Document:

celz_ex42.htm

EXHIBIT 4.2
  
 	
	  

  
 Creative Medical Technology Holdings, Inc. 
  
 and 
  
 VStock Transfer, LLC as
 Warrant Agent
  
 	
	  

  
 Warrant Agency Agreement
  
 Dated as of ___________, 2021
  
 	 
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 WARRANT AGENCY AGREEMENT
  
 WARRANT AGENCY AGREEMENT, dated as of __________, 2021 (“Agreement”), by and between Creative Medical Technology Holdings, Inc., a Nevada corporation (the “Company”), and VStock Transfer LLC, a California limited liability company (“VStock” or the “Warrant Agent”).
  
 W I T N E S S E T H
  
 WHEREAS, pursuant to an offering by the Company of Warrants (as defined below), the Company wishes to issue Warrants in book entry form entitling the respective holders of the Warrants (the “Holders”, which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants are held in “street name”, a Participant (as defined below) or a designee appointed by such Participant) to purchase an aggregate of up to ______ shares of Common Stock underlying the Warrants (as defined below) upon the terms and subject to the conditions hereinafter set forth (the “Offering”); 
  
 WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to act on behalf of the Company, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants.
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:
  
 Section 1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:
  
 (a) “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
  
 (b) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.
  
 (c) “Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not a Business Day, it means 5:00 p.m., New York City time, on the next succeeding Business Day.
  
 (e) “Person” means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.
  
 (f) “Warrants” means Common Stock Purchase Warrants of the Company with a term of exercise of ____ years following the Initial Exercise Date.
  
 (g) “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1-A hereto, representing such number of Warrant Shares (as defined below) as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement shall include delivery of notice from the Depository or a Participant (each as defined below) of the transfer or exercise of the Warrant in the form of a Global Warrant (as defined below).
  
 (h) “Warrant Shares” means the shares of Common Stock underlying the Warrants and issuable upon exercise of the Warrants.
  
 All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificates. 
  
 Section 2. Appointment of Successor Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the express terms or conditions hereof (and no implied terms and conditions), and the Warrant Agent hereby accepts such appointment. The Company may from time to time appoint such Co-Warrant Agents as it may, in its sole discretion, deem necessary or desirable upon ten (10) calendar days’ prior written notice to the Warrant Agent. The Warrant Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such Co-Warrant Agent. In the event the Company appoints one or more co-Warrant Agents, the respective duties of the Warrant Agent and any Co-Warrant Agent shall be as the Company shall reasonably determine, provided that such duties and determination are consistent with the terms and provisions of this Agreement.
  
 	 
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 Section 3. Global Warrants. 
  
 (a) The Warrants shall be issuable in book entry form. All of the Warrants shall initially be represented by one or more Global Warrants (the “Global Warrants” and, each, a “Global Warrant”), deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depository”), or as otherwise directed by the Depository. Ownership of beneficial interests in the Warrants, shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depository or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account, a “Participant”). For purposes of Regulation SHO, a holder whose interest in a Global Warrant is a beneficial interest in certificate(s) representing such Warrant held in book-entry form through the Depository shall be deemed to have exercised its interest in such Warrant upon instructing its broker that is a Participant to exercise its interest in such Warrant, provided that in each such case payment of the applicable aggregate Exercise Price (other than in the case of a cashless exercise) is delivered by such Participant within the earlier of (i) two trading days and (ii) the number of trading days comprising the Standard Settlement Period, in each case following such instruction. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of trading days, on the Company’s primary trading market with respect to the Common Stock as in effect on the date of delivery of the Exercise Notice.
  
 (b) If the Depository subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent in writing to deliver to each Holder a Warrant Certificate.
  
 (c) A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a Warrant Certificate, evidencing the same number of Warrants, which request shall be in the form attached hereto as Annex A (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver, at the expense of the Company, to the Holder a Warrant Certificate, for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Warrant Certificate shall be dated the original issue date of the Warrants, shall be executed by manual signature by an authorized signatory of the Company, and shall be in the form attached hereto as Exhibit 1-A. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Warrant Certificate, to the Holder within three (3) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). Notwithstanding anything herein to the contrary, the Company shall act as warrant agent with respect to any physical Warrant Certificate issued pursuant to this section. If the Company fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Warrant Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Warrant Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. In no event shall the Warrant Agent be liable for the Company’s failure to deliver the Warrant Certificate by the Warrant Certificate Delivery Date. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Warrant Certificate, as applicable, and, notwithstanding anything to the contrary set forth herein, the Warrant Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants, evidenced by such Warrant Certificate, and the terms of this Agreement, other than Sections 3(c) and 9 herein, shall not apply to the Warrants evidenced by the Warrant Certificate.
  
 Section 4. Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (“Exercise Notice”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1-A hereto. 
  
 Section 5. Countersignature and Registration. The Warrant Certificates shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by the Warrant Agent either manually or by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Warrant Certificates shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the Person who signed such Warrant Certificate had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Agreement any such Person was not such an officer.
  
 	 
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 The Warrant Agent will keep or cause to be kept, at its office designated for such purposes, books for registration and transfer of the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant Certificates, the number of warrants evidenced on the face of each such Warrant Certificate and the date of each such Warrant Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates.
  
 Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate, and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling the Holder to purchase a like number of shares of Common Stock as the Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Warrant Certificate or Global Warrant shall make such request in writing delivered to the Warrant Agent and shall surrender the Warrant Certificate or Warrant Certificates, together with the required form of assignment and certificate duly executed and properly completed and such other documentation as the Warrant Agent may reasonably request, to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated for such purpose, provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by evidence of authority of the party making such request that may be reasonably required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Warrant Certificates. The Warrant Agent shall not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.
  
 Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity or security reasonably acceptable to the Company and the Warrant Agent, and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Nevada, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.
  
 Section 7. Exercise of Warrants; Exercise Price; Termination Date. 
  
 (a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable on the Termination Date (as such term is defined in the Warrant Certificate). Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant, in whole or in part upon surrender of the Warrant Certificate, if required, with the properly completed and duly executed Exercise Notice and payment of the Exercise Price (unless exercised via a cashless exercise), which may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the office of the Warrant Agent designated for such purposes. In the case of the Holder of a Global Warrant, the Holder shall deliver the duly executed Exercise Notice and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depository (or another established clearing corporation performing similar functions) shall effect exercises by delivering to the Depository (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that is required by the Depository (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice be required.
  
 	 
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 (b) Upon receipt of an Exercise Notice for a Cashless Exercise, the Warrant Agent shall deliver a copy of the Exercise Notice to the Company and request from the Company, and the Company shall promptly calculate and transmit to the Warrant Agent in writing, the number of Warrant Shares issuable in connection with such Cashless Exercise. The Warrant Agent shall have no obligation under this Agreement to calculate, the number of Warrant Shares issuable in connection with a Cashless Exercise, nor shall the Warrant Agent have any duty or obligation to investigate or confirm whether the Company’s determination of the number of Warrant Shares issuable upon such exercise, pursuant to this Section 7, is accurate or correct.
  
 (c) Upon the Warrant Agent’s receipt of a Warrant Certificate, at or prior to the Close of Business on the Termination Date set forth in such Warrant Certificate, with the executed Exercise Notice and payment of the Exercise Price for the shares to be purchased (other than in the case of a Cashless Exercise) and an amount equal to any applicable tax, or governmental charge referred to in Section 6 by wire transfer, or by certified check or bank draft payable to the order of the Company (or, in the case of the Holder of a Global Warrant, the delivery of the executed Exercise Notice and the payment of the Exercise Price (other than in the case of a Cashless Exercise) and any other applicable amounts as set forth herein), the Warrant Agent shall cause the Warrant Shares underlying such Warrant Certificate, or Global Warrant, to be delivered to or upon the order of the Holder of such Warrant Certificate, or Global Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depository and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s broker with the Depository through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Sections 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent will not be obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent. 
  
 (d) The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email at the end of each day on which exercise notices are received, or funds for the exercise of any Warrant are received, of the amount so deposited to its account. 
  
 (e) In case the Holder of any Warrant Certificate shall exercise fewer than all Warrants evidenced thereby, upon the request of the Holder, a new Warrant Certificate evidencing the number of Warrants equivalent to the number of Warrants remaining unexercised may be issued by the Warrant Agent to the Holder of such Warrant Certificate or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant Certificate, subject to the provisions of Section 6 hereof.
  
 Section 8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.
  
 	 
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 Section 9. Certain Representations; Reservation and Availability of Shares of Common Stock or Cash.
  
 (a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due execution thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).
  
 (b) As of the date hereof, the authorized capital stock of the Company consists of (i) 50,000,000 shares of Common Stock, of which approximately 2,452,348 shares of Common Stock are issued and outstanding, and _______ shares of Common Stock are reserved for issuance upon exercise of the Warrants, (ii) 10,000,000 shares of preferred stock, none of which are issued and outstanding; and (iii) 6,000,000 shares of Common Stock are authorized for issuance to employees, consultants and directors pursuant to the Company’s stock plan, under which options to purchase no shares are issued and outstanding. 
  
 (c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.
  
 (d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.
  
 (e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s and the Warrant Agent’s reasonable satisfaction that no such tax or governmental charge is due.
  
 Section 10. Common Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of the Exercise Notice was made, provided that the Warrant Certificate evidencing such Warrant was duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) was received on or prior to the Warrant Share Delivery Date; provided, however, that, if the date of submission of the Exercise Notice is a date upon which the Common Stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.
  
 Section 11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the Warrant Certificate, and the provisions of Sections 7, 9 and 13 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein. 
  
 	 
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 Section 12. Certification of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant Certificate is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate setting forth the Exercise Price of each Warrant Certificate, as so adjusted, and a brief, reasonably detailed statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent, at the Company’s expense, to send a brief summary thereof to each Holder of a Warrant Certificate. The Warrant Agent shall be fully protected in relying on such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect to and shall not be deemed to have knowledge of any such adjustment or any such event unless and until it shall have received such certificate.
  
 Section 13. Fractional Shares of Common Stock. 
  
 (a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded up).
  
 (b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.
  
 Section 14. Concerning the Warrant Agent. 
  
 (a) The Company agrees to pay to the Warrant Agent, pursuant to the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof, for all services rendered by it hereunder and, from time to time, its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. 
  
 (b) The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable fees and expenses of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly, any claims or liability resulting from its actions or omissions as Warrant Agent pursuant hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence, bad faith, or willful misconduct (each as determined by a final non-appealable court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, any liability of the Warrant Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Warrant Agent during the twelve (12) months immediately preceding the event for which recovery from the Warrant Agent is being sought. The costs and expenses incurred by the Warrant Agent in enforcing this right of indemnification shall be paid by the Company.
   
 (c) Upon the assertion of a claim for which the Company may be required to indemnify the Warrant Agent, the Warrant Agent shall promptly notify the Company of such assertion, and shall keep the other party reasonably advised with respect to material developments concerning such claim. However, failure to give such notice shall not affect the Warrant Agent’s right to and the Company’s obligations for indemnification hereunder.
   
 (d) Neither party to this Agreement shall be liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 
   
 (e) Notwithstanding anything contained herein to the contrary, the rights and obligations of the parties set forth in this Section 14 shall survive termination of this Agreement, the expiration of the Warrants and/or the resignation, removal or replacement of the Warrant Agent. 
  
 Section 15. Purchase or Consolidation or Change of Name of Warrant Agent. Any Person into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any Person succeeding to the stock transfer or other shareholder services business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases, such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.
  
 	 
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 In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases, such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.
  
 Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms and conditions (and no implied terms and conditions), by all of which the Company, by its acceptance hereof, shall be bound and shall not assume any obligations or relationship of agency or trust with any of the Holders of the Warrants or any other Person:
  
 (a) The Warrant Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion and advice of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in accordance with such opinion or advice.
  
 (b) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authorization and protection to the Warrant Agent, and the Warrant Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in reliance upon such certificate. The Warrant Agent shall have no duty to act without such a certificate as set forth in this Section 16(b).
  
 (c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (each as determined in a final, non-appealable judgment of a court of competent jurisdiction).
  
 (d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificates (including in the case of any notation in book-entry form to reflect ownership), except its countersignature thereof, by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.
  
 (e) The Warrant Agent shall not have any liability or be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or amount of any such change or adjustment or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.
  
 (f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement.
  
 (g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence, bad faith or willful misconduct.
  
 	 
	8
	

	 

  
 (h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person. In the event that the Warrant Agent seeks to exercise a Warrant, and provides the Company with (i) an opinion of counsel to the effect that a public sale or transfer of the Common Stock issuable upon exercise of the Warrant may be made without registration under the 1933 Act and such sale or transfer is effected or (ii) the Purchaser provides reasonable assurances that the Securities can be sold pursuant to an effective registration statement under the Securities Act of 1933, as amended, Rule 144, Section 4(a)(1), or other applicable exemption, the Company shall permit the transfer, and, in the case of the Common Stock issuable upon exercise of the Warrant, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Holder. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 16(h) may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required.
  
 (i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence and bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
  
 (j) The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it.
  
 (k) The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable regulation or law.
  
 (l) The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 
  
 (m) In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of any Warrant or any other Person for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. 
  
 (n) This Section 16 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.
  
 	 
	9
	

	 

  
 Section 17. Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days’ notice in writing sent to the Company and, in the event that the Warrant Agent or one of its affiliates is not also the transfer agent for the Company, to each transfer agent of the Common Stock. In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice thereunder. The Company may remove the Warrant Agent or any successor Warrant Agent upon thirty (30) days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit this Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a Person, other than a natural person, organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose but such predecessor Warrant Agent shall not be required to make any additional expenditure (without prompt reimbursement by the Company) or assume any additional liability in connection with the foregoing. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be. 
  
 Section 18. Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.
  
 Section 19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given when in writing (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the time of transmission, if such notice or communication is delivered via facsimile or e-mail attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile or e-mail attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
  
 (a) If to the Company, to: 
  
 Creative Medical Technology Holdings, Inc.
 211 E. Osborn Road
 Phoenix, AZ 85012
  
 With a copy (which shall not constitute notice) to:
  
 Fox Rothschild LLP
 101 Park Avenue 
 New York, NY 10178
 E-mail: zbomrind@foxrothschild.com
 Attn: Zev M. Bomrind, Esq.
  
 	 
	10
	

	 

  
 (b) If to the Warrant Agent, to: 
  
 VStock Transfer LLC 
 18 Lafayette Place
 Woodmere, New York 11598
 Email: 
  
 For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next Business Day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.
  
 (c) If to the Holder of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the Depository (or its designee) pursuant to the procedures of the Depository or its designee. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.
  
 Section 20. Supplements and Amendments. 
  
 (a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants in order to (i) add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants, (ii) to surrender any rights or power reserved to or conferred upon the Company in this Agreement, (iii) to cure any ambiguity, (iv) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or (v) to make any other provisions with regard to matters or questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable, provided that such addition, correction or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.
  
 (b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that that (i) if any amendment, modification or waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall also be required and (ii) no modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding warrant certificate affected thereby; provided further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20. No supplement or amendment to this Agreement shall be effective unless duly executed by the Warrant Agent.
  
 Section 21. Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.
  
 Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.
  
 Section 23. Governing Law; Jurisdiction. This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the conflicts of law principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.
  
 	 
	11
	

	 

  
 Section 24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature.
  
 Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.
  
 Section 26. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement; provided, however, that if such prohibited and invalid provision shall adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written notice to the Company.
  
 Section 27. Conflicts. To the extent any provision of this Agreement conflicts with the express provisions of the Warrant Certificate, the provisions of the Warrant Certificate shall govern and be controlling.
  
 Section 28. Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control, including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.
  
 Section 29. Entire Agreement. The parties hereto acknowledge that there are no agreements or understandings, written or oral, between them with respect to matters contemplated hereunder other than as set forth herein and the Warrant Certificates, that this Agreement and the Warrant Certificates contain the entire agreement between them with respect to the subject matter hereof and thereof.
  
 Section 30. Fees; Expenses. As consideration for the services provided by VStock (the “Services”), the Company shall pay to VStock the fees set forth on Schedule 1 hereto (the “Fees”). If the Company requests that VStock provide additional services not contemplated hereby, the Company shall pay to VStock fees for such services at VStock’s reasonable and customary rates, such fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the “Additional Service Fee”; together with the Fees, the “Service Fees”).
  
 (a) The Company shall reimburse VStock for all reasonable and documented expenses incurred by VStock (including, without limitation, reasonable and documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided, however, that VStock reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from VStock. 
  
 (b) The Company agrees and acknowledges that VStock may adjust the Service Fees annually, on or about each anniversary date of this Agreement, by the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics. 
  
 (c) Upon termination of this Agreement for any reason, VStock shall assist the Company with the transfer of records of the Company held by VStock. VStock shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received after the termination of this Agreement (the “Record Transfer Services”).
  
 	 
	12
	

	 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
  
 	 	CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.	
	 	 	 	 
		By:		
	  
	  
	Name	 
	 	 	Title	 
	 	 	 	 

  
 	 	VSTOCK TRANSFER LLC	
	 	 	 	 
		By:		
	  
	  
	Name	 
	 	 	Title	 
	 	 	 	 

   
 	 
	13
	

	 

  
 Annex A: Form of Warrant Certificate Request Notice
  
 WARRANT CERTIFICATE REQUEST NOTICE
  
 To: vStock Transfer LLC, as Warrant Agent for Creative Medical Technology Holdings, Inc. (the “Company”)
  
 The undersigned Holder of [_______] [_______] Common Stock Purchase Warrants (“Warrants”) in the form of [_______] [_______] Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:
  
 	 1.
	 Name of Holder of [_______] [_______] Warrants in form of Global Warrants: ___________________________

	  
	  

	 2.
	 Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________

	  
	  

	 3.
	 Number of Warrants in name of Holder in form of Global Warrants: ___________________

	  
	  

	 4.
	 Number of Warrants for which Warrant Certificate shall be issued: __________________

	  
	  

	 5.
	 Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

	  
	  

	 6.
	 [_______] [_______] Warrant Certificate shall be delivered to the following address:

  
 ______________________________
  
 ______________________________
  
 ______________________________
  
 ______________________________
  
 The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.
  
 [SIGNATURE OF HOLDER]
  
 Name of Investing Entity: ____________________________________________________
  
 Signature of Authorized Signatory of Investing Entity: ______________________________
  
 Name of Authorized Signatory: ________________________________________________
  
 Title of Authorized Signatory: _________________________________________________
  
 Date: _______________________________________________________________
  
 	 
	14
	

	 

  
 Exhibit 1-A: Form of Warrant Certificate
  
 	 
	15
	

	 

  
 Schedule 1
  
 Fees
  
 	 Monthly Warrant Administration Fee (per Warrant Issue) 
	 $____.00 
	 
	  
	  
	
	 EXCHANGE OF WARRANTS INTO COMMON SHARES
	  
	 
	 Per Manual Exercise of Warrants (until established on DTC WARR System)
	 $____.00
	 

  
 SPECIAL SERVICES
  
 Services not included herein (including, without limitation, trustee and custodial services, exchange/tender offer services and stock dividend disbursement services) but requested by the Company may be subject to additional charges. 
  
 Out-of-pocket Expenses
  
 All customary out-of-pocket expenses will be billed in addition to the foregoing fees. These charges include, but are not limited to, printing and stationery, freight and materials delivery, postage and handling. 
  
 The foregoing fees apply to services ordinarily rendered by VStock and are subject to reasonable adjustment based on final review of documents. 
  
 	 
	16Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on November 22, 2021, by and between Bright Lights Acquisition Corp,
a Delaware corporation (“Issuer”), Bright Lights Parent Corp., a Delaware corporation and subsidiary of the Issuer
(“ParentCo”), and the undersigned subscriber (the “Investor”).

 

WHEREAS, Issuer, ParentCo
and the other parties named therein, will concurrently with the execution of this Subscription Agreement, enter into that certain Business
Combination Agreement, dated as of the date hereof (as amended, amended and restated, modified, supplemented, or waived from time to time
in accordance with its terms, the “BCA”), pursuant to which Issuer will be combined with Manscaped Holdings, LLC, a
Delaware limited liability company (collectively with its subsidiaries, the “Company”), through a series of transactions
resulting in, among other things, ParentCo becoming a publicly traded company listed on the Nasdaq Capital Market and acquiring a controlling
interest in the Company in an “Up-C” structure in, on the terms and subject to the conditions set forth therein (the “Transaction”);

 

WHEREAS, in connection with
the Transaction, ParentCo is seeking commitments, severally and not jointly, from interested investors to purchase, prior to the closing
of the Transaction, shares of ParentCo’s Class A common stock, par value $0.001 per share (the “Shares”), in
a private placement for a purchase price of $9.20 per share (the “Per Share Subscription Price”);

 

WHEREAS, the aggregate purchase
price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription
Amount”; and

 

WHEREAS, (a) substantially
concurrently with the execution of this Subscription Agreement, ParentCo is, severally and not jointly, entering into separate subscription
agreements (collectively, the “Signing Subscription Agreements”) with certain investors (the “Signing Investors”)
with an aggregate purchase price of $75,000,000 (inclusive of the Subscription Amount) (the “Initial PIPE Investment”), of which Sponsor and its affiliates and related parties are Signing Investors and have committed to acquire approximately $5,000,000
of the Initial PIPE Investment;
and (b) may enter into one or more additional subscription agreements (collectively with the Signing Subscription Agreements, the “Other
Subscription Agreements”) after the date hereof with additional investors (collectively with the Signing Investors, the “Other
Investors”).

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth herein, and intending
to be legally bound hereby, the parties acknowledge and agree as follows:

 

1.
Subscription. The Investor hereby irrevocably subscribes for and agrees to purchase from ParentCo, and ParentCo hereby irrevocably
agrees to sell to the Investor, the number of Shares set forth on the signature page of this Subscription Agreement, in each case, on
the terms and subject to the conditions provided for herein. Notwithstanding anything to the contrary contained in this Subscription Agreement,
the number of Shares that the Investor is obligated to purchase under this Subscription Agreement shall be reduced such that immediately
after the Closing and the closing of the Transaction, the beneficial ownership of all entities that that are advised, managed or sponsored
by the Investor’s portfolio manager (as disclosed on the signature page of this Subscription Agreement) (the “Relevant
Entities”) of: (a) all Existing Securities (defined below), plus (b) all shares of Class A common stock acquired by the Relevant
Entities on or after the date of this Agreement that the Relevant Entities have not transferred or elected to redeem or otherwise tender
or submit for redemption through immediately prior to the Closing, plus (c) shares of Class A common stock issuable upon the exercise
of all Issuer warrants acquired by the Relevant Entities (other than the Investing Desk) on or after the date of this Agreement that the
Relevant Entities (other than the Investing Desk) have not transferred through immediately prior to the Closing, plus (d) the Shares subscribed
for hereunder, minus (e) any portion of the Existing Securities which the Relevant Entities have sold subsequent to the date of this Agreement,
does not exceed the beneficial ownership limit for Issuer’s Class A common stock (calculated in accordance with Rule 13d-3, except
that the Issuer warrants shall be deemed exercisable within sixty days for purposes of such calculation), expressed as a percentage, solely
to the extent set forth on the signature page of this Subscription Agreement (which shall not be lower than 8.49%) (the “Ownership
Limit”), calculated in good faith by Issuer on a pro forma basis accounting for the Transaction and any redemptions. On the
date of this Subscription Agreement, the Relevant Entities own the shares of Issuer’s Class A common stock and Issuer warrants set
forth on the signature page of this Subscription Agreement (such disclosed shares, together with shares of Class A common stock issuable
upon exercise of such disclosed warrants, the “Existing Securities”). During the week prior to the Bright Lights Shareholders
Meeting (as defined in the BCA), Investor will provide the Issuer, promptly upon request, with documentary evidence reasonably requested
by the Issuer to evidence the number of shares of Class A common stock and number of Issuer warrants that the Relevant Entities continue
to own as of the day prior to delivery of such information. In addition, on the business day immediately preceding the Closing Date, Investor
will provide the Issuer with documentary evidence of the number of shares of Class A common stock and number of Issuer warrants that the
Relevant Entities continue to own as of the day prior to delivery of such information (the “Pre-Closing Securities Amount”).
The Pre-Closing Securities Amount shall be the amount used to determine what reduction, if any, is to be made to the number of Shares
that Investor is obligated to purchase under this Subscription Agreement. For purposes of this Section 1, the term “Investing
Desk” shall mean the Investor; provided, however, that if the Investor is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such Investor’s assets then the term “Investing Desk” shall
mean only the portion of assets managed by the portfolio manager who made the investment decision to purchase the Shares covered by this
Agreement; and provided, further, that the term “Investing Desk” shall not be read to include any entities under
common management or that share an investment manager with the Investor.

 

     

     

    

 

2.
Closing. The closing of the sale of the Shares contemplated hereby (the “Closing”) shall occur on a closing
date (the “Closing Date”) specified in the Closing Notice (as defined below), and be conditioned upon the prior or
substantially concurrent consummation of the Transaction (the closing date of the Transaction, the “Transaction Closing Date”).
Upon delivery of written notice from (or on behalf of) ParentCo to the Investor (the “Closing Notice”) that ParentCo
reasonably expects all conditions to the closing of the Transaction to be satisfied or waived and all Closing Conditions of this Subscription
Agreement to be satisfied on an expected Transaction Closing Date that is not less than five (5) business days from the date on which
the Closing Notice is delivered to the Investor, the Investor shall deliver the Subscription Amount one (1) business days prior to the
expected Closing Date by wire transfer of United States dollars in immediately available funds to the account(s) specified by ParentCo
in the Closing Notice. On the Closing Date, ParentCo shall issue the Shares to the Investor and subsequently cause the Shares to be registered
in book entry form in the name of the Investor on the ParentCo share register. For purposes of this Subscription Agreement, “business
day” shall mean a day, other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close. Prior to or at the Closing, Investor shall deliver to ParentCo a duly completed and executed Internal Revenue
Service Form W-9 or appropriate Form W-8. In the event the Transaction Closing Date does not occur within two (2) business days after
the Closing Date under this Subscription Agreement, ParentCo shall promptly (but not later than one (1) business day thereafter) return
the Subscription Amount to the Investor by wire transfer of U.S. dollars in immediately available funds to the account specified by the
Investor, and any book-entries for the Shares shall be deemed repurchased and cancelled; provided that, unless this Subscription
Agreement has been terminated pursuant to Section 8 hereof, such return of funds shall not terminate this Subscription Agreement
or relieve the Investor of its obligation to purchase the Shares at the Closing.

 

3.
Closing Conditions. The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this
Subscription Agreement is subject to the following conditions:

 

(a)
all conditions precedent to the closing of the Transaction set forth in the BCA shall have been satisfied (as determined by the
parties to the BCA) or waived (other than those conditions which, by their nature, are to be satisfied at the closing of the Transactions
pursuant to the BCA or by the Closing itself, but subject to their satisfaction or valid waiver at the closing of the Transactions), and
the closing of the Transaction shall occur substantially concurrently with or immediately following the Closing;

 

(b)
there shall not be in force any judgment, law, injunction order, rule or regulation (whether temporary, preliminary or permanent)
entered by or with any governmental authority enjoining or prohibiting (i) the issuance and sale of the Shares under this Subscription
Agreement or (ii) the consummation of the Transaction;

 

(c)
solely with respect to the Investor’s obligation to close, no amendment, modification or waiver of the BCA by Issuer or ParentCo
(as the same exists on the date of this Subscription Agreement) that has materially and adversely affected or would reasonably be expected
to materially and adversely affect the economic benefits that Investor would reasonably expect to receive under this Subscription Agreement
shall have occurred without the Investor’s written consent;

 

(d)
(i) solely with respect to the Investor’s obligation to close, the representations and warranties made by Issuer and ParentCo,
and (ii) solely with respect to ParentCo’s obligation to close, the representations and warranties made by the Investor, in each
case, in this Subscription Agreement shall be true and correct in all material respects as of the Closing Date other than (x) those representations
and warranties qualified by materiality or Material Adverse Effect (as defined below), which shall be true and correct in all respects
as of the Closing Date and (y) those representations and warranties expressly made as of an earlier date, which shall be true and correct
in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) as of such date, in each case without
giving effect to the consummation of the Transaction;

 

(e)
solely with respect to the Investor’s obligation to close, Issuer and ParentCo shall have performed, satisfied and complied
in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied
or complied with by it at or prior to the Closing;

 

(f) 
solely with respect to the Investor’s obligation to close, and independently and separately from Section 3(g), and
unless waived by a 90% majority in interest of the Investor and the Other Investors as a group (based on the collective aggregate amounts
committed to purchase in this Subscription Agreement and the Other Subscription Agreements), no more than 75% of the Class A common shares
of the Issuer eligible for redemption in connection with the Company’s request for approval of the Transaction (it being agreed
eligibility shall be based upon not only the terms of the Issuer’s certificate of incorporation but also any contractual arrangements
between a holder of Issuer common shares and the Issuer), shall have been submitted to the Issuer for redemption and not withdrawn prior
to the Closing;

 

    2

     

    

 

(g) solely with respect to
the obligation to close of an Investor that (together with its affiliates) is acquiring at least 100,000 Shares, and independently and
separately from Section 3(f), no more than 85% of the Class A common shares of the Issuer eligible for redemption in connection
with the Company’s request for approval of the Transaction (it being agreed eligibility shall be based upon not only the terms
of the Issuer’s certificate of incorporation but also any contractual arrangements between a holder of Issuer common shares and
the Issuer), shall have been submitted to the Issuer for redemption and not withdrawn prior to the Closing;

 

(h)
solely with respect to the Investor’s obligation to close, none of the Issuer or ParentCo shall have entered into any Other
Subscription Agreement with a lower Per Share Subscription Price or other term (economic or otherwise) more favorable in any material
respect to an Other Investor than as set forth in this Subscription Agreement, and there shall not have been any amendment, waiver or
modification to any Other Subscription Agreement that materially benefits any Other Investor unless the Investor has been offered the
same benefit; and

 

(i) 
solely with respect to the Investor’s obligation to close: (A) there has been no default in the performance of the obligations
of any Other Investor with respect to the Other Subscription Agreements, that represents $10 million or more in aggregate proceeds; and
(B) the sum of (i) the net proceeds due from the Investor under this Subscription Agreement and (ii) the net proceeds actually raised
from the non-defaulting Other Investors at Closing are no less than $75 million.

 

4.
Further Assurances. At the Closing, each of the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary to consummate the subscription as contemplated
by this Subscription Agreement.

 

5.
Issuer and Company Representations and Warranties. Issuer and ParentCo (as applicable) represents and warrants to the Investor,
as of the date hereof and as of the Closing date, that:

 

(a)
Each of Issuer and ParentCo has been duly incorporated and is validly existing as a corporation in good standing under the laws
of the State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. Other than Issuer’s subsidiary,
ParentCo, which was formed in connection with the Transaction, Issuer has no direct or indirect subsidiaries, and does not own or hold
the right to acquire any stock, partnership interest or joint venture interest or other equity interest in any other partnership, corporation,
organization or entity.

 

(b)
As of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment
therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under Issuer or ParentCo’s
certificate of incorporation and bylaws (as in effect at such time of issuance) or under the Delaware General Corporation Law.

 

(c)
This Subscription Agreement and the BCA have been duly authorized, executed and delivered by each of Issuer and ParentCo and, assuming
that this Subscription Agreement constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable
against each of Issuer and ParentCo in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
or (ii) principles of equity, whether considered at law or equity.

 

(d)
The execution and delivery of this Subscription Agreement and the BCA, and the issuance and sale by ParentCo of the Shares pursuant
to and the compliance by ParentCo with all of the provisions of this Subscription Agreement and the BCA, and the consummation of the transactions
contemplated in this Subscription Agreement and the BCA will not (i) conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of
the property or assets of Issuer, ParentCo or any of its subsidiaries or the Shares pursuant to the terms of any indenture, mortgage,
deed of trust, loan agreement, lease, license or other agreement or instrument to which ParentCo or any of its subsidiaries is a party
or by which Issuer, ParentCo or any of its subsidiaries is bound or to which any of the property or assets of ParentCo is subject, (ii)
affect the ability of Issuer, ParentCo or any of its subsidiaries to timely consummate the Transaction, the validity of the Shares, or
the legal authority or ability of Issuer or ParentCo to comply in all material respects with their obligations under this Subscription
Agreement, including the issuance and sale of the Shares, (iii) result in any violation of the provisions of the organizational documents
of ParentCo; or (iv) result in any violation of any statute or any law, judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over Issuer, ParentCo or any of its properties, in each case of clauses (i) through
(iv) in a manner that would reasonably be expected to give rise to a material adverse effect on (x) the business, properties, financial
condition or results of operations of ParentCo and its subsidiaries (treating the Transactions as having been consummated), taken as a
whole, (y) the validity of the Shares or (z) the legal authority of Issuer or ParentCo to perform, in all material respects, its obligations
under this Subscription Agreement, each of (x)-(z) a “Material Adverse Effect”.

 

    3

     

    

 

(e)
As of their respective filing dates, all reports, forms, statements, schedules, prospectuses, proxy statements, registration statements
and other documents required to be filed, or actually filed, by Issuer with the U.S. Securities and Exchange Commission (the “SEC”)
since its inception (the “SEC Reports”) complied in all material respects with the applicable requirements of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder.
None of the SEC Reports contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that
are amended, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. Issuer has timely filed with the SEC each SEC Report that Issuer
was required to file with the SEC. As of the date hereof, there are no material outstanding or unresolved comments in comment letters
received by Issuer from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports. Except as
disclosed in the SEC Reports, the financial statements of Issuer included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present
in all material respects the financial condition of Issuer as of and for the dates thereof and the results of operations and cash flows
for the periods presented, subject, in the case of interim unaudited statements, to normal, year-end audit adjustments. A copy of each
SEC Report is available to the Investor via the SEC’s EDGAR system. Notwithstanding the foregoing, the representations and warranties
in this Section 5(e) shall not apply to any information or statement in the SEC Reports that relates to the accounting treatment
of Issuer’s issued and outstanding Warrants, or as to any deficiencies in disclosure (including, without limitation, with respect
to internal control over financial reporting or disclosure controls and procedures) arising from the treatment of such Warrants as equity
rather than liabilities in the Issuer’s financial statements, in light of the Commission’s “Staff Statement on Accounting
and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” issued on April 12, 2021.

 

(f) 
Assuming the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription
Agreement, no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the
offer and sale of the Shares by ParentCo to the Investor hereunder or to any Other Investor pursuant to the Other Investor’s Other
Subscription Agreement.

 

(g)
Neither Issuer nor ParentCo, nor any person acting on either’s behalf, has offered or sold the Shares by any form of general
solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in violation of the Securities Act and
(ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or
any state securities laws.

 

(h)
Neither Issuer nor ParentCo is under any obligation to pay any broker’s fee or commission in connection with the sale of
the Shares other than to the Placement Agents (as defined below). Other than the Placement Agents, neither Issuer nor ParentCo are aware
of any person that has been paid, or has been promised to be paid, either directly or indirectly, remuneration for solicitation of purchasers
in connection with the sale of any Shares in connection with the Subscription Agreements. Issuer and ParentCo are solely responsible for
the payment of any fees, costs, expenses and commissions of the Placement Agents in connection with the sale of the Shares.

 

(i) 
As of the date hereof, the Class A common stock, par value $0.0001 per share, of Issuer is registered pursuant to Section 12(b)
of the Exchange Act and listed for trading on Nasdaq. There is no suit, action, claim, proceeding or investigation pending or, to the
knowledge of Issuer, threatened against Issuer by Nasdaq or the SEC to deregister the Class A common stock or to prohibit or terminate
the listing of the Class A common stock on Nasdaq. Except in connection with the Transactions, Issuer has taken no action that is designed
to terminate the registration of the Class A common stock under the Exchange Act prior to the Subscription Closing.

 

(j) 
The Other Subscription Agreements reflect the same Per Share Subscription Price and other terms with respect to the purchase of
the Shares that are no more favorable to such Other Investor thereunder than the terms of this Subscription Agreement, other than terms
particular to the regulatory requirements of such Other Investor or its affiliates or related funds that are mutual funds or are otherwise
subject to regulations related to the timing of funding and the issuance of the related Shares. Neither Issuer nor ParentCo has entered
into any subscription agreement, side letter or other agreement with any Other Investor or any other investor in connection with such
Other Investor’s or investor’s direct or indirect investment in ParentCo other than (i) the Other Subscription Agreements,
and (ii) the BCA.

 

(k)
Issuer and ParentCo acknowledge and agree that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares under this
Subscription Agreement, and Investor effecting a pledge of Shares shall not be required to provide Issuer or ParentCo with any notice
thereof or otherwise make any delivery to Issuer or ParentCo pursuant to this Subscription Agreement. In connection with any such pledge,
Issuer or ParentCo shall provide any such lender of such margin agreement with an acknowledgment that the Shares are not subject to any
contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject to review and reasonable comment by Issuer
and ParentCo.

 

    4

     

    

 

(l) 
Neither Issuer nor ParentCo are required to obtain any consent, waiver, authorization or order of, give any notice to, or make
any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization
or other person in connection with the execution, delivery and performance by Issuer or ParentCo of the BCA or this Subscription Agreement
(including, without limitation, the issuance of the Shares pursuant to this Subscription Agreement), other than (i) filing with the SEC
of the Registration Statement (as defined below), (ii) filings required by Nasdaq, or such other applicable stock exchange on which Issuer’s
common stock is then listed and (iii) those the failure of which to obtain would not be reasonably likely to have, individually or in
the aggregate, a Material Adverse Effect. Issuer and ParentCo are in compliance with all applicable laws and rules of Nasdaq; provided,
that Investor acknowledges that Issuer shall delist its securities from Nasdaq upon consummation of the Transactions.

 

(m)
The authorized capital stock of Issuer consists of 380,000,000 shares of Class A common stock, par value $0.001 per share, of which
23,000,000 shares are outstanding (all of which shares of common stock are subject to possible redemption), 20,000,000 shares of Class
B common stock, of which 5,750,000 shares are outstanding, and 1,000,000 shares of preferred stock, par value $0.0001 per share, none
of which are issued and outstanding. No other shares of capital stock or other voting securities of Issuer are issued, reserved for issuance
or outstanding. All issued and outstanding Shares are duly authorized, validly issued, fully paid and nonassessable and not subject to
or issued in violation of any purchase option, right of first refusal, preemptive right, subscription right or any similar right under
any provision of the Delaware General Corporation Law, Issuer’s organizational documents or any contract to which Issuer, ParentCo
or any of its subsidiaries are a party or by which Issuer, ParentCo or any of its subsidiaries are bound. Except pursuant to the BCA and
the organizational documents of Issuer, there are no outstanding contractual obligations of Issuer or ParentCo to repurchase, redeem or
otherwise acquire any Shares or any capital equity of Issuer or ParentCo. Except pursuant to the BCA, there are no securities or instruments
issued by or to which Issuer or ParentCo are a party containing anti-dilution or similar provisions that will be triggered by the issuance
of (i) the Shares pursuant to this Subscription Agreement or (ii) the shares to be issued pursuant to any Other Subscription Agreement,
that have not been or will not be validly waived on or prior to the Closing Date. Except as contemplated by the Transactions, there are
no outstanding contractual obligations of Issuer or ParentCo to provide funds to or make any investment (in the form of a loan, capital
contribution or otherwise) in, any other person or entity. Except for working capital loans made from Bright Lights Sponsor LLC or pursuant
to the Other Subscription Agreements, the BCA and the other agreements and arrangements referred to therein, as of the date hereof, there
are no outstanding options, warrants, or other rights to subscribe for, purchase or acquire from Issuer or ParentCo any equity interests
in Issuer, or securities convertible into or exchangeable or exercisable for any such equity interests. There are no stockholder agreements,
voting trusts or other agreements or understandings to which Issuer or ParentCo are a party or by which Issuer or ParentCo are bound relating
to the voting of any securities of Issuer, other than (1) as set forth in the SEC Reports and (2) as contemplated by the BCA.

 

(n)
Except for such matters as have not had and would not be reasonably expected to have, individually or in the aggregate, a Material
Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of Issuer, ParentCo or any of its subsidiaries, threatened against Issuer, ParentCo or any of its subsidiaries or
(ii) judgment, decree, injunction, ruling or order of any governmental entity, self-regulatory organization or arbitrator outstanding
against Issuer, ParentCo or any of its subsidiaries.

 

(o)
Issuer is in compliance with all applicable law, except where such noncompliance
would not reasonably be expected to have a Material Adverse Effect. Issuer has not received any written communication from a governmental
authority that alleges that Issuer is not in compliance with or is in default or violation of any applicable law, except where the costs
of curing such violation and the consequences of such violation (including penalties, fines, injunctions or other remedies) would not
be material to the Issuer.

 

(p)
Issuer is not, and immediately after receipt of payment for the Shares,
will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(q)
The Company intends to repay or refinance approximately $31 million of
outstanding indebtedness in connection with the Transactions.

 

(r) 
There has been no action taken by Issuer, ParentCo or any of its subsidiaries or the Company (collectively, the “Entities”),
or, to the knowledge of any of the Entities, any officer, director, equityholder, manager, employee, agent or representative of any of
the Entities, in each case, acting on behalf of any of the Entities, in violation of any applicable Anti-Corruption Laws (as herein defined),
(i) none of the Entities have been convicted of violating any Anti-Corruption Laws or subjected to any investigation by a governmental
authority for violation of any applicable Anti-Corruption Laws, (ii) none of the Entities have conducted or initiated any internal investigation
or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding any alleged act or omission arising under
or relating to any noncompliance with any Anti-Corruption Laws and (iii) none of the Entities have received any written notice or citation
from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. As used herein, “Anti-Corruption
Laws” means any applicable laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977
(as amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.

 

    5

     

    

 

6.
Investor Representations and Warranties. The Investor represents and warrants to Issuer and ParentCo, as of the date hereof
and as of the Closing date, that:

 

(a)
The Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act)
or an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (8) under the Securities
Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Shares only
for its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for one
or more investor accounts, the Investor or the investment advisor to which the Investor has delegated decision-making authority over investments
has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information
set forth on Schedule A). The Investor is not an entity formed for the specific purpose of acquiring the Shares and is an
“institutional account” as defined by FINRA Rule 4512(c).

 

(b)
The Investor understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act, that the Shares have not been registered under the Securities Act and that ParentCo is not required to register
the Shares except as set forth in Section 7 of this Subscription Agreement. The Investor acknowledges and agrees that the
Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement
under the Securities Act except (i) to ParentCo or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales
that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 under the
Securities Act, provided that all of the applicable conditions therefor (including those set out in Rule 144(i) which are applicable to
the Issuer), or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, including pursuant
to a private sale effected under Section 4(a)(7) of the Securities Act or applicable formal or informal SEC interpretation or guidance,
such as a so-called “4(a)(1)(1⁄2)” sale, and in each case, in accordance with any applicable securities laws of the states
of the United States and other applicable jurisdictions, and that any book entries representing the Shares shall contain a restrictive
legend to such effect, which legend shall be subject to removal as set forth herein. The Investor acknowledges and agrees that the Shares
will be subject to these securities law transfer restrictions and, as a result of these transfer restrictions, the Investor may not be
able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an
investment in the Shares for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not immediately be
eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act, and that the
provisions of Rule 144(i) will apply to the Shares. The Investor acknowledges and agrees that it has been advised to consult legal, tax
and accounting prior to making any offer, resale, transfer, pledge or disposition of any of the Shares. By making the representations
in this Section 6(b), the Investor does not agree to hold any of the Shares for any minimum or other specific term and reserves
the right to assign, transfer or otherwise dispose of any of the Shares at any time in accordance with or pursuant to a registration statement
or an exemption under the Securities Act.

 

(c)
The Investor acknowledges and agrees that the Investor is purchasing the Shares from ParentCo. The Investor further acknowledges
that there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of Issuer, ParentCo,
the Placement Agents, the Company, any of their respective affiliates or any control persons, officers, directors, employees, agents or
representatives of any of the foregoing or any other person or entity, expressly or by implication, other than those representations,
warranties, covenants and agreements of Issuer or ParentCo expressly set forth in Section 5 of this Subscription Agreement
and the SEC Reports.

 

(d)
The Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary to make an
investment decision with respect to the Shares, including, with respect to Issuer, ParentCo, the Transaction and the business of the Company
and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that it has reviewed Issuer’s
SEC Reports. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s), if any, have had
the full opportunity to ask such questions, receive such answers and obtain such information as the Investor and such Investor’s
professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

 

    6

     

    

 

(e)
The Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and Issuer, ParentCo,
the Company or a representative of Issuer, ParentCo or the Company, or by means of contact from the Placement Agents, and the Shares were
offered to the Investor solely by direct contact between the Investor and Issuer, ParentCo, the Company or a representative of Issuer,
ParentCo or the Company. The Investor did not become aware of this offering of the Shares, nor were the Shares offered to the Investor,
by any other means. The Investor acknowledges the Shares (i) were not offered by any form of general solicitation or general advertising
and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act, or any state securities laws. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, Issuer, ParentCo, the Company, the Placement Agents,
any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing),
other than the SEC Reports and the representations and warranties of Issuer or ParentCo contained in Section 5 of this Subscription
Agreement, in making its investment or decision to invest in ParentCo.

 

(f) 
The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in Issuer’s SEC Reports. The Investor has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting, legal
and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor is able to sustain a complete
loss on its investment in the Shares and it will not look to the Placement Agents for all or part of any such loss or losses the Investor
may suffer. The Investor acknowledges that Investor shall be responsible for any of the Investor’s tax liabilities that may arise
as a result of the transactions contemplated by this Subscription Agreement, and that none of Issuer, ParentCo or the Company has provided
any tax advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Subscription
Agreement.

 

(g)
Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an
investment in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this
time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in ParentCo. The Investor
acknowledges specifically that a possibility of total loss exists.

 

(h)
In making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor,
the SEC Reports, and the representations and warranties of Issuer and ParentCo in Section 5. Without limiting the generality of
the foregoing, the Investor has not relied on any statements or other information provided by or on behalf of the Placement Agents or
any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing
concerning Issuer, ParentCo, the Company, the Transaction, the BCA, this Subscription Agreement or the transactions contemplated hereby
or thereby, the Shares or the offer and sale of the Shares. The Investor acknowledges and agrees that none of the Placement Agents, or
any affiliate of the Placement Agents, has provided Investor with any information or advice with respect to the Shares nor is such information
or advice necessary or desired. None of the Placement Agents or any of their respective affiliates has made or makes any representation
as to the Company or the quality or value of the Shares and the Placement Agents and any of their respective affiliates may have acquired
nonpublic information with respect to the Company which the Investor agrees need not be provided to it.

 

(i) 
The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of
the Shares or made any findings or determination as to the fairness of this investment.

 

(j) 
The Investor has been duly formed or incorporated and is validly existing and is in good standing under the laws of its jurisdiction
of formation or incorporation, and has the requisite power and authority to enter into, deliver and perform its obligations under this
Subscription Agreement.

 

(k)
The execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor or
the investment advisor to which the Investor has delegated decision-making authority over investments, have been duly authorized and will
not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal
or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party or by which the Investor
is bound, and will not violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation
or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature of the Investor
or the investment advisor to which the Investor has delegated decision-making authority over investments on this Subscription Agreement
is genuine, and the signatory has legal competence and capacity to execute the same or the signatory has been duly authorized to execute
the same, and, assuming that this Subscription Agreement constitutes the valid and binding agreement of Issuer, ParentCo, this Subscription
Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms
except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or
equity.

 

    7

     

    

 

(l) 
Neither the Investor nor any of its officers, directors, managers, managing members, general partners or any other person acting
in a similar capacity or carrying out a similar function, is (i) a person named on the Specially Designated Nationals and Blocked
Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned
persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), or any similar
list of sanctioned persons administered by the European Union or any individual European Union member state, including the United Kingdom
(collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled by, or acting on behalf of,
one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in, or a citizen,
national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria,
Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the
United States, the European Union or any individual European Union member state, including the United Kingdom; (iv) a Designated
National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking
services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). The Investor represents that
if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the
“BSA/PATRIOT Act”), that the Investor maintains policies and procedures reasonably designed to comply with applicable
obligations under the BSA/PATRIOT Act. The Investor also represents that it maintains policies and procedures reasonably designed to ensure
compliance with sanctions administered by the United States, the European Union, or any individual European Union member state, including
the United Kingdom, to the extent applicable to it. The Investor further represents that the funds held by the Investor and used to purchase
the Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

(m)
If the Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account or
other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement
described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental
plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described
in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject
to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA
or the Code (collectively, “Similar Laws,” and together with ERISA Plans, “Plans”), the Investor
represents and warrants that (A) none of Issuer, ParentCo, or any of their respective affiliates has provided investment advice or
has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and hold the Shares, and none of the parties
to the Transaction is or shall at any time be the Plan’s fiduciary with respect to any decision in connection with the Investor’s
investment in the Shares; and (B) its purchase of the Shares will not result in a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code, or any applicable Similar Law.

 

(n)
No disclosure or offering document has been prepared by Jefferies LLC, Moelis & Company LLC or Deutsche Bank Securities, LLC
(the “Placement Agents”) or any of their respective affiliates in connection with the offer and sale of the Shares.
None of the Placement Agents or any of their respective directors, officers, employees, representatives or controlling persons has made
any independent investigation with respect to the Company, the Shares or the completeness or accuracy of any information provided to Investor.
The Investor agrees that neither of the Placement Agents, nor any of their respective affiliates or any of their or their respective affiliates’
control persons, officers, directors or employees, shall be liable to Investor pursuant to this Subscription Agreement for any action
heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.

 

(o)
None of the Placement Agents, nor any of their respective affiliates, nor any control persons, officers, directors, employees,
agents or representatives of any of the foregoing has made any independent investigation with respect to Issuer, ParentCo, the Company
or its subsidiaries or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information
supplied to the Investor by Issuer or ParentCo.

 

(p)
In connection with the issue and purchase of the Shares, none of the Placement Agents, nor any of their respective affiliates,
has acted as the Investor’s financial advisor or fiduciary.

 

(q)
The Investor has or has commitments to have and, when required to deliver payment to ParentCo pursuant to Section 2
above, will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this
Subscription Agreement.

 

    8

     

    

 

7.
Registration Rights.

 

(a)
ParentCo agrees that, within thirty (30) calendar days after the Closing Date (the “Filing Deadline”), ParentCo
will file with the SEC (at its sole cost and expense) a registration statement to register under and in accordance with the provisions
of the Securities Act (the “Registration Statement”), the resale of all Shares acquired by the Investor pursuant to
this Agreement which are eligible for registration (determined as of two (2) business days prior to such submission or filing) (the “Registrable
Securities”), and it shall use its commercially reasonable efforts to have the Registration Statement declared effective as
soon as practicable after the filing thereof, but no later than the earlier of (1) the 60th calendar day after the Filing Deadline (or
the 90th calendar day if the SEC notifies ParentCo that it will “review” the Registration Statement) and (2) the fifth business
day after the date ParentCo 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 “Effectiveness Date”). ParentCo will use its
commercially reasonable efforts to provide a draft of the Registration Statement to the Investor for review at least five (5) business
days in advance of the filing of the Registration Statement; provided that, for the avoidance of doubt, in no event shall ParentCo be
required to delay or postpone the filing of such Registration Statement as a result of or in connection with the Investor’s review.
Any failure by ParentCo to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness
Date shall not otherwise relieve ParentCo of its obligations to file a Registration Statement as set forth above in this Section 7.
ParentCo shall file with the SEC a final form of prospectus pursuant to Rule 424 (or successor thereto) under the Securities Act no later
than the second business day after the Registration Statement becomes effective. The Registration Statement shall include a “plan
of distribution” that permits all lawful means of disposition of the Registrable Securities by the Investor, including block sales,
agented transactions, sales directly into the market and other customary provisions (but, excluding for the avoidance of doubt, underwritten
offerings). ParentCo’s obligations to include the Registrable Securities for resale in the Registration Statement are contingent
upon the Investor furnishing in writing to ParentCo such information regarding the Investor, the securities of ParentCo held by the Investor
and the intended method of disposition of such Registrable Securities as shall be reasonably requested by ParentCo to effect the registration
of such Registrable Securities, and Investor shall execute such documents in connection with such registration as ParentCo may reasonably
request that are customary of a selling stockholder in similar situations. For as long as the Investor holds the Registrable Securities
being offered hereby, ParentCo will use commercially reasonable efforts to (A) make and keep public information available, as those terms
are understood and defined in Rule 144, (B) file in a timely manner all reports and other documents with the SEC required under the Exchange
Act, as long as ParentCo remains subject to such requirements, and (C) provide all customary and reasonable cooperation necessary, in
each case, to enable the undersigned to resell Registrable Securities pursuant to the Registration Statement or Rule 144 of the Securities
Act (when Rule 144 of the Securities Act becomes available to the Investor), as applicable, including providing any legal opinions to
ParentCo’s transfer agent. Prior to ParentCo and its transfer agent agreeing to a form of representation letter to be given in connection
with any legend removal opinion, ParentCo shall allow the Investor to review such form and shall cooperate, reasonably and in good faith,
and take such action as may reasonably be requested by the Investor, consistent with the terms of this Subscription Agreement, in connection
with the registration of the shares. In no event shall the Investor be required to represent, warrant, agree, acknowledge, or covenant
for the Subscribed Shares to be returned to its account.

 

(b)
ParentCo shall, if requested by the Investor:

 

(i) 
cause the removal of any restrictive legend set forth on the Shares, and

 

(ii) issue Shares
without any such legend in book-entry or by electronic delivery through The Depository Trust Company, at the Investor’s option,
within two (2) Business Days of such request, provided that in each case of clause (b)(i) and clause (b)(ii)

 

(A) either:

 

(x) such Shares are registered for resale
under the Securities Act and the Investor has sold or proposes to sell such Shares pursuant to such registration, or

 

(y) the Investor has sold or transferred,
or proposes to sell or transfer, Shares pursuant to Rule 144, or

 

(B) ParentCo, its counsel or the Transfer
Agent have received customary representation and other documentation from the Investor that is reasonably necessary to establish that
restrictive legends are no longer required as reasonably requested by ParentCo, its counsel or the Transfer Agent.

 

    9

     

    

 

With respect to clause (A)(x), while the
Registration Statement is effective, if restrictive legends are no longer required for such Shares, ParentCo shall, in accordance with
the provisions of Section 7 and within two (2) trading days of any request therefor from the Investor accompanied by such customary
and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer
required, deliver to the Transfer Agent instructions that the Transfer Agent shall make a new, unlegended entry for such book entry Shares.

 

(c)
At its expense ParentCo shall:

 

(i) 
except for such times as ParentCo is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities
laws which ParentCo determines to obtain, continuously effective with respect to Investor, and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Investor
ceases to hold any Registrable Securities, (B) the date all Registrable Securities held by Investor may be sold without restriction
under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule
144 and without the requirement for ParentCo to be in compliance with the current public information required under Rule 144(c)(1) (or
Rule 144(i)(2), if applicable), and (C) three (3) years from the date of effectiveness of the Registration Statement. The period
of time during which ParentCo is required hereunder to keep a Registration Statement effective is referred to herein as the “Registration
Period”;

 

(ii)
during the Registration Period, advise Investor, as expeditiously as possible:

 

(1)
when a Registration Statement or any amendment thereto has been filed with the SEC and when such Registration Statement or any
post-effective amendment thereto has become effective;

 

(2)
of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein
or for additional in-formation;

 

(3)
after it shall receive notice or obtain knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness
of any Registration Statement or the initiation of any proceedings for such purpose;

 

(4)
of the receipt by ParentCo of any notification with respect to the suspension of the qualification of the Registrable Securities
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(5)
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes
in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of
the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, ParentCo shall not, when so advising Investor of such events, provide Investor with any material, nonpublic
information regarding ParentCo other than to the extent that providing notice to Investor of the occurrence of the events listed in (1) through
(4) above may constitute material, nonpublic information regarding ParentCo;

 

(iii)
during the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of any Registration Statement as soon as reasonably practicable;

 

    10

     

    

 

(iv)
during the Registration Period, upon the occurrence of any event contemplated in Section 7(c)(ii)(4) above, except for such
times as ParentCo is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement,
ParentCo shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such
Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered
to purchasers of the Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

(v)
during the Registration Period, use its commercially reasonable efforts to cause all Registrable Securities to (1) qualify for
listing on Nasdaq or such other national securities exchange upon which the Shares are then listed, and (2) update or amend the Registration
Statement as necessary to include all of the Shares offered hereby;

 

(vi)
during the Registration Period, use its commercially reasonable efforts to allow the Investor to review disclosure regarding the
Investor in the Registration Statement; and

 

(vii)
during the Registration Period, otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably
be requested by the Investor, consistent with the terms of this Agreement, in connection with the registration of the Registrable Securities.

 

(d)
Notwithstanding anything to the contrary in this Subscription Agreement, ParentCo shall be entitled to delay the filing or effectiveness
of, or suspend the use of, the Registration Statement if the board of directors of ParentCo reasonably determines in good faith and upon
the advice of counsel that in order for the Registration Statement not to contain a material misstatement or omission, (i) an amendment
thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly, or annual report
under the Exchange Act, (ii) the negotiation or consummation of a transaction by ParentCo or its subsidiaries is pending or an event has
occurred, which negotiation, consummation or event ParentCo’s board of directors reasonably believes would require additional disclosure
by ParentCo in the Registration Statement of material information that ParentCo has a bona fide business purpose for keeping confidential
and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of ParentCo’s board
of directors in good faith and upon the advice of counsel to cause the Registration Statement to fail to comply with applicable disclosure
requirements, or (iii) in the good faith judgment of the majority of ParentCo’s board of directors, such filing or effectiveness
or use of such Registration Statement would be seriously detrimental to ParentCo and the majority of the ParentCo board or directors concludes
as a result that it is essential to defer such filing (each such circumstance, a “Suspension Event”); provided,
however, that ParentCo shall not delay or suspend the Registration Statement on more than two (2) occasions or for more than sixty
(60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt
of any written notice from ParentCo of the happening of any Suspension Event during the period that the Registration Statement is effective
or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact
or omits to state any material fact required to be stated therein or necessary to make the statements therein (in light of the circumstances
under which they were made, in the case of the prospectus) not misleading, the Investor agrees that (i) it will immediately discontinue
offers and sales of the Registrable Securities under the Registration Statement (excluding, for the avoidance of doubt, sales conducted
pursuant to Rule 144) until Investor receives copies of a supplemental or amended prospectus (which ParentCo agrees to promptly prepare)
that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective
or unless otherwise notified by ParentCo that it may resume such offers and sales, and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by ParentCo unless otherwise required by law or subpoena. If so directed
by ParentCo, Investor will deliver to ParentCo or, in Investor’s sole discretion destroy, all copies of the prospectus covering
the Registrable Securities in Investor’s possession; provided, however, that this obligation to deliver or destroy
all copies of the prospectus covering the Registrable Securities shall not apply (A) to the extent Investor is required to retain
a copy of such prospectus (1) to comply with applicable legal, regulatory, self-regulatory or professional requirements or (2) in
accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as
a result of automatic data back-up. Notwithstanding anything to the contrary, ParentCo shall cause its transfer agent to deliver unlegended
Shares to a transferee of an Investor in connection with any sale of Shares with respect to which an Investor has entered into a contract
for sale, prior to such Investor’s receipt of the notice of a Suspension Event and for which such Investor has not yet settled.

 

    11

     

    

 

(e)
Indemnification.

 

(i) 
ParentCo agrees to indemnify and hold harmless, to the extent permitted by law, Investor (to the extent named as a selling stockholder
under the Registration Statement), its directors, officers, partners, managers, members, stockholders, employees, agents and each person
who controls Investor (within the meaning of the Securities Act) and each affiliate of Investor (within the meaning of Rule 405 under
the Securities Act), to the extent permitted by law, from and against all losses, claims, damages, liabilities and expenses (including,
without limitation, reasonable and documented attorneys’ fees) caused by any untrue or alleged untrue statement of material fact
contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”) or preliminary
Prospectus or any amendment thereof or supplement thereto or 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 a Prospectus, in the light of the circumstances under which they were
made) not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to
ParentCo by or on behalf of such Investor expressly for use therein.

 

(ii)
In connection with any Registration Statement in which an Investor is participating, such Investor shall furnish (or cause to be
furnished) to ParentCo in writing such information and affidavits as ParentCo reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify ParentCo, its directors and officers and each
person or entity who controls ParentCo (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expenses (including, without limitation, reasonable outside attorneys’ fees) resulting from any untrue or alleged untrue statement
of material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or 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 a Prospectus, in the light of the circumstances under which they were made) not misleading, but
only to the extent that such untrue statement or omission is contained (or not contained in, in the case of an omission) in any information
or affidavit so furnished in writing by or on behalf of such Investor expressly for use therein; provided, however, that
the liability of such Investor shall be several and not joint with any Other Investor and shall be in proportion to and limited to the
net proceeds received by such Investor from the sale of Registrable Securities giving rise to such indemnification obligation.

 

(iii)
Any person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation. 

 

(iv)
The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall
survive the transfer of securities. 

 

    12

     

    

 

(v)
If the indemnification provided under this Section 7(e) from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations; provided, however, that the liability
of the Investor shall be limited to the net proceeds received by such Investor from the sale of Registrable Securities giving rise to
such indemnification obligation. The relative fault of the 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 to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied
by (or not supplied by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The
amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in Sections 7(d)(i), (ii) and (iii) above, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(e)(v)
from any person or entity who was not guilty of such fraudulent misrepresentation.

 

8.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights
and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon
the earliest to occur of (a) such date and time as the BCA is terminated in accordance with its terms, (b) upon the mutual written
agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if the conditions to Closing set forth in Section
3 of this Subscription Agreement are not satisfied at, or are not capable of being satisfied on or prior to, the Closing and, as a
result thereof, the transactions contemplated by this Subscription Agreement will not be or are not consummated at the Closing, and (d)
June 22, 2022 if the closing of the Transaction has not occurred on or before such date; provided that nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies
at law or in equity to recover losses, liabilities or damages arising from any such willful breach. ParentCo shall notify the Investor
of the termination of the BCA promptly after the termination of such agreement. Upon the termination of this Subscription Agreement in
accordance with this Section 8, any monies paid by the Investor to ParentCo in connection herewith shall be promptly (and
in any event within one business day after such termination) returned to the Investor.

 

9.
Trust Account Waiver. The Investor acknowledges that Issuer is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving Issuer and one or more businesses or assets. The
Investor further acknowledges that, as described in Issuer’s prospectus relating to its initial public offering dated January 15,
2021 (the “IPO Prospectus”) available at www.sec.gov, substantially all of Issuer’s assets consist of the cash
proceeds of Issuer’s initial public offering and private placement of its securities, and substantially all of those proceeds have
been deposited in a trust account (the “Trust Account”) for the benefit of Issuer, its public shareholders and the
underwriter of Issuer’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that
may be released to Issuer to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set
forth in the IPO Prospectus. For and in consideration of Issuer entering into this Subscription Agreement, the receipt and sufficiency
of which are hereby acknowledged, the Investor hereby irrevocably waives any and all right, title and interest, or any claim of any kind
it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account
as a result of, or arising out of, this Subscription Agreement; provided, that nothing in this Section 9 shall (x)
serve or be deemed to limit or prohibit Investor’s right to pursue a claim against Issuer for legal relief against assets held outside
the Trust Account, for specific performance or other equitable relief; (y) serve or be deemed to limit or prohibit any claims that Investor
may have in the future against Issuer’s assets or funds that are not held in the Trust Account (including any funds that have been
released from the Trust Account and any assets that have been purchased or acquired with such funds); or (z) be deemed to limit Investor’s
right to distributions from the Trust Account in accordance with the Issuer’s organizational documents in respect of the shares
acquired by any means other than pursuant to this Subscription Agreement or any Investor’s right, title, interest or claim to the
Trust Account, or to any monies held therein, by virtue of such Investor’s record or beneficial ownership of securities of the Company
acquired by any means other than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect
to any such securities of the Company.

 

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10.
Miscellaneous.

 

(a)
Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any, and the rights set forth in Section 7) or Issuer or ParentCo may be transferred or assigned, other than an assignment by
the Investor to any fund or account managed by the same investment manager as the Investor or an affiliate thereof, subject to, if such
transfer or assignment is prior to the Closing, such transferee or assignee, as applicable, executing a joinder to this Subscription Agreement
or a separate subscription agreement in substantially the same form as this Subscription Agreement, including with respect to the Subscription
Amount and other terms and conditions, provided, that, in the case of any such transfer or assignment, the initial party to this
Subscription Agreement shall remain bound by its obligations under this Subscription Agreement in the event that the transferee or assignee,
as applicable, does not comply with its obligations to consummate the purchase of Shares contemplated hereby. Neither this Subscription
Agreement nor any rights that may accrue to Issuer or ParentCo hereunder or any of Issuer’s or ParentCo’s obligations may
be transferred or assigned other than pursuant to the Transaction.

 

(b)
Issuer or ParentCo may request from the Investor such additional information as Issuer or ParentCo may deem in good faith reasonably
necessary to evaluate the eligibility of the Investor to acquire the Shares and in connection with the inclusion of the Shares in the
Registration Statement, and the Investor shall provide such information as may reasonably be requested, to the extent readily available
and to the extent consistent with its internal policies and procedures; provided that Issuer and ParentCo agree to keep any such information
confidential. The Investor acknowledges that Issuer or ParentCo may file a form of this Subscription Agreement with the SEC as an exhibit
to a current or periodic report or a registration statement of Issuer or ParentCo.

 

(c)
The Investor acknowledges that Issuer, ParentCo and the Placement Agents (as third party beneficiaries with the right to enforce
Section 4, Section 5, Section 6, Section 10, and Section 11 hereof on their own behalf and not, for
the avoidance of doubt, on behalf of Issuer or ParentCo) will rely on the acknowledgments, understandings, agreements, representations
and warranties of the Investor contained in this Subscription Agreement. Prior to the Closing, the Investor agrees to promptly notify
Issuer, ParentCo and the Placement Agents if any of the acknowledgments, understandings, agreements, representations and warranties of
the Investor set forth herein are no longer accurate.

 

(d)
Issuer, ParentCo, the Placement Agents and the Investor are each entitled to rely upon this Subscription Agreement and each is
irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

 

(e)
Issuer, ParentCo, the Placement Agents, and any of their respective affiliates may now or in the future own securities of the Issuer
and may purchase securities in the Transaction.

 

(f) 
All of the representations and warranties contained in this Subscription Agreement shall survive the Closing. All of the covenants
and agreements made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(g)
This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 3(d)
and Section 8 above) except by an instrument in writing, signed by each of the parties hereto and, to the extent required
by the BCA, by the Company. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the parties and third party beneficiaries hereunder are cumulative and are not exclusive of any rights or remedies
that they would otherwise have hereunder.

 

(h)
This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except
as set forth in Section 7(c), Section 10(c) and Section 10(d) with respect to the persons referenced therein,
this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective
successor and assigns.

 

(i) 
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

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(j) 
If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any
way be affected or impaired thereby and shall continue in full force and effect.

 

(k)
This Subscription Agreement may be executed in one or more counterparts (including by electronic mail or in .pdf) and by different
parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed
and delivered shall be construed together and shall constitute one and the same agreement.

 

(l) 
The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or undertaking
and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition
to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

(m)
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE court of chancery
of the state of delaware (or, to the extent such court does not have subject matter jurisdiction, the superior court of the state of delaware,
or the united states district court for the district of delaware) SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE
PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT
HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE
IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED
IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE
HEARD AND DETERMINED BY SUCH A delaware STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT
TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING
OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 10(m) OR SECTION
13 OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.
THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

(n)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE
FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY; AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(n).

 

    15

     

    

 

11.
Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person, firm or corporation (including, without limitation, the Placement Agents, any of their
respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing),
other than the SEC Reports and statements, representations and warranties of Issuer or ParentCo expressly contained in this Subscription
Agreement, in making its investment or decision to invest in ParentCo. The Investor acknowledges and agrees that none of (i) any
Other Investor pursuant to this Subscription Agreement or any Other Subscription Agreement related to the private placement of the Shares
(including the investor’s respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), (ii) the Placement Agents, their respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing, (iii) any other party to the BCA (other than Issuer or ParentCo), or
(iv) any affiliates, or any control persons, officers, directors, employees, partners, agents or representatives of any of Issuer, ParentCo,
the Company or any other party to the BCA shall be liable to the Investor, or to any Other Investor, pursuant to this Subscription Agreement
or any Other Subscription Agreement related to the private placement of the Shares, the negotiation hereof or thereof or the subject matter
hereof or thereof, or the transactions contemplated hereby or thereby, including, without limitation, with respect to any action heretofore
or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares or with respect to any claim (whether
in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of any written or oral representations made or
alleged to be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions
with respect to any information or materials of any kind furnished by the Issuer or ParentCo, the Company, the Placement Agents or any
Non-Party Affiliate concerning the Issuer or ParentCo, the Company, the Placement Agents, any of their controlled affiliates, this Subscription
Agreement or the BCA or the transactions contemplated hereby and thereby. For purposes of this Subscription Agreement, “Non-Party
Affiliates” means each former, current or future officer, director, employee, partner, member, manager, direct or indirect equityholder
or affiliate of the Issuer or ParentCo, the Company, any Placement Agent or any of the Issuer’s, ParentCo’s, the Company’s
or any Placement Agent’s controlled affiliates or any family member of the foregoing.

 

12.
Press Releases. Issuer shall, by 9:00 a.m., New York City time, on the first business day immediately following the date
of this Subscription Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing, to the extent not previously publicly disclosed, the Initial PIPE Investment,
all material terms of the Transaction and any other material, non-public information that Issuer and ParentCo have provided to the Investor
at any time prior to the filing of the Disclosure Document. From and after the disclosure of the Disclosure Document, Investor shall not
be in possession of any material, non-public information received from Issuer, ParentCo or any of their respective officers, directors,
employees, or agents (including the Placement Agents) relating to the transactions contemplated by this Subscription Agreement, and the
Investor shall no longer be subject to any confidentiality or similar obligations under any current agreement (if any), whether written
or oral with the Issuer, ParentCo or the Company, or any of their affiliates, relating to the transactions contemplated by this Subscription
Agreement. Notwithstanding anything in this Subscription Agreement to the contrary, the Issuer, ParentCo and the Company shall not, without
the prior written consent of the Investor, disclose to third parties (including publicly) the name of the Investor or any of its advisors
or affiliates, or include the name of the Investor or any of its affiliates (i) in any press release or (ii) in any filing with the Commission
or any regulatory agency or trading market, without the prior written consent of the Investor, except to the extent such disclosure is
required by law, any governmental authority or stock exchange rule, in which case ParentCo shall provide the Investor with prior written
notice (to the extent permitted by laws) of such disclosure permitted under this clause and shall reasonably consult with the Investor
regarding such disclosure.

 

13.
Separate Obligations. The decision of the Investor to purchase the Shares pursuant to this Subscription Agreement has been
made by the Investor independently of any Other Investor or any other investor and independently of any information, materials, statements
or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise)
or prospects of the Issuer, ParentCo, or the Company, or any of their respective subsidiaries which may have been made or given by any
Other Investor or investor or by any agent or employee of any Other Investor or investor, and neither Investor nor any of its agents or
employees shall have any liability to any Other Investor or investor (or any other person) relating to or arising from any such information,
materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by the Investor
or investor pursuant hereto or thereto, shall be deemed to constitute the Investor and Other Investors or other investors as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Investor and Other Investors or other investors
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription
Agreement and the Other Subscription Agreements. The Investor acknowledges that no Other Investor has acted as agent for the Investor
in connection with making its investment hereunder and no Other Investor will be acting as agent of the Investor in connection with monitoring
its investment in the Shares or enforcing its rights under this Subscription Agreement. The Investor shall be entitled to independently
protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be
necessary for any Other Investor or investor to be joined as an additional party in any proceeding for such purpose.

 

    16

     

    

 

14.
Notices. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly
given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service,
or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed, but excluding any automated reply,
such as an out-of-office notification), addressed as follows:

 

if to the Investor, to the address provided
on the Investor’s signature page hereto;

 

with copies to (which shall not constitute
notice) Counsel; and

if to ParentCo or Issuer, to:

 

Bright Lights Acquisition Corp

12100 Wilshire Blvd, Suite 1150

Los Angeles, California 90025

		Attention:	Michael Mahan

		Email:	Chief Executive Officer

with copies to (which shall not constitute notice), to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

		Attention:	Michael Mies

		Email:	michael.mies@skadden.com

 

or to such other address or addresses as the parties
may from time to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice.

 

[SIGNATURE PAGES FOLLOW]

 

    17

     

    

 

IN WITNESS WHEREOF, Issuer and ParentCo
has accepted this Subscription Agreement as of the date set forth below.

 

	 	BRIGHT LIGHTS ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date:  November 22, 2021

 

	 	BRIGHT LIGHTS PARENT CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: November 22, 2021

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set
forth below.

 

	Name of Investor: ___________________________	State/Country of Formation or Domicile: _____________
	By:  _____________________________________	Existing Securities: ___________________________
	Name:  ___________________________________	Ownership Limit(1):___________________________
	
    Title: ___________________________________

     

    Date: ________, 2021

     
	(1) To be expressed as a percentage of the Class A common stock of ParentCo. (calculated in accordance with Rule 13d-3, except that the Issuer warrants shall be deemed exercisable within sixty days for purposes of such calculation).
	
    Name in which Shares are to be registered (if different):

     

    ___________________________________

     
	 
	Investor’s EIN: _________________	 
	
    Business Address-Street:

     

    __________________________________________

     
	
    Mailing Address-Street (if different):

     

    ___________________________________________

     

	
    City, State, Zip:

     

    __________________________________________

     
	
    City, State, Zip:

     

    ___________________________________________

     

	Attn:  ____________________________________

                                                                               
	Attn: ____________________________________
	Telephone No.: _____________________________	Telephone No.: ______________________________
	Facsimile No.: ______________________________	Facsimile No.: _______________________________
	Number of Shares subscribed for: ________________________
	 
	
    Aggregate Subscription Amount: $ _______________________

     

    Price Per Share: $9.20

You must pay the Subscription Amount by wire transfer of United States
dollars in immediately available funds to the account specified by ParentCo in the Closing Notice.

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		☐	We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities
Act).

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	☐ We are an “accredited investor”
(within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors
within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on the following page
indicating the provision under which we qualify as an “accredited investor.”

 

		2.	☐ We are not a natural person.

 

Rule 501(a), in relevant part, states that
an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably
believes comes within any of the below listed categories, at the time of the sale of the securities to that person. The Investor has indicated,
by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor and under which the Investor accordingly
qualifies as an “accredited investor.”

 

		☐	Any bank, registered broker or dealer, insurance company, registered investment company, business development
company, or small business investment company;

 

		☐	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974,
if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess
of $5,000,000;

 

		☐	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar
business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of
$5,000,000;

 

		☐	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase
is directed by a sophisticated person; or

 

		☐	Any entity in which all of the equity owners are accredited investors meeting one or more of the above
tests.

 

This page should be completed by the Investor

and constitutes a part of the Subscription Agreement.

 

 

[Schedule A to Subscription Agreement]

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