Document:

Exhibit 10.24

    

    

    OBAGI GLOBAL HOLDINGS LIMITED

    

    

    RESTRICTED STOCK UNIT ISSUANCE AGREEMENT

    

    

    RECITALS

    

    

    A.          The Board has adopted the
        Plan for the purpose of retaining the services of selected Employees and non-employee members of the Board or the board of directors of any Subsidiary.

    

    

    B.          The Participant is to
        render valuable services to the Company (or a Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Company’s grant of an equity incentive award under the Plan to the
        Participant.

    

    

    NOW, THEREFORE, it is hereby
      agreed as follows:

    

    

    1.          Grant of RSUs.  The Company hereby grants to the Participant, as of the Grant Date, an award of restricted stock units (“RSUs”) under the Plan (the “Award”). 
        Each RSU represents the right to receive one Share on the specified issuance date following the vesting of that RSU.  The number of RSUs subject to the Award, the applicable vesting schedule for those RSUs, the date on which Shares underlying those
        vested RSUs shall become issuable to the Participant and the remaining terms and conditions governing the Award shall be as set forth in this Agreement.

    

    

    AWARD SUMMARY

     

    

    	
            Grant Date:

          	 
	 	 
	
            Number of RSUs Subject to Award:

          	
            __________

          
	 	 
	
            Vesting Schedule:

          	
            [The RSUs shall vest in a series of five equal, successive, annual installments upon the Participant’s completion of each year of Service over the
              five (5) year period measured from the Grant Date; provided, however, that prior to the consummation of a Qualifying Transaction, no RSUs
              shall vest until the date that a Qualifying Transaction is consummated, at which time any RSUs that have met the Service based vesting requirement shall vest in full. Notwithstanding the foregoing, no RSUs shall vest after the 10th
              anniversary of the Grant Date set forth above.]

          
	 	 
	
            Issuance Schedule:

          	
            The Shares underlying the RSUs in which the Participant vests in accordance with the vesting schedule above (the “Issued Shares”) shall be issued,
              subject to the Company’s collection of all applicable Withholding Taxes, on the date those particular RSUs vest or as soon after that scheduled vesting date as administratively practicable, but in no event later than the later of (i) the
              close of the calendar year in which such vesting date occurs or (ii) the fifteenth day of the third calendar month following such vesting date (the “Issue Date”).  The issuance of the Shares shall be subject to the Company’s collection of all
              applicable Withholding Taxes.  The procedures pursuant to which the applicable Withholding Taxes are to be collected are set forth in Paragraph 9 of this Agreement.

          

    

    

    
      
        

    

    
    

    

    2.          Restrictions on Transfer.  Prior to the actual issuance of the Shares pursuant to RSUs that vest hereunder, the Participant may not transfer any interest in the
        Award or the underlying Shares.  Following the issuance of the Issued Shares upon vesting of the RSUs, such Issued Shares shall be subject to the Market Stand-Off and First Refusal Right, as well any restrictions on transfer and right of recoupment
        set forth in Section XI of the Plan.

    

    

    3.          Cessation of Service.  Should the Participant cease Service for any reason prior to vesting in one or more RSUs subject to this Award, then the Award will be
        immediately cancelled with respect to those unvested RSUs, and the number of RSUs will be reduced accordingly, except (i) if the vesting of such RSUs is based upon the consummation of a Qualifying Transaction, which has not yet occurred, and all
        other vesting requirements with respect to such RSUs have been met, then such RSUs shall not terminate and may be retained by Participant until the consummation of a Qualifying Transaction prior to the 10th anniversary of the Grant Date,
        at which time the underlying Shares will vest, and (ii)  to the extent (if any) otherwise specifically authorized by the Plan Administrator in its sole discretion pursuant to an express written agreement with the Participant. The Participant shall
        thereupon cease to have any right or entitlement to receive any Shares under those cancelled RSUs.

    

    

    4.          Change in Control. Should a Change in Control occur during the Participant’s period of Service, then any RSUs subject to this Award at the time of the Change in
        Control shall be subject to the provisions of Section XII of the Plan.

    

    

    5.          Adjustment in Shares.  Should any change be made to the Shares by reason of any stock split, stock dividend, spin-off transaction, extraordinary distribution
        (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the outstanding Shares without the Company’s receipt of consideration or in the event of a
        substantial reduction to the value of the outstanding Shares by reason of a spin-off transaction or extraordinary distribution or in the event of any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall
        be made to the total number and/or class of securities issuable pursuant to this Award in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive.

    

    

    6.          Shareholder Rights.  The Participant shall not have any shareholder rights, including voting or dividend rights, with respect to
        the Shares underlying the RSUs subject to the Award until the Participant becomes the record holder of those Shares following their actual issuance upon the Company’s collection of the applicable Withholding Taxes.

    
      2

      
        

    

    

    

    7.          US Securities Law Compliance.

    

    

    (a)          Restricted Securities.  The Issued Shares may not be registered under the 1933 Act (or comparable foreign statute) in which case they will be issued to the
        Participant in reliance upon the exemption from such registration provided by SEC Rule 701 for share issuances under compensatory benefit plans such as the Plan (or an exemption from any applicable foreign statute).  The Participant hereby confirms
        that the Participant has been informed that the Issued Shares will be restricted securities under the 1933 Act and may not be resold or transferred unless the Issued Shares are first registered  under the US Federal securities laws (or comparable
        foreign statute) or unless an exemption from such registration is available.  Accordingly, the Participant hereby acknowledges that the Participant will hold the Issued Shares for investment purposes only and not with a view to resale and is
        prepared to hold the Issued Shares for an indefinite period and that the Participant is aware that SEC Rule 144 issued under the 1933 Act, which exempts certain resales of unrestricted securities, is not presently available to exempt the resale of
        the Issued Shares from the registration requirements of the 1933 Act.

    

    

    (b)          Restrictions on Disposition of Issued Shares.  The Participant shall make no disposition of the Issued Shares unless and until there is compliance with all of
        the following requirements:

    

    

    (i)          The
        Participant shall have provided the Company with a written summary of the terms and conditions of the proposed disposition.

    

    

    (ii)          The
        Participant shall have complied with all requirements of this Agreement applicable to the disposition of the Issued Shares.

    

    

    (iii)        The
        Participant shall have provided the Company with written assurances, in form and substance satisfactory to the Company, that (A) the proposed disposition does not require registration of the Issued Shares under the 1933 Act (or comparable foreign
        statute) or (B) all appropriate action necessary for compliance with the registration requirements of the 1933 Act (or comparable foreign statute) or any exemption from registration available under the 1933 Act including Rule 144 (or comparable
        foreign statute) has been taken.

    

    

    The Company shall not be required (i) to
      transfer on its books any Issued Shares that have been sold or transferred in violation of the provisions of this Agreement or (ii) to treat as the owner of
      the Issued Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom the Issued Shares have been transferred in contravention of this Agreement.

    

    

    (c)          Restrictive Legends.  The share certificates for the Issued Shares shall be endorsed with one or more of the following restrictive legends:

    

    

    “The shares represented by this certificate have not been registered under the Securities Act of 1933 (or comparable
      foreign statute).  The shares may not be sold or offered for sale in the absence of (a) an effective registration statement for the shares under such Act (or comparable foreign statute), (b) a ‘no action’ letter of the Securities and Exchange
      Commission (or comparable foreign governmental authority) with respect to such sale or offer or (c) satisfactory assurances to the Company that registration under such Act (or comparable foreign statute) is not required with respect to such sale or
      offer.”

    
      3

      
        

    

    

    

    “The shares represented by this certificate are subject to certain repurchase rights and rights of first refusal
      granted to the Company and accordingly may not be sold, assigned, transferred, encumbered, or in any manner disposed of except in conformity with the terms of a written agreement dated ____________, 20___ between the Company and the registered holder
      of the shares (or the predecessor in interest to the shares).  A copy of such agreement is maintained at the Company’s principal corporate offices.”

    

    

    8.          Transfer Restrictions for Issued Shares.

    

    

    (a)          Market Stand-Off.

    

    

    (i)          In
        connection with any underwritten public offering by the Company of its equity securities, including the Company’s initial public offering, the Participant shall not, without the prior written consent of the Company or its underwriters in such
        public offering: (A) sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to, any
        Issued Shares; or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Issued Shares.  Such restriction (the “Market Stand-Off”) shall be in effect for such
        period of time from and after the effective date of the final prospectus for the offering as may be requested by the Company or such underwriters.  In no event, however, shall such period exceed one hundred eighty (180) days, or such longer period
        as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the
        restrictions contained in the applicable rules of the Financial Industry Regulatory Authority, Inc. and any applicable stock exchange, or any successor provisions or amendments thereto).  The Market Stand-Off shall in no event be applicable to any
        underwritten public offering effected more than two (2) years after the effective date of the Company’s initial public offering.  The managing underwriters in connection with any such public offering are intended third-party beneficiaries of this
        Section 8(a) and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.  The Participant further agrees to execute such agreements as may be reasonably requested by the underwriters in
        connection with such public offering that are consistent with this Section 8(a) or that are necessary to give further effect thereto.

    

    

    (ii)          Any
        new, substituted or additional securities that are by reason of any Recapitalization or Reorganization distributed with respect to the Issued Shares shall be immediately subject to the Market Stand-Off, to the same extent such Issued Shares are at
        such time covered by such provisions.

    

    

    (iii)          In
        order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Issued Shares until the end of the applicable stand-off period.

    
      4

      
        

    

    

    

    (b)          Right of First Refusal.

    

    

    (i)          Grant.  The Company is hereby granted the right of first refusal (the “First Refusal Right”), exercisable in connection with any proposed
        transfer of the Issued Shares.  For purposes of this Paragraph 8(b), the term “transfer” shall include any sale, assignment, pledge, encumbrance or other disposition of the Issued Shares intended to be made by the Participant.

    

    

    (ii)          Notice of Intended Disposition.  In the event the Participant desires to accept a bona fide third-party offer for the transfer of any or all
        of such Issued Shares (the Issued Shares subject to such offer to be hereinafter referred to as the “Target Shares”), the Participant shall promptly (A) deliver to the Company written notice (the “Disposition Notice”) of the terms of the offer,
        including the purchase price and the identity of the third-party offeror, and (B) provide satisfactory proof that the disposition of the Target Shares to such third-party offeror would not be in contravention of the provisions set forth in this
        Agreement.

    

    

    (iii)          Exercise of the First Refusal Right.  The Company shall, for a period of twenty-five (25) days following receipt of the Disposition Notice,
        have the right to repurchase any or all of the Target Shares subject to the Disposition Notice upon the same terms as those specified therein or upon such other terms (not materially different from those specified in the Disposition Notice) to
        which the Participant consents.  Such right shall be exercisable by delivery of written notice (the “Exercise Notice”) to the Participant prior to the expiration of the twenty-five (25)-day exercise period.  If such right is exercised with respect
        to all the Target Shares, then the Company shall effect the repurchase of such shares, including payment of the purchase price, not more than five (5) business days after delivery of the Exercise Notice; and at such time the certificates
        representing the Target Shares shall be delivered to the Company.

    

    

    Should the purchase price specified in the Disposition Notice be payable in property other than cash or evidences of
      indebtedness, the Company shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property.  If the Participant and the Company cannot agree on such cash value within ten (10) days after the Company’s
      receipt of the Disposition Notice, the valuation shall be made by an appraiser of recognized standing selected by the Participant and the Company or, if they cannot agree on an appraiser within twenty (20) days after the Company’s receipt of the
      Disposition Notice, each shall select an appraiser of recognized standing and the two (2) appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value.  The cost of such appraisal shall be
      shared equally by the Participant and the Company.  The closing shall then be held on the later of (i) the fifth (5th) business day following delivery of the
      Exercise Notice or (ii) the fifth (5th) business day after such valuation shall have been made.

    
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    (iv)          Non-Exercise of the First Refusal Right.  In the event the Exercise Notice is not given to the Participant prior to the expiration of the
        twenty-five (25)-day exercise period, the Participant shall have a period of thirty (30) days thereafter in which to sell or otherwise dispose of the Target Shares to the third-party offeror identified in the Disposition Notice upon terms
        (including the purchase price) no more favorable to such third-party offeror than those specified in the Disposition Notice; provided, however, that any
        such sale or disposition must not be effected in contravention of the provisions of Paragraphs 7 and 8(a).  The third-party offeror shall acquire the Target Shares subject to the First Refusal Right and the provisions and restrictions of Paragraph
        7 and Paragraph 8(a), and any subsequent disposition of the acquired shares must be effected in compliance with the terms and conditions of such First Refusal Right and the provisions and restrictions of Paragraph 7 and Paragraph 8(a).  In the
        event the Participant does not effect such sale or disposition of the Target Shares within the specified thirty (30)-day period, the First Refusal Right shall continue to be applicable to any subsequent disposition of the Target Shares by the
        Participant until such right lapses.

    

    

    (v)          Partial Exercise of the First Refusal Right.  In the event the Company makes a timely exercise of the First Refusal Right with respect to a
        portion, but not all, of the Target Shares specified in the Disposition Notice, the Participant shall have the option, exercisable by written notice to the Company delivered within five (5) business days after the Participant’s receipt of the
        Exercise Notice, to effect the sale of the Target Shares pursuant to either of the following alternatives:

    

    

    a.          sale
        or other disposition of all the Target Shares to the third-party offeror identified in the Disposition Notice, but in full compliance with the requirements of Paragraph 8(b)(iv), as if the Company did not exercise the First Refusal Right; or

    

    

    b.          sale
        to the Company of the portion of the Target Shares which the Company has elected to purchase, such sale to be effected in substantial conformity with the provisions of Paragraph 8(b)(iii).  The First Refusal Right shall continue to be applicable to
        any subsequent disposition of the remaining Target Shares until such right lapses

    

    

    The Participant’s failure to deliver timely notification to the Company shall be deemed to be an election by the
      Participant to sell the Target Shares pursuant to alternative (a) above.

    

    

    (vi)          Recapitalization/Reorganization.

    

    

    a.          Any
        new, substituted or additional securities or other property which is by reason of any Recapitalization distributed with respect to the Issued Shares shall be immediately subject to the First Refusal Right, but only to the extent the Issued Shares
        are at the time covered by such right.

    
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    b.          In the
        event of a Reorganization, the First Refusal Right shall remain in full force and effect and shall apply to the new capital stock or other property received in exchange for the Issued Shares in consummation of the Reorganization, but only to the
        extent the Issued Shares are at the time covered by such right.

    

    

    (vii)          Lapse.  The First Refusal Right shall lapse upon the earliest
        to occur of (A) the first date on which Shares are held of record by more than two thousand (2,000) persons or more than five hundred (500) persons who are not accredited investors, (B) a determination made by the Board that a public market exists
        for the outstanding Shares or (C) a firm commitment underwritten public offering covering the offer and sale of the Shares in the aggregate amount of at least twenty million dollars ($20,000,000).  However, the Market Stand-Off shall continue to
        remain in full force and effect following the lapse of the First Refusal Right.

    

    

    9.          Withholding of Taxes.

    

    

    (a)          Upon the applicable
        Issue Date, the Company shall issue to or on behalf of the Participant a certificate (which may be in electronic form) for the applicable number of Shares, subject, however, to the Company’s collection of the applicable Withholding Taxes. The
        Company shall have the right to require the Participant to pay to the Company the amount of any Withholding Taxes in respect of the Shares or to take whatever action it deems necessary to protect the interests of the Company in respect of such
        Withholding Tax liabilities, in accordance with this Paragraph 9.

    

    

    (b)          Until such time as the
        Company determines otherwise, the Company shall satisfy the Company’s obligation for Withholding Taxes by withholding from the Shares otherwise deliverable to the Participant a number of whole Shares having a Fair Market Value as of the Issue Date,
        not in excess of the amount of such Withholding Taxes determined by using the applicable minimum statutory withholding rates, or such other amount or rate determined by the Company.

    

    

    (c)          Notwithstanding the
        provisions of subparagraph (b) of this Paragraph 9, the employee portion of the federal, state and local employment taxes required to be withheld by the Company in connection with the vesting of the RSUs (the “Employment Taxes”) shall in all events
        be collected from the Participant no later than the last business day of the calendar year in which the RSUs vest hereunder.  Accordingly, to the extent the Issue Date for one or more vested RSUs is to occur in a year subsequent to the calendar
        year in which those RSUs vest, the Participant shall, on or before the last business day of the calendar year in which the RSUs vest, deliver to the Company a check payable to its order in the dollar amount equal to the Employment Taxes required to
        be withheld with respect to those RSUs.  The provisions of this Paragraph 9(c) shall be applicable only to the extent necessary to comply with the applicable tax withholding requirements of Code Section 3121(v).

    
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    (d)          Except as otherwise
        provided in Paragraph 4, the settlement of all RSUs that vest under the Award shall be made solely in Shares.  In no event, however, shall any fractional Shares be issued.  Accordingly, the total number of Shares to be issued pursuant to the Award
        shall, to the extent necessary, be rounded down to the next whole Share in order to avoid the issuance of a fractional Share.

    

    

    10.          Compliance with Laws and Regulations.

    

    

    (a)          The issuance of Shares
        pursuant to the Award shall be subject to compliance by the Company and the Participant with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange on which the Shares may be listed for trading
        at the time of such issuance.

    

    

    (b)          The inability of the
        Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any Shares pursuant to this Award shall relieve the Company of any liability with respect to the
        non-issuance or sale of the Shares as to which such approval shall not have been obtained.  The Company, however, shall use its best efforts to obtain all such approvals.

    

    

    11.          Successors and Assigns.  Except to the extent otherwise provided in
            this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the Participant’s estate.

    

    

    12.          Notices.  Any notice required to be given or delivered to the
            Company under the terms of this Agreement shall be in writing and addressed to the Company at its principal corporate offices.  Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant
            at the address indicated below the Participant’s signature line on
            this Agreement.  All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

    

    

    13.          Construction.  This Agreement and the Award evidenced hereby are
            made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan.  All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be
            conclusive and binding on all persons having an interest in this Award.  To the extent there is any ambiguity as to whether any provision of this Agreement would otherwise contravene one or more applicable requirements or limitations of Code
            Section 409A and the Treasury Regulations thereunder, such provision shall be interpreted and applied in a manner that complies with the applicable requirements of Code Section 409A and the Treasury Regulations thereunder.  For purposes of Code
            Section 409A, each installment distribution of Shares (or other installment distribution hereunder) shall be treated as a separate payment, and the Participant’s right to receive each such installment of shares (or other installment distribution hereunder) shall accordingly be treated as a right to receive a series of
            separate payments.

    

    

    14.          Governing Law.  The interpretation, performance and enforcement of
            this Agreement shall be governed by the laws of Delaware without resort to that state’s conflict-of-laws rules.

    

    

    15.          Shareholder Approval.  If the Shares covered by this Agreement exceed, as of the Grant Date, the number of Shares that may be issued under the Plan as
          last approved by the shareholders, then this Award shall be void with respect to such excess Shares, unless shareholder approval of an amendment sufficiently increasing the number of Shares issuable under the Plan is obtained in accordance with
          the provisions of the Plan.

    
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    16.          Employment at Will.  Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in Service for any period of specific
        duration or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate the
        Participant’s Service at any time for any reason, with or without cause.

    

    

    17.          Definitions.  All capitalized terms used but not defined herein shall have the meanings given to them in the Plan. In addition, the following definitions shall
        be in effect under the Agreement:

    

    

    (a)          Agreement shall mean this Restricted Stock Unit Issuance Agreement.

    

    

    (b)          Award shall mean the award of RSUs made to the Participant pursuant to the terms of this Agreement.

    

    

    (c)          Disposition Notice shall have the meaning assigned to such term in Paragraph 8(b)(ii).

    

    

    (d)          First Refusal Right shall mean the right granted to the Company in accordance with Paragraph 8(b)(i).

    

    

    (e)          Grant Date shall mean the date the RSUs are awarded to Participant pursuant to the Agreement and shall be the date indicated in Paragraph 1 of the Agreement.

    

    

    (f)          Issue Date shall have the meaning indicated in Paragraph 1 of the Agreement.

    

    

    (g)          Issued Shares shall have the meaning set forth in Paragraph 1.

    

    

    (h)          Market Stand-Off shall mean the market stand-off restriction specified in Paragraph 8(a).

    

    

    (i)          Plan shall mean the Company’s 2021 Stock Incentive Plan.

    

    

    (j)          Recapitalization shall mean any of the following transactions affecting the Company’s outstanding Shares as a class without the Company’s receipt of
        consideration: any share split, share dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, reincorporation, combination of shares, exchange of shares or other similar
        transaction affecting the Shares without the Company’s receipt of consideration.

    
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    (k)          Reorganization shall mean any of the following transactions:

    

    

    (i)          a
        merger or consolidation in which the Company is not the surviving entity,

    

    

    (ii)          a
        sale, transfer or other disposition of all or substantially all of the Company’s assets,

    

    

    (iii)          a
        reverse merger in which the Company is the surviving entity but in which the Company’s outstanding voting securities are transferred in whole or in part to a person or persons different from the persons holding those securities immediately prior to
        the merger, or

    

    

    (iv)          any
        transaction effected primarily to change the state in which the Company is incorporated or to create a holding company structure.

    

    

    (l)          RSU shall have the meaning set forth in Paragraph 1 of the Agreement.

    

    

    (m)        Target Shares shall have the meaning set forth in Paragraph 8(b)(ii).

    

    

    (n)          Withholding Taxes shall mean (i) the employee portion of
        the federal, state and local employment taxes required to be withheld by the Company in connection with the vesting of RSUs (or any other property) under the Award and (ii) the federal, state and local income taxes required to be withheld by the
        Company in connection with the issuance of the Shares underlying those vested RSUs (or any other property).

    
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    IN WITNESS WHEREOF, the parties
      have executed this Agreement on the respective dates indicated below.

    

    

    	 	
            OBAGI GLOBAL HOLDINGS LIMITED

          
	 	 	 
	 	
            By:

          	 
	 	 	 
	 	
            Name:

          	 
	 	 	 
	 	
            Title:

          	 
	 	 	 
	 	
            Date:

          	 
	 	 	 
	 	

          
	 	
            PARTICIPANT NAME:

          
	 	 	 
	 	
            Date:

          	 
	 	 	 
	 	
            Address:

          	 
	 	 	 
	 	 	 

    

    

  

  11Exhibit 10.28
      

        THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of [●], 2021, by and between (i) Waldencast Acquisition Corp., a limited
          liability company organized under the laws of Jersey (“Waldencast”), (ii) Cedarwalk Skincare Ltd., a limited liability company organized under the laws of the Cayman Islands (“Cedarwalk”), (iii) Waldencast Long-Term Capital LLC, a limited liability company organized under the laws of the Cayman Islands (the “Sponsor”) and (iv) [●],1 a  [●] organized under the laws of [●] (the “Guarantor”) (Waldencast, Cedarwalk, the Sponsor and the Guarantor shall sometimes be herein referred to
          collectively as the “Parties,” and “Party” shall mean any of them).

        

        

        RECITALS:

        

        

        	(A)	
                The Sponsor organized Waldencast as a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or
                  similar business combination with one or more businesses.

              

        

        

        	(B)	
                The Guarantor owns all of the shares of Cedarwalk, and Cedarwalk owns and the Guarantor indirectly owns all of the shares of Obagi Global Holdings Limited, a limited liability company organized under the laws of the Cayman Islands (“Obagi Global”).

              

        

        

        	(C)	
                Obagi Global owns all of the shares of Obagi Holdings Company Limited, a limited liability company organized under the laws of the Cayman Islands (“Obagi Holdings”), which in turn owns all of the
                  shares of Obagi Hong Kong Limited, a limited liability company organized under the laws of the Hong Kong Special Administrative Region (“Obagi Hong Kong”).

              

        

        

        	(D)	
                Obagi Hong Kong owns all of the shares of Obagi (Shanghai) Cosmeceuticals Co., Ltd. (“Obagi Shanghai”) and Obagi (Xi’an) Pharmaceutical Technology Co., Ltd. (“Obagi

                    Xi’an”), each of which is a limited liability company organized under the laws of the People’s Republic of China.

              

        

        

        	(E)	
                Pursuant to the distribution agreements by and between Obagi Holdings and Obagi Global and Obagi Global and Cedarwalk, in each case, dated as of [●], 202[●], Obagi Holdings will distribute to Obagi Global and immediately thereafter,
                  Obagi Global will distribute to Cedarwalk, all of the shares of Obagi Hong Kong and a US$2.5 million promissory note by way of dividend distribution in specie to its sole shareholder Cedarwalk.

              

        

        

        	(F)	
                Waldencast entered into a merger agreement with Obagi Global, and Obagi Merger Sub Inc., a wholly owned subsidiary of Waldencast (“Merger Sub”), dated as of November 15, 2021, pursuant to which,
                  among other things and subject to the terms therein, Merger Sub will merge with and into Obagi Global with Obagi Global surviving such merger as a wholly owned subsidiary of Waldencast.  The distributions in specie referred to in recital
                  (E) above are expected to happen before the closing of such merger (the “Merger Closing”).

              

        

        

        	(G)	
                Waldencast, Cedarwalk and the Guarantor agree that substantial damage may be suffered by Waldencast in the event the controlling interests of Obagi Hong Kong, Obagi Shanghai or Obagi Xi’an are transferred from the Guarantor or
                  Cedarwalk to third-party buyers.

              

        

        

        	(H)	
                The Guarantor is entering into this Agreement for the purposes of (i) guaranteeing the obligations of Cedarwalk and (ii) undertaking to Waldencast that, subject to certain exceptions of Permitted Transfers (as defined herein), it will
                  not, without the prior written consent of Waldencast, Transfer the shares of Cedarwalk to third parties.

              

        

        

        	(I)	
                The Parties have determined that it is advisable and in each of their best interests to enter into this Agreement to establish their respective rights and obligations with respect to the shares of Obagi Hong Kong, Obagi Shanghai and
                  Obagi Xi’an.

              

        

        

        

        1 The Guarantor will be CWC Skincare Ltd. or another entity owned / controlled by the Dai Family that is creditworthy
          and able to support the guarantee based upon a review of evidence (e.g., financial statements) of such entity to demonstrate that it is a creditworthy entity.

         

        
          
            

        

        
        

        

        NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties, intending to be legally bound, hereby
          agree as follows:

        

        

        	1.	
                Certain Definitions.

              

        

        

        	1.1	
                Definitions.  As used in this Agreement, the following terms shall have the following meanings:

              

        

        

        “Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly, through one
            or more intermediaries, controls, is controlled by or is under common control with, such first Person.

        

        

        “Board” means the board of directors of Waldencast.

        

        

        “Business Day” shall mean a day (other than a Saturday or Sunday) on which banks are generally open in Hong
            Kong Special Administrative Region and China for normal business.

        

        

        “Change of Control” shall mean the occurrence of any of the following: (i) the beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of securities representing more than 50% of the combined voting power of Waldencast is acquired by any “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other
            than Waldencast or any of its subsidiaries), (ii) the merger or consolidation of Waldencast with or into another entity where the equity holders of Waldencast, immediately prior to the consolidation or merger, would not, immediately after the
            consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, securities representing in the aggregate 50% or more of the combined voting power of the securities of the entity
            issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any) in substantially the same proportion as their ownership of Waldencast immediately prior to such merger or consolidation, (iii) the sale or
            other disposition of all or substantially all of Waldencast’s assets to an entity, other than a sale or disposition by Waldencast of all or substantially all of Waldencast’s assets to an entity, at least 50% of the combined voting power of the
            voting securities of which are owned directly or indirectly by equity holders of Waldencast, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of Waldencast immediately prior to such sale or
            disposition, or (iv) the first day on which a majority of the members of Waldencast’s Board are not Continuing Directors.

        

        

        “Companies” shall mean Obagi Hong Kong, Obagi Shanghai and Obagi Xi’an, and “Company” shall mean any of them.

        

        

        “Company Equity Securities” shall mean (a) any Shares and (b) any other Equity Securities of any of the
            Companies.

        

        

        “Continuing Director” shall mean, as of any date of determination, any member of the Board who (i) was a member of such Board on the date of this Agreement or
          (ii) was nominated for election or elected to such Board with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election.

        

        

        “Controlled Investment Affiliate” means, as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under
          common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies.  For purposes of this definition, “control” of a Person means the power, directly or
          indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

        

        

        “Dai Family” means Yumin Dai, Sijue (Steven) Dai, Sicong (Simon) Dai, any of their spouses, lineal descendants or ancestors, and the respective heirs, executors
          and Controlled Investment Affiliates of each of the foregoing.

        

        

        “Encumbrances” shall mean a mortgage, charge, pledge, lien, right of first refusal, right of pre-emption,
            restriction on transfer, encumbrance or security interest or any agreement to create any of the foregoing.

        

        

        
          2

          
            

        

        

        

        “Equity Securities” shall mean, with respect to any Person, any capital stock, shares, equity interests,
            membership interests, partnership interests or registered capital, joint venture or other ownership interests in such Person and any options, warrants or other securities (for the avoidance of doubt, including debt securities) that are directly
            or indirectly convertible into, or exercisable or exchangeable for, such capital stock, shares, equity interests, membership interests, partnership interests or registered capital, joint venture or other ownership interests (whether or not such
            derivative securities are issued by such Person).

        

        

        “Governmental Authority” shall mean any (a) multinational or supranational body exercising legislative,
            judicial or regulatory powers; (b) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (c) federal, state, local, municipal, foreign or other government; or (d) governmental or
            quasi-governmental, statutory or quasi-statutory or regulatory authority of any nature, including any division, department, corporation, authority, agency, commission, instrumentality, official, organization, unit, body or entity, any court or
            other tribunal, taxing authority, securities exchange, public international organization or other body entitled under applicable Law to exercise executive, legislative, judicial or regulatory power of any nature.

        

        

        “Law” shall mean any applicable national, regional or local law, foreign or supranational statute, ordinance,
            rule, code, administrative interpretation or guidance, regulation, judgment, decree, injunction, directive, or other legally binding obligation imposed by or on behalf of any Governmental Authority, including rules governing the listing of
            securities on any securities exchange.

        

        

        “Organizational Documents” shall mean, with respect to any Person, the articles of association, articles or
            certificate of incorporation, by-laws, charter or other similar organizational documents of such Person.

        

        

        “Permitted Holders” shall mean any one or more members of the Dai Family.

        

        

        “Person” shall mean any individual, firm, corporation, partnership, limited liability company, incorporated
            or unincorporated association, joint venture, joint stock company, trust, Governmental Authority or instrumentality or other entity of any kind, its successors and assigns.

        

        

        “Requisite Time Period” shall mean (i) sixty (60) days if the Transfer of the ROFO Offer Shares described in the ROFO Sale Notice is proposed to involve less
          than 50% of the Equity Securities of a Subject Company and (ii) one hundred twenty (120) days if the Transfer of the ROFO Offer Shares described in the ROFO Sale Notice is proposed to involve 50% or more of the Equity Securities of a Subject
          Company.

        

        

        “Share” shall mean a common share in the issued voting share capital of any Company, including any
            subdivisions, combinations or splits thereof.

        

        

        “Subsidiary” shall mean, with respect to any Person, (i) any Person which that Person owns or controls
            (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers or trustees of such Person; or (ii) any Person which at
            any time has its financial statements consolidated with those of that Person or which, under the Law or generally accepted accounting principles of the jurisdiction of incorporation of such Person from time to time, should have its financial
            statements consolidated with those of that Person.

        

        

        “Transfer” shall mean to sell, transfer or otherwise dispose of, or grant an option, interest, charge,
            pledge, security interest or lien in respect of, Equity Securities in a Person, and “Transfers,” “Transferred” and “Transferee” shall have correlative meanings.

        

        

        
          3

          
            

        

        

        

        “Waldencast Competitor” shall mean (a) any Person who is “engaged” in the beauty or personal care business
            having aggregate net revenue in its beauty or personal care business for the fiscal year immediately preceding the year of the proposed entry into the relevant transaction in excess of US$300,000,000 if such transaction were entered into within
            three years of the date hereof or in excess of US$500,000,000 if such transaction were entered into after the third anniversary of the date hereof or (b) any private equity fund having a controlled Affiliate or a majority-owned or controlled
            portfolio company (i) described in (a) or (ii) “engaged” in the beauty, personal care or wellness business that has a line of business in the dermal aesthetics skincare channel having aggregate net revenue of at least US$75,000,000 in the
            dermal aesthetics skincare channel for the fiscal year immediately preceding the year of the proposed entry into the relevant transaction.  For the avoidance of doubt, a Person is deemed to be “engaged” in the beauty, personal care of wellness
            business of Waldencast or any of its subsidiaries if it is directly engaged in such business.

        

        

        	2.	
                Right of First Offer/Right of First Refusal.

              

        

        

        	2.1	
                Proposed ROFO Offer.  In the event Cedarwalk or any of its Subsidiaries or controlled Affiliates (a “Transferring Shareholder”) proposes to Transfer any of the Equity Securities of a
                  Company (a “Subject Company”) held (directly or indirectly) by it in a transaction or a series of transactions, Cedarwalk must first offer to Transfer such Company Equity Securities to Waldencast by
                  serving a written offer notice (the “ROFO Sale Notice”) on it, which notice shall set forth:

              

        

        

        	

              	2.1.1	
                the number of the Company Equity Securities (including the identity of the Companies) proposed to be Transferred (the “ROFO Offer Shares”) and the minimum purchase price at which Cedarwalk would agree to Transfer the ROFO Offer Shares (the “Minimum Purchase Price”), provided that no such Transfer of Company Equity Securities to a third party (other than Waldencast) may be for less than the Minimum Purchase Price; and

              

        

        

        	

              	2.1.2	
                the audited financial statements of each of the Companies for the three most recent financial years to the extent available and unaudited financial statements for such periods in which audited financial
                  statements are not available.

              

        

        

        	2.2	
                ROFO Acceptance Period.  The ROFO Sale Notice will be valid for the Requisite Time Period from the date of receipt by Waldencast of the ROFO Sale Notice (the “ROFO Acceptance Period”). 
                  Waldencast may, during the ROFO Acceptance Period, (i) subject to its delivering to Cedarwalk a confidentiality agreement in form and substance reasonably satisfactory to Cedarwalk, conduct due diligence and raise questions with Cedarwalk
                  relating to the Companies and their respective businesses, and (ii) provide a binding offer to Cedarwalk for the purchase of the ROFO Offer Shares at a purchase price at least equal to the Minimum Purchase Price (the “ROFO Offer”) or decline to provide the ROFO Offer to Cedarwalk.  The ROFO Offer must state that it will remain open for sixty (60) days. Cedarwalk may seek other offers to purchase the ROFO Offer Shares
                  at a price greater than the purchase price set forth in the ROFO Offer provided that, if Cedarwalk seeks such other offers, Cedarwalk shall be bound by the ROFR mechanism contained in Article 2.6
                  below for the sale of the ROFO Offer Shares. Cedarwalk shall use its reasonable best efforts to assist with the due diligence investigation carried out by Waldencast and provide answers to any questions reasonably raised by Waldencast. 
                  In the event the due diligence investigation is not completed within the ROFO Acceptance Period, Waldencast may, at its option, extend the ROFO Acceptance Period by a period of thirty (30) days. If at any time during the Requisite Time
                  Period Waldencast determines not to submit a ROFO Offer, Waldencast shall promptly notify Cedarwalk of such determination, whereupon Cedarwalk may seek other offers to purchase the ROFO Offer Shares at a price at least equal to the
                  Minimum Purchase Price subject to compliance with any applicable provisions of Article 2.6 below.

              

        

        

        	2.3	
                No ROFO Offer.  In the event Waldencast notifies Cedarwalk that it is not providing a binding offer for the purchase of the ROFO Offer Shares or fails to make a binding offer prior to the end of the ROFO Acceptance Period,
                  Cedarwalk may solicit interests from one or more third-party buyers for the ROFO Offer Shares in accordance with Article 2.5 below; provided that Cedarwalk shall be bound by the ROFR mechanism
                  contained in Article 2.6 below for the sale of the ROFO Offer Shares.

              

        

        

        
          4

          
            

        

        

        

        	2.4	
                ROFO Offer.  In the event Waldencast elects to submit the ROFO Offer for the purchase of the ROFO Offer Shares prior to the end of the ROFO Acceptance Period, it shall serve a written notice to Cedarwalk, which notice shall set
                  forth:

              

        

        

        	

              	2.4.1	
                the number of the Company Equity Securities (including the identity of the Companies) proposed to be purchased by Waldencast or its Permitted Designee; and

              

        

        

        	

              	2.4.2	
                the purchase price for such Company Equity Securities proposed to be so purchased which must equal or exceed the Minimum Purchase Price.

              

        

        

        	2.5	
                Acceptance or Rejection of the ROFO Offer.  Cedarwalk shall have a period of one hundred twenty (120) days following the receipt of the ROFO Offer to either (i) accept the ROFO Offer or (ii) procure a bona fide binding third
                  party offer for such Company Equity Securities at a price higher than the ROFO Offer.  Any such bona fide binding third party offer (the “Third Party Offer”) shall (a) state the identity and
                  background (including the ultimate controller) of the offeror, (b) be for cash, equity securities, debt, any other form of securities, or a combination thereof (including, without limitation, earn-out provisions), with closing to happen
                  no later than ninety (90) days from the date of such offer (subject to any regulatory approval or filing requirements), (c) state that such offeror is not an Affiliate of Cedarwalk or the Guarantor, (d) represent that the Third Party
                  Offer was obtained through an arms’ length process between such third party and the Guarantor, Cedarwalk or any of their Affiliates (e) equal or exceed the Minimum Purchase Price and (f) state that the offeror has been informed of
                  Waldencast’s right of first refusal provided for in this Agreement.  From time to time, during such one hundred twenty (120) day period, subject to requirements of applicable Law and contractual obligations of Cedarwalk, Cedarwalk shall
                  provide updates to Waldencast as to the status of its efforts to procure a Third Party Offer.

              

        

        

        	2.6	
                ROFR Offer.  In the event (i) the Transfer of the ROFO Offer Shares, if consummated, would result in Cedarwalk ceasing to control 50% or more of the Equity Securities of any of the Companies, and (ii) Cedarwalk submits a Third
                  Party Offer at a price higher than the ROFO Offer (which must equal or exceed the Minimum Purchase Price) to Waldencast, Cedarwalk must at the same time of such submission provide to Waldencast an offer for Waldencast to purchase the ROFO
                  Offer Shares for the same consideration and on substantially equal terms as set out in the Third Party Offer (the “ROFR Offer”).  Waldencast shall have a period of forty-five (45) days from the date
                  of receipt of the ROFR Offer to accept the offer contained therein.  In the event Waldencast elects not to submit the ROFO Offer to Cedarwalk, Waldencast shall still be provided with the ROFR Offer and may choose to accept the ROFR Offer
                  in its sole discretion.

              

        

        

        	2.7	
                Rejection of the ROFR Offer.  In the event Waldencast elects not to accept the terms of the ROFR Offer and notifies Cedarwalk of such election or fails to accept such terms within such forty-five (45) day-period, Cedarwalk may
                  proceed to Transfer the ROFO Offer Shares to the relevant third party offeror stated in the Third Party Offer; provided that the requirements set forth in Article 2.5 are complied with.  Any
                  Transfer in violation of this Article 2 shall be null and void and shall not be recorded by the corporate secretary of the Companies in the books and records of the Companies, and Cedarwalk shall use its best efforts to unwind any such
                  Transfer.

              

        

        

        	2.8	
                Subsequent Transfers.  In the event closing for the sale of the ROFO Offer Shares does not occur as a result of (i) the terms of the Third Party Offer not having been met or (ii) the requirements of Article 3.1 not having been
                  met, Cedarwalk shall be required to follow the requirements of this Article 2 again in subsequent proposals to Transfer the Company Equity Securities.  The terms of this Article 2 shall not apply with respect to a Company after any
                  Transfer of Equity Securities of such Company made in compliance with this Article 2.

              

        
          5

          
            

        

        

        

        	2.9	
                Inapplicability of this Article.  Notwithstanding any provision of this Agreement to the contrary, this Article 2 and Article 3 shall not apply to or in any way restrict any Transfer or series of Transfers of Equity Securities
                  of any of the Companies (i) pursuant to any Encumbrance in favor of any one or more bona fide financial institutions licensed to operate as commercial banks in connection with any loan or credit
                  facility obtained by Cedarwalk or any realization upon any such Encumbrance, provided that in the case of (i), such loan or credit facility or any realization upon any Encumbrance is entered into
                  in the ordinary course of business of the financial institution, the terms of such transaction are made at arms’ length and on normal commercial terms, (ii) by way of gift or other Transfer to any Permitted Holder; provided that in the case of (ii), any such transferee shall agree in writing, as a condition to such Transfer, to be bound by all of the provisions of this Article 2 and 3 to the same extent as if
                  such transferee were Cedarwalk transferring such Equity Securities; (iii) by the will of Steven Dai or the laws of descent and distribution applicable to Steven Dai upon his death; provided that
                  in the case of (iii), such Equity Securities shall thereafter remain subject to the provisions of this Agreement to the same extent they would be if held by Steven Dai; and (iv) any requirement of applicable Law or order of any
                  Governmental Authority (the Transfers referred to in this Article 2.9 being referred to as “Permitted Transfers”).

              

        

        

        	3.	
                Closing.

              

        

        

        	3.1	
                Closing.  In the event either (i) Cedarwalk elects to accept the ROFO Offer in accordance with Article 2.5 or (ii) Waldencast elects to accept the ROFR Offer in accordance with Article 2.6, Cedarwalk and Waldencast shall use
                  their respective best efforts to ensure that closing of the ROFO Offer Shares (“Closing”) will take place on a date that is no later than the time period set forth in Article 2.5 or 2.6, as
                  applicable; provided that such applicable period may be extended for up to another sixty (60) days by either Waldencast or Cedarwalk if closing cannot occur due to one or more regulatory approvals
                  not having been issued.  If closing cannot occur notwithstanding such extension, Cedarwalk shall be required to reinitiate the process set forth in Article 2 for any subsequent Transfer of the Equity Securities of such Company.

              

        

        

        	4.	
                Sale and Voluntary Liquidation.

              

        

        

        	4.1	
                Waldencast Competitor.  Notwithstanding Article 2 hereof, in the event Cedarwalk proposes to Transfer any of the Company Equity Securities to a Waldencast Competitor, Cedarwalk shall be required to seek the prior written consent
                  of Waldencast (such consent may be given or withheld in Waldencast’s reasonable discretion).

              

        

        

        	4.2	
                Voluntary Liquidation.  In the event Cedarwalk or any of its Subsidiaries proposes to wind up, liquidate or dissolve one or more of the Companies, Cedarwalk shall provide written notice thereof to Waldencast no later than ninety
                  (90) days prior to the initiation of such winding up, liquidation or dissolution, and Waldencast shall have the right, exercisable within sixty (60) days of receipt of such notice, to purchase each such Company proposed to be wound up
                  liquidated or dissolved at an amount equal to its net asset value as determined by an independent financial expert appointed by Waldencast; provided that if Waldencast offers to acquire any such
                  Companies at its net asset value, Cedarwalk must sell such Company to Waldencast, and Waldencast shall be required to purchase such Company, for an amount equal to such Company’s net asset value.

              

        

        

        	5.	
                Governance.

              

        

        

        	5.1	
                Board of Directors.  At and following the Closing, for so long as Cedarwalk holds of record or beneficially owns common stock of Waldencast equal to or exceeding the Minimum Ownership Threshold (as defined below), Waldencast
                  will take all necessary action to cause the Board to be comprised one (1) director nominated by Cedarwalk (the “Cedarwalk Director”).  Mr. Simon Dai shall be nominated for election to the Board as
                  the initial Cedarwalk Director and shall be nominated to serve in the class of Waldencast directors having the longest prospective term (i.e., at least three years).  For so long as the Permitted Holders hold of record or beneficially own
                  common stock of Waldencast in an aggregate amount equal to or exceeding the Minimum Ownership Threshold, Waldencast shall cause the Cedarwalk Director to be nominated as a director of Waldencast and Waldencast shall take all action
                  necessary or appropriate to cause the Cedarwalk Director to be nominated for election to the Board and shall use substantially the same efforts to support the Cedarwalk Director’s election to the Board as the other Board nominees.

              

        

        

        
          6

          
            

        

        

        

        	5.2	
                Replacement Directors.  If the then current Cedarwalk Director is unable or unwilling to serve as a director, resigns as a director, is removed as a director or is otherwise not serving as a director prior to termination of this
                  Agreement, and at such time (A) the Permitted Holders’ aggregate beneficial ownership of Waldencast common stock (which, for purposes of this Agreement, shall be determined under Rule 13d-3 promulgated under the Exchange Act is at least
                  5.0% of the then-outstanding common stock of Waldencast (the “Minimum Ownership Threshold”)  and (B) Cedarwalk or the Guarantor has not committed a material breach of this Agreement, Cedarwalk shall
                  have the ability to name a replacement director, subject to the approval of the Board of Directors of Waldencast (such approval not to be unreasonably withheld, conditioned or delayed) (any such replacement director shall be referred to
                  as the “Replacement Director”).  Any Replacement Director named by Cedarwalk shall be required to satisfy the guidelines and policies with respect to service on the Board applicable to all
                  non-management directors.  Subject to applicable rules of Nasdaq and the rules and regulations of the SEC, Waldencast shall take all necessary action to nominate or cause the Board to appoint, as applicable, the Replacement Director to
                  the Board and to any applicable committee of the Board of which the Cedarwalk Director was a member of immediately prior to such director’s resignation or removal; provided that such Replacement
                  Director is qualified to serve on any such committee of the Board.  The terms and conditions applicable to the Cedarwalk Director under this Agreement shall apply to any such Replacement Director as if such person were the Cedarwalk
                  Director.

              

        

        

        	5.3	
                Indemnification.  Waldencast shall provide each of its directors with the same expense reimbursement, benefits, indemnity, exculpation and other arrangements provided to the other directors of Waldencast and Waldencast shall not
                  amend, alter or repeal any right to indemnification or exculpation covering or benefiting any director nominated or appointed pursuant to this Agreement as and to the extent consistent with applicable Law, the Organizational Documents of
                  Waldencast and any indemnification agreements with directors (whether such right is contained in the Organizational Documents or another document) (except to the extent such amendment or alteration permits Waldencast to provide broader
                  indemnification or exculpation rights on a retroactive basis than permitted prior thereto).  Waldencast shall at all times purchase and maintain directors’ and officers’ liability insurance with liability limits, exclusions and
                  self-retention amounts substantially comparable to those maintained by public companies of a similar size, industry and risk profile as Waldencast.

              

        

        

        	5.4	
                Reimbursement of Expenses.  Waldencast shall reimburse the directors for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board and any committees thereof, including travel,
                  lodging and meal expenses.

              

        

        

        	6.	
                Termination.

              

        

        

        	6.1	
                Termination Generally.  This Agreement shall terminate in its entirety immediately upon the occurrence of any of the following events:

              

        

        

        	

              	6.1.1	
                on the date on which this Agreement is terminated by the written agreement of the Parties;

              

        

        

        	

              	6.1.2	
                with respect to any Company, on the date on which such Company is wound up, liquidated or dissolved or a Transfer of the Equity Securities of such Company directly or indirectly owned by Waldencast has been
                  effected in accordance with the terms of this Agreement, provided that this Article 6.1.2 shall not apply in the event Waldencast chooses to exercise its right of purchase provided under Article
                  4.2;

              

        

        

        	

              	6.1.3	
                on the date on which Waldencast is wound up, liquidated or dissolved; or

              

        

        

        	

              	6.1.4	
                on the date on which a Change of Control shall have occurred.

              

        

        

        
          7

          
            

        

        

        

        	6.2	
                Consequences of Termination.  In the event of termination of this Agreement pursuant to this Article 6, this Agreement shall become null and void and have no effect, and the further obligations of the Parties under this
                  Agreement shall terminate, and there will be no liability on the part of any Party; provided that:

              

        

        

        	

              	6.2.1	
                Articles 9, 10 and 11 and this Article 6 shall survive any termination of this Agreement; and

              

        

        

        	

              	6.2.2	
                no Party shall be relieved or released from any liability arising (i) as a result of a breach occurring at or before termination or (ii) out of fraud.

              

        

        

        	7.	
                Guarantee and Covenant to Own Cedarwalk.

              

        

        

        	7.1	
                Guarantee.  The Guarantor hereby guarantees as principal obligor to Waldencast the due and punctual payment of all amounts payable by Cedarwalk under this Agreement.  The Guarantor will maintain at all times assets sufficient to
                  satisfy its obligations under this Agreement including in accordance with this Section 7.1.  The obligations of the Guarantor hereunder are unconditional and absolute and will not be released, discharged or otherwise affected by (i) any
                  change in the corporate existence, structure or ownership of Cedarwalk or any insolvency, bankruptcy, reorganization or other similar proceeding affecting Cedarwalk or its assets or any resulting release or discharge of any obligation of
                  Cedarwalk contained in this Agreement; (ii) the existence of any claim, set-off or other rights which the Guarantor may have at any time against Cedarwalk or Waldencast, whether in connection with this Agreement or any unrelated
                  transactions; (iii) any invalidity, irregularity or unenforceability relating to or against Cedarwalk for any reason of this Agreement; (iv) any Permitted Transfers; or (v) any other act or omission to act or delay of any kind by
                  Cedarwalk or Waldencast.

              

        

        

        	7.2	
                Covenant to Own Cedarwalk.  Except for (i) Permitted Transfers and (ii) Transfers made in accordance with this Agreement, the Guarantor hereby undertakes to directly or indirectly own and control at least 60% of the outstanding
                  shares of Cedarwalk, to control voting power over all outstanding shares of Cedarwalk and to vote all such shares in a block for so long as this Agreement shall remain effective.

              

        

        

        	7.3	
                Non-Disparagement.  Subject to any applicable legal obligation to do so in response to or compliance with a subpoena, a validly issued legal process or a request by a Governmental Authority, each of the Parties covenants and
                  agrees that, during the term of this Agreement, or until such earlier time as Waldencast and the Sponsor, on the one hand, and the Guarantor and Cedarwalk on the other hand, or any of their respective Representatives (as defined below)
                  shall have breached this Article 7.3, none of the Parties nor any of their respective agents, Subsidiaries, Affiliates, successors, assigns, principals, equityholders, officers, employees or directors (collectively, “Representatives”) shall publicly criticize, attempt to discredit, disparage, call into disrepute, or otherwise defame or slander, with respect to Waldencast and the Sponsor, the brands or products, of
                  the Guarantor, Cedarwalk, or their respective Subsidiaries and Affiliates, and with respect to Cedarwalk and the Guarantor, the brands or products of Waldencast, the Sponsor or their respective subsidiaries, except that the Parties may
                  (i) make any factual statement required by law or (ii) respond to any breach by the other Parties of this Article 7.3.

              

        

        

        	7.4	
                Non-Solicitation.  During the term of this Agreement, Waldencast and the Sponsor, and their respective Subsidiaries, on the one hand, and the Guarantor and Cedarwalk and their respective Subsidiaries (including the Companies),
                  on the other hand, shall not (i) solicit, induce or attempt to solicit or induce any employee, consultant or independent contractor of the other Parties to leave the employ or engagement of such Parties, or in any way materially interfere
                  with the relationship between such Parties and any employees, consultant or independent contractor thereof, or (ii) hire or engage any person who was an employee, or known by such Person to be a consultant or independent contractor of any
                  of the other Parties at any time during the three (3) month period immediately prior to the date on which such hiring or engagement would take place; provided that the foregoing shall not prohibit soliciting by general advertisements or
                  other general recruitment techniques so long as such advertisements or techniques are not specifically directed at the employees, consultants or independent contractors of such other Party or Parties or any hiring resulting from such
                  general advertisements or recruitment techniques.

              

        

        

        
          8

          
            

        

        

        

        	8.	
                Representations and Warranties.

              

        

        

        	8.1	
                Representations and Warranties.  Each Party severally warrants to each of the other Parties that:

              

        

        

        	

              	8.1.1	
                such Party is duly organized and validly existing under the Laws of the jurisdiction of its organization.

              

        

        

        	

              	8.1.2	
                such Party has the requisite organizational power and authority to enter into and to perform its obligations under this Agreement.

              

        

        

        	

              	8.1.3	
                all organizational actions on the part of such Party necessary for the authorization of this Agreement have been taken.

              

        

        

        	

              	8.1.4	
                assuming the due authorization, execution and delivery of this Agreement by the other Parties, this Agreement constitutes legally binding and enforceable obligations of such Party (i) except as limited by
                  applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other Laws of general application affecting enforcement of creditors’ rights, and (ii) subject to general principles of equity.

              

        

        

        	

              	8.1.5	
                the execution, delivery and performance by such Party of this Agreement will not: (i) breach or violate any provision of such Party’s Organizational Documents; (ii) result in a breach or violation of any
                  applicable Law; or (iii) result in a breach of, or constitute a default under, any contract or agreement to which such Party is a party or by which such Party is bound, except in any of the cases under sub-clauses (ii) or (iii) where such
                  breach, violation or default would not materially and adversely affect such Party’s ability to enter into or perform its obligations under this Agreement.

              

        

        

        	

              	8.1.6	
                all necessary consents, licenses, approvals or authorizations of, exemptions by or registrations with or declarations by, any Governmental Authority required by such Party for the execution and delivery of this
                  Agreement have been obtained or made, are valid and subsisting and will not be contravened by the execution and delivery of this Agreement.

              

        

        

        
          
            	8.2	
                    Other Guarantor Representations and Warranties. 

                  

          

        

        

        

        
          	

                	8.2.1	The Guarantor is a creditworthy entity and has assets sufficient to satisfy its obligations under this Agreement, including in accordance with Section 7.1.

        

        

        

        
          	8.2	
                  Governing Law.  This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region, without reference to any choice of law principle or rule that would require the application of the law of any other
                    jurisdiction.

                

        

        

        

        	9.	
                Governing Law; Dispute Resolution.

              

        

        

        	9.1	
                Governing Law.  This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region, without reference to any choice of law principle or rule that would require the application of the law of any other
                  jurisdiction.

              

        

        

        	9.2	
                Dispute Resolution.  Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute
                  regarding non-contractual obligations arising out of or relating to it (each, a “Dispute”) that is not resolved by negotiation between the parties shall be submitted to mediation pursuant to the
                  Mediation Rules of the Hong Kong International Arbitration Centre (“HKIAC”).  The submission or reference to mediation does not prevent the parties from seeking any urgent interim measure or urgent
                  relief in any court or before any arbitral tribunal as referred to in clause 7 below.  Any Dispute that is not resolved in writing within 60 days following submission to mediation (and any question of the arbitral tribunal’s jurisdiction)
                  shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration Rules in force when the
                  Notice of Arbitration is submitted (the “Rules”), except as modified herein.

              

        

        

        
          9

          
            

        

        

        

        	9.3	
                The seat of arbitration shall be Hong Kong, and the arbitration shall be conducted in the English language.  The arbitration proceedings shall be governed by, and the law of the arbitration clause shall be, Hong
                  Kong law.

              

        

        

        	9.4	
                The arbitration shall be conducted by three arbitrators, two of whom who shall be designated by the parties in Notice of Arbitration and the Answer to the Notice of Arbitration.  If there are two or more than
                  two parties to an arbitration, then any of Waldencast or Sponsor that are parties to the arbitration shall designate one arbitrator, and any of Cedarwalk or Guarantor that are parties to the arbitration shall designate one arbitrator. 
                  The two arbitrators so designated shall designate the third and presiding arbitrator within twenty (20) days of the confirmation of the second arbitrator.  Any arbitrator not timely designated as provided herein shall be appointed by
                  HKIAC in accordance with the Rules.

              

        

        

        	9.5	
                The parties agree that any claims arising under this Agreement and any of the Obagi China Distribution Agreement, dated as of [_], by and between Obagi Holdings and Cedarwalk; the Transition Services Agreement,
                  dated as of [_], by and between Obagi Cosmeceuticals LLC, a Delaware limited liability company (“Obagi Cosmeceuticals”) Obagi Netherlands B.V., (“Obagi Netherlands”), Obagi Holdings and Obagi Hong Kong (the “TSA”);  the Global Supply Services Agreement dated as of [_] by and between Obagi Cosmeceuticals and Obagi Hong Kong (the “Supply Agreement”); the Intellectual Property License
                  Agreement by and between Obagi Cosmeceuticals, Obagi Holdings and Obagi Hong Kong (the “License Agreement”); and the Letter Agreement dated as of [_] by and between Obagi Holdings, Obagi
                  Cosmeceuticals and Cedarwalk (the “Obagi License Letter Agreement”), can be made in a single arbitration as though all of the claims had arisen under the same agreement.  The parties agree that when
                  two or more arbitrations have been commenced pursuant to this Agreement and any of such agreements referenced in the preceding sentence, they can be consolidated in a single arbitration as though all of the claims in the arbitrations were
                  made under the same arbitration agreement.

              

        

        

        	9.6	
                In addition to monetary damages, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to an injunction and specific performance of any obligation under this Agreement.

              

        

        

        	9.7	
                By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings. 
                  With-out prejudice to such provisional remedies that may be granted by a court, the arbitral tribunal shall have full authority to grant provisional reme-dies, to order a party to request that a court modify or vacate any temporary or
                  preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitrator’s orders to that effect.

              

        

        

        	9.8	
                The award of the arbitral tribunal shall be final and binding upon the parties thereto, and shall be the sole and exclusive remedy between the parties regarding any disputes presented to the arbitrators. 
                  Judgment upon any award may be entered in any court having jurisdiction over any party or any of its assets.

              

        

        

        	9.9	
                Any arbitration hereunder shall be confidential, and the parties and their agents agree not to disclose to any third party (i) the existence or status of the arbitration, (ii) all information made known and
                  documents produced in the arbitration not otherwise in the public domain, and (iii) all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a
                  legal right.

              

        

        

        	9.10	
                Notwithstanding any provision of this Agreement or rules of HKIAC to the contrary, each party shall be solely responsible for all costs and expenses of such party (including without limitation attorneys’ and
                  experts’ fees and expenses and costs of investigation)  relating to any mediation or arbitration relating to this Agreement.

              

        

        

        
          10

          
            

        

        

        

        	10.	
                Notices.

              

        

        

        	10.1	
                Form of Notice.  Unless otherwise expressly stated, any notice to be given hereunder shall be in writing and signed by or on behalf of the Person giving it.  Any such notice shall be given either:

              

        

        

        	

              	10.1.1	
                by email;

              

        

        

        	

              	10.1.2	
                by hand delivery; or

              

        

        

        	

              	10.1.3	
                by sending it via reputable international courier service to the Party to be served.

              

        

        

        	10.2	
                Notice Addresses.  The addresses for notices for the Parties are set forth as follows:

              

        

        

        If to Waldencast, to

        

        

        	 	
                Address:

              	
                Waldencast Acquisition Corp.

                10 Bank Street, Suite 560, White Plains, NY 10606

              

        

        

        	 	
                Attention:

              	
                Tassilo Festetics

              

        

        

        	 	
                Email:

              	
                tassilo@waldencast.com

              

        

        

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

              

        

        

        	 	
                Skadden, Arps, Slate, Meagher & Flom LLP

                One Manhattan West

                New York, New York 10001

              
	 	
                Attention:

              	
                Paul T. Schnell

                Maxim Mayer-Cesiano

              
	 	
                Email:

              	
                paul.schnell@skadden.com

                maxim.mayercesiano@skadden.com

              

        

        

        If to Sponsor, to

        

        

        	 	
                Address:

              	
                Maples Corporate Services Limited

                PO Box 309, Ugland House Grand Cayman E9

                KY1-1104

              

        

        

        	 	
                Attention:

              	
                Emerson Melo

              

        

        

        	 	
                Email:

              	
                emersonm@dynamo.com.br

              

        

        

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

              

        

        

        	 	
                Skadden, Arps, Slate, Meagher & Flom LLP

                One Manhattan West

                New York, New York 10001

              
	 	
                Attention:

              	
                Paul T. Schnell

                Maxim Mayer-Cesiano

              

        

        

        	 	
                Email:

              	
                paul.schnell@skadden.com

                maxim.mayercesiano@skadden.com

              

        

        

        
          11

          
            

        

        

        

        If to Cedarwalk, to:

        

        

        	 	
                Address:

              	
                Cedarwalk Skincare Limited

                Rm 3001-3010

                30/F, China Resource Building

                26 Harbour Rd

                Wanchai, Hong Kong

              

        

        

        	 	
                Attention:

              	
                Mr. Simon Dai

              

        

        

        	 	
                Email:

              	
                Simon-dsc@hotmail.com

              

        

        

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

              

        

        

        	 	
                Nixon Peabody LLP

                Tower 46

                55 West 46th Street

                New York, New York 10036-4120

              
	 	
                Attention:

              	
                David Cheng, Esq.

                Richard F. Langan, Jr., Esq.

              

        

        

        	 	
                Email:

              	
                dcheng@nixonpeabody.com

                rlangan@nixonpeabody.com

              

        

        

        If to the Guarantor, to:

        

        

        	 	
                Address:

              	
                [Name of Guarantor]

                Rm 3001-3010

                30/F, China Resource Building

                26 Harbour Rd

                Wanchai, Hong Kong

              

        

        

        	 	
                Attention:

              	
                Mr. Steven Dai

              

        

        

        	 	
                Email:

              	
                steve.dai@zhfinh.com

              

        

        

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

              

        

        

        	 	
                Nixon Peabody LLP

                Tower 46

                55 West 46th Street

                New York, New York 10036-4120

              
	 	
                Attention:

              	
                David Cheng, Esq.

                Richard F. Langan, Jr., Esq.

              

        

        

        	 	
                Email:

              	
                dcheng@nixonpeabody.com

                rlangan@nixonpeabody.com

              

        

        

        
          12

          
            

        

        

        

        Any Party’s address may be changed by such Party by notification to the Company and the other Parties in accordance with this Article 10.  Any notice or communication given by email shall be promptly confirmed by
          delivery of a copy of such notice or communication by hand or overnight delivery service; provided that for purposes of determining time of receipt of the notice, Article 10.3.1 shall apply.

        

        

        	10.3	
                Service of Notice.  Any notice given pursuant to:

              

        

        

        	

              	10.3.1	
                Article 10.1.1 shall be deemed to be given at the time the email containing or attaching the notice was sent to the email address referred to in Article 10.2, as recorded on the email account on the sender’s
                  machine; provided that (i) if such time shall not be during a Business Day or is after 5:30 p.m. on a Business Day (addressee’s local time), such notice shall be deemed to be given at 9:00 a.m. (addressee’s local time) on the next
                  following Business Day and (ii) receipt shall not occur if the sender receives an automated message indicating that the message has not been delivered to the recipient; and

              

        

        

        	

              	10.3.2	
                Article 10.1.2 or Article 10.1.3 shall be deemed to be given at the time of delivery (with proof of receipt), unless such time shall not be during a Business Day or is after 5:30 p.m. on a Business Day
                  (addressee’s local time), in which event it shall be deemed to be given at 9:00 a.m. (addressee’s local time) on the next following Business Day.

              

        

        

        	11.	
                Miscellaneous.

              

        

        

        	11.1	
                Entire Agreement.  This Agreement supersedes all prior agreements, whether written or oral, between the Parties with respect to its subject matter and constitutes a complete and exclusive statement of the
                  terms of the agreement between the Parties with respect to the subject matter of this Agreement.

              

        

        

        	11.2	
                Specific Performance.  The Parties hereby acknowledge and agree that the failure of a Party to perform its agreements and covenants hereunder may cause irreparable injury to the other Parties, for which
                  damages alone, even if available, will not be an adequate remedy.  Accordingly, each Party hereby consents that, notwithstanding Article 9.2, the Parties shall be entitled to seek the remedies of injunction, specific performance or other
                  equitable relief from any court or tribunal of competent jurisdiction for any threatened or actual breach of the terms of this Agreement, to enforce specifically the terms and provisions hereof and to compel performance of such Party’s
                  obligations, this being in addition to and without prejudice to any other rights or remedies to which any Party is entitled under this Agreement.  The Parties further agree to waive any requirement for the securing or posting of any bond
                  in connection with any such remedy, and that, such remedy shall be in addition to any other remedy to which a Party is entitled at law or in equity.

              

        

        

        	11.3	
                No Assignments Generally.  Except in connection with Permitted Transfers, no Party may assign the benefit of this Agreement (in whole or in part) or transfer, declare a trust over or otherwise
                    dispose of in any manner whatsoever its rights or obligations under this Agreement or subcontract or delegate in any manner whatsoever its performance under this Agreement (each of the above, a “dealing”) without the prior written consent of the other Parties.  Except as expressly permitted by this Article 11.3, any dealing or purported dealing with respect to the whole or any part of this Agreement shall be
                    void.

              

        

        

        	11.4	
                Amendments and Waivers.  No variation of this Agreement shall be effective unless in writing and signed by or on behalf of the Parties.  Any amendment, termination or waiver of any term of this Agreement
                  effected in accordance with this Article 11.4 shall be binding upon each of the Parties hereto and their respective successors and assigns.

              

        

        

        
          13

          
            

        

        

        

        	11.5	
                Remedies and Waivers.

              

        

        

        	

              	11.5.1	
                No waiver of any right under this Agreement shall be effective unless in writing.  Unless expressly stated otherwise a waiver shall be effective only in the circumstances for which it is given.

              

        

        

        	

              	11.5.2	
                No delay or omission by any Party in exercising any right or remedy provided by law or under this Agreement shall constitute a waiver of such right or remedy.

              

        

        

        	

              	11.5.3	
                The single or partial exercise of a right or remedy under this Agreement shall not preclude any other nor restrict any further exercise of any such right or remedy.

              

        

        

        	

              	11.5.4	
                The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies provided by law.

              

        

        

        	

              	11.5.5	
                Without prejudice to any other rights or remedies that a Party may have, the Parties acknowledge and agree that damages may not be an adequate remedy for any breach of this Agreement and that the remedies of
                  injunction, specific performance and other equitable remedies will be available where appropriate.

              

        

        

        	11.6	
                Counterparts.  This Agreement may be executed in two or more counterparts, and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document,
                  but all of which together shall constitute one and the same instrument.  Copies of executed counterparts of this Agreement transmitted by electronic transmission (including by email or in .pdf format) or facsimile as well as
                  electronically or digitally executed counterparts (such as DocuSign) shall have the same legal effect as original signatures and shall be considered original executed counterparts of this Agreement.

              

        

        

        	11.7	
                Severability and Validity.  If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the Law of any jurisdiction, it shall be deemed to be severed from this
                  Agreement and the Parties shall use all reasonable endeavors to replace such provision with one having an effect as close as possible to the deficient provision.  The remaining provisions will remain in full force in that jurisdiction and
                  all provisions will continue in full force in any other jurisdiction.

              

        

        

        	11.8	
                Costs and Expenses.  Save as otherwise expressly provided in this Agreement, each Party shall pay its own costs, charges and expenses (including legal fees) in relation to the negotiation, preparation,
                  execution and implementation of this Agreement and all other documents mentioned herein.

              

        

        

        	11.9	
                Third Parties.  This Agreement is binding upon, inures to the benefit of and is enforceable by, the Parties and their respective successors and assigns.  A Person who is not a Party to this Agreement
                  shall have no right under this Agreement to enforce any of the terms of this Agreement.  The Parties may amend or vary this Agreement in accordance with its terms without the consent of any other Person.

              

        

        

        	11.10	
                Further Assurance.  Each of the Parties severally undertakes that it shall take all reasonable steps within their powers to perform or procure the performance of all such acts and execute and deliver or
                  procure the execution and delivery of all such documents (in each case at its own expense), as may be required by applicable Law or as any other Party may reasonably require in order to secure to the other Parties the full benefit of this
                  Agreement.

              

        

        

        	11.11	
                Designee.  Where Waldencast has the right to designate a designee under this Agreement, it may designate any of its controlled Affiliates (a “Permitted
                    Designee”) as its designee to accept or exercise the applicable right or power hereunder for such designee’s own account; provided, however, that no such designation shall relieve Waldencast of any of its obligations under this Agreement.

              

        

        

        [Remainder of Page Intentionally Left Blank]

        

        

        
          14

          
            

        

        

        

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

        

        

        

        

        	 	
                Waldencast Acquisition Corp.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        

        

        

        

        	 	
                Waldencast Long-Term Capital LLC

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        
          
            

        

        

        

        	 	
                Cedarwalk Skincare Ltd.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        

        

        

        

        	 	
                [The Guarantor]

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

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