Document:

Exhibit 10.5

 

PLEDGE AGREEMENT

 

This PLEDGE AGREEMENT
(this “Agreement”), dated as of December 10, 2021 made by Sean Folkson (“Pledgor”), in favor of the Pledgees
set forth on the signature page hereof ( the “Pledgees”).

 

WHEREAS:

 

A.
Pledgees have agreed to loan to Nightfood Holdings, Inc. (the “Company”) an aggregate amount of $1,086,956.52 pursuant to
those certain 8% Senior Secured Notes due December 2022 (the “Notes”) and related agreements and instruments to be delivered
upon execution hereof; and

 

B.
Pledgor owns 16,776,644 shares of the Company and will materially benefit by the transactions contemplated by the Notes; and

 

C. It is a condition precedent to the loan that Pledgor shall have executed and delivered to Pledgees a pledge agreement providing for the
pledge to the Pledgees of, and the grant to the Pledgees of a security interest in, all common stock and common stock equivalents and
of the Company owned by Pledgor (collectively, the “Pledged Shares”).

 

NOW, THEREFORE, in consideration
of the premises and the agreements herein contained and in order to induce the Pledgees to make the loan described above, Pledgor hereby
agrees with the Pledgees, as follows:

 

SECTION 1. Definitions.
All terms used in this Agreement which are defined in the Note, Article 8 or Article 9 of the Uniform Commercial Code (the “UCC”)
currently in effect in the State of New York and which are not otherwise defined herein shall have the same meanings herein as set forth
therein; provided, that terms used herein which are defined in the UCC as in effect in the State of New York on the date hereof shall
continue to have the same meaning notwithstanding any replacement or amendment of such statute. In addition, unless otherwise defined
herein, terms not defined otherwise defined herein shall have the meanings herein as set forth in the Purchase Agreement, dated as of
December, 2021, by and among the Company, and Pledgees.

 

SECTION 2. Pledge and Grant
of Security Interest. As collateral security for all of the Obligations (as defined in Section 3 hereof), Pledgor hereby pledges and
assigns to Pledgees, and grant to Pledgees a continuing security interest in, such Pledgor’s right, title and interest in and to the Pledged
Shares, the certificates representing such Pledged Shares, all options and other rights, contractual or otherwise, in respect thereof
and all dividends, distributions, cash, instruments, investment property and other property (including but not limited to, any stock dividend
and any distribution in connection with a stock split) from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all of the Pledged Shares (collectively, the “Pledged Collateral”).

 

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SECTION 3. Security for Obligations.
The security interest created hereby in the Pledged Collateral constitutes continuing collateral security for all of the following obligations,
whether now existing or hereafter incurred (the “Obligations”): the prompt payment to Pledgees, as and when due and payable
(by scheduled maturity, required prepayment, acceleration, demand or otherwise), of all amounts from time to time owing by it in respect
of any interest, principal and other penalties, damages, costs, fees, expenses or charges of, or arising under, the Notes and the other
Transaction Documents entered in connection therewith (including, without limitation, all interest that accrues after the commencement
of any case, proceeding or other action relating to bankruptcy, insolvency or reorganization of Pledgor whether or not the payment of
such interest is unenforceable or is not allowable due to the existence of such case, proceeding or other action), all fees, commissions,
expense reimbursements, indemnifications and all other amounts due or to become due to Pledgees under the Note and the other Transaction
Documents entered into in connection therewith.

 

SECTION 4. Delivery of the Pledged Collateral.

 

(a)
[     ] as collateral agent (the “Collateral Agent”) so long as it has an outstanding loan to
the Company shall hold the Pledged Shares for the benefit of itself and Pledgees and Pledgor further agree to execute such other
documents and to take such other actions as the Collateral Agent deems reasonably necessary or desirable to create and perfect the
security interests intended to be created hereunder, including, without limitation, duly executed undated stock powers endorsed in
blank, with medallion guarantee(s), to effect the foregoing and to permit Pledgees to exercise any of their rights and remedies
hereunder.

 

(b)
If Pledgor shall receive, by virtue of its being or having been an owner of any Pledged Collateral, any (i) stock certificate (including,
without limitation, any certificate representing a stock dividend or distribution in connection with any increase or reduction of capital,
reclassification, merger, consolidation, sale of assets, combination of shares, stock split, spin-off or split-off), promissory note or
other instrument, (ii) option or right, whether as an addition to, substitution for, or in exchange for, any Pledged Collateral, or otherwise,
(iii) dividends or interest payable in cash or in securities or other property, (iv) dividends, interest and other distributions paid
or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect
of or in exchange for, any Pledged Collateral, (v) dividends or other distributions in connection with a partial or total liquidation
or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus, or (vi) cash paid, payable or otherwise
distributed in redemption of, or in exchange for, any Pledged Collateral, such stock certificate, promissory note, instrument, option,
right, property, payment or distribution constituting Pledged Collateral shall be, and shall forthwith be delivered to Collateral Agent
to hold as, Pledged Collateral and shall be received in trust for the benefit of the Pledgees, shall be segregated from Pledgor’s other
property and shall be delivered forthwith to Collateral Agent in the exact form received, with any necessary endorsement and/or appropriate
stock powers duly executed in blank, to be held by the Collateral Agent as Pledged Collateral and as further collateral security for the
Obligations.

 

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SECTION 5. Representations and Warranties.
Pledgor represents and warrants as follows:

 

(a)
The execution, delivery and performance by the Pledgor of this Agreement and the exercise by any Pledgees of any of its rights and remedies
in accordance with the terms of this Agreement and applicable securities law will not contravene any law or any contractual restriction
binding on or affecting the Pledgor or any of its properties and do not and will not result in or require the creation of any lien upon
or with respect to any of its properties other than pursuant to this Agreement.

 

(b)
The Pledgor is and will be at all times the beneficial owner of the Pledged Collateral free and clear of any lien or option.

 

(c)
No authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body
is required for the grant by the Pledgor, or the perfection, of the security interest purported to be created hereby in the Pledged Collateral
or the exercise by any Pledgees of any of its rights and remedies hereunder, except as may be required in connection with any sale of
any Pledged Collateral by laws affecting the offering and sale of securities generally, including the foreclosure procedures sanctioned
under the interpretations of the securities laws.

 

(d)
This Agreement creates a valid security interest in favor of the Pledgees in the Pledged Collateral, as security for the Obligations.
Such security interest is, or in the case of Pledged Collateral in which the Pledgor obtain rights after the date hereof, will be, a perfected,
first priority security interest. All action necessary to perfect and protect such security interest has been duly taken, except for Pledgees’
having possession of security certificates constituting Pledged Collateral after the date hereof and obtaining control of uncertificated
securities and security entitlements constituting Pledged Collateral after the date hereof.

 

SECTION 6. Covenants as to
the Pledged Collateral. So long as any of the Obligations shall remain outstanding, each Pledgor will:

 

(a)
keep adequate records concerning the Pledged Collateral and permit Collateral Agent or any agents or representatives of Collateral Agent
at any reasonable time and from time to time to examine and make copies of and abstracts from such records;

 

(b)
at its expense, promptly deliver to Collateral Agent a copy of each notice or other communication received by it in respect of the Pledged
Collateral;

 

(c)
at its expense, defend Pledgees’ right, title and security interest in and to the Pledged Collateral against the claims of any person
or entity;

 

(d)
at its expense, at any time and from time to time, promptly execute and deliver all further instruments and documents and take all further
action that may be necessary or desirable or that Collateral Agent may reasonably request in order to (i) perfect and protect the security
interest purported to be created hereby, or (ii) enable Collateral Agent to exercise and enforce the Pledgees’ rights and remedies
hereunder in respect of the Pledged Collateral;

 

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(e)
not sell, assign (by operation of law or otherwise), transfer, exchange or otherwise dispose of any Pledged Collateral or any interest
therein;

 

(f)
not create or suffer to exist any lien upon or with respect to any Pledged Collateral except for the security interest created hereby;

 

(g)
not make or consent to any amendment or other modification or waiver with respect to any Pledged Collateral or enter into any agreement
or permit to exist any restriction with respect to any Pledged Collateral other than pursuant hereto; and

 

(h)
not take or fail to take any action which would in any manner impair the value or enforceability of Pledgees’ security interest
in any Pledged Collateral.

 

SECTION 7. Voting Rights, Etc. in Respect of the
Pledged Collateral.

 

(a)
So long as no Event of Default or event which, with the giving of notice or lapse of time or both, would constitute an Event of Default,
shall have occurred and be continuing:

 

(i) Pledgor may
exercise any and all voting and other consensual rights pertaining to any Pledged Collateral for any purpose not inconsistent with
the terms of the Note; and

 

(ii)
Pledgees will execute and deliver (or cause to be executed and delivered) to each Pledgor all such proxies and other instruments as Pledgor
may reasonably request for the purpose of enabling Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant
to paragraph Section 7(a)(i) hereof.

 

(b)
Upon the occurrence and during the continuance of an Event of Default or an event which, with the giving of notice or the lapse of time
or both, would constitute an Event of Default:

 

(i)
all rights of Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to
Section 7(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Pledgees which shall thereupon have the sole
right to exercise such voting and other consensual rights; and

 

(ii)
without limiting the generality of the foregoing, Pledgees may at its option exercise any and all rights of conversion, exchange, subscription
or any other rights, privileges or options pertaining to any Pledged Collateral as if it were the absolute owner thereof, including, without
limitation, the right to exchange, in its discretion, any and all of such Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization or other adjustment of the Company, or upon the exercise of any right, privilege or option pertaining to any Pledged
Collateral, and, in connection therewith, to deposit and deliver any and all of the Pledged Collateral with any committee, depository,
transfer agent, registrar or other designated agent upon such terms and conditions as it may determine.

 

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SECTION 8. Additional Provisions Concerning
the Pledged Collateral.

 

(a)
Pledgor hereby authorizes Collateral Agent to file, without the signature of Pledgor where permitted by law, one or more financing or
continuation statements, and amendments thereto, relating to the Pledged Collateral.

 

(b)
Pledgor hereby irrevocably appoints Collateral Agent as such Pledgor’s attorney-in-fact and proxy, with full authority, exercisable only
during the existence of an Event of Default, in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from
time to time in Collateral Agent’s discretion, to take any action and to execute any instrument which Collateral Agent may deem necessary
or advisable to accomplish the purposes of this Agreement (subject to the rights of such Pledgor under Section 7(a) hereof), including,
without limitation, to receive, endorse and collect all instruments made payable to Pledgor representing any dividend or other distribution
in respect of any of the Pledged Collateral and to give full discharge for the same. This power is coupled with an interest and is irrevocable
until all of the Obligations are satisfied in full.

 

(c)
If Pledgor fails to perform any agreement or obligation contained herein, Collateral Agent itself may perform, or cause performance of,
such agreement or obligation with respect to Pledged Collateral, and the expenses of Collateral Agent incurred in connection therewith
shall be payable by Pledgor pursuant to Section 10 hereof and shall be secured by the Pledged Collateral.

 

SECTION 9. Intentionally omitted.

 

SECTION 10. Indemnity and Expenses.

 

(a)
Pledgor agrees to indemnify and hold harmless each of the Pledgees and all of its stockholders, partners, members, officers, directors,
employees and direct or indirect investors and any of the foregoing persons’ agents or other representatives (including, without limitation,
those retained in connection with the transactions contemplated by this Agreement) from and against any and all third-party claims, damages,
losses, liabilities, obligations, penalties, costs and expenses (including, without limitation, reasonable attorney’s fees and disbursements)
to the extent that they arise out of or otherwise result from this Agreement (including, without limitation, enforcement of this Agreement),
except, as to any such indemnified person or entity, claims, losses or liabilities resulting solely and directly from such person or entity’s
gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction and except to the extent
that such claims, losses or liabilities result from failure of such indemnified person or entities to comply with the securities laws.

 

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SECTION 11. Notices.
Whenever notice is required to be given under this Agreement, unless otherwise provided herein, such notice shall be given in accordance
with the terms of the Note.

 

SECTION 12. Security Interest
Absolute. To the extent permitted by law, all rights of each of the Pledgees and Pledgor hereunder shall be absolute and unconditional
irrespective of: (i) any lack of validity or enforceability of any ancillary agreement or any other agreement or instrument relating thereto,
(ii) any change in the time, manner or place of payment of, or in any other term in respect of, all or any of the Obligations, or any
other amendment or waiver of or consent to any departure from any guaranty, for all or any of the Obligations, or (iii) any other circumstance
which might otherwise constitute a defense available to, or a discharge of, Pledgor in respect of the Obligations. All authorizations
and agencies contained herein with respect to any of the Pledged Collateral are irrevocable and powers coupled with an interest.

 

SECTION 13. Miscellaneous.

 

(a)
No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by Pledgor and Collateral Agent,
and no waiver of any provision of this Agreement, and no consent to any departure by Pledgor therefrom, shall be effective unless it is
in writing and signed by Collateral Agent, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

(b)
No failure on the part of Collateral Agent to exercise, and no delay in exercising, any right hereunder or under any ancillary agreement
shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The rights and remedies of the Pledgees provided herein and in the ancillary agreements are cumulative
and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Pledgees under any ancillary agreement
against any party thereto are not conditional or contingent on any attempt by any Pledgee to exercise any of its rights under any other
document against such party or against any other person or entity.

 

(c)
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

(d)
This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until
the satisfaction in full or release of the Obligations and (ii) be binding on Pledgor and its successors and assigns and shall inure,
together with all rights and remedies of Pledgees hereunder, to the benefit of Pledgees and its successors, transferees and assigns; provided
that no such transfer or assignment shall be valid if it is in violation of applicable securities laws. Without limiting the generality
of clause (ii) of the immediately preceding sentence, subject to compliance with the applicable securities laws and applicable provisions
of the ancillary agreements, Pledgees may assign or otherwise transfer all or any portion of the Note, and its rights under the ancillary
agreements, to any other person or entity, and such other person or entity shall thereupon become vested with all of the benefits in respect
thereof granted to Pledgees herein or otherwise unless such benefit is unavailable due to the status of such transferee or otherwise under
applicable law. Upon any such permitted assignment or transfer, all references in this Agreement to Pledgees shall mean the assignee of
any Pledgees. None of the rights or obligations of Pledgor hereunder may be assigned or otherwise transferred without the prior written
consent of Collateral Agent.

 

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(e)
Upon the satisfaction in full of the Obligations, (i) this Agreement and the security interest created hereby shall terminate and all
rights to the Pledged Collateral, if any shall be remaining, shall revert to the Pledgor, respectively, and (ii) the Collateral Agent
will, upon Pledgor’s request and at Pledgor’s expense, (A) return to Pledgor such of the Pledged Collateral as shall not have been sold
or otherwise disposed of, dealt with or applied pursuant to the terms hereof and of the ancillary agreements and (B) execute and deliver
to Pledgor, without recourse, representation or warranty, such documents as Pledgor shall reasonably request to evidence such termination.

 

(f)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough
of Manhattan, 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 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 in effect for 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 party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either
party shall commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed
by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such proceeding.

 

[signature
page follows]

 

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IN WITNESS WHEREOF, PLEDGOR has caused this Pledge
Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	 	SEAN FOLKSON
	 	 
	 	By:	 
	 	Name:	Sean Folkson 
	 	 
	 	[       ]
	 	 
	 	By: 	 
	 	Name:	[     ]
	 	Title: 	[     ]
	 	 
	 	[       ]
	 	 
	 	By: 	 
	 	Name:  	 
	 	Title:  	 

 

 

page 8 of 8Exhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of December 10, 2021, between Nightfood Holdings, Inc., a
Nevada corporation, with an address at 520 White Plains Road-Suite 500, Tarrytown, New York 10591 (the “Company”) and the
purchasers party to the Purchase Agreement referred to below (the “Purchasers”).

 

This Agreement is made pursuant
to the Securities Purchase Agreement, dated as of the date hereof between the Company and the Purchasers (the “Purchase Agreement”).

 

The Company and the Purchasers hereby agree as follows:

 

1.  Definitions

 

Capitalized terms used
and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings:

 

“Advice” shall have
the meaning set forth in Section 6(d).

 

“Effectiveness
Date” means, with respect to any Registration Statements which may be required pursuant hereto, the 120th calendar
day following the Filing Date; provided, however, in the event the Company is notified by the Commission that one of the
above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to
such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes
the dates required above.

 

“Effectiveness
Period” shall mean the period for which any Registration Statement which may be required pursuant hereto shall be effective;
provided however in no event shall the Effectiveness Period exceed such period of time in which all Registrable Securities covered by
such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Transfer Agent of the Company; provided that the Company shall not be required to keep any Registration Statement
effective after the five (5) year anniversary of the date hereof.

 

“Event” shall have
the meaning set forth in Section 2(b).

 

“Event Date” shall
have the meaning set forth in Section 2(b).

 

“Filing
Date” means, with respect to any Registration Statements which may be required pursuant hereto, the 30th day following the date
on which the Company first knows, or reasonably should have known that such additional Registration Statement is required hereunder.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

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

 

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

 

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

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced or threatened.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities
Act), 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 a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means (i) shares of common stock underlying the Note, including, without limitation, any shares of common stock
issued or issuable in respect of conversions under the Notes or in respect of the anti-dilution provisions in the Note, (ii) all shares
of common stock underlying the Warrant, including, without limitation, any shares of common stock issued or issuable in respect of exercises
of the Warrant or in respect of the anti-dilution provisions in the Warrant, and (iii) any securities issued or issuable in connection
with any stock split, dividend or other distribution recapitalization or similar event with respect to the foregoing.

 

“Registration
Statement” means the registration statements required to be filed hereunder and any additional registration statements contemplated
by Section 2 hereof, including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated
by reference in such registration statement.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

2. Registration

 

(a) Piggy-Back
Registrations. If at any time while any Purchaser holds either a Note or shares of common stock purchased therewith or a Warrant or
shares of common stock issued upon exercise therefrom, the Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than (i) on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the
stock option or other employee benefit plans, or (ii) any post-effective amendment to Registration Statement on Form S-1 (registration
number: 333-256548), then the Company shall send to each Holder a written notice of such determination and, if within thirty days after
the date of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or
any part of such Registrable Securities such holder requests to be registered.

 

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(b)  If:
(i) a Registration Statement is not filed on or prior to its Filing Date (if the Company files a Registration Statement without affording
the Holders the opportunity to review and comment on the same as required by Section 3(a), the Company shall not be deemed to have satisfied
this clause (i)), or (ii) prior to its Effectiveness Date, the Company fails to file a pre-effective amendment and otherwise respond in
writing to comments made by the Commission in respect of such Registration Statement within 30 calendar days after the receipt of comments
by or notice from the Commission that such amendment is required in order for a Registration Statement to be declared effective; or (iii)
a Registration Statement filed or required to be filed hereunder is not declared effective by the Commission by its Effectiveness Date;
or (iv) after the Effectiveness Date, a Registration Statement ceases for any reason to remain continuously effective as to all Registrable
Securities for which it is required to be effective, or the Holders are not permitted to utilize the Prospectus therein to resell such
Registrable Securities for 10 consecutive calendar days but no more than an aggregate of 15 calendar days during any 12-month period (which
need not be consecutive Trading Days) (any such failure or breach being referred to as an “Event”, and for purposes
of clause (iii) the date on which such Event occurs, or for purposes of clause (ii) the date which such 30 calendar day period is exceeded,
or for purposes of clause (iv) the date on which such 10 or 15 calendar day period, as applicable, is exceeded being referred to as “Event
Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date
and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable
Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 2.0%
of the outstanding principal of the Notes for any Registrable Securities then held by such Holder for the first 30 days (or part thereof)
after the 30 days, and an additional 2.0% for any subsequent 30-day period (or part thereof), thereafter. If the Company fails to pay
any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest
thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing
daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The
partial liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the
cure of an Event. Anything to the contrary notwithstanding, total liquidated damages hereunder shall be capped at 18% of the outstanding
principal amount of the Notes.

 

3.  Registration
Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a) Not
less than five Trading Days prior to the filing of each Registration Statement or any related Prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall, (i)
furnish to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to
be incorporated by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent
certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to conduct
a reasonable investigation within the meaning of the Securities Act. The Company shall not file the Registration Statement or any such
Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably
object in good faith, provided that, the Company is notified of such objection in writing no later than 5 Trading Days after the Holders
have been so furnished copies of such documents. Each Holder agrees to furnish to the Company a completed Questionnaire in the form attached
to this Agreement as Annex A (a “Selling Holder Questionnaire”) not less than two Trading Days prior to the Filing
Date or by the end of the fourth Trading Day following the date on which such Holder receives draft materials in accordance with this
Section.

 

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(b) (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register
for resale under the Securities Act all of the Registrable Securities in accordance with the terms hereof; (ii) cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission
with respect to a Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Holders true and
complete copies of all correspondence from and to the Commission relating to a Registration Statement; and (iv) comply in all material
respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended
methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c) If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds the number of shares of Common Stock then registered
in a Registration Statement, then the Company shall file as soon as reasonably practicable but in any case prior to the applicable Filing
Date, an additional Registration Statement covering the resale by the Holders of not less than such number of such Registrable Securities.

 

(d) Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (ii) through (vi) hereof, be accompanied by
an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and,
in the case of (i)(A) below, not less than five Trading Days prior to such filing) and (if requested by any such Person) confirm such
notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the Company shall provide
true and complete copies thereof and all written responses thereto to each of the Holders); and (C) with respect to a Registration Statement
or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any other Federal or state
governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of
the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of
a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv)
of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose;
(v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents
so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; and (vi) the occurrence or existence of any pending corporate development
with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the
best interest of the Company to allow continued availability of the Registration Statement or Prospectus; provided that any and all of
such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder
is required by law; provided, further, notwithstanding each Holder’s agreement to keep such information confidential,
the Holders make no acknowledgement that any such information is material, non-public information.

 

    Page 4 of 16

     

    

 

(e) Use
its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities
for sale in any jurisdiction, at the earliest practicable moment.

 

(f) Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested
by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission.

 

(g) Promptly
deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request in connection with resales by the Holder of Registrable Securities.
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto, except after the giving on any notice pursuant to Section 3(d).

 

(h) Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such
Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States
as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of
the Registrable Securities covered by each Registration Statement; provided, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction
where it is not then so subject or file a general consent to service of process in any such jurisdiction.

 

(i) If
requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted
by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holders may request.

 

(j) Upon
the occurrence of any event contemplated by this Section 3, as promptly as reasonably possible under the circumstances taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses (ii) through (v) of Section
3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall
suspend use of such Prospectus. The Company will use its commercially reasonable to ensure that the use of the Prospectus may be resumed
as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(j) to suspend the availability
of a Registration Statement and Prospectus for a period not to exceed 60 days (which need not be consecutive days) in any 12-month period.

 

    Page 5 of 16

     

    

 

 (k) Comply with all applicable rules and regulations of the Commission.

 

(l) The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the person thereof that has voting and dispositive control over the Shares. During
any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities
solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages
that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay
shall be suspended as to such Holder only, until such information is delivered to the Company.

 

(m) Notwithstanding
anything to the contrary in this Agreement or in any of the other Transaction Documents, in no event shall it be a breach of the Company’s
covenants regarding the delivery of material non-public information to the Holder, in complying with the delivery obligations under this
Agreement.

 

4. Registration
Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees
and expenses (A) with respect to filings required to be made with the Trading Market on which the Common Stock is then listed for trading,
and (B) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable
Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested
by the Holders), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and
of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities
included in a Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by
this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities
on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions or,
except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

    Page 6 of 16

     

    

 

5. Indemnification

 

(a) Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge
or any failure to perform under a margin call of Common Stock), investment advisors and employees of each of them, each Person who controls
any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors,
agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained
in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities
and was reviewed and approved by such Holder expressly for use in a Registration Statement, such Prospectus or such form of Prospectus
or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in
the case of an occurrence of an event of the type specified in Section 3(d)(ii)-(vi), the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt
by such Holder of the Advice contemplated in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is
aware.

 

(b) Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents
and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law,
from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s failure to comply
with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained
in any information so furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement or
such Prospectus or (ii) to the extent that (1) such untrue statements or omissions are based solely upon information regarding such Holder
furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder
or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this
purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of
an event of the type specified in Section 3(d)(ii)-(vi), the use by such Holder of an outdated or defective Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice
contemplated in Section 6(d). In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount
of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

    Page 7 of 16

     

    

 

(c) Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the
“Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection
with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party
of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced
the Indemnifying Party.

 

An Indemnified Party shall
have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing
to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ
counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including
any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall reasonably believe
that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying
Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at
the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable
fees and expenses of one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable
for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
on claims that are the subject matter of such Proceeding.

 

Subject to the terms of this
Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in
connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to
the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party; provided, that the Indemnified
Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which
such Indemnified Party is not entitled to indemnification hereunder, determined based upon the relative faults of the parties.

 

(d)  Contribution.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise),
then each 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 Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material
fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement,
any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent
such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms.

 

    Page 8 of 16

     

    

 

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 that does not take into account the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding
exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission, except in the case of fraud by such Holder.

 

The indemnity and contribution
agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

 

6.  Miscellaneous

 

(a) Remedies.
In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder or the Company,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary
damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement
and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense
that a remedy at law would be adequate.

 

(b) Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to
it in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

(c) Discontinued
Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d), such Holder will forthwith discontinue disposition of such Registrable
Securities under a Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended
Registration Statement, or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to
be incorporated by reference in such Prospectus or Registration Statement. The Company will use its commercially reasonable efforts to
ensure that the use of the Prospectus may be resumed as promptly as it practicable. The Company agrees and acknowledges that any periods
during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions
of Section 2(b).

 

(d) Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the
Company and the Majority Purchasers. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of Holders and that does not directly or indirectly affect the rights of other Holders
may be given by Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately
preceding sentence.

 

    Page 9 of 16

     

    

 

(e) Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth
in the Purchase Agreement.

 

(f) Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior
written consent of all of the Holders of the then-outstanding Registrable Securities. Each Holder may assign their respective rights hereunder
in the manner and to the Persons as permitted under the Purchase Agreement.

 

(g) No
Inconsistent Agreements. Neither the Company nor any of its subsidiaries has entered, as of the date hereof, nor shall the Company
or any of its subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Except
as set forth on Schedule 6(g), neither the Company nor any of its subsidiaries has previously entered into any agreement granting
any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

 

(h) Execution
and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to
be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

 

(i) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined with
the provisions of the Purchase Agreement.

 

(j) Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

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

 

(l) Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(m) Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the obligations
of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder
hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder
pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind
of entity, or create a presumption that the Holders are in any way acting in concert with respect to such obligations or the transactions
contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights
arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding
for such purpose.

 

********************

 

    Page 10 of 16

     

    

 

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

 

	 	NIGHTFOOD HOLDINGS, INC.
	 	 
	 	
	 	Name: 	Sean Folkson
	 	Title:	 CEO

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

    Page 11 of 16

     

    

 

SIGNATURE PAGE OF HOLDER TO REGISTRATION RIGHTS
AGREEMENT

 

Name of Investing Entity: __________________________

 

Signature of Authorized Signatory of Investing Entity: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

    Page 12 of 16

     

    

 

Annex A

 

___________

 

Selling Securityholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Common Stock”), of Nightfood Holdings, Inc., a Nevada corporation (the “Company”),
(the “Registrable Securities”) understands that the Company has filed or intends to file with the Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-1 (the “Registration Statement”)
for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of
the Registrable Securities, in accordance with the terms of the Registration Rights Agreement, dated as of December 10, 2021 (the “Registration
Rights Agreement”), among the Company and the Purchasers named therein. A copy of the Registration Rights Agreement is available
from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) in the Registration Statement.

 

The undersigned hereby provides
the following information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

 1. Name.

 

		(a)	Full Legal Name of Selling Securityholder

 

__________________________________________________________________________________

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a)
above) through which Registrable Securities Listed in Item 3 below are held:

 

__________________________________________________________________________________

 

    Page 13 of 16

     

    

 

		(c)	Full Legal Name of Natural Control Person (which means a natural
person who directly you indirectly alone or with others has power to vote or dispose of the securities covered by the questionnaire):

 

________________________________________________________________________________

 

 2. Address for Notices to Selling Securityholder:

 

____________________________________________________________________________________________

 

____________________________________________________________________________________________

 

____________________________________________________________________________________________

 

Telephone:____________________________________________________________________________________

 

Fax:__________________________________________________________________________________________

 

Contact Person:_______________________________________________________________________________________

 

 3. Beneficial Ownership of Registrable Securities:

 

		(a)	Type and Principal Amount of Registrable Securities beneficially owned:

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

_______________________________________________________________________________

 

 4. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes
 No

 

		Note:	If yes, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(b)	Are you an affiliate of a broker-dealer?

 

Yes
 No

 

		(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes
 No

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

    Page 14 of 16

     

    

 

5. Beneficial Ownership of Other
Securities of the Company Owned by the Selling Securityholder.

 

Except as set forth below in this
Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities
listed above in Item 3.

 

		(a)	Type and Amount of Other Securities beneficially owned by the Selling Securityholder:

 

 6. Relationships with the Company:

 

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

_____________________________________________________________________________________

 

_____________________________________________________________________________________

 

The undersigned agrees to
promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof
at any time while the Registration Statement remains effective.

 

By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Items 1 through 6 and the inclusion of such information
in the Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the
Company in connection with the preparation or amendment of the Registration Statement and the related prospectus.

 

IN WITNESS WHEREOF the undersigned,
by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized
agent.

 

	Dated:_________________________________	Beneficial Owner:__________________________
	 	 	 
		By:	____________________________________
		 	Name:
		 	Title:

 

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED
NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    Page 15 of 16

     

    

 

SCHEDULE 6(g)

 

With respect to all holders of the Series B Preferred
Stock of the Company issued prior to June 8, 2021 (other than ProActive Capital Partners, L.P.), the Company is obligated to file and
keep effective a registration statement on Form S-1 with respect to the shares underlying its Series B Preferred Stock and the shares
issuable on exercise of the underlying warrants (collectively, the “Registrable Securities”), and use its best efforts to
cause the same to become effective under the Securities Act of 1933. In addition, the Company is obligated to include the Registrable
Securities of ProActive Capital Partners, L.P. in any Form S-1 filed after June 15, 2021.

 

 

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