Document:

Exhibit 10.10

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of December 14, 2020 by and between Reviva Pharmaceuticals Holdings, Inc.,
a Delaware corporation (the “Company”), and Parag Saxena (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors or officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation and due to the fact that such exposure
frequently bears no relationship to compensation paid to such officers and directors;

 

WHEREAS, the Company
and Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so enormous
(whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources
of directors and officers;

 

WHEREAS, the Company’s
Bylaws provide for the indemnification of the officers and directors of the Company to the fullest extent permitted by the General
Corporation Law of the State of Delaware (the “DGCL”). The Bylaws expressly provide that the indemnification provisions
set forth therein are not exclusive and contemplate that contracts may be entered into between the Company and its directors and
officers with respect to indemnification;

 

WHEREAS, Section 145
of the DGCL empowers the Company to indemnify its officers, directors, employees and agents by agreement and to indemnify persons
who serve, at the Company’s request, as the directors, officers, employees or agents of other corporations or enterprises;

 

WHEREAS, Section 102(b)(7) of
the DGCL allows the Company to include in its Certificate of Incorporation a provision limiting or eliminating the personal liability
of a director for monetary damages in respect of claims by shareholders and corporations for breach of certain fiduciary duties,
and the Company has so provided in its Certificate of Incorporation that each director shall be exculpated from such liability
to the maximum extent permitted by law;

 

WHEREAS, the Company,
after reasonable investigation, has determined that the liability insurance coverage presently available to the Company may be
inadequate in certain circumstances to cover all possible exposure for which Indemnitee should be protected.

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining highly competent persons
to serve as directors and officers. The Board of Directors of the Company (the “Board”) has determined that the increased
difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and
that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

     

     

    

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Company’s Certificate of Incorporation and Bylaws and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee
does not regard the protection available under the Company’s Certificate of Incorporation, Bylaws and insurance as adequate
in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified; and

 

WHEREAS, Indemnitee
may have certain rights to indemnification and/or insurance provided by a stockholder of the Company (or such stockholder’s
affiliates) which Indemnitee and such stockholder intend to be secondary to the primary obligation of the Company to indemnify
Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition
to Indemnitee’s willingness to serve on the Board.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.              Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a
director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual
obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement
to continue having Indemnitee serve in such position. This Agreement shall not be deemed an employment contract between the Company
(or any of its subsidiaries or any other corporation, limited liability company, partnership, joint venture, trust employee benefit
plan or other enterprise of which Indemnitee was serving at the Company’s request as a director, officer, employee, agent
or fiduciary) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment or other service with the
Company (or any of its subsidiaries or any other corporation, limited liability company, partnership, joint venture, trust employee
benefit plan or other enterprise of which Indemnitee was serving at the Company’s request as a director, officer, employee,
agent or fiduciary), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in the Company’s organizational documents or any written employment contract between
Indemnitee and the Company (or any of its subsidiaries or any other corporation, limited liability company, partnership, joint
venture, trust employee benefit plan or other enterprise of which Indemnitee was serving at the Company’s request as a director,
officer, employee, agent or fiduciary). The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee
has ceased to serve as an officer or director of the Company.

 

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Section 2.            Definitions.
As used in this Agreement:

 

(a)          A
 “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of
the following events:

 

i.             Acquisition
of Stock by Third Party. Any Person (as defined below) after the date of this Agreement (who is not such on or prior to the
date of this Agreement) becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing
thirty-five percent (35%) or more of the combined voting power of the Company’s then outstanding securities;

 

ii.            Change
in Board. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by
a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii) or
2(a)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of
at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of
the Board;

 

iii.           Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such
merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity;

 

iv.           Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

v.            Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as
defined below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 2(a), the following terms
shall have the following meanings:

 

(A)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

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(B)            “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall
exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company.

 

(C)            “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial
Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger
of the Company with another entity.

 

(b)           “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or
of any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise
which such person is or was serving at the request of the Company.

 

(c)           “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(d)           “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses
incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and
other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of
Section 13(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in
settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(e)           “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses
of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

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(f)            “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative legislative, or investigative nature, including any appeal therefrom,
in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact
that Indemnitee is or was a director or officer of the Company, by reason of any action taken by him or of any action on his part
while acting as director or officer of the Company, or by reason of the fact that he is or was serving at the request of the Company
as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust
or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for
which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement; except one initiated by
an Indemnitee to enforce his rights under this Agreement.

 

Section 3.              Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3
if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company
and, in the case of a criminal proceeding had no reasonable cause to believe that his conduct was unlawful.

 

Section 4.              Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made
under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a
court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the
Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

Section 5.              Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If the Indemnitee is not
wholly successful in such Proceeding, the Company also shall indemnify Indemnitee against all Expenses reasonably incurred in connection
with a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this
Section and without limiting the foregoing, if any Proceeding is disposed of, on the merits or otherwise (including a disposition
without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was
liable to the Company, (iii) a plea of guilty or nolo contendere by Indemnitee, (iv) an adjudication that Indemnitee
did not act in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company
and (v) with respect to any criminal proceeding, an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s
conduct was unlawful, Indemnitee shall be considered for purposes of this Agreement to have been successful with respect thereto.

 

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Section 6.             Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise participates in any Proceeding
to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on
his behalf in connection therewith.

 

Section 7.             Additional
Indemnification.

 

(a)          Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the
Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b)          For
purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall
include, but not be limited to:

 

i.             to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

ii.            to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 8.             Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity
in connection with any claim made against Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision (provided that the foregoing
shall not affect the rights of Indemnitee or the Stockholder Indemnitors as set forth in Section 14(c)); or

 

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(b)          for
any Proceedings with respect to which final judgment is rendered against Indemnitee for payment of (i) an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of
the Exchange Act (as defined in Section 2(a) hereof) or similar provisions of state statutory law or common law, or (ii) any
reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including
any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), or

 

(c)          any
Proceeding involving the enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions
of employment, consulting or similar agreements the Indemnitee may be a party to with the Company or any subsidiary of the Company
or any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any; or

 

(d)          except
as provided in Section 13(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested
in the Company under applicable law.

 

Section 9.             Advances
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance, to the extent not prohibited
by law, the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty
(30) days after receipt by the Corporation of (i) a statement or statements from Indemnitee requesting such advance or advances
from time to time, whether prior to or after final disposition of any Proceeding, and (ii) an undertaking by or on behalf
of Indemnitee to repay such amount or amounts, only if, and to the extent that, it shall ultimately be determined that Indemnitee
is not entitled to be indemnified by the Corporation as authorized by this Agreement or otherwise. Such undertaking shall be accepted
without reference to the financial ability of Indemnitee to make such repayment. Advances shall be unsecured and interest free.
Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. This Section 9 shall
not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 8 or to any Proceeding for which
the Company has assumed the defense thereof in accordance with Section 10(b) of this Agreement.

 

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Section 10.           Procedure
for Notification and Defense of Claim.

 

(a)          Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action, suit or proceeding.
The omission by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to
Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver
by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)          In
the event the Company shall be obligated to pay the Expenses of Indemnitee with respect to a Proceeding, as provided in this Agreement,
the Company shall be entitled to assume the defense of such Proceeding, with counsel reasonably acceptable to Indemnitee, upon
delivery of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and
retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel
subsequently incurred by Indemnitee with respect to the same Proceeding, provided that (1) Indemnitee shall have the right
to employ Indemnitee’s own counsel in such Proceeding at Indemnitee’s expense and (2) if (i) the employment
of counsel by Indemnitee has been previously authorized in writing by the Company, (ii) counsel to the Company or Indemnitee
shall have reasonably concluded that there may be a conflict of interest or position, or reasonably believes that a conflict is
likely to arise, on any significant issue between the Company and the Indemnitee in the conduct of such defense or (iii) the
Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company, except as otherwise expressly provided by this Agreement.

 

(c)          The
Company will be entitled to participate in the Proceeding at its own expense.

 

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Section 11.            Procedure
Upon Application for Indemnification.

 

(a)           Upon
written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall
have occurred after the date of this Agreement, by Independent Counsel in a written opinion to the Board, a copy of which shall
be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred after the date of this Agreement, (A) by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Disinterested Directors, by the
stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity
making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(b)           In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) hereof,
the Independent Counsel shall be selected as provided in this Section 11(b). If a Change in Control shall not have occurred
after the date of this Agreement, the Independent Counsel shall be selected by the Board, and the Company shall give written notice
to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred after
the date of this Agreement, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to
the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company,
as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the
Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days
after the submission by Indemnitee or the Company, as the case may be, of a written objection, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall
designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 11(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of
this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).

 

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Section 12.            Presumptions
and Effect of Certain Proceedings.

 

(a)           In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the
Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection
with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the
Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(b)           Subject
to Section 13(e), if the person, persons or entity empowered or selected under Section 11 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further,
that the foregoing provisions of this Section 12(b) shall not apply (i) if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 11(a) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders
for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination
is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 11(a) of this Agreement.

 

(c)           The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

    -10-

     

    

 

(d)           Reliance
as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith
if Indemnitee’s action is based on the records or books of account of the Company or other corporation, limited liability
company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving as a director,
officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers
of the Company or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other
enterprise of which Indemnitee was serving as a director, officer, employee, agent or fiduciary in the course of their duties,
or on the advice of legal counsel for the enterprise or on information or records given or reports made to the Company or other
corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee
was serving as a director, officer, employee, agent or fiduciary by an independent certified public accountant or by an appraiser
or other expert selected with the reasonable care by the Company or other corporation, limited liability company, partnership,
joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving as a director, officer, employee,
agent or fiduciary. The provisions of this Section 12(d) shall not be deemed to be exclusive or to limit in any way the
other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e)           Actions
of Others. The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company
or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of
which Indemnitee was serving as a director, officer, employee, agent or fiduciary shall not be imputed to Indemnitee for purposes
of determining the right to indemnification under this Agreement.

 

Section 13.            Remedies
of Indemnitee.

 

(a)           Subject
to Section 13(e), in the event that (i) a determination is made pursuant to Section 11 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of
this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within ten (10) days
after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or
7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification,
or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee
the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication
by a court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the
American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a);
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to
enforce his rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration.

 

    -11-

     

    

 

(b)           In
the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13 the Company shall have
the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)           If
a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)           The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
It is the intent of the Company that the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense
thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the
Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred
by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under
this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery,
as the case may be.

 

(e)           Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

    -12-

     

    

 

Section 14.            Non-exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)           The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s Certificate of Incorporation,
the Company’s By-laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Company’s Certificate of Incorporation, the Company’s By-laws
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so
afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

(b)           To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company and the Indemnitee shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
proceeding in accordance with the terms of such policies.

 

(c)           The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance
provided by a stockholder of the Company and/or certain of such stockholder’s affiliates (collectively, the “Stockholder
Indemnitors”). The Company hereby agrees that, notwithstanding anything to the contrary in this Agreement, it is the indemnitor
of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Stockholder Indemnitors to advance expenses
or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary) and that the Company will
not assert that the Indemnitee must seek expense advancement or reimbursement, or indemnification, from any Stockholder Indemnitor
before the Company must perform its expense advancement and reimbursement, and indemnification obligations, under this Agreement.
The Company further agrees that no advancement or payment by the Stockholder Indemnitors on behalf of Indemnitee with respect to
any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing, and the Stockholder Indemnitors
shall be subrogated to the extent of such advancement or payment to all of the rights of recovery which Indemnitee would have had
against the Company if the Stockholder Indemnitors had not advanced or paid any amount to or on behalf of Indemnitee. If for any
reason a court of competent jurisdiction determines that the Stockholder Indemnitors are not entitled to the subrogation rights
described in the preceding sentence, the Stockholder Indemnitors shall have a right of contribution by the Company to the Stockholder
Indemnitors with respect to any advance or payment by the Stockholder Indemnitors to or on behalf of the Indemnitee.

 

    -13-

     

    

 

(d)           Except
as provided in Section 14(c), in the event of any payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee (other than against the Stockholder Indemnitors) with respect to
any insurance policy, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)           The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement
is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise, provided, that the foregoing shall not affect the rights of Indemnitee or the Stockholder
Indemnitors set forth in Section 14(c) above.

 

(f)           The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification
or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise.

 

Section 15.            Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

 

Section 16.            Enforcement.
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company. The Company shall not seek from a court, or agree
to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s rights to receive advancement
of expenses under this Agreement.

 

Section 17.            Entire
Agreement; Supersedes Prior Agreements. This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof; provided, however, that (i) this Agreement is a supplement to and in furtherance
of the Certificate of Incorporation and Bylaws of the Company and applicable law, and shall not be deemed a substitute therefor,
nor to diminish or abrogate any rights of Indemnitee thereunder and (ii) this Agreement will not affect the rights under any
other indemnification or similar agreements between the Company and the Indemnitee relating to periods prior to the date of this
Agreement.

 

    -14-

     

    

 

Section 18.            Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee
shall be subject to any Proceeding (or any proceeding commenced under Section 13 hereof) by reason of his Corporate Status,
whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal
and legal representatives. The Company and Indemnitee agree that each Stockholder Indemnitee is an express third party beneficiary
of this Agreement.

 

Section 19.            Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties
thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section 20.            Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise except to the extent the Corporation is
prejudiced in its defense of such action, suit or proceeding as a result of such failure.

 

Section 21.            Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been
directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which
it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication
shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has
been received:

 

(a)           If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
provide to the Company.

 

    -15-

     

    

 

		(b)	If to the Company to

 

Reviva Pharmaceuticals Holdings, Inc.

19925 Stevens Creek Blvd., Suite 100

Cupertino, CA 95014

Attention: Chairman of the Board

 

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

 

Lowenstein Sandler LLP

One Lowenstein Drive

Roseland, New Jersey 07068

Attn: Steven M. Skolnick, Esq.

Email: sskolnick@lowenstein.com

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

Section 22.           Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received
by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or
(ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with
such event(s) and/or transaction(s).

 

Section 23.           Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 13 of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court
in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of
the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint,
to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably Corporation Services
Company as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any
such action or proceeding against such party with the same legal force and validity as if served upon such party personally within
the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court,
and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court
has been brought in an improper or inconvenient forum.

 

    -16-

     

    

 

Section 24.           Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. Counterparts may be delivered
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000) or
other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

Section 25.           Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun or neuter form where appropriate. The headings
of the Sections and other subdivisions of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof. In this Agreement, unless the context otherwise requires: (a) the
singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) the term “including” (and
with correlative meaning “include”) shall be deemed in each case to be followed by the words “without limitation”;
(c) the words “herein,” “hereto,” and “hereby” and other words of similar import shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (d) the term “or” means “and/or”.

 

{Remainder of Page Intentionally
Left Blank; Signature Page Follows}

 

    -17-

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

REVIVA PHARMACEUTICALS HOLDINGS, INC.

 

	By:	 	 
	 	Name: 	Laxminarayan Bhat	 
	 	Title: 	Chief Executive Officer	 

 

	 	 
	INDEMNITEE	 
	 	 
	 	 
	 	 
	Name:	                     	 

 

	Address:	               	      
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Indemnification Agreement]Exhibit 10.11

 

NON-REDEMPTION AGREEMENT

 

This NON-REDEMPTION
AGREEMENT (this “Agreement”) is entered into as of December 8, 2020, by and among (i) Tenzing
Acquisition Corp., a company incorporated in the British Virgin Islands (together with its successors, including after the
Conversion (as defined below), “Tenzing”), (ii) Tenzing LLC, a Delaware limited liability company
(the “Sponsor”), and (iii) the undersigned shareholder (“Shareholder”).
Tenzing, the Sponsor and Shareholder are sometimes referred to herein as a “Party” and collectively as
the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, as
of the date hereof, Shareholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and is entitled to dispose of (or to
direct the disposition of) and to vote (or to direct the voting of) 367,000 ordinary shares, no per share (“Ordinary
Shares”), of Tenzing (such Ordinary Shares, the “Shareholder Shares”), together with any
other Ordinary Shares which are directly or indirectly acquired or beneficially owned by Shareholder during the period from and
including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms (such
period, the “Term”), are collectively referred to herein as the “Subject Shares”);

 

WHEREAS, Tenzing
is a special purpose acquisition company that, in accordance with its organizational documents and the final prospectus of Tenzing,
dated as of August 20, 2018, and filed with the U.S. Securities and Exchange Commission (“SEC”)
on August 22, 2018 (File Nos. 333-226263 and 333-226952) (the “IPO Prospectus”), is required to
redeem all of its outstanding public shares and dissolve and liquidate if it does not consummate its initial business combination
(as such term is used in the IPO Prospectus) (the “Business Combination”) within eighteen (18) months
after the closing of its initial public offering (the “IPO”), which has since been extended by amendment
to Tenzing’s organizational documents to December 28, 2020 (subject to further extension by Tenzing by amendment to
its organizational documents); and

 

WHEREAS, on
July 20, 2020, Tenzing entered into that certain Agreement and Plan of Merger (as it may be amended, the “Merger
Agreement”) by and among (A) Tenzing, (B) Tenzing Merger Subsidiary Inc., a Delaware corporation and a
wholly-owned subsidiary of Tenzing (“Merger Sub”), (C) the Sponsor, in its capacity as the Purchaser
Representative thereunder, (D) Laxminarayan Bhat, in the capacity as the Seller Representative thereunder, and (E) Reviva
Pharmaceuticals, Inc., a Delaware corporation (together with its successors, “Reviva”), pursuant
to which Merger Agreement, upon the consummation of the transactions contemplated thereby (the “Closing”),
among other matters, (x) Tenzing will continue out of the British Virgin Islands and into the State of Delaware so as to re-domicile
as and become a Delaware corporation (the “Conversion”), and (y) Merger Sub will merge with and
into Reviva, with Reviva continuing as the surviving entity (the “Merger”), and as a result of which,
all of the issued and outstanding capital stock of Reviva immediately prior to the consummation of the Merger shall no longer be
outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right to receive shares of common
stock, par value $0.0001 per share, of Tenzing after the Conversion (“Common Stock”), and with outstanding
options and warrants of Reviva being assumed by Tenzing, in each case, subject to the terms and conditions of the Merger Agreement
(the Conversion, the Merger and the other transactions contemplated by the Merger Agreement, collectively, the “Transactions”).

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual premises, representations, warranties, 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:

 

    

     

    

 

Article I

WAIVER AND TRANSFER RESTRICTIONS

 

Section 1.1           Waiver
of Redemption Rights. Shareholder hereby waives and agrees not to exercise any right that it may have to elect to have
Tenzing redeem or convert any Subject Shares, whether in connection with the Transactions or any amendment of Tenzing’s organizational
documents after the date hereof to extend Tenzing’s deadline to consummate its Business Combination (an “Extension”),
and to reverse and revoke any prior redemption or conversion elections made with respect to the Subject Shares. The waiver granted
by Shareholder pursuant to this Section 1.1 is irrevocable unless and until this Agreement is terminated in accordance
with Section 3.1 and is granted in consideration of Tenzing entering into this Agreement and incurring certain related
fees and expenses and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

 

Section 1.2           Transfer
Restrictions. Shareholder agrees that, during the Term, Shareholder shall not, and shall cause its affiliates not to, directly
or indirectly, without Tenzing’s prior written consent: (i) offer for sale, sell (including short sales), transfer,
tender, pledge, encumber, assign or otherwise dispose of (including by gift) (collectively, a “Transfer”),
or enter into any contract, option, derivative, hedging or other agreement or arrangement or understanding (including any profit-sharing
arrangement) with respect to, or consent to, a Transfer of, any or all of the Subject Shares; (ii) grant any proxies or powers
of attorney with respect to any or all of the Subject Shares; (iii) permit to exist any lien of any nature whatsoever with
respect to any or all of the Subject Shares; or (iv) take any action that would have the effect of preventing, impeding, interfering
with or adversely affecting Shareholder’s ability to perform its obligations under this Agreement.

 

Section 1.3           Acknowledgements.
In furtherance of the foregoing restrictions in this Article I, Shareholder hereby:

 

(a)           authorizes
Tenzing to enter, or cause its transfer agent to enter, a stop transfer order with respect to all of the Subject Shares with respect
to any transfer not permitted hereunder and to include the following legend on any share certificates for such shares: “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER AND NON-REDEMPTION RESTRICTIONS PURSUANT TO THAT CERTAIN
NON-REDEMPTION AGREEMENT, DATED AS OF DECEMBER 8, 2020, BY AND AMONG TENZING ACQUISITION CORP., TENZING LLC AND [____________].
ANY TRANSFER OF SUCH SHARES IN VIOLATION OF THE TERMS AND PROVISIONS OF SUCH AGREEMENT SHALL BE NULL AND VOID AND HAVE NO FORCE
OR EFFECT WHATSOEVER”;

 

(b)           irrevocably
constitutes and appoints Tenzing and its designees, with full power of substitution, as its true and lawful agent and attorney-in-fact,
with full power and authority in its name, place and stead, to revoke any redemption election made with respect to any Subject
Shares and to cause Tenzing’s transfer agent to fail to redeem such Subject Shares in connection with the Transactions or
any Extension; and

 

(c)           in
the event (i) of a breach of Section 1.2 or (ii) that a redemption election is made and not revoked with
respect to any Subject Shares (the “Redeemed Shares”), unconditionally and irrevocably agrees to, or
cause its affiliate to, if requested in writing by Tenzing, subscribe for and purchase, from Tenzing (or from its assignee(s) or
designee(s), including, if applicable, its equityholders), the same number of such Redeemed Shares, for a per share purchase price
equal to the greater of (A) the amount to be received for each Redeemed Share in connection with such redemption or (B) the
dollar volume-weighted average price of the Ordinary Shares on the principal securities exchange or securities market on which
such Ordinary Shares is then traded during the period beginning at 9:30:01 a.m., New York time, on the day that is twenty days
prior to the date of redemption, and ending at 4:00:00 p.m., New York time, on the day immediately prior to the date of redemption,
as reported by Bloomberg through its “HP” function (set to weighted average).

 

    2

     

    

 

Article II

CONSIDERATION

 

Section 2.1           Additional
Tenzing Share Issuance. In consideration of Shareholder’s covenants under this Agreement, subject to Shareholder’s
compliance with its obligations under the Agreement and the consummation of the Closing, Tenzing shall at the Closing issue to
the Shareholder fifty-five thousand and fifty (55,050) shares of Common Stock (each such share of Common Stock, an “Additional
Share”, and the Additional Shares collectively with the Subject Shares, the “Shares”).

 

Section 2.2           Sponsor
Warrant Transfer. In consideration of Shareholder’s covenants under this Agreement, subject to Shareholder’s
compliance with its obligations under the Agreement, the Sponsor hereby agrees to transfer to Shareholder on the first day after
the Closing (i) all of the three hundred forty-three thousand (343,000) warrants to acquire Ordinary Shares of Tenzing that
were acquired by the Sponsor as part of the private placement units that were issued to the Sponsor in the private placement conducted
by Tenzing in connection with the IPO, each of which warrants will become an equivalent warrant to acquire shares of Common Stock
in the Conversion (the “Private Placement Warrants”), and (ii) all of the one hundred ninety-seven
thousand five hundred (197,500) warrants to acquire shares of Common Stock of Tenzing that will be issued to the Sponsor at the
Closing as part of the private placement units of Tenzing issued upon conversion of $1.975,000 in working capital loans owed by
Tenzing to the Sponsor (the “Working Capital Warrants” and, together with the Private Placement Warrants,
the “Sponsor Warrants” and collectively with the Additional Shares, the “Additional Securities”).
Shareholder hereby notifies the Company that it elects to be subject to Section 3.3.5 of the Warrant Agreement, dated as of
August 20, 2018 (the “Warrant Agreement”), by and between Tenzing and Continental Stock Transfer &
Trust Company, as warrant agent, upon Shareholder’s receipt of the Sponsor Warrants.

 

Section 2.3           Registration
Rights Agreement. Upon the Closing, Tenzing and Shareholder will enter into the Registration Rights Agreement in the form
attached as Exhibit A hereto (the “Registration Rights Agreement”) granting Shareholder registration
rights with respect to the Additional Securities.

 

Section 2.4           Equity
Financing Standstill. Tenzing hereby agrees that from the Closing until the one (1) month anniversary of the effectiveness
of the resale registration statement filed by Tenzing in connection with the Registration Rights Agreement, Tenzing will not, without
the prior written consent of the Shareholder, issue any shares of Common Stock or other equity securities of Tenzing (or warrants,
options or other rights to acquire Common Stock) (any of the foregoing, “Tenzing Equity Interests”) in
connection with any equity financing of Tenzing or its subsidiaries; provided, that the foregoing will not prevent Tenzing from
issuing any Tenzing Equity Interests (i) securities issued pursuant to acquisitions or strategic transactions (including a
strategic financing transaction) approved by a majority of the disinterested directors of Tenzing, provided that such securities
are issued as “restricted securities” (as defined in Rule 144 (“Rule 144”) under
the Securities Act of 1933, as amended (“Securities Act”), and carry no registration rights that are
senior to the registration rights of the Shareholder under the Registration Rights Agreement, and provided that any such issuance
shall only be to a third-party which is, itself or through its affiliates, an operating company or an owner of an asset in a business
synergistic with the business of Tenzing and shall provide to Tenzing additional benefits in addition to the investment of funds,
(ii) upon the exercise of outstanding warrants, options or other rights to acquire Common Stock that are issued and outstanding
as of the Closing, provided that such securities are not amended after the Closing to increase the number of such securities or
to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits
or combinations) or to extend the term of such securities, (iii) in connection with an acquisition, license, joint venture
or other strategic business transaction, (iv) as compensation or incentives to employees, directors or other service providers
of Tenzing or its subsidiaries, (v) to suppliers or third party service providers in connection with the provision of goods
or services to Tenzing or its subsidiaries, (vi) to banks, equipment lessors or other financial institutions, or to real property
lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction involving Tenzing or its subsidiaries
(provided that in the case of clauses (iii)-(vi), such securities are issued as “restricted securities” (as defined
in Rule 144 under the Securities Act (as defined below) and carry no registration rights carry no registration rights that
are senior to the registration rights of the Shareholder under the Registration Rights Agreement), or (vii) pursuant to a
stock split or stock dividend.

 

    3

     

    

 

Section 2.5           Transfer
Restrictions.

 

(a)           The
Additional Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer
of Additional Securities other than pursuant to an effective registration statement or Rule 144, to Tenzing or to an affiliate
of Shareholder or in connection with a pledge as contemplated in Section 2.5(b), Tenzing may require the transferor
thereof to provide to Tenzing an opinion of counsel selected by the transferor and reasonably acceptable to Tenzing, the form and
substance of which opinion shall be reasonably satisfactory to Tenzing, to the effect that such transfer does not require registration
of such transferred Additional Securities under the Securities Act.

 

(b)           Shareholder
agrees to the imprinting, so long as is required by this Section 2.5, of a legend on any of the Additional Securities
in substantially the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER
LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES
ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Tenzing acknowledges and agrees that Shareholder
may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest
in some or all of the Additional Securities to a financial institution that is an “accredited investor” as defined
in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, Shareholder may transfer
pledged or secured Additional Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to
approval of Tenzing and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection
therewith. Further, no notice shall be required of such pledge. At Shareholder’s expense, Tenzing will execute and deliver
such reasonable documentation as a pledgee or secured party of Additional Securities may reasonably request in connection with
a pledge or transfer of the Additional Securities, including, if the Additional Securities are subject to registration pursuant
to the Registration Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under
the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders
(as defined in the Registration Rights Agreement) thereunder.

 

    4

     

    

 

(c)           Certificates
evidencing the Additional Securities shall not contain any legend (including the legend set forth in Section 2.5(b) hereof),
(i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following
any sale of such Additional Securities pursuant to Rule 144 (assuming for such purposes cashless exercise of the Sponsor Warrants
to the extent applicable), (iii) if such Additional Securities are eligible for sale under Rule 144 (assuming for such
purposes cashless exercise of the Sponsor Warrants to the extent applicable), without the requirement for Tenzing to be in compliance
with the current public information required under Rule 144 as to such Additional Securities and without volume or manner-of-sale
restrictions or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the staff of the Commission). If all or any portion of a Sponsor Warrant is exercised
at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such Additional Securities
may be sold under Rule 144 and Tenzing is then in compliance with the current public information required under Rule 144
(assuming for such purposes cashless exercise of the Sponsor Warrants to the extent applicable), or if the Additional Securities
may be sold under Rule 144 without the requirement for Tenzing to be in compliance with the current public information required
under Rule 144 as to such Additional Securities or if such legend is not otherwise required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Warrant
Shares shall be issued free of all legends. Tenzing agrees that following the time as such legend is no longer required under this
Section 2.5(c), it will, no later than two (2) Trading Days (as defined in the Registration Rights Agreement) following
the delivery by Shareholder to Tenzing or the transfer agent of Tenzing (“Transfer Agent”) of a certificate
representing Additional Securities, as the case may be, issued with a restrictive legend (such date, the “Legend Removal
Date”), deliver or cause to be delivered to Shareholder a certificate representing such shares that is free from
all restrictive and other legends. Tenzing may not make any notation on its records or give instructions to its transfer agent
that enlarge the restrictions on transfer set forth in this Section 2.5. Certificates for Additional Securities subject
to legend removal hereunder shall be transmitted to Shareholder by crediting the account of Shareholder’s prime broker with
the Depository Trust Company System as directed by Shareholder.

 

(d)           In
addition to Shareholder’s other available remedies, Tenzing shall pay to Shareholder, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Additional Securities (based on the VWAP (as defined in the Registration Rights
Agreement) of such Additional Securities on the date such Additional Securities are submitted to the Transfer Agent) delivered
for removal of the restrictive legend and subject to Section 2.5(c), $10 per Trading Day (increasing to $20 per Trading
Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until
such certificate is delivered without a legend and (ii) if Tenzing fails to (a) issue and deliver (or cause to be delivered)
to Shareholder by the Legend Removal Date a certificate representing the Additional Securities so delivered to Tenzing by such
Shareholder that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Shareholder
purchases (in an open market transaction or otherwise) shares of Common Stock or public warrants of Tenzing (“Public
Warrants”) to deliver in satisfaction of a sale by Shareholder of all or any portion of the number of shares of Common
Stock or Sponsor Warrants, as applicable, or a sale of a number of shares of Common Stock or Public Warrants equal to all or any
portion of the number of shares of Common Stock or Sponsor Warrants that such Shareholder anticipated receiving from Tenzing without
any restrictive legend, then, an amount equal to the excess of Shareholder’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the shares of Common Stock or Public Warrants so purchased (including brokerage commissions
and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number
of Additional Securities that Tenzing was required to deliver to Shareholder by the Legend Removal Date multiplied by (B) the
lowest closing sale price of the Common Stock or Public Warrant, as applicable, on any Trading Day during the period commencing
on the date of the delivery by Shareholder to Tenzing of the applicable Additional Securities (as the case may be) and ending on
the date of such delivery and payment under this clause (ii).

 

    5

     

    

 

(e)           Shareholder
agrees with Tenzing that Shareholder will sell any Additional Securities pursuant to either the registration requirements of the
Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Additional Securities
are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein,
and acknowledges that the removal of the restrictive legend from certificates representing Additional Securities as set forth in
this Section 2.5 is predicated upon Tenzing’s reliance upon this understanding.

 

Section 2.6           Furnishing
of Information; Public Information.

 

(a)           Until
the earliest of the time that (i) Shareholder owns no Additional Securities or (ii) the Sponsor Warrants have expired,
Tenzing covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange
Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by Tenzing after the date hereof pursuant to the Exchange Act.

 

(b)           At
any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all
of the Additional Securities may be sold without the requirement for Tenzing to be in compliance with Rule 144(c)(1) and
otherwise without restriction or limitation pursuant to Rule 144, if Tenzing shall fail for any reason to satisfy the current
public information requirement under Rule 144(c) (a “Public Information Failure”) then, in
addition to Shareholder’s other available remedies, such Public Information Failure shall be deemed an “Event”
under the Registration Rights Agreement and, in addition to any amounts payable thereunder for failure to register the Additional
Securities, Tenzing shall pay to Shareholder, in cash, as partial liquidated damages and not as a penalty, the amounts required
to be paid thereunder (prorated for periods totaling less than thirty (30) days) thereafter until the earlier of (a) the date
such Public Information Failure is cured and (b) such time that such public information is no longer required for Shareholder
to transfer the Additional Securities pursuant to Rule 144. The payments to which Shareholder shall be entitled pursuant to
this Section 2.6(b) are referred to herein as “Public Information Failure Payments.”
Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such
Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure
giving rise to the Public Information Failure Payments is cured. In the event Tenzing fails to make Public Information Failure
Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of twelve percent (12%) per
annum (prorated for partial months) until paid in full. Nothing herein shall limit Shareholder’s right to pursue actual damages
for the Public Information Failure, and Shareholder shall have the right to pursue all remedies available to it at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief.

 

Section 2.7           No
Other Agreement. Neither Tenzing nor any affiliate of Tenzing has entered into any non-redemption agreement or side letter
or similar agreement with any other shareholder of Tenzing in connection with such shareholder’s non-redemption agreement
that are more favorable to such shareholder than the terms of this Agreement.

 

Article III

TERMINATION

 

Section 3.1           Termination.
This Agreement shall automatically terminate, and no Party shall have any rights or obligations hereunder, and this Agreement shall
become null and void and have no effect, upon the earliest to occur of (a) the mutual written consent of the Parties or (b) the
termination of the Merger Agreement in accordance with its terms.

 

    6

     

    

 

Article IV

RESPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 4.1           Representations,
Warranties and Covenants of Shareholder. Shareholder hereby represents, warrants and covenants to each of Tenzing and Sponsor
as of the date hereof and throughout the Term as follows:

 

(a)           Shareholder
acknowledges that no person or entity has made or makes any representation or warranty to Shareholder in respect of Tenzing, the
Sponsor, Reviva, the Subject Shares, the Additional Securities or the Transactions except as expressly set forth in in this Article IV.

 

(b)           Shareholder
has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation
or formation. The execution, delivery and performance by Shareholder of this Agreement are within the powers of Shareholder, have
been duly authorized and will not constitute or result in a material breach or material default under or material conflict with
any federal or state statute, rule or regulation applicable to Shareholder, any order, ruling or regulation of any court or
other tribunal or of any governmental commission or agency, or any material agreement or other material undertaking, to which Shareholder
is a party or by which Shareholder is bound, and will not violate any provisions of Shareholder’s organizational documents.
This Agreement has been duly authorized, executed and delivered by Shareholder and constitutes a legal, valid and binding obligation
of Shareholder enforceable against Shareholder in accordance with its terms, except to the extent that enforceability thereof may
be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting
the enforcement of creditors’ rights generally and subject to general principles of equity.

 

(c)           Shareholder,
directly or indirectly through its affiliates, owns the Shareholder Shares, free and clear of any liens (other than imposed by
applicable securities laws, Tenzing’s organizational documents and this Agreement). There are no proxies, voting rights,
shareholders’ agreements or other agreements or understandings, to which Shareholder or its affiliates is a party or bound
with respect to the voting or transfer of any Ordinary Shares other than this Agreement.

 

(d)           Shareholder
acknowledges that, in connection with the Conversion, the Ordinary Shares, including any Subject Shares acquired by Shareholder,
will be converted into shares of Common Stock of the Delaware successor to Tenzing.

 

(e)           Shareholder
acknowledges that the Additional Shares cannot be sold unless subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available. Shareholder understands that the Additional Shares (i) have
not been (and upon their sale will not be) registered under the Securities Act or any state securities laws, (ii) have been
offered and will be sold in reliance upon an exemption from the registration and prospectus delivery requirements of the Securities
Act, and (iii) will be issued in reliance upon exemptions from the registration and prospectus delivery requirements of state
securities laws which relate to private offerings. Pursuant to the foregoing, Shareholder acknowledges that until such time as
the resale of the Additional Shares have been registered under the Securities Act or may otherwise may be sold pursuant to an exemption
from registration, any certificates representing any Additional Shares acquired by Shareholder shall bear a customary restrictive
legend (and a stop-transfer order may be placed against transfer of any certificates evidencing such Additional Shares) reflecting
such limitations in form and substance reasonably acceptable to Tenzing.

 

    7

     

    

 

(f)            Shareholder
further represents and warrants that it is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act, or an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities
Act, and Shareholder has executed the Investor Questionnaire attached hereto as Exhibit B (the “Questionnaire”)
and shall provide to Tenzing an updated Questionnaire for any change in circumstances at any time on or prior to the Closing. As
of the date of this Agreement, Shareholder and its affiliates do not have, and during the thirty (30) day period prior to the date
of this Agreement, Shareholder and its affiliates have not, in a seller, transferor or other similar capacity, entered into, any
 “put equivalent position” as such term is defined in Rule 16a-1 of the Exchange Act or short sale positions with
respect to the securities of Tenzing. In addition, Shareholder shall comply with all applicable provisions of Regulation M promulgated
under the Securities Act.

 

(g)            Shareholder
and each of its affiliates holding Subject Shares is not (i) a person or entity named on the List of Specially Designated
Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC, or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Shareholder agrees to, and
to cause its affiliates to, provide law enforcement agencies, if requested thereby, such records as required by applicable law,
provided that Shareholder or its affiliates, as applicable, is permitted to do so under applicable law. If Shareholder or its affiliates
holding Subject Shares is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended
by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/Patriot Act”),
Shareholder and such affiliates, as applicable, maintain policies and procedures reasonably designed to comply with applicable
obligations under the BSA/Patriot Act. To the extent required, Shareholder and each of its affiliates holding Subject Shares maintains
policies and procedures reasonably designed (i) for the screening of its investors against the OFAC sanctions programs and
(ii) to ensure that the funds held by Shareholder and/or its designated purchasing affiliates and used to purchase the Subject
Shares were legally derived.

 

Section 4.2           Representations,
Warranties and Covenants of Tenzing. Tenzing hereby represents, warrants and covenants to Shareholder as of the date hereof
and throughout the Term as follows:

 

(a)           Tenzing
has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation
or formation. The execution, delivery and performance by Tenzing of this Agreement are within the powers of Tenzing. This Agreement
has been duly authorized, executed and delivered by Tenzing and constitutes a legal, valid and binding obligation of Tenzing enforceable
against Tenzing in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of creditors’
rights generally and subject to general principles of equity.

 

(b)           The
issuance of the Additional Shares and the compliance by Tenzing with all of the provisions of this Agreement and the consummation
of the transactions herein will be done in accordance with the NASDAQ marketplace rules and will not conflict with or result
in a material breach or material violation of any of the terms or provisions of, or constitute a material default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Tenzing or any of its subsidiaries
pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement
or instrument to which Tenzing or any of its subsidiaries is a party or by which Tenzing or any of its subsidiaries is bound or
to which any of the property or assets of Tenzing is subject, which would have a material adverse effect on the business, properties,
financial condition, stockholders' equity or results of operations of Tenzing and its subsidiaries, taken as a whole (a “Material
Adverse Effect”), or materially affect the validity of the Additional Shares or the legal authority of Tenzing to
comply in all material respects with the terms of this Agreement; (ii) result in any material violation of the provisions
of the organizational documents of Tenzing; or (iii) result in any violation of any statute or any judgment, order, rule or
regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Tenzing or any of its properties
that would have a Material Adverse Effect or materially affect the validity of the Additional Shares or the legal authority of
Tenzing to comply with this Agreement; subject, in the case of the foregoing clauses (i) and (iii) with respect to the
consummation of the transactions therein contemplated.

 

    8

     

    

 

(c)           The
Additional Shares have been duly authorized and, when issued and delivered to Shareholder at the Closing in accordance with the
terms of this Agreement, the Additional Shares will be validly issued, fully paid and non-assessable and will not have been issued
in violation of or subject to any preemptive or similar rights created under Tenzing’s organizational documents or under
the laws of the British Virgin Islands or the State of Delaware.

 

(d)           Assuming
the accuracy of Shareholder’s representations and warranties set forth in Section 4.1, in connection with the
offer, sale and delivery of the Additional Shares in the manner contemplated by this Agreement, it is not necessary to register
the issuance of the Additional Shares under the Securities Act.

 

(e)           As
of their respective dates, all reports (the “SEC Reports”) required to be filed by Tenzing with the SEC
(as defined below) complied in all material respects with the applicable requirements of the Securities Act and the rules and
regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The financial statements of Tenzing included in the
SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC
with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of Tenzing
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, year-end audit adjustments. A copy of each SEC Report is available to Shareholder via the SEC’s
EDGAR system. There are no outstanding or unresolved comments in comment letters received by Tenzing from the staff of the Division
of Corporation Finance of the SEC with respect to any of the SEC Reports.

 

Section 4.3           Representations,
Warranties and Covenants of Sponsor. Sponsor hereby represents, warrants and covenants to Shareholder as of the date hereof
and throughout the Term as follows:

 

(a)           Sponsor
has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation
or formation. The execution, delivery and performance by Sponsor of this Agreement are within the powers of Sponsor, have been
duly authorized and will not constitute or result in a material breach or material default under or material conflict with any
federal or state statute, rule or regulation applicable to Sponsor, any order, ruling or regulation of any court or other
tribunal or of any governmental commission or agency, or any material agreement or other material undertaking, to which Sponsor
is a party or by which Sponsor is bound, and will not violate any provisions of Sponsor’s organizational documents. This
Agreement has been duly authorized, executed and delivered by Sponsor and constitutes a legal, valid and binding obligation of
Sponsor enforceable against Sponsor in accordance with its terms, except to the extent that enforceability thereof may be limited
by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement
of creditors’ rights generally and subject to general principles of equity.

 

(b)           Sponsor
owns good and valid title to the Private Placement Warrants, and upon the issuance of the Working Capital Warrants by Tenzing at
the Closing will have good and valid title to the Working Capital Warrants, in each case, free and clear of any liens, other than
applicable securities laws or as set forth in (i) this Agreement, (ii) Tenzing’s organizational documents, (iii) the
Warrant Agreement, (iv) the letter agreement, dated as of August 20, 2018, by and among Tenzing, the Sponsor and certain
other insiders of Tenzing named therein, or (v) the Subscription Agreement, dated as of August 20, 2018, by and among
Tenzing, Sponsor, and Maxim Group LLC. Upon delivery to Shareholder of the Sponsor Warrants by Sponsor in accordance with the terms
and conditions of this Agreement, the entire legal and beneficial interest in the Sponsor Warrants will transfer to Shareholder
free and clear of any liens, other than applicable securities laws or as set forth in (i) this Agreement, (ii) Tenzing’s
organizational documents or (iii) the Warrant Agreement.

 

    9

     

    

 

Article V

MISCELLANEOUS

 

Section 5.1           Survival.
All representations, warranties and covenants contained in this Agreement shall survive changes in the transactions, documents
and instruments described herein, in each case until the end of the Term.

 

Section 5.2           Further
Assurances. From time to time, at the other Party’s request and without further consideration, each Party shall execute
and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to consummate
the transactions contemplated by this Agreement.

 

Section 5.3           Fees
and Expenses. Each of the Parties shall be responsible for its own fees and expenses (including the fees and expenses
of investment bankers, accountants and counsel) in connection with the entering into of this Agreement and the consummation of
the transactions contemplated hereby.

 

Section 5.4           No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Tenzing or Sponsor any direct or indirect
ownership or incidence of ownership of or with respect to any Subject Shares.

 

Section 5.5           Amendments,
Waivers, etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified, except upon
the execution and delivery of a written agreement executed by each of the Parties hereto. The failure of any Party hereto to exercise
any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist
upon compliance by any other Party hereto with its obligations hereunder, and any custom or practice of the Parties at variance
with the terms hereof shall not constitute a waiver by such Party of its right to exercise any such or other right, power or remedy
or to demand such compliance.

 

Section 5.6           Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery (i) in person, (ii) by facsimile or email (with affirmative
confirmation receipt) or (iii) by registered or certified mail (postage prepaid, return receipt requested) to the respective
Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

    10

     

    

 

	
        If to Tenzing, to:

         

        Tenzing Acquisition Corp.

        250 W. 55th St., Suite 13D

        New York, NY 10019

        Attn: Rahul Nayar, CEO

        Telephone No.: (212) 710-5220

        Email: rnayar@shreecap.com
	
        with a copy (which shall not constitute
        notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105, USA

        Attn:      Barry I. Grossman, Esq.

        Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:    bigrossman@egsllp.com

        mgray@egsllp.com

	
        If to Sponsor, to:

         

        Tenzing LLC

        250 W. 55th St., Suite 13D

        New York, NY 10019

        Attn: Rahul Nayar, CEO

        Telephone No.: (212) 710-5220

        Email: rnayar@shreecap.com
	
        with a copy (which shall not constitute
        notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105, USA

        Attn:      Barry I. Grossman, Esq.

        Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:    bigrossman@egsllp.com

        mgray@egsllp.com

	
        If to Shareholder, to:

         

         

         

         

         

        
	 

 

Section 5.7           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or
public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

Section 5.8           Entire
Agreement; Assignment; No Third Party Beneficiaries. This Agreement (including the exhibits hereto, which are hereby incorporated
herein by reference and deemed part of this Agreement) constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with
respect to the subject matter hereof. This Agreement shall not be assigned by operation of law or otherwise without the prior written
consent of the other Party. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit
of the Parties and their respective heirs, successors and permitted assigns. This Agreement does not confer any rights or remedies
upon any person or entity other than the Parties hereto and their heirs, successors and permitted assigns.

 

    11

     

    

 

Section 5.9           Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. When reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated. Whenever the words “include”, “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,”
 “herein,” “hereby” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” shall
not be exclusive. Whenever used in this Agreement, any noun or pronoun shall be deemed to include the plural as well as the singular
and to cover all genders. This Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the Party drafting or causing any instrument to be drafted. For purposes of this Agreement, the term
 “affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act (and, for the avoidance
of doubt, any reference in this Agreement to an affiliate of Tenzing prior to the Business Combination will include the Sponsor).

 

Section 5.10         Governing
Law; Jurisdiction; WAIVER OF JURY TRIAL. This Agreement shall be governed by, construed and enforced in accordance with
the laws of the State of New York without regard to the conflict of laws principles thereof. Any action, claim, suit or other legal
proceeding (a “Proceeding”) arising out of or relating to this Agreement shall be heard and determined
exclusively in any state or federal court located in New York, New York (or in any court in which appeal from such courts may be
taken) (the “Specified Courts”). Each Party hereto hereby (a) submits to the exclusive jurisdiction
of any Specified Court for the purpose of any Proceeding arising out of or relating to this Agreement and (b) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that
the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this Agreement or the
transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any
Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other
Proceeding relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery
of copies of such process to such Party at the applicable address set forth in Section 5.6. Nothing in this Section 5.11
shall affect the right of any Party to serve legal process in any other manner permitted by law. Each
Party hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect
to any Proceeding directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated
hereby.

 

Section 5.11         Specific
Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each Party shall be entitled
to obtain an injunction or restraining order to prevent threatened, actual or continuing breaches of this Agreement and to enforce
specifically the terms and provisions hereof, in each case without the requirement to post any bond or other security or to prove
actual damages or that money damages would be inadequate, this being in addition to any other right or remedy to which such Party
may be entitled under this Agreement, at law or in equity.

 

Section 5.12         No
Partnership, Agency or Joint Venture. This Agreement is intended to create a contractual relationship between the Parties,
and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between or
among the Parties hereto. Without limiting the generality of the foregoing sentence, Shareholder (a) is entering into this
Agreement solely on its own behalf and shall not have any obligation to perform on behalf of any other holder of Ordinary Shares
or any liability (regardless of the legal theory advanced) for any breach of this Agreement by any other holder of Ordinary Shares
and (b) by entering into this Agreement does not intend to form a “group” for purposes of Rule 13d-5(b)(1) of
the Exchange Act or any other similar provision of applicable law. Shareholder has acted independently regarding its decision to
enter into this Agreement.

 

    12

     

    

 

Section 5.13         Waiver
against Trust. Shareholder understands that, as described in the IPO Prospectus, Tenzing has established a trust account
(the “Trust Account”) containing the proceeds of its IPO and the overallotment securities acquired by
its underwriters and from certain private placements occurring simultaneously with its IPO (including interest accrued from time
to time thereon) for the benefit of Tenzing’s public shareholders (including overallotment shares acquired by Tenzing’s
underwriters, the “Public Shareholders”), and that, except as otherwise described in the IPO Prospectus,
Tenzing may disburse monies from the Trust Account only: (a) to the Public Shareholders in the event they elect to redeem
their Tenzing shares in connection with the consummation of a Business Combination or in connection with an extension of Tenzing’s
deadline to consummate a Business Combination, (b) to the Public Shareholders if Tenzing fails to consummate a Business Combination
within eighteen (18) months after the closing of the IPO, which has since been extended by amendment to Tenzing’s organizational
documents to December 28, 2020, and is subject to further extension by additional amendments to Tenzing’s organizational
documents, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for
any taxes, or (d) to Tenzing after or concurrently with the consummation of a Business Combination. For and in consideration
of Tenzing entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Shareholder hereby agrees on behalf of itself and its affiliates that, notwithstanding anything to the contrary
in this Agreement, neither Shareholder nor any of its affiliates do now or shall at any time hereafter have any right, title, interest
or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against the Trust Account
(including any distributions therefrom), regardless of whether such claim arises as a result of, in connection with or relating
in any way to, this Agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity
or any other theory of legal liability (collectively, the “Released Claims”). Shareholder on behalf of
itself and its affiliates hereby irrevocably waives any Released Claims that Shareholder or any of its affiliates may have against
the Trust Account (including any distributions therefrom) now or in the future and will not seek recourse against the Trust Account
(including any distributions therefrom) for any reason whatsoever. Shareholder agrees and acknowledges that such irrevocable waiver
is material to this Agreement and specifically relied upon by Tenzing and its affiliates to induce Tenzing to enter into this Agreement,
and Shareholder further intends and understands such waiver to be valid, binding and enforceable against Shareholder and each of
its affiliates under applicable law. This Section 5.14 shall survive any termination of this Agreement and continue
indefinitely. Notwithstanding the foregoing, this Section 5.14 shall not prevent Shareholder or its affiliates in the
capacity as a Public Shareholder from receiving funds from the Trust Account after the termination of this Agreement upon the redemption
of Shareholder’s or its affiliates’ Ordinary Shares or upon the liquidation of Tenzing.

 

Section 5.14         Counterparts.
This Agreement may be executed in counterparts (including by facsimile or pdf or other electronic document transmission), each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

{Remainder of Page Intentionally
Left Blank; Signature Page Follows}

 

    13

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Non-Redemption Agreement to be duly executed as of the date first set forth above.

 

	 	Tenzing:
	 	 
	 	Tenzing Acquisition Corp.
	 	 
	 	By:	            
	 	Name:
	 	Title:
	 	 
	 	The Sponsor:
	 	 
	 	Tenzing LLC
	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 
	 	Shareholder:
	 	 
	 	By:	
	 	Name:
	 	Title:

 

{Signature Page to Non-Redemption
Agreement}

 

    

     

    

 

Exhibit A

Registration Rights Agreement

 

See attachment.

 

    

     

    

 

Exhibit B

Investor Questionnaire

 

    B-1

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