Document:

Exhibit 4.3

 

Warrant Certificate No. [ ]

 

NEITHER THE SECURITIES REPRESENTED BY THIS
CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES
AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

Effective Date: [  ], 2018

 

HYDROFARM HOLDINGS GROUP, INC.

 

FORM OF WARRANT TO PURCHASE
COMMON STOCK

 

Hydrofarm Holdings Group, Inc., a
Delaware corporation (the “Company”), for value received on [  ],
2018 (the “Effective Date”), hereby issues to [     ]
(the “Holder”) this Warrant (the “Warrant”) to purchase,
[     ] shares of the Company’s Common Stock (as hereinafter defined) (each such share as
from time to time adjusted as hereinafter provided being a “Warrant Share” and all such shares being the
 “Warrant Shares”), at the Exercise Price (as defined below), as from time to time adjusted as hereinafter
provided, on or before the Expiration Date (as defined below), all subject to the following terms and conditions. This
Warrant is one of a series of placement agent warrants of like tenor that have been issued in connection with the
Company’s private offering solely to accredited investors of units (the “Offering”) pursuant to that
certain Confidential Private Placement Memorandum of the Company dated August 3, 2018, as the same may be amended and
supplemented from time to time (the “Private Placement Memorandum”) and the Placement Agency Agreement
dated August 3, 2018, as the same may have been amended from time to time (the “PAA”)..

 

     

     

    

 

As used in this
Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the City of New York, New York, are authorized or required by law or executive order to close;
(ii) Change of Control” means (x) any transaction or series of related transactions (including any
reorganization, merger or consolidation) that results in the transfer of 51% or more of the voting securities of the Company
(excluding, for these purposes, private placements of newly issued shares), or (y) any transfer, disposition or sale of
all or substantially all of the assets of the Company to another person; (iii) “Common Stock” means
the common stock of the Company, par value $0.0001 per share, including any securities issued or issuable with respect
thereto or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock
split, stock combination, recapitalization, reclassification, reorganization or other similar event;
(iv) “Exercise Price” means $[2.50][5.00] per share of Common Stock, subject to adjustment as
provided herein; (v) “Exercise Commencement Date” means the earliest of: (x) the effectiveness
of a registration statement that the Company is required to file pursuant to the Registration Rights Agreement being entered
into by the Company with the investors on the Offering in connection with the transactions set forth in the Private Placement
Memorandum (“Registration Rights Agreement”), (y) $the closing of the Initial Public Offering (as
defined in the Registration Rights Agreement) or (z) the closing of any other transaction or set of events that results
in the Company (or the surviving corporation in connection with such transaction) being (or remaining) subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (any of the
foregoing, a “Public Event”); (vi) “Expiration Date” means the three year
anniversary following any Public Event; (vii) “Trading Day” means any day on which the Common Stock
is traded (or available for trading) on its principal trading market; (viii) “Affiliate” means any
person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, a person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933,
as amended (the “Securities Act”); and (ix) “Warrant holders” means the Holder and
the other holders of Warrants issued pursuant to the PAA and Private Placement Memorandum.

 

	1.	DURATION AND EXERCISE OF
WARRANTS

 

(a)           Exercise
Period. Commencing on the Exercise Commencement Date, the Holder may exercise this Warrant in whole or in part on any Business
Day on or before 5:00 P.M., Eastern Time, on the Expiration Date, at which time this Warrant shall become void and of no value.

 

(b)           Exercise
Procedures.

 

(i)            While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), in addition to the manner set forth in Section 1(b)(ii) below,
the Holder may exercise this Warrant in whole or in part at any time and from time to time by:

 

(A)            delivery
to the Company of a duly executed copy of the Notice of Exercise attached as Exhibit A;

 

(B)            surrender
of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify
in writing to the Holder; and

 

(C)            payment
of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the
Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank
draft or money order payable in lawful money of the United States of America or in the form of a Cashless Exercise to the extent
permitted in Section 1(b)(ii) below.

 

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(ii)           The
Holder may, in its sole discretion, exercise all or any part of the Warrant in a “cashless” or “net-issue”
exercise (a “Cashless Exercise”) by delivering to the Company (1) the Notice of Exercise and (2) the
original Warrant, pursuant to which the Holder shall surrender the right to receive upon exercise of this Warrant, a number of
Warrant Shares having a value (as determined below) equal to the Aggregate Exercise Price, in which case, the number of Warrant
Shares to be issued to the Holder upon such exercise shall be calculated using the following formula:

 

X     =     Y
* (A - B)

A

 

	with:	X
=	the
number of Warrant Shares to be issued to the Holder
	 	 	 
		Y =	the number of Warrant Shares with respect to which the Warrant is being exercised

 

		A =	the fair value per share of Common Stock on the date of exercise of this Warrant
	 	 	 
	 	B =	the
then-current Exercise Price of the Warrant

 

Solely for the purposes
of this paragraph, “fair value” per share of Common Stock shall mean the average Closing Price (as defined below)
per share of Common Stock for the twenty (20) Trading Days immediately preceding the date on which the Notice of Exercise is deemed
to have been sent to the Company. “Closing Price” means, for any date, the price determined by the first of
the following clauses that applies: (a) if the Common Stock is then listed or quoted on the New York Stock Exchange, the NYSE
American, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market or any other national securities
exchange, the closing price per share of the Common Stock for such date (or the nearest preceding date) on the primary eligible
market or exchange on which the Common Stock is then listed or quoted; (b) if prices for the Common Stock are then quoted
on the OTC Bulletin Board or any tier of the OTC Markets, the closing bid price per share of the Common Stock for such date (or
the nearest preceding date) so quoted; or (c) if prices for the Common Stock are then reported in the “Pink Sheets”
published by the National Quotation Bureau Incorporated (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent closing bid price per share of the Common Stock so reported. If the Common Stock is not publicly traded
as set forth above, the “fair value” per share of Common Stock shall be reasonably and in good faith determined by
the board of directors of the Company (the “Board of Directors”) as of the date which the Notice of Exercise
is deemed to have been sent to the Company.

 

For purposes of Rule 144
promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for such shares shall be deemed
to have commenced, on the Effective Date of this Warrant.

 

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(iii)           Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b), and except as limited pursuant to the
last paragraph of Section 1(b)(ii), the Company shall promptly issue and cause to be delivered to the Holder a certificate
for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall be effective immediately prior to the close
of business on the date (the “Date of Exercise”) that the conditions set forth in Section 1(b) have
been satisfied, as the case may be. On the first Business Day following the date on which the Company has received each of the
Notice of Exercise and the Aggregate Exercise Price (or notice of a Cashless Exercise in accordance with Section 1(b)(ii))
(the “Exercise Delivery Documents”), the Company shall transmit an acknowledgment of receipt of the Exercise
Delivery Documents to the Company’s transfer agent (the “Transfer Agent”). On or before the third Business
Day following the date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery Date”),
the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock
to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Notice of Exercise,
a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares
of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the
Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares.

 

(iv)          If
the Company shall fail for any reason or for no reason to issue to the Holder, within three (3) Business Days of
receipt of the Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is
entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s
balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise of this Warrant, and if on or after such Business Day the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon
such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall,
(A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Amount”) plus the
amount paid by the Holder to the Company as the exercise price for the Warrant Shares exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with
the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares
for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of
shares of Common Stock, and paid the Company $5,000 as the exercise price, the Holder’s cash outlay would be a
total of $16,000; and if the aggregate sales price of the shares giving rise to such Buy-In obligation was $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $6,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any
other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of
Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

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(c)           Partial
Exercise. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of Warrant
Shares referenced by this Warrant. If this Warrant is submitted in connection with any exercise pursuant to Section 1 and
the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares
being acquired upon such an exercise, then the Company shall as soon as practicable and in no event later than five (5) Business
Days after any exercise and at its own expense, issue a new Warrant of like tenor representing the right to purchase the number
of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect
to which this Warrant is exercised.

 

(d)           Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 16.

 

	2.	ISSUANCE OF WARRANT SHARES

 

(a)            The
Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims
arising through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)           The
Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder
of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof
for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)           The
Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times
in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all action
necessary or appropriate in order to protect the rights of the Holder to exercise this Warrant, or against impairment of such
rights.

 

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	3.	ADJUSTMENTS OF EXERCISE
PRICE, NUMBER AND TYPE OF WARRANT SHARES

 

(a)           The
Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3. If the Company does not have the requisite number
of authorized but unissued shares of Common Stock to make any adjustment, the Company shall use its commercially best efforts to
obtain the necessary stockholder consent to increase the authorized number of shares of Common Stock to make such an adjustment
pursuant to this Section 3.

 

(i)            Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and
conversely, in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination,
reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination
shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and
the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events
described in this Section 3(a)(i).

 

(ii)            Dividends
in Stock, Property, Reclassification. If at any time, or from time to time, all of the holders of Common Stock (or any shares
of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled
to receive, without payment therefore:

 

(A)           any
shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or

 

(B)            additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or
similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall
be covered by the terms of Section 3(a)(i) above),

 

then and in each such case, the
Exercise Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted
proportionately, and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the
number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the
amount of stock and other securities and property (including cash in the cases referred to above) that such Holder would hold
on the date of such exercise had such Holder been the holder of record of such Common Stock as of the date on which holders
of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and
property. The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described in this Section 3(a)(ii).

 

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(iii)           Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital
stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive
stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic
Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right
to purchase and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property as may
be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number
of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented
by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights
and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for
adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof.
The Company will not affect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume
by written instrument reasonably satisfactory in form and substance to the Holder executed and mailed or delivered to the registered
Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder
such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase.
If there is an Organic Change, then the Company shall cause to be mailed to the Holder at its last address as it shall appear
on the books and records of the Company, at least 10 calendar days before the effective date of the Organic Change, a notice stating
the date on which such Organic Change is expected to become effective or close, and the date as of which it is expected that holders
of the Common Stock of record shall be entitled to exchange their shares for securities, cash, or other property delivered upon
such Organic Change; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall not
affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant
during the 10 calendar day period commencing on the date of such notice to the effective date of the event triggering such notice.
In any event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation
purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or
assets even in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation
of law.

 

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(b)            Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at
its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder
of this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting
forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property
which at the time would be received upon the exercise of the Warrant.

 

(c)            Certain
Events. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the lack
of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent
and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under
this Warrant in accordance with the basic intent and principles of such provisions, then the Board of Directors will, in good
faith, make an appropriate adjustment to protect the rights of the Holder; provided, that no such adjustment pursuant to
this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined
pursuant to this Section 3.

 

	4.	CHANGE OF CONTROL

 

In case of any Change
of Control, then as a condition of such transaction, appropriate lawful provisions will be made whereby the Holder will have the
right to acquire and receive upon exercise of this Warrant in lieu of the Warrant Shares immediately theretofore subject to acquisition
upon the exercise of this Warrant, such shares of stock, securities or assets (including cash) that a holder of Warrant Shares
deliverable upon exercise of this Warrant would have been entitled to receive in such transaction as if this Warrant had been exercised
immediately prior to such transaction. In any such case, the Company will make appropriate provision to insure that the provisions
of this Section 4 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities
thereafter deliverable upon the exercise of this Warrant. In the event of a Change of Control in which all of the capital stock
of the Company is exchanged exclusively for cash, the Company may elect to cancel this Warrant upon payment to the Holder of a
cash payment equal to the excess, if any, between the cash price per share paid in the merger and the Exercise Price. If the cash
price per share paid in the transaction is less than the Exercise Price, the Warrant shall automatically be cancelled on the effective
date of the Change of Control, without the payment of any consideration to the Holder. In any event, the Company shall provide
to the Holder at least twenty (20) days advance written notice of any transaction involving a Change of Control.

 

	5.	TRANSFERS AND EXCHANGES
OF WARRANT AND WARRANT SHARES

 

(a)            Registration
of Transfers and Exchanges. Subject to Section 5(c), upon the Holder’s surrender of this Warrant, with a duly
executed copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its
principal offices or at such other office or agency as the Company may specify in writing to the Holder, the Company shall
register the transfer of all or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a
new Warrant, in substantially the form of this Warrant, evidencing the acquisition rights transferred to the
transferee and a new Warrant, in similar form, evidencing the remaining acquisition rights not transferred, to the Holder
requesting the transfer.

 

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(b)           Warrant
Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased
hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number
of Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions
regarding such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office
or agency as the Company may specify in writing to the Holder.

 

(c)            Restrictions
on Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an
exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of
the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably
satisfactory to the Company, provided, however, that the requirement to deliver an opinion of counsel shall not apply in the case
of transfers to an Affiliate of the Holder.

 

(d)           Permitted
Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer,
with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates
(as such term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required
by Section 5(c)(ii); provided, that the Holder delivers to the Company and its counsel certification, documentation,
and other assurances reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion
to the Company’s Transfer Agent that such transfer does not violate applicable securities laws.

 

	6.	MUTILATED OR MISSING WARRANT
CERTIFICATE

 

If this Warrant is
mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and
upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially
the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided, that, as
a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction
as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

	7.	PAYMENT OF TAXES

 

The Company will
pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the
Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however,
that the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery
of certificates for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to
the Holder.

 

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	8.	FRACTIONAL WARRANT SHARES

 

No fractional Warrant
Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round
up the number of Warrant Shares issuable to nearest whole share.

 

	9.	NO STOCK RIGHTS AND LEGEND

 

No holder of this Warrant,
as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time be issuable
on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the
rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).

 

Each certificate for
Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO
THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

	10.	INTENTIONALLY OMITTED

 

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	11.	NOTICES

 

All notices,
consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party when
(a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid);
(b) sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment; (c) received or
rejected by the addressee, if sent by certified mail, return receipt requested, if to the registered Holder hereof; or
(d) seven days after the placement of the notice into the mails (first class postage prepaid), to the Holder at the
address, facsimile number, or e-mail address furnished by the registered Holder to the Company in accordance with the
Subscription Agreement by and between the Company and the Holder, or if to the Company, to it at 2249 S. McDowell Ext.,
Petaluma, CA 94954, Attn: Peter Wardenburg, CEO (or to such other address, facsimile number, or e-mail address as the Holder
or the Company as a party may designate by notice the other party).

 

	12.	SEVERABILITY

 

If a court of competent
jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in
full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

	13.	BINDING EFFECT

 

This Warrant shall
be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or
Holders from time to time of this Warrant and the Warrant Shares.

 

	14.	SURVIVAL OF RIGHTS AND
DUTIES

 

This Warrant shall
terminate and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on
which this Warrant has been exercised in full.

 

	15.	GOVERNING LAW

 

This Warrant will be
governed by and construed under the laws of the State of New York without regard to conflicts of laws principles that would require
the application of any other law.

 

	16.	DISPUTE RESOLUTION

 

In the case of a
dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall
submit the disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice
of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree
upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such
disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business
Days, submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment
bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the
accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the
results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such
investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all
parties absent demonstrable error.

 

    11 

     

    

 

	17.	NOTICES OF RECORD DATE

 

Upon (a) any establishment
by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other
right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with
or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary
dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s
voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the
Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to
the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of such
dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such
reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected
to become effective and (iii) the date, if any, fixed as to when the holders of record of Common Stock shall be entitled to
exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification,
transfer, consolation, merger, dissolution, liquidation or winding up.

 

	18.	RESERVATION OF SHARES

 

The Company shall reserve
and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free
from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company covenants
that it will use best efforts to take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and use best efforts to obtain
all such authorizations, exemptions or consents, including but not limited to consents from the Company’s stockholders or
Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations under this
Warrant.

 

	19.	NO THIRD PARTY RIGHTS

 

This Warrant is not
intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or
entity may assert any rights as third-party beneficiary hereunder.

 

    12 

     

    

 

	20.	AMENDMENT PROVISION

 

Any term of this Warrant
may be amended, supplemented or waived upon the written consent of the Company and the holders of a majority in interest of all
outstanding Placement Agent Warrants issued pursuant to the PAA, and such amendment, supplement or waiver shall be binding upon
the Company and all holders of such Placement Agent Warrants, including the Holder, whether or not the Holder has consented to
such amendment, supplement or waiver; provided, however, that any such amendment, supplement or waiver must apply to all
outstanding Placement Agent Warrants issued pursuant to the PAA.

 

[SIGNATURE PAGE FOLLOWS]

 

    13 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed as of the date first set forth above.

 

		HYDROFARM HOLDINGS GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name: Peter Wardenburg
	 	 	Title: Chief Executive Officer

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

(To be executed by the Holder of Warrant
if such Holder desires to exercise Warrant)

 

To Hydrofarm Holdings Group, Inc.:

 

The undersigned hereby irrevocably elects to exercise
this Warrant and to purchase thereunder,                                       
full shares of Hydrofarm Holdings Group, Inc. common stock, par value $0.0001 per share, issuable upon exercise of the
Warrant and delivery of:

 

(1)            $              (in
cash as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant;
and

 

(2)                            shares
of Common Stock (pursuant to a Cashless Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if
the undersigned desires to deliver an unspecified number of shares equal the number sufficient to effect a Cashless Exercise [___]).

 

The undersigned requests that certificates
for such shares be issued in the name of:

 

                                                                                                            

(Please
print name, address and social security or federal employer

identification number (if applicable))

 

                                                                                                            

 

                                                                                                            

 

Capitalized
terms used herein without definition have the meaning ascribed to them in the Warrant. The undersigned hereby affirms that the
undersigned is an “accredited investor” as defined under Rule 501 of Regulation D of the Securities Act of 1933,
as amended. If the Holder cannot make the foregoing affirmation because it is factually incorrect, it shall be a condition to the
exercise of the Warrant that the Company receive such other representations as the Company considers necessary, acting reasonably,
to assure the Company that the issuance of securities upon exercise of this Warrant shall not violate any United States or other
applicable securities laws.

 

If the shares issuable
upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of
the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered
to:

 

                                                                                                            

(Please
print name, address and social security or federal employer

identification number (if applicable))

 

                                                                                                            

 

                                                                                                            

 

 

		 	Name of Holder (print):	 

	 	 	(Signature):	

	 	 	(By:)	

	 	 	(Title:)	

	 	 	Dated:	

 

    15 

     

    

  

EXHIBIT B

 

FORM OF
ASSIGNMENT

 

FOR VALUE
RECEIVED,___________________________________________   hereby
sells, assigns and transfers to each assignee set forth below all of the rights of the undersigned under the Warrant
(as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set opposite the name of such
assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares issuable upon
exercise of the Warrant:

 

	Name
of Assignee	Address	Number
of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

If
the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests
that a new Warrant evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to
the undersigned.

 

		 	Name of Holder (print):	 

	 	 	(Signature):	

	 	 	(By:)	

	 	 	(Title:)	

	 	 	Dated:	

 

    16Exhibit 4.4

 

FORM OF
REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into effective as of [ ], 2018 (the “Effective
Date”) between Hydrofarm Holdings Group, Inc., a Delaware corporation (the “Company”), and the persons
who have executed the signature page(s) hereto (each, a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS:

 

WHEREAS, the Company
has entered into an Agreement and Plan of Merger with Hydrofarm Investment Corp., a Delaware corporation (“Hydrofarm”),
pursuant to which Hydrofarm Acquisition, Inc., a newly organized, wholly-owned subsidiary of the Company has merged with and into
Hydrofarm, with Hydrofarm remaining as the surviving entity and a wholly-owned subsidiary of the Company (the “Merger”);

 

WHEREAS, concurrently
with the effectiveness of the Merger and to provide new capital required by the Company for working capital and other purposes,
the Company has consummated an offering in compliance with Rule 506(b) of Regulation D of the Securities Act (as defined herein),
to accredited investors in a private placement transaction (the “2018 PPO”), units (“Units”)
of its securities, each priced at $2.50 per Unit with each Unit consisting of: (i) one share of common stock, par value $0.0001
(“Common Stock” or “Investor Shares”), and (ii) a warrant to purchase one half (1/2) of a
share of Common Stock (the “Investor Warrants”) at an initial exercise price of $5.00 per full share;

 

WHEREAS, concurrently
with the 2018 PPO, Hydrofarm is conducting the Concurrent Offering (as hereinafter defined) and, as a result of the Merger, the
Company shall issue the Concurrent Shares (as hereinafter defined) to existing stockholders of Hydrofarm participating in the Concurrent
Offering;

 

WHEREAS, the initial
closing of the 2018 PPO, the closing of the Concurrent Offering, and the consummation of the Merger has taken place on the Effective
Date;

 

WHEREAS, in connection
with the BWGS Transaction (as hereinafter defined), it is currently contemplated that Sun Capital (as hereinafter defined) will
be making an equity investment in either (i) Hydrofarm or a subsidiary in Hydrofarm which will ultimately result in it receiving
Investor Shares and Investor Warrants or (ii) the Company in exchange for the issuance of Investor Shares and Investor Warrants;
provided, however that in the event the BWGS Transaction does not close, Sun Capital shall not receive Investor Shares or Investor
Warrants (the “Sun Capital Investment”);

 

WHEREAS, in connection
with the 2018 PPO, the Concurrent Offering and the Sun Capital Investment, the Company agreed to provide certain registration rights
related to the Investor Shares and the shares of Common Stock issuable upon exercise of the Investor Warrants, on the terms set
forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises, representations, warranties, covenants, and conditions set forth herein, the parties mutually
agree as follows:

 

    

     

    

 

1.         Certain Definitions.
As used in this Agreement, the following terms shall have the following respective meanings:

 

“Agreement” has the meaning given
it in the preamble to this Agreement.

 

“Allowed Delay” has the meaning
given it in Section 3(e) of this Agreement.

 

“Approved
Market” means the Nasdaq Stock Market, the New York Stock Exchange or the NYSE American.

 

“Blackout
Period” means, with respect to a registration, a period, in each case commencing on the day immediately after the Company
notifies the Purchasers that they are required, because of the occurrence of an event of the kind described in Section 4(f) hereof,
to suspend offers and sales of Registrable Securities during which the Company, in the good faith judgment of its board of directors,
determines (because of the existence of, or in anticipation of, any acquisition, financing activity, or other transaction involving
the Company, or the unavailability for reasons beyond the Company’s control of any required financial statements, disclosure
of information which is in its best interest not to publicly disclose, or any other event or condition of similar significance
to the Company) that the registration and distribution of the Registrable Securities to be covered by such Registration Statement,
if any, would be seriously detrimental to the Company or its stockholders and ending on the earlier of (1) the date upon which
the MNPI commencing the Blackout Period is disclosed to the public or ceases to be material and (2) such time as the Company notifies
the selling Holders that the Company will no longer delay such filing of the Registration Statement, recommence taking steps to
make such Registration Statement effective, or allow sales pursuant to such Registration Statement to resume.

 

“Business Day”
means any day of the year, other than a Saturday, Sunday, or other day on which the Commission is required or authorized to close.

 

“BWGS” means BWGS, LLC, a Delaware
limited liability company.

 

“BWGS Transaction”
means that transaction pursuant to which a subsidiary of the Company will be acquiring all equity of BWGS, certain real property
used by BWGS in its business and certain other assets or entities not owned by BWGS that are used by BWGS in its business.

 

“Commission”
or “SEC” means the U.S. Securities and Exchange Commission or any other applicable federal agency at the time
administering the Securities Act.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company and any and all shares of capital stock
or other equity securities of: (i) the Company which are added to or exchanged or substituted for the Common Stock by reason
of the declaration of any stock dividend or stock split, the issuance of any distribution or the reclassification,
readjustment, recapitalization or other such modification of the capital structure of the Company; and (ii) any other
corporation, now or hereafter organized under the laws of any state or other governmental authority, with which the Company
is merged, which results from any consolidation or reorganization to which the Company is a party, or to which is sold all or
substantially all of the shares or assets of the Company, if immediately after such merger, consolidation, reorganization or
sale, the Company or the stockholders of the Company own equity securities having in the aggregate more than 50% of the total
voting power of such other corporation.

 

    2

     

    

 

“Company” has the meaning given
it in the preamble to this Agreement.

 

“Concurrent
Offering” means the offering of up to $20 million of units in Hydrofarm which, in connection with the Merger, will ultimately
be exchanged for securities with identical terms to the securities comprising the Units being offered in the 2018 PPO.

 

“Concurrent
Shares” means the shares of Common Stock, and the shares of Common Stock underlying any warrants, issuable to the stockholders
of Hydrofarm as a result of the Concurrent Offering, that may be issued as part of and in connection with the Merger.

 

“Effective Date” has the meaning
given it in the preamble to this Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Family Member”
means (a) with respect to any individual, such individual’s spouse, any descendants (whether natural or adopted), any trust
all of the beneficial interests of which are owned by any of such individuals or by any of such individuals together with any organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual, and any corporation,
association, partnership or limited liability company all of the equity interests of which are owned by those above described individuals,
trusts or organizations and (b) with respect to any trust, the owners of the beneficial interests of such trust.

 

“Holder”
means each Purchaser or any of such Purchaser’s respective successors and Permitted Assignees who acquire rights in accordance
with this Agreement with respect to any Registrable Securities or Investor Warrants directly or indirectly from a Purchaser or
from any Permitted Assignee.

 

“Initial Public
Offering” means the initial underwritten sale of equity securities by the Company pursuant to an effective Registration
Statement under the Securities Act.

 

“Initial Registration
Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“IPO Engagement” has the meaning
given it in Section 3(a) of this Agreement.

 

“Investor Shares” has the meaning
given it in the recitals of this Agreement.

 

“Investor Warrants” has the meaning
given it in the recitals of this Agreement.

 

“Majority
Holders” means at any time Holders holding (directly and/or indirectly) a majority of the Registrable Securities.

 

“Merger” has the meaning given
in the recitals of this Agreement.

 

    3

     

    

 

“MNPI”
means material non-public information within the meaning of Regulation FD promulgated under the Exchange Act, which shall, in any
case, include the receipt of the notice pursuant to Section 3(b) and the information contained in such notice.

 

“Permitted
Assignee” means (a) with respect to a partnership, its partners or former partners in accordance with their partnership
interests, (b) with respect to a corporation, its stockholders in accordance with their interest in the corporation, (c) with respect
to a limited liability company, its members or former members in accordance with their interest in the limited liability company,
(d) with respect to an individual party, any Family Member of such party, (e) an entity that is controlled by, controls, or is
under common control with a transferor, (f) a party to this Agreement or (g) as otherwise agreed in writing by the Company and
such Holder.

 

“Piggyback
Registration” means, in any registration of Common Stock as set forth in Section 3(b), the ability of holders of Registrable
Securities to include Registrable Securities in such registration.

 

“Placement
Agent ” means A.G.P./Alliance Global Partners (as lead Placement Agent) and Aegis Capital Corp. (as a co-Placement Agent).

 

“Redemption Notice” has the meaning
given it in Section 3(f) of this Agreement.

 

The terms “register,”
 “registered,” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

 

“Registrable
Securities” means the Investor Shares, the Concurrent Shares and the Registrable Warrant Shares but excluding, subject
to Section 3(e), (i) any Registrable Securities that have been publicly sold; (ii) any Registrable Securities sold by a person
in a transaction pursuant to a registration statement filed under the Securities Act, or (iii) any Registrable Securities that
are at the time subject to an effective registration statement under the Securities Act.

 

“Registrable
Warrant Shares” means the shares of Common Stock issued or issuable to a Holder upon exercise of the Investor Warrants.

 

“Registration
Default Date” means the date that is 180 days after the date the Registration Statement is publicly filed with the Commission;
provided, however, that the Registration Default Date is subject to adjustment as set forth under Section 3(a) of
this Agreement.

 

“Registration
Default Period” means the period following the Registration Default Date during which any Registration Event occurs and
is continuing.

 

“Registration Event” means the occurrence
of any of the following events:

 

(a)       the Company fails
to file with the Commission the Registration Statement on or before the Registration Filing Date;

 

(b)       the Registration
Statement is not declared effective by the Commission on or before the Registration Default Date, except as excused pursuant to
Section 3(e);

 

    4

     

    

 

(c)       after the SEC Effective
Date, sales cannot be made pursuant to the Registration Statement for any reason (including without limitation by reason of a stop
order, or the Company’s failure to update the Registration Statement) except as excused pursuant to Section 3(e); or

 

(d)       after the SEC Effective
Date, the Common Stock generally or the Registrable Securities specifically are not listed or included for quotation on an Approved
Market, or trading of the Common Stock is suspended or halted on the Approved Market, which at the time constitutes the principal
market for the Common Stock, for more than two full, consecutive Trading Days;

 

provided, however,
a Registration Event shall not be deemed to occur if: (1) all or substantially all trading in equity securities (including the
Common Stock) is suspended or halted on the Approved Market for any length of time; (2) the Company commences and pursues an Initial
Public Offering, as set forth in Section 3(a) of this Agreement, in which case the Registration Filing Date and the Registration
Default Date will be governed as set forth in Section 3(a); or (3) the Company declares a Blackout Period; provided however that
the Company shall only be permitted to declare two (2) Blackout Periods in any twelve (12) month period.

 

“Registration
Filing Date” means the date that is ninety (90) days after the date of the final closing of the 2018 PPO; provided however,
that the Registration Filing Date is subject to adjustment as set forth under Section 3(a) of this Agreement.

 

“Registration
Statement ” means the registration statement that the Company is required to file pursuant to this Agreement to register
the Registrable Securities.

 

“Release Date” has the meaning
given it in Section 3(f) of this Agreement.

 

“Rule 144” means Rule 144 promulgated
by the Commission under the Securities Act.

 

“Rule 145” means Rule 145 promulgated
by the Commission under the Securities Act.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute promulgated in replacement thereof,
and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

“SEC Effective
Date” means the date the Registration Statement is declared effective by the Commission.

 

“Sun Capital”
means Sun Capital Partners Group VI, LLC, a Delaware limited liability company and its affiliates.

 

“Trading Day”
means (a) if the Common Stock is listed or quoted on an Approved Market, then any day during which securities are generally eligible
for trading on the Approved Market, or (b) if the Common Stock is not then listed or quoted and traded
on an Approved Market, then any business day.

 

    5

     

    

 

“Transfer” has the meaning given
it in Section 3(f) of this Agreement.

 

2.            Term. This Agreement shall continue in full force and effect for a period of one year from the SEC Effective Date, unless
terminated sooner hereunder.

 

3.            Registration.

 

(a)       Registration on
Form S-1. Not later than the Registration Filing Date, the Company shall file with the Commission a Registration Statement
on Form S -1, or any other similar long-form registration, relating to the resale by the Holders of all of the Registrable Securities,
and the Company shall use its best efforts to cause such Registration Statement to be declared effective prior to the Registration
Default Date. Notwithstanding the foregoing, in the event the Company signs a letter of intent or comparable agreement with an
underwriter(s) which contemplates an Initial Public Offering (the “IPO Engagement”), then the Company shall
have the right to extend the Registration Filing Date to the earlier of (i) such date that is acceptable to such underwriter(s);
provided that such date may be no later than six months following the effective date of the Registration Statement filed
in connection with such IPO Engagement, or (ii) 45 days from effective date of any termination or abandonment of such IPO Engagement.
The registration rights under this Section 3 shall not apply or be available with respect to securities of the Company held by
affiliates (as defined in Rule 405 under the Securities Act) and related persons (as defined in Rule 404 under the Securities Act)
of the Placement Agent or the officers and directors of the Company and their affiliates.

 

(b)       Piggyback Registration.
Following the Initial Public Offering, if the Company shall determine to register for sale for cash any of its Common Stock, for
its own account or for the account of others (other than the Holders), other than (i) the Initial Public Offering, (ii) a registration
relating solely to employee benefit plans or securities issued or issuable to employees, consultants (to the extent the securities
owned or to be owned by such consultants could be registered on Form S-8) or any of their Family Members (including a registration
on Form S-8) or (iii) a registration relating to a Securities Act Rule 145 transaction or a registration on Form S-4 in connection
with a merger, acquisition, divestiture, reorganization or similar event, the Company shall promptly give to the Holders written
notice thereof (and in no event shall such notice be given less than twenty (20) calendar days prior to the public filing of such
registration statement (the “Piggyback Registration Statement”)), and shall, subject to Section 3(c), include
as a Piggyback Registration all of the Registrable Securities specified in a written request delivered by the Holder thereof within
ten (10) calendar days after receipt of such written notice from the Company. However, the Company may, without the consent of
the Holders, withdraw such Piggyback Registration Statement prior to its becoming effective if the Company or such other stockholders
have elected to abandon the proposal to register the securities proposed to be registered thereby.

 

    6

     

    

 

(c)       Underwriting.
If a Piggyback Registration is for a registered public offering that is to be made by an underwriting other than an IPO Engagement,
the Company shall so advise the Holders of the Registrable Securities eligible for inclusion in such Registration Statement pursuant
to Sections 3(b). In that event, the right of any Holder to Piggyback Registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to sell any of their Registrable Securities through such underwriting shall (together
with the Company and any other stockholders of the Company selling their securities through such underwriting) enter into an underwriting
agreement in customary form with the underwriter(s) selected for such underwriting by the Company or the selling stockholders,
as applicable. Notwithstanding any other provision of this Section 3, if the managing underwriter(s) or the Company determines
that marketing factors require a limitation on the number of shares of Common Stock or the amount of other securities to be underwritten,
the managing underwriter(s), at its sole discretion, may exclude some or all Registrable Securities from such registration and
underwriting. The Company shall so advise all Holders (except those Holders who failed to timely elect to include their Registrable
Securities through such underwriting or have indicated to the Company their decision not to do so), and indicate to each such
Holder the number of shares of Registrable Securities that may be included in the registration and underwriting, if any. The number
of shares of Registrable Securities to be included in such registration and underwriting shall be allocated among such Holders
as follows:

 

(i)       If the
Piggyback Registration was initiated by the Company, the number of shares that may be included in the registration and underwriting
shall be allocated first to the Company and then, subject to obligations and commitments existing as of the date hereof, to all
selling stockholders, including the Holders, who have requested to sell in the registration on a pro rata basis according to the
number of shares requested to be included therein; or

 

(ii)      If the
Piggyback Registration was initiated by the exercise of demand registration rights by a stockholder or stockholders of the Company
(other than the Holders), then the number of shares that may be included in the registration and underwriting shall be allocated
first to such selling stockholders who exercised such demand and then, subject to obligations and commitments existing as of the
date hereof, to all other selling stockholders, including the Holders, who have requested to sell in the registration on a pro
rata basis according to the number of shares requested to be included therein.

 

No Registrable Securities excluded from
the underwriting by reason of the managing underwriter’s marketing limitation shall be included in such registration and
no liquidated damages as set forth in Section 3(d) shall accrue with respect to such excluded securities. If any Holder disapproves
of the terms of any such underwriting, such Holder may elect to withdraw such Holder’s Registrable Securities therefrom by
delivering a written notice to the Company and the managing underwriter(s). The Registrable Securities so withdrawn from such underwriting
shall also be withdrawn from such registration; provided, however, that, if by the withdrawal of such Registrable
Securities, a greater number of Registrable Securities held by other Holders may be included in such registration (up to the maximum
of any limitation imposed by the managing underwriter(s)), then the Company shall offer to all Holders who have included Registrable
Securities in the registration the right to include additional Registrable Securities pursuant to the terms and limitations set
forth herein in the same proportion used above in determining the underwriter limitation.

 

    7

     

    

 

(d)       Liquidated Damages
Following a Registration Event. If a Registration Event occurs, then the Company will make payments to each Holder of Registrable
Securities (each, a “Qualified Purchaser”), as liquidated damages for the amount of damages to the Qualified
Purchaser by reason thereof, at a rate equal to 0.50% of the purchase price per Unit paid by such Qualified Purchaser in the 2018
PPO for the Registrable Securities then held by such Qualified Purchaser for each full period of 30 days of the Registration Default
Period (which shall be pro-rated for any period less than 30 days). Notwithstanding the foregoing, the maximum amount of liquidated
damages that may be paid to any Qualified Purchaser pursuant to this Section 3(d) shall be an amount equal to 6% of the aggregate
purchase price paid by such Qualified Purchaser in the 2018 PPO for the Registrable Securities held by such Qualified Purchaser
at the time of the first occurrence of a Registration Event. Each such payment shall be due and payable within five Business Days
after the end of each full 30-day period of the Registration Default Period until the termination of the Registration Default Period
and within five (5) Business Days after such termination. Such payments shall constitute the Qualified Purchaser’s exclusive
remedy for any damages resulting from a Registration Event. If the Company fails to pay any partial liquidated damages pursuant
to this Section 3(d) in full within seven (7) Business Days after the date payable, the Company will pay interest thereon at a
rate of 5% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Qualified Purchaser,
accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid
in full. The Registration Default Period shall terminate upon the earlier of (i) the filing of the Registration Statement (if the
Registration Event was triggered by clause (a) of the definition thereof), (ii) the SEC Effective Date (if the Registration Event
was triggered by clause (b) of the definition thereof), (iii) the ability of the Qualified Purchaser to effect sales pursuant to
the Registration Statement (if the Registration Event was triggered by clause (c) of the definition thereof and not excused pursuant
to Section 3(e)), and (iv) the listing or inclusion and/or trading of the Common Stock on an Approved Market, as the case may be
(if the Registration Event was triggered by clause (d) of the definition thereof). The amounts payable as liquidated damages pursuant
to this Section 3(d) shall be payable in lawful money of the United States.

 

(e)       Notwithstanding
the provisions of Section 3(d) above:

 

(1)(a) if the
Commission does not declare the Registration Statement effective on or before the Registration Default Date, or (b) if the
Commission allows the Registration Statement to be declared effective at any time before or after the Registration Default
Date, subject to the withdrawal of certain Registrable Securities from the Registration Statement, and the reason for (a) or
(b) is the Commission’s determination that (x) the offering of any of the Registrable Securities constitutes a primary
offering of securities by the Company, (y) Rule 415 may not be relied upon for the registration of the resale of any or all
of the Registrable Securities, and/or (z) a Holder of any Registrable Securities must be named as an underwriter, the Holders
understand and agree that in the case of (b) the Company may reduce, on a pro rata basis, the total number of
Registrable Securities to be registered on behalf of each such Holder, and, in the case of (a) or (b), that a Holder shall
not be entitled to any liquidated damages under Section 3(d) with respect to the Registrable Securities not registered for
the reason set forth in (a), or so reduced on a pro rata basis as set forth in (b). In any such pro rata
reduction, the number of Registrable Securities to be registered on such Registration Statement will be reduced (i) first, by
the Registrable Securities represented by the Registrable Warrant Shares (applied, in the case that some Registrable Warrant
Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Registrable
Warrant Shares held by such Holders on a fully diluted basis), and (ii) second, by the Registrable Securities represented by
Investor Shares (applied, in the case that some Investor Shares may be registered, to the Holders on a pro rata basis based
on the total number of unregistered Investor Shares). In addition, any such affected Holder shall be entitled to Piggyback
Registration rights after the Registration Statement is declared effective by the Commission until such time as: (AA) all
Registrable Securities have been registered pursuant to an effective Registration Statement, (BB) the Registrable Securities
may be resold without restriction pursuant to SEC Rule 144 of the Securities Act or (CC) the Holder agrees to be named as an
underwriter in any such registration statement. The Holders acknowledge and agree the provisions of this paragraph may apply
to more than one Registration Statement; and

 

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(2)        For
not more than thirty (30) consecutive days or for a total of not more than sixty (60)   days in any twelve (12)
month period, the Company may suspend the use of any prospectus included in any Registration Statement contemplated by this
Section in the event that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure
of MNPI concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the
best interests of the Company or (B) amend or supplement the affected Registration Statement or the related prospectus so
that (i) such Registration Statement shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein or (ii) such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in the light
of the circumstances under which they were made, not misleading, including in connection with the filing of a post-effective
amendment to such Registration Statement in connection with the Company’s filing of an Annual Report on Form 10-K for
any fiscal year (an “Allowed Delay”); provided, that the Company shall promptly (a) notify each Holder in writing
of the commencement of an Allowed Delay, but shall not (without the prior written consent of an Holder) disclose to such
Holder any MNPI giving rise to an Allowed Delay, (b) advise the Holders in writing to cease all sales under the Registration
Statement until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate an Allowed Delay as
promptly as practicable.

 

In the event of an Allowed Delay, the liquidated
damages set forth in Section 3(d) shall not accrue during such Allowed Delay.

 

(f)        Holdback
Agreements. (A) Subject to paragraphs (B), (C) and (D) below, from and after the SEC Effective Date, each Holder
understands that (i) it shall not sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase
any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or
indirectly, any shares of the Registrable Securities, nor shall such Holder enter into any swap, hedging or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any shares of the
Registrable Securities (any of the foregoing under (i), a “Transfer”) until the Release Date (as defined
below); provided, however, that such Holder shall be permitted to Transfer up to 50% of such Holder’s
Registrable Securities held by it at any time on or after the SEC Effective Date, and (ii) following the Release Date, it
shall be entitled to Transfer all remaining Registrable Securities held by such Holder. Each Holder hereby covenants and
agrees that (x) it shall abide by the restrictions set forth above and (y) the Company shall be entitled to place “stop
transfer” instructions with the Company’s transfer agent in compliance with the above restrictions. For purposes
of this clause (f), the term “Release Date” shall mean the date that is 90 days after the SEC Effective
Date; provided, that in the event the Company delivers a notice of redemption to the Holders of the Investor Warrants
(pursuant to the terms of such warrants) (the “Redemption Notice”), the restrictions set forth above shall
terminate effective on the date of delivery of the Redemption Notice.

 

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(B)      Notwithstanding Section
3(f)(A) above, but subject to paragraph (C) below, in the event the Closing Price is $10.00 or above (as adjusted for any stock
split, share dividends, share combinations, or the like) for 20 consecutive trading days, all Registrable Securities shall be released
from the holdback agreements of paragraph (A) above. The “Closing Price” means, for any date, the closing price
per share of the Common Stock for such date (or the nearest preceding date) on the primary eligible market or exchange on which
the Common Stock is then listed or quoted.

 

(C)      Notwithstanding paragraphs
(A) or (B) above, in the event that there is an IPO Engagement, then each Holder hereby agrees that it shall not Transfer any of
the Registrable Securities or Investor Warrants until the date that is six (6) months after the effective date of the Registration
Statement filed in connection with such IPO Engagement (the “Lock -Up Period”). In furtherance of the foregoing,
the Holder agrees, upon request of the Company, to enter into a lock-up agreement consistent with the foregoing as may be required
by any underwriter engaged by the Company in connection with such IPO Engagement.

 

(D)      Notwithstanding anything
to the contrary, Section 3(f) shall not apply to Transfers to Permitted Assignees.

 

(E)       Subject to the Company’s
other obligations in this Agreement, the Company shall have the right to terminate or withdraw any registration initiated by it
under Section 3(b) whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 6.

 

4.         Registration
Procedures for Registrable Securities. The Company will keep each Holder reasonably advised as to the filing and effectiveness
of the Registration Statement. At its expense with respect to the Registration Statement, the Company will:

 

(a)       prepare and file
with the Commission with respect to the Registrable Securities, a Registration Statement on Form S-1, or any other 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 the Registrable Securities in accordance with the intended methods of distribution thereof, and use its commercially reasonable
efforts to cause such Registration Statement to become effective and shall remain effective for a period of one (1) year or for
such shorter period ending on the date when (i) all of the Registrable Securities registered thereunder shall have been sold or
(ii) all Registrable Securities may be resold without restriction pursuant to SEC Rule 144 of the Securities Act (the “Effectiveness
Period”). Thereafter, the Company shall be entitled to withdraw such Registration Statement and the Holders shall have
no further right to offer or sell any of the Registrable Securities registered for resale thereon pursuant to the respective Registration
Statement (or any prospectus relating thereto);

 

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(b)       if the Registration
Statement is subject to review by the Commission, respond in a commercially reasonable manner to all comments and diligently pursue
resolution of any comments to the satisfaction of the Commission;

 

(c)       prepare and file
with the Commission such amendments and supplements to such Registration Statement as may be necessary to keep such Registration
Statement effective during the Effectiveness Period;

 

(d)       furnish, without
charge, to each Holder of Registrable Securities covered by such Registration Statement (i) a reasonable number of copies of such
Registration Statement (including any exhibits thereto other than exhibits incorporated by reference), each amendment and supplement
thereto as such Holder may reasonably request, (ii) such number of copies of the prospectus included in such Registration Statement
(including each preliminary prospectus and any other prospectus filed under Rule 424 of the Securities Act) as such Holders may
reasonably request, in conformity with the requirements of the Securities Act, and (iii) such other documents as such Holder may
require to consummate the disposition of the Registrable Securities owned by such Holder, but only during the Effectiveness Period;

 

(e)       use its commercially
reasonable efforts to register or qualify such registration under such other applicable securities laws of such jurisdictions as
any Holder of Registrable Securities covered by such Registration Statement reasonably requests and as may be necessary for the
marketability of the Registrable Securities (such request to be made by the time the applicable Registration Statement is deemed
effective by the Commission) and do any and all other acts and things necessary to enable such Holder to consummate the disposition
in such jurisdictions of the Registrable Securities owned by such Holder; provided, that the Company shall not be required
to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph,
(ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction.

 

(f)        notify each Holder
of Registrable Securities, the disposition of which requires delivery of a prospectus relating thereto under the Securities Act,
of the happening of any event (as promptly as practicable after becoming aware of such event), which comes to the Company’s
attention, that will after the occurrence of such event cause the prospectus included in such Registration Statement, if not amended
or supplemented, to contain an untrue statement of a material fact or an omission to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading, and the Company shall
promptly thereafter prepare and furnish to such Holder a supplement or amendment to such prospectus (or prepare and file appropriate
reports under the Exchange Act) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, unless suspension of the use of such prospectus
otherwise is authorized herein or in the event of a Blackout Period, in which case no supplement or amendment need be furnished
(or Exchange Act filing made) until the termination of such suspension or Blackout Period;

 

(g)       comply,
and continue to comply during the Effectiveness Period, in all material respects with the Securities Act and the Exchange Act
and with all applicable rules and regulations of the Commission with respect to the disposition of all securities covered by
such Registration Statement;

 

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(h)       as promptly as practicable
after becoming aware of such event, notify each Holder of Registrable Securities being offered or sold pursuant to the Registration
Statement of the issuance by the Commission of any stop order or other suspension of effectiveness of the Registration Statement;

 

(i)        use its commercially
reasonable efforts to cause all the Registrable Securities covered by the Registration Statement to be quoted on such Approved
Market on which securities of the same class or series issued by the Company are then listed or quoted;

 

(j)        provide a transfer
agent and registrar, which may be a single entity, for the shares of Common Stock registered hereunder;

 

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

 

(l)        during the Effectiveness
Period, refrain from bidding for or purchasing any Common Stock or any right to purchase Common Stock or attempting to induce any
person to purchase any such security or right if such bid, purchase or attempt would in any way limit the right of the Holders
to sell Registrable Securities by reason of the limitations set forth in Regulation M of the Exchange Act; and

 

(m)      take all other reasonable
actions necessary to expedite and facilitate the disposition by the Holders of the Registrable Securities pursuant to the Registration
Statement.

 

5.            Suspension of Offers and Sales. Each Holder agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 4(f) hereof or of the commencement of a Blackout Period, such Holder shall discontinue
the disposition of Registrable Securities included in the Registration Statement until such Holder’s receipt of the copies
of the supplemented or amended prospectus contemplated by Section 4(f) hereof or notice of the end of the Blackout Period, and,
if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies (including,
without limitation, any and all drafts), other than permanent file copies, then in such Holder’s possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such notice.

 

6.            Registration Expenses. The Company shall pay all expenses in connection with any registration obligation provided herein,
including, without limitation, all registration, filing, stock exchange fees, printing expenses, all fees and expenses of complying
with applicable securities laws, and the fees and disbursements of counsel for the Company and of its independent accountants;
provided, that, in any registration, each party shall pay for its own underwriting discounts and commissions and transfer
taxes. Except as provided in this Section 6 and Section 9, the Company shall not be responsible for the expenses of any attorney
or other advisor employed by a Holder.

 

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7.            Assignment of Rights. No Holder may assign its rights under this Agreement to any party without the prior written consent
of the Company; provided, however, that any Holder may assign its rights under this Agreement without such consent
to a Permitted Assignee as long as (a) such transfer or assignment is effected in accordance with applicable securities laws; (b)
such transferee or assignee agrees in writing to become subject to the terms of this Agreement; and (c) such Holder notifies the
Company in writing of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the
Registrable Securities with respect to which such rights are being transferred or assigned.

 

8.            Information by Holder. A Holder with Registrable Securities included in any registration shall furnish to the Company (and
any managing underwriter(s), where applicable) such information regarding itself, the Registrable Securities held by it, the intended
method of disposition of such securities, and such other information as shall be required in order to comply with any applicable
law or regulation in connection with the registration of such Holder’s Registrable Securities or any qualification or compliance
with respect to such Holder’s Registrable Securities and referred to in this Agreement. A form of Selling Stockholder Questionnaire
is attached as Exhibit A hereto for such purposes.

 

9.            Indemnification.

 

(a)       In
the event of the offer and sale of Registrable Securities under the Securities Act, the Company shall, and hereby does,
indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, partners, each
other person who participates as an underwriter in the offering or sale of such securities, and each other person, if any,
who controls or is under common control with such Holder or any such underwriter within the meaning of Section 15 of the
Securities Act, against any losses, claims, damages or liabilities, joint or several, and expenses to which the Holder or any
such director, officer, partner or underwriter or controlling person may become subject under the Securities Act, the
Exchange Act, or any other federal or state law, insofar as such losses, claims, damages, liabilities or expenses (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (1), in the case of any
registration statement prepared and filed by the Company under which Registrable Securities were registered under the
Securities Act, if such registration statement contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or (2) in the case of
any preliminary prospectus, final prospectus or summary prospectus contained in such registration statement, or any amendment
or supplement thereto, if such preliminary prospectus, final prospectus or summary prospectus includes an untrue statement of
a material fact or omits to state a material fact necessary in order to make the statements, in the light of the
circumstances under which they were made, not misleading, or any violation or alleged violation of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or
any state securities law in connection with this Agreement; and the Company shall reimburse the Holder, and each such
director, officer, partner, underwriter and controlling person for any legal or any other expenses reasonably incurred by
them in connection with investigating, defending or settling any such loss, claim, damage, liability, action or proceeding; provided,
that such indemnity agreement found in this Section 9(a) shall in no event exceed the net proceeds from the 2018 PPO received
by the Company; and provided further, that the Company shall not be liable in any such case (i) to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an
untrue statement in or omission from such registration statement, any such preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by
the Holder specifically for use in the preparation thereof or (ii) if the person asserting any such loss, claim, damage,
liability (or action or proceeding in respect thereof) who purchased the Registrable Securities that are the subject thereof
did not receive a copy of the preliminary prospectus or the final prospectus (or the final prospectus as amended or
supplemented) at or prior to the written confirmation of the sale of such Registrable Securities to such person because of
the failure of such Holder or underwriter to so provide such preliminary or final prospectus and the untrue statement or
omission of a material fact made in such preliminary prospectus was corrected in the amended preliminary or final prospectus
(or the final prospectus as amended or supplemented). Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Holders, or any such director, officer, partner, underwriter or controlling person
and shall survive the transfer of such shares by the Holder.

 

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(b)       As
a condition to including Registrable Securities in any registration statement filed pursuant to this Agreement, each Holder
agrees to be bound by the terms of this Section 9 and to indemnify and hold harmless, to the fullest extent permitted by law,
the Company, its directors and officers, and each other person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which the Company
or any such director or officer or controlling person may become subject under the Securities Act, the Exchange Act, or any
other federal or state law, to the extent arising out of or based solely upon: (x) such Holder’s failure to comply with
the prospectus delivery requirements of the Securities Act or (y)(1), in the case of any registration statement prepared and
filed by the Company under which Registrable Securities were registered under the Securities Act, if such registration
statement contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or (2) in the case of any preliminary prospectus, final prospectus
or summary prospectus contained in such registration statement, or any amendment or supplement thereto, such preliminary
prospectus, final prospectus or summary prospectus includes an untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements, in the light of the circumstances under which they were made, not
misleading, (i) to the extent, but only to the extent, that such untrue statement or omission referred to in (y)(1) or (y)(2)
above is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in the
registration statement or such prospectus or (ii) to the extent that (1) such untrue statements or omissions referred to in
(y)(1) or (y)(2) above are based solely upon information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such prospectus or such form of prospectus or in any amendment or supplement
thereto or (2) in the case of an occurrence of an event of the type specified in Section 4(f) hereof, the use by such Holder
of an outdated or defective prospectus after the Company has notified such Holder in writing that the prospectus is outdated
or defective and prior to the receipt by such Holder of the advice contemplated in Section 4(f). Each Holder’s
obligation to indemnify shall be individual, not joint and several, and in no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

 

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(c)       Promptly after receipt
by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in this Section
(including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying
party, give written notice to the indemnifying party of the commencement of such action; provided, that the failure of any
indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section,
except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action
is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense thereof,
with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for
any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof, unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties arises in
respect of such claim after the assumption of the defenses thereof or the indemnifying party fails to defend such claim in a diligent
manner. If, in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties arises in respect of such claim after the assumption of the defenses thereof, the indemnified party (together with all
other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the reasonable fees and expenses to be paid by the indemnifying party. No indemnifying party shall be liable for
any settlement of any action or proceeding effected without its consent. No indemnifying party shall, without the consent of the
indemnified party (which consent shall not be unreasonably withheld, conditioned or delayed), consent to entry of any judgment
or enter into any settlement, unless such consent to entry of judgment or settlement includes as an unconditional term thereof
the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.
Notwithstanding anything to the contrary set forth herein, and without limiting any of the rights set forth above, in any event
any party shall have the right to retain, at its own expense, counsel with respect to the defense of a claim.

 

(d)       If an indemnifying
party does or is not permitted to assume the defense of an action pursuant to Sections 9(c) or in the case of the expense reimbursement
obligation set forth in Sections 9(a) and (b), the indemnification required by Sections 9(a) and 9(b) shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills received or expenses, losses,
damages, or liabilities are incurred provided that the indemnifying party is provided appropriate documentation.

 

(e)       If
the indemnification provided for in Section 9(a) or 9(b) is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party,
in lieu of indemnifying such indemnified party hereunder, shall (i) contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage or expense as is appropriate to reflect the
proportionate relative fault of the indemnifying party on the one hand and the indemnified party on the other (determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission relates to
information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission), or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified party than the
amount hereinafter calculated, not only the proportionate relative fault of the indemnifying party and the indemnified party,
but also the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other, as
well as any other relevant equitable considerations. No indemnified party guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not
guilty of such fraudulent misrepresentation.

 

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(f)        Other Indemnification.
Indemnification similar to that specified in this Section (with appropriate modifications) shall be given by the Company and each
Holder of Registrable Securities with respect to any required registration or other qualification of securities under any federal
or state law or regulation or governmental authority other than the Securities Act, provided, however, to the extent
the provisions included in an underwriting agreement entered in connection therewith are in conflict with any provisions in this
Section, the provisions in the underwriting agreement shall control.

 

10.            Rule
144. With a view to making available to the Holders the benefits of SEC Rule 144  and any other rule or regulation
of the SEC that may at any time permit the Holders to sell the Registrable Securities to the public without registration, the
Company agrees to use commercially reasonable efforts to: (i) to make and keep public information available as those terms
are understood in SEC Rule 144, (ii) to file with the SEC in a timely manner all reports and other documents required to be
filed by an issuer of securities registered under the Securities Act or the Exchange Act pursuant to SEC Rule 144, (iii) as
long as any Holder owns any Registrable Securities, to furnish in writing upon such Holder’s request a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 and of the Securities Act and
the Exchange Act, and to furnish to such Holder a copy of the most recent annual or quarterly report of the Company, and such
other reports and documents so filed by the Company as may be reasonably requested in availing such Holder of any rule or
regulation of the SEC permitting the selling of any such Registrable Securities without registration, (iv) with respect to
the sale of any Registrable Securities by a Holder pursuant to SEC Rule 144 and subject to Holder providing necessary
documentation to meet the requirements of such rule, to promptly furnish, without any charge to such Holder, a written legal
opinion of its counsel to facilitate such sale and, if necessary, instruct its transfer agent in writing that it may rely on
said written legal opinion of counsel with respect to said sale and (v) undertake any additional actions commercially
necessary to maintain the availability of Rule 144.

 

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

 

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12.            Miscellaneous.

 

(a)       Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the United States of America and the State of
Delaware, both substantive and remedial, without regard to Delaware conflicts of law principles. Any judicial proceeding brought
against either of the parties to this Agreement or any dispute arising out of this Agreement or any matter related hereto shall
be brought in the courts of the State of Delaware, New Castle County, or in the United States District Court for the District of
Delaware and, by its execution and delivery of this Agreement, each party to this Agreement accepts the jurisdiction of such courts.
The foregoing consent to jurisdiction shall not be deemed to confer rights on any person other than the parties to this Agreement.

 

(b)       Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages (subject to the provisions of Section 3(d)), shall be entitled to specific performance of its rights
under this Agreement. The Company and each Holder agree, except with respect to the provisions of Section 3(d), that monetary damages
would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement
and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert
or shall waive the defense that a remedy at law would be adequate.

 

(c)       Successors and
Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the
successors, Permitted Assignees, executors and administrators of the parties hereto.

 

(d)       No Inconsistent
Agreements. The Company has not entered, as of the date hereof, and shall not enter, on or after the date of this Agreement,
into any agreement with respect to its securities that would have the effect of impairing the rights granted to the Holders in
this Agreement or otherwise conflicts with the provisions hereof.

 

(e)       Entire Agreement
. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subjects
hereof.

 

(f)        Notices, etc.
All notices or other communications which are required or permitted under this Agreement shall be in writing and sufficient if
delivered by hand, by facsimile transmission, by registered or certified mail, postage pre-paid, by electronic mail, or by courier
or overnight carrier, to the persons at the addresses set forth below (or at such other address as may be provided hereunder),
and shall be deemed to have been delivered as of the date so delivered:

 

    17

     

    

 

If to the Company to:

 

Hydrofarm Holdings Group, Inc.

2249 S. McDowell
Ext.

Petaluma, CA 94954

Attn: Peter Wardenburg, CEO

E-mail: peter@hydrofarm.com

 

with copy to:

 

Zysman, Aharoni, Gayer & Co. and Sullivan
 & Worcester LLP

1633 Broadway, 32nd Floor

New York, NY 10019

Attn: Oded Har-Even, Esq. 

Email: ohareven@zag-sw.com

 

and

Perkins Coie LLP

1900 Sixteenth Street

Suite 1400

Denver, CO 80202

Attn: Sonny Allison, Esq.

Email: SAllison@perkinscoie.com

 

If to the Purchasers:

 

To each Purchaser at the address
set forth on the signature page hereto or at such other address as any party shall have furnished to the Company in writing.

 

(g)       Delays or Omissions.
No delay or omission to exercise any right, power or remedy accruing to any Holder, upon any breach or default of the Company
under this Agreement, shall impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of any similar breach or default thereunder occurring; nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent or approval of any kind or character on the part of any Holder of any breach or default under this
Agreement, or any waiver on the part of any Holder of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, or by law or
otherwise afforded to any holder, shall be cumulative and not alternative.

 

(h)       Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one instrument. In the event that any signature is
delivered by facsimile transmission or electronic transmission via .PDF file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or electronic signature page were an original thereof.

 

    18

     

    

 

(i)        Severability.
In the case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

(j)        Amendments.
The provisions of this Agreement may be amended at any time and from time to time, and particular provisions of this Agreement
may be waived, with and only with an agreement or consent in writing signed by the Company and the Majority Holders. The Purchasers
acknowledge that by the operation of this Section, the Majority Holders may have the right and power to diminish or eliminate
all rights of the Holders under this Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    19

     

    

 

This Registration Rights Agreement is hereby executed as of
the date first above written.

 

	 	COMPANY:
	 	 	 
	 	HYDROFARM HOLDINGS GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:	Peter Wardenburg
	 	Title:	Chief Executive Officer

 

EACH PURCHASER’S SIGNATURE TO THE SUBSCRIPTION AGREEMENT
THAT IS

DELIVERD IN CONNECTION WITH THE 2018 PPO SHALL CONSTITUTE SUCH

PURCHASER’S SIGNATURE TO THIS REGISTRATION RIGHTS
AGREEMENT.

 

    

     

    

 

 

THIS SIGNATURE PAGE IS FOR NON 2018
PPO INVESTORS 

 

This Registration Rights Agreement is hereby
executed as of the date first above written.

 

Holder:

 

Entity:

 

	Name of Entity:	 	 

 

 

	By	 	 
		Signature	 

 

	 	Name and Title:	 	 

 

	 	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Email:	 	 

 

 

	Number of Shares of Common Stock:	 	 

 

	Number of Shares of Common Stock underlying warrants:	 	 

 

Individual:

 

 

	 	 
	Signature	 

 

	 	Name:	 	 
	 	 	 	 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Email:	 	 

 

	Number of Shares of Common Stock:	 	 

 

	Number of Shares of Common Stock underlying warrants:	 	 

 

     

     

    

 

HYDROFARM
HOLDINGS GROUP, INC.

OMNIBUS
SIGNATURE PAGE TO THE

SUBSCRIPTION
AGREEMENT AND REGISTRATION RIGHTS AGREEMENT

 

Subscriber
hereby elects to subscribe under the Subscription Agreement for a total of $[ ] of Units at a price of $2.50 per Unit (NOTE:
to be completed by subscriber) and, by execution and delivery hereof, Subscriber hereby executes the Subscription Agreement and
agrees to be bound by the terms and conditions of the Subscription Agreement and the Registration Rights Agreement.

 

If
the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

	 	 	 
	Print Name(s)	 	Social Security Number(s)
	 	 	 
	 	 	 
	Signature(s) of Subscriber(s)	 	Signature
	 	 	 
	 	 	 
	Date	 	Address

 

If
the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

 

	 	 	 
	Name of Entity	 	Federal Taxpayer 

    Identification Number
	 	 	 
	By:	 	 	 
	 	Name: 	 	State of Organization
	 	Title:	 	 
	         	 	
	 	 	 
	 	 	 	 
	Date	 	Address
	 	 	 
	 	 	 
	Fax Number	 	Email Address
	 	 	 
	HYDROFARM HOLDINGS GROUP, INC.	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 	 
	 	 	 
	By:	 	 	By:	 
	 	Authorized Officer	 	 	Authorized Officer
	 	 	 
	 	 	AEGIS CAPITAL CORP.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Authorized Officer

 

     

     

    

 

Exhibit A

 

HYDROFARM HOLDINGS GROUP, INC.

STOCKHOLDERS’ QUESTIONNAIRE

 

The following information
is requested from you in connection with the preparation and filing by Hydrofarm Holdings Group, Inc. (the “Company”)
of a Registration Statement on Form S-1 or other appropriate form (the “Registration Statement”) with the Securities
and Exchange Commission (the “SEC”) for the registration and resale under the Securities Act of 1933, as amended (the
 “Securities Act”), of the Company’s common stock, including shares of common stock underlying certain Warrants
(the “Registrable Securities”) acquired pursuant to a private placement by the Company.

 

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

 

We would appreciate
your answering all of the questions included in this questionnaire, even though your answers may be in the negative, so that the
Company will have a record of your responses for use in connection with the preparation of the Registration Statement. It is
requested that you give careful attention to each question and that you complete this questionnaire personally.

 

In order to assist
you in completing this questionnaire, certain terms used herein are defined in the appendix which is attached to this questionnaire.
Each of such defined terms has been bolded and italicized for identification. The term “person,” as used
in this questionnaire, means any natural person, company, government or political subdivision, agency or instrumentality of a government.

 

After you have completed
the following questionnaire, please send the completed questionnaire by e-mail at _______________ or overnight courier as soon
as possible to the attention of ______________.

 

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

 

    23 

     

    

 

GENERAL INFORMATION

 

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

 

1.      Please provide your full legal name
and address or the full name and address of the entity on whose behalf you are completing this questionnaire. The address may be
a business, mailing or residence address.

 

	Name:	 

 

	Address:	 

 

If you are answering this questionnaire
on behalf of a corporate entity, please state your legal name and position with the selling shareholder.

 

		Name:	 

 

		Position:	 

 

2.     
Full legal name of the Control Person (which means a natural person who directly or indirectly alone or with others has power
to vote or dispose of the securities covered by this Questionnaire): _________________________________

 

 3.     (a) Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act?

 

		 ̈ Yes	 ̈ No

 

(b) If your
response to Item 3(a) above is yes, did you receive Registrable Securities as compensation for investment banking services to the
Company?

 

		 ̈ Yes	 ̈ No

 

(c) If your response
to Item 3(a) above is no, are you an "affiliate" 1 of
a broker-dealer registered pursuant to Section 15 of the Exchange Act?

 

		 ̈ Yes	 ̈ No

 

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

 

		 ̈ Yes	 ̈ No

 

 

1 For the purposes of this Item 3(b), an
 "affiliate" of a registered broker dealer shall include any company that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such broker dealer, and does not include any individuals
employed by such broker dealer or its affiliates.

 

    24 

     

    

 

	Note:	If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter
in the Registration Statement.

 

(e) Please provide the full legal name of the person
through which you hold the Registrable Securities—(i.e. name of your broker, if applicable, through which your Registrable
Securities are held):

 

		Name of broker:	 
	 	 	 
	 	Contact person:	 
	 	 	 
	 	Telephone No.:	 

 

    25 

     

    

 

SECURITIES HOLDINGS

 

Existing Holders:

 

Please fill in all blanks in the
following questions related to your beneficial ownership of the Company’s common stock.

 

Generally, a beneficial owner
of a security is a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise
has or shares either:

 

(i) 
voting power, which includes the power to vote, or to direct the voting of such security; and/or

 

(ii) 
investment power, which includes the power to dispose, or to direct the disposition of, such security, even though he or she may
not be the holder of record of the securities.

 

Thus, securities
held in “street name” over which you exercise voting or investment power would be considered beneficially owned
by you. Other examples of indirect ownership include ownership by a partnership in which you are a partner or by an estate or trust
of which you or any member of your immediate family is a beneficiary. Ownership of securities held in the names of
your spouse, minor children or other relatives who live in the same household may be attributed to you.

 

If you have
any reason to believe that any interest in securities of the Company which you may have, however remote, is a beneficial interest,
please describe such interest. For purposes of responding to this questionnaire, it is preferable to err on the side of inclusion
rather than exclusion.

 

Where the
SEC’s interpretation of beneficial ownership would require disclosure of your interest or possible interest
in certain securities of the Company, and you believe that you do not actually possess the attributes of beneficial ownership,
an appropriate response is to disclose the interest and at the same time disclaim beneficial ownership of the securities.

 

Please indicate the amount
of common stock of the Company or any of its subsidiaries which you beneficially owned as of the date hereof.

 

	Number of	Registered in	Beneficially	Shares to be	Remarks
	Shares	the Name of	Owned by	Sold	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

For each holding:

 

		•	State the nature of the holding (i.e., held in your own name, jointly,
as a trustee or beneficiary of a trust, as a custodian, as an executor, in discretionary accounts, by your spouse or minor children,
by a partnership of which you are a partner, etc.), and

 

    26 

     

    

 

		•	State whether you are the beneficial owner by reason of (i) sole voting power, (ii)
shared voting power, (iii) sole investment power, (iv) shared investment power, (v) the right to acquire stock within 60 days of
the end of the calendar year, (vi) the right to acquire stock with the purpose of changing or influencing control; and/or (vii)
a security-based swap that you hold that gives you voting or investment power over the underlying Company stock (even though you
may not directly hold the underlying Company stock).

 

		•	Indicate in the Remarks column below whether you have sole or shared voting or investment power
with respect to any such securities, and in what capacity (i.e., individual, general partner, trustee) you have such power
or powers.

 

		•	If you wish to disclaim beneficial ownership of any shares listed, so indicate by
writing the word “Disclaim” in the Remarks column below; you understand that such shares will be shown separately from
your beneficial holdings and an appropriate disclaimer set forth.

 

		•	If any of the shares listed are subject to any claim, encumbrance, pledge or lien, so indicate
in the Remarks column.

 

    27 

     

    

 

Existing Holders and New Investors:

 

	1.	Your Interest in the Registrable Securities 

 

		(a)	State the number of such Registrable Securities beneficially owned by you. 

 

		Common stock:	 
	 	 	 
	 	Warrants:	 

 

		(b)	Other than as set forth in your response to Item 1(a)
above, do you beneficially own any other securities of the Company?

 

		 ̈ Yes	 ̈
                                                                                                                                                                                                No

 

		(c)	If your answer to Item 1(b) above is yes, state the type,
the aggregate amount and CUSIP No. (if applicable) of such other securities of the Company beneficially owned by you:

 

		Type:	 
	 	 	 
	 	Aggregate amount:	 
	 	 	 
	 	CUSIP No.:	 

 

		(d)	Did you acquire the securities listed in Item 1(a) above
in the ordinary course of business?

 

		 ̈ Yes	 ̈ No

 

		(e)	At the time of your purchase of the securities listed
in Item 1(a) above, did you have any agreements or understandings, directly or indirectly, with any person to distribute the securities?

 

		 ̈ Yes	 ̈
                                                                                                                                                                                                No

 

		(f)	If your response to Item 1(e) above is yes, please describe
such agreements or understandings:

 

 

 

 

    28 

     

    

 

	2.	Nature of Your Beneficial Ownership 

 

		(a)	Does someone other than you have control over the securities listed in Item
                                                               1(a) above?

 

		 ̈ Yes	 ̈ No

 

(b)          If your response to Item
2(a) above is yes, name your controlling shareholder(s) or other person who has the ability to exercise control over you (the "Controlling
Entity"). If the Controlling Entity is not a natural person and is not a publicly held entity, name each shareholder of such
Controlling Entity. If any of these named shareholders are not natural persons or publicly held entities, please provide the same
information. This process should be repeated until you reach natural persons or a publicly held entity.

 

		(A)(i)	Full legal name of Controlling Entity(ies) or natural person(s) with who have sole or shared voting or dispositive power over
the Registrable Securities:
	 	 	 
	 	 	Business address (including street address) (or
residence if no business address), telephone number and facsimile number of such person(s):
	 	 	 
	 	 	Address:	 
	 	 	 
	 	 	Telephone:	 
	 	 	Fax:	 
	 	 	Name of shareholder:
	 	 	 
	 	 	 

		(B)(i)	Full legal name of Controlling Entity(ies):
	 	 	 
	 	 	 
	 	 	Business address (including street address) (or
residence if no business address), telephone number and facsimile number of such person(s):
	 	 	Address:	 
	 	 	 
	 	 	Telephone:	 
	 	 	Fax:	 
	 	 	Name of shareholders:
	 	 	 

 

If you need more space for this response, please attach
additional sheets of paper. Please be sure to indicate your name and the number of the item being responded to on each such additional
sheet of paper, and to sign each such additional sheet of paper before attaching it to this Questionnaire.

 

    29 

     

    

 

Please note that you may be asked to answer additional
questions depending on your responses to the following questions.

 

3.       5%
Stockholders

 

Do you or any of your associates (including corporations,
partnerships, trusts, associations and other such groups) beneficially own more than 5% of any class of the Company’s
stock?

 

		 ̈ Yes	 ̈ No

 

If the answer is yes, please describe such persons and
their holdings below:

 

	Name of	Class of Shares	Holder of
	Beneficial	Beneficially	Voting or
	Owner	Owned	Investment Power
	 	 	 
	 	 	 

 

4.       No
Adverse Interest

 

Do
or will you or any of your associates have any interests that are adverse to the Company interests in any
pending or contemplated legal proceeding or government investigation to which the Company is or will be a party (or to which
its property may be subject)?

 

		 ̈ Yes	 ̈ No

 

If yes, please describe such interests below:

 

5.       Voting
Arrangement

 

Do you have knowledge of any voting
trusts or similar agreements or arrangements pursuant to which more than 5% of the Company’s outstanding common
stock, on an as converted basis, is subject are described below:

 

		 ̈ Yes	 ̈ No

 

If yes, please describe such agreements or arrangements
below:

 

		 	Voting Rights and Other Powers
	Names and Addresses of Voting Trustees	 	Under Trust, Agreement or Arrangement

 

    30 

     

    

 

6.       Change
in Control

 

Are you aware of any arrangements, including
any pledge by any person of securities of the Company, the operations of which may at a subsequent date result in a change in control
of the Company?

 

		 ̈ Yes	 ̈ No

 

If yes, please describe such arrangements below:

 

7.       Transactions
with the Company

 

Have your or any of your associates had
any material interests in any actual or proposed transaction during the last three fiscal years to which the Company
was or is to be a party (and that are identified under “Securities Holdings” above)?

 

		 ̈ Yes	 ̈ No

 

If yes, please describe
such interests below: 2

 

8.       Affiliation
with Accountants or Attorneys

 

Do you have any interest, affiliation
or connection with any law firm or accounting firm that has been retained by the Company during the last three fiscal years or
is proposed to be retained by the Company?

 

		 ̈ Yes	 ̈ No

 

If yes, please describe such interest, affiliation or
connection below:

 

 

2 No such transaction need be described if:

(a) the amount involved (including
all periodic installments in the case of any lease or other agreement provided for periodic payments or installments and including
the value of all transactions In a series of similar transactions) does not exceed $60,000;

(b)  the rates or charges involved in the transaction
are fixed by law or governmental authority or determined by competitive bids;

(c)  the
services involved are as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture or other similar
service;

(d) your interest arises solely from
my ownership of securities of the Company and you received no extra or special benefit not shared on a pro rata basis by all
other holders of securities in the same class;

(e) your interest in the corporation that is a party
to the transaction is solely as a director; or

(f)  your interest
arose solely as an officer and/or director of the Company (e.g., your compensation arrangement with the Company).

 

    31 

     

    

 

9.       Contracts
with the Company

 

Are you or any of your associates
a party to any contracts with the Company or in which the Company has a beneficial interest, or to which the Company has succeeded
by assumption or assignment, which are to be performed in whole or in part at or after the date of the proposed filing of the Registration
Statement, or which were made not more than two years prior thereto?

 

		 ̈ Yes	 ̈ No

 

If yes, please describe such contract(s) below:

 

    32 

     

    

 

FINRA-RELATED QUESTIONS

 

1. Are you (i) a “member” of
the Financial Industries Regulatory Authority, Inc. (“FINRA”), (ii) an “affiliate” of a member of
FINRA, (iii) a “person associated with a member” or “associated person of a member” of FINRA or (iv) associated
with an “underwriter or related person” with respect to the proposed public offering of the Company’s securities?

 

Yes              No
          

 

For the sole purpose of this Question:
(i) FINRA generally defines a “member” to include any broker or dealer admitted to membership in FINRA or any officer
or partner of such a member or the executive representative of such member or the substitute for such representative; (ii) the
term “affiliate” means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is in common control with the person specified. Persons who have acted or are acting on behalf or for the benefit of a person
include, but are not necessarily limited to, directors, officers, employees, agents, consultants and sales representatives; (iii)
FINRA generally defines a “person associated with a member” or “associated person of a member” to include
every sole proprietor, partner, officer, director or branch manager of any member, or any natural person occupying a similar status
or performing similar functions, or any natural person engaged in the investment banking or securities business who is directly
or indirectly controlling or controlled by such member (for example, any employee), whether or not any such person is registered
or exempt from registration with FINRA; and (iv) the term “underwriter or related person” includes, with respect to
a proposed offering, underwriters, underwriters’ counsel, financial consultants and advisers, finders, members of the selling
or distribution group, and any and all other persons associated with or related to any such persons.

 

If yes, kindly describe such relationship
(whether direct or indirect) and please respond to Questions (2) and (3) below; if no, please proceed to Question (4).

 

2.        Please set forth information as to all
purchases and acquisitions (including contracts for purchase or acquisition) of securities of the Company by you, regardless of
the time acquired or the source from which derived:

 

	Seller or	Amount and	Price or Other	 
	Prospective Seller	Nature of Securities	Consideration	Date

 

3.       In connection with your direct or indirect
affiliation or association with a “member” of FINRA as set forth above in Question (1), please furnish the identity
of such FINRA member and any information, if known, as to whether such FINRA member intends to participate in any capacity in this
proposed initial public offering, including the details of such participation:

 

    33 

     

    

 

4.        Please describe any underwriting compensation and arrangement or any dealings known to you between any “underwriter or related
person”, “member” of FINRA, “affiliate” of a member of FINRA, “person associated with a member”,
or “associated person of a member” of FINRA on the one hand and the Company or controlling shareholder thereof on the
other hand, other than information relating to the proposed initial public offering of the Company:

 

 

5.        Please set out below any information, if known, as to whether any “member” of FINRA, any “underwriter or related
person”, “affiliate” or a member of FINRA, “person associated with a member” or “associated
person of a member” of FINRA may receive any portion of the net offering:

 

For subscribers answering “Yes” to Item 1 above:

 

The undersigned FINRA member form acknowledges receipt
of the notice required by Article 3, Sections 28(a) and (b) of the Rules of Fair Practice.

 

	 	 	 
	Name of FINRA Member Firm	 	 
	 	 	 
	By:	 	 	Date:	 
	 	Authorized Officer	 	 

 

    34 

     

    

 

The undersigned
(including its donees or pledgees) intends to distribute the Registrable Securities listed above pursuant to the Registration Statement
only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively,
through underwriters, broker-dealers or agents. If the Registrable Securities are sold through underwriters, broker-dealers or
agents, the selling holder will be responsible for underwriting discounts or commissions or agents' commissions. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which may involve block
transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or
quoted at the time of sale, (ii) in the over-the-counter market, or (iii) in transactions otherwise than on such exchanges or services
or in the over-the-counter market.

 

I understand that material
misstatements or the omission of material facts in the Registration Statement may give rise to civil and criminal liabilities to
the Company, to each officer and director of the Company signing the Registration Statement and other persons signing the Registration
Statement. I will notify you and the Company of any misstatement of a material fact in the Registration Statement or any amendment
thereto, and of the omission of any material fact necessary to make the statements contained therein not misleading, as soon as
practicable after a copy of the Registration Statement or any such amendment has been provided to me.

 

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

 

I confirm that the foregoing statements are correct, to the
best of my knowledge and belief.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Very truly yours,
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	(Typed or Printed Name)

 

    35 

     

    

 

DEFINITIONS

 

The term “arrangement”
means any plan, contract, authorization or understanding whether or not set forth in a formal document.

 

The term “associate”
as used throughout this questionnaire, means (a) any corporation or organization (other than the Company) of which I am an officer,
director or partner or of which I am, directly or indirectly, the beneficial owner of 5% or more of any class of equity securities,
(b) any trust or other estate in which I have a substantial beneficial interest or as to which I serve as trustee or in a similar
capacity, (c) my spouse, (d) any relative of my spouse or any relative of mine who has the same home as me or who is a director
or officer or key executive of the Company, (e) any partner, syndicate member or person with whom I have agreed to act in concert
with respect to the acquisition, holding, voting or disposition of shares of the Company’s securities.

 

The term “beneficially owned” when
used in connection with the ownership of securities, means

(a) any interest in a security which entitles
me to any of the rights or benefits of ownership even though I may not be the owner of record or (b) securities owned by me directly
or indirectly, including those held by me for my own benefit (regardless of how registered) and securities held by others for my
benefit (regardless of how registered), such as by custodians, brokers, nominees, pledgees, etc., and including securities held
by an estate or trust in which I have an interest as legatee or beneficiary, securities owned by a partnership of which I am a
partner, securities held by a personal holding company of which I am a stockholder, etc., and securities held in the name of my
spouse, minor children and any relative (sharing the same home). A “beneficial owner” of a security includes any person
who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares:

 

(a)      voting
power which includes the power to vote, or to direct the voting of, such security; and/or

 

(b)     
investment power which includes the power to dispose, or to direct the disposition, of such security.

 

The term “control”
(including the terms “controlling,” “controlled by” and “under common control with”) means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise.

 

The term “immediate family”
means any relationship by blood, marriage or adoption, not more remote than first cousin.

 

The term “material,”
when used in this questionnaire to qualify a requirement for the furnishing of information as to any subject, limits the information
required to those matters as to which an average prudent investor ought reasonably to be informed before purchasing the Common
Stock of the Company.

 

    36

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