Exhibit 4
Execution
Version
AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT
This Amended and Restated
Registration Rights Agreement (this “Agreement”) is entered into as of August 24, 2021 (the “Effective
Date”) by and among: SmartRent, Inc., a Delaware corporation f/k/a Fifth Wall Acquisition Corp. I, a Delaware corporation
(the “Company”), the equityholders designated as Sponsor Equityholders on Schedule A hereto
(collectively, the “Sponsor Equityholders”), and the equityholders designated as Legacy SmartRent Equityholders
on Schedule B hereto (collectively, the “Legacy SmartRent Equityholders” and, together
with the Sponsor Equityholders and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.3 of
this Agreement, the “Holders” and each individually a “Holder”).
RECITALS
WHEREAS,
the Company, Einstein Merger Corp. I, a Delaware corporation (“Merger Sub”), and SmartRent Technologies, Inc.,
a Delaware corporation (“Legacy SmartRent”), are parties to that certain Merger Agreement, dated as of April 21,
2021 (the “Merger Agreement”), pursuant to which, on the Effective Date, Merger Sub merged with and into Legacy
SmartRent (the “Merger”), with Legacy SmartRent surviving the Merger as a wholly owned subsidiary of the Company;
WHEREAS,
the Legacy SmartRent Equityholders are receiving shares of Common Stock (as defined below) (the “Merger Shares”)
on or about the Effective Date, pursuant to the Merger Agreement;
WHEREAS,
the Sponsor Equityholders held an aggregate of 8,625,000 of Class B common stock of the Company, par value $0.0001 per share, immediately
prior to the consummation of the Merger, which, upon the consummation of the Merger, have automatically been converted into 8,625,000
shares of Common Stock (the “Sponsor Shares”);
WHEREAS,
Fifth Wall Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), acquired 1,047,500
shares of Common Stock (the “Private Placement Shares”) pursuant to the terms of that certain Private Placement
Share Purchase Agreement, dated as of February 4, 2021 (the “Private Placement Share Purchase Agreement”);
WHEREAS,
the Company, the Sponsor, and the parties listed under Holder on the signature page thereto, are parties to that certain Registration
and Stockholder Rights Agreement, dated as of February 4, 2021 (the “Prior Agreement”); and
WHEREAS,
in connection with the consummation of the Merger, the parties to the Prior Agreement desire to amend and restate the Prior Agreement
in its entirety as set forth herein, and the parties hereto desire to enter into this Agreement pursuant to which the Company shall grant
the Holders certain registration rights with respect to the Registrable Securities (as defined below) on the terms and conditions set
forth in this Agreement.
NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows.
Article I
DEFINITIONS
The following capitalized
terms used herein have the following meanings:
“Adverse Disclosure”
means any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer of the Company or principal financial officer of the Company, after consultation with counsel to the Company, (a) would be
required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in
the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(b) would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used,
as the case may be, and (c) the Company has a bona fide business purpose for not making such information public.
“Agreement”
is defined in the preamble to this Agreement.
“Blackout
Period” is defined in Section 3.4(b).
“Block
Trade” means an offering and/or sale of Registrable Securities by any Holder on a block trade or underwritten basis (whether
firm commitment or otherwise) without substantial marketing efforts prior to pricing, including, without limitation, a same day
trade, overnight trade or similar transaction.
“Board”
means the board of directors of the Company.
“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.
“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.
“Company”
is defined in the preamble to this Agreement.
“Demanding Holder”
is defined in Section 2.1(d).
“Effective Date”
is defined in the preamble to this Agreement.
“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all
as the same shall be in effect at the time.
“FINRA”
means the Financial Industry Regulatory Authority Inc.
“Form S-1 Shelf”
is defined in Section 2.1(a).
“Form S-3 Shelf”
is defined in Section 2.1(a).
“Governmental
Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory
or administrative agency (which for the purposes of this Agreement shall include FINRA and the Commission), governmental commission, department,
board, bureau, agency or instrumentality, court or tribunal.
“Governmental
Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by
or with any Governmental Authority.
“Holder”
is defined in the preamble to this Agreement.
“Holder Indemnified
Party” is defined in Section 4.1.
“Indemnified Party”
is defined in Section 4.3.
“Indemnifying
Party” is defined in Section 4.3.
“Law”
means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority.
“Legacy SmartRent”
is defined in the recitals to this Agreement.
“Legacy SmartRent
Equityholders” is defined in the preamble to this Agreement.
“Maximum Number
of Securities” is defined in Section 2.1(e).
“Merger”
is defined in the recitals to this Agreement.
“Merger Agreement”
is defined in the recitals to this Agreement.
“Merger Shares”
is defined in the recitals to this Agreement.
“Merger Sub”
is defined in the recitals to this Agreement.
“Minimum Takedown
Threshold” is defined in Section 2.1(d).
“Misstatement”
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.
“New Registration
Statement” is defined in Section 2.1(g).
“Notices”
is defined in Section 5.4.
“Other Coordinated
Offering” is defined in Section 2.4(a).
“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.
“Piggyback Registration”
is defined in Section 2.2(a).
“Prior Agreement”
is defined in the recitals to this Agreement.
“Private
Placement Shares” is defined in the recitals to this Agreement.
“Private
Placement Share Purchase Agreement” is defined in the recitals to this Agreement.
“Prospectus”
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any
and all post-effective amendments and including all material incorporated by reference in such prospectus.
“Register,”
“Registered” and “Registration” mean a registration, including any related Shelf Takedown
but excluding a registration on Form S-4 or Form S-8, or their successors, or any registration covering only securities proposed
to be issued in exchange for securities or assets of another entity), effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such registration statement becoming effective.
“Registrable
Securities” means (a) the Sponsor Shares and the shares of Common Stock issued upon the conversion of the Sponsor Shares,
(b) the Private Placement Shares, (c) any outstanding shares of Common Stock held by a Holder as of the Effective Date (including
the Merger Shares), (d) any shares of Common Stock of the Company (including any shares of Common Stock issued or issuable upon the
exercise of any outstanding Warrants held by a Holder as of the Effective Date) otherwise acquired or owned by a Holder following the
date hereof to the extent such securities are “restricted securities” (as defined in Rule 144) or are otherwise held
by an “affiliate” (as defined in Rule 144) of the Company, and (e) any other equity security of the Company
issued or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation, spin off, reorganization or similar transaction; provided, however,
that, as to any particular Registrable Securities, such securities shall cease to be Registrable Securities upon the earliest to occur
of: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act
and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such
securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the
Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such securities may be sold without registration
pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume or other restrictions or
limitations including as to manner or timing of sale); or (v) such securities have been sold to, or through, a broker, dealer or
underwriter in a public distribution or other public securities transaction.
“Registration
Expenses” shall mean the expenses of a Registration, including, without limitation, the following:
(a) all
registration and filing fees (including fees with respect to filings required to be made with FINRA) and any national securities exchange
on which the Common Stock is then listed;
(b) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters,
placement agent or sales agent in connection with blue sky qualifications of Registrable Securities);
(c) printing,
messenger, telephone and delivery expenses;
(d) reasonable
fees and disbursements of counsel for the Company;
(e) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such
Registration; and
(f) reasonable
fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten
Offering or Other Coordinated Offering.
“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.
“Requesting Holder”
is defined in Section 2.1(e).
“SEC Guidance”
is defined in Section 2.1(g).
“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.
“Shelf”
means the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.
“Shelf Registration”
means a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415
promulgated under the Securities Act (or any successor rule then in effect).
“Shelf Takedown”
means an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.
“Sponsor Equityholders”
is defined in the preamble to this Agreement.
“Sponsor Shares”
is defined in the recitals to this Agreement.
“Subscription
Agreements” means those certain subscription agreements the Company entered into with certain investors pursuant to which
such investors purchased shares of Common Stock in connection with the consummation of the transactions contemplated in the Merger Agreement.
“Subsequent Shelf
Registration” is defined in Section 2.1(b).
“Suspension
Period” is defined in Section 3.4(a).
“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect
to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making activities.
“Underwritten
Offering” means a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.
“Underwritten
Shelf Takedown” is defined in Section 2.1(d).
“Warrants”
means the warrants of the Company, with each whole warrant entitling the holder to purchase one share of Common Stock, held by any Holder.
“Withdrawal Notice”
is defined in Section 2.1(f).
Article II
REGISTRATION RIGHTS.
Section 2.1. Shelf
Registration.
(a) Filing.
Subject to Section 3.3, the Company shall file within 45 days after the date of this Agreement, and use commercially reasonable
efforts to cause to be declared effective as soon as practicable thereafter, a Registration Statement for a Shelf Registration on Form S-1 (the
“Form S-1 Shelf”) covering the resale of all the Registrable Securities (determined as of two (2) business
days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective
amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. Following the filing of the Form S-1 Shelf,
the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration)
to a Registration Statement on Form S-3 (the “Form S-3 Shelf”) as soon as practicable after
the Company is eligible to use Form S-3.
(b) Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly as
is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of
such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”)
registering the resale of all Registrable Securities (determined as of two (2) business days prior to such filing), and pursuant
to any method or combination of methods legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration
is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective
under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf
Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if
the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable
eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in
compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent
Shelf Registration shall be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent
Shelf Registration shall be on another appropriate form.
(c) Additional
Registrable Securities. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed
or continuous basis, the Company, upon request of a Legacy SmartRent Equityholder or a Sponsor Equityholder that holds at least five percent
(5.0%) of the Registrable Securities, shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities
to be covered by either, at the Company’s option, the Shelf (including by means of a post-effective amendment) or a Subsequent Shelf
Registration and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration
shall be subject to the terms hereof; provided, however, that the Company shall only be required to cause such
Registrable Securities to be so covered twice in any twelve (12) month period for the Legacy SmartRent Equityholders, on the one hand,
and the Sponsor Equityholders, on the other hand.
(d) Requests
for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf is on file with the Commission, any one
or more Legacy SmartRent Equityholders or one or more Sponsor Equityholders (any of the Legacy SmartRent Equityholders or the Sponsor
Equityholders being, in such case, a “Demanding Holder”) may request to sell all or any portion of its Registrable
Securities in an Underwritten Offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided in
each case that the Company shall only be obligated to effect an Underwritten Offering if such offering shall include Registrable Securities
proposed to be sold by the Demanding Holder(s) with a total offering price reasonably expected to exceed, in the aggregate, fifty
million dollars ($50,000,000) (the “Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns
shall be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to
be sold in the Underwritten Shelf Takedown. Promptly (but in any event within ten (10) days) after receipt of a request for Underwritten
Shelf Takedown, the Company shall give written notice of the Underwritten Shelf Takedown to all other Holders. Subject to Section 2.4(d),
the Company shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable nationally
recognized investment banks), subject to the initial Demanding Holder’s prior approval (which shall not be unreasonably withheld,
conditioned or delayed). The Legacy SmartRent Equityholders, on the one hand, and the Sponsor Equityholders, on the other hand, may each
demand not more than two (2) Underwritten Shelf Takedowns pursuant to this Section 2.1(d) in any twelve (12)
month period. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Shelf Takedown
pursuant to any then effective Registration Statement, including the Form S-3 Shelf, that is then available for such offering.
(e) Reduction
of Underwritten Shelf Takedown. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown advises the Company,
the Demanding Holders and the Holders requesting piggy-back rights pursuant to this Agreement with respect to such Underwritten Shelf
Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or
other equity securities that the Company desires to sell and all other shares of Common Stock or other equity securities, if any, that
have been requested to be sold in such Underwritten Shelf Takedown pursuant to separate written contractual piggy-back registration rights
held by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Shelf Takedown without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Shelf Takedown, before including any shares of Common Stock or other equity securities
proposed to be sold by Company or by other holders of Common Stock or other equity securities of the Company that the Company is obligated
to register pursuant to separate written contractual arrangements with such persons or entities, the Registrable Securities of the Demanding
Holders and the Requesting Holders (if any) (pro rata, as nearly as practicable, based on the respective number of Registrable Securities
that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown and the aggregate
number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Shelf
Takedown, or in such other proportion as shall mutually be agreed to by all such Demanding Holders and Requesting Holders) that can be
sold without exceeding the Maximum Number of Securities; provided, however, that the number of Registrable Securities
held by the Holders to be included in such Underwritten Shelf Takedown shall not be reduced unless all other securities are first entirely
excluded from the Underwritten Shelf Takedown. To facilitate the allocation of Registrable Securities in accordance with the above provisions,
the Company or the Underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. The inclusion of any
Holder’s Registrable Securities in an Underwritten Shelf Takedown shall be subject to such Holder’s agreement to enter into
an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.
(f) Withdrawal.
Prior to the filing of the applicable “red xxxxxxx” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right
to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten
Shelf Takedown; provided that any Legacy SmartRent Equityholder or Sponsor Equityholder may elect to have the Company
continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable Securities proposed
to be sold in the Underwritten Shelf Takedown by such Holder. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute
a demand for an Underwritten Shelf Takedown for purposes of Section 2.1(d), unless either (i) the Demanding Holder has
not previously withdrawn any Underwritten Offering or (ii) the Holder reimburses the Company for all Registration Expenses with respect
to such Underwritten Shelf Takedown; provided that, if a Legacy SmartRent Equityholder or a Sponsor Equityholder elects
to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown
shall instead count as an Underwritten Shelf Takedown demanded by the Legacy SmartRent Equityholders or the Sponsor Equityholders, as
applicable, for purposes of Section 2.1(d). Following the receipt of any Withdrawal Notice, the Company shall promptly forward
such Withdrawal Notice to any other Holders that had elected to participate in such Underwritten Shelf Takedown. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten
Shelf Takedown prior to its withdrawal under this Section 2.1(f), other than if a Demanding Holder elects to pay such Registration
Expenses pursuant to the second sentence of this Section 2.1(f).
(g) New
Registration Statement. Notwithstanding the registration obligations set forth in this Section 2.1, in the event the Commission
informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for
resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each of the holders
thereof and use its commercially reasonable efforts to file amendments to the Shelf Registration as required by the Commission and/or
(ii) withdraw the Shelf Registration and file a new registration statement (a “New Registration Statement”),
on Form S-3, or if Form S-3 is not then available to the Company for such registration statement, on such other form
available to register for resale of the Registrable Securities as a secondary offering; provided, however, that
prior to filing such amendment or New Registration Statement, the Company shall use its commercially reasonable efforts to advocate with
the Commission for the registration of all of the Registrable Securities in accordance with any publicly-available written or oral guidance,
comments, requirements or requests of the Commission staff (the “SEC Guidance”), including without limitation,
the Manual of Publicly Available Telephone Interpretations D.29. Notwithstanding any other provision of this Agreement, if any SEC Guidance
sets forth a limitation of the number of Registrable Securities permitted to be registered on a particular Registration Statement as a
secondary offering (and notwithstanding that the Company used commercially reasonable efforts to advocate with the Commission for the
registration of all or a greater number of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable
Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced on a pro rata basis based
on the total number of Registrable Securities held by the Holders, subject to a determination by the Commission that certain Holders must
be reduced first based on the number of Registrable Securities held by such Holders. In the event the Company amends the Shelf Registration
or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially
reasonable efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants
of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale
those Registrable Securities that were not registered for resale on the Shelf Registration, as amended, or the New Registration Statement.
(h) Effective
Registration. Notwithstanding the provisions of Section 2.1(c) or Section 2.1(d) above or any
other part of this Agreement, a Registration shall not count as a Registration unless and until (i) the Registration Statement has
been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with
respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an
offering of Registrable Securities is subsequently interfered with by any stop order or injunction of the Commission, federal or state
court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared
effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders initiating such Registration thereafter affirmatively elect to continue with such Registration and accordingly notify
the Company in writing, but in no event later than five (5) days, of such election; provided, further, that the
Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously
filed with respect to a Registration pursuant to an Underwritten Shelf Takedown becomes effective or is subsequently terminated.
Section 2.2. Piggyback
Registration.
(a) Piggyback
Rights. Subject to Section 2.4(c), if the Company or any Holder proposes to conduct a registered offering of, or if the
Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1 hereof), other than a Registration Statement (or any registered offering with respect
thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration
Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any
successor rule thereto), (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for
a dividend reinvestment plan or (v) for a rights offering, then the Company shall give written notice of such proposed offering to
all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing
date of such Registration Statement or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red
xxxxxxx” prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and
type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity
to include in such registered offering such number of Registrable Securities as such Holders may request in writing within five (5) days
after receipt of such written notice (such Registration, a “Piggyback Registration”). Subject to Section 2.2(b),
the Company shall cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this Section 2.2(a) to be included therein on the same terms and conditions as any
similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in
a Piggyback Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering by the Company.
(b) Reduction
of Offering. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good
faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar
amount or number of shares of Common Stock or other equity securities that the Company desires to sell, taken together with (i) the
shares of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the
Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the shares
of Common Stock or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate
written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:
(i) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering: (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which
can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Section 2.2(a), pro rata (as nearly as practicable), based on the respective number of Registrable
Securities that each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities
that the Holders have requested to be included in such Underwritten Offering or in such other proportions as shall mutually be agreed
to by all such selling Holders, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or
other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to written contractual
piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;
(ii) If
the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering: (A) first, the shares of Common Stock or other equity
securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2(a), pro rata (as nearly as practicable), based on the respective number of Registrable Securities
that each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders
have requested to be included in such Underwritten Offering or in such other proportions as shall mutually be agreed to by all such selling
Holders, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that
the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock
or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate
written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities;
and
(iii) If
the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1
hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section 2.1(e).
(c) Piggyback
Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal from an Underwritten Shelf
Takedown, and related obligations, shall be governed by Section 2.1(f)) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red xxxxxxx” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration (which, in no circumstance, shall include the Shelf) at any time prior to the effectiveness of such Registration
Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1(f)), the Company shall be responsible
for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.2(c).
(d) Unlimited
Piggyback Registration Rights. For purposes of clarity, any Piggyback Registration effected pursuant to Section 2.2 hereof
shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1(d) hereof.
Section 2.3. Market Stand-Off.
In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated Offering),
each Holder given an opportunity to participate in the Underwritten Offering pursuant to the terms of this Agreement agrees that it shall
not Transfer any shares of Common Stock or other equity securities of the Company (other than those included in such offering pursuant
to this Agreement), without the prior written consent of the Company, during the ninety (90) day period beginning on the date
of pricing of such offering or such shorter period during which the Company agrees not to conduct an underwritten primary offering of
Common Stock, except in the event the Underwriters managing the offering otherwise agree by written consent. Each Holder agrees to execute
a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and
conditions as all such Holders).
Section 2.4. Block
Trades; Other Coordinated Offerings.
(a) Notwithstanding
the foregoing, at any time and from time to time when an effective Shelf is on file with the Commission and effective, if a Demanding
Holder wishes to engage in (i) a Block Trade or (ii) an “at the market” or similar registered offering through a
broker, sales agent or distribution agent, whether as agent or principal (an “Other Coordinated Offering”),
in each case with a total offering price reasonably expected to exceed, in the aggregate, either (A) fifty million dollars ($50,000,000)
or (B) all remaining Registrable Securities held by the Demanding Holder, then notwithstanding the time periods provided for in Section 2.1(d),
such Demanding Holder shall notify the Company of the Block Trade or Other Coordinated Offering at least five (5) business days prior
to the day such offering is to commence, and the Company shall use its commercially reasonable efforts to facilitate such Block Trade
or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities wishing to engage
in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any Underwriters
or placement agents or sales agents prior to making such request in order to facilitate preparation of the registration statement, prospectus
and other offering documentation related to the Block Trade or Other Coordinated Offering.
(b) Prior
to the filing of the applicable “red xxxxxxx” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to submit a Withdrawal Notice to the Company and the Underwriter or Underwriters or placement agents or sales agents
(if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block Trade or Other Coordinated
Offering prior to its withdrawal under this Section 2.4(b).
(c) Notwithstanding
anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade or Other Coordinated Offering
initiated by a Demanding Holder pursuant to this Agreement.
(d) The
Demanding Holder in a Block Trade shall have the right to select the Underwriters and any sale agents or placement agents (if any) for
such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable nationally recognized investment
banks).
Article III
REGISTRATION PROCEDURES
Section 3.1. Filings;
Information. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts to effect
the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously
as practicable, and in connection therewith:
(a) Filing
Registration Statement. The Company shall prepare and file with the Commission as soon as practicable a Registration Statement on
any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its commercially reasonable efforts to cause such Registration Statement to become effective and use its commercially
reasonable efforts to keep it effective for the period required by Section 3.1(c).
(b) Copies.
The Company shall, prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge
to the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Holders of Registrable Securities included in such Registration or legal counsel for any such Holders
may request in order to facilitate the disposition of the Registrable Securities owned by such Holders.
(c) Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth
in such Registration Statement or such securities have been withdrawn.
(d) Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such
filing, notify the Holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify
such Holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of any of the
following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission
for any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for additional information or of
the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of the securities covered by such Registration Statement, such Prospectus will not contain a Misstatement, and promptly
make available to the Holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except
that before filing with the Commission a Registration Statement or Prospectus or any amendment or supplement thereto, including documents
incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement
and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to
provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall
consider such comments in good faith before filing any Registration Statement or Prospectus or amendment or supplement thereto, including
documents incorporated by reference.
(e) State
Securities Laws Compliance. The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify but for this paragraph or take any action to which it would be subject to general service of process or taxation in any such
jurisdiction.
(f) Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement or other sales
or distribution agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate
the disposition of such Registrable Securities. The representations, warranties and covenants of the Company in any such agreement which
are made to or for the benefit of any Underwriters or other placement agent or sales agent, to the extent applicable, shall also be made
to and for the benefit of the Holders of Registrable Securities included in such registration statement. No Holder included in a Registration
Statement to which such underwriting agreement relates shall be required to make any representations or warranties in the underwriting
agreement except, if applicable, with respect to such Holder’s organization, good standing, authority, title to Registrable Securities,
lack of conflict of such sale with such Holder’s material agreements and organizational documents, and with respect to written information
relating to such Holder that such Holder has furnished in writing expressly for inclusion in such Registration Statement.
(g) Cooperation.
The principal executive officer, principal financial officer and principal accounting officer of the Company and all other officers and
members of the management of the Company shall reasonably cooperate in any offering of Registrable Securities hereunder, which cooperation
shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering
materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.
(h) Records.
The Company shall make available for inspection by the Holders of Registrable Securities included in such Registration Statement, any
Underwriter or placement agent or sales agent participating in any disposition pursuant to such registration statement and any attorney,
accountant or other professional retained by any Holder of Registrable Securities included in such Registration Statement or any Underwriter
or placement agent or sales agent, all financial and other records, pertinent corporate documents and properties of the Company, as shall
be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees
to supply and be available to discuss any information reasonably requested by any of them in connection with such Registration Statement; provided, however,
that such Underwriter, placement agent, sales agent or other representatives enter into a confidentiality agreement, in form and substance
reasonably satisfactory to the Company, prior to the release or disclosure of any such information.
(i) Opinions
and Comfort Letters. The Company shall use commercially reasonable efforts to obtain (i) a “comfort” letter (including
a bring-down letter dated as of the date the Registrable Securities are delivered for sale pursuant to such Registration) from the Company’s
independent registered public accountants in the event of an Underwritten Offering, Block Trade or Other Coordinated Offering, in customary
form and covering such matters of the type customarily covered by “comfort” letters as the managing Underwriter or placement
agent or sales agent may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders,
and (ii) an opinion and negative assurance letter, to be delivered on the date the Registrable Securities are delivered for sale
pursuant to such Registration Statement, of counsel representing the Company for the purposes of such Registration, addressed to the Holders,
the placement agent or sale agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration
in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and
as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of
the participating Holders; provided, however, that counsel for the Company shall not be required to provide any
opinions with respect to any Holder.
(j) Earnings
Statement. The Company shall comply in all material respects with all applicable rules and regulations of the Commission and
the Securities Act and make available to its shareholders, as soon as reasonably practicable, an earnings statement covering a period
of twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of
the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder.
(k) Listing.
The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration to be listed
on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or
designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the
Registrable Securities included in such registration.
(l) Road
Show. If the Registration involves an Underwritten Offering of Registrable Securities for gross proceeds in excess of fifty million
dollars ($50,000,000), the Company shall use its reasonable efforts to make available senior executives of the Company to participate
in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering.
Section 3.2. Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ or agents’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
Section 3.3. Information.
The Holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter
or placement agent or sales agent, if any, in connection with the preparation of any Registration Statement or Prospectus, including
amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant
to Article II and in connection with the Company’s obligation to comply with federal and applicable state securities
laws. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide such information, the Company may exclude
such Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based
on the advice of counsel, that such information is necessary to effect the Registration and such Holder continues thereafter to withhold
such information. No person may participate in any Underwritten Offering or other coordinated offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities
on the basis provided in any arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may
be reasonably required under the terms of such arrangements. The exclusion of a Holder’s Registrable Securities as a result of
this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.
Section 3.4. Suspension
of Sales; Adverse Disclosure; Restrictions on Registration Rights.
(a) Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall
forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting
the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable
after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed (any such
period, a “Suspension Period”).
(b) If
the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would (i) require
the Company to make an Adverse Disclosure, (ii) require the inclusion in such Registration Statement of financial statements that
are unavailable to the Company for reasons beyond the Company’s control, or (iii) in the good faith judgment of the majority
of the Board, be seriously detrimental to the Company and the majority of the Board concludes as a result that it is essential to defer
such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice of such action to
the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time,
but in no event more than sixty (60) consecutive days, determined in good faith by the Company necessary for such purpose after the
request of the Holders is given; provided, however, that the Company may not invoke this right more than twice in any
twelve (12) month period (any such period, a “Blackout Period”). In the event the Company exercises its
rights under this Section 3.4(b), the Holders agree to suspend, immediately upon their receipt of the notice referred to above,
their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company
shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.
Notwithstanding anything to the contrary in this Section 3.4, in no event shall any Suspension Period or any Blackout Period
continue for more than one hundred twenty (120) days in the aggregate during any three hundred and sixty-five (365)
day period.
(c) (i) During
the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of,
and ending on a date one hundred and eighty (180) days after the effective date of, a Company-initiated Registration and provided
that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness of the applicable Shelf,
or (ii) if, pursuant to Section 2.1(d), Holders have requested an Underwritten Shelf Takedown and the Company and such
Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company may, upon giving prompt written
notice of such action to the Holders, delay any other registered offering pursuant to Section 2.1(d) or Section 2.4.
In such event, the Company shall have the right to defer such filing for a period of not more than sixty (60) days.
(d) The
Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights
granted to the Holders of Registrable Securities in this Agreement and in the event of any conflict between any such agreement or agreements
and this Agreement, the terms of this Agreement shall prevail.
Section 3.5. Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed
or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been
furnished or delivered to the Holders pursuant to this Section 3.5.
The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such
Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.
Article IV
INDEMNIFICATION AND CONTRIBUTION.
Section 4.1. Indemnification
by the Company. To the extent permitted by law and subject to the limitations set forth in Section 4.4(c) hereof,
the Company agrees to indemnify and hold harmless each Holder of Registrable Securities, and each of their respective officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls a Holder of Registrable Securities
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Holder Indemnified
Party”), from and against all losses, judgments, claims, damages, liabilities and out-of-pocket expenses, whether
joint or several, arising out of or based upon any Misstatement or alleged Misstatement contained in any Registration Statement or Prospectus; provided,
however, that the indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of
any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, and the Company will not be liable in any such case to the extent that any such losses, judgments, claims, damages, liabilities
or out-of-pocket expenses arises out of or is based upon any Misstatement or alleged Misstatement made in such Registration
Statement or Prospectus in reliance upon and in conformity with information furnished to the Company, in writing, by a Holder Indemnified
Party expressly for use therein.
Section 4.2. Indemnification
by Holders of Registrable Securities. In connection with any Registration Statement in which the Holder of Registrable Securities
is participating, to the extent permitted by law and subject to the limitations set forth in Section 4.4(c) hereof, each
selling Holder of Registrable Securities will, in the event that any Registration is being effected under the Securities Act pursuant
to this Agreement of any Registrable Securities held by such selling Holder, indemnify and hold harmless the Company, each of its directors
and officers, legal counsel and accountants for the Company and each Underwriter or placement agent or sales agent (if any), and each
other selling Holder and each other person, if any, who controls the Company, another selling Holder or such Underwriter or placement
agent or sales agent within the meaning of the Securities Act, against any losses, claims, judgments, damages, liabilities and out-of-pocket expenses,
whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any Misstatement or alleged Misstatement contained in any Registration Statement, if the Misstatement or Alleged
Misstatement was made in reliance upon and in conformity with information furnished in writing to the Company by such selling Holder expressly
for use therein, and shall reimburse the Company, its directors and officers, and each other selling Holder or controlling person for
any legal or other expenses reasonably incurred by any of them in connection with investigation or defending; provided, however,
that the indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any such claim
or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld. Each
selling Holder’s indemnification obligations hereunder shall be several and not joint and several and shall be limited to the amount
of any net proceeds actually received by such selling Holder, except in the case of fraud or willful misconduct by such Holder.
Section 4.3. Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or Section 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided,
however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from
any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying
Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action
brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the
extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory
to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense
of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified
Party shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party
and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if,
based upon the written advice of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such
judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.
Section 4.4. Contribution.
(a) If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party
in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying
Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference
to, among other things, whether the Misstatement or alleged Misstatement relates to information supplied by such Indemnified Party or
such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such Misstatement or alleged Misstatement.
(b) The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4(a).
(c) The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4,
no Holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually received by such Holder from the sale of Registrable Securities
which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) with respect to any action shall be entitled to contribution in such action from any person who was not guilty of
such fraudulent misrepresentation.
Article V
MISCELLANEOUS.
Section 5.1. Other
Registration Rights. Except as provided in the Subscription Agreements, the Company represents and warrants that no person, other
than the Holders, has any right to require the Company to register any shares of the Company’s capital stock for sale or to include
shares of the Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its own
account or for the account of any other person.
Section 5.2. Acknowledgment.
The Holders hereby agree and acknowledge that their respective Registrable Securities (other than their respective Registrable Securities
acquired in the public market or pursuant to a transaction exempt from registration under the Securities Act of 1933, as amended, pursuant
to a subscription agreement where the issuance of Registrable Securities occurs on or after the closing of the Merger) are subject to
the lock-up provisions set forth in Section 1 of the Lock-Up Agreements, dated as of April 21, 2021, by and among
the Legacy SmartRent Equityholders and the Company, or Section 3 of that certain Sponsor Agreement, dated as of April 21, 2021,
by and among the Sponsor and the other parties thereto.
Section 5.3. Assignment;
No Third-Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of any Holder hereunder may be freely
assigned or delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities by any such Holder.
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties or of any assignee
of the Holders. This Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as
expressly set forth in Article IV and this Section 5.3.
Section 5.4. Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, electronic transmission with receipt
verified by electronic confirmation, addressed as set forth below, or to such other address as such party shall have specified most recently
by written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by electronic
transmission; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the
next business day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery.
If to the Company, to:
SmartRent, Inc.
00000 X. Xxxxxxxx Xxxx Xxxxxxx
Xxxxxxxxxx, XX 00000
Attention: Xxxxx Xxxxxxxx
Email: xxxxx@xxxxxxxxx.xxx
with a copy (which will not constitute notice) to:
DLA Piper LLP
0000 Xxxx Xxxxxxxxx Xxxx
Xxxxxxxxx XX, Xxxxx 0000
Xxxxxxx, XX 00000
| Attention: | Xxxxx
Xxxxx |
| | Xxxxx Xxxxxxx |
| Email: | xxxxx.xxxxx@xxxxxxxx.xxx |
| | xxxxx.xxxxxxx@xxxxxxxx.xxx |
To
a Holder, to the address or contact information set forth in the Company’s books and records.
Section 5.5. Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.
Section 5.6. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall
constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall
constitute valid and sufficient delivery thereof.
Section 5.7. Entire
Agreement. This Agreement (including Schedule A and Schedule B and all agreements entered into pursuant hereto and all certificates
and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the
parties, whether oral or written.
Section 5.8. Modifications,
Amendments and Waivers. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable
Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that in the event any such waiver,
amendment or modification would be adverse in any material respect to the material rights or obligations hereunder of a Holder, the written
consent of such Holder will also be required; provided further that in the event any such waiver, amendment or modification would be disproportionate
and adverse in any material respect to the material rights or obligations hereunder of a Holder, the written consent of such Holder will
also be required. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part
of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies
of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as
a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.
Section 5.9. Termination
of Existing Registration Rights. The registration rights granted under this Agreement shall supersede any registration, qualification
or similar rights of the Holders with respect to any shares or securities of the Company or Legacy SmartRent granted under any other agreement,
including, but not limited to, the Prior Agreement and the Second Amended and Restated Investors Rights Agreement, dated as of February 2,
2021, by and among Legacy SmartRent and the other parties thereto, any of such preexisting registration, qualification or similar rights
and such agreements shall be terminated and of no further force and effect.
Section 5.10. Term.
This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities. The
provisions of Article IV shall survive any termination.
Section 5.11. Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.
Section 5.12. Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Holder may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance
of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power
granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being
required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such
right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or
now or hereafter available at law, in equity, by statute or otherwise.
Section 5.13. Governing
Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION BASED UPON, ARISING OUT OF, OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT
TO PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF LAWS OF ANOTHER
JURISDICTION.
Section 5.14. Jurisdiction;
Waiver of Trial by Jury.
(a) Any
action based upon, arising out of or related to this Agreement, or the transactions contemplated hereby, shall be brought in the Court
of Chancery of the State of Delaware or, if such court declines to exercise jurisdiction, any federal or state court located in Delaware,
and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such action, waives any objection
it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the action
shall be heard and determined only in any such court, and agrees not to bring any action arising out of or relating to this Agreement
or the transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any party
to serve process in any manner permitted by Law, or to commence legal proceedings or otherwise proceed against any other party in any
other jurisdiction, in each case, to enforce judgments obtained in any action brought pursuant to this Section 5.14(a).
(b) EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.
[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]
IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed and delivered by their duly authorized representatives as of the date first written above.
|
Name: Xxxxx Xxxxxxxx |
|
Title: Chief Executive Officer |
[Signature
Page to Registration Rights Agreement]
IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed and delivered by their duly authorized representatives as of the date first written above.
|
HOLDERS: |
|
|
|
FIFTH WALL VENTURES II, L.P. |
|
|
|
BY: FIFTH WALL VENTURES XX XX, L.P., its general partner |
|
|
|
BY: FIFTH WALL VENTURES UGP II, LLC, its general partner |
|
By: |
/s/ Xxxxxx Mykhaylovskyy |
|
Name: Xxxxxx Mykhaylovskyy |
|
Title: Authorized Representative |
[Signature
Page to Registration Rights Agreement]
IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed and delivered by their duly authorized representatives as of the date first written above.
|
By: |
/s/ Xxxxxx Mykhaylovskyy |
|
Name: Xxxxxx Mykhaylovskyy |
|
Title: Manager |
[Signature
Page to Registration Rights Agreement]
Schedule
A
Sponsor Equityholders
Schedule
B
Legacy SmartRent Equityholders
| 1. | Spark Capital Growth Fund II, L.P. |
| 2. | Spark Capital Growth Founders’ Fund II, L.P. |
| 3. | American Bankers Insurance Group, Inc. |
| 4. | Xxxx Capital Venture Fund 2019, L.P. |
| 5. | BCIP Venture Associates II, L.P. |
| 6. | BCIP Venture Associates II-B, L.P. |
| 7. | BCV 2019-MD Primary, L.P. |
| 8. | Real Estate Technology Ventures, L.P. |
| 9. | Real Estate Technology Ventures-A, L.P. |
| 10. | Real Estate Technology Ventures Associates, L.P. |
| 11. | RET VENTURES SPV I, L.P. |
| 12. | Real Estate Technology Ventures II, L.P. |
| 13. | Fifth Wall Ventures II, L.P. |
| 14. | Energy Impact Fund II LP |
| 15. | Xxxxx Xxxxxxxx |
| 16. | RETV Grand Avenue Partners, LLC |
| 17. | UDR, Inc. |
| 18. | Essex Portfolio, L.P. |
| 19. | Xxxx Xxxxx |
| 20. | JAWS Equity Owner 117, LLC |
| 21. | SM Fund I, a Series of Hack VC, LP |
| 22. | Best Family Trust, established October 2, 2001 |
| 23. | Xxxxxx.xxx NV Investment Holdings LLC |
| 24. | Xxxxx Xxxxxx |
| 25. | Nine Four Ventures, LP |
| 26. | Valley National Bancorp |
| 27. | Invitation Homes Operating Partnership L.P. |
| 28. | LEN FW Investor, LLC |
| 29. | Opendoor Labs Inc. |
| 30. | LG Electronics Inc. |
| 31. | The Alaia Xxx Xxxxxxx 2015 Trust |
| 32. | The Jaden Xxxxxx Xxxxxxx 2012 Trust |
| 33. | Xxxx X. Xxxxx Living Trust Dated January 27, 2009 |
| 34. | Xxxxx Xxxxxxx |
| 35. | Xxxxx X. Best |
| 36. | Xxxx X. Best |
| 37. | Connor N. Best |
| 38. | Xxxxxxx X. Xxxxxxx |