Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of April 7, 2022 by and among Lyra
Therapeutics, Inc., a Delaware corporation (the “Company”), and the “Investors” named in the Securities Purchase Agreement, dated as of the date hereof, by and among the Company and the Investors identified on Exhibit A
attached thereto (the “Purchase Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein. 

The parties hereby agree as follows: 

1. Certain Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

“Common Stock” means the Company’s Common Stock, par value $0.001 per share. 

“Closing Date” has the meaning ascribed to it in the Purchase Agreement. 

“Investors” means the Investors identified in the Purchase Agreement and any Affiliate or permitted transferee of any such
Investor who is a subsequent holder of Registrable Securities. 
 “Prospectus” means (i) the prospectus included in
any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and
supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act. 

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

“Registrable Securities” means (i) the Shares and the Warrant Shares and (ii) any other shares of Common Stock
issued as a dividend or other distribution with respect to, in exchange for or in replacement of the Shares or the Warrant Shares; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and
the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) upon the first to occur of (A) a Registration Statement with respect to the sale of such Registrable
Securities being declared effective by the SEC under the 1933 Act and such Registrable Securities having been disposed of by the holder thereof in accordance with such effective Registration Statement, (B) such Registrable Securities having
been sold in accordance with Rule 144 (or another exemption from the registration requirements of the 1933 Act), (C) such Registrable Securities becoming eligible for resale without volume or manner-of-sale restrictions and without current public information requirements pursuant to Rule 144 and (D) the second anniversary of the Closing Date. For the avoidance of doubt, any provision herein
requiring the calculation of the number of Registrable Securities as of any date, or the computation of a percentage of Registrable Securities, shall be deemed to refer to the number of Warrant Shares constituting Registrable Securities as of such
date, without regard to any limitation on the exercise of the Warrants. 

 “Registration Statement” means any registration statement of the Company
under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all
material incorporated by reference in such Registration Statement. 
 “Required Investors” means the Investors holding a
majority of the Registrable Securities outstanding from time to time. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “SEC Guidance” means (i) any publicly-available written or oral guidance of the SEC staff, or any
comments, requirements or requests of the SEC staff and (ii) the 1933 Act. 
 “Securities” means, collectively, the
Shares and the Warrants. 
 “Shares” means, collectively, the shares of Common Stock purchased by the Share Investors
pursuant to the Purchase Agreement, other than any IRA Covered Shares (as defined in the Purchase Agreement). 
 “Warrants”
means, collectively, the pre-funded warrants to purchase Common Stock purchased by the Warrant Investors pursuant to the Purchase Agreement. 

“Warrant Shares” means shares of Common Stock issuable upon exercise of the Warrants. 

2. Registration. 
 (a)
Registration Statements. 
 (i) Promptly following the Closing Date but no later than thirty (30) calendar days after the Closing Date (the “Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement covering the resale of all of the Registrable
Securities which, for the avoidance of doubt, may also register the sale or issuance of primary securities. Subject to any SEC comments, such Registration Statement shall include the plan of distribution, substantially in the form and substance, set
forth in Part III of each Investor’s Selling Stockholder Notice and Questionnaire. Such Registration Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder (including Rule 416), such
indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities. Such Registration Statement (and each amendment or supplement thereto, and
each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors prior to its filing or other submission. If a Registration Statement covering the Registrable
Securities is not filed with the SEC on or prior to the Filing Deadline, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1% of the aggregate amount paid

  
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pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held by such Investor for each 30-day period or pro rata for any
portion thereof following the Filing Deadline for which no Registration Statement is filed with respect to the Registrable Securities. Such payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not affect
the right of the Investors to seek injunctive relief. Such payments shall be made to each Investor in cash no later than five (5) Business Days after the end of each such 30-day period (the
“Payment Date”). Interest shall accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Payment Date until such amount is paid in full. Notwithstanding the foregoing, the Company will
not be liable for any liquidated damages under this Section 2(a)(i) with respect to any Warrant Shares prior to the issuance. 
 (ii)
The Company shall take reasonable efforts to register the Registrable Securities on Form S-3 if such form is available for use by the Company, provided that if at such time the Registration Statement is on
Form S-1, the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the
Registrable Securities has been declared effective by the SEC. 
 (b) Expenses. The Company will pay all expenses associated with
each Registration Statement, including filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities laws and listing fees,
but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold. Except as provided in
Section 6 hereof, the Company shall not be responsible for legal fees incurred by holders of Registrable Securities in connection with the performance of its rights and obligations under the Transaction Documents. 

(c) Effectiveness. 
 (i)
The Company shall use commercially reasonable efforts to have the Registration Statements declared effective as soon as reasonably practicable after the filing thereof. The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event, within forty-eight (48) hours, after any Registration Statement is declared effective and shall simultaneously provide the Investors with access to a copy of
any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby. Subject to Section 2(d), if (A) a Registration Statement covering the Registrable Securities is not
declared effective by the SEC prior to the earlier of (i) ten Business Days after the SEC informs the Company that no review of such Registration Statement will be made or that the SEC has no further comments on such Registration Statement and
(ii) the 60th day after the Closing Date (or the 90th day if the SEC reviews such Registration Statement) (the “Effectiveness Deadline”), or (B) after a Registration Statement has been declared effective by the SEC, sales
cannot be made pursuant to such Registration Statement for any reason (including without limitation by reason of a stop order, or the Company’s failure to update such Registration Statement), but excluding any Allowed Delay (as defined below)
or, if the Registration Statement is on Form S-1, for a period of twenty (20) days following the date on which the Company files a post-effective amendment to incorporate the Company’s Annual Report
on Form 10-K (a “Maintenance Failure”), then the Company will 

  
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make pro rata payments to each Investor then holding Registrable Securities, as liquidated damages and not as a penalty, in an amount equal to 1% of the aggregate amount paid pursuant to the
Purchase Agreement by such Investor for such Registrable Securities then held by such Investor for each 30-day period or pro rata for any portion thereof following the date by which such Registration Statement
should have been effective (the “Blackout Period”). Such payments shall constitute the Investors’ exclusive monetary remedy for such events, but shall not affect the right of the Investors to seek injunctive relief. The amounts
payable as liquidated damages pursuant to this paragraph shall be paid in cash no later than five (5) Business Days after each such 30-day period following the commencement of the Blackout Period until
the termination of the Blackout Period (the “Blackout Period Payment Date”). Interest shall accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Blackout Payment Date until such
amount is paid in full. Notwithstanding the foregoing, the Company will not be liable for any liquidated damages under this Section 2(c)(i) with respect to any Warrant Shares prior to the issuance. 

(ii) Notwithstanding anything to the contrary contained herein, (i) the Company shall not be required to file a Registration Statement
(or any amendment thereto) or, if a Registration Statement has been filed but not declared effective by the SEC, request effectiveness of such Registration Statement, for a period of up to forty-five (45) days, if (A) the Company
determines in good faith that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company, or any proposed financing,
acquisition, merger, tender offer, business combination, corporate reorganization, consolidation or other significant transaction involving the Company), (B) the Company determines such registration would render the Company unable to comply with
applicable securities laws, (C) the Company determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential, or (D) audited financial statements
as of a date other than the fiscal year end of the Company would be required to be prepared; and (ii) the Company may, upon written notice to any holder of Registrable Securities included in a Registration Statement, suspend the use of any
Registration Statement, including any Prospectus that forms a part of a Registration Statement, if the Company (X) determines that it would be required to make disclosure of material information in the Registration Statement that the Company
has a bona fide business purpose for preserving as confidential, (Y) the Company determines it must amend or supplement the Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include 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 the case of the Prospectus in light of the circumstances under which they were made, not misleading or
(Z) the Company has experienced or is experiencing some other material non-public event, including a pending transaction involving the Company, the disclosure of which at such time, in the good faith
judgment of the Company, would adversely affect the Company; provided, however, in no event shall holders of Registrable Securities be suspended from selling Registrable Securities pursuant to the Registration Statement for a period
that exceeds 30 consecutive Trading Days or 60 total Trading Days in any 180-day period (any such suspension contemplated by this Section 2(c)(ii), an “Allowed
Delay”). Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice to holders whose Registrable Securities are included in the Registration Statement, and shall promptly
terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated hereby. 

  
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 (d) Rule 415; Cutback. If at any time the SEC takes the position
that the offering of some or all of the Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act (provided, however, the Company shall be
obligated to use commercially reasonable efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09)
or requires any Investor to be named as an “underwriter,” the Company shall (i) promptly notify each holder of Registrable Securities thereof and (ii) make commercially reasonable efforts to persuade the SEC that the offering
contemplated by such Registration Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter.” The Investors shall
have the right to select one legal counsel designated by the Required Investors, at such Investors’ expense, to review and oversee any registration or matters pursuant to this Section 2(d), including participation in
any meetings or discussions with the SEC regarding the SEC’s position and to comment on any written submission made to the SEC with respect thereto. No such written submission with respect to this matter shall be made to the SEC to which the
Investors’ counsel reasonably objects. In the event that, despite the Company’s commercially reasonable efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the
Company shall (i) remove from such Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the
Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”). Any cut-back imposed on the
Investors pursuant to this Section 2(d) shall be allocated among the Investors on a pro rata basis and shall be applied first to any of the Registrable Securities of such Investor as such Investor shall designate, unless
the SEC Restrictions otherwise require or provide or the Investors otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the Company is able to effect the registration of such Cut Back Shares in accordance
with any SEC Restrictions applicable to such Cut Back Shares (such date, the “Restriction Termination Date”). In furtherance of the foregoing, each Investor shall provide the Company with prompt written notice of its sale of
substantially all of the Registrable Securities under such Registration Statement such that the Company will be able to file one or more additional Registration Statements covering the Cut Back Shares. From and after the Restriction Termination Date
applicable to any Cut Back Shares, all of the provisions of this Section 2 (including the Company’s obligations with respect to the filing of a Registration Statement and its obligations to use reasonable efforts to
have such Registration Statement declared effective within the time periods set forth herein and the liquidated damages provisions relating thereto) shall again be applicable to such Cut Back Shares; provided, however, that
(i) the Filing Deadline for such Registration Statement including such Cut Back Shares shall be ten (10) Business Days after such Restriction Termination Date, and (ii) the date by which the Company is required to obtain effectiveness
with respect to such Cut Back Shares shall be the 60th day immediately after the Restriction Termination Date (or the 90th day if the SEC reviews such Registration Statement). 

  
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 (e) Other Limitations. Notwithstanding any other provision herein or in the Purchase
Agreement, (i) the Filing Deadline and each Effectiveness Deadline for a Registration Statement shall be extended and any Maintenance Failure shall be automatically waived by no action of the Investors, in each case, without default by or
liquidated damages payable by the Company to an Investor hereunder in the event that the Company’s failure to make such filing or obtain such effectiveness or a Maintenance Failure results from the failure of such Investor to timely
provide the Company with information requested by the Company and necessary to complete a Registration Statement in accordance with the requirements of the 1933 Act (in which case any such deadline would be extended, and a Maintenance Failure
waived, with respect to all Registrable Securities until such time as the Investor provides such requested information), it being understood that the failure of such Investor to timely provide such information to the Company shall not affect
the rights of other Investors herein, and (ii) in no event shall the aggregate amount of liquidated damages (or interest thereon) paid under this Agreement to any Investor exceed, in the aggregate, 5% of the aggregate purchase price of the
Securities purchased by such Investor under the Purchase Agreement. 
 3. Company Obligations. The Company will use commercially
reasonable efforts to effect the registration of the Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible: 

(a) use commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective until
such time as there are no longer Registrable Securities held by the Investors (the “Effectiveness Period”) and advise the Investors promptly in writing when the Effectiveness Period has expired; 

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

 (c) provide via email to the Investors who have supplied the Company with email addresses each Registration Statement and all amendments
and supplements thereto not less than three (3) Trading Days prior to their filing with the SEC and reflect in each such document when so filed with the SEC such comments regarding the Investors and the plan of distribution as the Investors may
reasonably and promptly propose no later than two (2) Trading Days after the Investors have been so furnished with copies of such documents as aforesaid; 

(d) furnish to each Investor whose Registrable Securities are included in any Registration Statement (i) promptly after the same is
prepared and filed with the SEC, if requested by such Investor, one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written
by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains
information for which the 

  
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Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other
documents as each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor (it being understood and agreed that such documents, or access thereto, may be provided electronically);

 (e) use commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and,
(ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment; 
 (f) prior to any public
offering of Registrable Securities, use reasonable best efforts to assist or cooperate with the Investors and their counsel in connection with their registration or qualification of such Registrable Securities for the offer and sale under the
securities or blue sky laws of such jurisdictions reasonably requested by the Investors; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this
Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction; 
 (g) use
commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on The Nasdaq Global Market (or the primary securities exchange, interdealer quotation system or other market on which the Common
Stock is then listed); 
 (h) promptly notify the Investors, at any time prior to the end of the Effectiveness Period, upon discovery that,
or upon the happening of any event as a result of which, the Prospectus contains an 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 not misleading in
light of the circumstances then existing, and as promptly as reasonably practicable, prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not
include 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 not misleading in light of the circumstances then existing; 

(i) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the
1934 Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing
if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investors are required to deliver a Prospectus in connection with any disposition of Registrable
Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and 

  
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 (j) with a view to making available to the Investors the benefits of Rule 144 (or its
successor rule) and any other rule or regulation of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the Company covenants and agrees to: (i) make and keep public information
available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or
any other rule of similar effect or (B) such date as there are no longer Registrable Securities; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish
electronically to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of or
electronic access to the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably
requested in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration. 

4. Due Diligence Review; Information. If any Investor is required under applicable securities laws to be described in a Registration
Statement as an “underwriter,” the Company shall, upon reasonable prior notice, make available, during normal business hours, for inspection and review by the Investors, advisors to and representatives of the Investors (who may or may not
be affiliated with the Investors and who are reasonably acceptable to the Company) (collectively, the “Inspectors”), all pertinent financial and other records, and all other corporate documents and properties of the Company
(collectively, the “Records”) as may be reasonably necessary for the purpose of such review, and cause the Company’s officers, directors and employees, within a reasonable time period, to supply all such information reasonably
requested by the Inspectors (including, without limitation, in response to all questions and other inquiries reasonably made or submitted by any of them), prior to and from time to time after the filing and effectiveness of such Registration
Statement for the sole purpose of enabling such Investor and its accountants and attorneys to conduct such due diligence solely for the purpose of establishing a due diligence defense to underwriter liability under the 1933 Act; provided,
however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to such Investor) or use of any Record or other information which the Company determines in good faith to be confidential, and of
which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the
release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this Agreement or the Purchase Agreement. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.
Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and
regulations. 

  
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 Notwithstanding the foregoing, the Company shall not disclose material nonpublic information
to the Investors, or to advisors to or representatives of the Investors, unless prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides the Investors, such advisors and
representatives with the opportunity to accept or refuse to accept such material nonpublic information for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect
thereto. 
 5. Obligations of the Investors. 

(a) Each Investor shall execute and deliver a Selling Stockholder Questionnaire prior to the Closing Date. Each Investor shall additionally
furnish in writing to the Company such other information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the
registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least seven (7) Business Days prior to the first anticipated filing date of any
Registration Statement, the Company shall notify each Investor of the additional information the Company requires from such Investor if such Investor elects to have any of the Registrable Securities included in such Registration Statement (the
“Registration Information Notice”). An Investor shall provide such information to the Company no later than five (5) Business Days following receipt of a Registration Information Notice if such Investor elects to have any of the
Registrable Securities included in such Registration Statement. It is agreed and understood that it shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the
Registrable Securities of a particular Investor that (i) such Investor furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by
it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities, and (ii) such Investor execute such documents in connection with such registration as the Company may reasonably request,
including, without limitation, a waiver of its registration rights hereunder to the extent an Investor elects not to have any of its Registrable Securities included in a Registration Statement. 

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

(c) Each Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to
Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will immediately discontinue disposition of Registrable Securities pursuant to any
Registration Statement covering such Registrable Securities, until the Investor is advised by the Company that such dispositions may again be made. 

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

6. Indemnification. 
 (a)
Indemnification by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members, managers, partners, trustees, employees and agents and other representatives, successors and assigns, and each
other Person, if any, who controls such Investor (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members, managers, trustees and employees of each such controlling
Person, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof;
provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon (i) an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by such Investor or any such controlling person in writing specifically for use in such Registration Statement or Prospectus, (ii) the use by an Investor of an
outdated or defective Prospectus after the Company has notified such Investor in writing that such Prospectus is outdated or defective or (iii) an Investor’s failure to send or give a copy of the Prospectus or supplement (as then amended
or supplemented), if required (and not exempted) to the Persons asserting an untrue statement or omission or alleged untrue statement or omission at or prior to the written confirmation of the sale of Registrable Securities. 

(b) Indemnification by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest
extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable
attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in any Registration Statement or Prospectus or preliminary Prospectus or amendment or supplement thereto or necessary to
make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any information regarding such Investor and furnished in writing by such Investor to the Company specifically
for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto. In no event shall the liability of an Investor be greater than the dollar amount of the proceeds received by such Investor upon the sale of the
Registrable Securities included in such Registration Statement giving rise to such indemnification obligation. 
 (c) Conduct of
Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, that 

  
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any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall
be at the expense of such person unless (A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such
person or (C) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person
notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person);
and provided, further that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall
materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of
more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, which shall not be unreasonably withheld or conditioned, consent to entry of any
judgment or enter into any settlement that 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 of such claim or litigation. 

(d) Contribution. If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable
to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No person guilty of fraudulent misrepresentation within the
meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a holder of Registrable Securities be greater in amount
than the dollar amount of the proceeds (net of all expenses paid by such holder in connection with any claim relating to this Section 6 and the amount of any damages such holder has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation. 

7. Miscellaneous. 
 (a)
Amendments and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors. The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it,
only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the Required Investors. 

  
 11 

 (b) Notices. All notices and other communications provided for or permitted hereunder
shall be made as set forth in Section 9.4 of the Purchase Agreement. 
 (c) Assignments and Transfers by
Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors and their respective successors and permitted assigns. An Investor may transfer or assign, in whole or from time to time in part, to one
or more persons its rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person, provided that (i) the Investor agrees in writing with the transferee or assignee to assign such rights and a copy of
such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (A) the name and address of such
transferee or assignee and (B) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the
transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained herein; (v) such transfer shall have been made in accordance with the applicable requirements of the Purchase Agreement and (vi) unless the transferee or assignee
is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Investor, the amount of Registrable Securities transferred or assigned to such transferee or assignee represents at least $5.0 million of
Registrable Securities (based on the then-current market price of the Common Stock). 
 (d) Assignments and Transfers by the Company.
This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the Required Investors, provided, however, that in the event that the Company is a party to a merger,
consolidation, share exchange or similar business combination transaction in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of
such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Registrable Securities” shall be deemed to include the securities
received by the Investors in connection with such transaction unless such securities are otherwise freely tradable by the Investors after giving effect to such transaction. 

(e) Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (f)
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail
(including pdf or any electronic signature complying with the U.S. ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes. 

  
 12 

 (g) Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement. 
 (h) Severability. Any provision of
this Agreement that 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 but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect. 

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

(j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter. 
 (k) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than sections 5-1401 and 5-1402 of the General
Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the
purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto
anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying
of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to
itself or its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

  
 13 

 (l) Interpretation. Wherever required by the context of this Agreement, the singular
shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex, letter and
schedule references not attributed to a particular document shall be references to such exhibits, annexes, letters and schedules to this Agreement. In addition, the word “or” is not exclusive; the words “including,”
“includes,” “included” and “include” are deemed to be followed by the words “without limitation”; and the terms “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. 
 (m) Independent Nature of
Investors’ Obligations and Rights. The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor hereunder, and no Investor 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 Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated
by this Agreement or any other matters, and the Company acknowledges that the Investors are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Investor 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 Investor to be joined as an additional party in any proceeding for such purpose. The
use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not the action or decision of any Investor, and was done solely for the convenience of the Company and not because it was
required or requested to do so by any Investor. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the Investors collectively and not
between and among Investors. 
 [remainder of page intentionally left blank] 

  
 14 

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

							
	COMPANY:	 		 	LYRA THERAPEUTICS, INC.
				
		 		 	By:	 	/s/ Maria Palasis
		 		 		 	Name: Maria Palasis, Ph.D.
		 		 		 	Title: Chief Executive Officer

							
		 		 		 	INVESTOR:
				
		 		 		 	 [if signatory is an individual]

				
		 		 		 	Signature:                                    
                                         
     
		 		 		 	Name:                                     
                                         
          
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	Entity: Highmark Limited, in respect of its Segregated Account Highmark Long/Short Equity 20
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
              
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

							
		 		 		 	Entity: Lockheed Martin Corporation Master Retirement Trust
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
               
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor
				
		 		 		 	Entity: Pura Vida Master Fund, Ltd.
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
                
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor
				
		 		 		 	Entity: Pura Vida X Fund LP
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
               
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

							
		 		 		 	Entity: Walleye Manager Opportunities LLC
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
                 
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor
				
		 		 		 	Entity: Walleye Opportunities Master Fund Ltd
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
                
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor
				
		 		 		 	Entity: Sea Hawk Multi-Strategy Master Fund Ltd
				
		 		 		 	Signature: /s/ Efrem
Kamen                                        
                
		 		 		 	Name: Efrem Kamen
		 		 		 	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor

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

							
	INVESTOR:	 		 		 	
				
		 		 	By:	 	 /s/ Harlan Waksal

		 		 		 	Harlan Waksal, M.D.

							
		 		 		 	INVESTOR
				
		 		 		 	MLPF&S CUSTODIAN FPO TIM FOSTER IRRA FBO TIM FOSTER
				
		 		 		 	Signature: /s/ Tim
Foster                                        
                  
		 		 		 	Name: Tim Foster
		 		 		 	Title: Authorized Signatory

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
     
		 		 		 	Name:                                     
                                         
          
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	 INVESTOR COMPANY ITF
 ROSALIND MASTER FUND
L.P.

				
		 		 		 	Entity:                                    
                                         
          
				
		 		 		 	Signature: /s/ Steven
Salamon                                        
         
		 		 		 	Name: Steven Salamon
		 		 		 	Title: President, Rosalind Advisors, Inc. adviser to RMF

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
     
		 		 		 	Name:                                     
                                         
         
				
		 		 		 	Entity: CVI Investments, Inc., By: Heights Capital Management, Inc., its authorized agent
				
		 		 		 	Signature: /s/ Martin
Kobinger                                        
        
		 		 		 	Name: Martin Kobinger
		 		 		 	Title: President

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

							
	INVESTOR:	 		 		 	
				
		 		 	By:	 	/s/ Craig A.
Wheeler                                        
                      
		 		 		 	Craig A. Wheeler

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
    
		 		 		 	Name:                                     
                                         
         
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	 Entity: Soleus Capital Master Fund, L.P.
 By:
Soleus Capital, LLC, as general partner

				
		 		 		 	Signature: /s/ Steven
Musumeci                                        
       
		 		 		 	Name: Steven Musumeci
		 		 		 	Title: Chief Operating Officer

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

							
	INVESTOR:	 		 		 	
				
		 		 	By:	 	/s/ Edward T.
Anderson                                        
                 
		 		 		 	Edward T. Anderson

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
     
		 		 		 	Name:                                     
                                         
         
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	Entity: Armistice Capital Master Fund Ltd.
				
		 		 		 	Signature: /s/ Steven
Boyd                                         
              
		 		 		 	Name: Steven Boyd
		 		 		 	Title: CIO of Armistice Capital, LLC, the Investment Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	NANTAHALA CAPITAL PARTNERS SI, LP
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Investment Manager

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                     
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	NCP RFM LP
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Investment Manager

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                     
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	NCP CB LP
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Investment Manager

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                    
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	Pinehurst Partners, L.P., solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts as its Sub-Advisor
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Sub-Advisor

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                        
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its General Partner

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                      
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	NANTAHALA CAPITAL PARTNERS II LIMITED PARTNERSHIP
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its General Partner

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                      
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	Corbin Hedged Equity Fund, L.P., solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts as its Sub-Advisor
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Sub-Advisor

				
		 		 		 	By: /s/ Wilmot
Harkey                                        
                      
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	      INVESTOR:
				
		 		 		 	BLACKWELL PARTNERS LLC - SERIES A, solely with respect to the portion of its assets for which Nantahala Capital Management, LLC acts as its Investment Manager
				
		 		 		 	 By: Nantahala Capital Management, LLC

       Its Investment Manager

				
		 		 		 	By: /s/ Wilmot Harkey                               
                                   
		 		 		 	       Name: Wilmot Harkey
		 		 		 	       Title: Manager

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
        
		 		 		 	Name:                                     
                                         
             
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	Entity: Samsara BioCapital, L.P.
				
		 		 		 	Signature: /s/ Srinivas
Akkaraju                                        
          
		 		 		 	Name: Srinivas Akkaraju, MD, PhD
		 		 		 	Title: Managing Member

							
		 		 		 	INVESTOR:
				
		 		 		 	[if signatory is an individual]
				
		 		 		 	Signature:                                    
                                         
        
		 		 		 	Name:                                     
                                         
             
				
		 		 		 	[if signatory is an entity]
				
		 		 		 	Entity: Altium Growth Fund, LP
				
		 		 		 	Signature: /s/ Mark
Gottlieb                                        
                
		 		 		 	Name: Mark Gottlieb
		 		 		 	Title: COO

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

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.
		
		  	By: VHCP Management EG, LLC
		  	Its: General Partner
		
		  	By: /s/ Nimish Shah
		  	      Authorized Signatory

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

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
		
		  	By: VHCP Management III, LLC
		  	Its: General Partner
		
		  	By: VR Advisor, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish Shah
		  	      Authorized Signatory

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

			
	INVESTOR:	  	VHCP CO-INVESTMENT HOLDINGS III, LLC
		
		  	By: VHCP Management III, LLC
		  	Its: Manager
		
		  	By: VR Advisor, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish Shah
		  	      Authorized Signatory

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

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS II, L.P.
		
		  	By: VHCP Management II, LLC
		  	Its: General Partner
		
		  	By: /s/ Nimish
Shah                                         
                           
		  	      Authorized Signatory

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

			
	INVESTOR:	  	VHCP CO-INVESTMENT HOLDINGS II, LLC
		
		  	By: VHCP Management II, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish
Shah                                         
                           
		  	      Authorized SignatoryExhibit 10.1
​
AMENDMENT NO. 1 TO CREDIT AGREEMENT, AMENDMENT NO. 1 TO PLEDGE AND SECURITY AGREEMENT, JOINDER AND CONSENT
​
THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT, AMENDMENT NO. 1 TO PLEDGE AND SECURITY AGREEMENT, JOINDER AND CONSENT (this “Amendment”) is made and entered into as of April 11, 2022, by and among BBQ HOLDINGS, INC., a Minnesota corporation (the “Borrower”), BQ CONCEPTS LLC, an Arizona limited liability company (“BQ Concepts”), Famous Craft Concepts LLC, a Minnesota limited liability company (“Craft Concepts”, and collectively with BQ Concepts, the “New Subsidiaries”, and each a “New Subsidiary”), the other Loan Parties party hereto (collectively with the Borrower and the New Subsidiaries, the “Loan Parties”, and each a “Loan Party”), and JPMORGAN CHASE BANK, N.A., a national banking association (the “Lender”). 
RECITALS:
A.The Borrower, certain other Loan Parties, and the Lender are parties to a certain Credit Agreement dated as of November 23, 2021 (as amended from time to time, the “Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment shall have the meanings assigned to them in the Credit Agreement.
B.The Borrower has requested that the Lender (i) amend certain provisions of the Credit Agreement and the Security Agreement, (ii) join each New Subsidiary as (A) a “Loan Party” and a “Loan Guarantor” under the Credit Agreement, and (B) a “Grantor” under the Security Agreement, and (iii) consent to the Acquisition contemplated under the Barrio Queen APA (as defined below), and the Lender has agreed to so amend the Credit Agreement and Security Agreement, join each New Subsidiary to the Loan Documents, and consent to such Acquisition, in each case upon the terms and subject to the conditions set forth in this Amendment. 
AGREEMENTS:
NOW, THEREFORE, in consideration of the premises herein set forth and for other good and valuable consideration, the nature, receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.Recitals; Consent.
a.The parties hereto agree that the Recitals set forth above are true and correct.
b.Pursuant to Section 6.04 of the Credit Agreement, each Loan Party and its Subsidiaries are prohibited from, among other things, purchasing or otherwise acquiring (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise). The Loan Parties have informed the Lender of their intent to consummate the Acquisition contemplated under the Barrio Queen APA. The Loan Parties acknowledge that such Acquisition does not qualify for any of the exceptions to the requirements of Section 6.04 of the Credit Agreement, and have requested that the Lender consent to such Acquisition. Subject to the full satisfaction of all the conditions precedent set forth in Section 6 below, the Lender hereby consents to Acquisition contemplated under the Barrio Queen APA, and waives compliance with the Section identified above to the extent (but only to the extent) necessary to permit the such Acquisition without giving rise to an Event of Default. Except as expressly provided herein, all provisions of the Credit Agreement and the other Loan Documents 

1
​

remain in full force and effect and the foregoing consents shall not apply to any other or subsequent failure to comply with the Sections identified above or any other provision of the Credit Agreement or any other Loan Document.
2.Joinder to Credit Agreement.  Each New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Amendment, such New Subsidiary will be deemed to be a Loan Party under the Credit Agreement and a “Loan Guarantor” for all purposes of the Credit Agreement and shall have all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement.  Each New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article III of the Credit Agreement, (b) all of the covenants set forth in Articles V and VI of the Credit Agreement and (c) all of the guaranty obligations set forth in Article IX of the Credit Agreement.  Without limiting the generality of the foregoing terms of this Section 2, each New Subsidiary, subject to the limitations set forth in Sections 9.10 and 9.13 of the Credit Agreement, hereby guarantees, jointly and severally with the other Loan Guarantors, to the Lender, as provided in Article IX of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), each New Subsidiary will, jointly and severally together with the other Loan Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal.  This Amendment constitutes a Joinder Agreement for purposes of the Credit Agreement.
3.Joinder to Security Agreement.  By its execution of this Amendment, each New Subsidiary agrees to become, and does hereby become, a “Grantor” under the Security Agreement and agrees to be bound by the Security Agreement as if originally a party thereto.  Each New Subsidiary hereby pledges, assigns and grants to the Lender a security interest in all of such New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Security Agreement), whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of the Secured Obligations.  By its execution of this Amendment, each New Subsidiary represents and warrants as to itself that all of the representations and warranties contained in the Security Agreement are true and correct in all respects as of the date hereof, it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date.  Each New Subsidiary represents and warrants that the Exhibits to the Security Agreement and the supplements to the Exhibits to the Security Agreement attached hereto are true and correct in all respects and such Exhibits and supplements set forth all information required to be scheduled under the Security Agreement.  Each New Subsidiary shall take all steps necessary to perfect, in favor of the Lender, a first-priority security interest in and lien against such New Subsidiary’s Collateral (as defined in the Security Agreement), including, without limitation, delivering all certificated Pledged Collateral (as defined in the Security Agreement) to the Lender (and other Collateral (as defined in the Security Agreement) required to be delivered under the Security Agreement), and taking all steps necessary to properly perfect the Lender’s interest in any uncertificated Pledged Collateral (as defined in the Security Agreement).  This Amendment constitutes a Security Agreement Supplement as contemplated by the Security Agreement.
4.Amendments to Credit Agreement.  Subject to satisfaction of the conditions precedent set forth in Section 6 hereof, the Borrower, the other Loan Parties and the Lender hereby agree that the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same 

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manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Annex I hereto.
5.Amendments to Security Agreement.  
a.Deposit Account Control Agreements.  Section 4.14 of the Security Agreement is hereby amended and restated in its entirety to read as follows:
“4.14Deposit Account Control Agreements.  Such Grantor shall (a) within 60 days after the First Amendment Date, cause each of its Deposit Accounts at Choice Bank to be closed, or provide to the Lender a Deposit Account Control Agreement duly executed on behalf of Choice Bank with respect to such Deposit Accounts (including without limitation those Deposit Accounts set forth on Exhibit B), and (b) use commercially reasonable efforts to provide to the Lender upon the Lender’s request, a Deposit Account Control Agreement duly executed on behalf of each other financial institution holding a deposit account of such Grantor as set forth in this Security Agreement.”
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b.Exhibits. Exhibits A, B, D, E, G and H, to the Security Agreement are hereby replaced with the exhibits attached hereto as Exhibits A, B, D, E, G and H.
6.Conditions Precedent.  At or prior to the execution of this Amendment, and as a condition precedent to the effectiveness of this Amendment, the Borrower shall have satisfied the following conditions and delivered or caused to be delivered to the Lender the following documents each dated such date and in form and substance satisfactory to the Lender and duly executed by all appropriate parties:
a.this Amendment, duly executed by the Loan Parties and the Lender;
b.a UCC-1 Financing Statement listing BQ Concepts as “Debtor” and the Lender as “Secured Party” and filed of record with the Arizona Secretary of State;
c.a UCC-1 Financing Statement listing Craft Concepts as “Debtor” and the Lender as “Secured Party” and filed of record with the Minnesota Secretary of State;
d.the stock certificates, if any, representing the Equity Interests in each New Subsidiary; 
e.a copy of the resolutions of the Board of Directors of the Borrower authorizing the execution, delivery and performance of this Amendment certified as true and accurate by an officer of the Borrower, along with a certificate of such officer which (i) certifies that there has been no amendment to either the Articles of Incorporation or the Bylaws of the Borrower since true and accurate copies of the same were last delivered and certified to the Lender, and that said Articles of Incorporation and the Bylaws remain in full force and effect as of the date of this Amendment, (ii) identifies each officer of the Borrower authorized to execute this Amendment and any other instrument or agreement executed by the Borrower in connection with this Amendment, and (iii) sets forth specimen signatures of each officer of the Borrower referred to above and identifies the office or offices held by such officer;
f.a certificate of an officer of BQ Concepts that (i) attests to and attaches a copy of the resolutions of the sole member of BQ Concepts authorizing the execution, delivery and performance of this Amendment and the other documents executed in connection herewith, (ii) contains an incumbency certificate showing the names and titles, and bearing the signatures of the 

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officers of BQ Concepts authorized to execute this Amendment and the other documents executed in connection herewith, (iii) attaches true and correct copies of the certificate of formation and operating agreement of BQ Concepts, in each case together with any amendments, restatements or other modifications thereto and a certificate of good standing issued by the jurisdiction of organization for BQ Concepts, and any other jurisdictions in which BQ Concepts is required to be in good standing;
g.a certificate of an officer of Craft Concepts that (i) attests to and attaches a copy of the resolutions of the sole member of Craft Concepts authorizing the execution, delivery and performance of this Amendment and the other documents executed in connection herewith, (ii) contains an incumbency certificate showing the names and titles, and bearing the signatures of the officers of Craft Concepts authorized to execute this Amendment and the other documents executed in connection herewith, (iii) attaches true and correct copies of the certificate of formation and operating agreement of Craft Concepts, in each case together with any amendments, restatements or other modifications thereto and a certificate of good standing issued by the jurisdiction of organization for Craft Concepts, and any other jurisdictions in which Craft Concepts is required to be in good standing;
h.copies of 
(i)that certain Asset Purchase Agreement dated as of March 10, 2022 (the “Barrio Queen APA”), by and among L & S CULINARY CONCEPTS, LLC, an Arizona limited liability company, BARRIO CULINARY CONCEPTS, LLC, an Arizona limited liability company, BCC DESERT RIDGE, LLC, an Arizona limited liability company, BCC TEMPE MARKET PLACE, LLC, an Arizona limited liability company, BCC QUEEN CREEK MARKET PLACE, LLC, an Arizona limited liability company, BCC HERITAGE MARKET PLACE, LLC, an Arizona limited liability company, BCC-GLENDALE, LLC, an Arizona limited liability company, BCC-AVONDALE PARK 10, LLC, an Arizona limited liability company, and BCC PRASADA WEST, LLC, an Arizona limited liability Linda Nash, an Arizona resident, Steve Rosenfield, an Arizona resident (the foregoing, collectively, the “Barrio Queen Sellers”), and BQ Concepts, 
(ii)the Ancillary Documents (as defined in the Barrio Queen APA), and 
(iii)that certain Asset Purchase Agreement dated as of March [__] (sic), 2022 (the “Craft Concepts APA”) by and among FUN EATS AND DRINKS, LLC, a Wyoming limited liability company and FEAD IP, LLC, a Wyoming limited liability company (the foregoing, collectively, the “Craft Concepts Sellers”) and Craft Concepts;
i.copies of favorable UCC, tax, judgment, bankruptcy, fixture and intellectual property lien search reports (or other evidence of the same satisfactory to Lender) in all necessary or appropriate jurisdictions and under all legal and trade names of the Barrio Queen Sellers and the Craft Concepts Sellers and all other parties requested by the Lender, indicating that there are no prior Liens on any Collateral (as defined in the Security Agreement) of the New Subsidiaries, except for liens permitted by Section 6.02 of the Credit Agreement or discharged on or prior to the date hereof pursuant to a pay-off letter or other documentation satisfactory to the Lender;

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j.satisfactory pay-off letters for all existing Indebtedness required to be repaid and which confirms that all Liens upon any of the property of the Barrio Queen Sellers and the Craft Concepts Sellers constituting Collateral (as defined in the Security Agreement) of the New Subsidiaries, will be terminated concurrently with such payment;
k.Notices of Security Interests in Intellectual Property;
l.a certain Collateral Assignment of Rights under Acquisition Documents made by BQ Concepts in favor of the Lender; 
m.a certain Collateral Assignment of Rights under Acquisition Documents made by Craft Concepts in favor of the Lender;
n.a Closing Certificate made by the Borrower in favor of the Lender;
o.a written opinion of the Loan Parties’ counsel, addressed to the Lender;
p.Collateral Access Agreements from VESTAR DRM-OPCO, L.L.C. and VESTAR CPT TEMPE MARKETPLACE, L.L.C.;
q.a funds flow and disbursement authorization with respect to the transactions consummated under the Barrio Queen APA and the Craft Concepts APA;
r.a quality of earnings with respect to the transactions consummated under the Barrio Queen APA and the Craft Concepts APA, and all pro forma financial statements required by Lender in connection therewith;
s.evidence of the effectiveness of insurance policies in respect of each New Subsidiary conforming to the requirements set forth in the Loan Documents;
t.all documentation and other information regarding the New Subsidiaries requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act;
u.a properly completed and signed IRS Form W-8 or W-9, as applicable, for each New Subsidiary; and 
v.such other documents, instruments and agreements as the Lender may reasonably require.
7.Representations; No Default.  Each Loan Party represents and warrants that: (a) upon giving effect to this Amendment, the representations and warranties of each Loan Party contained in the Credit Agreement are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, (b) such Loan Party has the power and legal right and authority to enter into this Amendment and has duly authorized the execution and delivery of this Amendment and other agreements and documents executed and delivered by such Loan Party in connection herewith, (c) neither this Amendment nor the agreements contained herein contravene or constitute a Default or Event of Default under the Credit Agreement or a default under any other agreement, instrument or indenture to which such Loan Party is a party or a signatory, or any provision of such Loan Party’s Articles of Incorporation, Articles of Organization, Bylaws, Operating Agreement, or other organizational documents or, to the best of such 

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Loan Party’s knowledge, any other agreement or Requirement of Law, or result in the imposition of any Lien on any of its property under any agreement binding on or applicable to such Loan Party or any of its property except, if any, in favor of the Lender, (d) no consent, approval or authorization of or registration or declaration with any party, including but not limited to any Governmental Authority, is required in connection with the execution and delivery by such Loan Party of this Amendment or other agreements and documents executed and delivered by such Loan Party in connection herewith or the performance of obligations of such Loan Party herein described, except for those which such Loan Party has obtained or provided and as to which such Loan Party has delivered certified copies of documents evidencing each such action to the Lender, (e) no events have taken place and no circumstances exist at the date hereof which would give such Loan Party grounds to assert a defense, offset or counterclaim to the obligations of such Loan Party under the Credit Agreement or any of the other Loan Documents, (f) there are no known claims, causes of action, suits, debts, Liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character or nature whatsoever, fixed or contingent, which such Loan Party may have or claim to have against the Lender, which might arise out of or be connected with any act of commission or omission of the Lender existing or occurring on or prior to the date of this Amendment, including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by the Credit Agreement, (g) upon giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under the Credit Agreement.
8.Affirmation, Further References. The Lender and each Loan Party each acknowledge and affirm that the Credit Agreement, including the Loan Guaranty therein, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement (except as amended by this Amendment) and of each of the other Loan Documents (except as the Security Agreement is amended by this Amendment) shall remain unmodified and in full force and effect.  All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit Agreement as amended by this Amendment, and all references in any document or instrument to the Security Agreement are hereby amended and shall refer to the Security Agreement as amended by this Amendment. 
9.Severability. Whenever possible, each provision of this Amendment and any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under applicable law, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.
10.Successors.  This Amendment shall be binding upon each Loan Party and the Lender and their respective successors and assigns, and shall inure to the benefit of each Loan Party and the Lender and to the respective successors and assigns of the Lender.
11.Costs and Expenses.  Each Loan Party jointly and severally agrees to reimburse the Lender, upon execution of this Amendment, for all reasonable out-of-pocket expenses (including attorneys’ fees and legal expenses of counsel for the Lender) incurred in connection with the Credit Agreement, including in connection with the negotiation, preparation and execution of this Amendment and all other documents negotiated, prepared and executed in connection with this Amendment, and in enforcing the obligations of the Loan Parties under this Amendment, and to pay and save the Lender harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of this Amendment.  

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12.Headings.  The headings of various sections of this Amendment have been inserted for reference only and shall not be deemed to be a part of this Amendment.
13.Counterparts; Digital Copies.  This Amendment may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a counterpart of such agreement.  A facsimile or digital copy (pdf) of this signed Amendment shall be deemed to be an original thereof.
14.Release of Rights and Claims.  Each Loan Party, for itself and its successors and assigns, hereby releases, acquits, and forever discharges the Lender and its successors and assigns for any and all manner of actions, suits, claims, charges, judgments, levies and executions occurring or arising from the transactions entered into with the Lender prior to entering into this Amendment whether known or unknown, liquidated or unliquidated, fixed or contingent, direct or indirect which such Loan Party may have against the Lender.
15.Governing Law.  This Amendment shall be governed by the internal laws of the State of Minnesota, without giving effect to conflict of law principles thereof.
16.No Waiver.  Except with respect to the consent set forth in Section 1, nothing contained in this Amendment (or in any other agreement or understanding between the parties) shall constitute a waiver of, or shall otherwise diminish or impair, the Lender’s rights or remedies under the Credit Agreement or any of the other Loan Documents, or under applicable law
[Signature page follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.
BORROWER: 
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BBQ HOLDINGS, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BQ CONCEPTS:
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BQ CONCEPTS LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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CRAFT CONCEPTS:
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FAMOUS CRAFT CONCEPTS LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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OTHER LOAN PARTIES:
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FAMOUS DAVE’S OF AMERICA, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BBQ VENTURES, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BBQ OKLAHOMA, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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GRANITE CITY, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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FAMOUS DAVE’S FRANCHISING, INC. 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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FAMOUS DAVE’S RIBS OF ARIZONA, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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RUB PRODUCTS, LLC 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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GRANITE CITY BREW WORKS, INC. 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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D & D OF MINNESOTA, INC.  
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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LAKE & HENNEPIN BBQ AND BLUES, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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FAMOUS DAVE’S RIBS, INC. 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
​
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FAMOUS DAVES RIBS OF TENNESSEE LLC 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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GRANITE CITY FOOD & BREWERY, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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FAMOUS DAVE’S RIBS-U, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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MINWOOD PARTNERS, INC.
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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COWBOY DAVE’S WOODBURY, LLC 
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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Village Inn Holdings, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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SVCC I, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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Bakers Square Holdings, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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​
​
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VI OpCo, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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VI BrandCo, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BsQ OpCo, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BsQ BrandCo, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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TAHOE JOE’S STEAKHOUSE, LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
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BUFFET BRAND CO LLC
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By: /s/ Jeffery Crivello
Name:  Jeffery Crivello
Title:  Chief Executive Officer
​
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LENDER: 
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JPMORGAN CHASE BANK, N.A. 
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By: /s/ Brandon Brauer
Name:  Brandon Brauer
Title:  Authorized Officer

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