Document:

Form of Registration Rights Agreement

 EXHIBIT 10.20 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (the
“Agreement”) is made and entered 21st day of April 2004 by and among Process Equipment,
Inc., a corporation organized and existing under the laws of the State of __________ (the “Company”), and certain investors, (hereinafter referred to collectively as “Investor” or
“Investors”) as listed on Schedule A herein (each agreement with an Investor being deemed a separate and independent agreement between the Company and such Investor). Unless defined otherwise, capitalized terms herein
shall have the identical meaning as in the Stock Purchase Agreement. 
 PRELIMINARY STATEMENT 
 WHEREAS, pursuant to the Stock Purchase Agreement, of even date herewith, by and among the Company and the Investors, as part of the
consideration, Investors shall receive Shares of the Company; and 
 WHEREAS, the ability of the Investors to sell their shares of
Common Stock and shares of Common Stock issuable upon exercise of the Warrants is subject to certain restrictions under the 1933 Act; and 
 WHEREAS, as a condition to the Stock Purchase Agreement, the Company has agreed to provide the Investors with a mechanism that will permit such Investors to sell their Shares of Common Stock in the future. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements, and subject to the terms and conditions herein
contained, the parties hereto hereby agree as follows: 
 ARTICLE I 
 INCORPORATION BY REFERENCE, SUPERSEDER 
 1.1 Incorporation by Reference. The
foregoing recitals, Schedule A and the Exhibits attached hereto and referred to herein, are hereby acknowledged to be true and accurate, and are incorporated herein by this reference. 
 1.2 Superseder. This Agreement, to the extent that it is inconsistent with any other instrument or understanding among the parties governing the affairs of the
Company, shall supersede such instrument or understanding to the fullest extent permitted by law. A copy of this Agreement shall be filed at the Company’s principal office. 
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 ARTICLE II 
 DEMAND REGISTRATION RIGHTS 
 2.1 “Registrable Shares” means and includes the Shares of
the Company issuable to the Investors pursuant to the Stock Purchase Agreement. As to any particular Registrable Shares, such securities will cease to be Registrable Shares when (a) they have been effectively registered under the 1933 Act and
disposed of in accordance with the registration statement covering them, (b) they are or may be freely traded without registration pursuant to Rule 144 under the 1933 Act (or any similar provisions that are then in effect), or (c) they
have been otherwise transferred and new certificates for them not bearing a restrictive legend have been issued by the Company and the Company shall not have “stop transfer” instructions against them. “Shares” shall
mean, collectively, the shares of Common Stock of the Company being issued pursuant to the Stock Purchase Agreement and those shares of Common Stock issuable to the Investor upon exercise of the Warrants being issued pursuant to the Stock Purchase
Agreement. 
 2.2 Registration of Registrable Securities. The Company shall prepare and file within thirty (30) days following the Final
Closing (the “Filing Date”) a registration statement (the “Registration Statement”) covering the resale of the Registrable Securities. The Company shall use its best efforts to cause the Registration
Statement to be declared effective by the SEC on the earlier of (i) 180 days following the Final Closing with respect to the Registration Statement, (ii) ten (10) days following the receipt of a “No Review” or similar letter
from the SEC or (iii) the first day following the day the SEC determines the Registration Statement eligible to be declared effective (the “Required Effectiveness Date”). Nothing contained herein shall be deemed to limit
the number of Registrable Securities to be registered by the Company hereunder. As a result, should the Registration Statement not relate to the maximum number of Registrable Securities acquired by (or potentially acquirable by) the holders of the
Shares of the Company issued to the Investors pursuant to the Stock Purchase Agreement, the Company shall be required to promptly file a separate registration statement (utilizing Rule 462 promulgated under the Exchange Act, where applicable)
relating to such Registrable Securities which then remain unregistered. The provisions of this Agreement shall relate to any such separate registration statement as if it were an amendment to the Registration Statement. 
 2.3 Registration Statement Form. Registrations under Section 2.2 shall be on Form SB-2 or such other appropriate registration form of the SEC as shall
permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in the Registration Statement; provided, however, such intended method of disposition shall not include an underwritten
offering of the Registrable Securities. 
 2.4 Expenses. The Company will pay all Registration expenses in connection with any registration
required by under Sections 2.2 herein. 
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 2.5 Effective Registration Statement. A registration pursuant to Sections 2.2 shall not be deemed to have
been effected (i) unless a registration statement with respect thereto has become effective within the time period specified herein, provided that a registration which does not become effective after the Company filed a registration statement
with respect thereto solely by reason of the refusal to proceed of any holder of Registrable Securities (other than a refusal to proceed based upon the advice of counsel in the form of a letter signed by such counsel and provided to the Company
relating to a disclosure matter unrelated to such holder) shall be deemed to have been effected by the Company unless the holders of the Registrable Securities shall have elected to pay all Registration Expenses in connection with such registration,
(ii) if, after it has become effective, such registration becomes subject to any stop order, injunction or other order or extraordinary requirement of the SEC or other governmental agency or court for any reason or (iii) if, after it has
become effective, such registration ceases to be effective for more than the allowable Black-Out Periods (as defined herein). 
 2.6 Plan Of
Distribution. The Company hereby agrees that the Registration Statement shall include a plan of distribution section reasonably acceptable to each Holder; provided, however, such plan of distribution section shall be modified by the Company
so as to not provide for the disposition of the Registrable Securities on the basis of an underwritten offering. 
 2.7 Liquidated Damages. If,
after six (6) months from the Final Closing, in the event the Company does not register the Registrable Securities pursuant to the requirements of Section 2.2 herein, or if the Registration Statement filed pursuant to Section 2.2
herein is not declared effective, or if the Registrable Securities are registered pursuant to an effective Registration Statement and such Registration Statement or other Registration Statement including the Registrable Securities is not effective
in the period from four months from the date hereof through two years following the date hereof, the Company shall, for each such day, pay the Purchaser, as liquidated damages and not as a penalty, an amount equal to twenty-four (24%) of the
Purchase Price per annum; and for any such day, such payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. In addition, if the Company has not filed a registration
statement within the sixty day period after Final Closing as specified in 2.2, the Company shall, for each such day after thirty days from closing and until the filing of a registration statement, pay the Purchaser, as liquidated damages and not as
a penalty, an amount equal to twenty-four (24%) of the Purchase Price per annum; and for any such day, such payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs.

 The parties agree that the only damages payable for a violation of the terms of this Agreement with respect to which liquidated damages are expressly
provided shall be such liquidated damages. Nothing shall preclude the Purchaser from pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. 
 The parties hereto agree that the liquidated damages provided for in this Section 2.8 constitute a reasonable estimate of the damages that may be incurred by the Purchaser by reason of the failure of the
Registration Statement to be filed or declared effective in accordance with the provisions hereof. 
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 The obligation of the Company terminates at the earlier of (i) when the holder of shares of Registrable Securities
no longer holds more than twenty percent (20%) of their shares of Registrable Securities or (ii) when the Shares cease to qualify as Registrable Securities. 
 ARTICLE III 
 INCIDENTAL REGISTRATION RIGHTS 
 3.1 Right To Include (“Piggy-Back”) Registrable Securities. Provided that the Registrable Securities have not been registered, if at any time
after the date hereof but before the second anniversary of the date hereof, the Company proposes to register any of its securities under the 1933 Act (other than by a registration in connection with an acquisition in a manner which would not permit
registration of Registrable Securities for sale to the public, on Form S-8, or any successor form thereto, on Form S-4, or any successor form thereto and other than pursuant to Section 2), on an underwritten basis (either best-efforts or
firm-commitment), then, the Company will each such time give prompt written notice to all holders of Registrable Securities of its intention to do so and of such holders of Registrable Securities’ rights under this Section 3.1. Upon the
written request of any such holders of Registrable Securities made within ten (10) days after the receipt of any such notice (which request shall specify the Registrable Securities intended to be disposed of by such holders of Registrable
Securities and the intended method of disposition thereof), the Company will, subject to the terms of this Agreement, use its commercially reasonable best efforts to effect the registration under the 1933 Act of the Registrable Securities, to the
extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of such Registrable Securities so to be registered, by inclusion of such Registrable Securities in the registration statement which covers the
securities which the Company proposes to register, provided that if, at any time after written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason either not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to each holders of Registrable Securities and,
thereupon, (i) in the case of a determination not to register, shall be relieved of this obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in
connection therewith), without prejudice, however, to the rights of any holder or holders of Registrable Securities entitled to do so to request that such registration be effected as a registration under Section 2, and (ii) in the case of
a determination to delay registering, shall be permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other securities. No registration effected under this Section 3.1 shall relieve the
Company of its obligation to effect any registration upon request under Section 2. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 3.1. The
right provided the Holders of the Registrable Securities pursuant to this Section shall be exercisable at their sole discretion. 
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 3.2 Priority In Incidental Registrations. If the managing underwriter of the underwritten offering
contemplated by this Section 3 shall inform the Company and holders of the Registrable Securities requesting such registration by letter of its belief that the number of securities requested to be included in such registration exceeds the
number which can be sold in such offering, then the Company will include in such registration, to the extent of the number which the Company is so advised can be sold in such offering, (i) first securities proposed by the Company to be sold for
its own account, and (ii) second Registrable Securities and securities of other selling security holders requested to be included in such registration pro rata on the basis of the number of shares of such securities so proposed to be sold and
so requested to be included; provided, however, the holders of Registrable Securities shall have pro rata rights of registration with all shares sought to be included by officers and directors of the Company as well as holders of ten percent
(10%) or more of the Company’s Common Stock. 
 ARTICLE IV 
 REGISTRATION PROCEDURES 
 4.1 REGISTRATION PROCEDURES. If and whenever the Company is
required to effect the registration of any Registrable Securities under the 1933 Act as provided in Section 2.2 and, as applicable, 2.3, the Company shall, as expeditiously as possible: 
 (i) prepare and file with the SEC the Registration Statement, or amendments thereto, to effect such registration (including such audited financial
statements as may be required by the 1933 Act or the rules and regulations promulgated thereunder) and thereafter use its commercially reasonable best efforts to cause such registration statement to be declared effective by the SEC, as soon as
practicable, but in any event no later than the Required Effectiveness Date (with respect to a registration pursuant to Section 2.2); provided, however, that before filing such registration statement or any amendments thereto, the Company will
furnish to the counsel selected by the holders of Registrable Securities which are to be included in such registration, copies of all such documents proposed to be filed. In connection with the preparation of such Registration Statement, the
Investors shall promptly provide to the Company or its counsel any information reasonably required to meet its obligations; 
 (ii) with
respect to any registration statement pursuant to Section 2.2 or Section 2.3, prepare and file with the SEC such 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 to comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier to occur of thirty six
(36) months after the date of this Agreement (subject to the right of the Company to suspend the effectiveness 
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thereof for not more than 10 consecutive Trading Days or an aggregate of 20 Trading Days during each year (each a “Black-Out
Period”)) or such time as all of the securities which are the subject of such registration statement cease to be Registrable Securities (such period, in each case, the “Registration Maintenance Period”);

 (iii) furnish to each holder of Registrable Securities covered by such registration statement such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary
prospectus) and any other prospectus filed under Rule 424 under the 1933 Act, in conformity with the requirements of the 1933 Act, and such other documents, as such holder of Registrable Securities and underwriter, if any, may reasonably request in
order to facilitate the public sale or other disposition of the Registrable Securities owned by such holder of Registrable Securities; 
 (iv)
use its commercially reasonable best efforts to register or qualify all Registrable Securities and other securities covered by such registration statement under such other securities laws or blue sky laws as any holder of Registrable Securities
thereof shall reasonably request, to keep such registrations or qualifications in effect for so long as such registration statement remains in effect, and take any other action which may be reasonably necessary to enable such holder of Registrable
Securities to consummate the disposition in such jurisdictions of the securities owned by such holder of Registrable Securities, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign
corporation in any jurisdiction wherein it would not but for the requirements of this subdivision be obligated to be so qualified or to consent to general service of process in any such jurisdiction; 
 (v) furnish to each holder of Registrable Securities a signed counterpart, addressed to such holder of Registrable Securities, and the underwriters, if
any, of an opinion of counsel for the Company, dated the effective date of such registration statement (or, if such registration includes an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement),
reasonably satisfactory in form and substance to such holder of Registrable Securities) including that the prospectus and any prospectus supplement forming a part of the Registration Statement does not contain an untrue statement of a material fact
or omits a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and 
 (vi) notify the Investor promptly and confirm such advice in writing promptly after the Company has knowledge thereof: 
 (A) when the Registration Statement, the prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement
has been filed, and, with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective; 
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 (B) of any request by the SEC for amendments or supplements to the Registration Statement or the
prospectus or for additional information; 
 (C) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings by any Person for that purpose; and 
 (D) of the receipt by the Company of any notification
with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 
 (vii) notify each holder of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to
be delivered under the 1933 Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state any material facts required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any such holder of Registrable Securities promptly prepare and
furnish to such holder of Registrable Securities a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (viii) use its best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement at the earliest possible
moment; 
 (ix) otherwise use its commercially reasonable best efforts to comply with all applicable rules and regulations of the SEC, and
make all necessary filings with the SEC under the 1934 Act; 
 (x) instruct its counsel to issue such legal opinions as the Investors shall
reasonably request in order to facilitate the removal of the restrictive legend of such Registrable Securities pursuant to a resale under an effective Registration Statement or an applicable exemption under the 1933 Act; and 
 (xi) use its commercially reasonable best efforts to list all Registrable Securities covered by such registration statement on any securities exchange on
which any of the Registrable Securities are then listed. 
 The Company may require each holder of Registrable Securities as to which any
registration is being effected to furnish the Company such information regarding such holder of Registrable Securities and the distribution of such securities as the Company may from time to time reasonably request in writing. 
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 4.2 The Company will not file any registration statement pursuant to Section 2.2 or Section 2.3, or amendment
thereto or any prospectus or any supplement thereto to which the Investors shall reasonably object, provided that the Company may file such documents in a form required by law or upon the advice of its counsel. 
 4.3 The Company represents and warrants to each holder of Registrable Securities that it has obtained all necessary waivers, consents and authorizations necessary to
execute this Agreement and consummate the transactions contemplated hereby other than such waivers, consents and/or authorizations specifically contemplated by the Stock Purchase Agreement. 
 4.4 Each holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the occurrence of any event of the kind described in subdivision
(viii) of 
 Section 4.1, such Holder will forthwith discontinue such holder of Registrable Securities’ disposition of Registrable Securities
pursuant to the Registration Statement relating to such Registrable Securities until such holder of Registrable Securities’ receipt of the copies of the supplemented or amended prospectus contemplated by subdivision (viii) of
Section 4.1 and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. 
 ARTICLE V 
 UNDERWRITTEN OFFERINGS 
 5.1 Incidental Underwritten Offerings. If the
Company at any time proposes to register any of its securities under the 1933 Act as contemplated by Section 3.1 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by any holder of
Registrable Securities as provided in Section 3.1 and subject to the provisions of Section 3.2, use its commercially reasonable best efforts to arrange for such underwriters to include all the Registrable Securities to be offered and sold
by such holder among the securities to be distributed by such underwriters. 
 5.2 Participation In Underwritten Offerings. No holder of
Registrable Securities may participate in any underwritten offering under Section 3.1 unless such holder of Registrable Securities (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
approved, subject to the terms and conditions hereof, by the holders of a majority of Registrable Securities to be included in such underwritten offering and (ii) completes and executes all questionnaires, indemnities, underwriting agreements
and other documents (other than powers of attorney) required under the terms of such underwriting arrangements. Notwithstanding the foregoing, no underwriting agreement (or other agreement in connection with such offering) shall require any holder
of Registrable Securities to make a representation or warranty to or agreements with the 
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Company or the underwriters other than representations and warranties contained in a writing furnished by such holder of Registrable Securities expressly for
use in the related registration statement or representations, warranties or agreements regarding such holder of Registrable Securities, such holder’s Registrable Securities and such holder’s intended method of distribution and any other
representation required by law. 
 5.3 Preparation; Reasonable Investigation. In connection with the preparation and filing of each
registration statement under the 1933 Act pursuant to this Agreement, the Company will give the holders of Registrable Securities registered under such registration statement, and their respective counsel and accountants, the opportunity to review
and comment on the draft of such registration statement, each prospectus included therein or filed with the SEC, and each amendment thereof or supplement thereto. 
 ARTICLE VI 
 INDEMNIFICATION 
 6.1 Indemnification by the Company. In the event of any registration of any securities of the Company under the 1933 Act, the Company will, and hereby does
agree to indemnify and hold harmless the holder of any Registrable Securities covered by such registration statement, its directors and officers, each other Person who participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls such holder or any such underwriter within the meaning of the 1933 Act against any losses, claims, damages or liabilities, joint or several, to which such holder or any such director or officer or underwriter
or controlling person may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the 1933 Act, any preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such
holder and each such director, officer, underwriter and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding, provided
that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability, (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company
by such holder or underwriter stating that it is for use in the preparation thereof and, provided further that the Company shall not be liable to any Person who participates as an underwriter in the offering or sale of Registrable 
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Securities or to any other Person, if any, who controls such underwriter within the meaning of the 1933 Act, in any such case to the extent that any such
loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of such Person’s failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, within the time required
by the 1933 Act to the Person asserting the existence of an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement
or omission was corrected in such final prospectus or an amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such holder or any such director, officer,
underwriter or controlling person and shall survive the transfer of such securities by such holder. 
 6.2 Indemnification by the Investors. In
the event of the inclusion of any Registrable Securities held by an Investor in any registration statement filed pursuant to this Agreement, each such holder of included Registrable Securities will, and hereby does agree to indemnify and hold
harmless (in the same manner and to the same extent as set forth in Section 6.1) the Company, each director of the Company, each officer of the Company and each other Person, if any, who controls the Company within the meaning of the 1933 Act,
with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if
such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by such holder of Registrable Securities
specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. Any such indemnity shall remain in full force and effect, regardless of
any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive the transfer of such securities by such Investor. The indemnity provided by the Investor shall be limited to the net proceeds
received by such Investor from its sales of the Registrable Securities. 
 6.3 Notices Of Claims, Etc. Promptly after receipt by an indemnified
party of notice of the commencement of any action or proceeding involving a claim referred to in Sections 6.1 and Section 6.2, such indemnified party will, if claim in respect thereof is to be made against an indemnifying party, give written
notice to the latter of the commencement of such action, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Sections 6.1 and Section 6.2, except
to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified, to the
extent that the indemnifying party may wish, with counsel reasonably satisfactory to such indemnified 
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party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the consent of the
indemnified party, consent to entry of any judgment or enter into any settlement of any such action which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability, or a covenant not to sue, in respect to such claim or litigation. No indemnified party shall consent to entry of any judgment or enter into any settlement of any such action the defense of which has been assumed by an indemnifying party
without the consent of such indemnifying party. 
 6.4 Other Indemnification. Indemnification similar to that specified in Sections 6.1 and
Section 6.2 (with appropriate modifications) shall be given by the Company and each holder of Registrable Securities (but only if and to the extent required pursuant to the terms herein) with respect to any required registration or other
qualification of securities under any Federal or state law or regulation of any governmental authority, other than the 1933 Act. 
 6.5 Indemnification
Payments. The indemnification required by Sections 6.1 and Section 6.2 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage
or liability is incurred. 
 6.6 Contribution. If the indemnification provided for in Sections 6.1 and Section 6.2 is unavailable to an
indemnified party in respect of any expense, loss, claim, damage or liability referred to therein, then each 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 expense, loss, claim, damage or liability (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case
may be, on the other from the distribution of the Registrable Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and of the holder of Registrable Securities or underwriter, as the case may be, on the other in connection with the statements or omissions
which resulted in such expense, loss, damage or liability, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case may
be, on the other in connection with the distribution of the Registrable Securities shall be deemed to be in the same proportion as the total net proceeds received by the Company from the initial sale of the Registrable Securities by the Company to
the purchasers bear to the gain, if any, realized by all selling holders participating in such offering or the underwriting discounts and commissions received by the underwriter, as the case may be. The relative fault of the Company on the one hand
and of the holder of Registrable Securities or underwriter, as the case may be, on the other shall be determined by 
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reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission to state a material fact relates to
information supplied by the Company, by the holder of Registrable Securities or by the underwriter and the parties’ relative intent, knowledge, access to information supplied by the Company, by the holder of Registrable Securities or by the
underwriter and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, provided that the foregoing contribution agreement shall not inure to the benefit of any
indemnified party if indemnification would be unavailable to such indemnified party by reason of the provisions contained herein, and in no event shall the obligation of any indemnifying party to contribute under this Section 6.6 exceed the
amount that such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided for hereunder had been available under the circumstances. 
 The Company and the holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6.6
were determined by pro rata allocation (even if the holders of Registrable Securities and any underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth herein, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 
 Notwithstanding the provisions of this Section 6.6, no holder of Registrable Securities or underwriter shall be required to contribute any amount in
excess of the amount by which (i) in the case of any such holder, the net proceeds received by such holder from the sale of Registrable Securities or (ii) in the case of an underwriter, the total price at which the Registrable Securities
purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such holder or underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE VII 
 RULE 144

 7.1 Rule 144. The Company shall timely file the reports required to be filed by it under the 1933 Act and the 1934 Act (including
but not limited to the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 adopted by the SEC under the 1933 Act) and the rules and regulations adopted by the SEC thereunder (or, if the Company is
not required to file such reports, will, upon the request of any holder of Registrable Securities, make publicly available other 
 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ____________ AND CERTAIN INVESTORS 
 PAGE 12 OF 16 

 
information) and will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (a) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with the requirements of this
Section 7.1. The requirements of Section 7.1 shall lapse once all Shares are eligible to be transferred or sold without registration or manner of sale limitation pursuant to Rule 144(k) under the 1933 Act. 
 ARTICLE VIII 
 MISCELLANEOUS

 8.1 Amendments And Waivers. This Agreement may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the holder or holders of Registrable Securities issued at such time. Each holder of any
Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 8.1, whether or not such Registrable Securities shall have been marked to indicate such consent. 
 8.2 Nominees For Beneficial Owners. In the event that any Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial
owner thereof may, at its election, be treated as the holder of such Registrable Securities for purposes of any request or other action by any holder or holders of Registrable Securities pursuant to this Agreement or any determination of any number
of percentage of shares of Registrable Securities held by a holder or holders of Registrable Securities contemplated by this Agreement. If the beneficial owner of any Registrable Securities so elects, the Company may require assurances reasonably
satisfactory to it of such owner’s beneficial ownership or such Registrable Securities. 
 8.3 Notices. Except as otherwise provided in
this Agreement, all notices, requests and other communications to any Person provided for hereunder shall be in writing and shall be given to such Person (a) in the case of a party hereto other than the Company, addressed to such party in the
manner set forth in the Stock Purchase Agreement or at such other address as such party shall have furnished to the Company in writing, or (b) in the case of any other holder of Registrable Securities, at the address that such holder shall have
furnished to the Company in writing, or, until any such other holder so furnishes to the Company an address, then to and at the address of the last holder of such Registrable Securities who has furnished an address to the Company, or (c) in the
case of the Company, at the address set forth on the signature page hereto, to the attention of its President, or at such other address, or to the attention of such other officer, as the Company shall have furnished to each holder of Registrable
Securities at the time 
 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ____________ AND CERTAIN INVESTORS 
 PAGE 13 OF 16 

 
outstanding. Each such notice, request or other communication shall be effective (i) if given by mail, 72 hours after such communication is deposited in
the mail with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means (including, without limitation, by fax or courier), when delivered at the address specified above, provided that any such notice, request or
communication shall not be effective until received. 
 8.4 Assignment. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit of the parties hereto other than the Company shall also be for the benefit of
and enforceable by any subsequent holder of any Registrable Securities. Each of the Holders of the Registrable Securities agrees, by accepting any portion of the Registrable Securities after the date hereof, to the provisions of this Agreement
including, without limitation, appointment of the Investors’ Representative to act on behalf of such Holder pursuant to the terms hereof which such actions shall be made in the good faith discretion of the Investors’ Representative and be
binding on all persons for all purposes. 
 8.5 Descriptive Headings. The descriptive headings of the several sections and paragraphs of this
Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. 
 8.6 Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to applicable principles of conflicts of law. 
 8.7 Jurisdiction. Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall first be resolved through friendly consultation, if
possible. Such consultation shall begin immediately after one party has delivered to the other party a written request for such consultation (the “Consultation Date”). If the dispute cannot be resolved within 30 days following the
Consultation Date, the dispute shall be submitted to arbitration upon the request of either party, with written notice to the other party. The arbitration shall be conducted by a tribunal (the “Tribunal”) in New York, New York under the
auspices of the American Arbitration Association (“AAA”) in accordance with the commercial arbitration rules and supplementary procedures for international commercial arbitration of the AAA. All arbitration proceedings shall be conducted
in English. Each party shall cooperate with the other in making full disclosure of and providing complete access to all information and documents requested by the other party in connection with the arbitration proceedings. Arbitration shall be the
sole, binding, exclusive and final remedy for resolving any dispute between the parties; either party may apply to any court of competent jurisdiction in relevant jurisdictions for enforcement of any award granted by the Tribunal. During the
period when a dispute is being resolved, except for the matter being disputed, the parties shall in all other respects continue to abide by the terms of this Agreement. It is agreed that the prevailing party shall be entitled to reasonable attorneys
fees to be fixed by the arbitrator. 
 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ____________ AND CERTAIN INVESTORS 
 PAGE 14 OF 16 
  

 8.8 Entire Agreement. This Agreement embodies the entire agreement and understanding between the Company
and each other party hereto relating to the subject matter hereof and supercedes all prior agreements and understandings relating to such subject matter. 
 8.9 Severability. If any provision of this Agreement, or the application of such provisions to any Person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to Persons
or circumstances other than those to which it is held invalid, shall not be affected thereby. 
 8.10 Binding Effect. All the terms and
provisions of this Agreement whether so expressed or not, shall be binding upon, inure to the benefit of, and be enforceable by the parties and their respective administrators, executors, legal representatives, heirs, successors and assignees.

 8.11 Preparation of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is responsible for
its preparation. The parties acknowledge each contributed and is equally responsible for its preparation. 
 8.12 Failure or Indulgence Not Waiver;
Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement herein, nor shall nay single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of,
any rights or remedies otherwise available. 
 8.13 Counterparts. This Agreement may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. A facsimile transmission of this signed Agreement shall be
legal and binding on all parties hereto. 
 [SIGNATURES ON FOLLOWING PAGE] 
 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ____________ AND CERTAIN INVESTORS

 PAGE 15 OF 16 
  

 IN WITNESS WHEREOF, the Investors and the Company have as of the date first written above executed
this Agreement. 
  

			
	Process Equipment, Inc.
		
	  
 By:
	 	  
		
	Title:	 	  

  
  

											
		    		    		 	INVESTORS
		    		    		 	
	  
  
	    		    		 	  
  

	Print Name:	    		    		 	Print Name:
						
	Entity (if appropriate):	 	  	    		    		 	Entity (if appropriate):	 	  
				
	  
  
	    		    		 	  
  

						
	Title: (if appropriate):	 	  	    		    		 	Title: (if appropriate):	 	  
		    		    		 	
		    		    		 	
		    		    		 	
				
	  
  
	    		    		 	  
  

	Print Name:	    		    		 	Print Name:
						
	Entity (if appropriate):	 	  	    		    		 	Entity (if appropriate):	 	  
				
	  
  
	    		    		 	  
  

						
	Title: (if appropriate):	 	  	    		    		 	Title: (if appropriate):	 	  
		    		    		 	
		    		    		 	
		    		    		 	
				
	  
  
	    		    		 	  
  

	Print Name:	    		    		 	Print Name:
						
	Entity (if appropriate):	 	  	    		    		 	Entity (if appropriate):	 	  
				
	  
  
	    		    		 	  
  

						
	Title: (if appropriate):	 	  	    		    		 	Title: (if appropriate):	 	  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ____________ AND CERTAIN INVESTORS 
 PAGE 16 OF 16Form of Class C Warrant

 EXHIBIT 10.21 
 THIS COMMON STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 ACT, AS AMENDED (THE “1933 ACT”). THE HOLDER HEREOF, BY PURCHASING THIS COMMON STOCK PURCHASE WARRANT, AGREES
FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, OR (C) IF REGISTERED UNDER THE 1933 ACT AND
ANY APPLICABLE STATE SECURITIES LAWS. IN ADDITION, A STOCK PURCHASE AGREEMENT (“PURCHASE AGREEMENT”), DATED THE DATE HEREOF, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICE, CONTAINS CERTAIN ADDITIONAL
AGREEMENTS AMONG THE PARTIES, INCLUDING, WITHOUT LIMITATION, PROVISIONS WHICH LIMIT THE EXERCISE RIGHTS OF THE HOLDER AND SPECIFY MANDATORY REDEMPTION OBLIGATIONS OF THE COMPANY. 
  

  

  
 CLASS C COMMON STOCK PURCHASE WARRANT 
 Number of shares: _______________ 
 Holder: _________________ 
 Expiration Date: [later of 5 years from Closing or 18 months from Effective Reg. Stmt] 
 Exercise Price per Share: $0.42 
 Process Equipment, Inc., a company
organized and existing under the laws of the State of Nevada (the “Company”), hereby certifies that, for value received, Barron Partners LP, or its registered assigns (the “Warrant Holder”), is
entitled, subject to the terms set forth below, to purchase from the Company 1,760,000 shares (the “Warrant Shares”) of common stock, $0.001 par value (the “Common Stock”), of the Company (each such
share, a “Warrant Share” and all such shares, the “Warrant Shares”) in exchange for (a) one (1) Warrant and (b) 0.42 per share (as adjusted from time to time as provided in
Section 7, per Warrant Share (the “Exercise Price”), at any time and from time to time from and after the date thereof and through and including 5:00 p.m. New York City time on [5 years from Closing] (or eighteen
months of effectiveness of a Registration Statement subsequent to the issuance herein, whichever is longer)(the “Expiration Date”), and subject to the following terms and conditions: 
 1. Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Warrant Holder hereof from time to time. The Company may deem and treat the 

 
registered Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or nay distribution to the Warrant Holder, and
for all other purposes, and the Company shall not be affected by notice to the contrary. 
 2. Investment Representation. The
Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant for its own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and that the
Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend
indicating that they have not been registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be sold by the Warrant Holder except pursuant to an effective registration statement or
pursuant to an exemption from registration requirements of the 1933 Act and in accordance with federal and state securities laws. If this Warrant was acquired by the Warrant Holder pursuant to the exemption from the registration requirements of the
1933 Act afforded by Regulation S thereunder, the Warrant Holder acknowledges and covenants that this Warrant may not be exercised by or on behalf of a Person during the one year distribution compliance period (as defined in Regulation S) following
the date hereof. “Person” means an individual, partnership, firm, limited liability company, trust, joint venture, association, corporation, or any other legal entity. 
 3. Validity of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly
issued. In addition, in the event a favorable vote is achieved at a meeting of stockholder’s to authorize the issuance of the Shares, the Company agrees thereafter to reserve and keep available at all times, free of preemptive rights, shares of
Common Stock for the purpose of enabling the Company to issue the Shares, which, upon the exercise of the rights represented by this Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period within which the rights represented by this Warrant may be exercised, subsequent to a favorable vote by the
Company’s stockholders to authorize the issuance of the Shares, the Company will at all times have authorized and reserved a sufficient number of Common Stock to provide for the exercise of the rights represented by this Warrant. 
 4. Registration of Transfers and Exchange of Warrants. 
 a. Subject to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of any portion of this Warrant in the Warrant in the Warrant Register, upon surrender of
this Warrant with the Form of Assignment attached hereto duly completed and signed, to the Company at the office specified in or pursuant to Section 9. Upon any such registration or transfer, a new warrant to purchase Common Stock, in
substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed 

 
the acceptance of such transferee of all of the rights and obligations of a Warrant Holder of a Warrant. 
 b. This Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to
Section 9 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange. 
 5. Exercise of Warrants. 
 a.
Upon surrender of this Warrant with the Form of Election to Purchase attached hereto duly completed and signed to the Company, at its address set forth in Section 9, upon availability of authorized Shares, and upon payment and delivery of
the Exercise Price per Warrant Share multiplied by the number of Warrant Shares that the Warrant Holder intends to purchase hereunder, in lawful money of the United States of America, in cash or by certified or official bank check or checks or wire
transfer, to the Company, all as specified by the Warrant Holder in the Form of Election to Purchase, the Company shall promptly (but in no event later than 7 business days after the Date of Exercise [as defined herein]) issue or cause to be issued
and cause to be delivered to or upon the written order of the Warrant Holder and in such name or names as the Warrant Holder may designate (subject to the restrictions on transfer described in the legend set forth on the face of this Warrant), a
certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend as required by the 1933 Act. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed to have become holder of record of
such Warrant Shares as of the Date of Exercise of this Warrant. 
 b. A “Date of Exercise” means the date on which the
Company shall have received (i) this Warrant (or any New Warrant, as applicable), with the Form of Election to Purchase attached hereto (or attached to such New Warrant) appropriately completed and duly signed, and (ii) payment of the
Exercise Price for the number of Warrant Shares so indicated by the Warrant Holder to be purchased. 
 c. This Warrant shall be
exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached Form of Election To Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time,
the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant Shares for which no exercise has been evidenced by this Warrant. 
 d. (i) Notwithstanding anything contained herein to the contrary, the holder of this Warrant may, at its election exercised in its
sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such
exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
 Net Number = (A x (B—C))/B 
  

 (ii) For purposes of the foregoing formula: 
 A= the total number shares with respect to which this Warrant is then being exercised. 
 B= the last reported sale price (as reported by Bloomberg) of the Common Stock on immediately preceding the date of the Exercise Notice. 
 C= the Warrant Exercise Price then in effect at the time of such exercise. 
 e. The holder of this Warrant agrees not to elect for a period of one (1) year a Cashless Exercise. The holder of this Warrant also agrees not to elect a Cashless Exercise so long as there is an effective
registration statement for the shares underlying this Warrant. 
 6. Call by the Company. This Warrant contains a
callable feature requiring the automatic exercise at any time prior to the Expiration Date if the market price of the Company’s common stock is equal to or in excess of the callable price of $0.63 for a period of twenty (20) consecutive
days and there is an effective Registration Statement covering the shares Common Stock underlying this Warrant (“Automatic Exercise”). Upon occurrence of the Automatic Exercise, the Company shall provide the Holder with notice of such
Automatic Conversion (“Automatic Exercise Notice”). Upon receipt of the Automatic Exercise Notice, the Holder must (i) exercise, in whole or in part, this Warrant within ten (10) days; or (ii) notify the Company of its
intent to transfer this Warrant pursuant to Section 4 of this Warrant. In the event that the Holder elects to transfer this Warrant pursuant to Section 4 of this Warrant, then the subsequent holder of this Warrant must exercise this
Warrant on or before the thirtieth (30) day after notification of intent to transfer this Warrant. In the event that this Warrant is exercised, the Holder must deliver to the Company at its office at 14 Wall Street, 20th Floor, New York, NY
10005 Attention: Norbert Sporns, on or before 5:00 p.m., Eastern Time, on the required date, (i) Form of Election to Purchase properly executed and completed by Holder or an authorized officer thereof, (ii) a check or wire transfer payable
to the order of the Company, in an amount equal to the product of the Exercise Price multiplied by the number of Warrant Shares specified in the Exercise Notice, and (iii) this Warrant. If the Holder does not
exercise this Warrant within ten (10) days from receipt of the Automatic Exercise Notice or, in the event that this Warrant has been transferred pursuant to Section 4 of this Warrant, the subsequent holder of this Warrant does not exercise
this Warrant within thirty (30) days after notification of intent to transfer this Warrant, then this Warrant will expire. 
 7.
Adjustment of Exercise Price and Number of Shares. The character of the shares of stock or other securities at the time issuable upon exercise of this Warrant and the Exercise Price therefor, are subject to adjustment upon the occurrence of
the following events: 
 a. Adjustment for Stock Splits, Stock Dividends, Recapitalizations, Etc. The Exercise Price of this Warrant
and the number of shares of Common Stock or other securities at the time issuable upon exercise of this Warrant shall be appropriately adjusted to 

 
reflect any stock dividend, stock split, combination of shares, reclassification, recapitalization or other similar event affecting the number of outstanding
shares of stock or securities. 
 b. Adjustment for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger
of the Company with or into any other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving entity of such consolidation, merger or reorganization (any such transaction
being hereinafter referred to as a “Reorganization”), then, in each case, the holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such Reorganization (the “Effective
Date”), shall receive, in lieu of the shares of stock or other securities at any time issuable upon the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities and property
(including cash) to which such holder would have been entitled upon the Effective Date if such holder had exercised this Warrant immediately prior thereto (all subject to further adjustment as provided in this Warrant). 
 c. Certificate as to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise of this
Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in
reasonable detail the facts upon which such adjustment or readjustment is based. 
 8. Fractional Shares. The Company shall not
be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate number
of Warrants Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share would, except for the provisions of this Section 8, be issuable on the exercise of this Warrant, the Company shall, at its option,
(i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares issuable, up to the next whole number. 
 9. Notice. All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date
they are delivered if delivered in person; (ii) on the date initially received if delivered by facsimile transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service; or
(iv) on the third business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid as follows: 
  

	
	 If to the Company:

	  
	 Process Equipment, Inc
 14 Wall Street, 20th Floor
 New York, NY 10005.

	
	 If to the Warrant Holder:

	
	 _________________________

 10. Miscellaneous. 
 a. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Warrant may be amended only in writing and signed by the Company
and the Warrant Holder. 
 b. Nothing in this Warrant shall be construed to give to any person or corporation other than the Company
and the Warrant Holder any legal or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company and the Warrant Holder. 
 c. This Warrant shall be governed by, construed and enforced in accordance with the internal laws of the State of New York without regard to the
principles of conflicts of law thereof. 
 d. The headings herein are for convenience only, do not constitute a part of this Warrant
and shall not be deemed to limit or affect any of the provisions hereof. 
 e. In case any one or more of the provisions of this
Warrant shall be invalid or unenforceable in any respect, the validity and enforceablilty of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 
 f. The Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at law or
equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant. 
  

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by the authorized officer as
of the date first above stated. 
  

							
	 Process Equipment, Inc.
	  		  		  	
		  		  		  	
				
	 By: ______________________________________
	  		  		  	
		  		  		  	
				
	 Name: ____________________________________
	  		  		  	
		  		  		  	
				
	 Title: _____________________________________
	  		  		  	

  

 FORM OF ELECTION TO PURCHASE 
 (To be executed by the Warrant Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant) 
 To: __________________________: 
 In accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned
hereby irrevocably elects to purchase ______________ shares of Common Stock (“Common Stock”), $0.001 par value, ____________________ and encloses one warrant and $0.42 for each Warrant Share being purchased or an aggregate of
$________________ in cash or by certified or official bank check or checks or wire transfer, which sum represents the aggregate Exercise Price (as defined in the Warrant) together with any applicable taxes payable by the undersigned pursuant to the
Warrant. 
 The undersigned requests that certificates for the shares of Common Stock issuable upon this exercise be issued in the name of: 
 ____________________________________________________ 
 (Please print name and
address) 
 ____________________________________________________ 
 (Please insert Social Security or Tax Identification Number) 
 If the number of shares of Common Stock issuable upon this exercise shall not be all
of the shares of Common Stock which the undersigned is entitled to purchase in accordance with the enclosed Warrant, the undersigned requests that a New Warrant (as defined in the Warrant) evidencing the right to purchase the shares of Common Stock
not issuable pursuant to the exercise evidenced hereby be issued in the name of and delivered to: 
 ____________________________________________________

 ____________________________________________________ 
 ____________________________________________________ 
 (Please print name and address) 
  

			
	Dated: ___________________________	 	Name of Warrant Holder:
		 	
		 	 (Print) _____________________________________

		
		 	 (By:) ______________________________________

		
		 	 (Name:) ____________________________________

		
		 	 (Title:) _____________________________________

		
		 	 Signature must conform in all respects to name of
 Warrant Holder as specified on the face of the
 Warrant

  
  
  
  
  

 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute 
 this form. Do not use this form to exercise the warrant.)

  
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are
hereby assigned to 
  
 __________________________________________________________________________________ whose address is 
  
 _______________________________________________________________________________________________________ 
  
 _______________________________________________________________________________________________________ 
 Dated: _____________________, _______ 
 Holder’s Signature: _________________________________________ 
 Holder’s Address:
__________________________________________ 
 Signature Guaranteed: ___________________________________________ 
  
  
 NOTE: The signature to this
Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a
fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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