursuant to this clause that is available
on the SEC’s EDGAR system;

 

(e)            use
commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and (ii) if
such order is issued, obtain the withdrawal of any such order as soon as practicable;

 

(f)            prior
to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the Stockholders
and their counsel in connection with the registration or qualification of such Registrable Securities for the offer and sale under the
securities or blue sky laws of such jurisdictions requested by the Stockholders and do any and all other commercially reasonable acts
or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration
Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto
to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f),
(ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f),
or (iii) file a general consent to service of process in any such jurisdiction;

 

(g)            use
commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on each national
securities exchange or other market on which similar securities issued by the Company are then listed;

 

    	 	15	 

     

    

 

(h)            provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date
of such Registration Statement;

 

(i)            promptly
notify the Stockholders, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any
event as a result of which, the Prospectus included in the Registration Statement, as then in effect, includes a Misstatement, and promptly
prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus as may be necessary so that
such Prospectus shall not include such Misstatement;

 

(j)            in
the event of an Underwritten Offering, an Underwritten Shelf Takedown, a Block Trade, an Other Coordinated Offering, or sale by a broker,
placement agent or sales agent pursuant to such Registration, in each of the following cases to the extent customary for a transaction
of its type, permit a representative of the Stockholders, the Underwriters or other financial institutions facilitating such Underwritten
Offering, Underwritten Shelf Takedown, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, if any, and
any attorney, consultant or accountant retained by such Stockholders or Underwriter to participate, at each such person’s or entity’s
own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, financial institution, attorney, consultant or accountant
in connection with the Registration; provided, however, that such representatives, Underwriters or financial institutions
agree to confidentiality arrangements in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
of any such information;

 

(k)            obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering, an Underwritten Shelf Takedown, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales
agent pursuant to such Registration (subject to such broker, placement agent or sales agent providing such certification or representation
reasonably requested by the Company’s independent registered public accountants and the Company’s counsel) in customary form
and covering such matters of the type customarily covered by “cold comfort” letters for a transaction of its type as the
managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Stockholders;

 

(l)            in
the event of an Underwritten Offering, an Underwritten Shelf Takedown, a Block Trade, an Other Coordinated Offering or sale by a broker,
placement agent or sales agent pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant
to such Registration, to the extent customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing
the Company for the purposes of such Registration, addressed to the participating Stockholders, the broker, placement agents or sales
agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion
is being given as the participating Stockholders, broker, placement agent, sales agent or Underwriter may reasonably request and as are
customarily included in such opinions and negative assurance letters. In the event no legal opinion is delivered to any broker, placement
agent, sales agent or Underwriter, the Company shall furnish to each participating Stockholder, at any time that such Stockholder elects
to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing such prospectus has
been declared effective and that no stop order is in effect;

 

    	 	16	 

     

    

 

(m)            in
the event of any Underwritten Offering, an Underwritten Shelf Takedown, a Block Trade, an Other Coordinated Offering or sale by a broker,
placement agent or sales agent pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase
or sales agreement, in usual and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such
offering or sale;

 

(n)            use
commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act,
including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment thereof,
with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Stockholders in writing if, at any time during the Effectiveness
Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Stockholders are required
to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably
necessary to facilitate the registration of the Registrable Securities hereunder; and make available to its security holders, as soon
as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement covering a period of at
least twelve (12) months, beginning after the effective date of each Registration Statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the 1933 Act, including Rule 158 promulgated thereunder (for the purpose of this Section 3(n),
 “Availability Date” means the 45th day following the end of the fourth fiscal quarter that includes the effective
date of such Registration Statement, except that, if such fourth fiscal quarter is the last quarter of the Company’s fiscal year,
 “Availability Date” means the ninetieth (90th) day after the end of such fourth fiscal quarter);

 

(o)            with
respect to an Underwritten Offering or an Underwritten Shelf Takedown, use its commercially 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 such Underwritten Offering or Underwritten Shelf Takedown, as applicable; and

 

(p)            otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Stockholders,
consistent with the terms of this Agreement, in connection with such Registration.

 

With a view to making available to the Stockholders
the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit the Stockholders to sell shares
of Common Stock to the public without registration, the Company covenants and agrees to: (i) make and keep public information available,
as those terms are understood and defined in Rule 144, until the earlier of (A) six (6) months after such date as all
of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or any other rule of
similar effect and (B) such date as all of the Registrable Securities shall have been resold pursuant to a Registration Statement
or Rule 144; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934
Act; (iii) prior to the filing of any Registration Statement or any amendment thereto (whether pre-effective or post-effective)
and prior to the filing of any Prospectus, provide to each Stockholder copies of all pages thereof (if any) that reference such
Stockholders, and (iv) furnish to each Stockholder upon request, as long as such Stockholder owns any Registrable Securities, a
written statement by the Company that it has complied with the reporting requirements of the 1934 Act.

 

    	 	17	 

     

    

 

		4.	OBLIGATION
OF THE INVESTORS.

 

(a)            Each
Stockholder agrees to furnish to the Company a completed Selling Stockholder Questionnaire within ten (10) Trading Days after the
Effective Date. At least ten (10) Trading Days prior to the first anticipated filing date of a Registration Statement for any registration
under this Agreement, the Company will notify each Stockholder of the information the Company reasonably requires from that Stockholder
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by
it, other than the information contained in the Selling Stockholder Questionnaire, if any. Each Stockholder shall furnish such information
to the Company in writing promptly upon receiving such notification and, in any event, at least three (3) Trading Days prior to
the applicable anticipated filing date (unless such Stockholder has notified the Company in writing of its election to exclude all of
its Registrable Securities from such Registration Statement) and shall execute such documents in connection with such registration as
the Company may reasonably request. Each Stockholder further agrees that it shall not be entitled to be named as a selling securityholder
in the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Stockholder
has returned to the Company a completed and signed Selling Stockholder Questionnaire and a response to any reasonable requests for further
information as described in the previous sentence. If a Stockholder returns a Selling Stockholder Questionnaire or a request for further
information, in either case, after its respective deadline, the Company shall use its reasonable best efforts to take such actions as
are required to name such Stockholder as a selling security holder in the Registration Statement or any pre-effective or post-effective
amendment thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities identified
in such late Selling Stockholder Questionnaire or request for further information. Each Stockholder acknowledges and agrees that the
information in the Selling Stockholder Questionnaire or request for further information as described in this Section 4(a) will
be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the
Registration Statement.

 

(b)            Each
Stockholder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of a Registration Statement or in connection with any Underwritten Offering hereunder,
unless such Stockholder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration
Statement or such Underwritten Offering.

 

(c)            Each
Stockholder agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant
to Section 2(c)(i) or (ii) the happening of an event pursuant to Section 3(i) hereof, such
Stockholder will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable
Securities (but not, for the avoidance of doubt, pursuant to Rule 144 or other applicable exemption under the 1933 Act), until the
Stockholder is advised by the Company that such dispositions may again be made pursuant to such Registration Statement.

 

    	 	18	 

     

    

 

(d)            Each
Stockholder covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or
an exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

 

		5.	INDEMNIFICATION.

 

(a)            Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Stockholder, and each of its officers, employees, Affiliates,
directors, partners, members, managers, equityholders, attorneys, advisors and agents, and each person or entity, if any, who controls
(within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) each Stockholder (each, a “Stockholder
Indemnified Party”), to the fullest extent permitted by applicable law, from and against any expenses, losses, judgments, actions,
claims, proceedings (whether commenced or threatened), damages, liabilities or costs (including, without limitation, reasonable attorneys’
fees) (collectively, “Losses”), as incurred, arising out of or based upon any Misstatement contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the 1933 Act, any preliminary Prospectus, final Prospectus
or summary Prospectus contained in such Registration Statement, any amendment or supplement to such Registration Statement, preliminary
Prospectus, final Prospectus or summary Prospectus, or any free writing prospectus relating to such Registration Statement, or any violation
by the Company of the 1933 Act or any rule or regulation promulgated thereunder applicable to the Company or any state securities
(or Blue Sky) law, rule or regulation and relating to action or inaction required of the Company in connection with any such Registration;
and the Company shall promptly reimburse the Stockholder Indemnified Party for any reasonable, customary and documented out-of-pocket
legal and any other expenses reasonably incurred, as incurred, by such Stockholder Indemnified Party in connection with investigating
and defending any such Losses, except, with respect to any Stockholder of Registrable Securities, to the extent such Stockholder is liable
to indemnify the Company for such Losses pursuant to Section 5(b); provided, however, that the indemnity agreement
contained in this Section 5(a) shall not apply to amounts paid in settlement of any claim or proceeding if such settlement
is effected without the consent of the Company, which consent shall not be unreasonably withheld, and the Company will not be liable
in any such case to the extent that any such losses, judgments, claims, damages, liabilities or out-of-pocket expenses arises out of
or is based upon any Misstatement made in such Registration Statement in reliance upon and in conformity with information furnished to
the Company, in writing, by a Stockholder Indemnified Party expressly for use therein.

 

    	 	19	 

     

    

 

(b)            Indemnification
by Stockholders. Each Selling Stockholder will, in the event that any Registration of any Registrable Securities held by such Stockholder
is being effected under the 1933 Act pursuant to this Agreement and the Company has required all Selling Stockholders to provide such
an undertaking on the same terms, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if
any), and each other Selling Stockholder and each other person, if any, who controls another Selling Stockholder or such underwriter
within the meaning of the 1933 Act, against any Losses, insofar as such Losses arise out of or are based upon any Misstatement contained
in any Registration Statement under which the sale of such Registrable Securities was Registered under the 1933 Act, any preliminary
Prospectus, final Prospectus or summary Prospectus contained in the Registration Statement, or any amendment or supplement thereto, if
the Misstatement was made (or not made, in the case of an omission) in reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of such Selling Stockholder expressly for use therein, and shall reimburse the Company, its directors
and officers, and each other Selling Stockholder for any reasonable, customary and documented out-of-pocket legal or other expenses incurred
by any of them in connection with investigation or defending any such Loss. Each Selling Stockholder’s indemnification obligations
hereunder shall be several, and not joint and several, and shall be proportional to and limited to the amount of any net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually received by such Selling Stockholder pursuant to such Registration
Statement from which such Losses arise, except in the case of fraud or willful misconduct by such Selling Stockholder.

 

(c)            Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any Loss in respect of which indemnity may
be sought pursuant to Section 5(a) or 5(b), 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; provided, however, that the failure by the Indemnified Party to promptly 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 and materially 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 reasonably 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; 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, in addition to local 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 reasonable and documented fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the 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 any Losses for which the Indemnified
Party seeks indemnification hereunder if such settlement or judgment includes any non-monetary remedies binding on the Indemnified Party,
requires an admission of fault or culpability on the part of the Indemnified Party or does not include an unconditional release from
all liability of the Indemnified Party in respect of such Losses.

 

    	 	20	 

     

    

 

(d)            Contribution.
If the indemnification provided for in the foregoing Sections 5(a) and 5(b) is unavailable to any Indemnified
Party in respect of any Loss 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 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, 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 Misstatement relates to information supplied by such Indemnified
Party or such Indemnifying Party (in the case of a Stockholder, such Misstatement was made in reliance upon and in conformity with information
furnished in writing to the Company by such Stockholder expressly for use therein) and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such Misstatement. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in this Section 5(d). The amount
paid or payable by an Indemnified Party as a result of any Loss referred to in this paragraph shall be deemed to include, subject to
the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 5(d), no Stockholder 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 Stockholder from the sale of Registrable Securities which gave rise to such contribution obligation,
less the aggregate amount of any damages or other amounts such Stockholder has otherwise been required to pay (pursuant to Section 5(b) otherwise)
as a result of the Misstatement. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

		6.	LOCK-UP.

 

(a)            Lock-Up.
Subject to Section 6(b), each Lock-up Party agrees that it shall not Transfer any Lock-up Shares prior to the end of the
Lock-up Period (the “Lock-up”).

 

    	 	21	 

     

    

 

(b)            Permitted
Transferees. Notwithstanding the provisions set forth in Section 6(a), each Lock-up Party may Transfer the Lock-up Shares
during the Lock-up Period (a) to (i) the Company’s officers or directors, (ii) any affiliates or family members
of the Company’s officers or directors, (iii) any direct or indirect partners, members or equity holders of such Lock-up Party,
or any related investment funds or vehicles controlled or managed by such persons or entities or their respective affiliates, or (iv) any
other Lock-up Party or any direct or indirect partners, members or equity holders of such other Lock-up Party, any affiliates of such
other Lock-up Party or any related investment funds or vehicles controlled or managed by such persons or entities or their respective
affiliates; (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the
beneficiary of which is a member of the individual’s immediate family or an affiliate of such person or entity, or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in
the case of an individual, pursuant to a qualified domestic relations order; (e) to the partners, members or equity holders of such
Lock-up Party by virtue of the Lock-up Party’s organizational documents, as amended, upon dissolution of the Lock-up Party; (f) in
connection with any bona fide mortgage, encumbrance or pledge to a financial institution in connection with any bona fide loan or debt
transaction or enforcement thereunder; (g) to the Company; or (h) in connection with a liquidation, merger, stock exchange,
reorganization, tender offer approved by the Company’s board of directors or a duly authorized committee thereof or other similar
transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property subsequent to the Closing Date. The parties acknowledge and agree that any Permitted Transferee of a Lock-up
Party shall be subject to the transfer restrictions set forth in this ARTICLE 6 with respect to the Lock-Up Shares upon and
after acquiring such Lock-Up Shares.

 

		7.	MISCELLANEOUS.

 

(a)            Effective
Date. This Agreement shall be effective as of the Effective Date.

 

(b)            Amendments
and Waivers. Compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of
such provisions, covenants or conditions may be amended or modified only by a writing signed by the Company, the Required Stockholders
and Sponsor. Notwithstanding the foregoing, this Agreement may not be amended and the observance of any term of this Agreement may not
be waived with respect to any Stockholder without the written consent of such Stockholder unless such amendment or waiver applies to
all Stockholders in the same fashion.

 

(c)            Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered upon receipt, when delivered personally or by a nationally recognized overnight delivery
service or by e-mail, in each case properly addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

Dragonfly Energy Corp.

1190 Trademark Drive #108

Reno, Nevada 89521

 

		Attention:	General
                                            Counsel

		Email:	legal@dragonflyenergy.com

 

If to any Stockholder, to it at the address set forth under such Stockholder’s
name on its signature page hereto, or, in the case of a Stockholder or any other party named above, at such other address or to
the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days
prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver
or other communication; (ii) provided by affidavit of personal delivery by a delivery service selected by the Company; or (iii) provided
by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service, deposit with a nationally recognized
overnight delivery service or electronic transmission.

 

    	 	22	 

     

    

 

(d)            Assignments
and Transfers by Stockholders.

 

(i)            The
provisions of this Agreement shall be binding upon and inure to the benefit of the Stockholders and their respective successors and assigns.
A Stockholder may transfer or assign, in whole or from time to time in part, to such Stockholder’s Permitted Transferees its rights
hereunder in connection with the transfer of Registrable Securities by such Stockholder to such Permitted Transferee; provided
that such Stockholder complies with all laws applicable thereto or the terms of any contract to which such Stockholder is a party, and
provides written notice of assignment to the Company promptly after such assignment is effected, and such person agrees in writing to
be bound by all of the provisions contained herein.

 

(ii)            For
the avoidance of doubt, the Sponsor shall be permitted to transfer any of its rights hereunder to one or more affiliates or any direct
or indirect partners, members or equity holders of the Sponsor, including a transfer of its rights in connection with a distribution
of any Registrable Securities held by Sponsor to the Sponsor Members (it being understood that no such transfer shall reduce or multiply
any rights of the Sponsor or such transferees). Notwithstanding anything to the contrary herein, upon a transfer by the Sponsor pursuant
to this Section 7(d) to the Sponsor Members, the rights that are personal to the Sponsor shall be exercised by the Sponsor
Members only with the consent of the Sponsor Managers.

 

(e)            Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without
the prior written consent of the Required Stockholders and Sponsor; provided, however, that in the event that the Company
is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is converted
into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of
such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall be
deemed to refer to such Person and the term “Registrable Securities” shall be deemed to include the securities received
by the Stockholders in connection with such transaction unless such securities are otherwise freely tradable by the Stockholders after
giving effect to such transaction.

 

(f)            Other
Registration Rights. Other than as provided in (i) the Warrant Agreement, dated as of August 10, 2021, between the Company
and Continental Stock Transfer & Trust Company and (ii) the Equity Facility Definitive Documentation (as defined in the
Merger Agreement), the Company represents and warrants that no person or entity, other than a Stockholder holding Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other person
or entity. The Company hereby agrees and covenants that it will not grant rights to register any Common Stock (or securities convertible
into or exchangeable for Common Stock) pursuant to the Securities Act that are more favorable or senior to those granted to the Holders
hereunder without (a) the prior written consent of the Required Stockholders and Sponsor (in each case, not to be unreasonably withheld);
or (b) granting economically and legally equivalent rights to the Stockholders hereunder such that the Stockholders shall receive
the benefit of such more favorable or senior terms and/or conditions. Further, the Company represents and warrants that this Agreement
supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between
any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

    	 	23	 

     

    

 

(g)            Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement (including Section 5 hereof).

 

(h)            Counterparts;
Execution. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. A PDF or other reproduction of this Agreement may be executed by one or more parties
hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by email or other electronic transmission
device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered
legal, valid, binding and effective for all purposes. The parties hereto hereby agree that no party shall raise the execution of a PDF
or other reproduction of this Agreement, or the fact that any signature or document was transmitted or communicated by e-mail or other
electronic transmission device, as a defense to the formation of this Agreement.

 

(i)            Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

(j)            Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

(k)            Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

(l)            No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties thereto express
their mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	24	 

     

    

 

(m)            Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

(n)            Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the courts of the State of New York for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in
an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO
THIS WAIVER.

 

[remainder of page intentionally left blank]

 

    	 	25	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement
as of the date first above written.

 

	 	COMPANY:
	 	 
	 	 
	 	DRAGONFLY ENERGY HOLDINGS CORP.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

STOCKHOLDER:

 

	 	 
	 	Name of Stockholder
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	Name of Signing Party (Please Print)
	 	 
	 	 
	 	Title of Signing Party (Please Print)
	 	 
	 	 
	 	Tax ID #
	 	 
	 	 
	 	Date Signed

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

Initial Stockholders

 

	Stockholder Name	 	Initial Shares	 	 	Initial Warrants	 	 	PIPE Shares	 
	Jonathan Biele	 	 	22,000	 	 	 	-	 	 	-	 
	Perry Boyle	 	 	22,000	 	 	 	-	 	 	-	 
	Roderick Hardamon	 	 	22,000	 	 	 	-	 	 	-	 
	Jory Des Jardins	 	 	22,000	 	 	 	-	 	 	-	 
	Hitesh Thakrar	 	 	22,000	 	 	 	-	 	 	-	 
	Todd Thomson	 	 	22,000	 	 	 	-	 	 	-	 
	Chardan NexTech Investments 2 LLC	 	 	3,030,500	 	 	 	-	 	 	[500,000]	 
	Chardan NexTech 2 Warrant Holdings LLC	 	 	-	 	 	 	4,627,858	 	 	-	 
	Total:	 	 	3,162,500	 	 	 	4,627,858	 	 	 	 

 

Dragonfly Stockholders

 

	Stockholder Name	 	 	Merger Shares
	 	 	Earnout Shares (%)
	 
	Denis Phares	 	 	[●]	 	 	[●]	%
	Phares 2021 GRAT dated July 9, 2021	 	 	 	 	 	 	 
	Sean Nichols	 	 	 	 	 	 	 
	Nichols Living Trust 2015 	 	 	 	 	 	 	 
	Nichols GRAT I dated June 14, 2021	 	 	 	 	 	 	 
	John Marchetti	 	 	 	 	 	 	 
	Nicole Harvey	 	 	 	 	 	 	 
	Dynavolt Technology (HK) LtdExhibit 10.4 

 

Execution
Version 

Confidential

 

May 15, 2022

 

Dragonfly Energy Corp. 

1190 Trademark Dr. #108 

Reno, Nevada 89521 

Attention: Denis Phares

 

Chardan NexTech Acquisition 2 Corp. 

17 State Street, Suite 2130 

New York, NY 10004

 

Re:            Commitment
Letter

 

Ladies and Gentlemen:

 

You
have advised EICF Agent LLC (“EICF”; references to EICF in this Commitment Letter shall include any affiliated
funds of EICF which may provide the Facility) and CCM Investments 5 LLC (“Chardan Commitment Party”
and collectively with EICF, the “Initial Commitment Parties”, “we” or “us”;
references to Chardan Commitment Party in this Commitment Letter shall include any controlled affiliate(s) of Chardan Commitment
Party which may provide the Facility) that Chardan NexTech Acquisition 2 Corp., a blank check company incorporated as a Delaware corporation
and incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses (“CNTQ”), plans to engage in a business combination
transaction and the other transactions more particularly described on Exhibit A attached hereto (collectively, the “Transactions”)
with Dragonfly Energy Corp., a Nevada corporation, (“Dragonfly” and collectively, with its subsidiaries or
controlled affiliates, the “Borrower” and collectively with CNTQ and its subsidiaries, the “Credit
Parties” or “you”). You have requested that EICF agree to commit to provide a portion of the
Facility and to serve as lead arranger and administrative agent for the Facility. You have requested that Chardan Commitment Party agree
to commit to provide a portion of the Facility. References herein to the “Transaction” shall include the financings described
herein and all other transactions related to the Transaction. Capitalized terms used but not defined in the body of this commitment letter
have the meanings assigned to them in the exhibits attached hereto. References herein to this “Commitment Letter” mean this
commitment letter together with each of the exhibits attached hereto.

 

Commitments.

 

In
connection with the Transaction, the Initial Commitment Parties are pleased to commit to provide, on a several and not joint basis, to
Borrower $75,000,000 by way of a senior secured term loan facility (the “Facility”) on the terms set forth
in the Summary of Terms and Conditions attached hereto as Exhibit B and subject solely to the satisfaction of the conditions
set forth in Exhibit C hereto. In connection with the foregoing, the Initial Commitment Parties commit to provide
the percentage of the Facility set forth opposite their name under the column titled “Commitment Percentage” in the table
below.

 

     

     

    

 

	Commitment
    Party	Commitment
    Percentage
	EICF
    Agent LLC	40%
	Chardan
    Commitment Party 	60%

 

In the event that the Facility closes without
Chardan Commitment Party having assigned its obligations as an Initial Commitment Party to one or more assignees, then, for purposes
of all voting, consent and approval matters under this Commitment Letter or the Loan Documents, Chardan Commitment Party shall be disenfranchised
and have no such rights, subject to exceptions to be agreed and set forth in the Loan Documents.

 

Titles.

 

It
is agreed that EICF will act as the sole and exclusive administrative agent (“Agent”), and the lead arranger
and book manager (“Lead Arranger”), and in each such capacity, perform the duties and exercise the authority
customarily performed and exercised by it in such roles. You agree that no other agents, co-agents, underwriters or arrangers will be
appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and
the Fee Letter referred to below) will be paid in connection with the Facility unless you and the Initial Commitment Parties shall so
agree. The Lead Arranger and the Initial Commitment Parties intend to syndicate the Facility to a group of financial institutions (together
with EICF and Chardan Commitment Party, the “Lenders”) identified by us in consultation with you. EICF and
Chardan Commitment Party intend to commence syndication efforts promptly and you hereby authorize the Lead Arranger and Initial Commitment
Parties to commence syndication efforts immediately in consultation with you, and until ninety (90) days after the Closing Date, you
hereby agree to use commercially reasonable efforts to actively assist us in completing a syndication satisfactory to us and you. Notwithstanding
any other provision of this Commitment Letter to the contrary, (a) no Initial Commitment Party shall be relieved or novated from
its obligations hereunder (including its obligation to fund the Facility on the Closing Date) in connection with any syndication, assignment
or participation of the Facility, including its commitments in respect thereof, until after the Closing Date (except as set forth under
the “Miscellaneous” heading below with respect to the Chardan Assignment), (b) no assignment or novation shall become
effective with respect to all or any portion of any Initial Commitment Parties’ commitments in respect of the Facility until the
initial funding of the Facility on the Closing Date (except as set forth under the “Miscellaneous” heading below with respect
to the Chardan Assignment), (c) unless you and we agree in writing, the Initial Commitment Parties shall retain exclusive control
over all rights and obligations with respect to their commitments in respect of the Facility, including all rights with respect to consents,
modifications, supplements and amendments, until the Closing Date has occurred (except as set forth under the “Miscellaneous”
heading below with respect to the Chardan Assignment), and (d) syndication of the Facility is not a condition to the availability
of the Facility. For the avoidance of doubt, from and after the Closing Date, the Loan Documents shall permit assignments of the loans
and commitments by the Lenders to their controlled affiliates and related funds on customary terms to be agreed.

 

    2

     

    

 

Information.

 

You hereby represent and
warrant that (with respect to Information and Projections relating to the Credit Parties and their subsidiaries, to your knowledge) (a) all
written information and written data, other than (x) the Projections (as defined below) and (y) information of a general economic
or industry specific nature (the “Information”), that has been or will be made available to us by you or, at
your direction, by any of your representatives on your behalf in connection with the Transactions, when taken as a whole, is or will
be, when furnished, correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light
of the circumstances under which such statements are made (giving effect to all supplements and updates thereto) and (b) the Projections
will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time such Projections are so furnished;
it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant
uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections
will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the
projected results and such differences may be material. You agree that, if at any time prior to the Closing Date, you become aware that
any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and
the Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement prior
to the Closing Date the Information and such Projections such that (with respect to Information and Projections relating to the Credit
Parties, such representations and warranties are correct in all material respects under those circumstances; provided that any
such supplementation made prior to the Closing Date shall cure any breach of such representations and/or warranties. In arranging the
Facility, we will be entitled to use and rely primarily on the Information and the Projections without responsibility for independent
verification thereof. As used herein, “Projections” means customary forecasts of financial statements of the
Credit Parties (giving effect to the Transactions) for each month for the first twenty four months following the Closing Date and for
each year commencing with the first fiscal year following the Closing Date for the term of the Facility.

 

Fees.

 

As consideration for the
commitments of the Initial Commitment Parties hereunder and for the agreement of the Lead Arranger and the Initial Commitment Parties
to perform the services described herein, the Credit Parties agree to pay the nonrefundable fees set forth in this Commitment Letter
and in the Fee Letter dated the date hereof and delivered herewith (the “Fee Letter”).

 

    3

     

    

 

Conditions.

 

The commitments of the Initial
Commitment Parties hereunder to fund the Facility on the Closing Date and the agreements of the Lead Arranger and the Initial Commitment
Parties to perform the services described herein are subject solely to the conditions set forth in Exhibit C hereto, and
upon satisfaction (or waiver by the Initial Commitment Parties) of such conditions, the funding of the Facility shall occur; it being
understood that there are no other conditions (implied or otherwise) to the commitments hereunder.

 

Notwithstanding
anything in this Commitment Letter (including each of the exhibits attached hereto), the Fee Letter, the Loan Documents, or any other
letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (a) the only representations
and warranties the accuracy of which shall be a condition to the availability and funding of the Facility on the Closing Date shall be
(i) such of the representations and warranties made by or on behalf of the Credit Parties and their related parties in the Merger
Agreement as are material to the interests of the Lenders, but only to the extent that you (or any of your affiliates) have the right
to terminate your or any of their obligations under the Merger Agreement or to decline to consummate the Transactions as a result of
a breach of such representations or warranties in the Merger Agreement (to such extent, the “Specified Merger Agreement Representations”)
and (ii) the Specified Representations (as defined below) and (b) the terms of the Loan Documents shall be in a form such that
they do not impair the availability or funding of the Facility on the Closing Date if the conditions set forth in Exhibit C
hereto are satisfied (it being understood that to the extent any security interest in any Collateral (as defined in Exhibit D)
(other than to the extent that a security interest in such Collateral may be perfected by (x) the filing of a financing statement
under the Uniform Commercial Code, (y) taking delivery and possession of certificated equity interests of the Borrower and any domestic
subsidiaries of the Borrower pledged under the Loan Documents and (z) the filing of short form intellectual property filings with
the United States Patent and Trademark Office or the United States Copyright Office) is not or cannot be provided or perfected on the
Closing Date after Borrower’s use of commercially reasonable efforts to do so, then the perfection and/or provision of a security
interest in such Collateral shall not constitute a condition precedent to the availability of the Facility on the Closing Date but instead
shall be required to be delivered after the Closing Date within forty-five (45) days. For purposes hereof, “Specified Representations”
means the representations and warranties of the Credit Parties set forth in the Loan Documents relating to organizational existence of
the Credit Parties; good standing and qualification of the Credit Parties; power and authority of the Credit Parties as to execution,
delivery and performance of the Loan Documents; due authorization, execution and delivery of the Credit Parties and enforceability against
the Credit Parties, in each case, with respect to the Loan Documents; the absence of any third-party litigation or other proceeding enjoining
the entry into or performance of the Loan Documents; no conflicts with material applicable law and no conflicts with, or consent
under, organizational documents of the Credit Parties related to the entering into and the performance of the Loan Documents and the
incurrence of the extensions of credit thereunder; solvency as of the Closing Date (after giving effect to the Transactions) of Guarantor
and its subsidiaries on a consolidated basis (in form and scope consistent with the solvency certificate in the form attached as Exhibit E
hereto); status of the Facility as senior debt; Federal Reserve margin regulations; the use of loan proceeds not violating the PATRIOT
Act; the Investment Company Act; use of loan proceeds not violating OFAC and other anti-terrorism laws; use of loan proceeds not violating
FCPA; certain SBA representations and warranties and delivery of SBA Documents described in Exhibit B; assets and holding
company only status of CNTQ; and, subject to the limitations set forth in clause (b) above and liens permitted under the Loan
Documents, creation, validity and perfection of security interests in the Collateral. This paragraph, and the provisions herein, shall
be referred to as the “Certain Funds Provisions”.

 

    4

     

    

 

For the avoidance of doubt,
neither compliance by you and/or your affiliates with the terms and conditions of this Commitment Letter (other than the conditions set
forth in Exhibit C hereto) nor the syndication of the Facility is a condition to either Initial Commitment Party’s
several commitment to fund the Facility in the amounts described above or the obligations of the Lead Arranger and the Initial Commitment
Parties hereunder, in each case, on the terms set forth herein. Without limiting the Certain Funds Provisions, the Lead Arranger and
the Initial Commitment Parties will cooperate with you as reasonably requested in coordinating the timing and procedures for the funding
of the Facility in a manner consistent with the Merger Agreement; provided, however, in no event shall the Initial Commitment
Parties be required to fund the Facility after the Expiration Date.

 

 Indemnity.

 

To induce us to enter into
this Commitment Letter and the Fee Letter and to proceed with the documentation of the Facility, you agree, jointly and severally, whether
or not the Facility Closes, (a) to indemnify and hold harmless each Initial Commitment Party, its affiliates and the respective
officers, directors, employees, agents, advisors and other representatives and the successors and assigns of each of the foregoing (each,
an “Indemnified Person”), from and against any and all losses, claims, damages and liabilities of any kind
or nature and reasonable and documented or invoiced out-of-pocket fees and expenses, joint or several, to which any such Indemnified
Person may become subject to the extent arising out of, resulting from or in connection with, this Commitment Letter, the Fee Letter,
the Transactions or any related transaction contemplated hereby, the Facility or any use of the proceeds thereof or any claim, litigation,
investigation or proceeding (including any inquiry or investigation) relating to any of the foregoing (any of the foregoing, a “Proceeding”),
regardless of whether any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, your equity
holders, affiliates, creditors or any other third person, and to reimburse each such Indemnified Person upon demand for any reasonable
and documented or invoiced out-of-pocket legal expenses of one firm of counsel for all such Indemnified Persons, taken as a whole, if
necessary, one specialty intellectual property counsel, and, if necessary, a single local counsel in each appropriate jurisdiction (which
may include a single special counsel acting in multiple jurisdictions) for all such Indemnified Persons, taken as a whole, and, solely
in the case of a conflict of interest, one additional counsel in each applicable jurisdiction to the affected Indemnified Persons) or
other reasonable and documented or invoiced out-of-pocket fees and expenses incurred in connection with investigating or defending any
of the foregoing; provided that the foregoing indemnity will not (i) (x) apply to any losses, claims, damages and liabilities
that do not involve an act or omission by you or any of your affiliates and (y) arise from a dispute among the Indemnified Persons
(other than in connection with any Initial Commitment Party acting in its capacity as Lead Arranger, an Agent or any other agent or co-agent
(if any) designated by the Lead Arranger, in each case in their respective capacities as such), or (ii) as to any Indemnified Person,
apply to losses, claims, damages, liabilities or related expenses to the extent that they have resulted from the gross negligence, bad
faith or willful misconduct of such Indemnified Person or any of such Indemnified Person’s controlled affiliates (as determined
by a court of competent jurisdiction in a final and non-appealable judgment) and (b) to reimburse us on the Closing Date and from
time to time, upon presentation of a summary statement, for all expenses (including due diligence expenses, syndication expenses, consultant’s
fees and expenses, travel expenses, and its fees, charges and disbursements of counsel (limited to one firm of counsel for each of the
Initial Commitment Parties; one specialty intellectual property counsel to the Initial Commitment Parties; if necessary, one counsel
for a third party administrative agent; if necessary, a single local counsel in each appropriate jurisdiction (which may include a single
special counsel acting in multiple jurisdictions), in each case, incurred in connection with (i) the Loan Documents and (ii) the
preparation, administration, amendment, modification or waiver, negotiation and enforcement of this Commitment Letter, the Fee Letter,
the Loan Documents and any security arrangements in connection therewith (collectively, the “Expenses”).

 

    5

     

    

 

Sharing
of Information, Absence of Fiduciary Relationships, Affiliate Activities.

 

You acknowledge that the
Initial Commitment Parties and their affiliates (the term “Initial Commitment Parties” as used below in this paragraph being
understood to include such affiliates) may be providing debt financing, equity capital or other services (including financial advisory
services) to other companies in respect of which you may have conflicting interests regarding the Facility, the Transactions and otherwise.
You also acknowledge that the Initial Commitment Parties have no obligation to use in connection with the Facility, the Transaction,
or to furnish to you, confidential information obtained from other companies.

 

You acknowledge that neither
this Commitment Letter, the Fee Letter, nor any other proposed transaction shall give rise to any fiduciary duty or exclusive relationship
on the part of the Initial Commitment Parties or any lender or any of their respective affiliates and that they may continue to conduct
their respective businesses in the ordinary course.

 

Miscellaneous.

 

This
Commitment Letter and the Fee Letter shall not be assignable by any party hereto (other than by each Initial Commitment Party to its
respective controlled affiliates or affiliates under common control with the applicable Initial Commitment Party engaged in making, purchasing,
holding or investing in commercial loans and similar extensions of credit in the ordinary course upon written notice to you and upon
the execution by such affiliate of customary joinder documentation to this Commitment Letter) without the prior written consent of the
other parties hereto (and any purported assignment without such consent shall be null and void), are intended to be solely for the benefit
of the parties hereto and are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties
hereto and the Indemnified Persons. Notwithstanding anything herein to the contrary, this Commitment Letter and the Fee Letter shall
be assignable by Chardan Commitment Party (but, for the avoidance of doubt, not any assignee of Chardan Commitment Letter) to other financing
sources reasonably acceptable to the Lead Arranger (it being agreed that BP Holdings XVII LP (or any affiliate, fund, account, or lending
vehicle managed or advised by Beach Point Capital Management LP) is a financing source reasonably acceptable to the Lead Arranger) upon
written notice to you and upon the execution by such financing source of customary joinder documentation to this Commitment Letter (the
 “Chardan Assignment”).  Upon effectiveness of any such assignment, all references hereunder to Chardan
Commitment Party will automatically and without the necessity of further action be deemed to refer to such other financing sources.
This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and the Initial Commitment Parties.

 

    6

     

    

 

In no event shall any Credit
Party, the Agent, Lead Arranger, Initial Commitment Parties or Lenders be liable for any indirect, special, punitive or consequential
damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter,
the Fee Letter, the Transactions (including the Facility and the use of proceeds thereunder), or with respect to any activities related
to the Facility, including the preparation of this Commitment Letter, the Fee Letter and the Loan Documents; provided, that, nothing
contained in this sentence shall limit the indemnification and reimbursement obligations of any Credit Party to the extent expressly
set forth herein.

 

Each Initial Commitment Party
acknowledges that, as described in the final prospectus relating to CNTQ’s initial public offering (the “IPO”)
filed with the Securities and Exchange Commission on August 10, 2021 (the “Prospectus”), CNTQ has established
a trust account (the “Trust Account”) containing the proceeds of the IPO and the overallotment securities acquired
by its underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to
time thereon) for the benefit of CNTQ’s public stockholders (including overallotment shares acquired by CNTQ’s underwriters),
and that, except as otherwise described in the Prospectus, CNTQ may disburse monies from the Trust Account only upon certain conditions.
Each Initial Commitment Party hereby agrees that in connection with such Initial Commitment Party’s commitment under this Commitment
Letter, no Indemnified Person shall seek to enforce any right of set-off or any right, title, interest or claim of any kind (a “Claim”)
in or to any monies in the Trust Account prior to the consummation of CNTQ’s initial business combination.  In the event that
an Indemnified Person has any Claim against CNTQ under this Commitment Letter such Indemnified Person shall pursue such Claim solely
against CNTQ and its assets outside the Trust Account and not against the Trust Account or any monies or other assets in the Trust Account
prior to the consummation of CNTQ’s initial business combination.  CNTQ hereby agrees that any such Claim any Indemnified
Person may have arising at any time prior to the consummation of its initial business combination is not waived or released pursuant
to this paragraph but may be preserved and initiated against CNTQ at any time after its initial business combination and, notwithstanding
anything to the contrary set forth herein, nothing in this paragraph shall preclude any claims by any Indemnified Person against (x) CNTQ
or any of the CNTQ’s affiliates seeking recourse against any assets of CNTQ other than the Trust Account or the contents thereof
or (y) assets released from the Trust Account upon the consummation of the CNTQ’s initial business combination to parties
other than CNTQ’s public stockholders in connection with their redemption rights pursuant to the CNTQ’s certificate of incorporation
as currently in effect.

 

This Commitment Letter may
be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute
one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile transmission shall be effective as
a delivery of a manually executed counterpart hereof. This Commitment Letter together with the Fee Letter are the only agreements that
have been entered into among the Credit Parties and the Initial Commitment Parties with respect to the Facility and set forth the entire
understanding of the parties with respect thereto. THIS COMMITMENT LETTER MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY ACTUAL OR ALLEGED
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT UNDERSTANDINGS OR AGREEMENTS OF THE PARTIES, WRITTEN OR ORAL, EXPRESS OR IMPLIED, OTHER THAN A WRITING
EXECUTED BY THE PARTIES HERETO WHICH EXPRESSLY AMENDS OR SUPERSEDES THIS COMMITMENT LETTER. ALL OTHER WRITINGS ISSUED BY THE INITIAL
COMMITMENT PARTIES TO YOU PRIOR TO THE DATE HEREOF WITH RESPECT TO THE FACILITY, ARE NULL AND VOID AND OF NO EFFECT. THERE ARE NO UNWRITTEN
ORAL UNDERSTANDINGS OR AGREEMENTS BETWEEN THE PARTIES.

 

    7

     

    

 

THIS COMMITMENT LETTER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

WITH RESPECT TO THIS COMMITMENT
LETTER, THE FEE LETTER, ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR ANY ACT OR OMISSION
COMMITTED OR OMITTED IN CONNECTION THEREWITH, THE INITIAL COMMITMENT PARTIES AND THE BORROWER HEREBY EXPRESSLY (A) WAIVE ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION PERTAINING THERETO OR ARISING IN CONNECTION THEREWITH, WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE, (B) CONSENT AND AGREE THAT THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
OR ANY STATE COURTS SITTING IN NEW YORK CITY, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN
OR AMONG ANY OF THE PARTIES PERTAINING TO OR ARISING IN CONNECTION THEREWITH, PROVIDED, THAT THE INITIAL COMMITMENT PARTIES AND THE CREDIT
PARTIES ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF SUCH JURISDICTION, (C) CONSENT
TO SUCH JURISDICTION FOR ANY ACTION COMMENCED IN ANY SUCH COURT, AND (D) WAIVE ANY OBJECTIONS BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
VENUE OR INCONVENIENT FORUM.

 

The Initial Commitment Parties
hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26,
2001) the “PATRIOT Act”), the Initial Commitment Parties and each other lender may be required to obtain, verify
and record information that identifies the Credit Parties, which information includes the name, address, tax identification number and
other information regarding the Credit Parties that will allow the Initial Commitment Parties and any such lender to identify the Credit
Parties in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective
as to the Initial Commitment Parties and each such other lender.

 

    8

     

    

 

If the foregoing correctly
sets forth our agreement, please indicate your acceptance of the terms hereof and the Fee Letter by returning to us executed counterparts
hereof and of the Fee Letter, together with the amounts agreed upon pursuant to the Fee Letter to be payable upon the acceptance hereof,
not later than 5:00 p.m., New York City time, on May 16, 2022. This Commitment Letter will expire at 5:00 p.m., New York City time,
on May 16, 2022 (time being of the essence as to all time periods specified herein), unless previously accepted by you in the manner
described above. If this Commitment Letter is accepted but the Closing Date shall not have occurred by October 31, 2022, or such
later date reasonably acceptable to the Initial Commitment Parties, all commitments hereunder will expire and neither Commitment Party
will have any liability or further obligation for such commitments. In the event that (i) the Merger Agreement is terminated without
the consummation of the Combination having occurred or (ii) the closing of the Combination occurs without the use of the Facility,
then this Commitment Letter and the Initial Commitment Parties’ commitments hereunder shall automatically terminate without further
action or notice and without further obligation to you unless we shall, in our sole discretion, agree to an extension. The compensation,
reimbursement, indemnification, trust account waiver, Fee Letter, absence of fiduciary duty, jurisdiction, governing law, venue and waiver
of jury trial provisions contained herein shall remain in full force and effect in accordance with their terms notwithstanding the termination
of this Commitment Letter or the Initial Commitment Parties’ commitments hereunder.

 

The Initial Commitment Parties are pleased to have been given the opportunity to assist you in connection with this important financing.

 

[Signature Page Follows]

 

    9

     

    

 

 

Very truly yours,

 

	 	EICF AGENT LLC, as EICF and an Initial Commitment Party
	 	 
	 	By:	/s/ Harry Giovani
	 	 	Name: Harry Giovani
	 	 	Title:   Authorized Signatory
	 	 
	 	CCM INVESTMENTS 5 LLC, as Chardan Commitment Party and an Initial Commitment Party
	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name: Jonas Grossman
	 	 	Title:   Manager

 

Commitment Letter Signature
Page

 

     

     

    

 

Accepted and agreed to as of the date first written above by:

 

	DRAGONFLY ENERGY CORP.	 
	 	 
	By:	/s/ Denis Phares	 
	 	Name: Denis Phares	 
	 	Title:   Chief Executive Officer	 
	 	 
	CHARDAN NEXTECH ACQUISITION 2 CORP.	 
	 	 
	By:	/s/ Jonas Grossman	 
	 	Name: Jonas Grossman	 
	 	Title:   Chief Executive Officer	 

 

Commitment Letter Signature
Page

 

     

     

    

 

EXHIBIT A

 

Transaction Description

 

Capitalized terms used but
not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A
is attached or in the other Exhibits to such Commitment Letter.

 

Chardan NexTech Acquisition
2 Corp., a blank check company incorporated as a Delaware corporation and incorporated for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“CNTQ”),
intends to engage in a business combination transaction (the “Combination”) with Dragonfly Energy Corp.,
a Nevada corporation (the “Borrower”), by having its direct wholly owned subsidiary, Bronco Merger Sub, Inc.,
a Nevada corporation (“Merger Sub”), merge with and into the Borrower, with the Borrower continuing as the surviving
corporation and as a wholly owned subsidiary of CNTQ, in each case in accordance with the Merger Agreement, dated as of May 15, 2022
(the “Merger Agreement”), by and among CNTQ, Merger Sub and Dragonfly.

 

In connection with the foregoing, it is intended
that:

 

		(a)	the Borrower shall obtain a senior secured term loan facility in an aggregate principal amount of $75
million, and the proceeds of the Term Loan will be available to (i) support the Combination, (ii) consummate the Refinancing
(as defined below), (iii) fund the Transaction Costs (as defined below), (iv) provide additional growth capital and (v) for
other general/corporate purposes;

 

		(b)	CNTQ will enter into a subscription agreement (as amended or modified from time to time, the “Subscription
Agreement”) with Chardan Capital Markets, LLC (the “Initial PIPE Investor”) pursuant to which,
and on the terms and subject to the conditions of which, the Initial PIPE Investor will agree to purchase from CNTQ or in the open market
shares of CNTQ Common Stock, par value $0.0001 per share, with the aggregate purchase price under the Subscription Agreement being at
least $5,000,0000 (the “PIPE Investment”), such purchase to be consummated prior to or substantially concurrently
with the Closing Date;

 

		(c)	the Borrower will repay (or will cause to be repaid) all outstanding indebtedness and other obligations
incurred and outstanding in connection with the issuance and disbursement of proceeds of Dragonfly’s Fixed Rate Senior Notes, Series 2021-6
issued pursuant to that Trust Indenture, dated as of November 24, 2021, between Dragonfly and UMB Bank, and with respect to which
proceeds thereof were disbursed pursuant to the Proceeds Disbursing and Security Agreement, dated as of November 24, 2021, among
Dragonfly, as issuer, UMB Bank, National Association, as disbursing agent, and Newlight Capital LLC, as servicer, and all related security
interests, liens and guarantees in respect thereof shall be terminated and released; and

 

     

     

    

 

		(d)	the fees, premiums, expenses (including without limitation, legal fees and expenses and recording taxes
and fees) and other transaction costs incurred in connection with the Transactions (the “Transaction Costs”)
will be paid.

 

The transactions described above and the payment
of related fees and expenses are collectively referred to herein as the “Transactions”, and the transactions
described in clause (c) above are referred to herein as the “Refinancing”. For purposes of this Commitment
Letter and the Fee Letter, “Closing Date” shall mean the date of the initial funding under the Facility, the
consummation of the PIPE Investment and the consummation (substantially concurrently with such initial funding) of the Transactions.

 

    13

     

    

 

EXHIBIT B

 

Summary of Terms and Conditions

 

See attached.

 

     

     

    

 

Confidential

 

Dragonfly Energy Corp. and Chardan NexTech Acquisition
2 Corp.

Senior Credit Facility

Summary of Terms and Conditions

 

May 15, 2022

 

Terms
used in this Summary of Terms and Conditions (this “Term Sheet”) without definition have the meanings
assigned to such terms in the Commitment Letter to which this Term Sheet is attached (including the exhibits attached thereto). In the
case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Term
Sheet shall be determined by reference to the context in which it is used.

 

	Borrower:	Dragonfly Energy Corp. (“Dragonfly” or the “Borrower”).
	Guarantor:	(a) Dragonfly’s existing and future domestic subsidiaries, (b) Chardan NexTech Acquisition 2 Corp. (“CNTQ”) and (c) CNTQ’s existing and future domestic subsidiaries (the Borrower, together with any Guarantors, the “Credit Parties”).
	Facility:	$75.0 million Term Loan Facility (the “Term Loan”).
	Agent:	Either EICF Agent LLC (directly or through an affiliate) or a third-party agent reasonably acceptable to the Borrower (in such capacity, “Agent”). If a third-party agent is used, the Borrower will pay all reasonable and documented out-of-pocket fees and expenses associated with the use of that third-party agent.
	Lead Arranger:	EICF Agent LLC, either directly or through an affiliate (“EICF” and in such capacity, the “Lead Arranger”).
	Initial Commitment Parties:	(i) CCM Investments 5 LLC (“CCM”) and (ii) EICF.
	Lenders:	(a) EICF, either directly or through an affiliate, (b) CCM, either directly or through and affiliate and (c) any successors and permitted assigns of EICF and CCM (collectively, the “Lenders”).
	Use of Proceeds:	To support a business combination transaction between CNTQ and Dragonfly (the “Combination”), repay outstanding indebtedness or other obligations under the that certain Proceeds Disbursing and Security Agreement, dated as of November 24, 2021, among Dragonfly, as issuer, UMB Bank, National Association, as disbursing agent, and Newlight Capital LLC, as servicer (the “Dragonfly Term Loan”), pay for fees and expenses in connection with the foregoing, provide additional growth capital and for other general/corporate purposes.

 

     

     

    

 

	Loan Documents:	
    The Term Loan will be documented pursuant
to a Term Loan, Guarantee and Security Agreement (the “Loan Agreement”) and other usual and customary definitive
documents (collectively, the “Loan Documents”), all of which shall be negotiated in good faith promptly after
the date hereof and will reflect the terms and conditions set forth in this Exhibit B.  Such Loan Documents will include
the Fee Letter, promissory notes, a pledge agreement, one or more control agreements, landlord or mortgagee waivers executed in favor
of Agent, and all other agreements, instruments, documents and certificates executed and delivered to, and in favor of, Agent.

	Merger Agreement: 	
    That certain Agreement and Plan of Merger,
dated as of May 15, 2022, by and among CNTQ, Bronco Merger Sub, Inc., a wholly owned subsidiary of CNTQ created to effectuate
the Transaction, and Dragonfly.

	Security:	
    ·            First priority (subject to certain customary
    exceptions to be agreed) perfected lien on and security interest in all Collateral; provided that the Collateral shall not include
    the following (collectively, “Excluded Assets”):

     

    (i) any fee owned real property
    with a fair market value less than an amount to be agreed, and any real property leasehold rights and interests (provided, that the classification
    of leasehold interests in real property as Excluded Assets shall not affect the Credit Parties’ obligations with respect to the
    provision of landlord waivers or similar collateral access agreements);

     

    (ii) (A) motor vehicles,
    aircraft and other assets subject to certificates of title with a value of less than an amount to be agreed (except to the extent perfection
    of a security interest therein may be accomplished by filing of a Uniform Commercial Code financing statement) and (B) commercial
    tort claims with a value of less than an amount to be agreed;

     

    (iii) letter of credit rights
    (other than to the extent consisting of supporting obligations that can be perfected solely by the filing of a Uniform Commercial Code
    financing statement) with a value of less than an amount to be agreed;

     

    (iv) any governmental licenses
or state or local franchises, charters and authorizations, to the extent a security interest in any such license, franchise, charter
or authorization is prohibited or restricted by the terms thereof (excluding any prohibition or restriction that is ineffective under
the Uniform Commercial Code or any other applicable law), but only to the extent, and for as long as, such prohibition or restriction
is in effect;

 

     

     

    

 

		
    (v) pledges and security interests prohibited
or restricted by applicable law, rule or regulation (including any requirement to obtain the consent of any governmental authority,
regulatory authority or third party (excluding, for the avoidance of doubt, any Credit Party) unless such consent has been obtained (it
being understood that the applicable Credit Parties shall use commercially reasonable efforts to obtain such consent)) except to the
extent that such restrictions are either (x) rendered ineffective under the Uniform Commercial Code or any other applicable law,
or (y) no longer in effect;

     

    (vi) equity interests in non-wholly
    owned subsidiaries which cannot be pledged without the consent of third parties (other than Credit Parties) pursuant to prohibitions or
    restrictions by contract or under the organizational documents of the equity issuer of such non-wholly owned subsidiary and which such
    prohibition or restriction was not included in contemplation of the financing contemplated hereby (unless such consent has been obtained
    (it being understood that the applicable Credit Party shall use commercially reasonable efforts obtain such consent for all non-wholly
    owned subsidiaries)), except to the extent that such restrictions or prohibitions are rendered ineffective under applicable anti-assignment
    provisions of the Uniform Commercial Code of any applicable jurisdiction or other applicable law;

     

    (vii) any lease, license
or agreement, or any property subject to a purchase money security interest, capital lease obligation or similar arrangement, in each
case, permitted to be incurred by the Loan Documents to the extent that a grant of a security interest therein to secure the obligations
under the Loan Documents would violate or invalidate such lease, license or agreement or purchase money security interest or similar
arrangement or create a right of termination in favor of any other party thereto (other than any Credit Party) after giving effect to
the applicable anti-assignment provisions of the Uniform Commercial Code or any other applicable law, other than proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition;

     

    (viii) any assets to the extent a security interest in such assets would result in material adverse tax consequences to the Credit Parties
as reasonably determined between the Borrower and the Agent;

 

     

     

    

 

		
    (ix) any intent-to-use application
trademark application prior to the filing, and acceptance by the U.S. Patent and Trademark Office, of a “Statement of Use”
or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in
which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application
under applicable federal law;

     

    (x) assets where the cost of
    obtaining a security interest therein is excessive in relation to the practical benefit to the lenders afforded thereby as reasonably
    determined by the Borrower and the Agent; or

     

    (xii) other exceptions to be
    mutually agreed upon.

	 	
    ·    First
    priority lien on and security interest in all ownership interests in and of Dragonfly owned by CNTQ upon consummation of the Combination
    and in all ownership interests of each of the Credit Parties (other than CNTQ), subject to customary exceptions to be agreed.

     

    ·   Subordination
to the Facility of any intercompany indebtedness owing by a Credit Party to a subsidiary of the Borrower that is not a Credit Party.

	Commitment Date:	May 15, 2022 (the “Commitment Date”).
	Expiration Date:	October 31, 2022 (the “Expiration Date”).
	Closing Date: 	The date that the Loan Agreement is executed and the Term Loan is funded (the “Closing Date”). 
	Maturity:	The Facility shall mature 4 years from the Closing Date (“Maturity Date”). 
	Availability:	The Term Loan must be fully drawn on the Closing Date.
	Amortization:	Quarterly amortization of the original outstanding principal amount of the Facility will be due and payable as per the following schedule with a balloon payment of all remaining principal due on the Maturity Date:
	 	Year 1 and Year 2: 0% principal amount.
	 	Year 3 and Year 4: 5% per annum of the original principal funded amount of the Term Loan, based on a straight-line quarterly amortization schedule.

 

     

     

    

 

	Mandatory Prepayments:	The Facility shall be prepaid upon the occurrence of any of the following, subject to customary carve-outs to be agreed:
	 	Asset Sales and Casualty Events – 100% of cash proceeds from the sale or exchange of assets or casualty events (other than the sale of inventory in the ordinary course of business, a de minimis amount of sale proceeds on a fiscal year basis and other customary exceptions to be agreed); provided, that such cash proceeds shall not be required to be prepaid (x) if no Default has occurred and is continuing or would result therefrom, and (y) the Borrower shall have delivered an officer’s certificate to the Agent stating that such cash proceeds are expected to be reinvested in fixed or capital assets within 12 months following the date of such asset sale or casualty event; provided further, that if all or any portion of such Net Cash Proceeds is not so reinvested within such 12-month period, such unused portion shall be applied on the last day of such relevant period as a mandatory prepayment.
	 	Debt Incurrence – 100% of the net cash proceeds from issuances of debt, other than permitted indebtedness.
	 	Excess Cash Flow – Percentage of Excess Cash Flow payable annually for the prior fiscal year commencing for fiscal year 2023 (paid in fiscal year 2024):
	 	* If senior leverage > 3.0x: 50% of Excess Cash Flow
	 	* If senior leverage is ≤ 3.0x: 25% of Excess Cash Flow
	 	“Excess Cash Flow” will be defined in the Loan Agreement as set forth on Exhibit D.
	 	Lenders will have the option to decline their pro rata portion of any mandatory prepayments.
	Application of Mandatory Prepayments:	All mandatory prepayments shall be applied first in direct order of maturity to the next four installments of scheduled amortization payments due under the Term Loan and then remaining installments of amortization payments due under the Term Loan in inverse order of maturity until paid in full.
	Optional Prepayments:	
    The Borrower has the option to prepay
the outstanding balance on the Facility, in whole or in part, so long as Agent receives fifteen (15) days’ advance notice (or such
shorter notice as the Agent may agree in its sole discretion) in writing and the following prepayment premium:

	 	105% of the outstanding principal balance during the first 12 months 
	 	103% of the outstanding principal balance during months 13 – 24 
	 	101% of the outstanding principal balance during months 25 – 36 At par, thereafter.

 

     

     

    

 

 

	 	All voluntary prepayments shall be applied as directed by the Borrower.
	Rates of Interest:	The interest rate for the first 24 months following the Closing Date will be comprised of (i) Adjusted SOFR (to be defined in a customary and mutually agreed manner) plus 6.5% per annum (or 7.0% per annum in the event the Closing Date does not occur on or before September 30, 2022) payable quarterly in cash, in arrears and (ii) paid-in-kind (“PIK”) interest as set forth in the pricing table below:

	Senior Leverage Ratio	PIK	Applicable Margin
	Greater than or equal to 5.00x	5.50% per annum	12% per annum
	Less than 5.00x and greater than or equal to 4.00x	4.50% per annum	11% per annum
	Less than 4.00x	3.50% per annum	10% per annum

	 	PIK interest will be capitalized, compounded and added to the unpaid outstanding principal amount of the Facility on a quarterly basis. After the first 24 months following the Closing Date, interest will be payable in cash, and the interest rate will be comprised of Adjusted SOFR plus the Applicable Margin set forth above based on the applicable Senior Leverage Ratio payable quarterly in cash, in arrears. Interest shall be calculated on the basis of a year of 360 days and charged on the actual number of days elapsed. Adjusted SOFR shall be no less than 1.0%. If the Closing Date and the funding of the Facility does not occur on or before September 30, 2022, the interest rate references in the table above under the heading “PIK” shall be increased by an additional one percent (1.0%) per annum and the interest rate references in the table above under the heading “Applicable Margin” shall be increased by an additional one  and one half percent (1.50%) per annum.   
	Default Interest Rate:	Upon the occurrence of an Event of Default and for so long as such Event of Default continues, a default rate of interest equal to an additional 2% per annum in excess of the rate otherwise applicable will be payable.

 

     

     

    

 

	Representations And Warranties:	Limited to the following: (a) corporate existence and compliance with law; (b) executive offices and corporate or other names; (c) corporate power, authorization and enforceable obligations; (d) valid liens; (e) absence of material adverse change in business, condition, operations, or properties of the Credit Parties and their subsidiaries, taken as a whole; (f) subsidiary information and equity interests; (g) government regulation and margin regulations; (h) payment of taxes and other charges; (i) government contracts; (j) ERISA matters; (k) absence of litigation that could reasonably be expected to result in a material adverse effect; (l) intellectual property; (m) full disclosure; (n) absence of environmental hazards that could reasonably be expected to result in a material adverse effect; (o) insurance coverage reasonable for similarly situated companies; (p) solvency of the Credit Parties and their subsidiaries taken as whole; (q) title to Collateral; (r) USA PATRIOT Act matters; (s) assets and holding company only status of CNTQ; (t) bonding and licenses; (u) investment company act; (v) Merger Agreement and related documentation; (w) receipt of all necessary and required third-party and governmental consents, permits and approvals; (x) customer and trade relations; (y) certain SBA representations and warranties (as noted in greater detail below under the SBA Documents heading); and (z) affiliate transactions; subject, in the case of each of the foregoing representations and warranties, to customary qualifications and limitations to be agreed. 
	SBA Documents:	
    The
Borrower agrees to execute and/ or provide information for required SBA forms 480, 652 and 1031 and the SBA Side Letter. In the SBA Side
Letter, the Borrower will also make representations, warranties, and covenants required by the SBA, primarily relating to the following:
its status as a Small (or Smaller) Business Concern under the SBIC Act; informational requirements; use of proceeds (Credit Parties
do not engage in business, or use loan proceeds for any purpose, for which a licensee under the SBIC Act is prohibited from providing
funds; Loan proceeds not used for a foreign operation); future activities (Credit Parties’ primary business activity does not involve
providing funds to others, purchasing debt obligations, factoring, or long-term equipment leasing; Credit Parties are not a passive business;
Credit Parties are not a real estate business; Credit Parties are not a project finance business; no farm land purchases; at least 51%
of assets and employees are in USA); NAICS code; and inspection rights. 

	Reporting Requirements:	The Borrower will furnish the following:

	 	·	Monthly unaudited consolidated financial statements of the
Borrower and all subsidiaries, operating statements and any other information reasonably required by the Lenders, each delivered to Agent
within 30 days of the end of each month. Compliance certificates that include financial covenant calculations will be required on a quarterly
basis and due within 45 days of the end of each quarter (except 120 days after the end of each fiscal year).
	 	·	Bank statements of the Borrower for each month shall be
delivered to the Agent within five business days after the later of the end of the applicable month and the date on which such statements
are made available to the Borrower from the applicable bank.

 

     

     

    

 

	 	·	Annual audited consolidated financial statements and certificate
of compliance for the Borrower and all subsidiaries within 120 days of the end of each fiscal year, prepared in accordance with GAAP.
	 	·	Promptly (and in any event within 5 business days) after
approval by the Board of Directors of the Borrower (but no later than the 45th day of each fiscal year of the Borrower), the annual budget
for the Borrower, including forecasts of the income statement, balance sheet, cash flow statement and capital expenditure budget for
such year, on a monthly basis.
	 	·	Promptly provide such ESG data and information as Agent may
reasonably request in connection with its annual ESG reporting commitment and any further SBA requests or requirements.
	 	·	Such other information as the Agent may reasonably request.

	Affirmative Covenants:	
    Limited to the following (subject to customary
    baskets and thresholds to be agreed upon): (a) maintenance of corporate existence and properties; (b) compliance with laws (including
    environmental matters and USA PATRIOT Act matters); (c) government regulation and margin regulations; (d) payment of taxes;
    (e) maintenance of proper books and records; (f) notification regarding material ERISA matters; (g) notification regarding
    material litigation; (h) notification regarding material environmental matters; (i) maintenance of customary insurance protection,
    naming Agent as additional insured or lender’s loss payee, as applicable; (j) conduct of business; (k) further assurances;
    (l) deposit accounts and cash collateral accounts; (m) assets and holding company only status of CNTQ; (n) after-acquired
    property and additional collateral; (o) notification of change in investment company status; (p) notice of change in ownership
    and organizational charts; (q) ESG data, (r) use reasonable best efforts to obtain landlord waivers and/or similar collateral
    access agreements; and (s) rights of inspection, access to offices, facilities, management and auditors and participation in periodic
    (but no more frequently than quarterly absent an Event of Default) Lenders’ meetings.

    

 

     

     

    

 

	 	The Credit Parties shall use best efforts to (a) file
    with the U.S. Securities and Exchange Commission (“SEC”) within 30 days after the Closing Date a registration
    statement (the “Registration Statement”) registering the resale of the shares of common stock to be issued pursuant
    to a $150 million committed equity facility on terms substantially similar to those set forth in the letter agreement, dated May 15,
    2022, by and among CNTQ, Dragonfly and CCM Investments 5 LLC referred to on Exhibit C to the Commitment Letter, and (b) cause
    such Registration Statement to become effective within 120 days after the Closing Date. If the Registration Statement does not become
    effective by the date that is 121 days after the Closing Date, then CNTQ shall issue to the Lenders (other than CCM) 200,000 $10 Per Share
    Warrants (as defined below under the heading “Warrants”) on such date. If such Registration Statement has not become effective
    by the date that is 30 days after such 121st day, CNTQ shall issue to the Lenders (other than CCM) an additional 200,000 $10 Per Share
    Warrants on the day that is 30 days after such 121st day, and on each date that is 30 days thereafter (i.e., the date that is 151 days
    after the Closing Date, 181 days after the Closing Date, etc.), until the Registration Statement has become effective. The covenants
    under this paragraph are referred to as the “Equity Line Registration Covenant”.
	Financial Covenants:	Financial covenants shall be limited to a Springing Fixed Charge Coverage Ratio, a Maximum Senior Leverage Ratio and Minimum Liquidity as set forth below. All financial covenants shall be calculated for the Borrower and its subsidiaries on a consolidated basis and tested as of the final day of each fiscal quarter for the prior 12 months (except for Minimum Liquidity, which shall be tested as of the final date of each month, based on bank statements delivered to the Agent as provided above). The first testing period will end on December 31, 2022. All financial definitions not defined in Exhibit D will be defined in a customary and mutually agreed manner. Covenant levels for each testing period are as follows:
	 	•	Springing Fixed Charge Coverage Ratio (“FCCR”): If Liquidity is
below $15.0 million as of the final day of any fiscal quarter, then the Borrower must maintain a FCCR of at least 1.15x as of such date.
The FCCR will be defined in the Loan Documentation and will be calculated based on the most recently ended four consecutive fiscal quarters.
	 	•	Maximum Senior Leverage Ratio:

	Test Period Ending	Senior Leverage Ratio
	December 31, 2022 – March 31, 2023:	6.75x
	April 1, 2023 – September 30, 2023:	6.00x
	October 1, 2023 – March 31, 2024:	5.00x
	April 1, 2024 – September 30, 2024:	4.00x
	October 1, 2024 – March 31, 2025:	3.25x
	April 1, 2025, and thereafter	3.00x

	 	•	Minimum Liquidity: $10.0 million.

 

     

     

    

 

	Negative Covenants:	Limited to the following (subject to customary baskets and carve outs to be agreed): (a) prohibition of additional Indebtedness; (b) restrictions on liens and negative pledge on all unencumbered assets of the Credit Parties, subject to customary permitted liens; (c) restrictions on investments and fundamental changes; (d) restrictions on sales and disposition of assets; (e) limitations on restricted payments; (f) limitations on changes in the nature of the business; (g) restrictions on transactions with officers, directors and affiliates; (h) limitations on third-party restrictions on indebtedness, liens, investments or restricted payments; (i) limitations on the modification of organizational documents, or the Denis Phares and Sean Nichols employee restrictive covenant agreements, dated May 15, 2022, in a manner materially adverse to the Lenders; (j) limitations on accounting changes or fiscal year changes; (k) limitations on changes to name or location; (l) prohibition on establishing bank accounts (other than Excluded Accounts) prior to implementation of an account control agreement in form and substance reasonably acceptable to Agent; (m) prohibition on using the loan proceeds to purchase margin stock; (n) restrictions against failure to comply with USA PATRIOT Act matters; (o) prohibition on ERISA Events resulting in liabilities in excess of a certain amount to be mutually agreed; (p) prohibition on hazardous material releases that would reasonably be expected to have a material adverse effect; and (q) limitations on acquisitions, mergers, consolidations, liquidations, dissolutions and sale and leaseback transactions. 
	Cash Management:	On or shortly after the Closing Date, the Agent, for the benefit of itself and Lenders, shall have account control agreements perfecting Agent’s security interest in all deposit accounts and securities accounts of each Borrower and its subsidiaries (other than Excluded Accounts) providing for springing control over such accounts exercisable by Agent by notice to the account depository upon the occurrence of any Event of Default. “Excluded Accounts” means, collectively, (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) petty cash accounts funded in the ordinary course of business to the extent the average balance on deposit therein does not exceed an amount to be mutually agreed, (d) escrow, fiduciary or trust accounts, (e) cash collateral accounts holding solely deposits subject to permitted liens, (f) zero balance disbursement accounts to the extent amounts therein are automatically transferred on a daily basis to accounts that are not Excluded Accounts, and (g) non-U.S. bank accounts to the extent the balance on deposit therein does not exceed an amount to be mutually agreed.

 

     

     

    

 

	Conditions Precedent to Closing:	Limited to the conditions precedent set forth in Exhibit C. 
	Events of Default:	Limited to the following, subject to thresholds and grace period to be agreed: (a) non-payment of principal, interest or other amounts; (b)  inaccuracy of representations and warranties in any material respect; (c) non-compliance with any covenants in the Loan Agreement or any other Loan Document (including SBA Documents) (including non-compliance with the Equity Line Registration Covenant, which shall have no grace period); (d) cross-default to other material indebtedness; (e) unsatisfied or unstayed material judgments; (f) bankruptcy of the Credit Parties; (g) invalidity or termination of (i) any lien in favor of Agent with respect to any material Collateral or (ii) any Loan Documents; (h) Change of Control; (i) ERISA Events; (j) the obligation of any Guarantor under its Guarantee or under any of the Loan Documents is limited or terminated by operation of law. 
	Required Lenders:	The Required Lenders shall be the Lenders holding more than 50% of the total amount of the Facility; provided, that at any time that there are two or more Lenders that are not affiliates of each other and each hold at least 15% of the total amount of the Facility, Required Lenders shall also require at least two non-affiliated Lenders; provided further that, CCM shall have limited voting rights (to be agreed in the Loan Documents) so long as it is a Lender.
	Indemnification:	On and after the Closing Date, the Credit Parties will indemnify and hold harmless the Lenders, the Lead Arranger, the Agent, all other agents, and their respective subsidiaries, officers, employees, attorneys, advisors and agents against all claims, demands, liabilities and expenses incurred or asserted in connection with this Term Sheet, the Facility, any commitment letters issued by the Lenders, the documents relating to the Facility or any claims by third parties relating to the Credit Party’s use of the Facility’s proceeds, other than claims, demands, liabilities and expenses (i) that do not involve an act or omission by the Credit Parties and (y) arises from a dispute among the indemnified persons (other than in connection with any Initial Commitment Party acting in its capacity as Lead Arranger, an Agent or any other agent or co-agent (if any) designated by the Lead Arranger, in each case in their respective capacities as such) or (ii) caused by the gross negligence, bad faith or willful misconduct of the applicable indemnified persons.
	Expenses:	The Credit Parties will pay all customary and documented out-of-pocket fees and expenses incurred by the Lenders, the Agent, the Lead Arranger (including but not limited to fees and expenses incurred by their attorneys (limited to one primary outside counsel for each lead lender and, if necessary, one counsel for the third party administrative agent, and one local counsel in each relevant jurisdiction) and consultants, environmental audit fees and appraisal costs) in connection with the analysis, structuring, negotiation, preparation, documentation and execution of the Facility, whether or not the Facility closes.

 

     

     

    

 

	Warrants:	
    On the Closing Date, CNTQ (the public holding
    company parent of Dragonfly) will issue to Lenders penny warrants (collectively, the “Penny Warrants”) exercisable
    to purchase 3.6% of the Borrower’s common stock on a fully-diluted basis, calculated as of the Closing Date. For purposes hereof,
    calculation of ownership of common stock “on a fully diluted basis” includes (i) all outstanding common stock, (ii) shares
    of common stock issuable upon conversion of outstanding convertible bonds, preferred stock and other securities convertible to common
    stock on an as-converted to common stock basis, and (iii) all shares of common stock subject to outstanding options. The Penny Warrants
    will have an exercise period of 10 years from the date of issuance. In addition, on the Closing Date, CNTQ will issue to Lenders (except
    for CCM) warrants (collectively, the “$10 Per Share Warrants” and collectively with the Penny Warrants, the
    Warrants”) exercisable to purchase 1.6 million shares of the Borrower’s common stock at $10 per share. The $10
    Per Share Warrants will have an exercise period of 5 years from the date of issuance and will have customary cashless exercise provisions.
    The Warrants will have weighted average anti-dilution protection against subsequent equity sales or distributions at less than the Warrant
    exercise price, subject to customary exclusions including for issuances upon conversion exercise or exchange of securities outstanding
    as of the Closing Date, issuances pursuant to agreements in effect as of the Closing Date (provided such issuances are taken into account
    in the calculation of “on a fully diluted basis” as provided above), issuances pursuant to employee benefit plans and similar
    arrangements, issuances in joint ventures, strategic arrangements or other non-financing type transactions, issuances in debt financings
    as equity kickers, issuances in public offerings and similar transactions.

     

    The shares issuable upon exercise of the Warrants
    shall have customary registration rights requiring the Company to file and keep effective a resale registration statement registering
    the resale of the shares of common stock underlying the Warrants.

     

    Notwithstanding the foregoing, (i) no Warrants shall be issued
to Chardan Commitment Party or any of its affiliates and (ii) upon prior notice to the Credit Parties, a Lender may request that
the Warrants otherwise payable to such Lender be issued to a designee that will become a Lender no later than 10 business days after
the Closing Date. 

 

     

     

    

 

	Additional Security Deposit:	If expenses exceed the previously delivered expense deposit, at the request of Agent, Dragonfly will provide an additional security deposit in an amount reasonably requested by Agent but not to exceed $150,000. 
	Confidentiality:	The confidentiality and use provisions set forth in the Commitment Letter to which this Term Sheet is attached (including as such terms are incorporated therein by reference) shall apply with respect to this Term Sheet, such letter and the parties to such letter and this Term Sheet as if set forth herein.
	Exclusivity Period:	The Credit Parties agree that following the mutual execution and delivery of the Commitment Letter and through and including the Expiration Date, neither the Credit Parties nor any of their directors, officers, employees, agents or representatives will solicit, encourage or entertain proposals from or enter into negotiations with or furnish any nonpublic information to any other person or entity regarding the sale or issuance of any debt securities or loans in connection with this transaction, in whatever form (the “Exclusivity Period”); provided that such exclusivity shall automatically terminate with respect to a particular Initial Commitment Party (without affecting the exclusivity obligations made in favor of any other Initial Commitment Party) upon (x) such Initial Commitment Party indicating to any Credit Party that it is unable or unwilling to fund its committed portion of the Facility or (y) upon material breach by such Initial Commitment Party of its obligations under the Commitment Letter. During the Exclusivity Period, (i) the Credit Parties shall deal in good faith exclusively with the Initial Commitment Parties and (ii) the Initial Commitment Parties shall deal in good faith with the Credit Parties, in each case with respect to the financing described in the Term Sheet.  For the avoidance of doubt, this provision shall not restrict the Credit Parties from (i) negotiating and entering into amendments of its existing debt obligations, (ii) soliciting, encouraging, or entertaining proposals from, entering into negotiations with or furnishing information to any provider of equity financing, or (iii) negotiating, entering into or providing information in connection with the Combination.
	Governing Law:	New York governing law (without giving effect to principles of conflicts of law that would require the application of the law of any other jurisdiction).
	Jurisdiction:	All claims arising under, or related to the subject matter of, this Term Sheet, the Facility and the Loan Documentation shall be submitted to the exclusive jurisdiction of the state and federal courts located in New York County, New York; provided, that Agent and Credit Parties shall be permitted to bring claims in other courts to enforce judgments, bring claims and/or or exercise remedies against the Collateral or Guarantors.
	Jury Trial Waiver:	The parties shall waive all rights to jury trial.

 

     

     

    

 

 

EXHIBIT C

 

Summary of Conditions Precedent

 

The initial borrowing and availability under the Facility shall be subject solely to the satisfaction or waiver (by the Initial Commitment Parties) of the following conditions, which shall be subject to the Certain Funds Provisions in all respects:  

 

1.       The Combination shall have been consummated (or shall be consummated substantially concurrently with the borrowing under the Facility) in accordance with the Merger Agreement in all material respects, but without giving effect to any modifications, amendments, waivers or consents to the Merger Agreement as in effect on the date hereof that are material and adverse to Agent, Lead Arranger or the Lenders without the consent of the Initial Commitment Parties; provided that any amendment or waiver to the terms of the Merger Agreement that has the effect of increasing the cash consideration required to be paid thereunder on the Closing Date will not be deemed to be adverse to the Lenders if such increase is funded with an increase in the aggregate amount of the equity contribution required by the terms hereof.

 

2.       Agent shall have received the following: (a) duly executed Loan Documents, which shall be substantially consistent with the Commitment Letter and Term Sheet, (b) customary legal opinions, (c) customary evidence of authority, (d) customary officer’s certificates, (e) good standing certificates (to the extent applicable) in the respective jurisdictions of organization of the Credit Parties, (f) a customary funding request for each Initial Commitment Party, (g) a solvency certificate in the form attached as Exhibit E hereto, (h) the SBA Documents described in Exhibit B, (i) substantially concurrently with the borrowing under the Facility, the warrants described in Exhibit B, and (j) a completed customary perfection certificate, in each case subject to the Certain Funds Provision.

 

3.       The Borrower shall have paid (or caused to be paid), to the extent invoiced at least one (1) business day prior to the Closing Date, all fees and expenses due to Initial Commitment Parties and the Lenders under the Commitment Letter required to be paid on the Closing Date.

 

4.       The Specified Representations and the Specified Merger Agreement Representations shall be true in all material respects; provided that any such Specified Representation or Specified Merger Agreement Representation that is qualified by materiality shall be true in all respects (except in the case of any Specified Representation or Specified Merger Agreement Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be).

 

5.       There shall not have occurred a Company Material Adverse Effect (as defined in the Merger Agreement) after the date of the Merger Agreement.

 

6.       The Agent shall have received (i) no later than (30) days of the end of each such calendar month, internal monthly financials for the Borrower for each calendar month beginning with April, 2022 through the calendar month ended at least thirty (30) days before the Closing Date and (ii) a pro forma consolidated balance sheet of Guarantor as of the last day of the most recent fiscal month ended at least thirty (30) days before the Closing Date, prepared after giving effect to the Combination as if the Combination has occurred as of such date.

 

    C-1

     

    

 

7.       The Refinancing shall have been consummated substantially concurrently with the initial borrowing under the Facility on the Closing Date and all liens and security interests (including UCC financing statements filed to secure present or future obligations) encumbering any of the Collateral shall substantially concurrently be terminated.

 

8.       Subject to the Certain Funds Provision, all documents and instruments required to create and perfect the Agent’s security interests in the Collateral under the Loan Documents shall have been delivered (and if applicable, executed) and be in the proper form for filing and shall otherwise be in form and substance reasonably satisfactory to the Agent and the Agent shall have received bringdown UCC, tax and judgment lien searches with respect to the Credit Parties which results shall be consistent in all material respects with such lien search results reviewed by Agent on or before the date of this Commitment Letter.

 

9.       The Agent shall have received, all documentation and other information about the Credit Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act.

 

10.      On the Closing Date and after giving effect to the Facility and payment of all expenses related to the Combination, Borrower shall have minimum unrestricted cash of at least $22.5 million.

 

11.       Contribution to Borrower on or prior to the Closing Date of $5 million of gross cash proceeds in the form of additional equity in connection with the Combination.

 

12.       Entry into definitive documentation to establish a $150 million committed equity facility on terms substantially similar to those set forth in the letter agreement, together with the Summary of Indicative Terms attached as an exhibit thereto, dated May 15, 2022, duly executed by CNTQ, Dragonfly and CCM Investments 5 LLC.

 

13.       Agent shall have received any amendments or modifications to the Merger Agreement.

 

14.       Denis Phares and Sean Nichols shall continue to be employed by Borrower as of the Closing Date in their current capacities as chief executive officer and chief operating officer, respectively.

 

    C-2

     

    

 

EXHIBIT D1

 

Certain Financial Definitions2

 

The following definitions will be set forth in the Loan Documents as
provided below:

 

“Collateral” shall mean
all of the following property and assets of the Credit Parties, whether real or personal, tangible or intangible, and whether now owned
or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title, or interest:

 

		(a)	all Accounts;

 

		(b)	all deposit accounts;

 

		(c)	all other bank accounts and all funds on deposit therein; all money, cash and cash equivalents;

 

		(d)	all investment property;

 

		(e)	all Stock and all Distributions in respect thereof;

 

		(f)	all goods (including, without limitation, inventory, equipment, and fixtures);

 

		(g)	all chattel paper, documents and instruments;

 

		(h)	all Books and Records;

 

		(i)	all general intangibles (including, without limitation, all Intellectual Property, Intellectual Property
applications, contract rights, choses in action, payment intangibles, licenses, Permits, and software, and all rights and interests under
any key man life insurance policies);

 

		(j)	all letter-of-credit rights;

 

		(k)	all commercial tort claims;

 

		(l)	all property, including all property of every description, in custody or in transit for any purpose, including
safekeeping, collection or pledge, for the account of Borrower or any Credit Party or to which Borrower or any Credit Party may have any
right or power, including but not limited to cash;

 

 

 

1
Capitalized terms used but not defined in this Exhibit D or in the Commitment Letter to be defined in a customary and mutually
agreed manner.

 

2
The parties agree that the definitions set forth in Exhibit D shall remain subject to changes to be agreed. 

 

    D-1

     

    

 

		(m)	all other goods (including but not limited to fixtures) and personal property, whether tangible or intangible
and wherever located;

 

		(n)	all supporting obligations and consents and agreements of any kind or nature that are material to the
operation, management, maintenance and conduct of any Credit Party;

 

		(o)	all Real Property of every kind and nature, including leases; and

 

		(p)	to the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights to
payment not otherwise included in the foregoing and products of all and any of the foregoing and all accessions to, substitutions and
replacements for, and rents and profits of, each of the foregoing.

 

Notwithstanding the foregoing or anything
herein to the contrary, in no event shall the “Collateral” include any Excluded Asset (as defined in the Term Sheet).

 

“Consolidated Amortization Expense”
shall mean, for any period, the amortization expense of the Credit Parties for such period, determined on a consolidated basis in accordance
with GAAP.

 

“Consolidated Depreciation Expense”
shall mean, for any period, the depreciation expense of the Credit Parties for such period, determined on a consolidated basis in accordance
with GAAP.

 

“Consolidated EBITDA” shall
mean, for any period, Consolidated Net Income for such period, adjusted by (x) adding thereto, in each case, other than with respect
to clause (n) below, only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income and without
duplication:

 

		(a)	Consolidated Interest Expense for such period,

 

		(b)	Consolidated Amortization Expense for such period,

 

		(c)	Consolidated Depreciation Expense for such period,

 

		(d)	Consolidated Tax Expense for such period,

 

		(e)	one-time,
                                            non-recurring, customary and documented costs and expenses incurred in connection with the
                                            negotiation, execution and delivery of (i) the Loan Documents and the transactions contemplated
                                            thereby (including without limitation the Acquisition) incurred on or before the Closing
                                            Date, or within one hundred eighty (180) days after the Closing Date, in an aggregate amount
                                            not to exceed $[_________]3 or such greater amount as agreed to by Required
                                            Lenders in their reasonable discretion, and (ii) any amendments, restatements or other
                                            modifications to the Loan Documents in an aggregate amount not to exceed $500,000 for such
                                            period,

 

 

 

3
To be filled in shortly before the Closing Date based on the amount of expenses incurred and reasonably expected to be incurred
prior to 180 days after closing.

 

    D-2

     

    

 

		(f)	the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income
(including for certainty all unrealized foreign exchange losses but excluding any non-cash charge, expense or loss that results in an
accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs
or reserves with respect to accounts or inventory) for such period,

 

		(g)	Permitted Board Fees paid or accrued for such period,

 

		(h)	fees and expenses paid in connection with Permitted Acquisitions (whether or not consummated) in an aggregate
amount not to exceed $1,000,000 in any twelve-month period (or such higher amount as approved by Required Lenders in their reasonable
discretion),

 

		(i)	(i) growth related costs and expenses or (ii) non-recurring costs, charges and expenses including
in connection with (A) severance, (B) restructuring or integration (including reduction in force), (C) senior executive
recruiting (including recruiting fees, signing costs, retention or completion bonuses and transition costs) and (D) office closures,
relocation costs, facilities start-up costs, etc., in an aggregate amount for sub-clauses (i) and (ii) of this clause
(i) not to exceed $1,000,000 for any twelve-month period,

 

		(j)	permitted earnout obligations paid or accrued with respect to Permitted Acquisitions,

 

		(k)	fees and expenses under the Loan Documents paid to Agent and Lenders,

 

		(l)	any non-cash costs or non-cash expenses incurred pursuant to any management equity plan, stock option
plan or any other management or employee benefit plan, agreement or any stock subscription or shareholder agreement,

 

		(m)	any expenses, charges or losses to the extent
covered by insurance that are, directly or indirectly, reimbursed or (or reasonably expected to be reimbursed) by a third party,
and any expenses, charges or losses that are covered by indemnification or other reimbursement provisions to the extent that such amount
is in fact reimbursed within 180 days of the date of such determination; provided,
that (x) if any amount reasonably expected to be reimbursed and added back in a period is not received within such 180 day period,
such charges, expenses or losses shall be subtracted in the subsequent calculation period, and (y) in the case of any amount reasonably
expected to be reimbursed and added back prior to receipt thereof, if actually reimbursed or received in a subsequent period, such amount
shall not be added back in calculating Consolidated EBITDA in such subsequent period (and, to the extent included in Consolidated Net
Income, shall be subtracted),

 

		(n)	non-cash charges for goodwill write offs and write downs,

 

    D-3

     

    

 

		(o)	any other extraordinary, unusual or non-recurring cash charges or expenses incurred outside the ordinary
course of business, provided that the aggregate amount added shall not exceed 10% of Consolidated EBITDA (determined prior to giving effect
to such add-backs) for such period,

 

		(p)	other addbacks mutually agreed to by Required Lenders and Borrower, and

 

(y) subtracting therefrom the aggregate amount
of all non-cash items increasing Consolidated Net Income (including for certainty all unrealized foreign exchange gains but excluding
the accrual of revenue or recording of receivables in the ordinary course of business) for such period.

 

Consolidated EBITDA shall
be calculated on a Pro Forma Basis to give effect to any Asset Sales (other than any dispositions in the ordinary course of business)
or Permitted Acquisitions consummated at any time on or after the first day of the measuring period and prior to the date of determination
as if each such Asset Sale or Permitted Acquisition had been consummated on the day prior to the first day of such period.

 

“Consolidated Fixed Charges”
means, for any period, the sum, without duplication, of (a) Consolidated Interest Expense, (b) Permitted Board Fees to the extent
paid in cash, (c) United States, state, local and foreign income taxes including Permitted Tax Distributions, in each case, paid
in cash and (d) the aggregate amount of scheduled principal payments in respect of Indebtedness, including that portion of rental
payments with respect to Capital Leases which is or should be applied as a reduction to the principal of such Capital Leases, determined
on a consolidated basis for the Credit Parties and their respective Subsidiaries in conformity with GAAP. Notwithstanding the foregoing,
for all testing periods ending on or before the one (1) year anniversary of the Closing Date, the amounts set forth in clauses (a) and
(d) of this definition shall be calculated by multiplying the actual amounts of such Consolidated Interest Expense and principal
payments since the Closing Date by (x) 360, divided by (y) the number of days elapsed from the Closing Date until applicable
the date of determination.

 

“Consolidated
Indebtedness” shall mean, as at any date of determination, the aggregate amount of all Indebtedness of the Credit Parties described
in clauses (a), (b), (g), (i), (j) (to the extent such reimbursement obligations are actually due and payable) and (l) of the
definition of Indebtedness, determined on a consolidated basis in accordance with GAAP; provided, however, that any earnout payments pursuant
to a Permitted Acquisition shall only constitute Consolidated Indebtedness to the extent the conditions to payment of such earnout have
been satisfied.

 

“Consolidated Interest Expense”
shall mean, for any period, the total consolidated interest expense of the Credit Parties for such period determined on a consolidated
basis in accordance with GAAP plus, without duplication:

 

		(a)	imputed interest on Capital Lease Obligations and Attributable Indebtedness of the Credit Parties for
such period;

 

		(b)	commissions, discounts and other fees and charges owed by any Credit Party with respect to letters of
credit securing financial obligations, bankers’ acceptance financing and receivables financings for such period;

 

    D-4

     

    

 

		(c)	amortization of debt issuance costs, debt discount or premium and other financing fees and expenses incurred
by any Credit Party for such period;

 

		(d)	cash contributions to any employee stock ownership plan or similar trust made by any Credit Party to the
extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than interest paid to Holdings or
a wholly-owned Subsidiary of Holdings) in connection with Indebtedness incurred by such plan or trust for such period;

 

		(e)	all interest paid or payable with respect to discontinued operations of any Credit Party for such period;

 

		(f)	the interest portion of any deferred payment obligations of any Credit Party for such period;

 

		(g)	all interest on any Indebtedness of the Credit Parties of the type described in clause (f) or
(k) of the definition of “Indebtedness” for such period.

 

Consolidated Interest Expense shall be calculated
on a Pro Forma Basis to give effect to any Indebtedness (other than Indebtedness incurred for ordinary course working capital needs under
ordinary course revolving credit facilities) incurred, assumed or permanently repaid or extinguished at any time on or after the first
day of the measuring period and prior to the date of determination in connection with any Permitted Acquisitions and Asset Sales (other
than any dispositions in the ordinary course of business) as if such incurrence, assumption, repayment or extinguishing had been effected
on the first day of such period.

 

“Consolidated Net Income” shall
mean, for any period, the consolidated net income (or loss) of the Credit Parties determined on a consolidated basis in accordance with
GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication:

 

		(a)	the net income (or loss) of any Person (other than a Subsidiary of Holdings) in which any Person other
than Holdings and its Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has
actually been received by the Credit Parties or (subject to clause (b) below) any of their Subsidiaries during such period;

 

		(b)	the net income of any Subsidiary of Holdings (other than a Credit Party) during such period to the extent
that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not permitted by operation
of the terms of its Organizational Documents or any agreement, instrument or Requirement of Law applicable to that Subsidiary during such
period, except that any Credit Party’s equity in net loss of any such Subsidiary for such period shall be included in determining
Consolidated Net Income except to the extent that cash in an amount equal to any such income has actually been received by the Credit
Parties during such period; and

 

    D-5

     

    

 

		(c)	gains and losses due solely to fluctuations in currency values and the related tax effects determined
in accordance with GAAP for such period.

 

“Consolidated Tax Expense” shall mean, for any period,
the tax expense of the Credit Parties, for such period, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Working Capital” means, as of any
date of determination, the excess of consolidated current assets over consolidated current liabilities (other than the current portion
of the Term Loan).

 

“Excess Cash Flow” means, with
respect to any period,

 

		(a)	the sum of (without duplication) of

 

		(i)	Consolidated Net Income during such period, plus

 

		(ii)	Consolidated Interest Expense for such period, plus

 

		(iii)	Consolidated Amortization Expense for such period, plus

 

		(iv)	Consolidated Depreciation Expense for such period, plus

 

		(v)	Consolidated Tax Expense for such period to the extent not paid for in cash, plus

 

		(vi)	the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income
(including for certainty all unrealized foreign exchange losses but excluding any non-cash charge, expense or loss that results in an
accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs
or reserves with respect to accounts or inventory) for such period, plus

 

		(vii)	decreases in Consolidated Working Capital during such period (exclusive of current liabilities related
to the Term Loans during such period solely to the extent captured in clause (b)(ii) of this definition), less

 

		(b)	the sum of (without duplication),

 

(i)            Capital
Expenditures (excluding any Capital Expenditures financed by the incurrence of Indebtedness permitted under this Agreement and excluding
any Capital Expenditures in any Fiscal Year to the extent in excess of the amount permitted to be made in such Fiscal Year pursuant to
the Loan Documents), plus

 

    D-6

     

    

 

(ii)            interest
expense paid or accrued (excluding any original issue discount, interest paid in kind or amortized debt discount, to the extent included
in determining interest expense) and scheduled principal payments paid or payable in respect of funded debt, plus

 

(iii)            income
and franchise taxes of Credit Parties that were paid in cash, plus

 

(iv)            increases
in Consolidated Working Capital (exclusive of current liabilities related to the Term Loans during such period solely to the extent captured
in clause (b)(ii) of this definition) during such period,

 

plus or minus (as the
case may be),

 

		(c)	without duplication of any adjustment under clause (a) or (b) above, any extraordinary gains
(or extraordinary loss) for such period which are cash items not included in the calculation of Consolidated Net Income.

 

“Fixed Charge Coverage Ratio” means, with respect
to any Person for any measuring period four (4) Fiscal Quarters, the ratio of (a) (x) Consolidated EBITDA for such measuring
period minus (y) Capital Expenditures for such measuring ‎period, minus (z) Restricted ‎Payments permitted pursuant
to [the restricted payments covenant of this Agreement] for such measuring period, to (b) Consolidated Fixed Charges for such measuring
period. Notwithstanding the foregoing, for all testing periods ending on or before the one (1) year anniversary of the Closing Date,
the amounts set forth in clause (z) of this definition shall be calculated by using the actual amounts of such Restricted Payments
since the Closing Date.

 

“Funded Debt” means all Indebtedness
of the Credit Parties and their Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures
within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date
or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more
than one year from such date, including Indebtedness in respect of the Term Loan.

 

    D-7

     

    

 

“Indebtedness” of
any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money or advances; (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest
charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title retention agreements
relating to property purchased by such Person; (e) all obligations of such Person issued or assumed as the deferred purchase price
of property or services (excluding trade accounts payable incurred in the ordinary course of business on normal trade terms and not overdue
by more than 120 days, deferred compensation and accrued obligations incurred in the ordinary course of business and royalty payments
payable in the ordinary course of business in respect of non-exclusive licenses); (f) all Indebtedness of others secured by
any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, but limited to
the fair market value of such property; (g) all Capital Lease Obligations and Purchase Money Obligations of such Person; (h) all
Hedging Obligations to the extent required to be reflected on a balance sheet of such Person; (i) all Attributable Indebtedness of
such Person; (j) all obligations of such Person for the reimbursement of any obligor in respect of letters of credit, letters of
guarantee, bankers’ acceptances and similar credit transactions; (k) the principal balance outstanding under any synthetic
lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all non-contingent obligations to purchase, redeem,
retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct
or indirect parent entity thereof) prior to the date that is 91 days after the Stated Maturity Date valued at, in the case of redeemable
preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued
and unpaid dividends (excluding the obligation to redeem or repurchase such Stock
upon the occurrence of a change in control if such Stock provides that the issuer thereof will not redeem or repurchase any such Stock
pursuant to such provisions prior to the payment in full of all Obligations (other than any inchoate indemnification and expense reimbursement
obligations for which no claim has been made); and (m) all Contingent Obligations of such Person in respect of Indebtedness
or obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of
any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to
the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such
Person is not liable therefor.

 

“Liquidity” means the sum of unrestricted cash and
cash equivalents held in a deposit account that is subject to a control agreement in favor of the Agent.

 

“Secured Leverage Ratio” shall mean, at any date
of determination, the ratio of (x) Consolidated Indebtedness secured by any Lien on any of the Collateral on such date, to (y) Consolidated
EBITDA for the period of four (4) consecutive Fiscal Quarters for which financial statements have been (or are required to be) delivered.

 

    D-8

     

    

 

EXHIBIT E

 

Form of Solvency Certificate

 

See attached.

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