Document:

mosy-ex102_7.htm

 

Exhibit 10.2

VOTING SUPPORT AGREEMENT

THIS VOTING SUPPORT AGREEMENT (the “Agreement”) is dated as of l, 2021

BETWEEN:

The Person executing this Agreement as the “Shareholder” (the “Shareholder”) 

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PERASO TECHNOLOGIES INC., a corporation existing under the laws of the Province of Ontario (“Peraso”)

RECITALS:

	
A.
	
in connection with an arrangement agreement dated the date hereof (the “Arrangement Agreement”), MoSys, Inc. (“RTO Acquiror”) is proposing to indirectly acquire all of the issued and outstanding common shares (the “Peraso Common Shares”) of Peraso, subject to the terms and conditions set forth in the Arrangement Agreement;

	
B.
	
it is contemplated that the proposed transaction will be effected pursuant to a statutory plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (Ontario);

	
C.
	
the Shareholder is the beneficial owner, directly or indirectly, of the Subject Shares listed in Schedule “A” hereto;

	
D.
	
in order for the Shareholder to realize the benefits that will accrue to the Shareholder in connection with the consummation of the Arrangement, the Shareholder desires to enter into this Agreement to provide his or her support for completion of the Arrangement on the terms and conditions set forth herein;

	
E.
	
the Shareholder acknowledges that Peraso would not enter into the Arrangement Agreement but for the execution and delivery of this Agreement by the Shareholder; and

	
F.
	
this Agreement sets out the terms and conditions of the agreement of the Shareholder to abide by the covenants in respect of the Subject Shares and the other restrictions and covenants set forth herein.

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

 

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Article 1
INTERPRETATION

	
1.1
	
Definitions

Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the Arrangement Agreement. In this Agreement, including the recitals:

“Arrangement Agreement” means the arrangement agreement dated as of the date hereof between RTO Acquiror, Peraso, l Ontario Inc. and l Ontario Inc., a copy of which has been provided to the Shareholder;

“Expiry Time” has the meaning ascribed thereto in Section 3.1(a);

“Notice” has the meaning ascribed thereto in Section 4.10; 

“Parties” means the Shareholder and Peraso and “Party” means any one of them; and

“Subject Shares” means the shares of common stock of RTO Acquiror (“RTO Acquiror Common Stock”) and other securities of RTO Acquiror listed on Schedule “A” and any RTO Acquiror Common Stock acquired, directly or indirectly, by the Shareholder or any of its affiliates subsequent to the date hereof, and includes all securities which such Subject Shares may be converted into, exchanged for or otherwise changed into and any RTO Acquiror Common Stock in respect of which voting is or may become subsequent to the date hereof, directly or indirectly, controlled or directed, by the Shareholder or any of its affiliates.

	
1.2
	
Gender and Number

Any reference to gender includes all genders. Words importing the singular number only include the plural and vice versa.

	
1.3
	
Headings.

The division of this Agreement into Articles, Sections and Schedules and the insertion of the recitals and headings are for convenient reference only and do not affect the construction or interpretation of this Agreement and, unless otherwise stated, all references in this Agreement or in the Schedules hereto to Articles, Sections and Schedules refer to Articles, Sections and Schedules of and to this Agreement or of the Schedules in which such reference is made, as applicable. 

	
1.4
	
Date for any Action

A period of time is to be computed as beginning on the day following the event that began the period and ending at 4:30 p.m. (Eastern Time) on the last day of the period, if the last day of the period is a business day, or at 4:30 p.m. (Eastern Time) on the next business day if the last day of the period is not a business day. If the date on which any action is required or permitted to be taken under this Agreement by a Person is not a business day, such action shall be required or permitted to be taken on the next succeeding day which is a business day.

 

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1.5
	
Incorporation of Schedules

Schedule “A” attached hereto, for all purposes hereof, forms an integral part of this Agreement.

Article 2
REPRESENTATIONS AND WARRANTIES

	
2.1
	
Representations and Warranties of the Shareholder 

The Shareholder represents and warrants to Peraso (and acknowledges that Peraso is relying on these representations and warranties in completing the transactions contemplated hereby and by the Arrangement Agreement) the matters set out below:

	
 
	
(a)
	
The Shareholder, if not a natural Person, is a corporation or other entity validly existing under the laws of its incorporating or organizational jurisdiction.

	
 
	
(b)
	
The Shareholder has the requisite power and authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement of the Shareholder enforceable against it in accordance with its terms subject only to any limitation under bankruptcy, insolvency or other Laws affecting the enforcement of creditors’ rights generally and the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction.

	
 
	
(c)
	
The Shareholder exercises control or direction over, and at the Effective Time and at all times between the date hereof and the Effective Time, the Shareholder will control or direct, all of the Subject Shares set forth opposite its name in Schedule “A”. Other than the Subject Shares, neither the Shareholder nor any of its affiliates, beneficially own, or exercise control or direction over any additional securities, or any securities convertible or exchangeable into any additional securities, of RTO Acquiror or any of its affiliates.

	
 
	
(d)
	
The Shareholder is, and immediately prior to the time at which the Arrangement is consummated will be, the sole beneficial owner of the Subject Shares, with good and marketable title thereto, free and clear of all liens.

	
 
	
(e)
	
The Shareholder has, and immediately prior to the time at which the Arrangement is consummated, the Shareholder will continue to have, the sole right to sell and vote or direct the sale and voting of the Subject Shares set forth opposite its name in Schedule “A” hereto.

	
 
	
(f)
	
Except with respect to RTO Acquiror, no Person has any agreement or option, or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject Shares or any interest therein or right thereto.

	
 
	
(g)
	
No consent, approval, order or authorization of, or declaration or filing with, any Person is required to be obtained by the Shareholder, any affiliate of the Shareholder or any beneficial owner of the Subject Shares in connection with the execution and delivery of this Agreement by the Shareholder and the performance by the Shareholder of its obligations 

 

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under this Agreement, other than those which are contemplated by the Arrangement Agreement.

	
 
	
(h)
	
There are no claims, actions, suits, audits, proceedings, investigations or other actions pending against or, to the knowledge of the Shareholder, threatened against or affecting the Shareholder, any affiliate of the Shareholder, the beneficial or registered owner of any of the Subject Shares or any of their properties that, individually or in the aggregate, could reasonably be expected to have an adverse effect on the Shareholder’s ability to execute and deliver this Agreement and to perform its obligations contemplated by this Agreement.

	
 
	
(i)
	
None of the Subject Shares is subject to any proxy, voting trust, vote pooling or other agreement with respect to the right to vote, call meetings of any of RTO Acquiror’s securityholders or give consents or approvals of any kind, except pursuant to this Agreement. 

	
 
	
(j)
	
None of the execution and delivery by the Shareholder of this Agreement or the completion of the transactions contemplated hereby or the compliance by the Shareholder with its obligations hereunder will violate, contravene, result in any breach of, or be in conflict with, or constitute a default under, or create a state of facts which after notice or lapse of time or both would constitute a default under, any term or provision of: (i) any constating document of the Shareholder, any affiliate of the Shareholder or any beneficial owner of the Subject Shares; (ii) any contract to which the Shareholder, any affiliate of the Shareholder or any beneficial owner of the Subject Shares is a party or by which the Shareholder, any affiliate of the Shareholder or any beneficial owner of the Subject Shares is bound; (iii) any judgment, decree, order or award of any Governmental Entity; or (iv) any Law.

	
 
	
(k)
	
The Shareholder, any affiliate of the Shareholder and any beneficial owner of the Subject Shares has currently, and at all times between the date hereof and the Effective Time will have, filed all reports, if any, required under applicable Law in respect of the Subject Shares and have otherwise complied in all material respects with all applicable Laws in respect of the Subject Shares.

	
2.2
	
Representations and Warranties of Peraso 

Peraso represents and warrants to the Shareholder (and acknowledges that the Shareholder is relying on these representations and warranties in completing the transactions contemplated hereby) the matters set out below:

	
 
	
(a)
	
Peraso is a corporation duly incorporated and validly existing under the laws of its jurisdiction of incorporation and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed and delivered by Peraso and constitutes a legal, valid and binding agreement of Peraso, enforceable against Peraso in accordance with its terms, subject only to any limitation under bankruptcy, insolvency or other Laws affecting the enforcement of creditors’ rights generally and the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction.

 

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(b)
	
None of the execution and delivery by Peraso of this Agreement or the compliance by Peraso with its obligations hereunder will violate, contravene, result in any breach of, or be in conflict with, or constitute a default under, or create a state of facts which after notice or lapse of time or both would constitute a default under, any term or provision of: (i) any constating documents of Peraso; (ii) any contract to which Peraso is a party or by which Peraso is bound, respectively; (iii) any judgment, decree, order or award of any Governmental Entity; or (iv) any Law.

	
 
	
(c)
	
No material consent, approval, order or authorization of, or declaration or filing with, any Governmental Entity is required to be obtained by Peraso in connection with the execution and delivery of this Agreement, the performance by it of its obligations under this Agreement and the consummation by Peraso of the Arrangement, other than those which are contemplated by the Arrangement Agreement.

	
 
	
(d)
	
There are no claims, actions, suits, audits, proceedings, investigations or other actions pending against, or, to the knowledge of Peraso, threatened against or affecting Peraso or any of its properties that, individually or in the aggregate, could reasonably be expected to have an adverse effect on Peraso’s ability to execute and deliver this Agreement and to perform its obligations contemplated by this Agreement.

Article 3
COVENANTS

	
3.1
	
Covenants of the Shareholder 

	
 
	
(a)
	
The Shareholder hereby covenants with Peraso that, from the date of this Agreement until the termination of this Agreement in accordance with its terms (the “Expiry Time”), the Shareholder will not, and the Shareholder will ensure that no beneficial owner of the Subject Shares will:

	
 
	
(i)
	
without having first obtained the prior written consent of Peraso, sell, transfer, gift, assign, convey, pledge, hypothecate, encumber, option or otherwise dispose of any right or interest in any of the Subject Shares or enter into any agreement, arrangement, commitment or understanding in connection therewith, other than pursuant to the Arrangement or an Alternative Transaction; 

	
 
	
(ii)
	
other than as set forth herein, grant or agree to grant any proxies or powers of attorney, deliver any voting instruction form, deposit any Subject Shares into a voting trust or pooling agreement, or enter into a voting agreement, commitment, understanding or arrangement, oral or written, with respect to the voting of any Subject Shares; or

	
 
	
(iii)
	
requisition or join in the requisition of any meeting of any of the securityholders of RTO Acquiror for the purpose of considering any resolution.

	
 
	
(b)
	
The Shareholder hereby covenants, undertakes and agrees from time to time, until the Expiry Time, to cause to be counted as present for purposes of establishing quorum and to vote (or cause to be voted) all the Subject Shares listed opposite its name on Schedule “A” hereto:

 

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(i)
	
at any meeting of any of the securityholders of RTO Acquiror at which the Shareholder or any beneficial owner of Subject Shares is entitled to vote, including the RTO Acquiror Meeting; and

	
 
	
(ii)
	
in any action by written consent of the securityholders of RTO Acquiror, 

in favour of the approval, consent, ratification and adoption of the RTO Acquiror Shareholder Approval Matters and the transactions contemplated by the Arrangement Agreement (and any actions required for the consummation of the transactions contemplated by the Arrangement Agreement). In connection with the foregoing, subject to this Section 3.1(b), the Shareholder hereby agrees to deposit and to cause any beneficial owners of Subject Shares to deposit a proxy, or voting instruction form, as the case may be, duly completed and executed in respect of all of the Subject Shares as soon as practicable following the mailing of the definitive RTO Acquiror Proxy Statement and in any event at least 5 calendar days prior to the RTO Acquiror Meeting and as far in advance as practicable of every adjournment or postponement thereof, voting all the Subject Shares in favour of the RTO Acquiror Shareholder Approval Matters and any resolutions approving, consenting to, ratifying or adopting the transactions contemplated by the Arrangement Agreement (and any actions required for the consummation of the transactions contemplated by the Arrangement Agreement). The Shareholder hereby agrees that it will not take, nor permit any Person on its behalf to take, any action to withdraw, amend or invalidate any proxy or voting instruction form deposited pursuant to this Agreement notwithstanding any statutory or other rights or otherwise which the Shareholder might have unless this Agreement has at such time been previously terminated in accordance with Section 4.1. The Shareholder will provide copies of each such proxy or voting instruction form referred to above to Peraso at the address below concurrently with its delivery as provided for above.

	
 
	
(c)
	
The Shareholder hereby revokes and will take all steps necessary to effect the revocation of any and all previous proxies granted or voting instruction forms or other voting documents delivered that may conflict or be inconsistent with the matters set forth in this Agreement and the Shareholder agrees not to, directly or indirectly, grant or deliver any other proxy, power of attorney or voting instruction form with respect to the matters set forth in this Agreement except as expressly required or permitted by this Agreement.

	
 
	
(d)
	
The Shareholder hereby covenants, undertakes and agrees from time to time, until the Expiry Time, to cause to be counted as present for purposes of establishing quorum and to vote (or cause to be voted) the Subject Shares against any proposed action by the RTO Acquiror, any Shareholder, any of RTO Acquiror’s subsidiaries or any other Person: (i) in respect of any RTO Acquiror Acquisition Proposal or RTO Acquiror Superior Proposal or other merger, take-over bid, amalgamation, plan of arrangement, business combination, reorganization, recapitalization, dissolution, liquidation, winding up or similar transaction involving RTO Acquiror or any subsidiary of RTO Acquiror, other than the Arrangement; (ii) which would reasonably be regarded as being directed towards or likely to prevent, delay or reduce the likelihood of the successful completion of the Arrangement, including without limitation any amendment to the articles or by-laws of RTO Acquiror or any of its subsidiaries or their respective corporate structures or capitalization; or (iii) any action or agreement that would result in a breach of any representation, warranty, covenant or other 

 

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obligation of RTO Acquiror under the Arrangement Agreement if such breach requires securityholder approval.

	
 
	
(e)
	
The Shareholder hereby covenants, undertakes and agrees, in the event that any transaction other than the Arrangement is presented for approval of, or acceptance by, the Shareholders, whether or not it may be recommended by the RTO Acquiror Board, not to directly or indirectly, accept, assist or otherwise further the successful completion of such transaction or purport to tender or deposit into any such transaction any of the Subject Shares, and, in the event the RTO Acquiror Board makes an RTO Acquiror Change in Recommendation, the Shareholder will, if, when and in the manner requested by Peraso, publicly affirm its commitment to vote in favour of the Arrangement. 

	
 
	
(f)
	
Until the Expiry Time, the Shareholder will not, and will ensure that its affiliates do not, directly or indirectly, through any officer, director, employee, representative or agent or otherwise:

	
 
	
(i)
	
solicit proxies or become a participant in a solicitation in opposition to or competition with Peraso in connection with the Arrangement;

	
 
	
(ii)
	
assist any Person in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit Peraso in connection with the Arrangement;

	
 
	
(iii)
	
act jointly or in concert with others with respect to voting securities of RTO Acquiror for the purpose of opposing or competing with Peraso in connection with the Arrangement;

	
 
	
(iv)
	
solicit, initiate, encourage or otherwise knowingly facilitate, (including by way of furnishing or providing copies of, access to, or disclosure of, any confidential information, properties, facilities, books or records of RTO Acquiror or any subsidiary or entering into any form of agreement, arrangement or understanding) any inquiry, proposal or offer that constitutes or may reasonably be expected to constitute or lead to, an RTO Acquiror Acquisition Proposal (other than an RTO Acquiror Acquisition Proposal made by Peraso or an affiliate of Peraso pursuant to the Arrangement Agreement);

	
 
	
(v)
	
participate in any discussions or negotiations with any Person (other than Peraso) regarding any inquiry, proposal or offer that constitutes or may reasonably be expected to constitute or lead to an RTO Acquiror Acquisition Proposal;

	
 
	
(vi)
	
accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement, arrangement or understanding related to any RTO Acquiror Acquisition Proposal (other than an RTO Acquiror Acquisition Proposal made by Peraso or an affiliate of Peraso pursuant to the Arrangement Agreement); or

	
 
	
(vii)
	
cooperate in any way with, assist or participate in, knowingly encourage or otherwise facilitate or encourage any effort or attempt by any other Person to do or seek to do any of the foregoing.

 

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(g)
	
The Shareholder will not, and the Shareholder will ensure that no beneficial owner of Subject Shares will: (i) exercise any dissent rights in respect of the Arrangement; or (ii) take any other action of any kind that would reasonably be regarded as likely to adversely affect, reduce the success of, materially delay or interfere with the completion of the Arrangement or the transactions contemplated by the Arrangement Agreement.

	
 
	
(h)
	
The Shareholder will, and will cause each of its affiliates to, immediately cease and terminate, and cause to be terminated, any solicitation, encouragement, discussion, negotiations, or other activities commenced prior to the date of this Agreement with any Person (other than Peraso) with respect to any inquiry, proposal or offer that constitutes, or may reasonably be expected to constitute or lead to, an RTO Acquiror Acquisition Proposal.

	
 
	
(i)
	
At the request of RTO Acquiror or Peraso, the Shareholder will, and will cause its applicable affiliates to, use all commercially reasonable efforts in its capacity, and their capacities, as a Shareholder to assist Peraso and RTO Acquiror to successfully complete the Arrangement and the other transactions contemplated by the Arrangement Agreement and this Agreement, including without limitation cooperating with RTO Acquiror and Peraso to make all requisite regulatory filings, provided that the Shareholder shall not be obligated to incur any expense in providing such cooperation, including by participating in any claim, action, suit, proceeding or investigation whether civil, criminal, administrative, or investigative (each, a “Proceeding”), unless RTO Acquiror reimburses the Shareholder for such expenses. 

	
 
	
(j)
	
The Shareholder hereby consents to:

	
 
	
(i)
	
details of this Agreement being set out in any press release, information circular, including the definitive RTO Acquiror Proxy Statement, and court documents produced by Peraso, RTO Acquiror or any of their respective affiliates in connection with the transactions contemplated by this Agreement and the Arrangement Agreement; and

	
 
	
(ii)
	
this Agreement being made publicly available, including, if required, by the filing thereof by RTO Acquiror on the Electronic Data Gathering, Analysis and Retrieval System (EDGAR).

	
 
	
(k)
	
Except as required by Law or applicable stock exchange requirements, the Shareholder will not, and will ensure that its affiliates do not, make any public announcement or statements with respect to the transactions contemplated herein or pursuant to the Arrangement Agreement without the prior written approval of Peraso.

	
3.2
	
Alternative Transaction

In the event that, in lieu of or in conjunction with the Arrangement, RTO Acquiror and Peraso have agreed in writing to complete the acquisition of the Peraso Common Shares other than as contemplated by the Arrangement Agreement on a basis that: (a) provides for economic terms which, in relation to the Shareholder and its affiliates which beneficially own Subject Shares, on an after-tax basis, are at least equivalent to or better than those contemplated by the Arrangement Agreement; and (b) is otherwise on 

 

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terms and conditions not materially more onerous on the Shareholder and its affiliates which beneficially own Subject Shares than the Arrangement (any such transaction, an “Alternative Transaction”), then the Shareholder shall, during the term of this Agreement, upon request of Peraso, support the completion of such Alternative Transaction in the same manner as the Arrangement in accordance with the terms and conditions of this Agreement, including by: (A) depositing or causing the deposit of its Subject Shares into an Alternative Transaction conducted by way of a take-over bid made by Peraso or an affiliate of Peraso and not withdrawing them; and/or (B) voting or causing to be voted all of the Subject Shares in favour of, and not dissenting or abstaining from, such Alternative Transaction proposed by Peraso and, in the event of any proposed Alternative Transaction, the references in this Agreement to the Arrangement shall be deemed to be changed to “Alternative Transaction” and all terms, covenants, representations and warranties of this Agreement shall be and shall be deemed to have been made in the context of the Alternative Transaction.

	
3.3
	
Superior Proposal.

Notwithstanding anything in Section 3.1 to the contrary, the Shareholder, when not otherwise in default in performance of its obligations under this Agreement, may refrain from voting the Subject Shares in favour of the Arrangement and vote the Subject Shares in favour of an RTO Acquiror Superior Proposal that is recommended by the RTO Acquiror Board in accordance with the terms of the Arrangement Agreement, and shall not be subject to the restrictions or obligations in Section 3.1 with respect to any actions taken or not taken in connection with such RTO Acquiror Superior Proposal.

Article 4
GENERAL

	
4.1
	
Termination

This Agreement will terminate and be of no further force or effect upon the earliest to occur of:

	
 
	
(a)
	
the mutual agreement in writing of the Parties;

	
 
	
(b)
	
written notice by the Shareholder to Peraso if:

	
 
	
(i)
	
subject to Section 4.3, any representation or warranty of Peraso under this Agreement is untrue or incorrect in any material respect; 

	
 
	
(ii)
	
without the prior written consent of the Shareholder, there is any decrease or change in the form of Consideration set out in the Arrangement Agreement, other than pursuant to an Alternative Transaction; or

	
 
	
(iii)
	
subject to Section 4.3, Peraso has not complied in any material respect with any of its covenants contained herein;

provided that at the time of such termination, the Shareholder is not in material default in the performance of its obligations under this Agreement;

	
 
	
(c)
	
written notice by Peraso to the Shareholder if:

 

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(i)
	
subject to Section 4.3, any representation or warranty of the Shareholder under this Agreement is untrue or incorrect in any material respect; or

	
 
	
(ii)
	
the Shareholder has not complied in any material respect with their covenants contained herein;

provided that at the time of such termination, Peraso is not in material default in the performance of its obligations under this Agreement; 

	
 
	
(d)
	
the date, if any, that the Arrangement Agreement is terminated in accordance with its terms, including, without limitation, in connection with an RTO Acquiror Superior Proposal being accepted by the RTO Acquiror Board;

	
 
	
(e)
	
the consummation of the Arrangement; and

	
 
	
(f)
	
the Outside Date.

	
4.2
	
Time of the Essence

Time is of the essence in this Agreement.

	
4.3
	
Notice and Cure Provisions

	
 
	
(a)
	
Each Party will give prompt notice to the other of the occurrence, or failure to occur, at any time from the date hereof until the termination of this Agreement of any event or state of facts which occurrence or failure would, or would be likely to give rise to a right of termination by the other Party pursuant to Sections 4.1(b) or 4.1(c). Notification provided under this Section 4.3 will not affect the representations, warranties, covenants, agreements or obligations of the Parties (or remedies with respect thereto).

	
 
	
(b)
	
The Shareholder may not exercise its right to terminate this Agreement pursuant to Sections 4.1(b)(i) or 4.1(b)(iii) and Peraso may not exercise its right to terminate this Agreement pursuant to Section 4.1(c) unless the Party seeking to terminate the Agreement delivers a written notice to the other Parties specifying in reasonable detail all breaches of covenants, representations and warranties or other matters which the Party delivering such notice is asserting as the basis for the termination right. If any such notice is delivered prior to the RTO Acquiror Meeting, provided that a Party is proceeding diligently to cure such matter and such matter is capable of being cured, no Party may exercise such termination right until the earlier of: (a) two business days prior to the RTO Acquiror Meeting; and (b) the date that is 10 business days following receipt of such notice by the Party to whom the notice was delivered, if such matter has not been cured by such date. If any such notice is delivered after the date of the RTO Acquiror Meeting, provided that a Party is proceeding diligently to cure such matter and such matter is capable of being cured, no Party may exercise such termination right until the earlier of: (a) five business days prior to the Outside Date; and (b) the date that is 10 business days following receipt of such notice by the Party to whom the notice was delivered.

 

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4.4
	
Effect of Termination

If this Agreement is terminated in accordance with the provisions of Section 4.1, no Party will have any further liability to perform its obligations under this Agreement except as expressly contemplated by this Agreement, and provided that neither the termination of this Agreement nor anything contained in Section 4.1 will relieve any Party from any liability for any breach by it of this Agreement, including from any inaccuracy in its representations and warranties and any non-performance by it of its covenants made herein.

	
4.5
	
Confidentiality

Except as required by Law or as otherwise provided in this Agreement (unless the Law permits non-disclosure of information for confidentiality or other purposes and if such non-disclosure is not permitted, a receiving Party seeking to disclose such information shall notify the other Party and shall seek confidential treatment of such information), the Parties will, and will cause their affiliates to, receive and maintain all information received from any other party strictly in confidence and will not, and will cause their affiliates not to, disclose to any Person or make public or authorize the disclosure of any such information and will not, and will cause their affiliates not to, use such information for any purpose except for the purpose contemplated by this Agreement, unless: (a) the specific information is now or hereafter publicly disclosed other than as a result of breach of this provision; (b) the specific information was already in the possession of the receiving Party prior to the receipt by it of such information from any other Party; (iii) the specific information is disclosed to the receiving Party by a third Person having no obligation of confidentiality to the disclosing Party with regard to the information; or (iv) the specific information is independently generated by the receiving Party without the use and not as a consequence of the disclosure by the other Party. If this Agreement is terminated, each Party must immediately return all confidential information that was furnished to it to the disclosing Party of such information, without retaining any copy thereof.

	
4.6
	
Fiduciary Duty

Peraso agrees and acknowledges that the Shareholder is bound hereunder solely in his or her capacity as a shareholder of RTO Acquiror and that the provisions of this Agreement shall not be deemed or interpreted to bind the Shareholder or any of its directors, officers or principal shareholders in his or her capacity as a director or officer of RTO Acquiror or any of its subsidiaries. For the avoidance of doubt, nothing in this Agreement shall limit or restrict any party from properly fulfilling his or her fiduciary duties as a director or officer of RTO Acquiror.

	
4.7
	
Equitable Relief

The Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to injunctive and other equitable relief to prevent breaches of this Agreement, and to enforce compliance with the terms of this Agreement without any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief, this being in addition to any other remedy to which the Parties may be entitled at law or in equity.

	
4.8
	
Waiver; Amendment

 

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Each Party hereto agrees and confirms that any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by all of the Parties or in the case of a waiver, by the Party against whom the waiver is to be effective. No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the Party to be bound by the waiver. A Party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

	
4.9
	
Entire Agreement

This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings among the Parties with respect thereto.

	
4.10
	
Notices

Any notice, consent or approval required or permitted to be given in connection with this Agreement (each, a “Notice”) will be in writing and will be sufficiently given if delivered (whether in person or other personal method of delivery), or if sent by prepaid overnight courier:

	
 
	
(a)
	
if to Peraso:

Peraso Technologies Inc.

144 Front Street West, Suite 685

Toronto, ON M5J 2L7

Attention: Ron Glibbery

E-mail: ronald@perasotech.com

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

Stikeman Elliott LLP

5300 Commerce Court West

199 Bay Street

Toronto, ON M5L 1B9

Attention: Dee Rajpal 
E-mail: drajpal@stikeman.com 

	
 
	
(b)
	
if to the Shareholder, at the address set forth in Schedule “A” hereto, with a copy (which shall not constitute notice) to:

Mitchell Silberberg & Knupp LLP

437 Madison Avenue

25th Floor

New York, NY 10022

Attention: Blake Baron
E-mail: bjb@msk.com

and

 

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Borden Ladner Gervais LLP

Waterfront Centre

200 Burrard Street, Suite 1200

Vancouver, BC V7X 1T2

Attention: Graeme Martindale
E-mail: GMartindale@blg.com 

Any notice or other communication is deemed to be given and received: (i) if sent by personal delivery or same day courier, on the date of delivery if it is a business day and the delivery was made prior to 4:00 p.m. (local time in place of receipt) and otherwise on the next business day; (ii) if sent by overnight courier, on the next business day; or (iii) if sent by facsimile, on the business day following the date of confirmation of transmission by the originating facsimile. A Party may change its address for service from time to time by providing a notice in accordance with the foregoing. Any subsequent notice or other communication must be sent to the Party at its changed address. Any element of a Party’s address that is not specifically changed in a notice will be assumed not to be changed. Sending a copy of a notice or other communication to a Party’s legal counsel as contemplated above is for information purposes only and does not constitute delivery of the notice or other communication to that Party. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

	
4.11
	
Severability

If any provision of this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction, that provision will be severed from this Agreement and the remaining provisions shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties 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.

	
4.12
	
Successors and Assigns

The provisions of this Agreement will be binding upon and enure to the benefit of the Parties hereto and their respective successors and permitted assigns, provided that no Party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other Parties hereto, provided that Peraso may assign all or part of its rights under this Agreement to, and its obligations under this Agreement may be assumed by, any of its affiliates, provided that if such assignment and/or assumption takes place, Peraso shall continue to be liable joint and severally with such affiliate for all of its obligations hereunder.

	
4.13
	
Expenses

Each Party will pay all costs and expenses (including the fees and disbursements of legal counsel and other advisers) it incurs in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated by this Agreement, provided that each Party (the “breaching party”) shall pay the fees and disbursements of legal counsel to the other Party (the “non-breaching party”) to the extent related to any Proceedings brought by a non-breaching party to enforce this Agreement as a result of a breach of any provision of this Agreement by the breaching party.

 

- 14 -

	
4.14
	
Governing Law

This Agreement will be governed by and interpreted and enforced in accordance with the laws of the State of Delaware and the federal laws of the United States applicable therein. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the State of Delaware and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

	
4.15
	
Independent Legal Advice

Each of the Parties hereby acknowledges that it has been afforded the opportunity to obtain independent legal advice and confirms by the execution and delivery of this Agreement that they have either done so or waived their right to do so in connection with the entering into of this Agreement.

	
4.16
	
Further Assurances

The Parties hereto will, with reasonable diligence, do all things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party will provide such further documents or instruments required by the other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions, whether before or after the Effective Time.

	
4.17
	
Counterparts

This Agreement may be executed in any number of counterparts (including counterparts by facsimile) and all such counterparts taken together shall be deemed to constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

[Signature page follows.]

 

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement.

	
PERASO:
	
 
	
PERASO TECHNOLOGIES INC.

	
By:
	
 

	
 
	
Name: 

	
 
	
Title: 

 

	
SHAREHOLDER:
	
Accepted and agreed to with effect from the _____ day of ________________, 2021.

 

(Corporate signatory)

	
 
	
 
	
 

	
By:
	
 

	
 
	
Name: 

	
 
	
Title: 

OR

(Individual signatory)

	
 
	
 
	
 

	
Witness
	
 
	
Name: 

 

 

 

 

 

SCHEDULE “A”

SUBJECT SHARES

	
Name of Securityholder
	
Number of Shares of Common Stock (including RSUs)
	
Number of Options
	
Number of Warrants

	
 
	
 
	
Vested:

Unvested:
	
Vested:

Unvested:

 

Address for Notice: 

	
	
 

Name:

	
 

Address:

	
 

	
 

	
 

E-mail: 

113731880Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is entered into as of September 9, 2021, by and among Clarus Therapeutics Holdings, Inc.
(formerly Blue Water Acquisition Corp.), a Delaware corporation (the “Company”), and the parties listed as Investors
on Schedule I hereto (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, the Company, Blue
Water Merger Sub Corp., a Delaware corporation (“Merger Sub”), and Clarus Therapeutics, Inc., a Delaware corporation
(“Clarus”) have entered into that certain Agreement and Plan of Merger, dated as of April 27, 2021 (as amended
or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things: (a) Merger
Sub merged with and into Clarus (the “Merger”), with Clarus surviving the Merger as a wholly-owned subsidiary
of Company;

 

WHEREAS, the Company and the
Investors listed as Company Investors on Schedule I hereto (collectively, the “Company Investors”) are parties
to that certain Registration Rights Agreement, dated December 15, 2020 (the “Prior Agreement”);

 

WHEREAS, the Company and the
Company Investors desire to terminate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement
in lieu of the rights granted to them under the Prior Agreement;

 

WHEREAS, the Clarus Investors
listed on Schedule I hereto (“Clarus Investors”) will receive shares of Common Stock in in connection with the consummation
of the Merger; and

 

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

 

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

 

“Addendum Agreement”
is defined in Section 6.2.

 

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

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to close, excluding as a result of “stay at home”, “shelter-in-place”, non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any Authority so long as the electronic
funds transfer systems, including for wire transfers, of commercial banking institutions in New York, New York are generally open for
use by customers on such day.

 

“Bylaws”
means the bylaws of the Company, as amended, modified, supplemented or restated and in effect from time to time.

 

     

     

    

 

“Certificate”
means the certificate of incorporation of the Company, as amended, modified, supplemented or restated and in effect from time to time,
including any certificate of designation, correction or amendment filed with the Secretary of State of the State of Delaware.

 

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

 

“Common Stock”
means the Class A common stock, par value $0.0001 per share, of the Company.

 

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

 

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

 

“Demand Registration”
is defined in Section 2.2.1.

 

“Demanding Holder”
is defined in Section 2.2.1.

 

“Effectiveness
Period” is defined in Section 3.1.3.

 

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

 

“Form S-1” means
a Registration Statement on Form S-1.

 

“Form S-3”
means a Registration Statement on Form S-3 or any similar short-form registration that may be available at such time.

 

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

 

“Clarus Investors”
is defined in the recitals to this Agreement.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

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

 

“Investor Indemnified
Party” is defined in Section 4.1.

 

“Maximum Number
of Shares” is defined in Section 2.2.4.

 

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

 

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

 

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

 

“New Registration
Statement” is defined in Section 2.1.4.

 

    2

     

    

 

“Notices”
is defined in Section 6.3.

 

“Piggy-Back Registration”
is defined in Section 2.3.1.

 

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

 

“Pro Rata”
is defined in Section 2.2.4.

 

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

 

“Registrable Securities”
means (i) the shares of Common Stock issued to the Investors in the Merger, (ii) the shares of Common Stock held by the Company Investors,
(iii) the shares of Common Stock issued to the Company Investors upon conversion of the Company’s Class B common stock in connection
with the Merger, (iv) the shares of Common Stock issuable upon exercise of all warrants of the Company held by the Company Investors,
and (iv) all shares of Common Stock issued to the Investors with respect to such securities referred to in clauses (i) – (iv) by
way of any share split, share dividend or other distribution, recapitalization, share exchange, share reconstruction, amalgamation, contractual
control arrangement or similar event. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities
when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities
shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered
by the Company and subsequent public distribution of them shall not require registration under the Securities Act; or (c) such securities
shall have ceased to be outstanding.

 

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

 

“Resale Shelf
Registration Statement” is defined in Section 2.1.1.

 

“Requesting Holder”
is defined in Section 2.1.5(a).

 

“SEC Guidance”
is defined in Section 2.1.4.

 

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

 

    3

     

    

 

“Selling Holders”
is defined in Section 2.1.5(a)(ii).

 

“Subsequent Shelf
Registration” is defined in Section 2.1.3.

 

“Transfer”
means to (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or
otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission
promulgated thereunder, with respect to any Common Stock, or any options or warrants to purchase any shares of Common Stock or any securities
convertible into, exchangeable for or that represent the right to receive shares of Common Stock, (ii) enter into any swap or hedging
or other arrangement which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the shares
of Common Stock, or that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction, including the filing of a registration statement specified in clause (i) or (ii). Notwithstanding the foregoing,
a Transfer shall not be deemed to include any transfer for no consideration if the donee, trustee, heir or other transferee has agreed
in writing to be bound by the same terms under this Agreement to the extent and for the duration that such terms remain in effect at the
time of the Transfer.

 

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

 

“Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to the Resale Shelf Registration
Statement, as amended or supplemented.

 

“Underwritten
Demand Registration” shall mean an underwritten public offering of Registrable Securities pursuant to a Demand Registration,
as amended or supplemented.

 

2. REGISTRATION
RIGHTS.

 

2.1 Resale
Shelf Registration Rights.

 

2.1.1 Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with the
Commission no later than fifteen (15) business days after the Closing (the “Filing Date”), a Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by
Investors of all of the Registrable Securities then held by such Investors that are not covered by an effective registration statement
on the Filing Date (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall
be on Form S-3 or another appropriate form permitting Registration of such Registrable Securities for resale by such Investors. The Company
shall use reasonable best efforts to cause the Resale Shelf Registration Statement to be declared effective within forty-five (45) days
after the Closing, and once effective, to keep the Resale Shelf Registration Statement continuously effective under the Securities Act
at all times until the expiration of the Effectiveness Period.

 

    4

     

    

 

2.1.2 Notification
and Distribution of Materials. The Company shall notify the Investors in writing of the effectiveness of the Resale Shelf Registration
Statement and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments,
supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements)
and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Investors may reasonably
request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

 

2.1.3 Amendments
and Supplements. Subject to the provisions of Section 2.1.1 above, the Company shall promptly prepare and file with the Commission
from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection therewith
as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities Act
with respect to the disposition of all the Registrable Securities during the Effectiveness Period.

 

2.1.4 Notwithstanding
the registration obligations set forth in this Section 2.1, in the event the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly (i) inform each of the holders thereof and use its commercially reasonable efforts to file amendments
to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale Shelf Registration Statement
and file a new registration statement (a “New Registration Statement”), in either case covering the maximum
number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for
resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration
Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration
of all of the Registrable Securities in accordance with any publicly-available written or oral guidance, comments, requirements or requests
of the Commission staff (the “SEC Guidance”), including without limitation, the Manual of Publicly Available
Telephone Interpretations D.29. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of
the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used commercially reasonable efforts to advocate with the Commission for the registration of all or a greater number
of Registrable Securities), unless otherwise directed in writing by a holder as to its Registrable Securities, the number of Registrable
Securities to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable
Securities held by the Investors, subject to a determination by the Commission that certain Investors must be reduced first based on the
number of Registrable Securities held by such Investors. In the event the Company amends the Resale Shelf Registration Statement or files
a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts
to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities
in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities
that were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 

    5

     

    

 

2.1.5 Notice
of Certain Events. The Company shall promptly notify the Investors in writing of any request by the Commission for any amendment or
supplement to, or additional information in connection with, the Resale Shelf Registration Statement required to be prepared and filed
hereunder (or Prospectus relating thereto). The Company shall promptly notify each Investor in writing of the filing of the Resale Shelf
Registration Statement or any Prospectus, amendment or supplement related thereto or any post-effective amendment to the Resale Shelf
Registration Statement and the effectiveness of any post-effective amendment.

 

(a) If
the Company shall receive a request from the holders of Registrable Securities with an estimated market value of at least $30,000,000
(the requesting holder(s) shall be referred to herein as the “Requesting Holder(s)”) that the Company effect
the Underwritten Takedown of all or any portion of the Requesting Holder’s Registrable Securities, and specifying the intended method
of disposition thereof, then the Company shall promptly give notice of such requested Underwritten Takedown at least ten (10) Business
Days prior to the anticipated filing date of the prospectus or supplement relating to such Underwritten Takedown to the other Investors
and thereupon shall use its reasonable best efforts to effect, as expeditiously as possible, the offering in such Underwritten Takedown
of:

 

(i) subject
to the restrictions set forth in Section 2.2.4, all Registrable Securities for which the Requesting Holder has requested such
offering under Section 2.1.5(a), and

 

(ii) subject
to the restrictions set forth in Section 2.2.4, all other Registrable Securities that any holders of Registrable Securities
(all such holders, together with the Requesting Holder, the “Selling Holders”) have requested the Company to
offer by request received by the Company within seven Business Days after such holders receive the Company’s notice of the Underwritten
Takedown, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the
Registrable Securities so to be offered.

 

(b) Promptly
after the expiration of the seven-Business Day-period referred to in Section 2.1.5(a)(ii), the Company will notify all Selling
Holders of the identities of the other Selling Holders and the number of shares of Registrable Securities requested to be included therein.

 

(c) the
Company shall only be required to effectuate: (i) one Underwritten Takedown within any six-month period; (ii) no more than two Underwritten
Takedowns in respect of all Registrable Securities held by the Company Investors after giving effect to Section 2.2.1(c); and (iii)
no more than two Underwritten Takedowns in respect of all Registrable Securities held by Clarus Investors after giving effect to Section
2.2.1(d).

 

(d) If
the managing underwriter in an Underwritten Takedown advises the Company and the Requesting Holder that, in its view, the number of shares
of Registrable Securities requested to be included in such underwritten offering exceeds the largest number of shares that can be sold
without having an adverse effect on such offering, including the price at which such shares can be sold, the shares included in such Underwritten
Takedown will be reduced by the Registrable Securities held by the Selling Holders (applied on a pro rata basis based on the total number
of Registrable Securities held by such Investors, subject to a determination by the Commission that certain Investors must be reduced
first based on the number of Registrable Securities held by such Investors).

 

    6

     

    

 

2.1.6 Selection
of Underwriters. Selling Holders holding a majority in interest of the Registrable Securities requested to be sold in an Underwritten
Takedown shall have the right to select an Underwriter or Underwriters in connection with such Underwritten Takedown, which Underwriter
or Underwriters shall be reasonably acceptable to the Company. In connection with an Underwritten Takedown, the Company shall enter into
customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of the Registrable Securities in such Underwritten Takedown, including, if necessary,
the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements
with the Financial Industry Regulatory Authority, Inc.

 

2.1.7 Registrations
effected pursuant to this Section 2.1 shall not be counted as Demand Registrations effected pursuant to Section 2.2.

 

2.2 Demand
Registration.

 

2.2.1 Request
for Registration. At any time and from time to time after the expiration of a lock-up to which such shares are subject, if any, (i)
Company Investors who hold a majority in interest of the Registrable Securities held by all Company Investors or (ii) Clarus Investors
who hold at least a majority of the Registrable Securities held by all Clarus Investors, as the case may be, may make a written demand
for Registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form Registration
or, if then available, on Form S-3. Each registration requested pursuant to this Section 2.2.1 is referred to herein as a “Demand
Registration”. Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will notify all Investors that are holders of Registrable Securities
of the demand, and each such holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company.
Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration,
subject to Section 2.2.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect: (a)
more than one (1) Demand Registration during any six-month period; (b) any Demand Registration at any time there is an effective Resale
Shelf Registration Statement on file with the Commission pursuant to Section 2.1; (c) more than 2 Underwritten Demand Registrations
in respect of all Registrable Securities held by the Company Investors, each of which will also count as an Underwritten Takedown of the
Company Investors under Section 2.1.5(c)(ii); or (d) more than 2 Underwritten Demand Registrations in respect of all Registrable
Securities held by Clarus Investors, each of which will also count as an Underwritten Takedown of Clarus Investors under Section 2.1.5(c)(iii).

 

    7

     

    

 

2.2.2 Effective
Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with the Commission with
respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable
Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental
agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders thereafter elect to continue the offering and accordingly notify the Company in writing; provided, further, that
the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted
as a Demand Registration or is terminated.

 

2.2.3 Underwritten
Offering. If the Demanding Holders so elect and such holders so advise the Company as part of their written demand for a Demand Registration,
the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering with
an estimated market value of at least $30,000,000. In such event, the right of any holder to include its Registrable Securities in such
registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s
Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such underwriting by the holders initiating the Demand Registration, and subject to the reasonable approval of the Company.

 

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

 

    8

     

    

 

2.2.5 Withdrawal.
A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten Offering
pursuant to this Section 2.2 for any reason or no reason whatsoever upon written notice to the Company and the Underwriter or Underwriters
of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten Offering and such withdrawn amount
shall no longer be considered an Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall
be responsible for the registration expenses incurred in connection with an Underwritten Offering prior to its withdrawal under this Section
2.2.5.

 

2.3 Piggy-Back
Registration.

 

2.3.1 Piggy-Back
Rights. If at any time after the Closing Date (as defined in the Merger Agreement), the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or
by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five
(5) days following receipt of such notice (a “Piggy-Back Registration”). The rights provided under this Section
2.3.1 shall not be available to any Investor at such time as (i) there is an effective Resale Shelf Registration Statement available
for the resale of the Registerable Securities pursuant to Section 2.1, (ii) such Registration is solely to be used for the offering
of securities by the Company for its own account and (iii) no other shareholder of the Company is entitled to participate in such Registration.
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing
to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

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2.3.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of Common Stock which the Company desires
to sell, taken together with Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities hereunder and the Registrable Securities as to which registration has been
requested under this Section 2.3, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

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

 

(b) If
the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section 2.2,
(A) first, the Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the Common Stock
or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the
terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without
exceeding the Maximum Number of Shares.

 

2.3.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration
Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

 

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3. REGISTRATION
PROCEDURES.

 

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

 

3.1.1 Filing
Registration Statement. The Company shall use its reasonable best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale
of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall
use its reasonable best efforts to cause such Registration Statement to become effective and use its reasonable best efforts to keep it
effective for the Effectiveness Period; provided, however, that the Company shall have the right to defer any Demand Registration for
up to sixty (60) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any Demand Registration to
which such Piggy-Back Registration relates, in each case if, in the good faith judgment of the Board of Directors of the Company (the
“Company Board”), it would be materially detrimental to the Company and its shareholders for such Registration
Statement to be effected at such time and the Board concludes as a result that it is essential to defer the filing of such Registration
Statement at such time, in which case the Company shall furnish to the Demanding Holders a certificate signed by the Chairman of the Board
or an executive officer of the Company certifying such good faith determination by the Board; provided, further, however, that the Company
shall not have the right to exercise the right set forth in the immediately preceding proviso for more than a total of ninety (90) consecutive
calendar days, or more than one hundred twenty (120) total calendar days in any 365-day period.

 

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

 

3.1.3 Amendments
and Supplements. Until the earlier of (i) the fifth anniversary of the date of this Agreement or (ii) the date as of which (A) all
of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred
to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission))
or (B) the holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale, the Company shall prepare and file
with the Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of
the Securities Act (the “Effectiveness Period”).

 

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3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) Business Days after such filing,
notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within two (2) Business Days of the occurrence of any of the following: (i)
when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective;
(iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent
the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities covered
by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the holders
of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for
any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon.

 

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

 

3.1.6 Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in
such registration statement, and the representations, warranties and covenants of the holders of Registrable Securities included in such
registration statement in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable,
shall also be made to and for the benefit of the Company.

 

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3.1.7 Comfort
Letter. The Company shall obtain a “cold comfort” letter from the Company’s independent registered public accountants
in the event of an underwritten offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
holders.

 

3.1.8 Opinions.
On the date the Registrable Securities are delivered for sale pursuant to any Registration, the Company shall obtain an opinion, dated
such date, of one (1) counsel representing the Company for the purposes of such Registration, addressed to the holders, the placement
agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions, and reasonably satisfactory to a majority in interest of the participating holders.

 

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

 

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

 

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

 

3.1.12 Listing.
The Company shall use its reasonable best efforts to cause all Registrable Securities included in any Registration Statement to be listed
on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or
designated.

 

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

 

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3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with the Resale Shelf Registration Statement pursuant
to Section 2.1, any Demand Registration pursuant to Section 2.1, any Underwritten Takedown pursuant to Section 2.1.5(a)(i),
any Piggy-Back Registration pursuant to Section 2.3, and any registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all
salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 3.1.10; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel
for the Company and fees and expenses for independent certified public accountants retained by the Company; (viii) the fees and expenses
of any special experts retained by the Company in connection with such registration and (ix) the reasonable fees and expenses of one legal
counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration not to exceed $25,000.
The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in
an Underwritten Offering, all selling shareholders and the Company shall bear the expenses of the Underwriter’s marketing costs
pro rata in proportion to the respective amount of shares each is selling in such offering.

 

3.4 Information.
The holders of Registrable Securities shall promptly provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in
order to effect the registration of any Registrable Securities under the Securities Act and in connection with the Company’s obligation
to comply with Federal and applicable state securities laws.

 

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4. INDEMNIFICATION
AND CONTRIBUTION.

 

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

 

4.2 Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration is being
effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and
hold harmless the Company, each of its directors and officers, and each other selling holder and each other person, if any, who controls
another selling holder within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether
joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the
sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein
not misleading, but only to the extent that such untrue statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by such selling holder expressly for use therein (provided, however, that the indemnity agreement
contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if
such settlement is effected without the consent of the indemnifying holder, such consent not to be unreasonably withheld, delayed or conditioned),
and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for any legal or other
expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action.
Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of
any net proceeds actually received by such selling holder. The selling holders shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Company.

 

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

 

4.4 Contribution.

 

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

 

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

 

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

 

5. UNDERWRITING
AND DISTRIBUTION.

 

5.1 Rule
144 and 145. As long as any holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly
furnish such holders with true and complete copies of all such filings. The Company further covenants that it shall take such further
action as any such holder may reasonably request, all to the extent required from time to time to enable such holder to sell shares of
Common Stock held by such holder without registration under the Securities Act within the limitation of the exemptions provided by Rule
144 and 145 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing
any legal opinions. Upon the request of any holder, the Company shall deliver to such holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

6. MISCELLANEOUS.

 

6.1 Other
Registration Rights and Arrangements. The Company represents and warrants that, as of the date hereof, no person, other than a holder
of the Registrable Securities has any right to require the Company to register any of the Company’s share capital for sale or to
include the Company’s share capital in any registration filed by the Company for the sale of shares for its own account or for the
account of any other person. Company and the Company Investors hereby terminate the Prior Agreement, which shall be of no further force
and effect and is hereby superseded and replaced in its entirety by this Agreement. The Company shall not hereafter enter into any agreement
with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this
Agreement (provided that the grant of right to require the Company to register any of the Company’s share capital for sale or to
include the Company’s share capital in any registration filed by the Company for the sale of shares for its own account or for the
account of any other person shall not, in and of itself, be deemed inconsistent with or in violation of the rights granted to the holders
of Registrable Securities) and in the event of any conflict between any such agreement or agreements and this Agreement, the terms of
this Agreement shall prevail.

 

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6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities
hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the extent of any permitted
transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure
to the benefit of each of the parties hereto and their respective successors and assigns and the holders of Registrable Securities and
their respective successors and permitted assigns. This Agreement is not intended to confer any rights or benefits on any persons that
are not party hereto other than as expressly set forth in Section 4 and this Section 6.2. The rights of a holder of Registrable
Securities under this Agreement may be transferred by such a holder to a transferee who acquires or holds Registrable Securities; provided,
however, that such transferee has executed and delivered to the Company a properly completed agreement to be bound by the terms of this
Agreement substantially in form attached hereto as Exhibit A (an “Addendum Agreement”), and the transferor shall
have delivered to the Company no later than thirty (30) days following the date of the transfer, written notification of such transfer
setting forth the name of the transferor, the name and address of the transferee, and the number of Registrable Securities so transferred.
The execution of an Addendum Agreement shall constitute a permitted amendment of this Agreement.

 

6.3 Amendments
and Modifications. Upon the written consent of (a) the Company, (b) the holders of at least a majority in interest of Registrable
Securities held by Company Investors at the time in question and (c) the holders of at least a majority in interest of Registrable Securities
held by Clarus Investors at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Investor, solely in his, her or its capacity as a holder
of the shares of capital stock of the Company, in a manner that is materially different from the other Investors (in such capacity) shall
require the consent of the Investor so affected. Without limiting the generality of the foregoing, clauses (ii) and (iii) of the definition
of “Registrable Securities”, Section 2.1.5(c)(ii), Section 2.2.1(i), Section 2.2.1(c) and Section
6.4 shall only be waived, amended and modified by the Company Investors who hold a majority in interest of the Registrable Securities
held by all Company Investors at the time in question. No course of dealing between any Investor or the Company and any other party hereto
or any failure or delay on the part of an Investor or the Company in exercising any rights or remedies under this Agreement shall operate
as a waiver of any rights or remedies of any Investor or the Company. No single or partial exercise of any rights or remedies under this
Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such
party.

 

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6.4 Term.
This Agreement is binding upon its execution but shall take effect only at the Closing (as defined in the Merger Agreement) and place
shall terminate automatically upon the earliest to occur of (i) the termination of the Merger Agreement in accordance with its terms
prior to the Closing; (ii) the fifth anniversary of the date of this Agreement or (iii) the date as of which (A) all of the Registrable
Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section
4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the holders
of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities
Act without limitation on the amount of securities sold or the manner of sale; provided, however, that the provisions of Section 4
shall survive such termination with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior
to such termination. Notwithstanding any provision hereof to the contrary, the right of any Holder to request a registration or inclusion
of Registrable Securities in any registration pursuant to this Agreement shall terminate upon the third anniversary of the date hereof.

 

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

 

If to the Company:

 

Clarus Therapeutics Holdings,
Inc.

555 Skokie Boulevard, Suite 340

Attention: Steven A. Bourne, Chief Financial Officer

E-mail: sbourne@clarustherapeutics.com

 

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

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Attention: Mitchell S. Bloom, Arthur R. McGivern, Daniel J. Espinoza

E-mail:   mbloom@goodwinlaw.com, amcgivern@goodwinlaw.com, despinoza@goodwinlaw.com

 

    19

     

    

 

If to an Investor, to the
address set forth under such Investor’s signature to this Agreement or to such Investor’s address as found in the Company’s
books and records.

 

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

 

6.7 Counterparts.
This Agreement may be executed and delivered by facsimile or electronic signature or by email in portable document format and in multiple
counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 

6.8 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written,
including without limitation (but solely upon the taking effect hereof at the Closing) the Prior Agreement.

 

[Signature Page Follows]

 

    20

     

    

 

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

 

	 	CLARUS THERAPEUTICS HOLDINGS, INC.
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Robert E. Dudley
	 	Name:  	Robert E. Dudley
	 	Title: 	Chief Executive Officer

 

Signature
Page to Registration Rights Agreement

 

     

     

    

 

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

 

	 	BLUE WATER SPONSOR LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Joseph Hernandez
	 	Name:  	Joseph Hernandez
	 	Title:	Managing Member

 

Signature Page to Registration
Rights Agreement

 

     

     

    

 

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

 

	 	By: 	/s/ Steven A. Bourne
	 	Name:  	Steven A. Bourne

 

Signature Page to Registration
Rights Agreement

 

     

     

    

 

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

 

	 	By:	/s/ Robert Dudley
	 	Name: 	Robert Dudley

 

Signature Page to Registration
Rights Agreement

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	H.I.G. VENTURES – CLARUS, LLC
	 	 
	 	By:	/s/ Richard Siegel
	 	Name:  	Richard Siegel
	 	Title:	Authorized Signatory

 

Signature Page to Registration
Rights Agreement

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	H.I.G. Bio – Clarus I, L.P.
	 	 
	 	By:	/s/ Richard Siegel
	 	Name:	Richard Siegel
	 	Title:	Authorized Signatory

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	H.I.G. Bio – Clarus II, L.P.
	 	 
	 	By: 	/s/ Richard Siegel
	 	Name: 	Richard Siegel
	 	Title: 	Authorized Signatory

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	CBC SPV LTD
	 	 
	 	By:	/s/ Fu Wei                
	 	Name:	Fu Wei
	 	Title:	Director

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	Thomas, McNerney & Partners, L.P.
	 	 
	 	By:	/s/ James E. Thomas
	 	Name:	James E. Thomas
	 	Title:	Manager
	 	 
	 	Thomas, McNerney & Partners II, L.P.
	 	 
	 	By:	/s/ James E. Thomas
	 	Name:	James E. Thomas
	 	Title:	Manager
	 	 
	 	TMP Nominee, LLC
	 	 
	 	By:	/s/ James E. Thomas
	 	Name: 	James E. Thomas
	 	Title:	Manager
	 	 
	 	TMP Associates, L.P.
	 	 
	 	By:	/s/ James E. Thomas
	 	Name:	James E. Thomas
	 	Title:	Manager
	 	 
	 	TMP Nominee II, LLC
	 	 
	 	By:	/s/ James E. Thomas
	 	Name:	James E. Thomas
	 	Title:	Manager
	 	 
	 	TMP Associates II, L.P.
	 	 
	 	By:	/s/ James E. Thomas
	 	Name:	James E. Thomas
	 	Title:	Manager

 

Signature Page to Registration
Rights Agreement

 

     

     

    

 

EXHIBIT A

 

Addendum Agreement

 

This Addendum Agreement (“Addendum
Agreement”) is executed on __________________, 20___, by the undersigned (the “New Holder”) pursuant to the
terms of that certain Registration Rights Agreement dated as of September 9, 2021 (the “Agreement”), by and among the
Company and the Investors identified therein, as such Agreement may be amended, supplemented or otherwise modified from time to time.
Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed to such terms in the Agreement.
By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

1. Acknowledgment.
New Holder acknowledges that New Holder is acquiring certain shares of common stock of the Company (the “Shares”) as
a transferee of such Shares from a party in such party’s capacity as a holder of Registrable Securities under the Agreement, and
after such transfer, New Holder shall be considered an “Investor”1
(of the same designation under the Agreement, whether a “Company Investor” or a “Clarus Investor”, as the case
may be, as the transferor of such Shares) and a holder of Registrable Securities for all purposes under the Agreement.

 

2. Agreement.
New Holder hereby (a) agrees that the Shares shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement
with the same force and effect as if the New Holder were originally a party thereto and an Investor thereunder (of the same designation
under the Agreement, whether a “Company Investor” or a “Clarus Investor”, as the case may be, as the transferor
of such Shares).

 

3. Notice.
Any notice required or permitted by the Agreement shall be given to New Holder at the address or facsimile number listed below New Holder’s
signature below.

 

	NEW HOLDER:	 	ACCEPTED AND AGREED:
	 	 	 
	Print Name:	 	 	CLARUS THERAPEUTICS HOLDINGS, INC.
	 	 	 

  

	By:	 	 	By:	 
	 	 	 	 	 

 

 

 

 

     

     

    

 

SCHEDULE I

 

Company Investors:

 

Blue Water Sponsor LLC

 

Clarus Investors:

 

1. Robert Dudley

2. Steven Bourne

3. Thomas, McNerney & Partners, L.P.

4. Thomas, McNerney & Partners II, L.P.

5. TMP Nominee, LLC

6. TMP Associates, L.P.

7. TMP Nominee II, LLC

8. TMP Associates II, L.P.

9. H.I.G. Ventures – Clarus, LLC

10. H.I.G. Bio - Clarus I, L.P.

11. H.I.G. Bio - Clarus II, L.P.

12. CBC SPVI Ltd

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