Document:

Exhibit
10.4

 

CORPORATE
GUARANTEE

 

GUARANTEE,
dated as of December 16, 2022, made by White River Holdings Corp, a Delaware corporation, White River E&P Management 1 LLC, a Delaware
limited liability company, White River Energy LLC, a Texas limited liability company, White River E&P LLC, a Texas limited liability
company, White River SPV 2 LLC, a Texas limited liability company, White River SPV 3 LLC, a Texas limited liability company, and White
River Operating LLC, a Texas limited liability company( collectively, the “Guarantors”), in favor of ____________ ( the “Purchaser”).

 

W
I T N E S S E T H:

 

Whereas,
pursuant to that certain Securities Purchase Agreement, dated as of December 16, 2022, by and between White River Energy Corp, a Nevada
corporation (the “Company”), and the Purchaser (the “Purchase Agreement”), the Company agreed to sell and issue
to the Purchaser, and the Purchaser has agreed to purchase from the Company, among other things, the Company’s Senior Secured Notes
due September 16, 2023, in aggregate principal amount of $1,666,666.67 ( the “Notes”);

 

Whereas,
the Guarantors have and will directly benefit from the extension of credit to the Company; and

 

NOW,
THEREFORE, in consideration of the premises and to induce the Purchaser to enter into the transactions in connection therewith, the Guarantors
hereby agree with the Purchaser as follows:

 

1.
Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein and not otherwise defined
herein shall have the meanings given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto”
and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not
to any particular provision of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified.
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following
terms shall have the following meanings:

 

“Guarantee”
means this Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Obligations”
means the collective reference to all obligations and undertakings of the Company of whatever nature, monetary or otherwise under the
Notes, the Security Agreement of even date herewith by and between the Company, its Subsidiaries, and the Purchaser (the “Security
Agreement”), and the other Transaction Documents or any other future agreement or obligations undertaken by the Company, its Subsidiaries
to the Purchaser, together with all reasonable attorneys’ fees, disbursements and all other costs and expenses of collection incurred
by Purchaser in enforcing any of such Obligations and/or this Guarantee.

 

    	 

     

    

 

2.
Guarantee.

 

(a)
Guarantee.

 

	 	 	(i)	The
    Guarantors hereby unconditionally and irrevocably, jointly and severally, guarantee to the Purchaser and its successors, indorsees,
    transferees and assigns, the prompt and complete payment and performance by the Company and its Subsidiaries when due (whether at
    the stated maturity, by acceleration or otherwise) of the Obligations.
	 	 	 	 
	 	 	(ii)	Anything
    herein or in any other Transaction Document (as defined in Notes) to the contrary notwithstanding, the maximum liability of the Guarantors
    hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantors
    under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
    or laws affecting the rights of creditors generally.
	 	 	 	 
	 	 	(iii)	The
    Guarantors agree that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantors
    hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchaser hereunder.
	 	 	 	 
	 	 	(iv)	The
    guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of the
    Company under the Note shall have been paid in full by the Company or any other Guarantor. .
	 	 	 	 
	 	 	(v)	No
    payment made by the Company, its Subsidiaries, the Guarantors, any other Guarantors or any other Person or received or collected
    by the Purchaser from the Company, its Subsidiaries, the Guarantors, any other Guarantors or any other Person by virtue of any action
    or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the
    Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantors hereunder which shall,
    notwithstanding any such payment (other than any payment made by such Guarantors in respect of the Obligations or any payment received
    or collected from such Guarantors in respect of the Obligations), remain jointly and severally liable for the Obligations until the
    Obligations are paid in full.
	 	 	 	 
	 	 	(vi)	Notwithstanding
    anything to the contrary in this Agreement, with respect to any defaulted non-monetary Obligations that remains uncured after giving
    effect to any applicable cure period, if any, the specific performance of which by the Guarantors are not reasonably possible (e.g.
    the issuance of the Company’s Common Stock), the Guarantors shall only be jointly and severally liable for making the Purchaser
    whole on a monetary basis for the Company’s, its Subsidiaries’ failure to perform such Obligations in accordance with
    the Transaction Documents.

 

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(b)
No Subrogation. Notwithstanding any payment made by the Guarantors hereunder or any set-off or application of funds of the Guarantors
by the Purchaser, the Guarantors shall not be entitled to be subrogated to any of the rights of the Purchaser against the Company, its
Subsidiaries, or any other Guarantors or any collateral security or guarantee or right of offset held by the Purchaser for the payment
of the Obligations, nor shall the Guarantors seek or be entitled to seek any contribution or reimbursement from the Company, its Subsidiaries,
or any other Guarantors in respect of payments made by such Guarantors hereunder, until all amounts owing to the Purchaser by the Company,
its Subsidiaries on account of the Obligations are paid in full. If any amount shall be paid to the Guarantors on account of such subrogation
rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantors in trust
for the Purchaser, segregated from other funds of such Guarantors, and shall, forthwith upon receipt by such Guarantors, be turned over
to the Purchaser in the exact form received by such Guarantors (duly indorsed by such Guarantors to the Purchaser, if required), to be
applied against the Obligations, whether matured or unmatured, in such order as the Purchaser may determine.

 

(c)
Amendments, Etc. With Respect to the Obligations. The Guarantors shall remain jointly and severally obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantors and without notice to or further assent by any Guarantors, any demand
for payment of any of the Obligations made by the Purchaser may be rescinded by the Purchaser and any of the Obligations continued, and
the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor
or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Purchaser, and the Purchase Agreement and the other Transaction Documents and any
other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part,
as the Purchaser may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by
the Purchaser for the payment of the Obligations may be sold, exchanged, waived, surrendered or released in accordance with the terms
and conditions set forth in the Security Agreement (as defined in the Purchase Agreement). The Purchaser shall have no obligation to
protect, secure, perfect or insure any Lien at any time held by them as security for the Obligations or for the guarantee contained in
this Section 2 or any property subject thereto.

 

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(d)
Guarantee Absolute and Unconditional. The Guarantors waive any and all notice of the creation, renewal, extension or accrual of
any of the Obligations and notice of or proof of reliance by the Purchaser upon the guarantee contained in this Section 2 or acceptance
of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted
or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between
the Company, its Subsidiaries, and any of the Guarantors, on the one hand, and the Purchaser, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. The Guarantors waive to the extent
permitted by law diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company, its
Subsidiaries, or any of the Guarantors with respect to the Obligations. The Guarantors understand and agrees that the guarantee contained
in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity
or enforceability of any Transaction Document or document entered into in connection with the Purchase Agreement, any of the Obligations
or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held
by the Purchaser, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or fraud or misconduct by
Purchaser) which may at any time be available to or be asserted by the Company, its Subsidiaries or any other Person against the Purchaser,
or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company, its Subsidiaries, or the Guarantors)
which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company, for the Obligations, or of the
Guarantors under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder
or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Purchaser may, but shall be under no obligation to,
make a similar demand on or otherwise pursue such rights and remedies as it may have against the Company, any other Guarantor or any
other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any
failure by the Purchaser to make any such demand, to pursue such other rights or remedies or to collect any payments from the Company,
any other Guarantors or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of
offset, or any release of the Company, any other Guarantors or any other Person or any such collateral security, guarantee or right of
offset, shall not relieve any Guarantor, of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Purchaser against any Guarantors. For the purposes hereof, “demand”
shall include the commencement and continuance of any legal proceedings.

 

(e)
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be,
if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the
Purchaser upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, its Subsidiaries or any Guarantors,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company,
its Subsidiaries, or any Guarantors or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(f)
Payments. The Guarantors hereby jointly and severally guarantee that payments hereunder will be paid to the Purchaser without
set-off or counterclaim in U.S. dollars at the address set forth or referred to in the Purchase Agreement.

 

3.
Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchaser as of the
date hereof

 

(a)
Organization and Qualification. The Guarantors is a corporation or limited liability company, duly incorporated, validly existing
and in good standing under the laws of its jurisdiction of incorporation, with the requisite corporate power and authority to own and
use its properties and assets and to carry on its business as currently conducted. The Guarantors are duly qualified to do business and
is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by
it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not,
individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material
respect, (y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantors
or (z) adversely impair in any material respect the Guarantor’ ability to perform fully on a timely basis its obligations under
this Guaranty (a “Material Adverse Effect”).

 

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(b)
Authorization; Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the
transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this
Guarantee by the Guarantors and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of the Guarantor. This Guarantee has been duly executed and delivered by the Guarantors and constitutes
the valid and binding obligation of the Guarantors enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

(c)
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantors
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation
or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Guarantors is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Guarantors is subject (including Federal and state securities
laws and regulations), or by which any material property or asset of the Guarantors is bound or affected, except in the case of each
of clauses (i) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as could not,
individually or in the aggregate, adversely impair in any material respect the Guarantors’ ability to perform fully on a timely
basis its obligations under this Guaranty (a “Material Adverse Effect”). The business of the Guarantors are not being conducted
in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually or in the aggregate,
do not have a Material Adverse Effect.

 

(d)
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing
or registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection
with the execution, delivery and performance by the Guarantors of this Guaranty.

 

(e)
Purchase Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such
Guarantor, each of which is hereby incorporated herein by reference, are true and correct in all material respects as of each time such
representations are deemed to be made pursuant to such Purchase Agreement, and the Purchaser shall be entitled to rely on each of them
as if they were fully set forth herein, provided, that each reference in each such representation and warranty to the Guarantors’
knowledge shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantors’ knowledge.

 

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4.
Covenants. The Guarantor covenants and agrees with the Purchaser that, from and after the date of this Guarantee until the Obligations
shall have been paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable
action that is necessary to be taken or not taken, as the case may be, so that no Event of Default is caused by the failure to take such
action or to refrain from taking such action by the Guarantors. Additionally, the Guarantors agree to be bound by the covenants set forth
in Notes as if fully set forth herein.

 

5.
Miscellaneous.

 

(a)
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified
except in writing by the Majority Purchaser (as defined in the Purchase Agreement) and the Guarantors.

 

(b)
Notices. All notices, requests and demands to or upon the Purchaser or any Guarantors hereunder shall be affected in the manner
provided for in the Purchase Agreement at their respective addresses (in the case of the Guarantors, at the address listed on the signature
page below).

 

(c)
No Waiver By Course Of Conduct; Cumulative Remedies. The Purchaser shall not by any act (except by a written instrument pursuant
to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced
in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on the part
of the Purchaser, any right, power or privilege hereunder upon the occurrence and continuance of an Event of Default that remains uncured
after giving effect to any applicable cure period, if any, shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
A waiver by the Purchaser of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy
which the Purchaser would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

(d)
Enforcement Expenses; Indemnification.

 

	 	(i)	Each
    Guarantor agrees to pay, or reimburse the Purchaser for, all its reasonable costs and expenses incurred in collecting against such
    Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the
    other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements
    of counsel to the Purchaser.
	 	 	 
	 	(ii)	Each
    Guarantor agrees to pay, and to save the Purchaser harmless from, any and all liabilities with respect to, or resulting from any
    delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with
    any of the transactions contemplated by this Guarantee.

 

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	 	(iii)	Each
    Guarantor agrees to pay, and to save the Purchaser harmless from, any and all liabilities, obligations, losses, damages, penalties,
    actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
    enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to the
    Notes, Pledge Agreement or Security Agreement.
	 	 	 
	 	(iv)	The
    agreements in this Section shall survive repayment of the Obligations.

 

(e)
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of the Guarantors and shall inure to the
benefit of the Purchaser and their respective successors and assigns; provided that the Guarantors may not assign, transfer or delegate
any of its rights or obligations under this Guarantee without the prior written consent of the Purchaser not to be unreasonably withheld,
delayed or denied.

 

(f)
Set-Off. Each Guarantor hereby irrevocably authorizes the Purchaser at any time and from time to time while an Event of Default
under the Notes shall have occurred and be continuing after giving effect to any applicable cure period, if any, without notice to such
Guarantor or any other Guarantors, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any
and all deposits, credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by the Purchaser to or for the credit or the account of such Guarantor, or any part thereof
in such amounts as the Purchaser may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchaser
hereunder and claims of every nature and description of the Purchaser against such Guarantor, in any currency, whether arising hereunder,
under the Notes or otherwise, as the Purchaser may elect, whether or not the Purchaser have made any demand for payment and although
such obligations, liabilities and claims may be contingent or unmatured. The Purchaser shall notify such Guarantor promptly of any such
set-off and the application made by the Purchaser of the proceeds thereof, provided that the failure to give such notice shall not affect
the validity of such set-off and application. The rights of the Purchaser under this Section are in addition to other rights and remedies
(including, without limitation, other rights of set-off) which the Purchaser may have.

 

(g)
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(h)
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

(i)
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchaser with
respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchaser
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

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(j)
Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEVADA WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.

 

(k)
Submission to Jurisdictional; Waiver. Each Guarantor hereby irrevocably and unconditionally:

 

	 	(i)	submits
    for itself and its property in any legal action or proceeding relating to this Guarantee and the other Transaction Documents to which
    it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of
    the Courts of the State of New York, located in New York County, New York, the courts of the United States of America for the Southern
    District of New York, and appellate courts from any thereof;
	 	 	 
	 	(ii)	consents
    that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the
    venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
    agrees not to plead or claim the same;
	 	 	 
	 	(iii)	agrees
    that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
    (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to above or at such other
    address of which the Purchaser shall have been notified pursuant thereto;
	 	 	 
	 	(iv)	agrees
    that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right
    to sue in any other jurisdiction; and
	 	 	 
	 	(v)	waives,
    to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
    to in this Section any special, exemplary, punitive or consequential damages.

 

(l)
Acknowledgements. Each Guarantor hereby acknowledges that:

 

	 	(i)	it
    has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to which
    it is a party;
	 	 	 
	 	(ii)	the
    Purchaser has no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or any
    of the other Transaction Documents, and the relationship between the Guarantor, on the one hand, and the Purchaser, on the other
    hand, in connection herewith or therewith is solely that of debtor and creditor; and
	 	(iii)	no
    joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
    hereby among the Guarantors and the Purchaser.

 

(m)
Release of Guarantors. The Guarantors will be released from all liability hereunder concurrently with the repayment in full of
all amounts in connection with the Obligations.

 

(n)
Waiver of Jury Trial. THE GUARANTORS AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASER, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

(o)
Seniority. The obligations of the Guarantors under this Guarantee shall be senior in right of payment to its other obligations and
will be secured be a first lien in all of the Guarantors’ tangible and intangible assets.

 

[SIGNATURE
PAGE TO FOLLOW]

 

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IN
WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above
written.

 

	White
    River Holdings Corp	 
	 	 	 
	By:	 	 
	Name:
    		 
	Title:
    		 
	 	 	 
	White
    River E&P Management 1 LLC	 
	 	 	 
	By:	 	 
	Name:
    		 
	 	 	 
	White
    River Energy LLC	 
	 	 	 
	By:	 	 
	Name:		 
	 	 	 
	White
    River E&P LLC	 
	 	 	 
	By:	 	 
	Name:
    		 
	 	 	 
	White
    River SPV 2 LLC	 
	 	 	 
	By	 	 
	Name:
    		 
	 	 	 
	White
    River SPV 3 LLC	 
	 	 	 
	By:	 	 
	Name:
    		 
	 	 	 
	White
    River Operating LLC	 
	 	 
	By:	           	 
	Name:
    		 

 

    	9 of 9Exhibit
10.5

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of December 16, 2022, between White River
Energy Corp, a Nevada corporation, 609 West Dickson St. Suite 102G, Fayetteville, AR 72701 (the “Company”) and the
purchaser party to the Purchase Agreement referred to below (the “Purchaser”).

 

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

 

The
Company and the Purchaser hereby agree as follows:

 

1.
Definitions

 

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

 

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

 

“Effectiveness
Date” means, with respect to any Registration Statements which may be required pursuant hereto, the 30th calendar
day following the date on which the Company first knows, or reasonably should have known, that a Registration Statement is required hereunder;
provided, however, in the event the Company is notified by the Commission that one of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates required above.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

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

 

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

 

“Excluded
Registration Statement” means the registration statement on Form S-1 filed by Company with the Commission on December 7, 2022 (File
No. 333-268707), as may be amended from time-to-time, which relates to the spin-off by Ecoark Holdings Inc. of the Company’s common
stock and the resale of shares of common stock by certain selling stockholders underlying the Company’s Series C Convertible Preferred
Stock and shares of common stock issuable by the Company upon the exercise of certain warrants.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the

 

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

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the

 

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

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act and the rules and regulations promulgated thereunder.

 

2. Registration

 

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

 

    	Page 2 of 13

    	 

    

 

(b) If: (i) a Registration Statement is not filed on or prior to its Filing Date (if the Company
files a Registration Statement without affording the Holders the opportunity to reasonably review and comment on the same as required
by Section 3(a), the Company shall not be deemed to have satisfied this clause (i)), or (ii) the Company fails to file with the Commission
a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five Trading Days of the date that
the Company is notified (orally or in writing, whichever is earlier) by the Commission that a Registration Statement will not be “reviewed,”
or not subject to further review; or (iii) prior to its Effectiveness Date, the Company fails to file a pre-effective amendment and otherwise
respond in writing to comments made by the Commission in respect of such Registration Statement within 30 calendar days after the receipt
of comments by or notice from the Commission that such amendment is required in order for a Registration Statement to be declared effective;
or (iv) a Registration Statement filed or required to be filed hereunder is not declared effective by the Commission by its Effectiveness
Date; or (v) after the Effectiveness Date, a Registration Statement ceases for any reason to remain continuously effective as to all
Registrable Securities for which it is required to be effective, or the Holders are not permitted to utilize the Prospectus therein to
resell such Registrable Securities for 10 consecutive calendar days but no more than an aggregate of 15 calendar days during any 12-month
period (which need not be consecutive Trading Days) (any such failure or breach being referred to as an “Event”, and
for purposes of clause (ii) or (iv) the date on which such Event occurs, or for purposes of clause (ii) the date on which such five Trading
Day period is exceeded, or for purposes of clause (iii) the date which such 30 calendar day period is exceeded, or for purposes of clause
(v) the date on which such 10 or 15 calendar day period, as applicable, is exceeded being referred to as “Event Date”),
then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly
anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured,
the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1.5% of the outstanding
principal of the Notes for any Registrable Securities then held by such Holder for the first 30 days (or part thereof) after the 30 days,
and an additional 1.5 % for any subsequent 30-day period (or part thereof), thereafter. If the Company fails to pay any partial liquidated
damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of
18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date
such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated
damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event.
Anything to the contrary notwithstanding, total liquidated damages hereunder shall be capped at 12% of the outstanding principal amount
of the Note(s) as of the date of this Agreement which amount shall exclude any accrued interest.

 

(c) Notwithstanding
anything herein to the contrary, the number of Registrable Securities the Company is required to register under this Agreement and the
timing of such registration, and the liquidated damages pursuant to Section 2(b), shall not apply if and to the extent that the
Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular
Registration Statement (including as a result of the Excluded Registration Statement). In the event the Company amends a Registration
Statement in accordance with the foregoing to reduce the number of Registrable Securities registered for resale thereunder, the Company
will use its commercially reasonable efforts to file with the Commission, as promptly as allowed by SEC Guidance provided to the Company
or available to registrants of securities in general, one or more Registration Statements for the Purchaser’s resale of those Registrable
Securities that were not registered for resale on such Registration Statement. With respect to any Registrable Securities not included
in a Registration Statement pursuant to this Section 2, the term “Filing Date” shall be construed to mean the earliest practical
date on which the Company is permitted by SEC Guidance to file an additional Registration Statement related to those Registrable Securities.
Notwithstanding anything herein to the contrary, the Company may, but shall not be required to, include some or all of the Registrable
Securities in the Excluded Registration Statement, if and to the extent permitted by SEC Guidance and the definitive agreements entered
into in connection with the Excluded Registration Statement, forms of which were publicly filed by the Company with the Commission as
exhibits to the Excluded Registration Statement.

 

    	Page 3 of 13

    	 

    

 

3.
Registration Procedures

 

In
connection with the Company’s registration obligations hereunder, the Company shall:

 

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

 

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

 

    	Page 4 of 13

    	 

    

 

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

 

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

 

(e) Use
its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of

 

(i) any
order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

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

 

    	Page 5 of 13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 6 of 13

    	 

    

 

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

 

5. Indemnification

 

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

 

    	Page 7 of 13

    	 

    

 

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

 

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

 

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

 

    	Page 8 of 13

    	 

    

 

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

 

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

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate,
any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities
subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder.

 

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

 

6. Miscellaneous

 

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

 

    	Page 9 of 13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 10 of 13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 11 of 13

    	 

    

 

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

 

	 	WHITE RIVER ENERGY CORP
	 	 	 
	 	 
	 	Name:
    	     
	 	Title:
    	

 

[SIGNATURE
PAGE OF HOLDERS FOLLOWS]

 

    	Page 12 of 13

    	 

    

 

SIGNATURE
PAGE OF HOLDER TO REGISTRATION RIGHTS AGREEMENT

 

	Name of Investing Entity: 		 

	Signature of Authorized Signatory of Investing Entity:
		 

 

	Name of Authorized Signatory: 		 
	Title of Authorized Signatory: 		 

. 

    	Page 13 of 13

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