Document:

Exhibit 10.1

 

HT Investments SA LLC

221 River Street, 9th Floor

Hoboken, NJ 07030

 

December 23, 2020

 

Pareteum Corporation

1185 Avenue of the Americas, 2nd Floor

New York, NY 10036

Attention: Laura W. Thomas

 

		Re:	Pareteum Corporation Forbearance Agreement

 

Dear Laura:

 

Reference is made to that certain Forbearance
Agreement (the “Forbearance Agreement”) entered into as of November 30, 2020 between Pareteum Corporation, a
Delaware corporation (the “Company”) and High Trail Investments SA LLC (“HT”). All capitalized
terms used in this letter agreement, but not defined herein, have the meanings ascribed to such terms in the Forbearance Agreement.

 

In accordance with Section 2.03 of the Forbearance
Agreement, the Forbearance Termination Date shall be the earlier to occur of: (a) December 31, 2020 (or any later date agreed to
in writing by HT); (b) the occurrence of any Event of Default (other than an Existing Event of Default); and (c) the initiation
of any action by the Company or any other Person to invalidate or limit the enforceability of any of the acknowledgments set forth
in Article 3 of the Forbearance Agreement.

 

HT hereby agrees that, effective as of the
date hereof, the Forbearance Termination Date shall be the earlier to occur of: (a) January 31, 2021(or any later date agreed to
in writing by HT); (b) the occurrence of any Event of Default (other than an Existing Event of Default); and (c) the initiation
of any action by the Company or any other Person to invalidate or limit the enforceability of any of the acknowledgments set forth
in Article 3 of the Forbearance Agreement.

 

The Company hereby acknowledges, confirms,
and agrees that following the disclosure of the subject matter hereof in a Current Report on Form 8-K filed with the Securities
and Exchange Commission (which the Company agrees to file no later than 5:00 p.m. Eastern Time on December 23, 2020), all material
non-public information regarding the Company or any of its subsidiaries previously disclosed to High Trail has been publicly disclosed.

 

If the foregoing correctly sets forth the
understanding between the Company and HT, please so indicate in the space provided below for that purpose, whereupon this letter
shall constitute a binding agreement between the Company and HT.

 

[Remainder of Page Left Blank; Signature
Page Follows]

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	 
	 	 	HIGH TRAIL INVESTMENTS SA LLC
	 	By:	/s/ Eric Helenek
	 	Name:	Eric Helenek
	 	Title:	Authorized Signatory

 

 

AGREED AND ACCEPTED:

 

	PARETEUM CORPORATION	 
	 	 	 
	By:	/s/ Alexander Korff	 
	Name:	Alexander Korff	 
	Title:	Corporate SecretaryExhibit 10.2

 

  

1185 Avenue of the Americas, 2nd Floor,
New York, NY 10036

 

December 23, 2020

 

High Trail Investments SA LLC

221 River Street, 9th Floor

Hoboken, NJ 07030

Attention: Eric Helenek

 

		Re:	Pareteum Corporation Financing

 

Ladies and Gentlemen:

 

Reference is made to the Deposit
Account Control Agreement dated June 8, 2020 entered into by and among Pareteum Corporation, a Delaware corporation (the
 “Company”), High Trail Investments SA LLC, a Delaware limited liability company, as collateral agent
(“High Trail”), and Capital One, National Association (“Capital One”) regarding the
Company’s account with Capital One numbered *********** (the “Controlled Account”) and that certain
Senior Secured Convertible Note due 2025, dated as of June 8, 2020 (as amended by that certain Amendment to Senior Secured
Convertible Note Due 2025, dated as of July 18, 2020, the “Note”). All capitalized terms used but not
defined herein, have the meanings ascribed to such terms in that certain Forbearance Agreement, dated as of November 30, 2020
(the “Forbearance Agreement”) entered into by the Company and High Trail. In connection with the release
of the sum of One Million Dollars ($1,000,000) from the Controlled Account and the agreement of High Trail that each
reference to the amount “seven million dollars ($7,000,000)” in Section 9(J) of the Note is hereby replaced with
the amount “six million dollars ($6,000,000)”, the Company hereby acknowledges, stipulates, warrants and agrees
as follows:

 

1.                  
Acknowledgment of Indebtedness. The Company hereby acknowledges, confirms, and agrees that as of the date hereof,
the Company is indebted to High Trail in the principal amount of $17,500,000, in addition to interest, expenses, fees and other
Event of Default Acceleration Amount and that as of December 31, 2020 the amount of interest for which the Company will be indebted
to High Trail will be in the amount of $262,500. The Company hereby acknowledges, confirms, and agrees that (i) all Event of Default
Acceleration Amount, including interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter
payable to High Trail, in each case in accordance with the terms of the Note, are unconditionally owing by the Company, and (ii)
that the Company has entered an Event of Default Conversion Period as a result of the existence of the Existing Events of Default,
in each case without offset, defense, or counterclaim of any kind, nature, or description whatsoever. The Company further acknowledges,
confirms, and agrees that, as of the date hereof, the Conversion Rate (as defined in the Note), is 2,702.702 and that, if High
Trail does not elect to receive the Fourteen Million Dollar ($14,000,000) Optional Redemption Payment (as defined in the Note)
which High Trail would have been entitled to receive from the Company on January 1, 2021, then High Trail shall be entitled to
elect to receive an Optional Redemption Payment from the Company in the amount of Seventeen Million Five Hundred Thousand Dollars
($17,500,000) on February 1, 2021, and that if High Trail makes such election, such payment shall then be due and payable.

 

2.                  
Acknowledgement of Warrants Outstanding. The Company hereby acknowledges, confirms, and agrees that (i) the March
Warrant is outstanding and is exercisable for 2,000,000 shares of the Company’s Common Stock at an Exercise Price (as defined
therein) of $0.37 per share and (ii) the June Warrant is outstanding and is exercisable for 15,000,000 shares of the Company’s
Common Stock at an Exercise Price (as defined therein) of $0.37 per share.

 

     

     

    

 

3.                  
Ratification; Reaffirmation. The Company hereby reaffirms and ratifies the Transaction Documents, each as amended,
restated, modified, and/or supplemented. The Company hereby ratifies, affirms, reaffirms, acknowledges, confirms and agrees that
(a) all of the Company’s obligations owing to High Trail under the Transaction Documents are hereby reaffirmed; and (b) the
Transaction Documents are the legal, valid and binding obligations of the Company and are enforceable against the Company in accordance
with their respective terms, except as enforceability may be limited by applicable equitable principles or by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors' rights generally.

 

4.                  
Additional Events of Default. Except for the Existing Events of Default, no other Default or Event of Default has
occurred and is continuing and the Company hereby acknowledges and agrees that as of the date hereof, it is not aware of any prospective
Event of Default other than the Existing Events of Default.

 

5.                  
Material Nonpublic Information. The Company hereby acknowledges, confirms, and agrees that following the disclosure
of the subject matter hereof in a Current Report on Form 8-K filed with the Securities and Exchange Commission (which the Company
agrees to file no later than 5:00 p.m. Eastern Time on December 23, 2020), all material non-public information regarding the Company
or any of its subsidiaries previously disclosed to High Trail has been publicly disclosed .

 

6.                  
Fees and Expenses. The effectiveness of this Agreement shall be contingent upon the Company paying for legal fees
and disbursements of Latham & Watkins LLP, counsel to High Trail, in an amount of $4,000.

 

	 	Very truly yours,
	 	 	 
	 	PARETEUM CORPORATION
	 	 	 
	 	By:	/s/ Alexander Korff
	 	Name:	Alexander Korff
	 	Title:	Corporate Secretary

 

AGREED AND ACCEPTED:

 

HIGH TRAIL INVESTMENTS SA LLC

 

 

	By:	/s/ Eric Helenek	 
	Name:  	Eric Helenek	 
	Title:	Authorized SignatoryExhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of the 16 day of December, 2020, by and among the undersigned holders
set forth on Exhibit A (each a “Holder,” collectively, the “Holders”)
and BurgerFi International, Inc., a Delaware corporation (f/k/a Opes Acquisition Corp.) (the “Company”).

 

Capitalized terms used, but not otherwise
defined herein, shall have the meanings ascribed to such terms in the Membership Interest Purchase Agreement, dated as of June
29, 2020 (the “Purchase Agreement”), by and among the Company, Burger Fi International, LLC, a Delaware
limited liability company (“BurgerFi LLC”), the members of BurgerFi LLC (the “Members”),
and BurgerFi Holdings, LLC, a Delaware limited liability company (the “Members’ Representative”).

 

WHEREAS, the Holders and the Company desire
to enter into this Agreement to provide the Holders with certain rights relating to the registration of the Registrable Securities
(as defined below);

 

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:

 

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

 

“Closing
Date” means, the Closing Date described in the Purchase Agreement.

 

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

 

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

 

“Demand Registration”
is defined in Section 2.2.1.

 

“Demand Holder”
is defined in Section 2.2.1.

 

“Effectiveness Date”
means, with respect to the Initial Registration Statement, the 90th calendar day following the Filing Date (or in the event the
Registration Statement receives a “full review” by the Commission, the 120th day following the Filing Date) and with
respect to any additional Registration Statements which may be required pursuant to Sections 2.2 and 2.3, the 90th calendar day
following the date on which an additional Registration Statement is required to be filed hereunder; provided, however, that in
the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed
or is no longer subject to further review and comments, or the Company is eligible to register the Registrable Securities on Form
S-3, the Effectiveness Date as to such Registration Statement shall be the earlier of (i) the fifth Business Day following the
date on which the Company is so notified if such date precedes the dates otherwise required above or (ii) the filing date if the
Registration Statement is automatically effective; provided, further, that, if the Effectiveness Date falls on a Saturday, Sunday
or any other day which shall be a legal holiday or a day on which the Commission is authorized or required by law or other government
actions to close, the Effectiveness Date shall be the following Business Day.

 

     

    

    

  

“Effectiveness Period”
is defined in Section 2.1.1.

 

“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.

 

“Filing Date”
means, with respect to the Initial Registration Statement, the 30th calendar day following the Closing Date and, with respect
to any additional Registration Statements which may be required pursuant to 2.1.2 the earliest practical date on which the Company
is permitted by Commission Guidance to file such additional Registration Statement related to the Registrable Securities; provided,
however, that, if the Filing Date falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which
the Commission is authorized or required by law or other government actions to close, the Filing Date shall be the following Business
Day.

 

“Form S-3” is
defined in Section 2.4.

 

“Forward Purchase Securities”
are the 3,000,000 shares of Common Stock and 3,000,000 shares of Common Stock underlying warrants that are part of the 3,000,000
units issued to Lion Point and Lionheart Equities, LLC, in the aggregate, under the forward purchase contracts

 

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

 

“Holder Indemnified Party”
is defined in Section 4.1.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party”
is defined in Section 4.3.

 

“Initial Registration Statement”
means the Registration Statement required to be filed pursuant to Section 2.1.

 

“IPO” is defined
as the initial public offering of the Company pursuant to a prospectus dated March 13, 2018.

 

    2

    

    

  

“IPO Registrable Securities”
is defined as shares identified as having registration rights in the Company’s registration statement on Form S-1 (File No.
333-223106) including, (i) 2,875,000 founder’s shares issued and outstanding on the date of the IPO, (ii) 445,000 shares
of Common Stock and 445,000 shares of Common Stock underlying warrants that are part of the 445,000 units issued in the private
placement consummated at the time of the IPO, (iii)Forward Purchase Securities, (iv) 750,000 shares of Common Stock and 750,000
shares of Common Stock underlying the Unit Purchase Option, and (vi) 11,500,000 shares of Common Stock underlying the warrants
issued in the IPO.

 

“Lion Point” is
defined as Lion Point Capital, LLC.

 

“Lion Point Securities”
means (i) 662,500 founder’s shares held by Lion Point, (ii) 83,438 shares of Common Stock and 83,438 shares of Common Stock
underlying warrants that are part of the 83,438 units held by Lion Point, and (iii) 2,000,000 shares of Common Stock and 2,000,000
shares of Common Stock underlying warrants that are part of the Forward Purchase Units are held by Lion Point.

 

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

 

“Notices” is defined
in Section 6.3.

 

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

 

“Plan of Distribution”
is defined in Section 2.1.1.

 

“Pro Rata” is
defined in Section 2.1.2.

 

“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) 4,716,981 shares of Common Stock issued to the Members as the Closing Payment Shares, (ii) 1,886,792 shares of Common
Stock issuable to the Members, as part of the Cash Merger Consideration, (iii) to the extent earned in accordance with the Purchase
Agreement, up to 9,356,459 shares of Common Stock issuable in connection with the Earnout, (iv) the shares of Common Stock issuable
to investors in the private placement offerings conducted by the Company prior to the closing of the business combination pursuant
to the Purchase Agreement, and (v) the IPO Registrable Securities. Registrable Securities shall also include any securities of
the Company issued as a dividend or other distribution with respect to, in exchange for or in replacement of each of the shares
of Common Stock held by the Holder as set forth on Exhibit A. 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 all 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; (c) such securities shall have ceased to be outstanding, or (d)
the Registrable Securities are freely saleable under Rule 144 without volume limitations.

 

    3

    

    

  

“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).

 

“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.

 

“Underwriter”
means, solely for the purposes of this Agreement, 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.

 

“Unit Purchase Option”
means the unit purchase option to purchase 750,000 units of the Company issued to EarlyBirdCapital, Inc. and its designees in connection
with the IPO.

 

2. REGISTRATION
RIGHTS.

 

2.1 Shelf
Registration.

 

2.1.1 On or prior to each Filing Date,
the Company shall prepare and file with the Commission a Registration Statement covering the resale of all or such maximum portion
of the Registrable Securities as permitted by SEC Guidance (provided that, the Company shall use diligent efforts to advocate with
the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without
limitation, the Manual of Publicly Available Telephone Interpretations D.29) that are not then registered on an effective Registration
Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall
be on Form S-1 (except if the Company is then eligible to register for resale the Registrable Securities on Form S-3, such registration
shall be on Form S-3 in accordance herewith (or any successor form to Form S-3, or any similar short-form Registration Statement))
and shall contain the “Plan of Distribution” attached hereto as Annex A. Subject to the terms
of this Agreement, the Company shall use its commercially reasonable efforts to cause a Registration Statement to be declared effective
under the Securities Act as promptly as practicable after the filing thereof, but in any event prior to the applicable Effectiveness
Date, and shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities
Act until all Registrable Securities covered by such Registration Statement have been sold, or may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144, without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). The Company
shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a Business Day. The
Company shall promptly notify the Holders by e-mail of the effectiveness of a Registration Statement on the same Business Day that
the Company telephonically confirms effectiveness with the Commission. The Company shall, no later than the second Business Day
after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424.

 

    4

    

    

  

2.1.2 Notwithstanding any other
provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to
be registered on a particular Registration Statement (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater portion of Registrable Securities), the number of Registrable
Securities to be registered shall include (i) first, all of the Lion Point Securities, and (ii) second, unless otherwise
directed in writing by the Holders (other than Lion Point) as to its Registrable Securities, the number of Registrable
Securities to be registered on such Registration Statement will be reduced on a on a pro rata basis based on the total number
of Registrable Securities held by such other Holders (such proportion is referred to herein as “Pro
Rata”), except that with respect to this subsection 2.1.2(ii), the reduction in the number of Registrable
Securities to be registered on behalf of the Members shall not be reduced below 1,886,792 shares of Common Stock unless SEC
Guidance dictates or the Commission’s Staff requests such reduction to facilitate declaring the Registration Statement
effective. In the event of any further reductions, the Lion Point Securities will have priority registration over the
Registrable Securities held by the other Holders. In the event of a reduction hereunder, the Company shall give the Holder at
least five (5) Business Days prior written notice along with the calculations as to such Holder’s allotment. Promptly
after such SEC Guidance is no longer applicable with respect to some or all of the remaining unregistered Registrable
Securities, the Company shall file an additional Registration Statement in accordance with this Section 2 with respect to
such shares.

 

2.1.3 Each Holder agrees to furnish
to the Company a completed Selling Stockholder Questionnaire within ten (10) Business Days following the date of this Agreement,
a form of which will be provided by the Company together with this Agreement. Each Holder further acknowledges and agrees that
it shall not be entitled to be named as a selling security holder in the Registration Statement or use the Prospectus for offers
and resales of Registrable Securities at any time, unless such Holder has returned to the Company a completed and signed Selling
Stockholder Questionnaire. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire after the deadline
specified in the previous sentence, the Company shall use its commercially reasonable efforts to take such actions as are required
to name such Holder as a selling security holder in the Registration Statement or any pre-effective or post-effective amendment
thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities identified
in such late Selling Stockholder Questionnaire; provided that the Company shall not be required to file an additional Registration
Statement solely for such shares. Each Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire
will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information
in the Registration Statement.

  

2.2 Demand
Registration.

   

2.2.1 Request
for Registration. At any time and from time to time on or after the date of this Agreement, Lion Point may make a written demand
for registration under the Securities Act of all or part of the Lion Point Securities, as the case may be (a “Demand Registration”).
Any Demand Registration shall specify the number of shares of Lion Point Securities proposed to be sold and the intended method(s)
of distribution thereof. The Company will notify all holders of Lion Point Securities of the demand, and each holder of Lion Point
Securities who wishes to include all or a portion of such holder’s Lion Point Securities in the Demand Registration (each
such holder including shares of Lion Point 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 Lion Point Securities included in the Demand Registration, subject to Section
2.2.4. The Company shall not be obligated to effect more than two (2) Demand Registrations under this Section 2.2.1 in respect
of all Lion Point Securities.

 

    5

    

    

 

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 Lion Point 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; 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 a majority-in-interest of 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 Lion Point Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any holder to include its Lion Point Securities in such
registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s
Lion Point Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Lion
Point Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.

   

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 shares of Common Stock or other securities which the Company desires
to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by the other Holders 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 Lion Point 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 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 Registrable Securities as to which “piggy-back” registration under
Section 2.3.1 has been requested by the Holders, Pro Rata, 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 clause (i) and (ii), the shares
of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii) and
(iii), the shares of 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 and that can be sold without exceeding the Maximum Number of Shares.

 

    6

    

    

 

2.2.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Lion Point Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not
count as a Demand Registration provided for in Section 2.2. 

  

2.3 Piggy-Back
Registration.

 

2.3.1 Piggy-Back Rights. If
at any time on or after the date hereof 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 2.2), 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, (iv) for a dividend
reinvestment plan, or (v) securities proposed to be issued in exchange for securities or assets of another entity, 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 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. Notwithstanding the
provisions set forth in the immediately preceding sentences, the right to a Piggy-Back Registration set forth under this Section
2.3.1 with respect to the Registrable Securities shall terminate on such date the Registrable Securities may be sold without volume
or manner-of-sale restrictions pursuant to Rule 144, and without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter
to such effect. .

   

    7

    

    

 

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 the 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, the Registrable Securities as to which registration
has been requested under this Section 2.3, and the Common Stock, if any, as to which registration has been requested pursuant to
the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares
then if the registration is undertaken for the Company’s account: (i) first, the Common Stock or other securities that the
Company desires to sell 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), all of the Lion Point Securities; (iii) to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities held by
Holders other than Lion Point, as to which registration has been requested pursuant to this Section 2.3, Pro Rata, except that
with respect to this subsection 2.3.2(iii), the reduction in the number of Registrable Securities to be registered on behalf of
the Members shall not be reduced below 1,886,792 shares of Common Stock; and (iv) fourth, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (i),(ii) and (iii) , 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..

 

 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.

 

    8

    

    

  

2.4 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the
registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder
or holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to
this Section 2.4: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together
with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $500,000.

 

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 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:

 

 3.1.2 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.
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 until all Registrable Securities and other securities covered
by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

    9

    

    

  

 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, and the Company shall not file any Registration Statement or prospectus or amendment or supplement
thereto, including documents incorporated by reference, to which such holders or their legal counsel shall object.

 

 3.1.5 State Securities Laws Compliance.
The Company shall use its 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 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 registration 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. No holder of Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s
material agreements and organizational documents, and with respect to written information relating to such holder that such holder
has furnished in writing expressly for inclusion in such Registration Statement.

 

    10

    

    

  

 3.1.7 Cooperation. The principal
executive officer of the Company, the principal financial 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.

 

 3.1.8 Records. 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.

 

 3.1.9 Opinions and Comfort Letters.
If the registration involves the registration of Registrable Securities in an underwritten offering upon request, the Company shall
furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such
holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort letter from the Company’s
independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered to any Underwriter, the
Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any time that such holder
elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing such
prospectus has been declared effective and that no stop order is in effect.

 

 3.1.10 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.

 

 3.1.11 Listing. The Company
shall use its best efforts to cause all Registrable Securities included in any registration 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 or, if no such
similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

3.1.12 Road
Show. If the registration involves the registration of Registrable Securities in an underwritten offering involving gross proceeds
in excess of $25,000,000, the Company shall use its commercially reasonable efforts to make available senior executives of the
Company to participate in customary road show presentations that may be reasonably requested by the Underwriter in any underwritten
offering.

 

    11

    

    

  

3.2 Obligation
to Suspend Use of the Prospectus. Upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3.1.4(iv), 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), 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.

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with the filing of the Registration Statement(s)
pursuant to Section 2.1 and Section 2.2, any Piggy-Back Registration pursuant to Section 2.3, and any registration on Form S-3
effected pursuant to Section 2.4, 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 3.1.11; (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 (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); (viii) the reasonable 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. 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 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 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 pursuant to Section 2 and in connection
with the Company’s obligation to comply with Federal and applicable state securities laws.

 

    12

    

    

 

4. INDEMNIFICATION
AND CONTRIBUTION.

   

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder 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 a Holder 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, a “Holder 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 Holder Indemnified Party for any legal and any other expenses reasonably incurred by such Holder Indemnified
Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action whether
or not any such person is a party to any such claim or action and including any and all legal and other expenses incurred in giving
testimony or furnishing documents in response to a subpoena or otherwise; 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 also shall indemnify any Underwriter
of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls
such Underwriter on substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

4.2 Indemnification
by Holders of Registrable Securities. Subject to the limitations set forth in Section 4.4.3 hereof, 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 Underwriter (if any), and each other selling holder and each other person, if any, who controls another selling holder
or such Underwriter 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, if the 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, 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.

 

    13

    

    

  

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 Section 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) 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 advice 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.

 

    14

    

    

  

 4.4.2 The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 4.4 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. RULE
144.

 

5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission.

 

6. MISCELLANEOUS.

 

6.1 Other
Registration Rights. The Company represents and warrants that (a), except for the IPO Registrable Securities disclosed in the
Company’s registration statement on Form S-1 (File No. 333-223106), no person, other than the holders of the Registrable
Securities, has any right to require the Company to register any of the Company’s equity securities, or securities exercisable
for or exchangeable into Company equity securities in any registration filed by the Company for the sale of equity securities for
its own account or for the account of any other person and (b) neither the execution, delivery or performance by the Company of
this Agreement does or will constitute a default under or breach of (with or without the giving of notice or the passage of time
or both) or violate or give rise to any breach of any contract or agreement to which the Company is a party. From and after the
date hereof, other than the existing rights provided to the holders of the Registrable Securities and the IPO Registrable Securities,
the Company shall not grant to any person or entity any right to require the Company to register any of the Company’s equity
securities, or securities exercisable for or exchangeable into Company equity securities in any registration filed by the Company
for the sale of equity securities for its own account or for the account of any other person without the consent, in writing, of
the holders of the majority Registrable Securities.

 

    15

    

    

  

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 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, to the permitted assigns of the Holders or holder of Registrable Securities
or of any assignee of the Holders or holder of Registrable Securities. 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 Article 4 and this Section 6.2.

 

6.3 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 hand delivery, telegram,
telex or facsimile, 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 on the date of service or transmission if personally served or transmitted by telegram,
telex 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. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To the Company:

 

105 U.S. HIGHWAY
ONE

NORTH PALM BEACH, FL 33408

Attn:

Email:

Fax:

 

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

 

Lionheart Equities, LLC

4218 NE 2nd Avenue

Miami, Florida 33137

Attention: General Counsel

Email: notices@lheartequities.com

 

To a Holder, to the address set forth below such Holder’s
name on Exhibit A hereto.

 

    16

    

    

  

6.4 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.

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument. This Agreement shall become effective upon delivery to each party of an executed
counterpart or the earlier delivery to each party of original, photocopied, or electronically transmitted signature pages that
together (but need not individually) bear the signatures of all other parties.

 

6.6 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. Furthermore, this Agreement supersedes any and all other registration rights agreements between the Company and
any other Holder.

 

6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon the Company unless executed
in writing by the Company. No amendment, modification or termination of this Agreement shall be binding upon the holders of the
Registrable Securities unless executed in writing by the holders of the majority Registrable Securities.

 

6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement.

 

6.9 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts.

 

6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Holder or any other holder of Registrable Securities may proceed to protect and enforce its rights by
suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction
against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers
or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law,
in equity, by statute or otherwise.

 

    17

    

    

  

6.11 Governing
Law/Venue. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed within the State of New York a, without giving effect to any
choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. Any legal
suit, action or proceeding arising out of or based upon this agreement, the other additional agreements or the transactions contemplated
hereby or thereby may be instituted in the Federal courts of the United States of America or the courts of the State of New York
, in each case located in the City of New York, New York County, and each party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding. the parties irrevocably and unconditionally waive any objection to the laying
of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such
court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

6.12 Waiver
of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT,
COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE HOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

    18

    

    

  

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.

 

COMPANY:

 

BurgerFi International,
Inc.

(f/k/a OPES
Acquisition Corp.)

 

	By:	/s/ Ophir Sternberg	 
	Name:	Ophir Sternberg	 
	Title:	Executive Chairman	 

 

HOLDER: 

 

	BurgerFi Holdings, LLC	 
	a Delaware limited liability company	 
	 	 
	By:	/s/ Kevin Cooper	 
	Name:	Kevin Cooper	 
	Title:	Manager	 
	 	 	 
	Andrea Jane Acker Revocable Trust U/A dated April 25, 2008	 
	 	 
	By:	/s/ Andrea Acker	 
	Name:	Andrea Acker	 
	Title:	Trustee	 
	 	 	 
	LH Equities, LLC	 
	a Delaware limited liability company	 
	 	 
	By:	/s/ Ophir Sternberg	 
	Name:	Ophir Sternberg	 
	Title:	Manager	 

 

LION POINT CAPITAL, LP

 

	By:	/s/ Irshad Karim	 
	Name:	Irshad Karim	 
	Title:	General Counsel and CCO	 

 

    19

    

    

  

LB&B S.A. DE C.V.

 

	By:	/s/ Rodrigo Lebois Mateos	 
	Name:	Rodrigo Lebois Mateos	 
	Title:	CEO	 

 

	/s/ Gonzalo Gil White	 
	Name: Gonzalo Gil White	 
	 	 
	/s/ Carlos E. Williamson	 
	Name: Carlos E. Williamson	 
	 	 
	/s/ Jose Antonio Canedo White	 
	Name: Jose Antonio Canedo White	 
	 	 
	/s/ Gustavo A. Mondrago Marquez	 
	Name: Gustavo A. Mondrago Marquez	 
	 	 
	/s/ Jose Luis Cordova	 
	Name: Jose Luis Cordova	 
	 	 
	/s/ Miguel Angel Villegas Vargas	 
	Name: Miguel Angel Villegas Vargas	 

   

    20

    

    

 

EXHIBIT A

  

Name and Address of Holders

 

	Holder
    	Address
    	Legal
    Counsel 
	
        Lion Point Capital, LLC

         
	
        250 West 55th Street, 33rd Floor

        New York, NY 10019

        Attention: Irshad Karim, General Counsel

        Email: ikarim@lionpoint.com

        
	
        Akin Gump Strauss Hauer & Feld LLP

        One Bryant Park

        New York, NY 10036

        Attention: Alice Hsu

        Email: ahsu@akingump.com

  

 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]