Document:

Exhibit 10.4

 

Execution Version

 

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) effective as of the 10th day
of February, 2021, is made and entered into by and among PLBY Group, Inc. (formerly known as Mountain Crest Acquisition Corp),
a Delaware corporation (the “Company”), each of the undersigned parties that are Pre-IPO Investors (as
defined below), RT-Icon Holdings LLC, a Delaware limited liability corporation (“RT-Icon”), and each
of the other shareholders of Playboy Enterprises, Inc., a Delaware corporation (“Playboy”) whose names
are listed on Exhibit A hereto (each a “Playboy Investor” and collectively the “Playboy
Investors”) (each of the foregoing parties (other than the Company) and any person or entity who hereafter becomes a
party to this Agreement pursuant to Section 6.2 of this Agreement, an “Investor” and collectively,
the “Investors”).

 

WHEREAS, each of the
Company and certain investors (each, a “Pre-IPO Investor”) is a party to, and hereby consents to, this
amendment and restatement of that certain Registration Rights Agreement, dated June 4, 2020 (the “Original Registration
Rights Agreement”), pursuant to which the Company granted the Pre-IPO Investors certain registration rights with
respect to certain securities of the Company, as set forth therein;

 

WHEREAS, the Company,
MCAC Merger Sub Inc., a Delaware corporation (“Merger Sub”), and Playboy have entered into that certain
Agreement and Plan of Merger (as may be amended from time to time, the “Merger Agreement”), dated as
of September 30, 2020, pursuant to which, on the Effective Date (as defined below), the Company, Merger Sub and Playboy intend
to effect a merger of Merger Sub with and into Playboy (the “Merger”), upon which Merger Sub will cease
to exist, Playboy will become a wholly owned subsidiary of the Company and the outstanding shares of Playboy’s common stock
will be converted into the right to receive consideration described in the Merger Agreement.

 

WHEREAS, pursuant to
the Merger Agreement, 700,000 of the shares of common stock of the Company, par value $0.0001 per share (the “Common
Stock”), previously owned by the Pre-IPO Investors shall be transferred to Playboy or its designee upon the Effective
Date.

 

WHEREAS, the Investors
and the Company desire to enter into this Agreement in connection with the closing of the transactions contemplated by the Merger
Agreement to amend and restate the Original Registration Rights Agreement to provide the Investors with certain rights relating
to the registration of the securities held by them as of the date hereof on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Affiliate”
means, when used with reference to any Person, any other Person directly or indirectly, through one or more intermediaries, controlling,
controlled by or under common control with such first Person and, when used with reference to any natural person, shall also include
such person’s spouse, parents and descendants (whether by blood or adoption, and including stepchildren) and the spouses
of such persons.

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Blackout
Period” is defined in Section 3.1.1.

 

“Business
Combination” means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities.

 

    	 	 	 

     

    

 

“Business
Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.

 

“Common
Stock” is defined in the preamble to this Agreement.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” means a holder who has made a written demand pursuant to Sections 2.1.1 or 2.1.3, as applicable.

 

“Filing
Deadline” is defined in Section 2.3.1.

 

“Effective
Date” means the date the Company consummates the Merger.

 

“Effectiveness
Deadline” is defined in Section 2.3.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Shares” means all of the outstanding shares of Common Stock issued prior to the consummation of the Company’s
initial public offering.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“IPO”
means the Company’s initial public offering.

 

“IPO Escrow
Agreement” means the Stock Escrow Agreement dated as of June 4, 2020 by and among the Investors and Continental
Stock Transfer & Trust Company.

 

“Lock-up
Agreement” is defined in Section 2.1.1.

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Merger”
is defined in the preamble to this Agreement.

 

“Merger
Agreement” is defined in the preamble to this Agreement.

 

“Merger
Sub” is defined in the preamble to this Agreement.

 

“New Registration
Statement” is defined in Section 2.3.3.

 

“Notices”
is defined in Section 6.3.

 

“Original
Registration Rights Agreement” is defined in the preamble to this Agreement.

 

    	 	 	 

     

    

 

“Person”
means a company, corporation, association, partnership, limited liability company, organization, joint venture, trust or other
legal entity, an individual, a government or political subdivision thereof or a governmental agency.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“PIPE Subscription
Agreements” means the Subscription Agreements, dated as of September 30, 2020, by and among the Company and
the subscribers thereto (as may be amended from time to time).

 

“Playboy”
is defined in the preamble to this Agreement.

 

“Playboy
Investors” is defined in the preamble to this Agreement.

 

“Pre-IPO
Investors” is defined in the preamble to this Agreement.

 

“Private
Units” means units various Investors privately purchased simultaneously with the consummation of the Company’s
initial public offering and when the underwriters in the Company’s initial public offering exercised their over-allotment
option, as described in the prospectus relating to the Company’s initial public offering.

 

“Pro Rata”
is defined in Section 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Register,”
 “Registered” and “Registration” mean a registration effected by preparing and
filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) the Initial Shares, (ii) the Private Units (and underlying shares of Common Stock),
(iii) any securities issuable upon conversion of loans from Pre-IPO Investors to the Company, if any (“Loan Securities”),
(iv) any other outstanding share of Common Stock or any other equity security (including the shares of Common Stock issued
or issuable upon the exercise of any other equity security) of the Company held by an Investor as of the Effective Date (including
the shares of Common Stock issued pursuant to the Merger Agreement), and (v) any other equity security of the Company issued
or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or reorganization. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall
have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding,
or (d) the Registrable Securities are freely saleable under Rule 144 without volume limitations, requirements of current
public information, manner of sale or any other restrictions under Rule 144.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued
in exchange for securities or assets of another entity).

 

“Release
Date” means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of the IPO
Escrow Agreement.

 

    	 	 	 

     

    

 

“Resale
Shelf Registration Statement” is defined in Section 2.3.1.

  

“RT-Icon”
is defined in the preamble to this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“SEC Guidance”
is defined in Section 2.3.3.

 

“Takedown
Requesting Holder” is defined in Section 2.3.4.

 

“Underwriter”
means, solely for the purposes of this Agreement, a securities dealer who purchases any Registrable Securities as principal in
an underwritten offering and not as part of such dealer’s market-making activities.

 

“Underwritten
Offering” means a Registration in which securities of the Company are sold to the Underwriter in a firm commitment
underwriting for distribution to the public.

 

“Underwritten
Shelf Takedown” is defined in Section 2.3.4.

 

“Units”
means the units of the Company, each comprised of one share of Common Stock and one right to acquire one-tenth (1/10) of one share
of Common Stock.

 

2. REGISTRATION RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request for
Demand Registration. At any time and from time to time on or after (i) the Effective Date with respect to the Private
Units (or underlying shares of Common Stock) and Loan Securities, (ii) three months prior to the first possible Release Date
with respect to the Initial Shares that are Registrable Securities and subject the IPO Escrow Agreement, or (iii) three months
prior to the first possible date on which the restrictions on transfer will lapse under the Lock-up Agreement entered into in connection
with the Merger Agreement (the “Lock-up Agreement”) with respect to all Registrable Securities held by
the Playboy Investors, the holders of a majority-in-interest of such Registrable Securities held by the Pre-IPO Investors, on the
one hand, or the Playboy Investors, on the other hand, as the case may be, held by such Investors, or the transferees of such Investors,
may make a written demand, on no more than three occasions in any twelve month period for each of the Pre-IPO Investors and the
Playboy Investors, for registration under the Securities Act of all or part of their Registrable Securities, as the case may be
(a “Demand Registration”). Any demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all
holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion
of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities
in such registration, a “Demanding Holder”) shall so notify the Company within five (5) days after
the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1.
The Company shall not be obligated to effect more than an aggregate of one (1) Demand Registration under this Section 2.1.1
in respect of all Registrable Securities.

 

2.1.2 Effective Registration.
A registration will not count as a Demand Registration until (i) the Registration Statement filed with the Commission with
respect to such Demand Registration has been declared effective, (ii) the Company has complied with all of its obligations
under this Agreement with respect thereto and (iii) the Registration Statement has remained effective continuously until the
earlier of (x) one (1) year after effectiveness or (y) the date on which all of the Registrable Securities requested
by the Requesting Holders to be registered on behalf of the Requesting Holders in such Registration Statement have been sold; provided,
however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities
pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental
agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall not
be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand
Registration or is terminated.

 

    	 	 	 

     

    

 

2.1.3 Underwritten
Offering pursuant to Demand Registration. If a majority-in-interest of the Demanding Holders so elect and such holders so advise
the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to
such Demand Registration, or a portion thereof, shall be in the form of an Underwritten Offering; provided, however,
that the aggregate offering price for any such Underwritten Offering may not be less than $25,000,000, unless the Company is eligible
to register such shares of Common Stock on Form S-3, or subsequent similar form, in a manner which does not require inclusion
of any information concerning the Company other than to incorporate by reference (including forward incorporation by reference)
its filings under the Exchange Act, in which case the aggregate offering price for any such Underwritten Offering may not be less
than $10,000,000. All such Demanding Holders proposing to distribute their Registrable Securities through such Underwritten Offering
under this Section 2.1.3 shall, at the time of any such Underwritten Offering, enter into an underwriting agreement in customary
form with the Underwriter(s) selected by a majority-in-interest of the Demanding Holder (provided, however,
that such Underwriter(s) is reasonably satisfactory to the Company and RT-Icon (but only to the extent that RT-Icon is participating
in such Underwritten Offering); provided, further, that any obligation of any such Investor to indemnify any Person
pursuant to any such underwriting agreement shall be several, not joint and several, among such Investors selling Registrable Securities,
and such liability shall be limited to the net amount received by any such Investor from the sale of his, her or its Registrable
Securities pursuant to such Underwritten Offering, and the relative liability of each such Investor shall be in proportion to such
net amounts).

 

2.1.4 Reduction of
Offering in Connection with Demand Registration. If the managing Underwriter(s) in an Underwritten Offering effected pursuant
to a Demand Registration in good faith advises the Company and the Demanding Holders in writing that the dollar amount or number
of shares of Registrable Securities which the Demanding Holders desire to sell, taken together with all other shares of Common
Stock or other securities which the Company desires to sell and the shares of Common Stock, if any, as to which a registration
has been requested pursuant to separate written contractual piggy-back registration rights held by other shareholders of the Company
who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then
the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has
been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such Person has requested be
included in such registration, regardless of the number of shares held by each such Person (such proportion is referred to herein
as “Pro Rata”)) up to the maximum amount that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares
of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and
(ii), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register
pursuant to then other written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number
of Shares.

 

2.1.5 Demand Registration
Withdrawal.

 

a) If a majority-in-interest
of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written
notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration
Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders
withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1. Notwithstanding the forgoing, an Investor may withdraw all or any portion of its Registrable
Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable
Registration Statement; provided that such withdrawal shall be irrevocable and, after making such withdrawal, an Investor
shall no longer have any right to include Registrable Securities in the Demand Registration as to which such withdrawal was made.

  

    	 	 	 

     

    

 

b) Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the registration expenses described in Section 3.3
incurred in connection with a Registration pursuant to a Demand Registration or an Underwritten Offering prior to its withdrawal
under this Section 2.1.5.

 

2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights.

 

a) If at
any time on or after the Effective Date, the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders
of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed
in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of
the Company, (iv) for a dividend reinvestment plan, (v) that is a shelf registration statement on Form S-3 for a
primary offering by the Company, provided that the Company makes no offering of securities pursuant to such shelf registration
statement prior to the effective date of the Registration Statement required hereunder that includes all of the Registrable Securities,
(vi) that is on Form S-4 (as promulgated under the Securities Act) relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or their then equivalents, or (vii) filed relating to equity
securities to be issued under the PIPE Subscription Agreements, provided however, that the limitation under (vii) shall
only apply to the first Registration Statement filed by the Company as required under the PIPE Subscription Agreements, then the
Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type
of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice
the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing
within five (5) days following receipt of such notice (a “Piggy-Back Registration”). The Company
shall cause such Registrable Securities to be included in such Piggy-back Registration.

 

b) If at
any time on or after the Effective Date, the Company proposes to effect an Underwritten Offering for its own account or for the
account of stockholders of the Company (a “Company Underwritten Offering”), the Company shall notify,
in writing, all Investors of Registrable Securities of such demand, and such Investor who thereafter wishes to include all or a
portion of such Investor’s Registrable Securities in such Underwritten Offering (each such Investor, a “Company
Underwritten Shelf Offering Requesting Holder”) shall so notify the Company, in writing, within five days after the
receipt by such Investor of the notice from the Company. Upon receipt by the Company of any such written notification from a Company
Underwritten Shelf Offering Requesting Holder, such Investor shall be entitled, subject to Sections 2.2.2 and 3.1.1 hereof, to
have its Registrable Securities included in the Company Underwritten Offering. The Company shall use its commercially reasonable
efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities
requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that
involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such Piggy-Back Registration; provided, however, that any obligation of any such Investor to indemnify
any Person pursuant to any such Underwriting Agreement shall be several, not joint and several, among such Investors selling Registrable
Securities, and such liability shall be limited to the net amount received by any such Investor from the sale of its Registrable
Securities pursuant to such Underwritten Offering, and the relative liability of each such Investor shall be in proportion to such
net amounts.. Notwithstanding the provisions set forth in the immediately preceding sentences, the right to a Piggy-Back Registration
set forth under this Section 2.2.1 with respect to the Registrable Securities shall terminate on the seventh anniversary of
the Effective Date.

 

    	 	 	 

     

    

 

2.2.2 Reduction of
Underwritten Offering in Connection with Piggy-Back Registration. If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities participating
in the Underwritten Offering in writing that the dollar amount or number of shares of Common Stock which the Company desires to
sell in such Underwritten Offering, taken together with the shares of Common Stock, if any, as to which inclusion in such Underwritten
Offering has been demanded pursuant to separate written contractual arrangements with persons other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which inclusion in such Underwritten Offering has been requested under Section 2.2.1,
and the shares of Common Stock, if any, as to which inclusion in such Underwritten Offering has been requested pursuant to separate
written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares,
then the Company shall include in any such registration:

 

a) If the
Underwritten Offering is undertaken for the Company’s account: (A) first, the shares of Common Stock or other equity
securities that the Company desires to sell in such Underwritten Offering that can be sold without exceeding the Maximum Number
of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A),
the shares of Common Stock or other securities, if any, comprised of Registrable Securities, as to which registration has been
requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that
can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with
such persons and that can be sold without exceeding the Maximum Number of Shares;

 

b) If the
registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons and the shares
of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested
pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

    	 	 	 

     

    

 

2.2.3 Piggy-Back Registration
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company and the Underwriter(s) (if any) of such
request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its own determination or
as the result of a withdrawal by persons making a demand pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. In the case of any Underwritten Offering in connection with any Piggy-back Registration, any participating
Investor shall have the right to withdraw their respective Registrable Securities from such Underwritten Offering prior to the
pricing of such Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall pay all expenses
incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration or Underwritten Offering prior
to its withdrawal as provided in Section 3.3.

 

2.2.4 Unlimited Piggy-back
Registration Rights. For purposes of clarify, any Registration or Underwritten Offering effected pursuant to Section 2.2.
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3 Resale Shelf
Registration Rights.

 

2.3.1 Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with
the Commission, no later than sixty (60) days following the Effective Date (the “Filing Deadline”), a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any
successor thereto registering the resale from time to time by holders of all of the Registrable Securities held by the Holders
(the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-3
(or, if Form S-3 is not available to be used by the Company at such time, on Form S-1 or another appropriate form permitting
Registration of such Registrable Securities for resale). If the Resale Shelf Registration Statement is initially filed on Form S-1
and thereafter the Company becomes eligible to use Form S-3 for secondary sales, the Company shall, as promptly as practicable,
cause such Resale Shelf Registration Statement to be amended, or shall file a new replacement Resale Shelf Registration Statement,
such that the Resale Shelf Registration Statement is on Form S-3. The Company shall use commercially reasonable efforts to
cause the Resale Shelf Registration Statement to be declared effective as soon as possible after filing, but in no event later
than thirty (30) days following the Filing Deadline (the “Effectiveness Deadline”); provided,
however, that the Effectiveness Deadline shall be extended to sixty (60) days after the Filing Deadline if the Registration
Statement is reviewed by, and receives comments from, the Commission; provided, however, that the Company’s
obligations to include the Registrable Securities held by a holder in the Resale Shelf Registration Statement are contingent upon
such holder furnishing in writing to the Company such information regarding the holder, the securities of the Company held by the
holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to
effect the registration of the Registrable Securities, and the holder shall execute such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations. Once effective, the Company
shall use commercially reasonable efforts to keep the Resale Shelf Registration Statement and Prospectus included therein continuously
effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or,
if not available, to ensure that another Registration Statement is available, under the Securities Act at all times until the earliest
of (i) the date on which all Registrable Securities and other securities covered by such Registration Statement have been
disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement and (ii) the
date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to be Registrable
Securities. The Registration Statement filed with the Commission pursuant to this subsection 2.3.1 shall contain a Prospectus in
such form as to permit any holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any
successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration
Statement (subject to lock-up restrictions under the Lock-up Agreement and the Release Date under the IPO Escrow Agreement), and
shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally available to,
and requested by, holders of the Registrable Securities.

 

    	 	 	 

     

    

 

2.3.2 Amendments and
Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall promptly prepare and file with the Commission
from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection
therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all the Registrable Securities. If any Resale Shelf Registration Statement filed
pursuant to Section 2.3.1 is filed on Form S-3 and thereafter the Company becomes ineligible to use Form S-3 for
secondary sales, the Company shall promptly notify the holders of such ineligibility and use its commercially reasonable efforts
to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration statement on Form S-3
and have such replacement Resale Shelf Registration Statement declared effective as promptly as practicable and to cause such replacement
Resale Shelf Registration Statement to remain effective, and to be supplemented and amended to the extent necessary to ensure that
such Resale Shelf Registration Statement is available or, if not available, that another Resale Shelf Registration Statement is
available, for the resale of all the Registrable Securities held by the holders until all such Registrable Securities have ceased
to be Registrable Securities; provided, however, that at any time the Company once again becomes eligible to use
Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement to be amended, or shall file a new
replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is once again on Form S-3.

 

2.3.3 SEC Cutback.
Notwithstanding the registration obligations set forth in this Section 2.3, in the event the Commission informs the Company
that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, the Company agrees to promptly (i) inform each of the holders thereof and use
its commercially reasonable efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission
and/or (ii) withdraw the Resale Shelf Registration Statement and file a new registration statement (a “New Registration
Statement”) on Form S-3, or if Form S-3 is not then available to the Company for such registration statement,
on such other form available to register for resale the Registrable Securities as a secondary offering; provided, however,
that prior to filing such amendment or New Registration Statement, the Company shall use its commercially reasonable efforts to
advocate with the Commission for the registration of all of the Registrable Securities in accordance with any publicly-available
written or oral guidance, comments, requirements or requests of the Commission staff (the “SEC Guidance”).
Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable
Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that
the Company used diligent efforts to advocate with the Commission for the registration of all or a greater number of Registrable
Securities), unless otherwise directed in writing by a holder as to further limit its Registrable Securities to be included on
the Registration Statement, the number of Registrable Securities to be registered on such Registration Statement will be reduced
Pro Rata among all such selling shareholders whose securities are included in such Registration Statement, subject to a determination
by the Commission that certain holders must be reduced first based on the number of Registrable Securities held by such holders.
In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement, as the case may
be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission,
as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or
more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities
that were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 

    	 	 	 

     

    

 

2.3.4 Underwritten
Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement has been declared effective by
the Commission, the holders of Registrable Securities may request to sell all or any portion of the Registrable Securities in an
underwritten offering that is registered pursuant to the Resale Shelf Registration Statement (each, an “Underwritten
Shelf Takedown”); provided, however, that the Company shall only be obligated to effect an Underwritten
Shelf Takedown if such offering shall include securities with a total offering price (including piggyback securities and before
deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $10,000,000. All requests for Underwritten
Shelf Takedowns shall be made by giving written notice to the Company at least ten (10) days prior to the public announcement
of such Underwritten Shelf Takedown, which shall specify the approximate number of Registrable Securities proposed to be sold in
the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten
Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any holder
(each a “Takedown Requesting Holder”) at least 48 hours prior to the public announcement of such Underwritten
Shelf Takedown pursuant to written contractual piggyback registration rights of such holder (including those set forth herein).
All such holders proposing to distribute their Registrable Securities through an Underwritten Shelf Takedown under this subsection
2.3.4 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by the majority-in-interest of the Takedown Requesting Holders initiating the Underwritten Shelf Takedown.

 

2.3.5 Reduction of
Underwritten Shelf Takedown. If the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise the
Company and the Takedown Requesting Holders in writing that the dollar amount or number of Registrable Securities that the Takedown
Requesting Holders desire to sell, taken together with all other shares of the Common Stock or other equity securities that the
Company desires to sell, exceeds the Maximum Number of Shares, then the Company shall include in such Underwritten Shelf Takedown,
as follows: (i) first, the Registrable Securities of the Takedown Requesting Holders, on a Pro Rata basis, that can be sold
without exceeding the Maximum Number of Shares; and (ii) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Common Stock or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Shares.

 

2.3.6 Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. Under no
circumstances shall the Company be obligated to effect more than an aggregate of three (3) Underwritten Shelf Takedowns in
any 12-month period.

 

3. REGISTRATION
PROCEDURES.

 

3.1 Filings; Information.
Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the Company
shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing Registration
Statement; Restriction on Registration Rights. The Company shall use its commercially reasonable efforts to, as expeditiously
as possible after receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission
a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate
and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the
intended method(s) of distribution thereof, and shall use its commercially reasonable efforts to cause such Registration Statement
to become effective and use its commercially reasonable efforts to keep it effective for the period required by Section 3.1.3;
provided, however, that the Company shall not be obligated to (but may, at its sole option) (a) effect any Demand
Registration or an Underwritten Offering or (b) file a Registration Statement (or any amendment thereto) or effect an Underwritten
Offering if the Company has determined in good faith that the sale of Registrable Securities pursuant a Registration Statement
would require disclosure of material non-public information not otherwise required to be disclosed under applicable securities
laws (i) which disclosure would have a material adverse effect on the Company or (ii) relating to a material transaction
involving the Company (any such period, a “Blackout Period”); provided, however, that in
no event shall any Blackout Period together with other Blackout Periods exceed an aggregate of 60 days in any consecutive 12-month
period. Notwithstanding the foregoing, the Company shall not exercise its rights under this Section 3.1.1 to invoke a Blackout
Period unless it applies the same Blackout Period restrictions contained herein to all other securityholders of the Company with
contractual registration rights..

 

3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement,
and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders
may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

    	 	 	 

     

    

  

3.1.3 Amendments and
Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set
forth in such Registration Statement or such securities have been withdrawn.

 

3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than five (5) Business Days
after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all events within five (5) Business Days of the
occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of
any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any written comments by the Commission or any request by the Commission for any amendment or supplement to such Registration
Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation
of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities covered by
such Registration Statement, such Prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the
holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that not less
than two (2) Business Days before filing with the Commission a Registration Statement or not less than one (1) Business
Day before the filing of any related Prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall (y) furnish to the holders of Registrable Securities included in such Registration Statement and to the
legal counsel for any such holders, copies of all such documents proposed to be filed and (z) cause its officers and directors,
counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion
of respective counsel to each such holder, to conduct a reasonable investigation within the meaning of the Securities Act. The
Company shall not file any Registration Statement or Prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such holders or their legal counsel shall object in good faith, provided that, the Company is notified
of such objection in writing no later than two (2) Business Days after the holders have been so furnished copies of a Registration
Statement or one (1) Business Day after the holders have been so furnished copies of any related Prospectus or amendments
or supplements thereto.

 

3.1.5 State Securities
Laws Compliance. The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as the holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of
the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable
the holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself
to taxation in any such jurisdiction.

 

3.1.6 Agreements for
Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for
the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such registration statement. No holder of Registrable Securities included in such registration statement
shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to
such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with
such holder’s material agreements and organizational documents, and with respect to written information relating to such
holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

    	 	 	 

     

    

  

3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.

 

3.1.8 Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement.

 

3.1.9 Earnings Statement.
The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.10 Listing.
The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration to be
listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are
then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders
of a majority of the Registrable Securities included in such registration.

 

3.1.11 Road Show.
If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000, the
Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering (provided that
the dollar threshold in this Section 3.1.12 shall be reduced to $10,000,000 in a Registration relating to Registrable Securities
of RT-Icon).

 

3.1.12 Regulation
M. The Company shall take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any
such prohibition inapplicable.

 

3.2 Obligation to
Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv),
or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company,
pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all
 “insiders” covered by such program to transact in the Company’s securities because of the existence of material
non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition
of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives
the supplemented or amended Prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will
deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent
Prospectus covering such Registrable Securities at the time of receipt of such notice.

 

    	 	 	 

     

    

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1,
any Piggy-Back Registration pursuant to Section 2.2, any registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses
of compliance with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue
sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses
(including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred
in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); and (viii) the reasonable fees and expenses of any special experts retained by
the Company in connection with such registration. The Company shall have no obligation to pay any underwriting discounts or selling
commissions attributable to the Registrable Securities being sold by the holders thereof or any fees and disbursements of its counsel
in connection therewith, which underwriting discounts or selling commissions and fees and disbursements of its counsel shall be
borne by such holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall bear the expenses
of the Underwriter pro rata in proportion to the respective amount of shares each is selling in such offering.

  

3.4 Holders’
Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company,
or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and
supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2
and in connection with the Company’s obligation to comply with Federal and applicable state securities laws. The Company’s
obligations to include the Registrable Securities in any Registration Statement under this Agreement are contingent upon each holder
of Registrable Securities furnishing in writing to the Company such information regarding such holder, the securities of the Company
held by holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company
to effect the registration of the Registrable Securities, and such holder shall execute such documents in connection with such
registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from
and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based
upon any untrue statement (or allegedly untrue statement) of a material fact contained in (or incorporated by reference in) any
Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any Prospectus
contained in the Registration Statement, or free writing prospectus (as defined in Rule 405 under the Securities Act or any
successor rule thereto), or any amendment or supplement to such Registration Statement, or any filing under any state securities
law required to be filed or furnished, or arising out of or based upon any omission (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the
Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction
required of the Company in connection with any such registration; and the Company shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating
and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based
upon any untrue statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement, Prospectus,
or free writing prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished
to the Company, in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter
of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls
such Underwriter (within the meaning of the Securities Act or the Exchange Act, as applicable) on substantially the same basis
as that of the indemnification provided above in this Section 4.1.

 

    	 	 	 

     

    

 

4.2 Indemnification
by Holders of Registrable Securities. Each holder of Registrable Securities will, indemnify and hold harmless the Company,
each of its directors, officers, agents and employees, each Persons who controls the Company (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act), each Underwriter (if any), and each other selling holder and each
other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, and the
directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, against
any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages
or liabilities (or actions in respect thereof) (including, without limitation, reasonable attorneys’ fees and other expenses)
arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, any Prospectus contained
in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in
writing to the Company by such selling holder expressly for use therein. Each selling holder’s indemnification obligations
hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling
holder.

  

4.3 Conduct of Indemnification
Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect
of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person
(the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided,
however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party
from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to
any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such
claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense
thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of
its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified
Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry
of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4 Contribution.

 

4.4.1 If the indemnification
provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim,
damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties
in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

    	 	 	 

     

    

 

4.4.2 The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1.

  

4.4.3 The amount paid
or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount
of the net proceeds actually received by such holder from the sale of Registrable Securities which gave rise to such contribution
obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

5. RULE 144.

 

5.1 Rule 144.
The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and
shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission.

 

6. MISCELLANEOUS.

 

6.1 Other Registration
Rights. The Company represents and warrants that, except as disclosed in the Company’s registration statement on Form S-1
(File No. 333-238320) and registration rights granted to certain investors in connection with the private placement transactions
contemplated under the Merger Agreement, no person, other than the holders of the Registrable Securities, has any right to require
the Company to register any of the Company’s share capital for sale or to include the Company’s share capital in any
registration filed by the Company for the sale of share capital for its own account or for the account of any other person.

 

6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the
extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Investors or holder of Registrable
Securities or of any assignee of the Investors or holder of Registrable Securities. This Agreement is not intended to confer any
rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2.

 

6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a Business Day or is after normal business
hours, then such notice shall be deemed given on the next Business Day. Notice otherwise sent as provided herein shall be deemed
given on the next Business Day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To the Company:

 

PLBY Group, Inc. (f/k/a Mountain Crest Acquisition
Corp)

10960 Wilshire Blvd., Suite 2200

Los Angeles, CA 90024

Attention: Chris Riley, General Counsel

Email: [EMAIL ADDRESS]

 

    	 	 	 

     

    

  

with a copy to (which copy shall not constitute notice):

 

Jones Day

1755 Embarcadero Road

Palo Alto, California 94303

Attention: W. Stuart Ogg
and Micheal Reagan

E-mail: [EMAIL ADDRESSES]

 

To an Investor, to the address
set forth below such Investor’s name on Exhibit A hereto.

 

6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument.

 

6.6 Entire Agreement.
This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto
and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or
written.

 

6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon the Company unless executed
in writing by the Company. No amendment, modification or termination of this Agreement shall be binding upon the holders of the
Registrable Securities unless executed in writing by the holders of the majority Registrable Securities.

 

6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision
of this Agreement.

 

6.9 Waivers and
Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided
that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically
refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has
occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed
a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension
of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other
obligations or acts.

 

6.10 Remedies Cumulative.
In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement,
the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action
at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any
such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or
to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any
other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or
otherwise.

 

    	 	 	 

     

    

 

6.11 Governing Law.
This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

  

6.12 Consent to
Jurisdiction; Waiver of Trial by Jury. The parties hereto agree to submit any matter or dispute resulting from or arising out
of the execution, performance, interpretation, breach or termination of this Agreement to the non-exclusive jurisdiction of federal
or state courts within the State of New York. Each of the parties agrees that service of any process, summons, notice or document
in the manner set forth in Section 6.3 hereof or in such other manner as may be permitted by applicable law, shall be effective
service of process for any proceeding in the State of New York with respect to any matters to which it has submitted to jurisdiction
in this Section 6.12. Each of the parties hereto irrevocably and unconditionally agrees that it is subject to, and hereby
submits to, the personal jurisdiction of the courts located in the State of New York for any action, suit or proceeding arising
out of this Agreement or the transactions contemplated hereunder and waives any objection to the laying of venue in the United
States District Court for the Southern District of New York, or the New York state courts if the federal jurisdictional standards
are not satisfied, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A TRIAL BY JURY.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Amended and Restated Registration Rights Agreement to be executed and delivered by their duly authorized
representatives as of the date first written above.

 

 

	 	COMPANY:
	 	 
	 	PLBY GROUP, INC.
	 	 
	 	 
	 	By:	/s/ Suying Liu
	 	Name: 	 Suying Liu
	 	Title:	Chief Executive Officer

 

[Signature Page to
Registration Rights Agreement]

 

    	 	 	 

     

    

 

	 	PRE-IPO INVESTORS:

 

 

	 	/s/ Suying Liu
	 	Suying Liu

 

 

	 	/s/ Dong Liu
	 	Dong Liu

 

 

	 	/s/ Nelson Haight
	 	Nelson Haight

  

 

	 	/s/ Todd Milbourn
	 	Todd Milbourn

 

 

	 	/s/ Wenhua Zhang
	 	Wenhua Zhang

  

[Signature
Page to Registration Rights Agreement]

 

    	 	 	 

     

    

 

	 	PLAYBOY INVESTORS:
	 	 
	 	 	 RT-Icon Holding LLC
	 	 	By: RTM-Icon, LLC, its Manager
	 	 	 
	 	 	By:	/s/ Suhail Rizvi
	 	 	 	Name: 	Suhail Rizvi
	 	 	 	Title:	President

 

[Signature Page to
Registration Rights Agreement]

 

    	 	 	 

     

    

 

	 	DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
	 	By: Drawbridge Special Opportunities GP LLC, its general partner 
	 	 	 
	 	 	 
	 	 	By:	/s/ Avraham Dreyfuss
	 	 	 	Name: 	Avraham Dreyfuss
	 	 	 	Title:	Chief Financial Officer 

  

[Signature
Page to Registration Rights Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

Name and Address of Investors

 

PRE-IPO INVESTORS:

 

	 	
        Suying Liu

        c/o Mountain Crest Acquisition Corp

        311 W. 43rd Street, 12th Floor, New York, NY 10036

	 	 
	 	
        Dong Liu

        c/o Mountain Crest Acquisition Corp

        311 W. 43rd Street, 12th Floor, New York, NY 10036

         

        Nelson Haight

        c/o Mountain Crest Acquisition Corp

        311 W. 43rd Street, 12th Floor, New York, NY 10036

	 	 
	 	
        Todd Milbourn

        c/o Mountain Crest Acquisition Corp

        311 W. 43rd Street, 12th Floor, New York, NY 10036

	 	 
	 	
        Wenhua Zhang

        c/o Mountain Crest Acquisition Corp

        311 W. 43rd Street, 12th Floor, New York, NY 10036

 

PLAYBOY INVESTORS:

 

	 	
        

        RT-Icon Holdings LLC

        c/o Rizvi Traverse Management, LLC

        260 East Brown Street, Suite 380, Birmingham, MI 48009

        Attention: Suhail Rizvi and Audrey P. DiMarzo

        Email: [EMAIL ADDRESSES]

	 	 
	 	
        Drawbridge Special Opportunities Fund LP

        c/o Fortress Investment Group LLC

        1345 Avenue of the Americas, 45th Floor

        New York, New York 10105

        Attention: Constantine M. Dakolias

        Email: [EMAIL ADDRESS]

         

        With copies to:

         

        Drawbridge Special Opportunities Fund LP

        c/o Fortress Investment Group LLC

        1345 Avenue of the Americas 26th Floor

        New York, New York 10105

        Attention: Credit Operations

        Email: [EMAIL ADDRESS]

        and :

        Drawbridge Special Opportunities Fund LP

        c/o Fortress Investment Group LLC

        

        

        

        

	 	1345 Avenue of the Americas, 46th Floor
	 	New York, New York 10105
	 	Attention: General Counsel
	 	Email: [EMAIL ADDRESS]

 

[Signature Page to Registration
Rights Agreement]Exhibit 10.5

 

Execution Version

 

INVESTOR RIGHTS AGREEMENT

 

by and among

 

PLBY GROUP, INC.

 

(F/K/A MOUNTAIN CREST ACQUISITION CORP)

 

and

 

RT-ICON HOLDINGS LLC

 

Dated February 10,
2021 

 

    

     

    

 

Table
of Contents

 

	 	Pages
	 	 
	ARTICLE I INTRODUCTORY MATTERS 	1
		1.1	Defined Terms	1
		1.2	Construction	3
	 
	ARTICLE II BOARD OF DIRECTORS  4
		2.1	Election of Directors	4
		2.2	Committee Membership	5
		2.3	Chair of the Board	5
		2.4	Size of Board	5
		2.5	Amendments to the Charter and Bylaws	6
		2.6	RT-Designee Expense Reimbursement	6
	 	 
	ARTICLE III INFORMATION 	6
		3.1	Sharing of Information	6
	 	 
	ARTICLE IV GENERAL PROVISIONS 	6
		4.1	Termination	6
		4.2	Notices	6
		4.3	Amendment; Waiver	7
		4.4	Further Assurances	7
		4.5	Assignment	7
		4.6	Third Parties	8
		4.7	Governing Law	8
		4.8	Jurisdiction; Waiver of Jury Trial	8
		4.9	Specific Performance	8
		4.10	Entire Agreement	8
		4.11	Severability	8
		4.12	Table of Contents, Headings and Captions	8
		4.13	Counterparts	9
		4.14	Effectiveness	9

 

    i

     

    

 

INVESTOR RIGHTS AGREEMENT

 

This Investor Rights
Agreement is entered into on February 10, 2021 by and among PLBY Group, Inc. (formerly known as Mountain Crest Acquisition
Corp), a Delaware corporation (the “Company”), and RT-Icon Holdings LLC, a Delaware limited liability company
(“RT-Icon”).

 

RECITALS:

 

WHEREAS, the Company
and the other parties named therein have entered into an Agreement and Plan of Merger (the “Merger Agreement”),
pursuant to which the Company will acquire Playboy Enterprises, Inc. (“Playboy”), on the terms and subject
to the conditions set forth therein (the “Acquisition”);

 

WHEREAS, pursuant
to the Merger Agreement, RT-Icon will be entitled to receive, as partial consideration for the equity interests of Playboy purchased
in the Acquisition, a specified number of shares of the Common Stock of the Company equal to RT-Icon’s Merger Consideration
(as defined in the Merger Agreement); and

 

WHEREAS, in connection
with the Acquisition and pursuant to Section 8.1(g) of the Merger Agreement, the Company and RT-Icon desire to enter
into this Agreement setting forth certain rights and obligations with respect to the nomination of directors to the board of directors
of the Company (the “Board”) and other matters relating to the Board from and after the Effective Date.

 

NOW, THEREFORE,
the parties agree as follows:

 

ARTICLE I

 

INTRODUCTORY MATTERS

 

1.1           Defined
Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein
with initial capital letters:

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common
Control with, another Person. In respect of RT, “Affiliate” shall mean any Person that, directly or indirectly, is
Controlled by RT, Controls RT, or is under common Control with RT, and shall include any principal, member, director, partner,
stockholder, officer, employee or other representative of any of the foregoing (other than the Company and any entity that is Controlled
by the Company).

 

“Agreement”
means this Investor Rights Agreement, as the same may be amended, supplemented, restated and/or otherwise modified from time to
time in accordance with the terms hereof.

 

“beneficially
own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

    

     

    

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial
banks in New York City are authorized or required by law to close.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, as the same may be amended and/or restated from time to time.

 

“Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended and/or restated from time
to time.

 

“Common Stock”
means the voting shares of common stock, par value $0.01 per share, of the Company, having the terms set forth in the Charter,
and any other capital stock of the Company into which such stock is reclassified or reconstituted and any other common stock of
the Company.

 

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

 

“Control”
(including its correlative meanings, “Controlled by” and “under common Control with”)
means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies (whether
through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.

 

“Director”
means any member of the Board.

 

“Effective
Date” means the date the Company consummates the Acquisition.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Law”
means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive, requirement,
or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration
of any of the foregoing by, any Governmental Authority.

 

“Permitted
Assigns” means with respect to RT, a Transferee of shares of Common Stock that agrees to become party to, and to
be bound to the same extent as its Transferor by the terms of, this Agreement.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity
under applicable Law, or any Governmental Authority or any department, agency or political subdivision thereof.

 

    2

     

    

 

“RT”
means, collectively, RT-Icon, together with its Affiliates and its and their successors and assigns (other than the Company and
its Subsidiaries).

 

“RT Designee”
has the meaning set forth in Section 2.1(c).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity
of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled to vote in the election of
directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership,
association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited
liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly,
by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall
be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity
if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business
entity gains or losses or shall be or Control the managing member, managing director or other governing body or general partner
of such limited liability company, partnership, association or other business entity.

 

“Transfer”
(including its correlative meanings, “Transferor”, “Transferee” and “Transferred”)
shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, distribute, assign, hypothecate,
pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other
rights in or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the context
may require.

 

1.2         Construction.
Interpretation of this Agreement shall be governed by the following rules of construction. Unless the context otherwise requires:
(a) references to the terms Article, Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs
and Exhibits to this Agreement unless otherwise specified; (b) the terms “hereof,” “herein,” “hereby,”
 “hereto,” and derivative or similar words refer to this entire Agreement, including Exhibits hereto; (c) references
to “$” or “Dollars” shall mean United States dollars; (d) the words “include,” “includes,”
 “including” and words of similar import when used in this Agreement shall mean “including without limitation,”
unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written”
or “in writing” include in electronic form; (g) provisions shall apply, when appropriate, to successive events
and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement; (i) the parties have participated in the negotiation and drafting of
this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted
jointly by the parties thereto and no presumption or burden of proof shall arise favoring or burdening either party by virtue of
the authorship of any of the provisions in this Agreement; (j) a reference to any Person includes such Person’s permitted
successors and assigns; (k) references to “days” mean calendar days unless Business Days are expressly specified;
(l) the word “will” shall be construed to have the same meaning and effect as the word “shall”; (m) the
terms “party”, “party hereto”, “parties” and “party hereto” shall mean a party
to this Agreement and the parties to this Agreement, as applicable, unless otherwise specified; (n) with respect to the determination
of any period of time, “from” means “from and including”; and (o) any deadline or time period set
forth in this Agreement that by its terms ends on a day that is not a Business Day shall be automatically extended to the next
succeeding Business Day. Any agreement, instrument or statute defined or referred to herein means such agreement, instrument or
statute as from time to time may be amended, supplemented, restated or modified, including (in the case of agreements or instruments)
by waiver or consent and (in the case of statutes) by succession of comparable successor statutes.

 

    3

     

    

 

ARTICLE II

 

BOARD OF DIRECTORS

 

2.1          Election
of Directors.

 

(a)         Following
the Effective Date, RT-Icon shall have the right, but not the obligation, to nominate to the Board a number of designees equal
to (i) three Directors, so long as RT beneficially owns, in the aggregate, 50% or more of the shares of Common Stock, (ii) two
Directors, in the event that RT beneficially owns, in the aggregate, 35% or more, but less than 50%, of the shares of Common Stock
and (iii) one Director, in the event that RT beneficially owns, in the aggregate, 15% or more, but less than 35%, of the shares
of Common Stock. RT-Icon shall not have the right to nominate any designees to the Board in the event that RT beneficially owns,
in the aggregate, less than 15% of the outstanding shares of Common Stock. In the event of any increase or decrease in the size
of the Board consistent with the requirements of Section 2.4 of this Agreement, the number of Directors for which RT-Icon
shall have the right to nominate to the Board pursuant to this Section 2.1(a) shall be automatically adjusted
proportionately as closely as possible (rounding up to the next whole Director where necessary) to reflect the proportionate rights
of RT-Icon to nominate Directors based on RT’s beneficial ownership of the shares of Common Stock set forth in clauses (i),
(ii), and (iii) above. The Board shall set forth the determination of such changes consistent with this Section 2.1(a) in
its resolution or resolutions effectuating the change in size of the Board and such terms shall automatically be incorporated herein
without further action on behalf of the parties hereto.

 

(b)         The
Company agrees, to the fullest extent permitted by applicable law, to take all necessary and desirable actions (subject to any
applicable stock exchange or listing requirements) to include in the slate of nominees recommended by the Board for election at
any meeting of stockholders called for the purpose of electing directors the persons designated pursuant to this Section 2.1
and to nominate and recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents
in favor thereof. The Company is entitled, solely for the purposes set forth in this Section 2.1(b), to identify such
individual as an RT Designee pursuant to this Agreement.

 

    4

     

    

 

(c)        In
the event that RT-Icon has nominated fewer than the total number of designees RT-Icon shall be entitled to nominate pursuant to
Section 2.1(a), RT-Icon shall have the right, at any time, to nominate such additional designees to which it is entitled,
in which case, the Company and the Directors shall take all necessary corporate action, to the fullest extent permitted by applicable
law, to (x) enable RT-Icon to nominate and effect the election or appointment of such additional individuals, whether by increasing
the size of the Board or otherwise, and (y) to effect the election or appointment of such additional individuals nominated
by RT-Icon to fill such newly-created directorships or to fill any other existing vacancies. Each such person whom RT actually
nominates pursuant to this Section 2.1 and whom is thereafter elected to the Board to serve as a Director shall be
referred to herein as an “RT Designee”.

 

(d)         In
the event that a vacancy is created at any time by the death, retirement or resignation of any RT Designee, the remaining Directors
and the Company shall, to the fullest extent permitted by applicable law, take all actions necessary at any time and from time
to time to cause the vacancy created thereby to be filled by a new designee of RT-Icon, as soon as possible. Such new designee
will be chosen by a majority of the RT Designees on the Board at that time or, if there are none, by RT-Icon.

 

2.2          Committee
Membership. So long as RT beneficially owns, in the aggregate, 35% or more of the shares of Common Stock, RT-Icon shall have
the right (but not the obligation) to designate one of the RT Designees to serve on each of the Compensation Committee and the
Corporate Governance and Nominating and Committee. The Company shall take all necessary and desirable actions to cause such RT
Designee committee members to serve on the Compensation Committee and the Corporate Governance and Nominating Committee, respectively,
except to the extent such membership would violate applicable federal securities laws or the listing requirements of any national
securities exchange on which the Company’s securities are then listed.

 

2.3           Chair
of the Board. So long as RT beneficially owns, in the aggregate, 15% or more of the shares of Common Stock, the Company’s
Chief Executive Officer shall not be the Chair of the Board at the same time and RT-Icon shall have the right to designate the
Chair of the Board from among the RT Designees.

 

2.4           Size
of Board. As of the Effective Date, the Board shall have established by resolution that the total number of Directors constituting
the Board on the Effective Date shall be five. So long as RT beneficially owns, in the aggregate, 35% or more of the shares of
Common Stock, any increases or decreases to the size of the Board will require approval by at least a majority of the RT Designees
then serving as Directors or, if no RT Designee is then serving as a Director, the written approval of RT-Icon.

 

    5

     

    

 

2.5           Amendments
to the Charter and Bylaws.

 

(a)          So
long as RT beneficially owns, in the aggregate, 50% or more of the shares of Common Stock, the Board shall not take any action
to cause the Company to amend the provisions in the Charter or Bylaws:

 

 

(i)         providing
that Directors may be removed with or without cause upon majority vote of the outstanding shares of Common Stock unless otherwise
set forth under the Voting Agreement (as defined in the Merger Agreement);

 

(ii)         changing
the size of the Board;

 

(iii)        providing
for stockholder action by written consent when RT beneficially owns, in the aggregate, 50% or more of the shares of Common Stock;
or

 

(iv)         providing
for the ability to call special meetings of stockholders when RT beneficially owns, in the aggregate, 50% or more of the shares
of Common Stock.

 

2.6         RT-Designee
Expense Reimbursement. The Company shall pay the reasonable out-of-pocket expenses incurred by each RT Designee in connection
with performing his or her duties as a member of the Board or any committee thereof, including the reasonable out-of-pocket expenses
incurred by such person for attending meetings of the Board or any committee thereof or meetings of any board of directors or other
similar managing body (and any committee thereof) of any Subsidiary of the Company.

 

ARTICLE III

 

INFORMATION

 

3.1           Sharing
of Information. Individuals associated with RT may from time to time serve on the Board or the equivalent governing body of
the Company’s Subsidiaries. The Company, on its behalf and on behalf of its Subsidiaries, recognizes that such individuals
(i) shall from time to time receive non-public information concerning the Company and its Subsidiaries, and (ii) may
(subject to the obligation to maintain the confidentiality of such information) share such information with RT, RT’s direct
and indirect investors and other individuals associated with RT. Such sharing shall be for the dual purpose of facilitating support
to such individuals in their capacity as Directors (or members of the governing body of any Subsidiary) and enabling RT and its
direct and indirect investors to better evaluate the Company’s performance and prospects. The Company, on behalf of itself
and its Subsidiaries, hereby irrevocably consents to such sharing.

 

ARTICLE IV

 

GENERAL PROVISIONS

 

4.1           Termination.
This Agreement shall terminate on the earlier to occur of (i) such time as RT no longer beneficially owns 15% or more of the
outstanding shares of Common Stock and (ii) the delivery of a written notice by RT-ICON to the Company requesting that this
Agreement terminate.

 

4.2           Notices.
Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by electronic transmission
or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other
recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person
as the recipient party has specified by prior written notice to the sending party. Notices shall be deemed to have been given hereunder
when delivered personally, sent by electronic transmission or upon actual delivery by reputable overnight courier service (as indicated
in such courier service’s records).

 

    6

     

    

 

If to the Company:

 

PLBY Group, Inc. (f/k/a Mountain Crest Acquisition
Corp)

10960 Wilshire Blvd., Suite 2200

Los Angeles, CA 90024

Attention: Chris Riley, General Counsel

Email: [EMAIL ADDRESS]

 

If to RT-Icon:

 

RT-Icon Holdings LLC

c/o Rizvi Traverse Management, LLC

 

260 East Brown Street, Suite 380

Birmingham, MI 48009

Attention: Audrey P. DiMarzo

Email: [EMAIL ADDRESS]

 

4.3        Amendment;
Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company
and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power
or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of right, remedy, power
or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

4.4        Further
Assurances. The parties hereto shall sign such further documents, cause such meetings to be held, resolutions passed, exercise
their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give
full effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company shall not directly
or indirectly take any action that is intended to, or would reasonably be expected to result in, RT-Icon being deprived of the
rights contemplated by this Agreement.

 

4.5        Assignment.
This Agreement shall inure to the benefit of and be binding on the parties hereto and their respective successors and Permitted
Assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted
assignment, without such consents, shall be null and void; provided, however, that RT-Icon shall be entitled to assign,
in whole or in part, to any of its Permitted Assigns without such prior written consent any of its rights hereunder.

 

    7

     

    

 

4.6          Third
Parties. Except as provided for in Section 3.1 with respect to individuals associated with RT, this Agreement does
not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party
beneficiary hereto.

 

4.7           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflict of laws thereof.

 

4.8         Jurisdiction;
Waiver of Jury Trial. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to
this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the Court of Chancery of the State of
Delaware or, if the Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State
of Delaware (Complex Commercial Division), or if jurisdiction over the matter is vested exclusively in federal courts, the United
States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed.
In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required
by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions
in Section 4.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN
ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

4.9          Specific
Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them, the
other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees
to waive the defense in any action for specific performance that a remedy at law would be adequate and that the parties, in addition
to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement
without the posting of any bond.

 

4.10          Entire
Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof.
There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or
thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior agreements and understandings
between the parties with respect to such subject matter.

 

4.11          Severability.
If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction,
shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby,
and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person
or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted
by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be
affected thereby.

 

4.12        Table
of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement are
included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of
any provision hereof.

 

    8

     

    

 

4.13         Counterparts.
This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). Counterparts may be delivered
via electronic mail (including pdf or any electronic signature complying with the U.S. federal 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.

 

4.14            Effectiveness.
This Agreement shall become effective upon the Effective Date.

 

[Remainder Of Page Intentionally Left
Blank]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the day and year first above written.

 

	 	PLBY GROUP, INC.
	 	 
	 	By:	/s/ Suying Liu
	 	Name:	 Suying Liu
	 	Title:	 Chief Executive Officer

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

	 	RT-ICON HOLDING LLC
	 	By: RTM-Icon, LLC, its Manager
	 	 
	 	By:	/s/ Suhail Rizvi
	 	Name:	  Suhail Rizvi
	 	Title:	President

 

[Signature Page to
Investor Rights Agreement]

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