SEC Contract Filing

Filing Date: 2021-03-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>ea137646ex10-3_ftacparna.htm
<DESCRIPTION>REGISTRATION RIGHTS AGREEMENT, DATED MARCH 11, 2021, BETWEEN THE COMPANY AND CERTAIN SECURITY HOLDERS OF THE COMPANY
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS REGISTRATION
RIGHTS AGREEMENT</B> (this &ldquo;<B><I>Agreement</I></B>&rdquo;), dated as of March 11, 2021, is made and entered into by and
among each of FTAC Parnassus Acquisition Corp., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), FTAC Parnassus
Sponsor, LLC, a Delaware limited liability company, and FTAC Parnassus Advisors, LLC, a Delaware limited liability company (collectively,
the &ldquo;<B><I>Sponsor</I></B>&rdquo;) and the undersigned parties listed on the signature page&nbsp;hereto (each such party,
together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to&nbsp;<U>Section&nbsp;5.2</U>&nbsp;of
this Agreement, a &ldquo;<B><I>Holder</I></B>&rdquo; and collectively the &ldquo;<B><I>Holders</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company has issued the Sponsor an aggregate of 8,663,333 shares (the &ldquo;<B><I>Founder Shares</I></B>&rdquo;) of the Company&rsquo;s
Class B common stock, $0.0001 par value per share (the &ldquo;<B><I>Class B Common Stock</I></B>&rdquo;), of which an aggregate
of 1,100,000 Founder Shares are subject to forfeiture to the extent that the underwriters of the Company&rsquo;s initial public
offering (the &ldquo;<B><I>IPO</I></B>&rdquo;) do not exercise their overallotment option in full;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Founder Shares are convertible into shares of the Company&rsquo;s Class&nbsp;A common stock, par value $0.0001 per share (the<B>&nbsp;&rdquo;<I>Common
Stock</I></B>&rdquo;), on the terms and conditions provided in the Company&rsquo;s amended and restated certificate of incorporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Sponsor has entered into a unit subscription agreement with the Company (the &ldquo;<B><I>Placement Unit Subscription Agreement</I></B>&rdquo;),
pursuant to which the Sponsor has agreed to purchase&nbsp;345,000 units of the Company (each, a &ldquo;<B><I>Placement Unit</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Placement Units</I></B>&rdquo;), each Placement Unit consisting of one share of Common Stock
(each, a &ldquo;<B><I>Placement Share</I></B>&rdquo; and collectively, the &ldquo;<B><I>Placement Shares</I></B>&rdquo;) and one
fourth of one warrant to purchase one share of Common Stock (each, a &ldquo;<B><I>Placement Warrant</I></B>&rdquo; and collectively,
the &ldquo;<B><I>Placement Warrants</I></B>&rdquo;) in a private placement transaction (the &ldquo;<B><I>Private Placement</I></B>&rdquo;)
occurring simultaneously with the closing of the IPO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS, </B>the
Company, the Sponsor and certain funds and accounts managed by subsidiaries of Millennium Management LLC (the &ldquo;<B><I>Anchor
Investor</I></B>&rdquo;) have entered into that a purchase agreement (the &ldquo;<B><I>Anchor Investor Purchase Agreement</I></B>&rdquo;),
pursuant to which the Anchor Investor has agreed to purchase (i) an aggregate of 345,000 Placement Units in the Private Placement
occurring simultaneously with the closing of the IPO and (ii) up to 1,380,000 Founder Shares from the Sponsor upon consummation
of the initial Business Combination (as defined below);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, in
order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of
the Sponsor may loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible
into units, each unit consisting of one share of Common Stock and one fourth of one warrant to purchase one share of Common Stock
(&ldquo;<B><I>Working Capital Units</I></B>&rdquo;) at a price of $10.00 per unit; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;