Document:

Exhibit
10.2

 

REGISTRATION
RIGHTS AGREEMENT 

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 28, 2022, is by and between CF Principal
Investments LLC, a Delaware limited liability company (the “Investor”), and Lucid Diagnostics Inc., a Delaware
corporation (the “Company”).

 

RECITALS

 

A.
The Company and the Investor have entered into that certain Common Stock Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”), pursuant to which the Company may issue, from time to time, to the Investor up to the lesser of (i) $50 million
in aggregate gross purchase price of newly issued shares of the Company’s common stock, par value $0.001 per share (“Common
Stock”), and (ii) the Exchange Cap (to the extent applicable under Section 3.3 of the Purchase Agreement) as provided for
therein.

 

B.
Pursuant to the terms of, and in consideration for the Investor entering into, the Purchase Agreement, and to induce the Investor to
execute and deliver the Purchase Agreement, the Company has agreed to provide the Investor with certain registration rights with respect
to the Registrable Securities (as defined herein) as set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the representations, warranties, covenants and agreements contained herein and in the Purchase Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound
hereby, the Company and the Investor hereby agree as follows:

 

1. Definitions.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following terms shall have the following meanings:

 

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

 

(b)
“Closing Date” shall mean the date of this Agreement.

 

(c)
“Commission” means the U.S. Securities and Exchange Commission or any successor entity.

 

(d)
“Effective Date” means the date that the applicable Registration Statement has been declared effective by the
Commission.

 

(e)
“Person” means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership,
limited liability company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

 

(f)
“Prospectus” means the prospectus in the form included in the Registration Statement at the applicable Effective
Date of the Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated
by reference therein.

 

(g)
“Prospectus Supplement” means any prospectus supplement to the Prospectus filed with the Commission from time
to time pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein.

 

    	 

     

    

 

(h)
“register,” “registered,” and “registration” refer to a
registration effected by preparing and filing one or more Registration Statements in compliance with the Securities Act and pursuant
to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the Commission.

 

(i)
“Registrable Securities” means all of (i) a good faith estimate by the Company of the maximum number of Shares
issuable pursuant to the Purchase Agreement and (ii) any capital stock of the Company issued or issuable with respect to such Shares,
including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise
and (2) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged and shares of capital
stock of a successor entity into which the shares of Common Stock are converted or exchanged, in each case until such time as such securities
cease to be Registrable Securities pursuant to Section 2(f).

 

(j)
“Registration Statement” means a registration statement or registration statements of the Company filed under
the Securities Act covering the resale by the Investor of Registrable Securities, as such registration statement or registration statements
may be amended and supplemented from time to time, including all documents filed as part thereof or incorporated by reference therein.

 

(k)
“Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended
from time to time, or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor to
sell securities of the Company to the public without registration.

 

(l)
“Rule 415” means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended
from time to time, or any other similar or successor rule or regulation of the Commission providing for offering securities on a delayed
or continuous basis.

 

2. Registration.

 

(a)
Mandatory Registration. The Company shall prepare and, as soon as practicable after the date of this Agreement, file with the
Commission an initial Registration Statement on Form S-1 (or any successor form) covering the resale by the Investor of the maximum number
of Registrable Securities as shall be permitted to be included thereon in accordance with applicable Commission rules, regulations and
interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at
then prevailing market prices (and not fixed prices) (the “Initial Registration Statement”). The Initial Registration
Statement shall contain the “Selling Stockholder” and “Plan of Distribution” sections in substantially the form
attached hereto as Exhibit B (or in a form otherwise reasonably agreed with Investor). The Company shall use its commercially
reasonable efforts to have the Initial Registration Statement declared effective by the Commission as soon as reasonably practicable
following the filing thereof with the Commission.

 

(b)
Legal Counsel. Subject to Section 5 hereof, the Investor shall have the right to select one legal counsel to review and oversee,
solely on its behalf, any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Duane Morris
LLP, or such other counsel as thereafter designated by the Investor. The Company shall have no obligation to reimburse the Investor for
any and all legal fees and expenses of the Legal Counsel incurred in connection with the transactions contemplated hereby.

 

(c)
Sufficient Number of Shares Registered. If at any time all Registrable Securities are not covered by the Initial Registration
Statement filed pursuant to Section 2(a) as a result of Section 2(e) or otherwise, the Company shall use its commercially reasonable
efforts to file with the Commission one or more additional Registration Statements so as to cover all of the Registrable Securities not
covered by such initial Registration Statement, in each case, as soon as practicable (taking into account any position of the staff of
the Commission (“Staff”) with respect to the date on which and the number of Shares with respect to which the
Staff will permit such additional Registration Statement(s) to be filed with the Commission and the rules and regulations of the Commission)
(each such additional Registration Statement, a “New Registration Statement”). The Company shall use its commercially
reasonable efforts to cause each such New Registration Statement to become effective as soon as reasonably practicable following the
filing thereof with the Commission.

 

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(d)
No Inclusion of Other Securities. In no event shall the Company include any securities other than Registrable Securities on any
Registration Statement pursuant to Section 2(a) or Section 2(c) without consulting the Investor and Legal Counsel prior to filing such
Registration Statement with the Commission.

 

(e)
Offering. If the Staff or the Commission seeks to characterize any offering pursuant to a Registration Statement filed pursuant
to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and
be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices),
or if after the filing of any Registration Statement pursuant to Section 2(a) or Section 2(c), the Company is otherwise required by the
Staff or the Commission to reduce the number of Registrable Securities included in such Registration Statement, then the Company shall
reduce the number of Registrable Securities to be included in such Registration Statement (after consultation with the Investor and Legal
Counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the Commission shall so permit
such Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary,
if after giving effect to the actions referred to in the immediately preceding sentence, the Staff or the Commission does not permit
such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415
at then-prevailing market prices (and not fixed prices), the Company shall not request acceleration of the Effective Date of such Registration
Statement, the Company shall promptly (but in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant
to Rule 477 under the Securities Act. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company
shall use its commercially reasonable efforts to file one or more New Registration Statements with the Commission in accordance with,
and subject to the limitations set forth in, Section 2(c), until such time as all Registrable Securities have been included in Registration
Statements that have been declared effective and the Prospectuses contained therein are available for use by the Investor.

 

(f)
Any Registrable Security shall cease to be a “Registrable Security” at the earliest of the following: (i) when a Registration
Statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has
been sold or disposed of pursuant to such effective Registration Statement; (ii) when such Registrable Security is held by the Company
or one of its Subsidiaries; (iii) the date on which the Registrable Security may be sold under Rule 144 without restriction including,
without limitation, without volume or manner of sale limitations and without the availability of current public information; and (iv)
the date that is the first (1st) anniversary of the date of termination of the Purchase Agreement in accordance with Article VIII of
the Purchase Agreement.

 

(g)
The Company shall be deemed to have used commercially reasonably efforts to have filed a Registration Statement, or to have a Registration
Statement declared effective, in each case as soon as reasonably practicable, if the Company files or has such Registration Statement
declared effective as soon as reasonably practicable after the filing with the Commission of any reports or statements containing information
required to be included in the Registration Statement and such reports or statements are filed with the Commission within the periods
provided under the rules and regulations of the Commission, including any extensions pursuant to the Rule 12b-25.

 

3. Related
Obligations.

 

The
Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the
intended method of disposition thereof, and, pursuant thereto, during the term of this Agreement, the Company shall have the following
obligations:

 

(a)
The Company shall promptly prepare and file with the Commission the Initial Registration Statement pursuant to Section 2(a) hereof and
one or more New Registration Statements pursuant to Section 2(c) hereof with respect to the Registrable Securities, and the Company use
its commercially reasonable efforts to cause each such Registration Statement to become effective as soon as practicable after such filing.
Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the Prospectus contained therein
available for use) pursuant to Rule 415 for resales by the Investor on a continuous basis at then-prevailing market prices (and not fixed
prices) at all times until the earlier of (i) the date on which the Investor shall have sold all of the Registrable Securities covered
by such Registration Statement, (ii) the date on which all of the Registrable Securities covered by the Registration Statement shall
have ceased to be Registrable Securities, and (iii) the date of termination of the Purchase Agreement if as of such termination date
the Investor holds no Registrable Securities (the “Registration Period”). Notwithstanding anything to the contrary
contained in this Agreement (but subject to the provisions of Section 3(f), 3(k) and 3(p) hereof), the Company shall ensure that, when
filed and at all times while effective, each Registration Statement (including, without limitation, all amendments and supplements thereto)
and the Prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration
Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein (in the case of Prospectuses, in the light of the circumstances in which they were made) not
misleading. The Company shall submit to the Commission, as soon as reasonably practicable after the date that the Company learns that
no review of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular
Registration Statement (as the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and
date as soon as reasonably practicable in accordance with Rule 461 under the Securities Act.

 

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(b)
Subject to Section 3(f), 3(k) and 3(p) of this Agreement, the Company shall use its commercially reasonable efforts to prepare and file
with the Commission such amendments (including, without limitation, post-effective amendments) and supplements to each Registration Statement
and the Prospectus used in connection with each such Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated
under the Securities Act, as may be necessary to keep each such Registration Statement effective (and the Prospectus contained therein
current and available for use) at all times during the Registration Period for such Registration Statement, and, during such period,
comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company required
to be covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance
with the intended methods of disposition by the Investor. Without limiting the generality of the foregoing, the Company covenants and
agrees that (i) at or before 8:30 a.m. (New York City time) on the second (2nd) Trading Day immediately following the Effective Date
of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall
file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with sales
pursuant to such Registration Statement (or post-effective amendment thereto), and (ii) if the transactions contemplated by any VWAP
Purchase are material to the Company (individually or collectively with all other prior VWAP Purchases, the consummation of which have
not previously been reported in any Prospectus Supplement filed with the Commission under Rule 424(b) under the Securities Act or in
any report, statement or other document filed by the Company with the Commission under the Exchange Act), or if otherwise required under
the Securities Act (or the interpretations of the Commission thereof), in each case as reasonably determined by the Company and the Investor,
then, at or before 8:30 a.m., New York City time, on the first (1st) Trading Day immediately following the VWAP Purchase Date, if a VWAP
Purchase Notice was properly delivered to the Investor hereunder in connection with such VWAP Purchase, the Company shall file with the
Commission a Prospectus Supplement pursuant to Rule 424(b) under the Securities Act with respect to the VWAP Purchase(s), the total VWAP
Purchase Price for the Shares subject to such VWAP Purchase(s) (as applicable), the applicable VWAP Purchase Price(s) for such Shares
and the net proceeds that are to be (and, if applicable, have been) received by the Company from the sale of such Shares. To the extent
not previously disclosed in the Prospectus or a Prospectus Supplement, the Company shall disclose in its Quarterly Reports on Form 10-Q
and in its Annual Reports on Form 10-K the information described in the immediately preceding sentence relating to all VWAP Purchase(s)
consummated during the relevant fiscal quarter and shall file such Quarterly Reports and Annual Reports with the Commission within the
applicable time period prescribed for such report under the Exchange Act (including any automatic extension pursuant to Rule 12b-25 under
the Exchange Act). In the case of amendments and supplements to any Registration Statement on Form S-1 or Prospectus related thereto
which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason of
the Company filing a report on Form 8-K, Form 10-Q or Form 10-K or any analogous report under the Exchange Act, the Company shall have
incorporated such report by reference into such Registration Statement and Prospectus, if applicable, or shall file such amendments or
supplements to the Registration Statement or Prospectus with the Commission on the same day on which the Exchange Act report is filed
which created the requirement for the Company to amend or supplement such Registration Statement or Prospectus, for the purpose of including
or incorporating such report into such Registration Statement and Prospectus. The Company consents to the use of the Prospectus (including,
without limitation, any supplement thereto) included in each Registration Statement in accordance with the provisions of the Securities
Act and with any applicable securities or “Blue Sky” laws of the jurisdictions in which the Registrable Securities may be
sold by the Investor, in connection with the resale of the Registrable Securities and for such period of time thereafter as such Prospectus
(including, without limitation, any supplement thereto) (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities
Act) is required by the Securities Act to be delivered in connection with resales of Registrable Securities.

 

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(c)
The Company shall (A) permit Legal Counsel an opportunity to review and comment upon (i) each Registration Statement at least five (5)
Business Days prior to its filing with the Commission and (ii) all amendments and supplements to each Registration Statement (including,
without limitation, the Prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and any similar or successor reports or Prospectus Supplements the contents of which is limited to that set forth
in such reports) within a reasonable number of days prior to their filing with the Commission, and (B) shall reasonably consider any
comments of the Investor and Legal Counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus
contained therein. The Company shall promptly furnish to Legal Counsel, without charge, (i) electronic copies of any correspondence from
the Commission or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall
be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is
prepared and filed with the Commission, one (1) electronic copy of each Registration Statement and any amendment(s) and supplement(s)
thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested
by the Investor, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the Prospectus
included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required
to furnish any document (other than the Prospectus, which may be provided in .PDF format) to Legal Counsel to the extent such document
is available on EDGAR at the time of Legal Counsel’s request).

 

(d)
Without limiting any obligation of the Company under the Purchase Agreement, the Company shall promptly furnish to the Investor, without
charge, (i) after the same is prepared and filed with the Commission, at least one (1) electronic copy of each Registration Statement
and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, if requested by the Investor, all exhibits thereto, (ii) upon the effectiveness of each Registration Statement,
one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto (or such
other number of copies as the Investor may reasonably request from time to time) and (iii) such other documents, including, without limitation,
copies of any final Prospectus and any Prospectus Supplement thereto, as the Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned by the Investor; provided, however, the Company shall not be required
to furnish any document (other than the Prospectus, which may be provided in .PDF format) to the Investor to the extent such document
is available on EDGAR).

 

(e)
The Company shall take such action as is reasonably necessary to (i) register and qualify, unless an exemption from registration and
qualification applies, including pursuant to Section 18 of the Securities Act, the resale by the Investor of the Registrable Securities
covered by a Registration Statement under such other securities or “Blue Sky” laws of all applicable jurisdictions in the
United States, (ii) prepare and file in those jurisdictions, such amendments (including, without limitation, post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all
times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e),
(y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.
The Company shall promptly notify Legal Counsel and the Investor of the receipt by the Company of any notification with respect to the
suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “Blue Sky”
laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for
such purpose.

 

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(f)
The Company shall notify Legal Counsel and the Investor in writing of the happening of any event, as promptly as reasonably practicable
after becoming aware of such event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(p), promptly prepare
a supplement or amendment to such Registration Statement and such Prospectus contained therein to correct such untrue statement or omission
and deliver one (1) electronic copy of such supplement or amendment to Legal Counsel and the Investor (or such other number of copies
as Legal Counsel or the Investor may reasonably request). The Company shall also promptly notify Legal Counsel and the Investor in writing
(i) when a Prospectus or any Prospectus Supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and the Investor by facsimile
or e-mail on the same day of such effectiveness), and when the Company receives written notice from the Commission that a Registration
Statement or any post-effective amendment will be reviewed by the Commission, (ii) of any request by the Commission for amendments or
supplements to a Registration Statement or related Prospectus or related information, (iii) of the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate and (iv) of the receipt of any request by the Commission
or any other federal or state governmental authority for any additional information relating to the Registration Statement or any amendment
or supplement thereto or any related Prospectus. The Company shall respond as promptly as reasonably practicable to any comments received
from the Commission with respect to a Registration Statement or any amendment thereto. Nothing in this Section 3(f) shall limit any obligation
of the Company under the Purchase Agreement.

 

(g)
The Company shall (i) use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement or the use of any Prospectus contained therein, or the suspension of the qualification, or the loss of an exemption from qualification,
of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal
of such order or suspension at the earliest possible time and (ii) notify Legal Counsel and the Investor of the issuance of such order
and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding.

 

(h)
The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in
such Registration Statement pursuant to the Securities Act, (iii) the release of such information is ordered pursuant to a subpoena or
other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company
agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

 

(i)
Without limiting any obligation of the Company under the Purchase Agreement, the Company shall use its best efforts either to (i) cause
all of the Registrable Securities covered by each Registration Statement to be listed on the Trading Market, or (ii) secure designation
and quotation of all of the Registrable Securities covered by each Registration Statement on an Alternative Market. The Company shall
pay all fees and expenses in connection with satisfying its obligation under this Section 3(i).

 

(j)
The Company shall cooperate with the Investor and, to the extent applicable, facilitate the timely preparation and delivery of Registrable
Securities, as DWAC Shares, to be offered pursuant to a Registration Statement and enable such DWAC Shares to be in such denominations
or amounts (as the case may be) as the Investor may reasonably request from time to time, subject to and in accordance with the Purchase
Agreement. Investor hereby agrees that it shall cooperate with the Company, its counsel and Transfer Agent in connection with any issuances
of DWAC Shares, and hereby represents, warrants and covenants to the Company that that it will resell such DWAC Shares only pursuant
to the Registration Statement in which such DWAC Shares are included, in a manner described under the caption “Plan of Distribution”
in such Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations,
including, without limitation, any applicable prospectus delivery requirements of the Securities Act. Subject to an in accordance with
the Purchase Agreement, at the time such DWAC shares are offered and sold pursuant to the Registration Statement, such DWAC Shares shall
be free from all restrictive legends and may be transmitted by the transfer agent to the Investor by crediting an account at DTC as directed
in writing by the Investor.

 

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(k)
Upon the written request of the Investor, the Company shall as soon as reasonably practicable after receipt of notice from the Investor
and subject to Section 3(p) hereof, (i) incorporate in a Prospectus Supplement or post-effective amendment such information as the Investor
reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any
other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such Prospectus
Supplement or post-effective amendment after being notified of the matters to be incorporated in such Prospectus Supplement or post-effective
amendment; and (iii) supplement or make amendments to any Registration Statement or Prospectus contained therein if reasonably requested
by the Investor.

 

(l)
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of
such Registrable Securities.

 

(m)
The Company shall make generally available to its security holders (which may be satisfied by making such information available on EDGAR)
as soon as practical, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form
complying with, and in the manner provided by, the provisions of Rule 158 under the Securities Act) covering a twelve-month period beginning
not later than the first day of the Company’s fiscal quarter next following the applicable Effective Date of each Registration
Statement.

 

(n)
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission
in connection with any registration hereunder.

 

(o)
Within one (1) Business Day after each Registration Statement which covers Registrable Securities is declared effective by the Commission,
the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investor) confirmation that such Registration Statement has been declared effective by the Commission in the form
attached hereto as Exhibit A.

 

(p)
Notwithstanding anything to the contrary contained herein (but subject to the last sentence of this Section 3(p)), at any time after
the Effective Date of a particular Registration Statement, the Company may, upon written notice to Investor, suspend Investor’s
use of any prospectus that is a part of any Registration Statement (in which event the Investor shall discontinue sales of the Registrable
Securities pursuant to such Registration Statement contemplated by this Agreement, but shall settle any previously made sales of Registrable
Securities) if the Company (x) is pursuing an acquisition, merger, tender offer, reorganization, disposition or other similar transaction
and the Company determines in good faith that (A) the Company’s ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (B)
such transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make
it impractical or inadvisable to cause any Registration Statement (or such filings) to be used by Investor or to promptly amend or supplement
any Registration Statement contemplated by this Agreement on a post effective basis, as applicable, or (y) has experienced some other
material non-public event the disclosure of which at such time, in the good faith judgment of the Company, would materially adversely
affect the Company (each, an “Allowable Grace Period”); provided, however, that in no event shall the
Investor be suspended from selling Registrable Securities pursuant to any Registration Statement for a period that exceeds twenty (20)
consecutive Trading Days or an aggregate of sixty (60) days in any three hundred and sixty-five (365)-day period. Upon disclosure of
such information or the termination of the condition described above, the Company shall provide prompt notice, but in any event within
one Business Day of such disclosure or termination, to the Investor and shall promptly terminate any suspension of sales it has put into
effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement
(including as set forth in the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material,
non-public information is no longer applicable). Notwithstanding anything to the contrary contained in this Section 3(p), the Company
shall cause its transfer agent to deliver DWAC Shares to a transferee of the Investor in accordance with the terms of the Purchase Agreement
in connection with any sale of Registrable Securities with respect to which (i) the Company has made a sale to Investor and (ii) the
Investor has entered into a contract for sale, and delivered a copy of the Prospectus included as part of the particular Registration
Statement to the extent applicable, in each case prior to the Investor’s receipt of the notice of an Allowable Grace Period and
for which the Investor has not yet settled.

 

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4. Obligations
of the Investor.

 

(a)
At least five (5) Business Days prior to the first anticipated filing date of each Registration Statement (or such shorter period to
which the parties agree), the Company shall notify the Investor in writing of the information the Company requires from the Investor
with respect to such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration
pursuant to this Agreement with respect to the Registrable Securities of the Investor that the Investor shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities
held by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the Company may reasonably request.

 

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

 

(c)
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(p) or the first sentence of 3(f) or the giving of notice as described in Section 3(k), the Investor shall as soon as is reasonably
practicable discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities
until the Investor’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(k), Section 3(p)
or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the
contrary in this Section 4(c), the Company shall cause its transfer agent to deliver DWAC Shares to a transferee of the Investor in accordance
with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has
entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of
the kind described in Section 3(p) or the first sentence of Section 3(f) or the giving of notice as described in Section 3(k) and for
which the Investor has not yet settled.

 

(d)
The Investor covenants and agrees that it shall comply with the prospectus delivery and other requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

5. Expenses
of Registration.

 

All
reasonable expenses of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for, and other expenses
of, the Investor, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for
the Company, shall be paid by the Company.

 

    	8

     

    

 

6. Indemnification.

 

(a)
In the event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted
by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each of its directors, officers, shareholders,
members, partners, employees, agents, representatives (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding the lack of such title or any other title) and each Person, if any, who controls the Investor within the
meaning of the Securities Act or the Exchange Act and each of the directors, officers, shareholders, members, partners, employees, agents,
representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of
such title or any other title) of such controlling Persons (each, an “Investor Party” and collectively, the
“Investor Parties”), each of which shall be an express third party beneficiary of this Section 6(a), against
any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without
limitation, court costs, reasonable attorneys’ fees, costs of defense and investigation), amounts paid in settlement or expenses,
joint or several, (collectively, “Claims”) reasonably incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Investor Party is or may be a party
thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection
with the qualification of the offering under the securities or other “Blue Sky” laws of any jurisdiction in which Registrable
Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, in each case as of the effective date of such Registration
Statement, VWAP Purchase Date, Blue Sky Filing or post-effective amendment thereto, or (ii) any untrue statement or alleged untrue statement
of a material fact contained in any Prospectus (as amended or supplemented) or in any Prospectus Supplement or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading, in each case as of the date of such Prospectus or Prospectus Supplement or VWAP Purchase
Date (the matters in the foregoing clauses (i) and (ii) being, collectively, “Violations”). Subject to Section
6(c), the Company shall reimburse the Investor Parties, promptly as such expenses are incurred and are due and payable, for any reasonable
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
by an Investor Party arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished
in writing to the Company by Investor Party expressly for use in connection with the preparation of such Registration Statement, Prospectus
or Prospectus Supplement or any such amendment thereof or supplement thereto (it being hereby acknowledged and agreed that the written
information set forth on Exhibit C attached hereto is the only written information furnished to the Company by or on behalf of
the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); (ii) shall not be available to the
Investor to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the Prospectus (as amended
or supplemented) made available by the Company (to the extent applicable), including, without limitation, a corrected Prospectus, if
such Prospectus (as amended or supplemented) or corrected Prospectus was timely made available by the Company pursuant to Section 3(d)
and then only if, and to the extent that, following the receipt of the corrected Prospectus no grounds for such Claim would have existed;
and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent
of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Investor Party.

 

(b)
In connection with any Registration Statement in which the Investor is participating, the Investor agrees to indemnify, hold harmless
and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its
officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act (each, an “Company Party”), against any Claim or Indemnified Damages to which any of
them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise
out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon
and in conformity with written information relating to the Investor furnished to the Company by the Investor expressly for use in connection
with such Registration Statement, the Prospectus included therein or any Prospectus Supplement thereto (it being hereby acknowledged
and agreed that the written information set forth on Exhibit C attached hereto is the only written information furnished to the
Company by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); and, subject
to Section 6(c) and the below provisos in this Section 6(b), the Investor shall reimburse a Company Party any legal or other expenses
reasonably incurred by such Company Party in connection with investigating or defending any such Claim; provided, however,
the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not
apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which
consent shall not be unreasonably withheld or delayed; and provided, further that the Investor shall be liable under this Section
6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the applicable
sale of Registrable Securities pursuant to such Registration Statement, Prospectus or Prospectus Supplement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of such Company Party.

 

    	9

     

    

 

(c)
Promptly after receipt by an Investor Party or Company Party (as the case may be) under this Section 6 of notice of the commencement
of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party
or Company Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Investor Party or the Company
Party (as the case may be); provided, however, an Investor Party or Company Party (as the case may be) shall have the right
to retain its own counsel with the fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party
has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of
such Claim and to employ counsel reasonably satisfactory to such Investor Party or Company Party (as the case may be) in any such Claim;
or (iii) the named parties to any such Claim (including, without limitation, any impleaded parties) include both such Investor Party
or Company Party (as the case may be) and the indemnifying party, and such Investor Party or such Company Party (as the case may be)
shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Investor
Party or such Company Party and the indemnifying party (in which case, if such Investor Party or such Company Party (as the case may
be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then
the indemnifying party shall not have the right to assume the defense thereof on behalf of the indemnified party and such counsel shall
be at the expense of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall
not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for all Investor Parties or Company
Parties (as the case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying
party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Company Party or Investor Party (as the case may be) which relates to such action or
Claim. The indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement
of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying party
shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the
Company Party or Investor Party (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Company Party or Investor Party
(as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any
admission as to fault on the part of the Company Party or Investor Party (as the case may be). For the avoidance of doubt, the immediately
preceding sentence shall apply to Sections 6(a) and 6(b) hereof. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Company Party or Investor Party (as the case may be) with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the
Investor Party or Company Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially
and adversely prejudiced in its ability to defend such action.

 

(d)
No Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale
of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e)
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred; provided that any Person receiving any payment
pursuant to this Section 6 shall promptly reimburse the Person making such payment for the amount of such payment to the extent a court
of competent jurisdiction determines in a final non-appealable determination that such Person receiving such payment was not entitled
to such payment.

 

(f)
The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Company
Party or Investor Party against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.

 

    	10

     

    

 

7. Contribution.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however: (i) no contribution shall be made under circumstances where the maker would not have been liable for
indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection
with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount
of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement.
Notwithstanding the provisions of this Section 7, the Investor shall not be required to contribute, in the aggregate, any amount in excess
of the amount by which the net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject
to the Claim exceeds the amount of any damages that the Investor has otherwise been required to pay, or would otherwise be required to
pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

8. Reports
Under the Exchange Act.

 

With
a view to making available to the Investor the benefits of Rule 144, until the expiration or termination of the Purchase Agreement, or
until the date that the Investor ceases to hold any common stock purchased under the Purcahse Agreement, if later, the Company agrees
to:

 

(a)
use its best efforts to make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)
use its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act so long as the Company remains subject to such requirements (it being understood that nothing herein
shall limit any of the Company’s obligations under the Purchase Agreement) and the filing of such reports and other documents is
required for the applicable provisions of Rule 144;

 

(c)
furnish to the Investor, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting,
submission and posting requirements of Rule 144 and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company with the Commission if such reports are not publicly available via
EDGAR, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule
144 without registration; and

 

(d)
take such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent without unreasonable delay as may be reasonably requested from time to time by the Investor (provided
that the Investor has provided any certificates, representations or other information reasonably requested by the Company’s Transfer
Agent or legal counsel in connection therewith) and otherwise fully cooperate with Investor and Investor’s broker in their efforts
to effect such sale of securities pursuant to Rule 144.

 

9. Assignment
of Registration Rights.

 

Neither
the Company nor the Investor shall assign this Agreement or any of their respective rights or obligations hereunder.

 

    	11

     

    

 

10. Amendment
or Waiver.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day immediately preceding
the date of filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision
of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a
written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right
or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11. Miscellaneous.

 

(a)
Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed
to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more
Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received
from such record owner of such Registrable Securities.

 

(b)
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be given
in accordance with Section 10.4 of the Purchase Agreement.

 

(c)
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof. The Company and the Investor acknowledge and agree that irreparable damage would occur
in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of
the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity
of showing economic loss and without any bond or other security being required), this being in addition to any other remedy to which
either party may be entitled by law or equity.

 

(d)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or
that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or
enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement
in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

(e)
The Transaction Documents set forth the entire agreement and understanding of the parties solely with respect to the subject matter thereof
and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written,
solely with respect to such matters. There are no promises, undertakings, representations or warranties by either party relative to subject
matter hereof not expressly set forth in the Transaction Documents. Notwithstanding anything in this Agreement to the contrary and without
implication that the contrary would otherwise be true, nothing contained in this Agreement shall limit, modify or affect in any manner
whatsoever (i) the conditions precedent to a VWAP Purchase contained in Article VII of the Purchase Agreement or (ii) any of the Company’s
obligations under the Purchase Agreement.

 

    	12

     

    

 

(f)
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. This Agreement is
not for the benefit of, nor may any provision hereof be enforced by, any Person, other than the parties hereto, their respective successors
and the Persons referred to in Sections 6 and 7 hereof.

 

(g)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless
the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and
plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall
be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

(h)
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature delivered by e-mail in a “.pdf” format data file, including any electronic signature complying with the U.S.
federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding
upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(i)
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

[Signature
Pages Follow]

 

    	13

     

    

 

IN
WITNESS WHEREOF, Investor and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	LUCID DIAGNOSTICS INC.
	 	 
	 	By:	/s/ Lishan Aklog, M.D.
	 	Name:	Lishan Aklog, M.D.
	 	Title:	Chairman & CEO

 

[Signature
Page to Registration Rights Agreement]

 

    	 

     

    

 

IN
WITNESS WHEREOF, Investor and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above.

 

	 	INVESTOR:
	 	 
	 	CF PRINCIPAL INVESTMENTS LLC
	 	 
	 	By:	/s/ Mark Kaplan
	 	Name:	Mark Kaplan
	 	Title:	Global Chief Operating Officer

 

[Signature
Page to Registration Rights Agreement]Document

Exhibit 10.1
Execution Version

INCREASE AGREEMENT AND AMENDMENT

THIS INCREASE AGREEMENT AND AMENDMENT, dated as of March 30, 2022 (this “Agreement”), by and among the institutions set forth on Schedule 1 hereto (each an “Incremental Lender” and collectively the “Incremental Lenders”), the other Lenders party hereto, PAR PETROLEUM, LLC, a Delaware limited liability company (the “Company”), PAR HAWAII, LLC, a Delaware limited liability company (“PHI”), HERMES CONSOLIDATED, LLC (d/b/a Wyoming Refining Company), a Delaware limited liability company (“Hermes”), and WYOMING PIPELINE COMPANY LLC, a Wyoming limited liability company (“WPC” and collectively, with the Company, PHI and Hermes, “Borrowers”), the Guarantors party hereto, PAR PACIFIC HOLDINGS, INC., a Delaware corporation (the “Parent”), and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”).
RECITALS:
WHEREAS, reference is hereby made to that certain Amended and Restated Loan and Security Agreement, dated as of February 2, 2022, by and among the Borrowers, the Guarantors party thereto from time to time, the Lenders party thereto from time to time and Bank of America, N.A., as Administrative Agent and as collateral agent for the Secured Parties (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not otherwise defined herein being used herein as therein defined);
WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrowers may increase the existing Commitments (such increased Commitments, the “Incremental Commitments”) by entering into one or more increase agreements with the Incremental Lenders; and
WHEREAS, the Administrative Agent, the Incremental Lenders, the other Lenders and Borrowers have agreed to otherwise amend the Credit Agreement as more fully set forth below.
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1.    Incremental Commitments.
(a)    Each Incremental Lender party hereto hereby agrees to commit to provide its respective Incremental Commitment as set forth on Schedule 1 annexed hereto, on the terms and subject to the conditions set forth below.
(b)    On the Increase Effective Date (as defined below), (i) each of the existing Lenders shall be deemed to assign to each of the Incremental Lenders, and each of the Incremental Lenders shall be deemed to purchase from each of such existing Lenders, at the principal amount thereof (i.e., at par) such interests in the outstanding Loans and participations in Letters of Credit and Swingline Loans outstanding on the Increase Effective Date that will result in, after giving effect to all such deemed assignments and purchases, such Loans and participations in Letters of Credit and Swingline Loans being held by such existing Lenders and the Incremental Lenders ratably in accordance with their Commitments after giving effect to the addition of the Incremental Commitments hereby; (ii) each Incremental Commitment shall be deemed, for all purposes, a Commitment and each loan made thereunder shall be deemed, for all purposes, a Loan and have the same terms as any existing Loan and (iii) each Incremental Lender shall become a Lender with respect to the Commitments and all matters relating thereto.
(c)    Each Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent thereunder and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to 

take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.
(d)    For each Incremental Lender that is a Foreign Lender, delivered herewith to the Administrative Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Lender may be required to deliver to the Administrative Agent pursuant to Section 5.9 of the Credit Agreement.
(e)    Immediately after the Increase Effective Date, the available increase in the Lenders’ Commitments pursuant to Section 2.1.7 of the Credit Agreement, subject to the terms and conditions thereof and the terms of the Credit Agreement, shall be $12,500,000. Immediately after the Increase Effective Date, each Lender’s Commitments pursuant to the Credit Agreement shall be as set forth on Schedule 2 hereto.
SECTION 2.    Amendment of the Credit Agreement.  Effective as of the Increase Effective Date,
(a)    Section 1.1 of the Credit Agreement is hereby amended as follows:
(i)    by inserting the following defined terms:
Agreement: this Amended and Restated Loan and Security Agreement, as amended by the Increase Agreement.
Increase Agreement: that certain Increase Agreement and Amendment, dated as of March 30, 2022, among the Borrowers, the Guarantors party thereto, Parent, the Lenders party thereto and the Administrative Agent.
(b)    Section 15.1.1(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
    “(d)    without the prior written consent of all Lenders (except any Defaulting Lender), no modification shall (i) waive the conditions precedent contained in Section 6.1; (ii) alter Section 5.5.2, 7.1 (except to add Collateral), 13.5, 15.1.1, the definition of “Pro Rata” or any other provision hereof in a manner that would have the effect of altering the ratable reduction of Commitments or the pro rata sharing of payments among the Lenders otherwise required hereunder; (iii) change any provision of this Section 15.1.1(d) or the definition of “Required Lenders”, or any other provision hereof specifying the number or percentages of Lenders required to amend, waive or otherwise modify any rights hereunder or any other Loan Document or make any determination or grant any consent hereunder; (iv) amend the definition of Borrowing Base (or any defined term used in such definition) if the effect of such amendment is to increase borrowing availability; (v) increase the advance rates in the Borrowing Base or modify this Agreement in any way that would have the effect of increasing the advance rates in the Borrowing Base, in each case, beyond such advance rates in effect on the Closing Date; (vi) release or subordinate all or substantially all Collateral or all or substantially all of the value of the Guaranty; or (vii) except in connection with a merger, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations; and
(c)    Schedule 1.1 to the Credit Agreement is hereby replaced in its entirety with Schedule 2 to this Agreement.
SECTION 3.    Reaffirmation and Confirmation of Loan Documents.  Each of the Obligors and other Guarantors hereby (a) acknowledges the existence, validity and enforceability of this Agreement, (b) confirms and ratifies all of its obligations under the Credit Agreement (immediately after giving effect to this Agreement), each Security Document and the other Loan Documents to which it is party, including 
2

its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of the Credit Agreement, each Security Document and each of the other Loan Documents to which it is party, and (c) agrees that such guarantees, pledges, grants of security interests and other obligations, and the terms of the Credit Agreement, each Security Document and each of the other Loan Documents to which it is a party, are not impaired or adversely affected in any manner whatsoever and shall continue to be in full force and effect in accordance with their terms and, as applicable, shall guarantee and secure all secured Obligations under the Credit Agreement, as modified pursuant to this Agreement. The parties hereto acknowledge and agree that all references to the “Credit Agreement” (or words of similar import) in the Loan Documents (including each Security Document) refer to the Credit Agreement as amended and supplemented by this Agreement without impairing any such obligations or Liens in any respect.
SECTION 4.    Conditions to Effectiveness.  The effectiveness of this Agreement and the obligations of the Incremental Lenders to make Loans under the Incremental Commitments hereunder are subject to the satisfaction or waiver of each of the following conditions (the date on which such conditions are satisfied or waived, the “Increase Effective Date”):
(a)    The Administrative Agent shall have received a counterpart of this Agreement, executed and delivered by the Borrowers, the Guarantors, Parent, each Incremental Lender party hereto and the other Lenders. 
(b)    The Administrative Agent shall have received certificates, in form and substance reasonably satisfactory to it, from a duly authorized Senior Officer of each Borrower certifying that, (i) both immediately before and after giving effect to the Incremental Commitments, no Default or Event of Default has occurred and is continuing; (ii) the representations and warranties of Parent, PHR, each Future Intermediation Subsidiary and each Obligor in the Loan Documents to which they are a party shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) on the date of, and upon giving effect to, such requested increase (except for representations and warranties that expressly relate to an earlier date, in which case they are true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) as of such earlier date, and except that the representations and warranties contained in Section 9.1.4(a) of the Credit Agreement shall be deemed to refer to the most recent statements of Parent and its Subsidiaries furnished pursuant to clauses (a) and (b), respectively, of Section 10.1.2 of the Credit Agreement), (iii) no reduction in Commitments pursuant to Section 2.1.4 of the Credit Agreement has occurred prior to the requested increase, and (iv) the requested increase does not cause the Commitments to exceed 95% of any applicable cap under the Secured Notes Indenture.
(c)    Administrative Agent shall have received a certificate of a duly authorized officer of each Obligor and other Guarantor, certifying (i) that attached copies of such Person’s Organic Documents are true and complete, and in full force and effect, without amendment except as shown (or that the Organic Documents delivered on the Closing Date remain true and complete and in full force and effect, without amendment except as shown); (ii) that an attached copy of resolutions authorizing the execution, delivery and performance of this Agreement is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this Agreement; and (iii) to the title, name and signature of each Person authorized to sign the Loan Documents.
(d)    Administrative Agent shall have received good standing certificates or similar instrument for each Obligor and other Guarantor, issued by the Secretary of State or other appropriate official of such Person’s jurisdiction of organization.
(e)    Administrative Agent shall have received duly executed promissory notes payable to each Incremental Lender that has requested such a promissory note at least two (2) Business Days prior to the Increase Effective Date in the amount of such Incremental Lender’s Commitment to the Borrowers.
(f)    Administrative Agent shall have received a written opinion of Porter Hedges LLP and local counsel to WPC in form and substance satisfactory to Administrative Agent.
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(g)    Borrowers shall have paid all reasonable and documented fees and expenses (including upfront fees) to be paid to Administrative Agent and Lenders on the Increase Effective Date, including reimbursement of expenses required to be reimbursed or paid pursuant to Section 3.4 of the Credit Agreement.
(h)    Administrative Agent shall have received, at least three Business Days prior to the Increase Effective Date, all documentation and other information required by Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, and, to the extent that any Borrower qualifies as a “legal entity customary” under the Beneficial Ownership Regulation, a Beneficial Ownership Certificate in relation to such Borrower, in each case, that has been reasonably requested in writing at least five Business Days prior to the Closing Date by the Lenders.
SECTION 5.    Representations and Warranties of the Borrowers.  Each Borrower hereby represents and warrants, as of the Increase Effective Date, that each of the representations and warranties contained in Section 9 of the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) on and as of the Increase Effective Date as if made on and as of such date except to the extent that such representations and warranties expressly specifically refer to an earlier date (in which case such representations and warranties are true and correct in all material respects as of such earlier date).
SECTION 6.    Effects on Loan Documents.
(a)    Except as specifically amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  
(b)    The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents.  
(c)    The Obligors, the other Guarantors and the other parties hereto acknowledge and agree that this Agreement shall constitute a Loan Document.
SECTION 7.    Amendments; Execution in Counterparts.  
(a)    This Agreement shall not constitute an amendment of any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of any Borrower, any other Obligor or any other Guarantor that would require a waiver or consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.
(b)    This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Obligors, the other Guarantors, the Administrative Agent, the Incremental Lenders and the other Lenders.  This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic submission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 8.    GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (i) CERTIFIES THAT NO 
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REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION AND IN SECTION 15.15 OF THE CREDIT AGREEMENT.  

[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first set forth above.

BORROWERS:

PAR PETROLEUM, LLC
PAR HAWAII, LLC
HERMES CONSOLIDATED, LLC
WYOMING PIPELINE COMPANY LLC

By: /s/ William Monteleone    
Name:    William Monteleone
Title:    Chief Financial Officer

GUARANTORS:

PAR HAWAII REFINING, LLC
PAR PETROLEUM FINANCE CORP.
PAR TACOMA, LLC
U.S. OIL & REFINING CO.
MCCHORD PIPELINE CO.
USOT WA, LLC
PAR HAWAII SHARED SERVICES, LLC

By: /s/ William Monteleone    
Name:    William Monteleone
Title:    Chief Financial Officer

PARENT:

PAR PACIFIC HOLDINGS, INC.

By: /s/ William Monteleone    
Name:    William Monteleone
Title:    Chief Financial Officer

[Signature Page to Increase Agreement]

Consented to by:

BANK OF AMERICA, N.A.,
as Administrative Agent and Issuing Bank

By: /s/ Mark Porter_______________
Name: Mark Porter
Title: SVP

[Signature Page to Increase Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as an Incremental Lender

By: /s/ Sanat Amladi_____________
Name: Sanat Amladi
Title: Managing Director

[Signature Page to Increase Agreement]

BANK OF AMERICA, N.A.,
as a Lender

By: /s/ Mark Porter______________
Name: Mark Porter
Title: Senior Vice President

[Signature Page to Increase Agreement]

MUFG BANK, LTD.,
as a Lender

By: /s/ Todd Vaubel______________
Name: Todd Vaubel
Title: Director

[Signature Page to Increase Agreement]

AMERICAN SAVINGS BANK, F.S.B.,
as a Lender

By: /s/ Liane Khim_______________
Name: Liane Khim
Title: First Vice President

[Signature Page to Increase Agreement]

    SCHEDULE 1
    TO INCREASE AGREEMENT

INCREMENTAL COMMITMENTS

						
	

Name of Incremental Lender
	

Incremental Commitments

	Wells Fargo Bank, National Association	$37,500,000
		Total:  $37,500,000

    SCHEDULE 2
    TO INCREASE AGREEMENT

						
	

Lender
	

Commitment

	Bank of America, N.A.	$67,500,000.00
	Wells Fargo Bank, National Association	$37,500,000.00
	MUFG Bank, Ltd.	$20,000,000.00
	American Savings Bank	$17,500,000.00
		Total:  $142,500,000.00

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