Document:

ex_245934.htm

Exhibit 10.1

 

COOPERATION AGREEMENT

 

This COOPERATION AGREEMENT (this “Agreement”) is made and entered into as of May 3, 2021 (the “Effective Date”), by and among Tidewater, Inc., a Delaware corporation (the “Company”), on the one hand, and Robotti & Company, Incorporated, a New York corporation, Robotti & Company Advisors, LLC, a New York limited liability company, Robotti Securities, LLC, a New York limited liability company, Ravenswood Management Company, L.L.C., a New York limited liability company, The Ravenswood Investment Company, L.P., a Delaware limited partnership, Ravenswood Investments III, L.P., a New York limited partnership, the Suzanne and Robert Robotti Foundation, Inc., a Delaware non-profit corporation, Suzanne Robotti and Robert E. Robotti (collectively, the “Robotti Parties”), on the other hand. The Company and the Robotti Parties are each referred to herein as a “party” and collectively, the “parties.”

 

WHEREAS, on October 28, 2019, certain of the Robotti Parties filed a Schedule 13D with the SEC, which was subsequently amended on February 6, 2020, June 3, 2020 and March 12, 2021 (as amended, the “Schedule 13D”);

 

WHEREAS, by letter dated March 9, 2021 (as supplemented to date, the “Nomination Notice”), The Ravenswood Investment Company, L.P. (“Ravenswood”) delivered notice of its intent to nominate certain persons for election as directors to the Board of Directors of the Company (the “Board”) at the Company’s 2021 annual meeting of stockholders, including any adjournments, postponements, reschedulings or continuations thereof and any other meeting of stockholders called or held in lieu thereof (the “2021 Annual Meeting”);

 

WHEREAS, as of the date hereof, the Robotti Parties have a beneficial ownership (as determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (the “Exchange Act”)) interest in the common stock, $0.001 par value per share, of the Company (the “Common Stock”) totaling, in the aggregate, (i) 2,520,068 shares of Common Stock, (ii) 109,852 Series A Warrants and (iii) 280,207 Series B Warrants, or, on a fully diluted basis, approximately 7.08% of the Common Stock issued and outstanding on the date hereof;

 

WHEREAS, the Company and Mr. Robotti have engaged in various discussions and communications concerning the Company’s business; and

 

WHEREAS, the Company and the Robotti Parties desire to enter into this Agreement regarding the addition of Mr. Robotti to the Board, and certain other matters, as provided in this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

 

 

 

1.    Board Composition and Related Matters.

 

(a)    The Company agrees that prior to the Annual Meeting, the Board, and all applicable committees of the Board, shall take all necessary actions to (i) increase the size of the Board from seven (7) to eight (8) directors and (ii) nominate Mr. Robotti as a candidate for election to the Board at the 2021 Annual Meeting to fill the newly created vacancy. The Company agrees to recommend, support and solicit proxies for the election of Mr. Robotti at the 2021 Annual Meeting in a manner no less rigorous and favorable than the manner in which the Company has historically supported the Board’s other nominees. In connection with the foregoing, Mr. Robotti consents to be named by the Company as a nominee for election to the Board in any applicable proxy statement, proxy card or other solicitation materials of the Company.

 

(b)    Effective upon Mr. Robotti’s election as a director at the 2021 Annual Meeting, the Board and all applicable committees of the Board shall take all necessary actions to then immediately appoint Mr. Robotti to serve on the Compensation Committee of the Board (the “Compensation Committee”), subject only to Mr. Robotti’s satisfaction of the requirements of the New York Stock Exchange and applicable law with respect to his service on such committee; provided, however, that such satisfaction of these requirements and applicable law by Mr. Robotti shall be determined by the Board and any applicable committee of the Board prior to the 2021 Annual Meeting.

 

(c)    Each party acknowledges that Mr. Robotti, upon his election to the Board and in his capacity as a director of the Company, shall comply with the terms of any certification, policy and/or guideline that all current members of the Board have executed or otherwise accepted or consented to, each of which as in effect as of the Effective Date, including, but not limited to, the Company’s Corporate Governance Policy, Code of Business Conduct and Ethics, Policy Statement on Insider Trading and any other policy on stock ownership, public disclosures, legal compliance and confidentiality (collectively, the “Company Policies”).

 

(d)    The Robotti Parties agree that the Board or any committee thereof, in the exercise of its fiduciary duties, may recuse Mr. Robotti from any Board or committee meeting or portion thereof at which the Board or any such committee is deliberating and/or taking action (including, but not limited to, the formation of a special committee of the Board), and restrict access to information of the Company, with respect to (i) this Agreement, including the interpretation and enforcement thereof or (ii) any actions taken, or proposed to be taken, by the Company in response to actions taken, or proposed to be taken, by any of the Robotti Parties or any of their respective Affiliates with respect to the Company. For the avoidance of doubt, the Robotti Parties agree that, consistent with his fiduciary duty as a director of the Company, Mr. Robotti shall recuse himself from any Board or committee meeting in the event there is any conflict of interest between any of the Robotti Parties, including, without limitation, Mr. Robotti, on the one hand, and the Company, on the other hand.

 

(e)    Concurrently with the execution of this Agreement, Mr. Robotti shall execute and deliver to the Company an advance irrevocable resignation letter as director in the form attached hereto as Exhibit A (the “Resignation Letter”).

 

 

 

 

(f)    If at any time the Robotti Parties’ Net Long Position falls below 1,425,025 shares of Common Stock, which represents 3.5% of the Company’s shares of Common Stock outstanding as of the Effective Date (such number of shares, subject to adjustment(s) for share issuances, stock splits, reclassifications, combinations, and other similar adjustments, the “Minimum Ownership Threshold”), (i) the rights of the Robotti Parties and obligations of the Company pursuant to paragraphs (a) and (b) of this Section 1 shall terminate immediately and (ii) Mr. Robotti shall immediately tender the Resignation Letter to the Board; provided, however, the Board shall request that the Nominating and Corporate Governance Committee of the Board (the “Nominating and Corporate Governance Committee”) make a recommendation to the Board on whether to accept or reject such resignation, and the Board shall consider the Nominating and Corporate Governance Committee’s recommendation and shall act to accept or reject such resignation; provided, further, that in the event the Robotti Parties’ Net Long Position falls below the Minimum Ownership Threshold solely because any client of Mr. Robotti terminates its relationship with Mr. Robotti and/or with the Robotti Parties, then Mr. Robotti and/or the Robotti Parties shall have sixty (60) days from the trade or redemption date on which the Robotti Parties’ Net Long Position falls below the Minimum Ownership Threshold to purchase shares of the Company’s common stock in order to meet the Minimum Ownership Threshold. The Robotti Parties shall promptly (and in any event within three (3) Business Days) inform the Company in writing if the Robotti Parties fail to satisfy the Minimum Ownership Threshold at any time during the Standstill Period.

 

(g)    During the Standstill Period, the size of the Board shall not exceed nine (9) directors without a written resolution approved unanimously by all of the directors then serving on the Board; provided, however, that nothing in this Agreement shall limit the ability of the Board to increase the size of the Board to more than nine (9) directors in order to accommodate the appointment or election of directors in connection with any merger or acquisition approved by a majority of the directors then serving on the Board.

 

(h)    Concurrently with and effective upon the execution of this Agreement, the Robotti Parties shall irrevocably withdraw or cause the irrevocable withdrawal of each of the Nomination Notice and the letter dated April 6, 2021, demanding to inspect and to copy or extract certain stockholder list materials of the Company pursuant to Section 220 of the Delaware General Corporation Law, and shall immediately cease all efforts, direct or indirect, in furtherance of the Nomination Notice and any related solicitation in connection with the Nomination Notice.

 

2.    Voting Commitment.

 

(a)    During the Standstill Period, each of the Robotti Parties agrees that he, she or it will appear in person or by proxy at each Stockholder Meeting, whether such meeting is held at a physical location or virtually by means of remote communications, and will vote all voting securities beneficially owned by him, her or it in accordance with the Board’s recommendations with respect to (a) each proposal regarding the election or removal of directors (each such proposal, a “Director Proposal”) and (b) any other proposal to be submitted to the stockholders of the Company by either the Company or any stockholder of the Company; provided, however, that in the event that Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) issues a recommendation that differs from the Board’s recommendation with respect to any proposal submitted by the Company or any of its stockholders (other than a Director Proposal), each of the Robotti Parties will be permitted to vote in accordance with the ISS or Glass Lewis recommendation(s); provided, further, that each of the Robotti Parties shall be permitted to vote in his, her or its sole discretion on any proposal of the Company in respect of any Extraordinary Transaction.

 

 

 

 

3.     Standstill. During the Standstill Period, each Robotti Party shall not, and shall cause its Representatives not to, directly or indirectly:

 

(a)    make any announcement or proposal with respect to, or offer, seek or propose, (i) any form of business combination or acquisition or other transaction relating to a material amount of assets or securities of the Company or any of its subsidiaries, (ii) any form of restructuring, recapitalization or similar transaction with respect to the Company or any of its subsidiaries or (iii) any form of tender or exchange offer for shares of Common Stock or other voting securities, whether or not such transaction involves a Change of Control of the Company;

 

(b)    engage in, or assist in the engagement in, any solicitation of proxies to vote any voting securities, or conduct, or assist in the conducting of, any type of binding or nonbinding referendum with respect to any voting securities, or assist or participate in any other way, directly or indirectly, in any solicitation of proxies with respect to, or from the holders of, any voting securities, or otherwise become a “participant” in a “solicitation,” as such terms are defined in Instruction 3 of Item 4 of Schedule 14A and Rule 14a‐1 of Regulation 14A, respectively, under the Exchange Act, to vote any securities of the Company (including by initiating, encouraging or participating in any “withhold” or similar campaign), in each case other than in a manner that is consistent with the Board’s recommendation on a matter;

 

(c)    knowingly advise, encourage or influence any person with respect to the voting of any securities of the Company other than in a manner that is consistent with the Board’s recommendation on any such matter;

 

(d)    other than in open market sale transactions where the identity of the purchaser is not known, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of the Company or any rights decoupled from the underlying securities held by any of the Robotti Parties to any person not (i) a party to this Agreement, (ii) a member of the Board, (iii) an officer of the Company, or (iv) an Affiliate of any Party (any person not set forth in clauses (i) through (iv) shall be referred to as a “Third Party”) that would (after due inquiry) result in such Third Party, together with its Affiliates, owning, controlling or otherwise having any beneficial or other ownership interest representing in the aggregate in excess of 4.9% of the shares of Common Stock outstanding at such time, except for Schedule 13G filers that are mutual funds, pension funds, index funds or investment fund managers with no known history of activism or known plans to engage in activism;

 

(e)    take any action in support of or make any proposal or request that constitutes or would result in: (i) advising, controlling, changing or influencing any director or the management of the Company, including, but not limited to, any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, (ii) any material change in the capitalization, stock repurchase programs and practices or dividend policy of the Company, (iii) any other material change in the Company’s management, business or corporate structure, (iv) seeking to have the Company waive or make amendments or modifications to the Bylaws or the Certificate of Incorporation, or other actions that may impede or facilitate the acquisition of control of the Company by any person, (v) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, or (vi) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act, in each case with respect to the foregoing clauses (i) through (vi), except as set forth in Section 1;

 

 

 

 

(f)    communicate with stockholders of the Company or others pursuant to Rule 14a-1(l)(2)(iv) under the Exchange Act (other than in connection with an Extraordinary Transaction);

 

(g)    call or seek to call, or request the call of, alone or in concert with others, any meeting of stockholders, whether or not such a meeting is permitted by the Bylaws, including a “town hall meeting”;

 

(h)    deposit any shares of Common Stock or other voting securities in any voting trust or subject any shares of Common Stock or other voting securities to any arrangement or agreement with respect to the voting of any shares of Common Stock or voting securities (other than any such voting trust, arrangement or agreement solely among the Robotti Parties that is otherwise in accordance with this Agreement);

 

(i)    knowingly seek, encourage or advise any person, to submit nominations in furtherance of a “contested solicitation” for the election or removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors, except as set forth in Section 1;

 

(j)    form, join or in any other way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting security (other than a group that includes all or some of the Robotti Parties); provided, however, that nothing herein shall limit the ability of an Affiliate of a Robotti Party to join the “group” following the execution of this Agreement, so long as any such Affiliate agrees to be subject to, and bound by, the terms and conditions of this Agreement;

 

(k)    engage any private investigations firm or other person to investigate any of the Company’s directors or officers;

 

(l)    demand a copy of the Company’s list of stockholders or its other books and records or make any request pursuant to Rule 14a-7 under the Exchange Act or under any statutory or regulatory provisions of Delaware providing for stockholder access to books and records (including lists of stockholders) of the Company;

 

(m)    seek publicly, alone or in concert with others, to amend any provision of the Company’s Charter or Bylaws;

 

(n)    take any action challenging the validity or enforceability of this Section 3 or this Agreement;

 

 

 

 

(o)    make any request or submit any proposal to amend or waive the terms of this Section 3 other than through non-public communications with the Company that would not be reasonably likely to trigger public disclosure obligations for any Party; or

 

(p)    enter into any discussions, negotiations, agreements or understandings with any person with respect to any action the Robotti Parties are prohibited from taking pursuant to this Section 3, or advise, assist, encourage or seek to persuade any person to take any action or make any statement with respect to any such action, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing.

 

Nothing in this Section 3 shall be deemed to (i) prohibit or restrict the Robotti Parties from communicating privately with the Board, any officer or director of the Company or with the Company’s or the Robotti Parties’ legal counsel regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any public disclosure of such communications or (ii) limit the exercise in good faith by Mr. Robotti of his fiduciary duties solely in his capacity as a director of the Company if elected to the Board.

 

4.    Mutual Non-Disparagement. No party hereto shall, and no party shall permit any of its Representatives to, make any public statement that constitutes or would reasonably be expected to constitute an ad hominem attack on or otherwise disparages any other party, any other party’s current or former directors, officers, partners or employees (including with respect to such persons’ service at the other party), any other party’s subsidiaries, or any other party’s subsidiaries’ business or any of its or its subsidiaries’ current or former directors, officers, partners or employees, including the business and current or former directors, officers, partners and employees of such other party’s Affiliates, as applicable. The restrictions in this Section 4 shall not (i) apply (A) in any compelled testimony or production of information, whether by legal process, subpoena or as part of a response to a request for information from any governmental or regulatory authority with jurisdiction over the party from whom information is sought, in each case, to the extent required, or (B) to any disclosure required by applicable law, rules or regulations; or (ii) prohibit any person from reporting possible violations of federal law or regulation to any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder.

 

5.    No Litigation. Each party hereto hereby covenants and agrees that it shall not, and shall not permit any of its Representatives to, directly or indirectly, alone or in concert with others, encourage, pursue, or assist any other person to threaten or initiate, any lawsuit, claim or proceeding before any court (each, a “Legal Proceeding”) against any other party or any of its Representatives, based on claims arising out of any facts known or should have known by such party as of the Effective Date, except for any Legal Proceeding initiated solely to remedy a breach of or to enforce this Agreement; provided, however, that the foregoing shall not prevent any party hereto or any of its Representatives from responding to oral questions, interrogatories, requests for information or documents, subpoenas, civil investigative demands or similar processes (each, a “Legal Requirement”) in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, or on behalf of, or at the suggestion of, such party or any of its Representatives; provided, further, that in the event any party hereto or any of its Representatives receives such Legal Requirement, such party shall give prompt written notice of such Legal Requirement to such other party (except where such notice would be legally prohibited or not practicable). Each of the parties hereto represents and warrants that neither it nor any assignee has filed any lawsuit against any other party.

 

 

 

 

6.    Press Release and SEC Filings.

 

(a)    No later than one (1) Business Day following the Effective Date, the Company shall announce the entry into this Agreement and the material terms hereof by means of a mutually agreed upon press release in the form attached hereto as Exhibit B (the “Press Release”). Prior to the issuance of the Press Release, neither the Company nor the Robotti Parties shall issue any press release, public announcement or other public statement (including, without limitation, in any filing required under the Exchange Act) regarding this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other parties hereto. No party hereto or any of its Representatives shall issue any press release, public announcement or other public statement (including, without limitation, in any filing required under the Exchange Act) concerning the subject matter of this Agreement inconsistent with the Press Release, except as required by law or applicable stock exchange listing rules or with the prior written consent of the other parties hereto and otherwise in accordance with this Agreement.

 

(b)    No later than two (2) Business Days following the Effective Date, the Company shall file with the SEC a Current Report on Form 8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement and the Press Release as an exhibit thereto (the “Form 8-K”). The Form 8-K shall be consistent with the Press Release and the terms of this Agreement. The Company shall provide the Robotti Parties, and their respective Representatives, with a reasonable opportunity to review and comment on the Form 8-K prior to the filing with the SEC and consider in good faith any comments of the Robotti Parties.

 

(c)    No later than two (2) Business Days following the Effective Date, the Robotti Parties shall file with the SEC an amendment to their Schedule 13D in compliance with Section 13 of the Exchange Act reporting their entry into this Agreement, disclosing applicable items to conform to their obligations hereunder and appending this Agreement as an exhibit thereto (the “Schedule 13D Amendment”). The Schedule 13D Amendment shall be consistent with the Press Release and the terms of this Agreement. The Robotti Parties shall provide the Company and its Representatives with a reasonable opportunity to review the Schedule 13D Amendment prior to it being filed with the SEC and consider in good faith any comments of the Company and its Representatives.

 

7.    Affiliates and Associates. Each party hereto shall instruct its controlled Affiliates and Associates to comply with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate. A breach of this Agreement by a controlled Affiliate or Associate of a party, if such controlled Affiliate or Associate is not a party to this Agreement, shall be deemed to occur if such controlled Affiliate or Associate engages in conduct that would constitute a breach of this Agreement if such controlled Affiliate or Associate was a party to the same extent as a party to this Agreement.

 

 

 

 

8.    Representations and Warranties.

 

(a)    Each Robotti Party represents and warrants to the Company that (i) this Agreement has been duly and validly authorized, executed and delivered by such Robotti Party, and constitutes a valid and binding obligation and agreement of such Robotti Party, enforceable against such Robotti Party in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies of creditors and subject to general equity principles, (ii) the signatory for such Robotti Party has the power and authority to execute this Agreement and any other documents delivered in connection with this Agreement on behalf of itself and the applicable Robotti Party associated with that signatory’s name, and to bind such Robotti Party to the terms hereof and thereof, (iii) the execution, delivery and performance of this Agreement by such Robotti Party does not and will not violate or conflict with (A) any law, rule, regulation, order, judgment or decree applicable to it, or (B) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (iv) such Robotti Party is not and will not become party to any agreement, arrangement or understanding (whether written or oral) with Mr. Robotti with respect to his service as a director on the Board and (v) except as otherwise disclosed to the Company in writing prior to the Effective Date, (A) such Robotti Party does not own, of record or beneficially, any voting securities or any securities convertible into, or exchangeable or exercisable for, any voting securities and (B) such Robotti Party has not entered into, directly or indirectly, any agreements or understandings with any person (other than its own Representatives) with respect to any potential transaction involving the Company or the voting or disposition of any securities of the Company. The Robotti Parties further represent and warrant that, as of the date of this Agreement, the Robotti Parties beneficially own an aggregate of (i) 2,520,068 shares of Common Stock, having voting authority over such shares, (ii) 109,852 Series A Warrants and (iii) 280,207 Series B Warrants. The Robotti Parties do not own any Synthetic Equity Interests or any Short Interests in the Company.

 

(b)    The Company represents and warrants to the Robotti Parties that (i) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (ii) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies of creditors and subject to general equity principles, and (iii) the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (A) any law, rule, regulation, order, judgment or decree applicable to it, or (B) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, or any material agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.

 

 

 

 

9.    Termination. The term of this Agreement shall commence on the Effective Date and shall continue until such date that is the earlier to occur of (i) one hundred fifty (150) days prior to the date of the 2022 Annual Meeting (as defined below) and (ii) one hundred (150) days prior to the first anniversary of the date of the 2021 Annual Meeting; provided, however, if not later than the date that is the earlier of (i) one hundred sixty-five (165) days prior to the date of the 2022 Annual Meeting and (ii) one hundred sixty-five (165) days prior to the first anniversary of the date of the 2021 Annual Meeting, the Company provides written notice to the Robotti Parties that the Board has determined to nominate Mr. Robotti for election to the Board at the 2022 Annual Meeting, then the Standstill Period shall automatically continue until such date that is the earlier to occur of (i) one hundred fifty (150) days prior to the date of the 2023 Annual Meeting (as defined below) and (ii) one hundred fifty (150) days prior to the first anniversary of the date of the 2022 Annual Meeting (such date, the “Termination Date”). 

 

Notwithstanding the foregoing, the provisions of Section 9 through Section 15 shall survive the termination of this Agreement. Termination of this Agreement shall not relieve any Party from its responsibilities in respect of any breach of this Agreement prior to such termination.

 

For purposes of this Agreement, “2022 Annual Meeting” shall mean the Company’s 2022 annual meeting of stockholders, including any adjournments, postponements, reschedulings or continuations thereof and any other meeting of stockholders called or held in lieu thereof, and “2023 Annual Meeting” shall mean the Company’s 2023 annual meeting of stockholders, including any adjournments, postponements, reschedulings or continuations thereof and any other meeting of stockholders called or held in lieu thereof.

 

10.    Expenses. The Company shall reimburse the Robotti Parties for their reasonable, documented out-of-pocket fees and expenses incurred in connection with the 2021 Annual Meeting and the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $200,000 in the aggregate.

 

11.    Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt; (b) upon sending if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party by electronic mail; (c) one day after being sent by a nationally recognized overnight carrier to the addresses set forth below; or (d) when actually delivered if sent by any other method that results in delivery, with written confirmation of receipt:

 

 

 

 

	
			If to the Company:

			 

			Tidewater, Inc.

			6002 Rogerdale Road, Suite 600

			Houston, Texas 77072

			Attention: Daniel A. Hudson

			Email: dhudson@tdw.com

				
			with mandatory copies (which shall not constitute notice) to:

			 

			Norton Rose Fulbright US LLP

			1301 Avenue of the Americas

			New York, New York 10019

			Attention: Steven I. Suzzan

			Email: steven.suzzan@nortonrosefulbright.com

			
	 	 
	If to a Robotti Party:	with mandatory copies (which shall not constitute notice) to:
	 	 
	
			Robotti & Company Advisors, LLC

			One Grand Central Place

			60 East 42nd Street, Suite 3100

			New York, NY 10165

			Attention: Robert E. Robotti

			Email: robotti@robotti.com

				
			Foley & Lardner LLP

			321 North Clark Street

			Chicago, Illinois 60654

			Attention: Phillip M. Goldberg

			Email: pgoldberg@foley.com

			

 

12.    Governing Law; Jurisdiction; Jury Waiver. This Agreement, and any disputes arising out of or related to this Agreement (whether for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to its conflict of laws principles. The parties hereto agree that exclusive jurisdiction and venue for any Legal Proceeding arising out of or related to this Agreement shall exclusively lie in the Court of Chancery of the State of Delaware or, if such Court does not have subject matter jurisdiction, to the Superior Court of the State of Delaware or, if jurisdiction is vested exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and any appellate court from any such state or Federal court. Each party hereto waives any objection it may now or hereafter have to the laying of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any court that any such Legal Proceeding brought in any such court has been brought in any inconvenient forum. Each party hereto consents to accept service of process in any such Legal Proceeding by service of a copy thereof upon either its registered agent in the State of Delaware or the Secretary of State of the State of Delaware, with a copy delivered to it by certified or registered mail, postage prepaid, return receipt requested, addressed to it at the address set forth in Section 12. Nothing contained herein shall be deemed to affect the right of any party hereto to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

13.    Specific Performance. Each Robotti Party, with respect to itself, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other party would occur in the event that any provision of this Agreement were not performed in accordance with such provision’s specific terms or were otherwise breached or threatened to be breached, and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that each of the Robotti Parties, on the one hand, and the Company, on the other hand (as applicable, the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other party shall not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This Section 12 shall not be the exclusive remedy for any violation of this Agreement.

 

 

 

 

14.    Certain Definitions and Interpretations. As used in this Agreement: (a) the terms “Affiliate” and “Associate” (and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Termination Date become Affiliates or Associates of any applicable person or entity referred to in this Agreement; provided, however, that the term “Associate” shall refer only to Associates controlled by the Company or the Robotti Parties, as applicable; provided, further, that, for purposes of this Agreement, none of the Robotti Parties shall be an Affiliate or Associate of the Company and the Company shall not be an Affiliate or Associate of any of the Robotti Parties; (b) the term “Annual Meeting” means each annual meeting of stockholders of the Company and any adjournments, postponements, reschedulings and continuations thereof and any other meeting of stockholders called or held in lieu thereof; (c) the terms “beneficial ownership,” “group,” “person,” “proxy,” and “solicitation” (and any plurals thereof) have the meanings ascribed to such terms under the Exchange Act and the rules and regulations promulgated thereunder; (d) the term “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or obligated to be closed by applicable law; (e) the term “Bylaws” means the Second Amended and Restated By-Laws of the Company, effective as of November 15, 2018, as may be amended or amended and restated from time to time, (f) the term “Change of Control” with respect to a transaction shall be deemed to have taken place if (i) any person is or becomes a beneficial owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the equity interests and voting power of the Company’s then-outstanding equity securities or (ii) the Company enters into a stock-for-stock transaction whereby immediately after the consummation of the transaction the Company’s stockholders retain less than fifty percent (50%) of the equity interests and voting power of the surviving entity’s then-outstanding equity securities, (g) the term “Charter” means the Amended and Restated Certification of Incorporation, effective as of July 31, 2017, as may be amended or amended and restated from time to time, (h) the term “Effective Date” means the date of this Agreement, (i) the term “Extraordinary Transaction” means any equity tender offer, equity exchange offer, merger, acquisition, business combination, or other transaction with a third party that, in each case, would result in a Change of Control of the Company, liquidation, dissolution or other extraordinary transaction involving a majority of its equity securities or a majority of its assets, and, for the avoidance of doubt, including any such transaction with a third party that is submitted for a vote of the Company’s stockholders; (j) the term “Net Long Position” means such shares of Common Stock beneficially owned, directly or indirectly, that constitute such person’s net long position as defined in Rule 14e-4 under the Exchange Act mutatis mutandis, including any shares as to which such person has entered into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly, to obtain any economic exposure to such shares; (k) the term “Representatives” means a person’s (i) Affiliates and Associates and (ii) its and their respective directors, officers, employees, partners, members, managers, legal or other advisors, agents and other representatives acting in a capacity on behalf of, in concert with or at the direction of such person or its Affiliates or Associates; (l) the term “SEC” means the U.S. Securities and Exchange Commission; (m) the term “Short Interests” means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Company’s equity securities by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of any class or series of the Company’s equity securities, or that provides, directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any class or series of the Company’s equity securities; (n) the term “Standstill Period” means the period commencing on the Effective Date and ending on the Termination Date, (o) the term “Stockholder Meeting” means each annual or special meeting of stockholders of the Company, and any meeting or action by written consent of the Company’s stockholders called or held in lieu thereof, and any adjournments, postponements, reschedulings and continuations thereof; and (p) the term “Synthetic Equity Interests” means any derivative, swap or other transaction or series of transactions engaged in, directly or indirectly, by such person, the purpose or effect of which is to give such person economic risk similar to ownership of equity securities of any class or series of the Company, including due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price, value or volatility of any shares of any class or series of the Company’s equity securities, or which derivative, swap or other transactions provide the opportunity to profit from any increase in the price or value of shares of any class or series of the Company’s equity securities, without regard to whether (i) the derivative, swap or other transactions convey any voting rights in such equity securities to such person; (ii) the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery of such equity securities; or (iii) such person may have entered into other transactions that hedge or mitigate the economic effect of such derivative, swap or other transactions. In this Agreement, unless a clear contrary intention appears, (i) the word “including” (in its various forms) means “including, without limitation;” (ii) the words “hereunder,” “hereof,” “hereto” and words of similar import are references in this Agreement as a whole and not to any particular provision of this Agreement; (iii) the word “or” is not exclusive; (iv) references to “Sections” in this Agreement are references to Sections of this Agreement unless otherwise indicated; and (v) whenever the context requires, the masculine gender shall include the feminine and neuter genders.

 

 

 

 

15.    Miscellaneous.

 

(a)    This Agreement, including all exhibits hereto, contains the entire agreement between the parties and supersedes all other prior agreements and understandings, both written and oral, between the parties hereto with respect to the subject matter hereof.

 

(b)    This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other persons.

 

(c)    This Agreement shall not be assignable by operation of law or otherwise by a party hereto without the consent of the other parties hereto. Any purported assignment without such consent is void. Subject to the foregoing sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against the permitted successors and assigns of each party hereto.

 

(d)    Neither the failure nor any delay by a party hereto in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

 

(e)    If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the parties hereto that the parties hereto would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the parties hereto agree to use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable by a court of competent jurisdiction.

 

(f)    Any amendment or modification of the terms and conditions set forth herein or any waiver of such terms and conditions must be agreed to in a writing signed by each party hereto.

 

(g)    This Agreement may be executed in one or more textually identical counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original signature.

 

(h)    Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party hereto and its counsel cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the parties will be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party hereto that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations of this Agreement will be decided without regard to events of drafting or preparation.

 

(i)    The headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement

 

[Signature Pages Follow]

 

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative, as of the date first above written.

 

	
			 

				
			THE COMPANY:

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	Tidewater, Inc.	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Quintin V. Kneen

				
			 

			
	
			 

				
			Name:

				
			Quintin V. Kneen

				
			 

			
	
			 

				
			Title:

				
			President and Chief Executive Officer

				
			 

			

 

Signature Page to Cooperation Agreement

 

 

 

 

	
			 

				
			THE ROBOTTI PARTIES:

				
			 

			
	 	 	 
	 	The Ravenswood Investment Company, L.P.	 
	 	 	 
	
			 

				
			By:

				
			Ravenswood Management Company, L.L.C., its general partner

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Robert E. Robotti

				
			 

			
	
			 

				
			Name:

				
			Robert E. Robotti

				
			 

			
	
			 

				
			Title:

				
			Managing Director

				
			 

			
	 	 	 	 
	 	Robotti & Company, Incorporated	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	President and Treasurer	 
	 	 	 	 
	 	Robotti & Company Advisors, LLC	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	President and Treasurer	 
	 	 	 	 
	 	Robotti Securities, LLC	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	President and Treasurer	 

  

 

 

 

	 	 	 	 
	 	Ravenswood Management Company, L.L.C.	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	Ravenswood Investments III, L.P.	 
	 	 	 	 
	 	By:	Ravenswood Management Company, L.L.C., its general partner	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	The Suzanne & Robert Robotti Foundation Inc.	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 
	 	Name:	Robert E. Robotti	 
	 	Title:	Director	 
	 	 	 	 
	 	Suzanne Robotti	 
	 	 	 	 
	 	By:	/s/ Suzanne Robotti	 
	 	 	 	 
	 	Robert E. Robotti	 
	 	 	 	 
	 	By:	/s/ Robert E. Robotti	 

 

 

 

 

Exhibit A

 

Resignation Letter

 

 

 

 

May 3, 2021

 

Board of Directors

Tidewater, Inc.

6002 Rogerdale Road, Suite 600

Houston, Texas 77072

 

Re: Resignation

 

Ladies and Gentlemen:

 

This irrevocable resignation is delivered pursuant to that certain Cooperation Agreement (the “Agreement”), dated as of May 3, 2021, by and among Tidewater, Inc., a Delaware corporation (the “Company”), on the one hand, and Robotti & Company, Incorporated, a New York corporation, Robotti & Company Advisors, LLC, a New York limited liability company, Robotti Securities, LLC, a New York limited liability company, Ravenswood Management Company, L.L.C., a New York limited liability company, The Ravenswood Investment Company, L.P., a Delaware limited partnership, Ravenswood Investments III, L.P., a New York limited partnership, the Suzanne and Robert Robotti Foundation, Inc., a Delaware non-profit corporation, Suzanne Robotti and Robert E. Robotti (collectively, the “Robotti Parties”), on the other hand. Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement.

 

Pursuant to the terms of the Agreement, I hereby irrevocably offer to resign from my position as a director of the Board and from any and all committees of the Board on which I serve, effective immediately upon a determination by the Board that this resignation has been accepted following such time as the Robotti Parties’ Net Long Position falls below the Minimum Ownership Threshold; provided, if applicable and as described in Section 1(f) of the Agreement, the Robotti Parties have failed to purchase sufficient shares in order to meet the Minimum Ownership Threshold.

 

	
			 

				
			 

				
			 

			
	
			 

				
			 

				Very truly yours,	
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			/s/ Robert E. Robotti

				
			 

			
	
			 

				
			 

				
			Robert E. Robotti

				
			 

			

 

 

 

 

Exhibit B

 

Press Release

 

 

 

 

	
			

				
			

			

 

Tidewater to Nominate Robert E. Robotti to Board of Directors 

 

	
			●

				
			Enters into Cooperation Agreement with the Robotti Group 

			

 

 

HOUSTON, USA – May 3, 2021 - Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide, today announced that it has entered into a Cooperation Agreement with Robert E. Robotti and his affiliated and controlled entities (the “Robotti Group”). Pursuant to the Cooperation Agreement, the Company has agreed to nominate Mr. Robotti to its Board of Directors (the “Board”) for election at the 2021 Annual Meeting, and the Robotti Group has agreed to vote in favor of the Company’s nominees and proposals at the 2021 Annual Meeting, as well as to abide by certain customary standstill provisions. With the addition of Mr. Robotti, the Tidewater Board of Directors will increase from seven to eight directors.

 

“We are pleased to welcome Bob to the Tidewater Board of Directors,” said Quintin Kneen, President, CEO and director of Tidewater. “Our Company has been positively transformed over the past couple of years with strong new leadership at both the board and management levels, streamlined cost structure, improved operational efficiency and a strengthened balance sheet – which all position Tidewater well to address both the ongoing challenges and emerging opportunities in the OSV industry. We look forward to the contributions Bob can make to our future success and value creation.”

 

Mr. Robotti stated, “I have been a large and long-term investor in Tidewater because I believe in the potential of the Company, its assets and its current leadership team. I would like to thank the Board for its constructive approach to our discussions, and I am excited about the future for Tidewater and bringing value to its shareholders.”

 

The Robotti Group will not be submitting a Proxy Card for tabulation at the 2021 Annual Meeting of Shareholders and will be voting for the Company’s full slate of nominees.

 

The complete agreement will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to the Current Report on Form 8-K.

 

About Robert E. Robotti

 

Mr. Robotti has been the president of Robotti & Company Advisors, LLC (a registered investment advisor) and Robotti Securities, LLC, formerly known as Robotti & Company, LLC (a registered broker-dealer), and their predecessors, since 1983. Robotti & Company Advisors’ investment approach is guided by the classic tenets of value investing. Robotti & Company Advisors believes that the market price of a security does not necessarily indicate its true economic value. Robotti & Company Advisors’ analysts identify and research companies with solid balance sheets, the ability to generate significant amounts of free cash flow and yet are misunderstood, neglected or just out-of-favor with Wall Street. Robotti & Company Advisors has followed this investment philosophy since its inception over 35 years ago in order to meet its goal of providing risk adjusted returns greater than the general market. Robotti & Company Advisors LLC frequently is a constructive and actively engaged owner with many of its portfolio companies.

 

 

 

 

Mr. Robotti has been the Managing Director (and previously, managing member) of Ravenswood Management Company, LLC (and its predecessor) since 1980, which serves as the general partner of The Ravenswood Investment Company, L.P. and Ravenswood Investments III, L.P. Mr. Robotti served as a portfolio manager of Robotti Global Fund, LLC, a global equity fund, from 2007 to March 2015. He currently serves as a director and Chairman of the Board of Pulse Seismic Inc. (PSD-TSX), a seismic data licensing business, and has held these positions for more than the past five years. Mr. Robotti has served as a director on the board of directors of AMREP Corporation (AXR-NYSE) since September 2016 and on the Board of PrairieSky (PSK-TSX) since October 2019. Mr. Robotti was a director of PHX Minerals Inc. (PHX-NYSE), formerly known as Panhandle Oil & Gas Inc. and Panhandle Royalty Company, from 2004 to May 2020 and was a director of BMC Building Materials Holding Corporation from 2012 to December 2015. Mr. Robotti was a member of the SEC’s Advisory Committee of Smaller Public Companies from 2005 to 2006 and served on its corporate governance subcommittee. He has an MBA in Accounting and was a certified public accountant earlier in his career, which license is currently inactive.

 

About Tidewater

Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.

 

Forward-Looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.

 

 

 

 

Important Additional Information

 

Tidewater Inc., its directors, nominees and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater’s stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater’s current directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater’s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the SEC on June 18, 2020, and in other filings with the SEC. Information regarding Robert E. Robotti and his interests in Tidewater by security holdings or otherwise can be found in the amended Schedule 13D filed with the SEC on March 12, 2021. To the extent our current directors’ and executive officers’ holdings of Tidewater’s securities have changed since the amounts set forth in Tidewater’s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC’s website at www.sec.gov.

 

Tidewater intends to file a proxy statement and accompanying BLUE proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater’s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. 

 

Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying BLUE proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of Tidewater’s corporate website at www.tdw.com or by contacting Tidewater’s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater’s Corporate Secretary at (713) 470-5310.

 

Contact

Jason Stanley

Vice President ESG & Investor Relations

+1.713.470.5292

ir@tdw.com

 

Media:

Sloane & Company

Dan Zacchei / Joe Germani

dzacchei@sloanepr.com / jgermani@sloanepr.com

 

Source: Tidewater Inc.Exhibit
4.3

 

THE
REGISTERED HOLDER OF THIS WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF ONE HUNDRED
EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (THE “EFFECTIVE DATE”) OF THE REGISTRATION STATEMENT (AS DEFINED BELOW):
(A) SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS WARRANT TO ANYONE IN ACCORDANCE WITH FINRA RULE 5110(E)(1)(A), AND (B)
CAUSE THIS WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL
TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED
FOR IN FINRA RULE 5110(E)(2). 

 

THIS
WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2021 AND IS VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2026.

 

VIVOS
THERAPEUTICS, INC.

 

Underwriter
Warrant To Purchase Common Stock

 

Warrant
No.: [____]

Number
of Shares of Common Stock: [____]

Date
of Issuance: [____] (“Issuance Date”)

 

Vivos
Therapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, [______________], the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants
to Purchase Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”), at any time or
times on or after the 180th day after the Effective Date (the “Exercisability Date”), but not after 5:00 p.m.,
New York time, on the Expiration Date (as defined below), [_____ (______)] fully paid nonassessable shares of Common Stock (the
“Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 15. This Warrant is one of the Underwriter Warrants to Purchase Common Stock (collectively, the “Warrants”)
issued pursuant to: (i) Section 4(f) of the Underwriting Agreement, dated as of [____], by and between the Company and Roth Capital
Partners, LLC (the “Underwriting Agreement”) and (ii) the Company’s Registration Statement on Form S-1
(File No.: 333-[____]) (the “Registration Statement”).

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day
on or after the Exercisability Date, in whole or in part (but not as to fractional shares), by delivery of a written notice, in
the form attached hereto as Exhibit A (the “Exercise Notice”) of the Holder’s election to exercise
this Warrant. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Exercise Notice form be required. Within two (2) Trading Days of the delivery of such Exercise Notice,
if the Holder is not electing a Cashless Exercise (as defined below) pursuant to Section 1(d), the Holder shall pay to
the Company an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant
is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer of immediately available funds
(a “Cash Exercise”). The Holder shall not be required to surrender this Warrant in order to effect an exercise
hereunder; provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised
portion hereof, the Holder shall deliver this Warrant to the Company for cancellation within a reasonable time after such exercise.
On or before the first Trading Day following the date on which the Company has received the Exercise Notice (the date upon which
the Company has received the Exercise Notice, the “Exercise Date”), the Company shall transmit by facsimile
or e-mail transmission an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s
transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver any objection to the
Exercise Notice on or before the second Trading Day following the date on which the Company has received the Exercise Notice.
On or before the second Trading Day following the date on which the Company has received the Exercise Notice, provided the Aggregate
Exercise Price has been received by the Company prior to such Trading Day, the Company shall, (X) provided that the Transfer
Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (the
“FAST Program”) and so long as the certificates therefor are not required to bear a legend regarding restriction
on transferability, 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 FAST Program or if the certificates
are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, 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 Notice and payment of the Aggregate Exercise Price, 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
such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such
Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a)
and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Trading
Days after any such submission and at its own expense, issue a new Warrant (in accordance with Section 7(d)) 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 has been and/or is exercised. The Company shall pay any and all taxes
and other expenses of the Company (including overnight delivery charges) that may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant; provided, however, that the Company shall not be required
to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares
or Warrants in a name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax
liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

    	 

    	 

    

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means $[●]1, subject
to adjustment as provided herein.

 

(c)
Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue
to the Holder within five (5) Business Days of the Exercise Date 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 stock 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 Trading Day the Holder purchases, or another Person purchases on the Holder’s behalf
or for the Holder’s account (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, within three (3) Business Days after the Holder’s written request
and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”),
at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
shares of Common Stock, times (B) the Weighted Average Price (as reported by Bloomberg) on the date of the event giving rise to
the Company’s obligation to deliver such certificate.

 

(d)
Cashless Exercise. The Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making
the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price,
elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according
to the following formula (a “Cashless Exercise”):

 

Net
Number = (A - B) (X)

                                (A)

 

For
purposes of the foregoing formula:

 

	 	A=
    	the
    Weighted Average Price for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the
    Exercise Notice.
	 	 	 
	 	B=
    	the
    Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.
	 	 	 
	 	X=
    	the
    total number of shares with respect to which this Warrant is then being exercised.

 

(e)
Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act of 1933, as amended, as in effect on the date
hereof, assuming the Holder is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the Issuance Date.

 

(f)
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.

 

 

1
To be equal to 125% of the public offering price.

 

    	 

    	 

    

 

(g)
Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s
affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible
notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q,
Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company
shall within two (2) Business Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the
Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such
increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such
increase or decrease will apply only to the Holder. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(g) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The Holder shall be responsible, at the Holder’s
cost, for any filings with the Securities and Exchange Commission required to be made by the Holder on account of its ownership
of this Warrant or the underlying Warrant Shares.

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be
adjusted from time to time as follows:

 

(a)
Voluntary Adjustment by Company. The Company may at any time during the term of this Warrant reduce the then current Exercise
Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(b)
Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of
its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company
at any time on or after the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme,
arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will
be proportionately decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on
the date the subdivision or combination becomes effective.

 

    	 

    	 

    

 

3.
RIGHTS UPON PRO RATA DISTRIBUTION OF ASSETS.

 

(a)
During such time as this Warrant is outstanding, if the Company shall declare or make any pro rata dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Stock, payable otherwise than in cash, or a cash dividend
or distribution payable otherwise than out of retained earnings, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or,
if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the participation
in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution
would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent)
and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Maximum Percentage).

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time prior to the Expiration
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing (unless the Company is the Successor Entity) all of the obligations of the Company under this Warrant
in accordance with the provisions of this Section (4)(b) pursuant to written agreements in form and substance reasonably
satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements
to deliver to each holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price
equal to the value for the shares of Common Stock reflected by the terms of such Fundamental Transaction, and exercisable for
a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
reasonably satisfactory to the Required Holders. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall deliver
to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the
Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) issuable
upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of the common equity (or its equivalent) of
the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of
such Fundamental Transaction had this Warrant been converted immediately prior to such Fundamental Transaction, as adjusted in
accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to
the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities
or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company
shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this
Warrant at any time after the consummation of the Corporate Event but prior to the Expiration Date, in lieu of shares of Common
Stock (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such Corporate
Event, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the happening of such Corporate Event had this
Warrant been exercised immediately prior to such Corporate Event. Provision made pursuant to the preceding sentence shall be in
a form and substance reasonably satisfactory to the Required Holders.

 

    	 

    	 

    

 

(c)
Applicability to Successive Transactions. The provisions of this Section shall apply similarly and equally to successive
Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant.

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, and will at all times in good faith comply with all the provisions of this Warrant and take all actions
consistent with effectuating the purposes of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price
then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long
as this Warrant is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares
of Common Stock, solely for the purpose of effecting the exercise of this Warrant, 100% of the number of shares of Common Stock
issuable upon exercise of this Warrant then outstanding (without regard to any limitations on exercise).

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to
vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company.

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver
the completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith
issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder
may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less then
the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

    	 

    	 

    

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the
right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, that no Warrants for fractional shares of Common Stock shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares
of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant
Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.
NOTICES. The Company shall provide Holder with prompt written notice of all actions taken pursuant to this Warrant. Whenever
notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, will
be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight
express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United States, by International Federal
Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three
(3) Business Days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one (1) Business Day after so
mailed, (iii) if delivered by International Federal Express, two (2) Business Days after so mailed and (iv) if delivered by facsimile,
upon electronic confirmation of receipt, and will be delivered and addressed as follows:

 

if
to the Company, to:

 

	 	Vivos
    Therapeutics, Inc.
	 	9137
    Ridgeline Boulevard, Suite 135
	 	Highlands
    Ranch, CO 80129
	 	Attn:
    Chief Executive Officer
	 	Facsimile:
    720-927-3125

 

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

 

	 	Ellenoff
    Grossman & Schole LLP
	 	1345
    Avenue of the Americas, 11th Floor
	 	Attn:
    Barry I. Grossman, Esq.
	 	Email:
    bigrossman@egsllp.com
	 	Facsimile:
    212-370-7889

 

if
to the Holder, at the address of the Holder appearing on the books of the Company.

 

    	 

    	 

    

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Required Holders. Any such amendment shall apply to all Warrants and be binding upon all registered
holders of such Warrants.

 

10.
GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. This Warrant shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without reference to the choice of law provisions thereof. The Company and,
by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New
York located in New York County and the United States District Court for the Southern District of New York for the purpose of
any suit, action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby.
Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world
by the same methods as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant,
the Holder, each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the
laying of venue in such court. The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to
the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY
ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT
AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

11.
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not
be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant.

 

12.
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 or email
within two (2) Business Days of receipt of the Exercise Notice 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 (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder,
then the Company shall, within two (2) Business Days submit via facsimile or email (a) the disputed determination of the Exercise
Price to an independent, reputable investment bank selected by the Company and approved by the Holder, which approval shall not
be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent,
outside accountant. The Company shall cause 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. The prevailing party (which, for purposes of this Warrant, is the party whose determinations
or calculations is closest to those of the investment bank or the accountant, as the case may be) in any dispute resolved pursuant
to this Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or
incurred in good faith, in relation to the resolution of such dispute. Such investment bank’s or accountant’s determination
or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

 

13.
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure
by the Company to comply with the terms of this Warrant.

 

    	 

    	 

    

 

14.
TRANSFER. Subject to applicable laws and the restrictions set forth in this paragraph, this Warrant may be offered for
sale, sold, transferred or assigned without the consent of the Company. The Holder agrees that, during the Lock-Up Period (as
defined below) contained in Rule 5110(g)(1) of the Financial Industry Regulatory Authority, Inc. (“FINRA”),
it will not (a) sell, transfer, assign, pledge, hypothecate or otherwise transfer this Warrant (including any Warrant Shares issued
or issuable hereunder) other than to a bona fide officer or partner of the Holder or any selected dealer in connection with the
offering contemplated by the Underwriting Agreement, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause
this Warrant or any Warrant Shares issued or issuable hereunder to be the subject of any hedging, short sale, derivative, put
or call transaction that would result in the effective economic disposition of this Warrant or any Warrant Shares issued or issuable
hereunder, except as provided for in FINRA Rule 5110(g)(2). As used herein, the term “Lock-Up Period” means
the period beginning on the date that the registration statement registering this Warrant is declared effective by the Securities
and Exchange Commission (the “Effective Date”) and ending on the one hundred eighty day (180) anniversary of
the Effective Date. In addition, notwithstanding the other terms of this Warrant or any agreement between the Company and the
Holder, the Holder agrees that, as required by FINRA Rule 5110(f)(2)(H): (i) this Warrant may not be exercised more than five
(5) years from the Effective Date; (ii) the Holder shall not have more than one demand registration right at the Company’s
expense; (iii) the Holder shall not have the right to demand registration of this Warrant or the Warrant Shares more than five
(5) years from the earlier of the Effective Date or the commencement of sales of the public offering contemplated by the Underwriting
Agreement; (iv) the Holder shall not have the right to piggyback registration with respect to this Warrant or the Warrant Shares
more than seven (7) years from the earlier of the Effective Date or the commencement of sales of the public offering contemplated
by the Underwriting Agreement; (v) this Warrant may not have anti-dilution terms that allow the Holder and related persons to
receive more shares or to exercise at a lower price than originally agreed upon at the time of the public offering, when the public
shareholders have not been proportionally affected by a stock split, stock dividend, or other similar event; and (vi) this Warrant
may not have anti-dilution terms that allow the Holder and related persons to receive or accrue cash dividends prior to the exercise
or conversion of the security.

 

15.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg Financial Markets.

 

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

 

(c)
“Common Stock” means (i) the Company’s shares of Common Stock, par value $0.0001 per share, and (ii)
any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification
of such Common Stock.

 

(d)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(e)
“Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE, American, The Nasdaq
Global Market or The Nasdaq Global Select Market.

 

(f)
“Expiration Date” means the fifth (5th) anniversary of the Effective Date or, if such date falls on a day other
than a Trading Day or on which trading does not take place on the Principal Market, or, if the Principal Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock
is then traded (a “Holiday”), the next date that is not a Holiday.

 

(g)
“Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding
a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell,
assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another
Person, or (iii) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business
combination), or (iv) reorganize, recapitalize or reclassify its Common Stock, or (v) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting
power represented by issued and outstanding Common Stock.

 

    	 

    	 

    

 

(h)
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

(i)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(j)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(k)
“Principal Market” means The Nasdaq Capital Market.

 

(l)
“Required Holders” means, as of any date, the holders of at least a majority of the Warrants outstanding as
of such date.

 

(m)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(n)
“Trading Day” means any day on which the Common Stock are traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
on which the Common Stock are then traded; provided that “Trading Day” shall not include any day on which the
Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in
advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

(o)
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for
such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal
Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the
Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price”
function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such
other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time
(or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg, or,
if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “OTC
Pink” by OTC Markets Group, LLC. If the Weighted Average Price cannot be calculated for a security on a particular date
on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such
security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price”
being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Underwriter Warrant to Purchase Common Stock to be duly executed as of the Issuance
Date set out above.

 

	 	VIVOS
    THERAPEUTICS, INC.
	 	 	 
	 	By:	                     
	 	Name:	 
	 	Title:
    	 

 

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

VIVOS
THERAPEUTICS, INC.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of Vivos Therapeutics, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase
Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________
to the Company in accordance with the terms of the Warrant.

 

3. Delivery
of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the
Warrant and, after delivery of such Warrant Shares, _____________ Warrant Shares remain subject to the Warrant.

 

Date:
_______________ __, ______

 

	 	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

VIVOS
THERAPEUTICS, INC.

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	Address:	 
	 	(Please
    Print)
	Dated:
    _______________ __, ______	 
	Holder’s
    Signature:______________________________	 
	Holder’s
    Address:_______________________________	 

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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