Document:

Exhibit 10.4

 

FORM OF AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of [__], 2021, is made and entered into by and among [Virgin Orbit Holdings, Inc.], a Delaware corporation (the “Company”)
(formerly known as NextGen Acquisition Corp. II, a Cayman Islands exempted company limited by shares prior to its domestication as a Delaware
corporation), NextGen Sponsor II LLC, a Cayman Islands exempted company (the “Sponsor”), certain former stockholders
of Vieco USA, Inc., a Delaware corporation (“Vieco USA”), identified on the signature pages hereto (such stockholders,
the “VO Holders” and, collectively with the
Sponsor, the VO Holders, and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 or Section
5.10 of this Agreement, the “Holders” and
each, a “Holder”).

 

RECITALS

 

WHEREAS, the Company
and the Sponsor are party to that certain Registration Rights Agreement, dated as of March 22, 2021 (the “Original
RRA”);

 

WHEREAS, the Company
has entered into that certain Agreement and Plan of Merger, dated as of August 22, 2021, (as it may be amended or supplemented from time
to time, the “Merger Agreement”), by and among
the Company, Pulsar Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company, and Vieco USA;

 

WHEREAS, on the date
hereof, pursuant to the Merger Agreement, the VO Holders received shares of common stock, par value $0.0001 per share (the “Common
Stock”), of the Company;

 

WHEREAS, on the date
hereof, certain investors, including certain Holders party hereto, (such investors, collectively, the “PIPE Investors”)
purchased an aggregate of 10,000,000 shares of Common Stock (the “Investor Shares”) in a transaction exempt
from registration under the Securities Act pursuant to the respective Subscription Agreement, each dated as of August 22, 2021, entered
into by and between the Company and each of the PIPE Investors (each, a “Subscription
Agreement” and, collectively, the “Subscription Agreements”);

 

WHEREAS, pursuant to
Section 5.5 of the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified upon the written
consent of the Company and the Holders (as defined in the Original RRA) of at least a majority-in-interest of the Registrable Securities
(as defined in the Original RRA) at the time in question, and the Sponsor is the Holder of at least a majority-in-interest of the Registrable
Securities as of the date hereof; and

 

WHEREAS, the Company
and the Sponsor desire to amend and restate the Original RRA in its entirety and enter into this Agreement, pursuant to which the Company
shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

     

     

    

 

ARTICLE
I

 

DEFINITIONS

 

1.1 Definitions. The
terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Additional
Holder” shall have the meaning given in Section 5.10.

 

“Additional
Holder Common Stock” shall have the meaning given in Section 5.10.

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company,
(i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or
Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not
misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, declared effective
or used, as the case may be, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Closing”
shall have the meaning given in the Merger Agreement.

 

“Closing
Date” shall have the meaning given in the Merger Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Company Holder
Support Agreement” shall mean that certain Stockholder Support Agreement, dated as of August 22, 2021, by and among Vieco
USA and Vieco 10 Limited.

 

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“Competing
Registration Rights” shall have the meaning given in Section 5.7.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

“Insider Letter”
means that certain letter agreement, dated as of March 22, 2021, by and among the Company, the Sponsor and certain of the Company’s
current and former officers and directors.

 

“Investor
Shares” shall have the meaning given in the Recitals hereto.

 

“Joinder”
shall have the meaning given in Section 5.10.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger
Agreement” shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Original
RRA” shall have the meaning given in the Recitals hereto.

 

“Other Coordinated
Offering” shall have the meaning given in Section 2.4.1.

 

“Permitted
Transferees” shall (a) with respect to the Sponsor and its respective Permitted Transferees, have the meaning given
in the Sponsor Support Agreement and (b) with respect to the VO Holders and their respective Permitted Transferees, have the meaning given
in the Bylaws of the Company or the Company Holder Support Agreement, as applicable to such VO Holder.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

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“Registrable
Security” shall mean (a) any outstanding shares of Common Stock or any other equity security (including warrants
to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of any other equity security) of the
Company held by a Holder immediately following the Closing (including any securities distributable pursuant to the Merger Agreement and
any Investor Shares); (b) any outstanding shares of Common Stock or any other equity security (including warrants to purchase shares of
Common Stock and shares of Common Stock issued or issuable upon the exercise of any other equity security) of the Company acquired by
a Holder following the date hereof to the extent that such securities are “restricted securities” (as defined in Rule 144)
or are otherwise held by an “affiliate” (as defined in Rule 144) of the Company; (c) any Additional Holder Common Stock; and
(d) any other equity security of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced
in clause (a), (b) or (c) above by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction; provided, however, that, as to any particular Registrable Security, such
securities shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the
sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged in accordance with such Registration Statement by the applicable Holder; (B) (i) such securities shall have been
otherwise transferred, (ii) new certificates for such securities not bearing (or book entry positions not subject to) a legend restricting
further transfer shall have been delivered by the Company, and (iii) subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold
without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume or other restrictions
or limitations including as to manner or timing of sale); and (E)  such securities have been sold to, or through, a broker, dealer
or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, Prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the documented, out-of-pocket expenses of a Registration, including, without limitation, the
following:

 

(A) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
Inc.) and any national securities exchange on which the Common Stock is then listed;

 

(B) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(C) printing,
messenger, telephone and delivery expenses;

 

(D) reasonable
fees and disbursements of counsel for the Company;

 

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(E) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;

 

(F) the
fees and expenses incurred in connection with the listing of any Registrable Securities on each national securities exchange on which
the shares of Common Stock is then listed;

 

(G) the
fees and expenses incurred by the Company in connection with any Underwritten Offering, Block Trade, Other Coordinated Offering or other
offering involving an Underwriter or a broker, placement agent or sales agent;

 

(H) reasonable
fees and expenses of one (1) legal counsel selected by the majority-in-interest of Registrable Securities held by the Demanding Holders
participating in the applicable Underwritten Offering, Block Trade or Other Coordinated Offering; and

 

(I) all
expenses with respect to a road show that the Company is obligated to participate in pursuant to the terms of this Agreement.

 

“Registration
Statement” shall mean any registration statement under the Securities Act that covers Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission
in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement,
including a Piggyback Registration, a Block Trade or an Other Coordinated Offering.

 

“Sponsor”
shall have the meaning given in the Preamble hereto.

 

“Sponsor Support
Agreement” shall mean that certain Sponsor Support Agreement, dated as of August 22, 2021, by and among the Company, the
Sponsor and Vieco USA.

 

“Subsequent
Shelf Registration Statement” shall have the meaning given in Section 2.1.2.

 

“Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect
to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c)
public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

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“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Vieco USA”
shall have the meaning given in the Preamble hereto.

 

“VO
Holders” shall have the meaning given in the Preamble hereto.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

ARTICLE
II

 

REGISTRATIONS AND OFFERINGS

 

2.1 Shelf Registration.

 

2.1.1 Filing.
Within thirty (30) calendar days following the Closing Date, the Company shall submit to or file with the Commission a Registration Statement
for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”) or a Registration Statement for a Shelf Registration
on Form S-3 (the “Form S-3 Shelf”), if the Company is then eligible to use a Form S-3 Shelf, in each case, covering
the resale of all the Registrable Securities (determined as of two (2) business days prior to such submission or filing) on a delayed
or continuous basis and shall use its commercially reasonable efforts to have such Shelf declared effective as soon as practicable after
the filing thereof, but no later than the earlier of (a) the ninetieth (90th) calendar day following the filing date thereof
if the Commission notifies the Company that it will “review” the Registration Statement and (b) the tenth (10th)
business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration
Statement will not be “reviewed” or will not be subject to further review. Such Shelf shall provide for the resale of the
Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder
named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission
such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available
for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf,
the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration Statement)
to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3. The Company’s obligation under this Section
2.1.1, shall, for the avoidance of doubt, be subject to Section 3.4.

 

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2.1.2 Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly as
is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business
days prior to such filing), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named
therein. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to (i) cause
such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after
the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement
(as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated
under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration
Statement continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included
therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities.
Any such Subsequent Shelf Registration Statement shall be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise,
such Subsequent Shelf Registration Statement shall be on another appropriate form. The Company’s obligation under this Section
2.1.2, shall, for the avoidance of doubt, be subject to Section 3.4.

 

2.1.3 Additional
Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities that are not registered
for resale on a delayed or continuous basis, the Company, upon written request of the Sponsor or a VO Holder, shall promptly use its commercially
reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then
available Shelf (including by means of a post-effective amendment) or by filing a Subsequent Shelf Registration Statement and cause the
same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration Statement shall be subject
to the terms hereof; provided, however, that the Company shall only be required to cause such Registrable Securities to
be so covered twice per calendar year for each of the Sponsor and the VO Holders.

 

2.1.4 Requests
for Underwritten Shelf Takedowns. Subject to Section 3.4, at any time and from time to time when an effective Shelf is on file
with the Commission, the Sponsor or a VO Holder (any of the Sponsor or a VO Holder being in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is
registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”);
provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable
Securities proposed to be sold by the Demanding Holder, either individually or together with other Demanding Holders, with a total offering
price reasonably expected to exceed, in the aggregate, $50 million (the “Minimum
Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the
Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown.
Subject to Section 2.4.4, the Company shall have the right to select the Underwriters for such offering (which shall consist
of one or more reputable nationally recognized investment banks), subject to the initial Demanding Holder’s prior approval (which
shall not be unreasonably withheld, conditioned or delayed). The Sponsor may demand not more than one (1) Underwritten Shelf Takedown
and the VO Holders may demand, in the aggregate, not more than four (4) Underwritten Shelf Takedowns pursuant to this Section 2.1.4
in any twelve (12) month period. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Offering
pursuant to any then effective Registration Statement, including a Form S-3, that is then available for such offering.

 

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2.1.5 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common
Stock or other equity securities that the Company desires to sell and all other shares of Common Stock or other equity securities, if
any, that have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration
rights held by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the
Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Underwritten Offering, before including any shares of Common
Stock or other equity securities proposed to be sold by Company or by other holders of Common Stock or other equity securities, the Registrable
Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities
that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown and the aggregate
number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Shelf
Takedown) that can be sold without exceeding the Maximum Number of Securities.

 

2.1.6 Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten
Shelf Takedown; provided that the Sponsor or a VO Holder may elect to have the Company continue an Underwritten Shelf Takedown
if the Minimum Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf
Takedown by the Sponsor, the VO Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for an
Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes
of Section 2.1.4, unless either (i) such Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown
or (ii) such Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown
(or, if there is more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable
Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if the Sponsor
or a VO Holder elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten
Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Sponsor or such VO Holder, as applicable, for purposes
of Section 2.1.4. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice
to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement,
the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under
this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii)
of the second sentence of this Section 2.1.6.

 

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2.2 Piggyback Registration.

 

2.2.1 Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if the Company
proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of
stockholders of the Company (or by the Company and by the stockholders of the Company, including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1), other than a Registration Statement (or any registered offering with respect thereto)
(i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form S-4 (or
similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii) for an offering
of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan, (v) a Block Trade or (vi) an
Other Coordinated Offering, then the Company shall give written notice of such proposed offering to all of the Holders of Registrable
Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or,
in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus
supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such
offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered offering such
number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such
registered offering, a “Piggyback Registration”).
Subject to Section 2.2.2, the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback
Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such
Piggyback Registration to permit the Registrable Securities requested by the Holders pursuant to this Section 2.2.1 to be
included therein on the same terms and conditions as any similar securities of the Company included in such registered offering and to
permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
The inclusion of any Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder agreement to enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering.

 

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2.2.2 Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of shares of Common Stock or other equity securities that the Company desires to sell, taken together with
(i) the shares of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof,
and (iii) the shares of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been
requested pursuant to separate written contractual piggy-back registration rights of persons or entities other than the Holders of Registrable
Securities hereunder, exceeds the Maximum Number of Securities, then:

 

(a) if
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder
has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested
to be included in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares
of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate
written contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder,
which can be sold without exceeding the Maximum Number of Securities;

 

(b) if
the Registration or registered offering is pursuant to a demand by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the shares of Common Stock or other equity
securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested
be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or
other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares
of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate
written contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder,
which can be sold without exceeding the Maximum Number of Securities; and

 

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(c) if
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities
pursuant to Section 2.1 hereof, then the Company shall include in any such Registration or registered offering securities
in the priority set forth in Section 2.1.5.

 

2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons or entities pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6), the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

2.3 Market Stand-off.
In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated Offering),
if requested by the managing Underwriters, each Holder that is an executive officer, director or Holder in excess of five percent (5%)
of the outstanding Common Stock that participates and sells Registrable Securities in such Underwritten Offering (and for which it is
customary for such a Holder to agree to a lock-up) agrees that it shall not Transfer any shares of Common Stock or other equity securities
of the Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company,
during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such
offering, except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise agree by written
consent. Each such Holder that participates and sells Registrable Securities in such Underwritten Offering agrees to execute a customary
lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such
Holders that execute a lock-up agreement).

 

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2.4 Block Trades; Other
Coordinated Offerings.

 

2.4.1 Notwithstanding
any other provision of this Article II, but subject to Section 3.4, at any time and from time to time when an effective
Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten registered offering not involving
a “roadshow,” an offer commonly known as a “block trade” (a “Block
Trade”) or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution
agent, whether as agent or principal, (an “Other Coordinated Offering”), in each case, with a total offering
price reasonably expected to exceed, in the aggregate, either (x) $50 million or (y) all remaining Registrable Securities held by
the Demanding Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at
least five (5) business days prior to the day such offering is to commence and the Company shall as expeditiously as possible use its
commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that the Demanding Holders
representing a majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially
reasonable efforts to work with the Company and any Underwriters, brokers, sales agents or placement agents prior to making such request
in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade
or Other Coordinated Offering.

 

2.4.2 Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sale agents
or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block
Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.4.2.

 

2.4.3 Notwithstanding
anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated
by a Demanding Holder pursuant to Section 2.4 of this Agreement.

 

2.4.4 The
Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sale
agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more
reputable nationally recognized investment banks).

 

2.4.5 A
Holder in the aggregate may demand no more than two (2) Block Trades or Other Coordinated Offerings pursuant to this Section 2.4
in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section
2.4 shall not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2.1.4 hereof.

 

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ARTICLE
III

 

COMPANY PROCEDURES

 

3.1 General Procedures.
In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts to effect such Registration
to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto
the Company shall, as expeditiously as possible:

 

3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities, which Registration
Statement shall include a plan of distribution that includes any method of distribution that a Holder may reasonably request prior to
the filing of such Registration Statement (including a distribution of Registrable Securities to its members, limited partners or stockholders),
and use its commercially reasonable efforts to cause such Registration Statement to become effective in accordance with Section 2.1, including
filing a replacement Registration Statement, if necessary, and remain effective until all Registrable Securities have ceased to be Registrable
Securities;

 

3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by any Holder that holds at least five percent (5%) of the Registrable Securities registered
on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration
Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan
of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3 prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders;

 

3.1.4 prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or
approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then
otherwise so subject;

 

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3.1.5 cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are
then listed;

 

3.1.6 provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8 at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order to reduce
the number of days that sales are suspended pursuant to Section 3.4), furnish a copy thereof to each seller of such Registrable
Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference
therein);

 

3.1.9 notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4;

 

3.1.10 in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent
pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type, permit a representative
of the Holders (such representative to be selected by a majority of the Holders), the Underwriters or other financial institutions facilitating
such Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, if any, and any attorney,
consultant or accountant retained by such Holders or Underwriter to participate, at each such person’s or entity’s own expense,
in the preparation of the Registration Statement or the Prospectus, and cause the Company’s officers, directors and employees to
supply all information reasonably requested by any such representative, Underwriter, financial institution, attorney, consultant or accountant
in connection with the Registration; provided, however, that such representatives, Underwriters or financial institutions
agree to confidentiality arrangements in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
of any such information;

 

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3.1.11 obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration
(subject to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company’s
independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily
covered by “cold comfort” letters for a transaction of its type as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12 in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent
customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such
Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if any and the Underwriters, if any,
covering such legal matters with respect to the Registration in respect of which such opinion is being given as the participating Holders,
broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative
assurance letters;

 

3.1.13 in
the event of an Underwritten Offering or a Block Trade, or an Other Coordinated Offering, to the extent reasonably requested by the Underwriter,
broker, placement agent or sales agent engaged for such offering, allow the Underwriter, broker, placement agent or sales agent to conduct
customary “underwriter’s due diligence” with respect to the Company;

 

3.1.14 in
the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual
and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such offering or sale;

 

3.1.15 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then in effect);

 

3.1.16 with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and

 

3.1.17 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders,
consistent with the terms of this Agreement, in connection with such Registration.

 

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Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter or broker, sales agent or placement agent if such Underwriter
or broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering or other offering
involving a registration as an Underwriter or broker, sales agent or placement agent, as applicable.

 

3.2 Registration Expenses.
The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall
bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts,
brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all
fees and expenses of any legal counsel representing the Holders (as well as of any attorney, consultants or consultant retained by the
Holders under Section 3.1.10).

 

3.3 Requirements for Participation
in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide
the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities from the applicable
Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information is necessary to
effect the registration and such Holder continues thereafter to withhold such information. No person or entity may participate in any
Underwritten Offering or other offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder
unless such person or entity (i) agrees to sell such person’s or entity’s securities on the basis provided in any underwriting,
sales, distribution or placement arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may be reasonably
required under the terms of such underwriting, sales, distribution or placement arrangements. The exclusion of a Holder’s Registrable
Securities as a result of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included
in such Registration.

 

3.4 Suspension of Sales;
Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1 Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall
forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting
the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable
after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed.

 

3.4.2 Subject
to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control or (c) in the
good faith judgment of the majority of the Board such Registration, upon the advice of external legal counsel, be seriously detrimental
to the Company and the majority of the Board concludes as a result that it is essential to defer such filing, initial effectiveness or
continued use at such time, the Company may, upon giving prompt written notice of such action to the Holders (which notice shall not specify
the nature of the event giving rise to such delay or suspension), delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the
event the Company exercises its rights under this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt
of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities until such Holder receives written notice from the Company that such sales or offers of Registrable Securities
may be resumed, and in each case maintain the confidentiality of such notice and its contents. The Company shall as promptly as practical
notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

 

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3.4.3 Subject
to Section 3.4.4, during the period starting with the date thirty (30) days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date ninety (90) days (or such shorter time as the managing Underwriters may agree) after
the effective date of, a Company-initiated Registration and provided that the Company continues to actively employ, in good faith, all
reasonable efforts to maintain the effectiveness of the applicable Shelf Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders
have requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly
underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered
offering pursuant to Section 2.1.4 or 2.4.

 

3.4.4 The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2 or
a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, for not
more than ninety (90) consecutive calendar days or more than one hundred and twenty (120) total calendar days in each case during any
twelve (12)-month period.

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the
Holders with true and complete copies of all such filings; provided that any documents publicly filed or furnished with the Commission
pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished or delivered to the Holders
pursuant to this Section 3.5. The Company further covenants that it shall take such further action as any Holder may reasonably
request, all to the extent required from time to time to enable such Holder to resell or otherwise dispose of shares of Common Stock
held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act (or any successor rule then in effect), including providing any customary legal opinions. Upon the request of
any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied
with such requirements.

 

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ARTICLE
IV

 

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors, employees,
advisors, representatives, members and agents and each person or entity who controls such Holder (within the meaning of the Securities
Act), against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without limitation, reasonable outside attorneys’
fees) resulting from any untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information or affidavit so furnished in writing to the Company by such Holder expressly for use therein.
The Company shall indemnify the Underwriters, their officers and directors and each person or entity who controls such Underwriters (within
the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2 In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”)
and, to the extent permitted by law, shall indemnify the Company, its directors, officers and agents and each person or entity who controls
the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including,
without limitation, reasonable outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained
or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement is contained in (or not contained in, in the case of an omission) any
information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person or entity who controls such Underwriters (within the meaning of the Securities Act) to the same
extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3 Any
person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional
to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than
one counsel (and one local counsel in each applicable jurisdiction) for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a statement
or admission of fault and culpability on the part of such indemnified party or which settlement does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation.

 

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4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director, employee, advisor, agent, representative, member or controlling person or entity
of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating
in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party
in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

4.1.5 If
the indemnification provided under Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not
made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying
party or such indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to
information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under
this Section 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise
to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed
to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other
fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5 were determined by pro
rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
Section 4.1.5. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 4.1.5 from any person or entity who was not guilty of such
fraudulent misrepresentation.

 

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ARTICLE
V

 

MISCELLANEOUS

 

5.1 Notices. Any notice
or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to
be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that
is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in
the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery
receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication
under this Agreement must be addressed, if to the Company, to: Vieco USA Inc., 65 Bleeker Street, 6th Floor, New York, NY
10012, Attention: Legal Department, Email: james.cahillane@virgin.com, and, if to any Holder, at such Holder’s address, electronic
mail address or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice at
any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty
(30) days after delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment; No Third
Party Beneficiaries.

 

5.2.1 This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

5.2.2 Subject
to Section 5.2.4 and Section 5.2.5, this Agreement and the rights, duties and obligations of a Holder hereunder may be assigned
in whole or in part to such Holder’s Permitted Transferees; provided that with respect to the VO Holders and the Sponsor,
the rights hereunder that are personal to such Holders may not be assigned or delegated in whole or in part, except that (x) each
of the VO Holders shall be permitted to transfer its rights hereunder as a VO Holder to one or more affiliates or any direct or indirect
partners, members or equity holders of such VO Holder (it being understood that no such transfer shall reduce any rights of such VO Holder
or such transferees), including Permitted Transferees identified in clause (i)(C) thereof, and (y) the Sponsor shall be permitted
to transfer its rights hereunder as the Sponsor to one or more of its affiliates or any direct or indirect partners, members or equity
holders of the Sponsor (it being understood that no such transfer shall reduce any rights of the Sponsor or such transferees).

 

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5.2.3 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This
Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly set
forth in this Agreement and Section 5.2.

 

5.2.5 No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and
(ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made
other than as provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4 Governing Law; Venue.
NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (1) THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AND (2) THE VENUE FOR ANY ACTION TAKEN WITH
RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

5.5 TRIAL BY JURY.
EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER
OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

5.6 Amendments and Modifications.
Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable Securities, compliance with
any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions
may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof
shall also require the written consent of the Sponsor so long as the Sponsor and its affiliates hold, in the aggregate, at least five
percent (5%) of the outstanding shares of Common Stock of the Company; provided, further, that notwithstanding the foregoing,
any amendment hereto or waiver hereof shall also require the written consent of each VO Holder so long as such VO Holder and its affiliates
hold, in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company; and provided, further,
that any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital
stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of
the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on
the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

    21

     

    

 

5.7 Other Registration
Rights. Other than (i) the PIPE Investors who have registration rights with respect to their Investor Shares pursuant to their respective
Subscription Agreements and (ii) as provided in the Warrant Agreement, dated as of March 22, 2021, between the Company and Continental
Stock Transfer & Trust Company, the Company represents and warrants that no person or entity, other than a Holder of Registrable
Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of
the Company in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any
other person or entity. For so long as (a) the Sponsor and its affiliates hold, in the aggregate, at least five percent (5%) of the outstanding
shares of Common Stock of the Company, the Company hereby agrees and covenants that it will not grant rights to register any Common Stock
(or securities convertible into or exchangeable for Common Stock) pursuant to the Securities Act that are more favorable, pari passu
or senior to those granted to the Holders hereunder (such rights “Competing
Registration Rights”) without the prior written consent of the Sponsor, and (b) a VO Holder and its affiliates hold,
in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company, the Company hereby agrees and
covenants that it will not grant Competing Registration Rights without the prior written consent of such VO Holder. Further, the Company
represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions
and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail;
for the avoidance of doubt, in the event of any conflict, this Agreement shall supersede Section 7 of the Subscription Agreement of any
Holder that is also a PIPE Investor with respect to such Holder’s Investor Shares.

 

5.8 Term. This Agreement
shall terminate with respect to any Holder, on the date that such Holder no longer holds any Registrable Securities. The provisions of
Section 3.5 and Article IV shall survive any termination.

 

5.9 Holder Information.
Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities held by such Holder
in order for the Company to make determinations hereunder.

 

5.10 Additional Holders;
Joinder. In addition to persons or entities who may become Holders pursuant to Section 5.2 hereof, subject to the prior written
consent of each of the Sponsor and each VO Holder (in each case, so long as such Holder and its affiliates hold, in the aggregate, at
least five percent (5%) of the outstanding shares of Common Stock of the Company), the Company may make any person or entity who acquires
Common Stock or rights to acquire Common Stock after the date hereof a party to this Agreement (each such person or entity, an “Additional
Holder”) by obtaining an executed joinder to this Agreement from such Additional Holder in the form of Exhibit A
attached hereto (a “Joinder”). Such Joinder
shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and delivery and
subject to the terms of a Joinder by such Additional Holder, the Common Stock of the Company then owned, or underlying any rights then
owned, by such Additional Holder (the “Additional Holder Common
Stock”) shall be Registrable Securities to the extent provided herein and therein and such Additional Holder shall
be a Holder under this Agreement with respect to such Additional Holder Common Stock.

 

    22

     

    

 

5.11 Severability.
It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of
this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in
such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

5.12 Entire Agreement;
Restatement. This Agreement constitutes the full and entire agreement and understanding between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the Closing, the Original
RRA shall no longer be of any force or effect.

 

[SIGNATURE PAGES FOLLOW]

 

    23

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	[Virgin Orbit Holdings, Inc.]
	 	a Delaware corporation
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	HOLDERS:
	 	 	 	 
	 	NextGen Sponsor II LLC, 
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	VO HOLDERS
	 	 
	 	Vieco 10 Limited
	 	a company limited by shares under the laws of the British Virgin Islands
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[Individual VO Stockholders]

 

[Signature Page to Amended and Restated Registration
Rights Agreement]

 

     

     

    

 

Exhibit A

 

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The undersigned is executing
and delivering this joinder (this “Joinder”)
pursuant to the Amended and Restated Registration Rights Agreement, dated as of [__], 2021 (as the same may hereafter be amended, the
“Registration Rights Agreement”), among [Virgin
Orbit Holdings, Inc.], a Delaware corporation (the “Company”),
and the other persons or entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings
provided in the Registration Rights Agreement.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities
in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein;
provided, however, that the undersigned and its permitted assigns (if any) shall not have any rights as Holders, and the
undersigned’s (and its transferees’) shares of Common Stock shall not be included as Registrable Securities, for purposes
of the Excluded Sections.

 

For purposes of this Joinder,
“Excluded Sections” shall mean [                       ].

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.

 

	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:

 

	 	Address: 	   
	 	 
	 	 

 

Agreed and Accepted as of

____________, 20__

 

[________] 

 

	By:	 	 
	Name:	 	 
	Its:Exhibit 10.5

 

FORM OF STOCKHOLDERS’ AGREEMENT

 

This Stockholders’ Agreement
(this “Agreement”) is made as of August [__], 2021, by and among Virgin Orbit Holdings, Inc., a Delaware corporation
(the “Company”) (f/k/a NextGen Acquisition Corp. II, a Cayman Islands exempted company limited by shares prior to its
domestication as a Delaware corporation) and Vieco 10 Limited, a company limited by shares under the laws of the British Virgin Islands
(the “VO Holder” and together with any individual or entity who hereafter becomes a party to this Agreement pursuant
to Section 15, the “Voting Parties” and each a “Voting Party”).

 

RECITALS

 

WHEREAS, the Company,
Vieco USA, Inc., a Delaware corporation (“VO”) and Pulsar Merger Sub, Inc., a Delaware corporation and wholly owned
subsidiary of the Company (“Merger Sub”), have entered into an Agreement and Plan of Merger, dated as of August [__],
2021 (as amended or modified from time to time, the “Merger Agreement”), pursuant to which, among other transactions,
Merger Sub will merge with and into VO (the “Merger”), with VO continuing on as the surviving entity, in each case,
on the terms and conditions set forth therein;

 

WHEREAS, in connection
with the Merger, the Company and VO Holder are party to a Registration Rights Agreement, dated as of the date hereof (as it may be amended,
supplemented, restated and/or modified from time to time, the “Registration Rights Agreement”);

 

WHEREAS, in connection
with the Merger, the Company and the VO Holder have agreed to execute and deliver this Agreement;

 

WHEREAS, as of immediately
following the closing of the Merger (the “Closing”), the VO Holder Beneficially Owns (as defined below) the number
of shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”), set forth on Annex
A hereto;

 

WHEREAS, VO Holder
in the aggregate Beneficially Owns (as defined below) shares of Common Stock representing more than fifty percent (50%) of the outstanding
voting power of the Company;

 

WHEREAS, the number
of shares of Common Stock Beneficially Owned by any Voting Party may change from time to time, in accordance with the terms of (x) the
Certificate of Incorporation of the Company, as it may be amended, supplemented and/or restated from time to time (the “Charter”),
(y) the by-laws of the Company and (z) the Registration Rights Agreement, which changes shall be reported by any Voting Party in accordance
with the applicable provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

 

WHEREAS, each of the
Voting Parties believes that it is in their respective best interests to qualify the Company as a “controlled company” under
the listing standards of Nasdaq; and

 

WHEREAS, the parties
hereto desire to maintain a group and to enter into this Agreement to provide for voting agreements pursuant to which all of the Voting
Parties’ shares of Common Stock will be voted together with respect to elections of the Company’s Board of Directors (the
“Board”).

 

     

     

    

 

NOW THEREFORE, in consideration
of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

 

AGREEMENT

 

1. Definitions.
Capitalized terms used herein but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement. In
addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings indicated when used in this Agreement
with initial capital letters:

 

“Affiliate” shall have the meaning
ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

“Liquidation Agreement” shall
mean that certain Transaction Support and Liquidation Agreement, dated as of July 2, 2021, by and among the VO Holder, Aabar Space Inc.
and Virgin Investments Limited.

 

“Lock-Up Period”
shall have the meaning ascribed to such term in the Stockholder Support Agreement.

 

“Necessary Action”
means, with respect to any party and a specified result, all actions (to the extent such actions are not prohibited by applicable law,
within such party’s control and do not directly conflict with any rights expressly granted to such party in this Agreement, the
Merger Agreement, the Registration Rights Agreement, the Charter or the by-laws of the Company) reasonably necessary and desirable within
his, her or its control to cause such result, including, without limitation (i) calling special meetings of the Board and the stockholders
of the Company, (ii) voting or providing a proxy with respect to the Voting Shares beneficially owned by such party, (iii) causing the
adoption of stockholders’ resolutions and amendments to the Charter or by-laws of the Company, including executing written consents
in lieu of meetings, (iv) executing agreements and instruments, (v) causing members of the Board (to the extent such members were elected,
nominated or designated by the party obligated to undertake such action) to act (subject to any applicable fiduciary duties) in a certain
manner or causing them to be removed in the event they do not act in such a manner and (vi) making, or causing to be made, with governmental,
administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such a result.

 

“Permitted Transferees”
shall have the meaning ascribed to such term in the Stockholder Support Agreement.

 

“Stockholder Support Agreement”
shall mean that certain Stockholder Support Agreement, dated as of August [__], 2021, by and among the Company, VO Holder and VO.

 

    2

     

    

 

2. 
 Agreement to Vote. During the term of this Agreement, each Voting Party shall vote or cause to be voted all securities
of the Company that may be voted in the election of the Company’s directors registered in the name of, or beneficially owned (as
such term is defined in Rule 13d-3 under the Exchange Act, including by the exercise or conversion of any security exercisable or convertible
for shares of Common Stock, but excluding shares of stock underlying unexercised options or warrants) (“Beneficially Owned”
or “Beneficial Ownership”) by such Voting Party, including any and all securities of the Company acquired and held
in such capacity subsequent to the date hereof (hereinafter referred to as the “Voting Shares”), in accordance with
the provisions of this Agreement, including, without limitation, voting or causing to be voted all Voting Shares Beneficially Owned by
such Voting Party so that the Board is comprised of the Persons designated pursuant to Subsection 3(a). Except as explicitly provided
in this Agreement, each Voting Party is free to vote or cause to be voted all Voting Shares Beneficially Owned by such Voting Party. The
parties hereto agree and acknowledge that Subsection 3(a) shall not limit the number of directors of the Company that may be designated
or elected by VO Holder, whether pursuant to the TMLA or otherwise.

 

3. Board of Directors.

 

a. 
Board Representation. Subject to the terms and conditions of this Agreement and the Merger Agreement (including Section
7.6 (Post-Closing Directors and Officers of Acquiror) thereof), from the date of this Agreement, the Company and each Voting Party
shall take all Necessary Action to cause, effective immediately following the Effective Time, the Board to be comprised of seven (7) directors
or such other number of directors as the VO Holder determines, four (4) of whom (the “VO Designees” and each a “VO
Designee”) have been initially designated as set forth on Exhibit 3(a) hereto and shall thereafter be designated by the
VO Holder; provided, that only for so long as VO Holder Beneficially Owns a number of Voting Shares representing at least the percentage
set forth below of the number of Voting Shares currently owned by VO Holder relative to the number of Voting Shares Beneficially Owned
by VO Holder immediately following the Effective Time, the Company shall, and the Voting Parties shall take all Necessary Action to, include
in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of the stockholders
of the Company, including at every adjournment or postponement thereof, at which directors are to be elected that number of individuals
designated by VO Holder that, if elected, will result in VO Holder having designated the number of directors serving on the Board that
is shown below:

 

	Percentage	 	Number of Directors
	50% or greater	 	4
	25% or greater, up to but not including 50%	 	3
	10% or greater, up to but not including 25%	 	2
	5% or greater, up to but not including 10%	 	1
	Less than 5%	 	0

 

b. 
Decrease in Designees.

 

i. Upon any decrease in
the number of directors that the VO Holder is entitled to designate for nomination to the Board, the VO Holder shall take all Necessary
Action to cause the appropriate number of Designees to offer to tender their resignation, effective as of the next annual meeting of
stockholders of the Company. Any Designee resigning pursuant to this Section 3(b) shall be permitted to continue serving as a
director until the next annual meeting of stockholders of the Company.

 

    3

     

    

 

ii. If as a result of the
provisions of Section 3(a) there are no seats on the Board for which VO Holder has the right to designate a director, the selection
of such director shall be conducted in accordance with applicable law and with the Charter, by-laws of the Company, and the other corporate
governance documents of the Company.

 

c. 
Resignation; Removal; Vacancies.

 

i.
Any VO Designee may resign at any time upon written notice to the Board.

 

ii.
(A) VO Holder shall have the exclusive right to remove one or more of the VO Designees from the Board, and the Company and the
Voting Parties shall take all Necessary Action to cause the removal of any such VO Designee(s) at the written request of VO Holder and
(B) VO Holder shall have the exclusive right, in accordance with Subsection 3(a), to designate directors for election to the Board
to fill vacancies created by reason of death, removal or resignation of VO Designees, and the Company and the Voting Parties shall take
all Necessary Action to cause any such vacancies to be filled by replacement VO Designees as promptly as reasonably practicable. Notwithstanding
anything to the contrary in this Subsection 3(c)(ii), VO Holder shall not have the right to designate a replacement VO Designee,
and the Company and the Voting Parties shall not be required to take any action to cause any vacancy to be filled by any such VO Designee,
to the extent that election or appointment of such VO Designee to the Board would result in a number of directors designated by VO Holder
in excess of the number of directors that VO Holder is then entitled to designate for membership on the Board pursuant to this Agreement.

 

d. 
Committees. 

 

i.
In accordance with the Charter, by-laws, and other corporate governance documents of the Company, the Board may from time to time
by vote or resolution establish and maintain one or more committees of the Board, each committee to consist of one or more VO Designees.
Subject to applicable laws, stock exchange regulations and applicable listing requirements, VO Holder shall have the right to have one
VO Designee appointed to serve on each committee of the Board for so long as VO Holder is entitled to designate at least two directors
to the Board. The Voting Parties and the Company shall take all Necessary Action to cause the initial composition of certain committees
of the Board to be agreed between VO Holder and the Company. The Board may dissolve any committee or remove any member of a committee
at any time, provided that, for so long as VO Holder is entitled to designate at least two directors to the Board, following any
such removal, VO Holder shall have the right to maintain at least one VO Designee serving on such committee.

 

ii. Subject to applicable
laws and stock exchange regulations and applicable listing requirements, the VO Holder shall also have the right to appoint one observer
(a “Board Observer”) to attend any meeting of the Board for so long as the VO Holder has the right to designate at
least one director for nomination under this Agreement. Any meeting of the Board may exclude a Board Observer from access to any meeting
materials or information or meeting or portion thereof or written consent if the Board determines, in good faith, that (i) such exclusion
is reasonably necessary to protect confidential proprietary information of the Company or confidential proprietary information of third
parties that the Company is required to hold in confidence or (ii) such access would reasonably be expected to result in a conflict of
interest with the Company; provided, that such exclusion shall be limited to the portion of the meeting materials or information
or meeting or written consent that is the basis for such exclusion and shall not extend to any portion of the meeting materials or information
or meeting or written consent that does not involve or pertain to such exclusion.

 

    4

     

    

 

e. Chairperson.
For so long as VO Holder is entitled to designate four directors for election to the Board in accordance with the terms and conditions
of this Agreement, the Voting Parties and the Company shall take all Necessary Action to cause the Chairperson of the Board to be an
individual chosen by the VO Holder, who shall initially be [__]. Except as otherwise set forth herein, the majority of the Board shall
determine the Chairperson of the Board.

 

f. Voting. Each
of the Company and the Voting Parties agree not to take, directly or indirectly, any actions (including removing directors in a manner
inconsistent with this Agreement) that would frustrate, obstruct or otherwise affect the provisions of this Agreement and the intention
of the parties hereto with respect to the composition of the Board as herein stated. Each Voting Party, to the extent not prohibited
by the Charter, shall vote all Voting Shares held by such Voting Party in such manner as may be necessary to elect and/or maintain in
office as members of the Board those individuals designated in accordance with this Section 3 and to otherwise effect the intent
of the provisions of this Agreement.

 

4. Required Approvals.

 

a.  From the date of this
Agreement for so long as VO Holder is entitled to designate at least two directors to the Board pursuant to Subsection 3(a), in
addition to any vote or consent of the Board or the stockholders of the Company required by applicable law, the Charter or by-laws of
the Company, the Board may not approve, or cause the Company or any of its Subsidiaries to approve, and neither the Company nor any of
its Subsidiaries may take, any action set forth on Exhibit 4(a) (whether directly or indirectly by amendment, merger, recapitalization,
consolidation or otherwise), other than as explicitly contemplated by this Agreement, the Merger Agreement, the Stockholder Support Agreement
or the Registration Rights Agreement, without the prior written consent of VO Holder.

 

b. From the date of this
Agreement for so long as VO Holder is entitled to designate at least three directors to the Board pursuant to Section 3(a), in
addition to any vote or consent of the Board or the stockholders of the Company required by applicable law, the Charter or by-laws of
the Company, the Board may not approve, or cause the Company or any of its Subsidiaries to approve, and neither the Company nor any of
its Subsidiaries may take, any action set forth on Exhibit 4(b) (whether directly or indirectly by amendment, merger, recapitalization,
consolidation or otherwise), other than as explicitly contemplated by this Agreement, the Merger Agreement, the Stockholder Support Agreement
or the Registration Rights Agreement, without the prior written consent of VO Holder.

 

    5

     

    

c. 
 Prior to the expiration of the Lock-Up Period, the VO Holder will first consult and discuss with the Board before (i) adopting,
amending or repealing, in whole or in part, the Charter or by-laws of the Company and (ii) taking any actions by written consent as a
stockholder of the Company.

 

5. Controlled Company. 

 

a. The Voting Parties
agree and acknowledge that:

 

i. by virtue of this Agreement,
from and after the date hereof, they are acting as a “group” within the meaning of Section 13(d)(3) of the Exchange Act for
the purpose of causing the Company to continue to qualify as a “controlled company” under Nasdaq Listing Rule 5615(c); and

 

ii. by virtue of the combined
voting power of the Voting Parties of more than fifty percent (50%) of the total voting power of the shares of capital stock of the Company
outstanding as of the date hereof, the Company will, as of the date hereof, qualify as a “controlled company” within the
meaning of Nasdaq Listing Rule 5615(c).

 

b. From and after the date hereof,
the Company agrees and acknowledges that, unless otherwise agreed by VO Holder, it shall elect, to the extent permitted under the Nasdaq
Listing Rules, to be treated as a “controlled company” within the meaning of Nasdaq Listing Rule 5615(c).

 

6. Representations and
Warranties of each Voting Party. Each Voting Party on its own behalf hereby represents and warrants to the Company and each other
Voting Party, severally and not jointly, with respect to such Voting Party and such Voting Party’s ownership of his, her or its
Voting Shares set forth on Annex A, as of the date of this Agreement, as follows:

 

a. Organization; Authority.
If Voting Party is a legal entity, Voting Party (i) is duly incorporated or organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority to enter into this Agreement
and to perform its obligations hereunder. If Voting Party is a natural person, Voting Party has the legal capacity to enter into this
Agreement and perform his or her obligations hereunder. If Voting Party is a legal entity, this Agreement has been duly authorized, executed
and delivered by Voting Party. This Agreement constitutes a valid and binding obligation of Voting Party enforceable in accordance with
its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or
at law).

 

b. No Consent. 
Except as provided in this Agreement, no consent, approval or authorization of, or designation, declaration or filing with, any Governmental
Authority or other Person on the part of Voting Party is required in connection with the execution, delivery and performance of this
Agreement, except where the failure to obtain such consents, approvals, authorizations or to make such designations, declarations or
filings would not materially interfere with a Voting Party’s ability to perform his, her or its obligations pursuant to this Agreement.
If Voting Party is a natural person, no consent of such Voting Party’s spouse is necessary under any “community property”
or other laws for the execution and delivery of this Agreement or the performance of Voting Party’s obligations hereunder. If Voting
Party is a trust, no consent of any beneficiary is required for the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby.

 

    6

     

    

 

c. No Conflicts; Litigation.
Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, nor compliance with
the terms hereof, will (A) if such Voting Party is a legal entity, conflict with or violate any provision of the organizational documents
of Voting Party, or (B) violate, conflict with or result in a breach of, or constitute a default (with or without notice or lapse of
time or both) under any provision of, any trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other
agreement, instrument, permit, concession, franchise, license, judgment, order, notice, decree, statute, law, ordinance, rule or regulation
applicable to Voting Party or to Voting Party’s property or assets, except, in the case of clause (B), that would not reasonably
be expected to impair, individually or in the aggregate, Voting Party’s ability to fulfill its obligations under this Agreement.
As of the date of this Agreement, there is no Action pending or, to the knowledge of a Voting Party, threatened, against such Voting
Party or any of Voting Party’s Affiliates or any of their respective assets or properties that would materially interfere with
such Voting Party’s ability to perform his, her or its obligations pursuant to this Agreement or that would reasonably be expected
to prevent, enjoin, alter or delay any of the transactions contemplated by this Agreement.

 

d. Ownership of Shares. 
Voting Party Beneficially Owns his, her or its Voting Shares free and clear of all Encumbrances. Except pursuant to this Agreement, the
Merger Agreement, the Stockholder Support Agreement, the Registration Rights Agreement and the Liquidation Agreement, there are no options,
warrants or other rights, agreements, arrangements or commitments of any character to which Voting Party is a party relating to the pledge,
acquisition, disposition, Transfer or voting of Voting Shares and there are no voting trusts or voting agreements with respect to the
Voting Shares. Voting Party does not Beneficially Own (i) any shares of capital stock of the Company other than the Voting Shares set
forth on Annex A and (ii) any options, warrants or other rights to acquire any additional shares of capital stock of the Company
or any security exercisable for or convertible into shares of capital stock of the Company, other than as set forth on Annex A
(collectively, “Options”).

 

7. Covenants of the
Company.

 

a. The Company shall: (i) take
any and all action reasonably necessary to effect the provisions of this Agreement and the intention of the parties with respect to the
terms of this Agreement; and (ii) not take any action that would reasonably be expected to adversely frustrate, obstruct or otherwise
affect the rights of the VO Holder under this Agreement without the prior written consent of the VO Holder.

 

b. The Company shall (i)
purchase and maintain in effect at all times directors’ and officers’ liability insurance in an amount and pursuant to terms
determined by the Board to be reasonable and customary, (ii) for long as any VO Designee nominated pursuant to this Agreement serves
as a director on the Board, maintain such coverage with respect to such VO Designee, and (iii) cause the Charter and by-laws of the Company
(each as may be further amended, modified and/or supplemented) to at all times provide for the indemnification, exculpation and advancement
of expenses of all directors of the Company to the fullest extent permitted under applicable law; provided, that upon removal
or resignation of any VO Designee for any reason, the Company shall take all actions reasonable necessary to extend such directors’
and officers’ liability insurance coverage for a period of not less than six (6) years from any such event in respect of any act
or omission occurring at or prior to such event.

 

    7

     

    

 

c. The Company shall
pay all reasonable out-of-pocket expenses incurred by the VO Designees in connection with the performance of his or her duties as a director/observer
and in connection with his or her attendance at any meeting of the Board. The Company shall enter into customary indemnification agreements
with each VO Designee and officer of the Company from time to time.

 

8. No Other Voting
Trusts or Other Arrangement.  Each Voting Party shall not, and shall not permit any entity under such Voting Party’s control
to (i) deposit any Voting Shares or any interest in any Voting Shares in a voting trust, voting agreement or similar agreement, (ii)
grant any proxies, consent or power of attorney or other authorization or consent with respect to any of the Voting Shares or (iii) subject
any of the Voting Shares to any arrangement with respect to the voting of the Voting Shares, in each case, that conflicts with or prevents
the implementation of this Agreement.

 

9. Additional Shares. 
Each Voting Party agrees that all securities of the Company that may vote in the election of the Company’s directors that such
Voting Party purchases, acquires the right to vote or otherwise acquires Beneficial Ownership of (including by the exercise or conversion
of any security exercisable or convertible for shares of Common Stock) after the execution of this Agreement shall be subject to the
terms of this Agreement and shall constitute Voting Shares for all purposes of this Agreement.

 

10. No Agreement
as Director or Officer.  Voting Party is signing this Agreement solely in his, her or its capacity as a stockholder of the Company.
No Voting Party makes any agreement or understanding in this Agreement in such Voting Party’s capacity as a director or officer
of the Company or any of its Subsidiaries (if Voting Party holds such office). Nothing in this Agreement will limit or affect any actions
or omissions taken by a Voting Party in his, her or its capacity as a director or officer of the Company, and no actions or omissions
taken in such Voting Party’s capacity as a director or officer shall be deemed a breach of this Agreement. Nothing in this
Agreement will be construed to prohibit, limit or restrict a Voting Party from exercising his or her fiduciary duties as an officer or
director to the Company or its stockholders.

 

11. Specific Enforcement.
It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by
any party hereto and, accordingly, that this Agreement shall be specifically enforceable, in addition to any other remedy to which such
injured party is entitled at law or in equity, and that any breach of this Agreement shall be the proper subject of a temporary or permanent
injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such
breach or threatened breach or an award of specific performance is not an appropriate remedy for any reason at law or equity and agrees
that a party’s rights would be materially and adversely affected if the obligations of the other parties under this Agreement were
not carried out in accordance with the terms and conditions hereof. Each party further agrees that no party shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtain any remedy referred to in this Section
11, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar
instrument.

 

    8

     

    

 

12. Termination.
Following the Closing, (a) Sections 2, 3, 4, and 7 of this Agreement shall terminate automatically (without
any action by any party hereto) on the first date on which VO Holder no longer has the right to designate a director to the Board under
this Agreement; provided, that the provisions in Section 7(b) shall survive such termination and shall terminate automatically
(without any action by any party hereto) at such time as VO Holder is no longer entitled to any rights pursuant to such section; (b)
Section 5 of this Agreement shall terminate automatically (without any action by any party hereto) on the first date on which
the combined voting power of the Voting Parties no longer exceeds fifty percent (50%) of the total voting power of the Company then outstanding
and (c) the remainder of this Agreement shall terminate automatically (without any action by any party hereto) as to each Voting Party
when such Voting Party ceases to Beneficially Own any Voting Shares.

 

13. Amendments and
Waivers.  Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and
is signed by the Company and the VO Holder; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver
hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner
that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No failure
or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

14. Stock Splits,
Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the like, any securities
issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this Agreement. During the term
of this Agreement, all dividends and distributions payable in cash with respect to the Voting Shares shall be paid, as applicable, to
each of the undersigned Voting Parties and all dividends and distributions payable in Common Stock or other equity or securities convertible
into equity with respect to the Voting Shares shall be paid, as applicable, to each of the undersigned Voting Parties, but all dividends
and distributions payable in Common Stock or other equity or securities convertible into equity shall become Voting Shares for purposes
of this Agreement.

 

15. Assignment. 

 

a. Neither this Agreement
nor any of the rights, duties, interests or obligations of the Company hereunder shall be assigned or delegated by the Company in whole
or in part.

 

b. Prior to the expiration
of the Lock-Up Period, no Voting Party may assign or delegate such Voting Party’s rights, duties or obligations under this Agreement,
in whole or in part, except in connection with a transfer of Voting Shares by such Voting Party to a Permitted Transferee in accordance
with the terms of the Stockholder Support Agreement and this Section 15; provided, that, with respect to VO Holder, the
rights hereunder that are personal to VO Holder, as applicable, may not be assigned or delegated in whole or in part, except that (i)
VO Holder shall be permitted to transfer rights hereunder as VO Holder to one or more Affiliates or any direct or indirect partners,
members or equity holders of VO Holder, (each, a “Transferee”) and (ii) VO Holder shall be permitted to designate
any Transferee as “VO Holder”, as applicable, for purposes of this Agreement as if such Transferee were an initial signatory
hereto.

 

    9

     

    

 

c. This Agreement and
the provisions hereof shall, subject to Section 15(b), inure to the benefit of, shall be enforceable by and shall be binding upon
the respective assigns and successors in interest of the Voting Parties, including with respect to any of such Voting Party’s Voting
Shares that are transferred to a Permitted Transferee in accordance with the terms of this Agreement and the Stockholder Support Agreement.

 

d. No assignment in accordance
with this Section 15 by any party hereto (including pursuant to a transfer of any Voting Party’s Voting Shares) of such
party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company or any other party hereto unless
and until each of the other parties hereto shall have received (i) written notice of such assignment as provided in Section 22
and (ii) the executed written agreement of the assignee, in a form reasonably satisfactory to each of the other parties hereto, to be
bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement)
as fully as if it were an initial signatory hereto. Each Voting Party shall not permit the transfer of any such Voting Party’s
Voting Shares to a Permitted Transferee unless and until the person to whom such securities are to be transferred has executed a written
agreement as provided in clause (ii) of the preceding sentence.

 

e.  Any transfer or assignment
made other than as provided in this Section 15 shall be null and void.

 

f. Notwithstanding anything
herein to the contrary, for purposes of determining the number of shares of capital stock of the Company held by VO Holder, the aggregate
number of shares so held by VO Holder shall include any shares of capital stock of the Company transferred or assigned to a Permitted
Transferee in accordance with the provisions of this Section 15; provided, that any such Permitted Transferee has executed
a written agreement agreeing to be bound by the terms and provisions of this Agreement as contemplated by Section 15(d) above,
including agreeing to vote or cause to be voted the Voting Shares Beneficially Owned by such Permitted Transferee as required of a Voting
Party hereunder.

 

16. Other Rights. 
Except as provided by this Agreement, each Voting Party shall retain the full rights of a holder of shares of capital stock of the Company
with respect to the Voting Shares, including the right to vote the Voting Shares subject to this Agreement.

 

17. Severability.
In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

    10

     

    

 

18. Governing Law.
This Agreement, the rights and duties of the parties hereto, any disputes (whether in contract, tort or statute), and the legal relations
between the parties arising hereunder shall be governed by and interpreted and enforced in accordance with the laws of the State of Delaware
without reference to its conflicts of laws provisions.

 

19. Jurisdiction. 
Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this
Agreement shall be brought against any of the parties in the United States District Court for the District of Delaware or any Delaware
state court located in Wilmington, Delaware, and each of the parties hereby consents to the exclusive jurisdiction of such court (and
of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in
any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court.

 

20. WAIVER OF JURY
TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

21. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument.

 

22. Notices. 
Any notices provided pursuant to this Agreement shall be in writing and given by (i) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by electronic mail.  Notices provided pursuant to this Agreement shall
be provided, (x) if to the Company, in accordance with the terms of the Merger Agreement, (y) if to any other party hereto, to the address
or email address, as applicable, of such party set forth on Annex A hereto, or (z) to any other address or email address, as a
party designates in writing to the other parties in accordance with this Section 22.

 

23. Entire Agreement.
This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes any prior agreement or understanding
among the parties, with regard to the subject matter hereof, and no party shall be liable or bound to any other party in any manner by
any warranties, representations or covenants except as specifically set forth herein.

 

[Remainder of page intentionally left blank;
signature pages follow]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the date first above written.

 

	 	THE COMPANY:
	 	 
	 	Virgin Orbit Holdings, Inc.
	 	 
	 	By:	               
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Stockholders’ Agreement]

 

     

     

    

 

	 	VO HOLDER
	 	 
	 	VIECO 10 LIMITED
	 	 
	 	By:	               
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Stockholders’ Agreement]

 

     

     

    

 

Annex A

 

Voting Shares

 

	Holder	 	Address	 	Shares of Common Stock	 	Warrants	 	Options	 	Other Equity Securities/Rights to Acquire Equity Securities
	Vieco 10 Limited  	 	Vieco 10 Limited

                                 Craigmuir Chambers

                                 PO Box 71

                                 Road Town

                                 Tortola

                                 British Virgin Islands

                                 Email: VGhl@harneys.com

                                  

                                 with copies to (which shall not constitute notice):

                                  

                                 Virgin Management USA, Inc.

                                 65 Bleecker Street, 6th Floor

                                 New York, NY 10012

                                 Attention: James Cahillane, General Counsel

                                 Email: James.Cahillane@virgin.com

                                  

                                 Latham & Watkins LLP

                                 885 Third Avenue

                                 New York, New York 10022

                                 Attention: Justin G. Hamill

                                                  Nima Movahedi @

                                  

                                 Email: justin.hamill@lw.com

                                            nima.movahedi@lw.com
	 	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit 3(a)

Initial Designees

 

		1.	[__]

 

     

     

    

 

Exhibit 4(a)

List of Matters for Required Approvals

 

		1.	Sale or any merger, consolidation, purchase of an equity interest, tender offer, exchange offer, other
secondary acquisition, business combination or similar transaction to which the Company or any of its Subsidiaries is a party (in one
transaction or a series of related transactions);

 

		2.	Amendment, modification or waiver of any term or condition of this Agreement or the Registration Rights
Agreement, any provision of the Charter or by-laws of the Company or any organizational or governing document of any of the Subsidiaries
of the Company;

 

		3.	Liquidation, dissolution, winding-up or causing any voluntary bankruptcy or related actions with respect
to the Company or any of its Subsidiaries; or

 

		4.	Issuance or sale of any shares of capital stock of the Company or any of its Subsidiaries or securities
convertible into or exercisable for any shares of capital stock of the Company or any of its Subsidiaries in excess of 5% of the then-issued
and outstanding shares of capital of the Company, other than issuances of shares of capital stock upon the exercise of options to purchase
shares of capital stock of the Company or any Subsidiary, as the case may be, in accordance with their respective terms.

 

     

     

    

 

Exhibit 4(b)

List of Matters for Required Approvals

 

		1.	Sale or any merger, consolidation, purchase of an equity interest, tender offer, exchange offer, other
secondary acquisition, business combination or similar transaction to which the Company or any of its Subsidiaries is a party (in one
transaction or a series of related transactions), having a fair market value of $10,000,000 or more;

 

		2.	Non-ordinary course sale, exchange, transfer, lease, disposition, surrender or abandonment of any assets
of the Company or any Subsidiary of the Company (in one transaction or a series of related transactions), including any equity interest
in any Subsidiary of the Company, having a fair market value of $10,000,000 or more;

 

		3.	Acquisition of the business or assets (to the extent such acquisition of assets is non-ordinary course)
of any other entity (in one transaction or a series of related transactions) having a fair market value of $10,000,000 or more;

 

		4.	Acquisition of an equity interest in any other entity, by merger, purchase of equity interests or otherwise
(in one transaction or a series of related transactions) having a fair market value of $10,000,000 or more, other than the incorporation,
formation, establishment or similar by the Company or any of its Subsidiaries of a new wholly owned Subsidiary thereof;

 

		5.	Engagement by the Company or its Subsidiaries (but not the Board of Directors or any committee thereof)
of any professional advisers, including, without limitation, investment bankers and financial advisers, for any matters set forth in this
Exhibit 4(b);

 

		6.	Approval of any non-ordinary course investment (including capital contribution) or expenditure or execution
of any agreement reasonably likely to result in costs and expenses (in one transaction or contract or a series of related transactions
or contracts) having a fair market value of $10,000,000 or more (other than any investment or expenditure expressly contemplated by the
annual operating budget of the Company then in effect);

 

		7.	Increase or decrease the size of the Board;

 

		8.	Issuance or sale of any shares of capital stock of the Company or any of its Subsidiaries or securities
convertible into or exercisable for any shares of capital stock of the Company or any of its Subsidiaries, other than issuances of shares
of capital stock upon the exercise of options to purchase shares of capital stock of the Company or any Subsidiary, as the case may be,
in accordance with their respective terms;

 

		9.	(A) making of any dividends or other distributions to the stockholders
of the Company or (B) other than (i) redemptions made pursuant to any Acquiror Share Redemptions or (ii) any redemptions, repurchases,
acquisitions or similar transactions of equity securities in the Company or any of its Subsidiaries in connection with the cessation
of employment or service of a Person at a price no less than the then-current fair market value thereof and pursuant to the terms and
conditions of the underlying applicable purchase, grant, award or other documentation approved by the Board, any redemption, repurchase
or other acquisition of (x) shares of capital stock of the Company by the Company or (y) any shares of capital stock or other equity
securities in any Subsidiary of the Company by the Company or any Subsidiary thereof (other than acquisitions or equity securities of
a direct or indirect wholly owned Subsidiary of the Company by the Company or another direct or indirect wholly owned Subsidiary of the
Company);

 

     

     

    

 

		10.	(A) incurrence of indebtedness or guarantee of indebtedness of any third party other than the incurrence
of indebtedness (i) pursuant to ordinary course trade payables or (ii) in an amount not to exceed $25,000,000 in aggregate principal amount
in a single transaction or $100,000,000 in aggregate consolidated indebtedness for the Company, (B) amendment of the material terms of
any indebtedness for borrowed money of the Company or any of its Subsidiaries or (C) refinance of indebtedness for borrowed money of the
Company or any of its Subsidiaries;

 

		11.	Amendment, modification or waiver of any term or condition of this Agreement or the Registration Rights
Agreement, any provision of the Charter or by-laws of the Company or any organizational or governing document of any of the Subsidiaries
of the Company;

 

		12.	Liquidation, dissolution, winding-up or causing any voluntary bankruptcy or related actions with respect
to the Company or any of its Subsidiaries;

 

		13.	Entry into of a “related party transaction” under Item 404 of Regulation S-K; or

 

		14.	Authorization or approval, or entrance into any agreement to do any of the foregoing.

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