Document:

Exhibit 4.8

 

SECOND AMENDED AND RESTATED WARRANT AGREEMENT

 

This Second Amended and Restated
Warrant Agreement (“Warrant Agreement”) is made as of [●], 2022, by and between Chardan NexTech Acquisition 2
Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company (the “Warrant
Agent”).

 

WHEREAS, the Company and the
Warrant Agent are parties to that certain Amended and Restated Warrant Agreement, dated as of March 28, 2022 (the “Amended and
Restated Warrant Agreement”);

 

WHEREAS, in accordance with
Section 9.8(i), the Company and the Warrant Agent now desire to amend and restate the Amended and Restated Warrant Agreement
in its entirety for the primary purpose of updating Section 6.1 to conform with the description thereof in Registration Statement
(as defined below) to correct an inadvertent omission;

 

WHEREAS, as part of its initial
public offering (the “Public Offering”), the Company issued 12,650,000 units (the “Units”) of the
Company (including 1,650,000 Units issued pursuant to the underwriters’ full exercise of their over-allotment option), each Unit
consisting of one share of common stock, par value $0.0001 per share (the “Common Stock”) and three-quarters of one
warrant (each whole warrant, a “Public Warrant”), each Public Warrant entitling its holder to purchase one share of
Common Stock (the “Public Warrant Shares”);

 

WHEREAS, the Company completed
the private sale of 4,627,858 private placement warrants (including 266,402 issued pursuant to the underwriters’ full exercise of
their over-allotment option) to Chardan NexTech 2 Warrant Holdings LLC (“Holdings”), pursuant to the Subscription Agreement,
dated as of August 10, 2021 (the “Private Warrants”), each whole Private Warrant entitling its holder to purchase one
share of Common Stock (together with the Public Warrant Shares, the “Warrant Shares”);

 

WHEREAS, the Company may issue
additional warrants to purchase shares of Common Stock hereunder from time to time (the “Additional Warrants”, and
together with the Public Warrants and Private Warrants, the “Warrants”), which shall have the same terms and be in
the same form as the Private Warrants;

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-254010, as amended
(the “Registration Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”)
of, among other securities, the Public Warrants;

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the form, terms and provisions of the Warrants, including the terms upon which they shall be issued and exercised, and
the respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 

     

     

    

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent, as provided herein, the legally valid and binding obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.            
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.

 

2.            
Warrants.

 

2.1         
Form of Warrant. Each Public Warrant shall be: (a) issued in registered form only, (b) in substantially the form of Exhibit A
hereto, the provisions of which are incorporated herein and (c) signed by, or bear the facsimile signature of, the Chairman of the Board,
the Chief Executive Officer or the Chief Financial Officer of the Company. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued,
it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2         
Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall
be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3         
Registration.

 

2.3.1         
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”),
for the registration of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company.

 

2.3.2         
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“Registered
Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to
the contrary.

 

2.4          Detachability
of Warrants. Each of the Common Stock and the Public Warrants comprising the Units will begin to trade separately on (i) the
90th day after the effectiveness of the Registration Statement, or (ii) such earlier date as Chardan Capital Markets, LLC, as
representative of the underwriters (the “Representative”), shall determine
is acceptable (such date, the “Detachment Date”). In no event will
separate trading of the securities comprising the Units commence until the Company (i) files a Current Report on Form 8-K with the
SEC including audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Public Offering and (ii)
issues a press release announcing when such separate trading will begin.

 

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2.5         
Private Warrants. The Private Warrants will be issued substantially in the form of Exhibit A hereto, and they
(i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant to Section 3.3 hereof
and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants are held by the initial purchasers or any
of their permitted transferees (as prescribed in the Subscription Agreement). The Private Warrants may not be sold, transferred, assigned,
pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective
economic disposition of, the Private Warrants (or any securities underlying the Private Warrants) for a period of 180 days following the
effective date of the Registration Statement to anyone other than any member participating in the Public Offering and the officers or
partners thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the
time period.

 

3.            
Terms and Exercise of Warrants.

 

3.1         
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at $11.50 per whole share, subject to the adjustments provided in Section 4 hereof. The term “Warrant
Price” as used in this Agreement refers to the price per whole share at which shares of Common Stock may be purchased
at the time such Warrant is exercised. The Public Warrants may only be exercised for a whole number of Warrant Shares by a Registered
Holder. No fractional shares will be issued.

 

3.2         
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise
Period”) commencing 30 days after the completion of the Company’s initial business combination and terminating
at 5:00 p.m., New York City time, on the earlier to occur of (i) (A) five years following the completion of the Company’s initial
business combination with respect to the Public Warrants, and (B) five years from the effective date of the Registration Statement with
respect to the Private Warrants purchased by Holdings, provided that once the Private Warrants are not beneficially owned, directly
or indirectly, by Chardan Capital Markets, LLC or any of its related persons anymore, the Private Warrants may not be exercised five years
following the completion of the Company’s initial business combination, and (ii) the date fixed for redemption of the Warrants as
provided in Section 6 of this Agreement (“Expiration Date”). Except
with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall
cease at the close of business on the Expiration Date. The Company may extend the duration of the Warrants by delaying the Expiration
Date; provided, however, that the Company (i) may not extend the duration of the Private Warrants by delaying the Expiration
Date and (ii) will provide written notice of not less than 20 days to Registered Holders of such extension and that such extension shall
be identical in duration among all of the then outstanding Warrants.

 

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3.3         
 Exercise of Warrants.

 

3.3.1       
Cash Exercise. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Company,
may be exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, currently being:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with the subscription form, as set forth in the
Warrant, duly executed, and by paying in full, in lawful money of the United States, by certified or bank cashier’s check payable
to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s bank account, the Warrant Price for each whole Warrant
Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise, a “Cash Exercise”). A
Cash Exercise in accordance with this Section 3.3.1 is available to the Registered Holder only during such times that there
is an effective registration statement registering the Warrant Shares, with the prospectus contained therein being available for the resale
of the Warrant Shares.

 

3.3.2      
Cashless Exercise. Subject to Section 2.4, notwithstanding anything contained herein to the contrary, if there
is no effective registration statement registering the Warrant Shares on any day the Registered Holder desires to exercise the Warrants
and more than 120 days have passed since the Company complete its initial business combination, the Registered Holder may exercise the
Warrants in whole or in part in lieu of making a cash payment for whole numbers of Warrant Shares, by providing notice to the Chief Financial
Officer of the Company in a subscription form of its election to utilize cashless exercise, in which event the Company shall issue to
the Registered Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to
be issued to the Registered Holder.

 

Y = the number of Warrant Shares with
respect to which this Warrant is being exercised.

 

A = the fair market value of one share
of Common Stock.

 

B = the Warrant Price.

 

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The Registered Holder may not exercise any Warrants
in the absence of a registration statement except pursuant to this Section 3.3.2. For purposes of this Section 3.3.2
and Section 4.1, the fair market value of one share of Common Stock is defined as follows:

 

(i)          if the Company’s shares of Common Stock are listed and traded on the NASDAQ Capital Market (the “Trading
Market”), the fair market value shall be deemed to be the average of the closing price on such Trading Market for the
10 trading days ending on the third trading day immediately prior to the date the subscription form is submitted to the Company in connection
with the exercise of the Warrant; or

 

(ii)        
if the Company’s shares of Common Stock are not listed on the Trading Market, but is traded in the over-the-counter market,
the fair market value shall be deemed to be the average of the bid price on the Trading Market for the 10 trading days ending on the third
trading day immediately prior to the date the subscription form is submitted in connection with the exercise of the Warrant; or

 

(iii)         if there is no active public market for the Company’s shares of Common Stock, the fair market value of the shares of Common
Stock shall be determined in good faith by the Company’s board of directors.

 

3.3.3         
Fractional Shares. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required
to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the Registered Holder would
be entitled under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise of such Registered Holder’s
Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise (and such fraction of
a Warrant Share will be disregarded); provided, that if more than one Warrant certificate is presented for exercise at the same
time by the same Registered Holder, the number of whole Warrant Shares which shall be issuable upon the exercise thereof shall be computed
on the basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants.

 

3.3.4          Issuance
of Certificates. No later than three (3) business days following the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2, the
Company shall issue, or cause to be issued, to the Registered Holder of such Warrant a certificate or certificates representing (or
at the option of the Registered Holder, deliver electronically through the facilities of the Depository Trust Corporation) the
number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by
him, her or it, and, if such Warrant shall not have been exercised or surrendered in full, a new countersigned Warrant for the
number of shares as to which such Warrant shall not have been exercised or surrendered. Notwithstanding the foregoing, the Company
shall not deliver, or cause to be delivered, any securities without applicable restrictive legend pursuant to the exercise of a
Warrant unless (a) a registration statement under the Act with respect to the shares of Common Stock issuable upon exercise of such
Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is
available for delivery to the Registered Holder of the Warrant or (b) in the opinion of counsel to the Company, the exercise of the
Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from
qualification under applicable securities laws of the states or other jurisdictions in which the Registered Holder resides. Warrants
may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise or issuance would be
unlawful. In addition, in no event will the Company be obligated to pay such Registered Holder any cash consideration upon exercise
or otherwise “net cash settle” the Warrant.

 

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3.3.5         
Valid Issuance. All shares of Common Stock issued upon the proper exercise or surrender of a Warrant in conformity with
this Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.6         
Date of Issuance. Each person or entity in whose name any such certificate for shares of Common Stock is issued shall, for
all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment
of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.3.7          Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this Section 3.3.7; however, no holder of a Warrant shall be subject to this Section 3.3.7 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to
such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.99% (the “Maximum Percentage”) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares
of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but
shall exclude the shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the
Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to
the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may
rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form
10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a more
recent public announcement by the Company, or (3) any other notice by the Company or the Warrant Agent setting forth the number of
shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
shall, within two (2) business days, confirm orally and in writing to such holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time
increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however,
that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

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4.            
Adjustments.

 

4.1         
Stock Dividends, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the
number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a forward or reverse
split of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split or similar event, the
number of shares of Common Stock issuable on exercise of each Warrant shall be increased or decreased in proportion to such increase or
decrease in outstanding shares of Common Stock. A rights offering to all holders of the shares of Common Stock entitling holders to purchase
shares of Common Stock at a price less than the fair market value shall be deemed a stock dividend of a number of shares of Common Stock
equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity
securities sold in such rights offering that are convertible into or exercisable for the shares of Common Stock) multiplied by (ii) one
(1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the fair market value. For
purposes of this subsection 4.1, if the rights offering is for securities convertible into or exercisable for shares of Common
Stock, in determining the price payable for the shares of Common Stock, there shall be taken into account any consideration received for
such rights, as well as any additional amount payable upon exercise or conversion.

 

4.2         
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 4.5, the number of
outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other
similar event, then, on the effective date of such consolidation, combination, reclassification or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock.

 

4.3          Extraordinary
Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired,
shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of
such Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as
described in Section 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of
the holders of the Common Stock in connection with a proposed initial business combination or vote to extend the time period to
complete an initial business combination, (d) as a result of the repurchase of Common Stock by the Company in connection with an
initial business combination or as otherwise permitted by the Investment Management Trust Agreement between the Company and the
Warrant Agent dated of even date herewith or (e) in connection with the Company’s liquidation and the distribution of its
assets upon its failure to consummate a business combination (any such non-excluded event being referred to herein as an
 “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as
determined by the Company’s board of directors, in good faith) of any securities or other assets paid on each share of Common
Stock in respect of such Extraordinary Dividend. For purposes of this Section 4.3, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per
share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other
subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the
Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of
the offering price of the Units in the Public Offering). Further, the holders of the Private Warrants that are beneficially owned by
Chardan Capital Markets, LLC or any of its related persons may not receive or accrue any cash dividends prior to the exercise or
conversion of such Private Warrants, as required by FINRA Rule 5110(g)(8)(F).

 

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4.4         
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants
is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by
multiplying such Warrant Price, immediately prior to such adjustment, by a fraction, (a) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (b) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.5         
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change covered by Sections 4.1, or 4.2, hereof or one that solely affects the
par value of such shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity
of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is
dissolved, the Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the Registered Holder would have received if such Registered Holder had exercised his, her or its Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections 4.1
or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

4.6          Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1 – 4.5 the Company shall give written notice to each Registered
Holder, at the last address set forth for such Registered Holder in the Warrant Register, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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4.7         
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4,
and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form
of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.8         
Notice of Certain Transactions. In the event that the Company shall (a) offer to holders of all its Common Stock rights
to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities,
rights or options, (b) issue any rights, options or warrants entitling all the holders of Common Stock to subscribe for shares of Common
Stock, or (c) make a tender offer, redemption offer or exchange offer with respect to the Common Stock, the Company shall send to the
Registered Holders a notice of such action or offer. Such notice shall be mailed to the Registered Holders at their addresses as they
appear in the Warrant Register, which shall specify the record date for the purposes of such dividend, distribution or rights, or the
date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is
to be fixed, and shall briefly indicate the effect of such action on the Common Stock and on the number and kind of any other shares of
stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of each
Warrant and the Warrant Price after giving effect to any adjustment pursuant to this Section 4 which would be required as
a result of such action. Such notice shall be given as promptly as practicable after the Company has taken any such action.

 

4.9          Issuance
in Connection with a Business Combination. If, in connection with an initial business Combination, the Company (a) issues
additional shares of Common Stock or equity-linked securities for capital raising purposes at an issue price or effective issue
price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by our board of
directors, and in the case of any such issuance to the sponsor (as defined in the Company’s Registration Statement on Form
S-1, No. 33-254010, as amended (the “Registration Statement”), initial
stockholders (as defined in the Registration Statement) or their affiliates, without taking into account any founder shares (as
defined in the Registration Statement) held by them prior to such issuance)) (the “Newly
Issued Price”) (b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of
such initial business combination (net of redemptions), and (c) the Market Price (as defined below) is below $9.20 per share, the
Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of (i) the Market Price and (ii) the Newly
Issued Price, and the Redemption Trigger Price (as defined in Section 6.1) shall be adjusted (to the nearest cent) to be
equal to 160% of the higher of (i) the Market Price and the Newly Issued Price. The “Market
Price” shall mean the volume weighted average reported last sale price of the shares of Common Stock for the 10
trading days ending on the trading day prior to the date of the completion of the initial business combination.

 

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5.            
Transfer and Exchange of Warrants.

 

5.1         
Transfer of Warrants. Prior to the Detachment Date, the Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included
in such Unit. From and after the Detachment Date, this Section 5.1 will have no further force and effect.

 

5.2         
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into
the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied
by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall
be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon the Company’s request.

 

5.3         
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for
exchange or transfer, and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the
Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and
shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.4         
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange that will
result in the issuance of a Warrant certificate for a fraction of a Warrant.

 

5.5         
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.6         
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the
Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.

 

    10

     

    

 

6.            
 Redemption.

 

6.1         
Redemption. Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding
Warrants (excluding the Private Warrants) may be redeemed, in whole and not in part, at the option of the Company, at any time from and
after the time that the Warrants become exercisable, and prior to their expiration, at the office of the Warrant Agent, upon the notice
referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”);
provided that the last reported sales price of the Common Stock has been equal to or greater than $16.00 per share (subject to
adjustment for splits, dividends, recapitalizations and other similar events) (the “Redemption
Trigger Price”), for any ten (10) trading days within a thirty (30) trading day period ending on the third business day
prior to the date on which notice of redemption is given and provided further that there is a current registration statement in
effect with respect to the shares of Common Stock underlying the Warrants for each day in the aforementioned 30-day trading period and
continuing each day thereafter until the Redemption Date (defined below). For avoidance of doubt, if and when the Warrants (excluding
the Private Warrants) become redeemable by the Company under this Section 6.1, the Company may exercise its redemption right,
even if it is unable to register or qualify the Warrant Shares for sale under all applicable state securities laws.

 

6.2         
Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, the Company
shall fix a date for the redemption (the “Redemption Date”). Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the
Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Registered Holder received such
notice.

 

6.3         
Exercise After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Agreement
at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the
Redemption Date; provided that the Company may require the Registered Holder who desires to exercise the Warrant to elect cashless
exercise as set forth under Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if the
Company so requires. On and after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except to receive,
upon surrender of the Warrants, the Redemption Price.

 

6.4         
No Other Rights to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder
of any Warrant shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender
of any Warrant under this Agreement.

 

7.            
Other Provisions Relating to Rights of Registered Holders of Warrants.

 

7.1         
No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of
the Company or any other matter.

 

    11

     

    

  

7.2         
 Lost, Stolen Mutilated or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the
Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost,
stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3         
Reservation of shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized
but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Agreement.

 

7.4         
Registration of shares of Common Stock. The Company agrees that it shall use its best efforts to maintain with the SEC an
effective registration statement for the registration under the Act of the shares of Common Stock issuable upon exercise of the Warrants,
and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. In
addition, the Company agrees to use its best efforts to register the shares of Common Stock issuable upon exercise of the Warrants under
state blue sky laws, to the extent an exemption is not available.

 

8.            
Concerning the Warrant Agent and Other Matters.

 

8.1        
   Payment of Taxes. The Company will, from time to time, promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of
Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2     
      Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1          Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint, in
writing, a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the Registered Holder
of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the Registered
Holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a
successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of
Manhattan, City and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to
supervision or examination by federal or state authorities. After appointment, any successor Warrant Agent shall be vested with all
the authority, powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary or appropriate, the
predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor
Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and, upon request of any successor
Warrant Agent, the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and
obligations.

 

    12

     

    

 

8.2.2         
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

8.2.3         
Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the
successor Warrant Agent under this Agreement without any further act on the part of the Company or the Warrant Agent.

 

8.3         
Fees and Expenses of Warrant Agent.

 

8.3.1         
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of
its duties hereunder.

 

8.3.2         
Further Assurances. The Company agrees to perform, execute, acknowledge and deliver, or cause to be performed, executed,
acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent
for the carrying out or performing of the provisions of this Agreement.

 

8.4         
Liability of Warrant Agent.

 

8.4.1         
Reliance on Company Statement. Whenever, in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer or Chairman of the Board of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it
pursuant to the provisions of this Agreement.

 

8.4.2         
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.
The Company agrees to indemnify the Warrant Agent and hold it harmless against any and all liabilities, including judgments, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

    13

     

    

 

8.4.3         
 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company
of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant
or as to whether any shares of Common Stock will when issued be valid and fully paid and non-assessable.

 

8.5         
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the
same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of
the Company’s Common Stock through the exercise of Warrants.

 

8.6         
Waiver. The Warrant Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

9.            
Miscellaneous Provisions.

 

9.1         
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

9.2         
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the
Registered Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight
courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Chardan NexTech Acquisition 2 Corp.

17 State Street, 21st Floor,

New York, New York 10004

 

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

 

Reed Smith LLP

2850 N. Harwood Street

Suite 1500

Dallas, Texas 75201

Attn: Lynwood Reinhardt, Esq.

 

    14

     

    

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered
by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by
the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

 

Any notice, sent pursuant to this Agreement shall
be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next
business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification
thereof.

 

9.3         
Applicable Law and Exclusive Forum.

 

9.3.1         
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement, including under the Securities Act, shall be brought and enforced in the courts of the State of New York or
the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to
suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of
the United States of America are the sole and exclusive forum.

 

9.3.2         
Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have
consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the
forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court
for the Southern District of New York (a “foreign action”) in the name of any
Warrant holder, such Warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts
located within the State of New York or the United States District Court for the Southern District of New York in connection with any
action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such Warrant holder in any such enforcement action by service upon such Warrant holder’s
counsel in the foreign action as agent for such Warrant holder.

 

Any such process or summons
to be served upon the Company or the Warrant Agent may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be
deemed personal service and shall be legal and binding upon the party receiving such service in any action, proceeding, or claim.

 

    15

     

    

  

9.4         
 Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any
of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
hereto and the Registered Holders of the Warrants and, for the purposes of Sections 2.5 hereof, the Representative and the
underwriters, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole
and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

9.5         
Examination of the Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent
may require any such Registered Holder to submit his, her or its Warrant for inspection.

 

9.6         
Counterparts- Facsimile Signatures. This Agreement may be executed in any number of counterparts, and each of such counterparts
shall, for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Agreement.

 

9.7         
Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof.

 

9.8         
Amendments. This Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental
warrant agreement, without the consent of any of the Warrant holders, for the purpose of (i) curing any ambiguity, or curing, correcting
or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising
under this Agreement that is not inconsistent with the provisions of this Agreement or the Warrant certificates, (ii) evidencing the succession
of another corporation to the Company and the assumption by any such successor of the covenants of the Company contained in this Agreement
and the Warrants, (iii) evidencing and providing for the acceptance of appointment by a successor Warrant Agent with respect to the Warrants,
(iv) adding to the covenants of the Company for the benefit of the Registered Holders or surrendering any right or power conferred upon
the Company under this Agreement, or (v) amending this Agreement and the Warrants in any manner that the Company may deem to be necessary
or desirable and that will not adversely affect the interests of the Registered Holders in any material respect. All other modifications
or amendments to this Agreement, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the
written consent of the Registered Holders of a majority of the then outstanding Public Warrants, and with respect to any amendment to
the terms of only the Private Warrants, shall require the vote or written consent of the Registered Holders of a majority of the then
outstanding Private Warrants, as applicable. Notwithstanding the foregoing, the Company may extend the duration of the Exercise Period
in accordance with Section 3.2 without such consent.

 

 

    16

     

    

 

9.9          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 and be valid and enforceable.

 

[SIGNATURE PAGE FOLLOWS]

 

    17

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	 	CHARDAN NEXTECH ACQUISITION 2 CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second
Amended and Restated Warrant Agreement]

 

     

     

    

 

 

Exhibit A 

  

SPECIMEN WARRANT CERTIFICATE

 

	NUMBER	_______ WARRANTS

WA-_________

 

(THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR
TO 5:00 P.M. 

NEW YORK CITY TIME, FIVE YEARS FROM THE CLOSING DATE OF THE 

COMPANY’S INITIAL BUSINESS COMBINATION)

CHARDAN NEXTECH ACQUISITION 2 CORP.

 

CUSIP 159561117

 

WARRANT

 

THIS WARRANT CERTIFIES
THAT, for value received ________, or registered agents, is the registered holder of a Warrant or Warrants (the “Warrant”),
expiring on a date which is five (5) years from the completion of the Company’s initial business combination, to purchase one fully
paid and non-assessable share (the “Warrant Shares”), of common stock, par value $0.0001 per share (the “Common
Stock”), of Chardan NexTech Acquisition 2 Corp., a Delaware corporation (the “Company”), for each Warrant
evidenced by this Warrant Certificate. This Warrant Certificate is subject to and shall be interpreted under the terms and conditions
of the Second Amended and Restated Warrant Agreement (as defined below).

 

The Warrant entitles the holder
thereof to purchase from the Company, from time to time, in whole or in part, commencing 30 days after the completion of the Company’s
initial business combination, such number of Warrant Shares at the price of $11.50 per share (the “Warrant Price”),
upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of Continental Stock Transfer &
Trust Company (the “Warrant Agent”), such payment to be made subject to the conditions set forth herein and in the
Second Amended and Restated Warrant Agreement, dated [●], 2022, between the Company and the Warrant Agent (the “Second
Amended and Restated Warrant Agreement”). In no event shall the registered holder(s) of this Warrant be entitled to receive
a net-cash settlement in lieu of physical settlement in Warrant Shares of the Company. The Second Amended and Restated Warrant Agreement
provides that, upon the occurrence of certain events, the Warrant Price and the number of Warrant Shares purchasable hereunder, set forth
on the face hereof, may be adjusted, subject to certain conditions. The term Warrant Price as used in this Warrant Certificate refers
to the price per full Warrant Share at which Warrant Shares may be purchased at the time the Warrant is exercised.

 

This Warrant will expire on
the date first referenced above if it is not exercised prior to such date by the registered holder pursuant to the terms of the Second
Amended and Restated Warrant Agreement or if it is not redeemed by the Company prior to such date.

 

    A-1

     

    

 

No fraction of a Warrant
Share will be issued upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive a
fractional interest in a Warrant Share, the Company will, upon exercise, issue or cause to be issued only the largest whole number
of Warrant Shares issuable on such exercise (and such fraction of a Warrant Share will be disregarded).

 

Upon any exercise of the Warrant
for less than the total number of full Warrant Shares provided for herein, there shall be issued to the registered holder(s) hereof or
its assignee(s) a new Warrant Certificate covering the number of Warrant Shares for which the Warrant has not been exercised.

 

Warrant Certificates, when
surrendered at the office or agency of the Warrant Agent by the registered holder(s) hereof in person or by attorney duly authorized in
writing, may be exchanged in the manner and subject to the limitations provided in the Second Amended and Restated Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants.

 

Upon due presentment for registration
of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Second Amended and Restated Warrant Agreement, without charge except for any applicable
tax or other governmental charge.

 

The Company and the Warrant
Agent may deem and treat the registered holder(s) as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone) for the purpose of any exercise hereof, of any distribution to the registered holder(s),
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

This Warrant does not entitle
the registered holder(s) to any of the rights of a stockholder of the Company.

 

After the Warrant becomes
exercisable and prior to its expiration date, the Company reserves the right to call the Warrant at any time, with a notice of call in
writing to the holder(s) of record of the Warrant, giving thirty (30) days’ written notice of such call if the last reported sale
price of the Common Stock has been equal to or greater than $16.00 per share for any ten (10) trading days within a thirty (30) trading
day period ending on the third (3rd) trading day prior to the date on which notice of such call is given, provided that (i) a registration
statement under the Securities Act of 1933, as amended (the “Act”) with respect to the shares of Common Stock issuable
upon exercise must be effective and a current prospectus must be available for use by the registered holders hereof or (ii) the Warrants
may be exercised on cashless basis as set forth in the Second Amended and Restated Warrant Agreement and such cashless exercise is exempt
from registration under the Act. The call price is $0.01 per Warrant Share. No fractional shares will be issued upon exercise of the Warrant.

 

    A-2

     

    

 

If, in connection with
an initial business Combination, the Company (a) issues additional shares of Common Stock or equity-linked securities for capital
raising purposes at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock
dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective
issue price to be determined in good faith by our board of directors, and in the case of any such issuance to the sponsor (as
defined in the Company’s Registration Statement on Form S-1, No. 33-254010, as amended (the “Registration
Statement”), initial stockholders (as defined in the Registration Statement) or their affiliates, without taking into
account any founder shares (as defined in the Registration Statement) held by them prior to such issuance)) (the “Newly
Issued Price”) (b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of the initial business combination on the date of the consummation of such initial
business combination (net of redemptions), and (c) the Market Price (as defined below) is below $9.20 per share, the Warrant Price
shall be adjusted (to the nearest cent) to be equal to 115% of the higher of (i) the Market Price and (ii) the Newly Issued Price,
and the Redemption Trigger Price (as defined in Section 6.1 of the Second Amended and Restated Warrant Agreement) shall be adjusted
(to the nearest cent) to be equal to 160% of the higher of (i) the Market Price and the Newly Issued Price. The “Market
Price” shall mean the volume weighted average reported last sale price of the shares of Common Stock for the 10 trading
days ending on the trading day prior to the date of the completion of the initial business combination.

 

If the foregoing conditions
are satisfied and the Company calls the Warrant for redemption, each holder will then be entitled to exercise his, her or its Warrant
prior to the date scheduled for redemption; provided that the Company may require the Registered Holder who desires to exercise
the Warrant, to elect cashless exercise as set forth in the Second Amended and Restated Warrant Agreement, and such Registered Holder
must exercise the Warrants on a cashless basis if the Company so requires. Any Warrant either not exercised or tendered back to the Company
by the end of the date specified in the notice of call shall be canceled on the books of the Company and have no further value except
for the $0.01 call price.

 

COUNTERSIGNED:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

WARRANT AGENT

 

	BY: 	 	 

AUTHORIZED OFFICER

	DATED:	 	 

 

(Signature)

CHIEF EXECUTIVE OFFICER

(Seal)

(Signature)

SECRETARY

 

    A-3

     

    

 

[REVERSE OF CERTIFICATE]

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder(s) in Order to Exercise Warrants

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock in accordance with the terms
of this Warrant Certificate and pursuant to the method selected below. Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in the Warrant Certificate. PLEASE CHECK ONE METHOD OF PAYMENT:

 

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

 

		 ̈	a “Cashless Exercise” with respect to Warrant Shares because on the date of this exercise,
there is no effective registration statement registering the Warrant Shares, or the prospectus contained therein is not available for
the resale of the Warrant Shares, in which event the Company shall deliver to the registered holder(s) shares of Common Stock pursuant
to Section 3.3.2 of the Second Amended and Restated Warrant Agreement.

 

The undersigned requests that
a certificate for such shares be registered in the name(s) of:

 

(PLEASE TYPE OR PRINT NAME(S) AND ADDRESS)

 

 

 

 

   

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER(S))

 

	and be delivered to	 
	 	(PLEASE PRINT OR TYPE
NAME(S) AND ADDRESS)

 

and, if such number of Warrants shall not be all
the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the registered holder(s) at the address(es) stated below:

 

Dated:

 

 

(SIGNATURE(S))

 

 

(ADDRESS(ES)) 

 

 

 

(TAX IDENTIFICATION NUMBER(S))

 

    A-4

     

    

 

 

ASSIGNMENT

To Be Executed by the Registered Holder in Order to Assign Warrants

 

For Value Received, hereby sell(s), assign(s),
and transfer(s) unto

 

(PLEASE TYPE OR PRINT NAME(S) AND ADDRESS)

 

 

 

 

  

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER(S))

 

	and be delivered to	 
	 	(PLEASE PRINT OR TYPE NAME(S) AND ADDRESS)

 

of the Warrants represented by this Warrant Certificate,
and hereby irrevocably constitute and appoint Attorney to transfer this Warrant Certificate on the books of the Company, with full power
of substitution in the premises.

 

Dated:

 

 

(SIGNATURE(S))

 

NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

 

Signature(s) Guaranteed:

	By 	 

 

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  

    A-5Exhibit 10.10

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(“Agreement”) is made as of [•], 2022 by and between Dragonfly Energy Holdings Corp., a Delaware corporation
(the “Company”), and [•] (“Indemnitee”). This Agreement supersedes and replaces any and all
previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation;

 

WHEREAS, Indemnitee may be
entitled to indemnification pursuant to the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended
(the “DGCL”), and the DGCL expressly provides that the indemnification provisions set forth therein are not exclusive,
and thereby contemplate that contracts may be entered into between the Company and members of the board of directors (the “Board”),
officers and other persons with respect to indemnification;

 

WHEREAS, the Amended and
Restated Bylaws of the Company (the “Bylaws”) and the Second Amended and Restated Certificate of Incorporation of the
Company (the “Certificate of Incorporation” and, together with the Bylaws, the “Organizational Documents”)
require indemnification of the officers and directors of the Company to the fullest extent authorized by the DGCL;

 

WHEREAS, in order to attract
and retain qualified individuals, the Company maintains on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company from certain liabilities;

 

WHEREAS, the furnishing of
such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the
Company believes that, given current market conditions and trends, such insurance, if available to it on commercially reasonable terms
during some period of time, may be available to it in the future only at higher premiums and with more exclusions, while at the same time,
directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company
or business enterprise itself;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification may increase the difficulty of attracting and retaining such person;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, the Organizational
Documents and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect
to indemnification;

 

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

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Organizational Documents and any resolutions adopted pursuant thereto, as well as any
rights of Indemnitee under any directors’ and officers’ liability insurance policy, and this Agreement shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

     

     

    

 

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

 

Section 1. Services
to the Company. Indemnitee agrees to serve as an [officer/director] of the Company, at the request of the Company. Indemnitee
may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by
operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This
Agreement shall not be deemed an employment contract between the Company and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s
employment with the Company, if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in any existing or future written employment contract between Indemnitee and the Company, other applicable
formal severance policies duly adopted by the Board, or, with respect to service as an [officer/director] of the Company, by the Organizational
Documents and the DGCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as
an [officer/director] of the Company, as provided in Section 16 hereof.

 

Section 2. Definitions. As
used in this Agreement:

 

(a)    References
to “agent” shall mean any person who is or was a director, officer, or employee of the Company or a subsidiary of the Company
or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer,
employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise
at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

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

 

i.    Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding
securities unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction
in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors; provided,
however, that the foregoing shall not include any Person having such status immediately after the closing of the business combination
by and among Chardan NexTech Acquisition 2 Corp., Dragonfly Energy Corp, and Bronco Merger Sub, Inc. (the “Business Combination”)
unless after the Business Combination such Person is or becomes the Beneficial Owner, directly or indirectly, of additional securities
of the Company representing in the aggregate an additional five percent (5%) or more of the combined voting power of the Company’s
then outstanding securities;

 

ii.    Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the closing of the Business
Combination), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv))
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

iii.   Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the Surviving Entity (as defined below)) more
than fifty percent (50%) of the combined voting power of the voting securities of the Surviving Entity outstanding immediately after
such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
Surviving Entity;

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(D)     “Surviving
Entity” shall mean the surviving entity in a merger or consolidation or any entity that controls directly or indirectly, such surviving
entity.

 

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

 

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

 

(e)    “Enterprise”
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust or other enterprise of
which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, employee,
agent or fiduciary.

 

(f)    “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and other costs of experts and
other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt
of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements, obligations or expenses of the
types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a deponent or witness in, or otherwise participating in, a Proceeding. Expenses also shall
include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the
premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii)
expenses incurred in connection with recovery under any directors’ and officers’ liability insurance policies maintained
by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement or
Expenses or insurance recovery, as the case may be, and (iii) for purposes of Section 14(d) only, Expenses incurred by
Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, the
Organizational Documents or under any directors’ and officers’ liability insurance policies maintained by the Company,
by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made
written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by
affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel shall be presumed
conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

 

    3 

     

    

 

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

 

(h)    The
term “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, regulatory
or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee
(or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s
Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification,
reimbursement, or advancement of Expenses can be provided under this Agreement. If the Indemnitee believes in good faith that a given
situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

(i)      Reference
to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax
assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any
service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

Section 3. Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right
of the Company to procure a judgment in its favor, by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and, subject
to Section 11(c), amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful. The parties hereto intend that this Agreement
shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including,
without limitation, any indemnification provided by the Organizational Documents, vote of the Company’s stockholders or disinterested
directors or applicable law.

 

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

 

    4 

     

    

 

Section 5. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful.  To the fullest extent permitted by applicable law and to the extent
that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of
any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related
to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed
to be a successful result as to such claim, issue or matter.

 

Section 6. Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, is or was made (or asked) to respond
to discovery requests or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

Section 7. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of losses or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion thereof to which Indemnitee is entitled.

 

Section 8. Additional
Indemnification.

 

(a)    Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee
is a party to, or is threatened to be made a party to, or a participant in any Proceeding (including a Proceeding by or in the right of
the Company to procure a judgment in its favor) by reason of Indemnitee’s Corporate Status.

 

(b)    For
purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include,
but not be limited to:

 

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

 

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

 

Section 9. Exclusions. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification payment in connection
with any claim involving Indemnitee:

 

(a)    for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)    for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state
statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in
each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company
pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the
Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act), or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation
recoupment or clawback policy that may be adopted by the Board or a committee of the Board; or

 

    5 

     

    

 

(c)    except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees
or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or
(ii) such payment arises in connection with any mandatory counterclaim or cross-claim brought or raised by Indemnitee in any Proceeding
(or any part of any Proceeding) or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Company under applicable law.

 

Section 10. Advances
of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)), the Company shall
advance, to the extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or
any part of any Proceeding) not initiated by Indemnitee or any Proceeding initiated by Indemnitee with the prior approval of the Board
as provided in Section 9(c), and such advancement shall be made as soon as possible but in any event no later than thirty (30) days
after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final
disposition of any Proceeding. Advances shall be unsecured and interest free. The Company shall, in accordance with such request for advancement
(but without duplication), either (i) pay such Expenses on behalf of Indemnitee, or (ii) reimburse Indemnitee for such Expenses.
Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement. In accordance with Section 14(d), advances shall include
any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution
and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay
the amounts advanced (without interest) by the Company pursuant to this Section 10, if and only to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution
of this Agreement. This Section 10 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

Section 11. Procedure
for Notification and Defense of Claim.

 

(a)   Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses
hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification to
the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification following the final disposition of such Proceeding. The omission by Indemnitee to notify the Company hereunder
will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and
any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of
the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification. In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall
be within Indemnitee’s power, to the extent that doing so is consistent with the exercise of the Indemnitee’s rights under
the federal and state Constitutions. The Company shall provide Indemnitee with such information and cooperation as Indemnitee may reasonably
require, to the extent that doing so is consistent with the Company’s obligation to cooperate with regulatory or law enforcement
agencies.

 

(b)    The
Company shall be entitled to participate in the defense of any Proceeding entitled to indemnification under this Agreement or to
assume the defense thereof, with counsel chosen by the Company and reasonably satisfactory to Indemnitee (not to be unreasonably
withheld) upon delivery to Indemnitee of written notice of the Company’s election to do
so; provided, however, that if Indemnitee believes, after consultation with counsel selected by Indemnitee,
that (i) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or
potential conflict of interest, (ii) the named parties in such Proceeding (including any impleaded parties) include both the
Company and Indemnitee and the Indemnitee concludes that there may be one or more legal defense available to him that are different
from or in addition to those available to the Company, or (iii) any such representation by such counsel would be precluded
under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel
that is selected by Indemnitee and approved by the Company (which approval shall not be unreasonably delayed, conditioned or
withheld) (but not more than one law firm plus, if applicable, local counsel in respect of any particular Proceeding), and all
Expenses related to such separate counsel shall be borne by the Company.

 

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(c)    The
Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Proceeding
pursuant to which the Indemnitee is entitled to indemnification and that is effected without the Company’s prior written consent,
which shall not be unreasonably withheld, conditioned or delayed; provided, however, that if a Change in Control has occurred,
the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved
the settlement. The Company shall not settle any Proceeding pursuant to which the Indemnitee is entitled to indemnification in any manner
that would impose any Expenses, claims, liabilities and/or damages on the Indemnitee without the Indemnitee’s prior written consent.

 

Section 12. Procedure
Upon Application for Indemnification.

 

(a)    Upon
written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in
Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by
the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall
be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity
upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which
is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys’
fees and disbursements) incurred by or on behalf of Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing with respect
to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which
indemnification has been denied.

 

(b)    In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have
occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising
Indemnitee of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent
Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event
the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days
after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2
of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and
timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the
Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later of submission
by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the
Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the
Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such
other person as such court shall designate, and the person with respect to whom all objections are so resolved or the person so
appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    7 

     

    

 

(c)      If
the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the
disputed portion withheld pending resolution of any such dispute.

 

Section 13. Presumptions
and Effect of Certain Proceedings.

 

(a)    In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall, to the fullest
extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons
or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or Independent
Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper
in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including
by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)    Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company
of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by
law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that
such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or
entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b)
shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)
of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the
Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within
seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is
called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose
within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement
to indemnification is to be made by Independent Counsel pursuant to Section 12(a) of this Agreement.

 

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

 

(d)    For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is
based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an
appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Enterprise. The provisions of this
Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be
deemed to have met the applicable standard of conduct set forth in this Agreement.

 

    8 

     

    

 

(e)    The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 14. Remedies
of Indemnitee.

 

(a)    Subject
to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of
this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6 or 7 or the penultimate sentence of Section 12(a) of this Agreement within ten (10) days
after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of
this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification,
or (vi) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to
be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement
to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 14(a). The Company shall not oppose Indemnitee’s right
to seek any such adjudication or award in arbitration.

 

(b)    In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)    If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)    The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the
intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses
associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise
because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder.
The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by
law, such Expenses to Indemnitee, which are incurred by or on behalf of Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company if, in the case of indemnification, Indemnitee is successful on the underlying
claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification shall be only to the extent Indemnitee
is successful on such underlying claims or otherwise as permitted by law, whichever is greater.

 

    9 

     

    

 

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

 

Section 15. Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)    The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Organizational Documents, any agreement, a vote
of stockholders or a resolution of directors, or otherwise and (ii) shall be interpreted independently of, and without reference to, any
other such rights to which Indemnitee may at any time be entitled. No amendment or alteration of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by Indemnitee in Indemnitee’s
Corporate Status prior to such amendment or alteration. To the extent that a change in Delaware law (or other applicable law), whether
by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the
Organizational Documents and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the
greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy.

 

(b)    
The Company will use commercially reasonable efforts (taking into account the scope and amount of coverage available related to the cost
thereof) to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company from certain
liabilities. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the
time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies.

 

(c)    In
the event of any payment made by the Company under this Agreement, the Company shall be subrogated, to the fullest extent permitted by
law, to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

 

(d)    The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement
is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise.

 

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

 

Section 16. Duration
of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the
date that Indemnitee shall have ceased to serve as an officer and director of the Company and of any other corporation, limited
liability company, partnership or joint venture, trust or other enterprise which such person is or was serving at the request of the
Company, or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is
granted rights of indemnification or advancement of Expenses hereunder and of any proceeding (including any appeal thereof)
commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement of
expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and
their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a
director, officer, employee or agent of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall
require and shall cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company to, by written agreement, expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place.

 

    10 

     

    

 

Section 17. Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation
of applicable law. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any
reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby.

 

Section 18. Enforcement.

 

(a)    The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director or officer of the Company or of any other corporation, limited liability company, partnership or joint
venture, trust or other enterprise which such person is serving at the request of the Company.

 

(b)    This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Organizational Documents, any directors’ and officers’
insurance maintained by the company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder.

 

Section 19. Section 409A.
If Indemnitee’s right to payment or reimbursement of indemnification or expenses pursuant to this Agreement would not be exempt
from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) pursuant to Treasury Regulation
Section 1.0409A-1(b)(10), then (a) the payment or reimbursement of indemnification and expenses provided or advanced to or for
Indemnitee pursuant to this Agreement in one taxable year shall not affect the amount of indemnification and expenses provided or advanced
to or for Indemnitee in any other taxable year, (b) any reimbursement to Indemnitee of expenses under this Agreement shall be paid
to Indemnitee on or before the last day of Indemnitee’s taxable year following the taxable year in which the expense was incurred
and (c) the right to advancement, reimbursement or payment of indemnification and expenses under this Agreement may not be liquidated
or exchanged for any other benefit. In addition, to the extent that this Agreement is subject to Section 409A of the Code, this Agreement
shall be interpreted and enforced so as to avoid any tax, penalty or interest under Section 409A of the Code. For purposes of this
Section 19, expenses shall be deemed to include in addition to those items included in the definition thereof in Section 2,
any liability, loss, judgment, fine and amounts paid in settlement.

 

Section 20. Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver.

 

    11 

     

    

 

Section 21. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses covered hereunder. Any failure by Indemnitee to notify the Company will relieve the Company of its advancement or indemnification
obligations under this Agreement only to the extent the Company can establish that such omission to notify resulted in actual and material
prejudice to it which cannot be reversed or otherwise eliminated without any material negative effect on the Company, and the omission
to notify the Company will, in any event, not relieve the Company from any liability which it may have to the Indemnitee under this Agreement
or otherwise.

 

Section 22. Notices. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given
if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed
by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed
by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed, or
(d) sent by email or facsimile transmission:

 

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

 

(b)    If
to the Company to

 

       Dragonfly Energy Holdings
Corp.

       1190 Trademark Drive
#108

       Reno, Nevada

       Attention: General Counsel

        Email: legal@dragonflyenergy.com

 

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

 

Section 23. Contribution. To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s)
and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section 24. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Court of Chancery of the State of Delaware (the “Delaware Court”), and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of
the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to
the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably [●] as its agent in the
State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against
such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

Section 25. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be
an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against
whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

    12 

     

    

 

Section 26. Miscellaneous. Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

***

 

    13 

     

    

 

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

 

	DRAGONFLY ENERGY HOLDINGS CORP.	 	INDEMNITEE
	 	 	 	 
	By:	 	 	By:	 
	Name:	Denis Phares	 	Name:	 
	Office:	Chief Executive Officer	 	Address:

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