[thryv-arstockholdersagre001.jpg]
EXECUTION VERSION AMENDED AND RESTATED STOCKHOLDERS AGREEMENT by and among THRYV
HOLDINGS, INC. and THE OTHER PARTIES NAMED HEREIN Dated as of September 23, 2020
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre002.jpg]
TABLE OF CONTENTS Page Article I
Definitions................................................................................................................1
Section 1.1 Certain
Definitions...................................................................................................1
Section 1.2 Interpretive
Provisions.............................................................................................5
Article II Corporate Governance
.............................................................................................6
Section 2.1 Board of
Directors....................................................................................................6
Article III Registration
Rights...................................................................................................8
Section 3.1 Demand Registration
...............................................................................................8
Section 3.2 Piggyback Registration
..........................................................................................12
Section 3.3 Certain
Information................................................................................................14
Section 3.4 Expenses
................................................................................................................14
Section 3.5 Registration and Qualification
...............................................................................14
Section 3.6 Underwriting; Due
Diligence.................................................................................17
Section 3.7 Indemnification and
Contribution..........................................................................17
Section 3.8 Rule 144
Information.............................................................................................20
Section 3.9 Grant of Additional Registration
Rights................................................................20 Section
3.10 Holdback Agreement
.............................................................................................20
Section 3.11
Termination............................................................................................................21
Article IV Representations and
Warranties.............................................................................21
Section 4.1 Existence; Authority; Enforceability
.....................................................................21 Section
4.2 Absence of
Conflicts..............................................................................................21
Section 4.3
Consents.................................................................................................................21
Article V
General...................................................................................................................22
Section 5.1 Assignment
............................................................................................................22
Section 5.2 Term and
Effectiveness..........................................................................................22
Section 5.3 Severability
............................................................................................................22
Section 5.4 Entire Agreement; Amendment
.............................................................................22
Section 5.5
Counterparts...........................................................................................................23
Section 5.6 Governing Law
......................................................................................................23
Section 5.7 Waiver of Jury Trial; Consent to
Jurisdiction........................................................24 Section
5.8 Specific
Enforcement.............................................................................................24
Section 5.9 Notices
...................................................................................................................24
Section 5.10 Binding Effect; Third Party Beneficiaries
.............................................................25 Section 5.11
Further
Assurances.................................................................................................25
Section 5.12 Table of Contents, Headings and
Captions............................................................25 Section
5.13 No
Recourse...........................................................................................................25
Annex A – Form of Joinder Agreement i WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre003.jpg]
AMENDED AND RESTATED STOCKHOLDERS AGREEMENT This AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (as amended, supplemented or restated from time to time,
this “Agreement”) is entered into as of September 23, 2020 (the “Effective
Date”), by and among (i) Thryv Holdings, Inc., a Delaware corporation (the
“Company”), (ii) Mudrick Capital Management, L.P., a Delaware limited
partnership (the “Mudrick Entity”), (iii) GoldenTree Asset Management LP, a
Delaware limited partnership (the “GoldenTree Entity”), (iv) Paulson & Co. Inc.,
a Delaware corporation (the “Paulson Entity”), and (v) Cerberus Capital
Management L.P., a Delaware limited partnership (the “Cerberus Entity”) and each
of the other Affiliates (as defined below) of the foregoing that are signatories
to this Agreement (each a “Stockholder” and collectively the “Stockholders”).
RECITALS WHEREAS, the Company and the Stockholders are party to that certain
Stockholders Agreement, dated July 29, 2016 (as amended, the “Original
Agreement”). WHEREAS, in connection with the Company’s proposed Public Listing
(as defined below), the Original Agreement will terminate in accordance with
Section 3.13 of the Original Agreement, provided, that certain provisions will
survive and the Stockholders and the Company now desire to amend and restate the
Original Agreement in its entirety pursuant to Section 7.5 of the Original
Agreement for the purpose of providing for certain surviving rights and
obligations of the Company and the Stockholders upon and after the consummation
of the Public Listing. NOW THEREFORE, in consideration of the mutual covenants
and agreements contained herein, and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties hereby agree as follows: ARTICLE I DEFINITIONS
Section 1.1 Certain Definitions. As used in this Agreement, the following
definitions shall apply: “5% Stockholder” means each Stockholder Group with an
Aggregate Ownership of at least five percent (5%) of the issued and outstanding
shares of Common Stock as of such date. “Affiliate” means, when used with
reference to any specified Person, any other Person that directly or indirectly,
through one (1) or more intermediaries, controls, is controlled by or is under
common control with such specified Person and, in respect of any Stockholder,
any investment fund, vehicle or holding company of which such Stockholder or any
Affiliate of such Stockholder serves as the general partner, managing member or
discretionary manager or advisor; provided, that none of the Company or its
subsidiaries shall be deemed to be an Affiliate of the Stockholders; provided,
further, that no portfolio company of any Stockholder or of any Affiliate of
such Stockholder shall be considered an Affiliate of such Stockholder.
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre004.jpg]
“Aggregate Ownership” means, with respect to any Stockholder Group, the total
number of shares of Common Stock Beneficially Owned, in the aggregate and
without duplication, by such Stockholder Group as of the date of such
calculation. “Agreement” has the meaning set forth in the Preamble. “Automatic
Shelf Registration Statement” means an “automatic shelf registration statement”
as defined in Rule 405 (or any successor rule then in effect) promulgated under
the Securities Act. “Beneficially Owned” has the meaning set forth in Rule 13d-3
promulgated under the Exchange Act. “Board” means the board of directors of the
Company. “Business Day” means a day other than a Saturday, Sunday or other day
on which banks located in New York City, New York are authorized or required by
law to close. “Bylaws” means the Second Amended and Restated Bylaws of the
Company, as may be amended, modified or supplemented or amended and restated and
in effect from time to time. “Cerberus” means Cerberus Capital Management L.P..
“Cerberus Entity” has the meaning set forth in the Preamble. “Cerberus Parties”
means Cerberus, the Cerberus Entity and their Affiliates, in each case so long
as any such Cerberus Party (i) is managed, sponsored, controlled or advised by
an investment fund affiliated with Cerberus and (ii) owns Company Securities.
“Certificate of Incorporation” means the Fourth Amended and Restated Certificate
of Incorporation of the Company, as may be amended, modified or supplemented or
amended and restated and in effect from time to time, including any certificates
of correction or amendment thereto that are filed with the Delaware Secretary of
State. “Common Stock” means the common stock of the Company, par value $0.01 per
share (or any successor of the Company by merger, consolidation or other
reorganization) and any stock into which any such common stock shall have been
changed or any stock resulting from any reclassification of any such common
stock. “Company” has the meaning set forth in the Preamble. “Company Securities”
means (i) the Common Stock and (ii) securities then convertible into, or
exercisable or exchangeable for, Common Stock. “Demand Registration Notice” has
the meaning set forth in Section 3.1(a). “Director” means any of the individuals
elected to serve on the Board. “Director Nominee” has the meaning set forth in
Section 2.1(b)(i). 2 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre005.jpg]
“Effective Date” has the meaning set forth in the Preamble. “Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor federal
statute, and the rules and regulations of the SEC promulgated thereunder, all as
the same shall be in effect from time to time. “FINRA” means the Financial
Industry Regulatory Authority. “GoldenTree” means GoldenTree Asset Management
LP. “GoldenTree Entity” has the meaning set forth in the Preamble. “GoldenTree
Parties” means GoldenTree, the GoldenTree Entity and their Affiliates, in each
case so long as any such GoldenTree Party (i) is managed, sponsored, controlled
or advised by an investment fund affiliated with GoldenTree and (ii) owns
Company Securities. “Governing Documents” means the Certificate of Incorporation
and the Bylaws. “Initial Requesting Holder” means, with respect to any
registration of Registrable Securities that is requested pursuant to Section
3.1(a), the Stockholder or Stockholders (as the case may be) who made the
underlying Registration Demand. “Losses” has the meaning set forth in Section
3.7. “Mudrick” means Mudrick Capital Management, L.P.. “Mudrick Parties” means
Mudrick, the Mudrick Entity and their Affiliates, in each case so long as any
such Mudrick Party (i) is managed, sponsored, controlled or advised by an
investment fund affiliated with Mudrick and (ii) owns Company Securities.
“Necessary Action” means, with respect to a specified result, all actions (to
the extent such actions are permitted by law and by the Governing Documents)
necessary to cause such result, including (i) voting or providing a written
consent or proxy with respect to the Company Securities, (ii) causing the
adoption of shareholders’ resolutions and amendments to the Governing Documents,
(iii) executing agreements and instruments, and (iv) making, or causing to be
made, with governmental, administrative or regulatory authorities, all filings,
registrations or similar actions that are required to achieve such result.
“Nominating Stockholder Group” has the meaning set forth in Section 2.1(b).
“Original Agreement” has the meaning set forth in the Recitals. “Paulson” means
Paulson & Co. Inc. “Paulson Entity” has the meaning set forth in the Preamble.
“Paulson Parties” means Paulson, the Paulson Entity and their Affiliates, in
each case so long as any such Paulson Party (i) is managed, sponsored,
controlled or advised by an investment fund affiliated with Paulson and (ii)
owns Company Securities. 3 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre006.jpg]
“Person” means an individual, a corporation, a partnership, a limited liability
company, a trust, an incorporated or unincorporated association, a joint
venture, a joint stock company or any other legal entity or body, or a
governmental agency or political subdivision thereof. “Piggyback Registration”
means any proposed filing of a Registration Statement with respect to Company
Securities that requires the Company to provide the Stockholders with a
Piggyback Registration Notice. “Piggyback Registration Notice” has the meaning
set forth in Section 3.2(a). “Piggyback Registration Request” has the meaning
set forth in Section 3.2(a). “Public Offering” means any (a) Public Listing or
(b) bona fide firm commitment underwritten sale of Common Stock to the public
pursuant to an effective Registration Statement. “Public Listing” means the
public listing of the shares of Common Stock pursuant to an effective
Registration Statement in which the Company becomes required under the Exchange
Act to file reports pursuant thereto. “Registrable Securities” means all shares
of Common Stock issued by the Company to a Stockholder, any additional shares of
Common Stock held by a Stockholder (including Common Stock acquired upon the
exercise of any preemptive rights and upon exercise of options or settlement of
other awards issued by the Company) and any additional securities issued or
distributed by way of a dividend or other distribution in respect of any such
shares of Common Stock; provided, that such Registrable Securities shall cease
to be Registrable Securities (i) upon any sale pursuant to a Registration
Statement or Rule 144 (or any successor provision) under the Securities Act and
(ii) upon repurchase by the Company. “Registration Demand” has the meaning set
forth in Section 3.1(a). “Registration Expenses” means any and all expenses
incident to the performance of or compliance with Article III, including (i) the
fees, disbursements and expenses of the Company’s counsel and accountants
(including the expenses of any annual audit letters and “cold comfort” letters
required or incidental to the performance of such obligations), (ii) the
reasonable fees and disbursements of one (1) counsel for all of the Selling
Holders, which counsel shall be selected by the Company and be reasonably
acceptable to holders of a majority of the Registrable Securities to be
registered on the Registration Statement, (iii) all expenses, including filing
fees, in connection with the preparation, printing and filing of the
Registration Statement, any free writing, preliminary prospectus or final
prospectus, any other offering document and amendments and supplements thereto
and the mailing and delivering of copies thereof to any underwriters and
dealers, (iv) the cost of printing or producing any agreements among
underwriters, underwriting agreements, any selling agreements and any other
documents in connection with the offering, sale or delivery of the securities to
be disposed of, (v) all expenses in connection with the qualification of the
securities to be disposed of for offering and sale under state securities laws,
(vi) the filing fees incidental to securing any required review by FINRA of the
terms of the sale of the securities to be disposed of, (vii) transfer agents’
and registrars’ fees and expenses and the fees and expenses of any other agent
or trustee appointed in connection with such offering, (viii) all security 4
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre007.jpg]
engraving and security printing expenses, (ix) all fees and expenses payable in
connection with the listing of the securities on any national securities
exchange and (x) all rating agency fees. “Registration Request” has the meaning
set forth in Section 3.1(a). “Registration Statement” means a registration
statement under the Securities Act that is filed by the Company with the SEC for
a public offering and sale of securities of the Company, other than a
registration statement on Form S-8 or Form S-4 or any successor forms thereto.
“Requesting Holder” means, with respect to any Registration Statement that is
used to register Registrable Securities pursuant to Article III, any Stockholder
who is an Initial Requesting Holder or timely submits a Registration Request
pursuant to Section 3.1, or any Stockholder who timely submits a Piggyback
Registration Request pursuant to Section 3.2. “Responsible Requesting Holder”
has the meaning set forth in Section 3.4. “Rule 144” means Rule 144 under the
Securities Act, and any successor rule or regulation hereafter adopted by the
SEC. “SEC” means the United State Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the SEC promulgated
thereunder, all as the same shall be in effect from time to time. “Selling
Holder” means, with respect to any Registration Statement that is used to
register Registrable Securities pursuant to Article III, any Stockholder who
Beneficially Owns Registrable Securities included in such Registration
Statement. “Shelf Registration Statement” has the meaning set forth in Section
3.1(d)(i). “Stockholder(s)” has the meaning set forth in the Preamble.
“Stockholder Group” means each of the Mudrick Parties, the GoldenTree Parties,
the Paulson Parties and the Cerberus Parties, severally and not jointly. “Stock
Exchange” means the New York Stock Exchange or other national securities
exchange or interdealer quotation system on which the shares of Common Stock is
at any time listed or quoted. “Underwriter’s Maximum Number” has the meaning set
forth in Section 3.1(j). “Underwriting Agreement” has the meaning set forth in
Section 3.6. “Well-Known Seasoned Issuer” means a “well-known seasoned issuer”
as defined in Rule 405 promulgated under the Securities Act (or any successor
rule then in effect). Section 1.2 Interpretive Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall
refer to this Agreement as a whole and not to 5 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre008.jpg]
any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Articles and Sections are to Articles and
Sections of this Agreement unless otherwise specified. Any singular term in this
Agreement shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include”, “includes” or “including” are used in
this Agreement, they shall be deemed to be followed by the words “without
limitation”, whether or not they are in fact followed by those words or words of
like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible
form. References to any statute shall be deemed to refer to such statute as
amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or
contract as amended, restated, supplemented or otherwise modified from time to
time in accordance with the terms hereof and thereof. References to any Person
include the successors and permitted assigns of that Person. References from or
through any date mean, unless otherwise specified, from and including or through
and including, respectively. References in this Agreement to a number or
percentage of shares, units or other equity interests shall take into account
and give effect to any split, combination, dividend or recapitalization of such
shares, units or other equity interests, as applicable. ARTICLE II CORPORATE
GOVERNANCE Section 2.1 Board of Directors. (a) Size. As of the Effective Date,
the total number of Directors on the Board shall be eight (8), which shall
initially consist of the following individuals Joseph Walsh; Jason Mudrick; Amer
Akhtar; Ryan O’Hara; Lauren Vaccarello; Heather Zynczak; Bonnie Kintzer and John
Slater and shall thereafter be increased or decreased as determined by the Board
from time to time in accordance with this Agreement and the Governing Documents.
(b) Composition. Subject to Section 2.1(a), the composition of the Board shall
be as follows: (i) So long as the Aggregate Ownership of any one of the Mudrick
Parties, GoldenTree Parties or Paulson Parties (each individually a “Nominating
Stockholder Group”) each constitutes at least ten percent (10%) of the issued
and outstanding shares of Common Stock, such Nominating Stockholder Group shall
have the right to designate for nomination one (1) Director for every ten
percent (10%) of the issued and outstanding shares of Common Stock that are held
by such Nominating Stockholder Group as of the date of calculation (each such
individual so designated, a “Director Nominee”). For the avoidance of doubt, as
of the Effective Date: A. the Mudrick Parties shall have the right to designate
five (5) Director Nominees for so long as the Aggregate Ownership of the Mudrick
Parties shall constitute at least fifty percent (50%) of the issued and
outstanding shares of Common Stock; 6 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre009.jpg]
B. the GoldenTree Parties shall have the right to designate one (1) Director
Nominee for so long as the Aggregate Ownership of the GoldenTree Parties shall
constitute at least ten percent (10%) of the issued and outstanding shares of
Common Stock; and C. the Paulson Parties shall have the right to designate one
(1) Director Nominee for so long as the Aggregate Ownership of the Paulson
Parties shall constitute at least ten percent (10%) of the issued and
outstanding shares of Common Stock. provided, that, notwithstanding the
foregoing, upon any date on which the Aggregate Ownership of any Nominating
Stockholder Group falls below ten percent (10%) of the issued and outstanding
shares of Common Stock, such Nominating Stockholder Group’s right to nominate
any Directors to the Board shall automatically terminate and any subsequent
increase in the Aggregate Ownership of such Nominating Stockholder Group to, or
in excess of, ten percent (10%) shall not entitle such Nominating Stockholder
Group to any rights under this Article II; and (ii) other than as expressly set
forth in this Agreement, each additional designee to the Board shall be filled
as provided in the Governing Documents. (c) Nominations. With respect to any
Director to be nominated by any Nominating Stockholder Group other than the
initial Directors listed in Section 2.1(a), a Nominating Stockholder Group shall
nominate its Director or Directors by delivering to the Company its written
statement at least sixty (60) days prior to the annual meeting of the Company
where such Nominating Stockholder Group is entitled to nominate its Director or
Directors and setting forth such Director’s or Directors’ business address,
telephone number, facsimile number and e-mail address; provided, that if a
Nominating Stockholder Group shall fail to deliver such written notice, such
Nominating Stockholder Group, shall be deemed to have nominated the Director(s)
previously nominated (or designated pursuant to Section 2.1(a)) by such
Nominating Stockholder Group who is/are currently serving on the Board. (d)
Company Obligations. The Company hereby agrees to take all Necessary Action to
effectuate this Section 2.1 by (A) including the Director Nominees of each
Nominating Stockholder Group nominated pursuant to this Section 2.1 as the
nominees to the Board on each slate of nominees for election of the Board
included in the Company’s annual meeting proxy statement (or consent
solicitation or similar document), (B) recommending the election of such
Director Nominees to the stockholders of the Company and (C) without limiting
the foregoing, using its reasonable best efforts to cause such Director Nominees
to be elected to the Board, including providing at least as high a level of
support for the election of such Director Nominees as it provides to any other
individual standing for election as a Director. (e) Removal; Vacancies. (i) In
the event that a Nominating Stockholder Group has nominated less than the total
number of Director Nominees that such Nominating Stockholder Group is entitled
to nominate pursuant to this Section 2.1, such Nominating Stockholder Group
shall have the right, at any time, to nominate such additional Director Nominees
to which it is entitled, in which case the Nominating Stockholder Group and the
Company shall take, or cause to be taken, all Necessary Action to (A) increase
the size of the Board as required to enable the Nominating Stockholder 7
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre010.jpg]
Group to so nominate such additional Director Nominees and (B) appoint such
additional Director Nominees of the Nominating Stockholder Group to such newly
created directorships. (ii) If at any time the number of Director Nominees that
a Nominating Stockholder Group is entitled to nominate pursuant to this Section
2.1 is less than the number of Director Nominees on the Board, such Nominating
Stockholder Group shall cause the required number of Directors to (i)
immediately offer to resign from the Board and the Board will consider whether
to accept such resignation or (ii) if such Director has not resigned, will not
stand for reelection on or prior to the Company’s next annual meeting of the
stockholders at which Directors of the Board are to be elected. (iii) If any
Director previously nominated by a Nominating Stockholder Group dies or is
unwilling or unable to serve as such or otherwise resigns from office, then the
Nominating Stockholder Group who previously nominated such Director shall
promptly nominate a successor to such Director, in accordance with this Section
2.1; but if none of the Nominating Stockholder Groups are entitled to fill such
vacant Director position(s), such vacant Director position(s) shall be filled by
the Board in accordance with the Governing Documents. (iv) Except as set forth
in this Section 2.1(e), (i) Directors shall serve until their resignation or
removal or until their successor is nominated and elected and (ii) any other
vacant Director position(s) shall be filled by the Board, or the Board shall
nominate a replacement Director, in each case in accordance with the Governing
Documents. ARTICLE III REGISTRATION RIGHTS Section 3.1 Demand Registration. (a)
Requests for Registration. Subject to Section 3.1(b) and the other terms of this
Article III, any 5% Stockholder shall have the right to, in each case, pursuant
to Section 3.1(c) or Section 3.1(d), request the Company to effect the
registration under and in accordance with the provisions of the Securities Act
of the offering of all or any portion of the Registrable Securities Beneficially
Owned by such 5% Stockholder, by submitting a written request of such
registration and specifying the amount of Registrable Securities proposed to be
registered and the intended method (or methods) and plan of disposition thereof,
including whether such requested registration is to involve an underwritten
offering (a “Registration Demand”). The Company shall give prompt written notice
thereof (a “Demand Registration Notice”) (and in any event within ten (10)
Business Days from the date of receipt of such Registration Demand) to each of
the other 5% Stockholders, each of whom shall be entitled to elect to include,
subject to the terms and conditions set forth in this Article III, Registrable
Securities Beneficially Owned by it in the Registration Statement to which a
Demand Registration Notice relates, by submitting a written request to the
Company (a “Registration Request”) within fifteen (15) days after the date of
such Demand Registration Notice, specifying the number of Registrable Securities
that such Initial Requesting Holder intends to dispose of pursuant to such
Registration Statement. Except as otherwise provided in this Agreement, the
Company shall prepare and use its reasonable best efforts to file with the SEC,
within ninety (90) days after the date of the applicable Registration Demand, a
Registration 8 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre011.jpg]
Statement with respect to the following (in either case subject to Section
3.1(j) if the Registrable Securities will be sold in an underwritten offering):
(i) all Registrable Securities of the Initial Requesting Holder included in such
Registration Demand and (ii) all Registrable Securities that other Stockholders
elect to include in such Registration Statement, pursuant to one (1) or more
timely submitted Registration Requests. Thereafter, the Company shall use its
reasonable best efforts, in accordance with Section 3.5, to effect the
registration of the offering of such Registrable Securities under the Securities
Act and applicable state securities laws, for disposition in accordance with the
intended method or methods of disposition stated in the underlying Registration
Demand. Subject to Section 3.1(j), the Company may include in such Registration
Statement such number of Registrable Securities as the Company proposes to offer
and sell for its own account or the account of any other Person. (b) Limitation
on Demand Registration. Notwithstanding anything to the contrary in this Section
3.1, no 5% Stockholder may make a Registration Demand until the earliest to
occur of (i) the six-month anniversary of the Company’s Public Listing and (ii)
the date on which the Board approves the making of a Registration Demand
pursuant to this Section 3.1, provided, that, notwithstanding the foregoing, no
5% Stockholder may make a Registration Demand pursuant to Section 3.1(c) if the
Company is preparing or has a Shelf Registration Statement on file with the SEC
in accordance with Section 3.1(d). (c) Form S-1 Registration. Subject to the
terms and conditions of this Article III, any 5% Stockholder, shall have the
right to submit a Registration Demand to effect the registration on Form S-1 (or
any successor form) of all or any portion of the Registrable Securities held by
such Stockholders; provided, that the 5% Stockholders, shall, collectively, be
limited to three (3) such Registration Demands. Any registration pursuant to
such a Registration Demand may, if so requested in the underlying Registration
Demand, be a “shelf” registration for an offering of Registrable Securities on a
continuous or delayed basis pursuant to Rule 415 under the Securities Act (or
any successor rule that is subsequently adopted by the SEC). For the avoidance
of doubt, the Company shall not be required to effect a registration of
Registrable Securities pursuant to this Section 3.1(c) if the Company is
preparing or has a Shelf Registration Statement on file with the SEC in
accordance with Section 3.1(d). (d) Registration; Shelf Registration. (i)
Subject to the terms and conditions of this Article III, as soon as reasonably
practicable after the Company is eligible to use Form S-3 (or any successor
form) as a “shelf” registration on a continuous basis pursuant to Rule 415 under
the Securities Act (or any successor rule that is subsequently adopted by the
SEC) for the registration of all the Registrable Securities of the Stockholders
for resale (a "Shelf Registration Statement"), the Company shall prepare and
file with the SEC a Shelf Registration Statement and shall use its commercially
reasonable efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act as soon as practicable after filing. The
Company shall use its commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective until such date on which all
Registrable Securities included in such Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement or another Registration
Statement is filed under the Securities Act. 9 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre012.jpg]
(ii) Further, upon the Company becoming a Well-Known Seasoned Issuer, (i) the
Company shall give written notice to all of the 5% Stockholders as promptly as
reasonably practicable, and such notice shall describe, in reasonable detail,
the basis on which the Company has become a Well-Known Seasoned Issuer, and (ii)
the Company shall, as promptly as practicable, register, under an Automatic
Shelf Registration Statement, the sale of all of the Registrable Securities in
accordance with the terms of this Agreement. The Company shall use commercially
reasonable efforts to file such Automatic Shelf Registration Statement as
promptly as practicable, but in no event later than ninety (90) days after it
becomes a Well-Known Seasoned Issuer, and take commercially reasonable efforts
to cause such Automatic Shelf Registration Statement to remain effective
thereafter (subject to applicable securities laws). Notwithstanding the
foregoing, in the event that an effective Shelf Registration Statement or
Automatic Shelf Registration Statement is not on file, each 5% Shareholder shall
have the right, subject to terms and conditions of this Article III, to submit a
Registration Demand pursuant to Section 3.1(c) or a Registration Demand for the
Company to file a Shelf Registration. (e) Delay for Disadvantageous Condition.
If, in connection with any requested or ongoing registration pursuant to a
Registration Demand and in addition to any limitations set forth in Section
3.1(f), the Company provides a certificate to the Requesting Holders, signed by
the Chief Executive Officer of the Company and stating that, in the good faith
judgment of the Board, it would be materially detrimental to the Company or its
Stockholders for such Registration Statement either to become effective or to
remain effective for as long as such Registration Statement otherwise would be
required to remain effective, or if the Company is prohibited by the terms of
any applicable underwriting or securities purchase agreement, then the Company
shall have the right to defer taking action with respect to such Registration
Statement and any time periods with respect to filing or effectiveness thereof
shall be tolled correspondingly; provided, however, that (i) the aggregate
number of days in all such delay periods in any period of twelve (12)
consecutive months shall not exceed one hundred and thirty five (135) days and
(ii) at least thirty (30) days shall elapse between the termination of any delay
period and the commencement of the immediately succeeding delay period. (f)
Limitation on Successive Registrations and Underwritten Offerings. The Company
shall not be required to effect a registration of Registrable Securities
pursuant to Section 3.1(c) or Section 3.1(d) for a period of ninety (90) days
immediately following the effective date of any Registration Statement filed
pursuant to this Section 3.1 and in no event shall the Company be required to
file more than three (3) Registration Statements pursuant to Section 3.1(d)
during any twelve (12) month period. Without limiting the foregoing, in
addition, in no event shall the Company have the obligation to effect more than
three (3) underwritten offerings pursuant to this Section 3.1, and, provided,
further, the Company shall not be required to effect an underwritten offering if
the Company determines in good faith with the consent a majority of the Board
that pursuing an underwritten offering is not in the best interests of the
Company. (g) Demand Withdrawal. With respect to any registration requested
pursuant to this Section 3.1, (i) the Initial Requesting Holder who submitted
the underlying Registration Demand may withdraw such Registration Demand and
(ii) any Requesting Holder may withdraw its Registrable Securities from such
registration, in either case by providing written notice to the Company at any
time (x) in the case of an underwritten offering, prior to the filing of the
preliminary prospectus pursuant to such registration, and (y) in the case of
non-underwritten 10 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre013.jpg]
offering, prior to the effective date of the Registration Statement relating to
such Registration Demand. If all of the Registrable Securities to be included in
the registration pursuant to any Registration Demand are so withdrawn, then such
Registration Demand shall be deemed withdrawn. In the event of any such actual
or deemed withdrawal of a Registration Demand, the Company shall cease all
efforts to effect the registration of the Registrable Securities requested to be
included in such registration, without liability to any Requesting Holder. Such
registration will be deemed to have been effected (including for purposes of
Section 3.1(c) and Section 3.1(d), with respect to a Registration Demand made
thereunder) unless (A) each Requesting Holder who has withdrawn its Registration
Demand or has withdrawn all of its Registrable Securities from such registration
has paid (or reimbursed the Company for), pursuant to Section 3.4, its pro rata
share (based on a fraction, the numerator of which is the number of Registrable
Securities that such Requesting Holder asked to be included in such withdrawn
registration and the denominator of which is the aggregate number of Registrable
Securities that all Requesting Holders, collectively, requested to be included
in such withdrawn registration) of the Registration Expenses incurred by the
Company in connection with such withdrawn registration; provided, that if any
revocation was based on the Company’s failure to comply in any material respect
with its obligations hereunder, such reimbursement of Registration Expenses
shall not be required or (B) the withdrawal is made following the occurrence of
a material adverse change in the business or financial condition of the Company
that is made known to the Initial Requesting Holder after the date of the
applicable Registration Demand, or (C) if the registration is interfered with by
any stop order, injunction or other order or requirement of the SEC or other
governmental agency or court for any reason other than a misrepresentation or
omission by any Requesting Holder; provided, that if any such stop order,
injunction, order or requirement is issued or imposed as a result of any
misrepresentation or omission by any Requesting Holder(s), the Responsible
Requesting Holder(s) shall be solely responsible for paying (or reimbursing the
Company for) all of the Registration Expenses to be paid or reimbursed to the
Company pursuant to Section 3.4. (h) Effective Registration. Notwithstanding
anything to the contrary in this Agreement, except to the extent expressly set
forth in Section 3.1(g), a Registration Statement filed pursuant to this Section
3.1 shall not be deemed to have been requested or effected (including for
purposes of Section 3.1(c) and Section 3.1(d), with respect to a Registration
Demand made thereunder) unless it has been declared effective by the SEC and
shall have remained effective for one hundred and eighty (180) days (excluding
any periods of time during which such Registration Statement is tolled or
suspended pursuant to Section 3.1(e) or Section 3.5(c)) or such shorter period
as may be required to sell all Registrable Securities included in such
Registration Statement; provided, that in the case of any registration of
Registrable Securities that are intended to be offered on a continuous or
delayed basis, such one hundred and eighty (180) day period shall be extended,
if necessary, to keep the Registration Statement effective until all such
Registrable Securities are sold. In no event shall a registration be deemed to
have been effected if (i) after the Registration Statement has been declared
effective by the SEC, such registration is interfered with by any stop order,
injunction or other order or requirement of the SEC or other governmental agency
or court, for any reason other than a misrepresentation or an omission by any
Requesting Holder and, as a result thereof, the Registrable Securities requested
to be registered therein cannot be completely distributed in accordance with the
plan of distribution set forth in such Registration Statement or (ii) the
conditions to closing the sale of Registrable Securities specified in any
purchase agreement or Underwriting Agreement, which agreement was entered into
in connection with such registration for the purpose of distributing Registrable
Securities in accordance with the plan of 11 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre014.jpg]
distribution set forth in the applicable Registration Statement, are not
satisfied or waived other than solely by reason of some act or omission by any
Requesting Holder. (i) Selection of Underwriters. Subject to Section 3.1(f), any
registration of Registrable Securities pursuant to this Section 3.1 may, if so
requested in the underlying Registration Demand by the 5% Stockholder, be
effected as an underwritten offering, and in such event the Company shall have
the right to select the managing underwriter or underwriters for the offering;
provided, that such underwriter or underwriters shall be reasonably acceptable
to the Requesting Holder(s). (j) Priority. If a registration under this Section
3.1 involves an underwritten offering and the managing underwriter(s) in its
good faith judgment advises the Company that the number of Registrable
Securities requested to be included in the Registration Statement by the
Requesting Holders exceeds the number of securities that can be sold without
adversely affecting the price, timing, distribution or sale of securities in the
offering (the “Underwriter’s Maximum Number”), the Company shall be required to
include in such Registration Statement only such number of securities as is
equal to the Underwriter’s Maximum Number and the Company and the Requesting
Holders shall participate in such offering in the following order of priority:
(i) First, the Company shall be obligated and required to include in the
Registration Statement the number of Registrable Securities that the Requesting
Holder(s) have requested to be included in the Registration Statement and that
does not exceed the Underwriter’s Maximum Number; provided, that if there are
multiple Requesting Holders, the Registrable Securities to be included in the
Registration Statement shall be allocated among all such Requesting Holders in
proportion, as nearly as practicable, to the respective number of Registrable
Securities held by them on the date of the underlying Registration Demand. If
any Requesting Holder would thus be entitled to include more Registrable
Securities than it requested to be registered, the excess shall be allocated
among other Requesting Holders pro rata in the manner described in the preceding
sentence. (ii) Second, the Company shall be entitled to include in such
Registration Statement such number of Registrable Securities as the Company
proposes to offer and sell for its own account or the account of any other
Person to the full extent of the remaining portion of the Underwriter’s Maximum
Number. Section 3.2 Piggyback Registration. (a) Notice of Registrations. In the
event that the Company proposes to file a Registration Statement with respect to
Registrable Securities (other than a Registration Statement (i) filed in
connection with the Company’s initial Public Offering, (ii) filed pursuant to
Section 3.1, or (iii) filed solely in connection with a dividend reinvestment
plan or an employee benefit plan covering only officers or directors of the
Company or its Affiliates, whether or not for sale for its own account, the
Company shall provide each Stockholder with written notice of its intention to
do so (a “Piggyback Registration Notice”) at least thirty (30) days prior to
filing such Registration Statement. Any Stockholder may elect to include
Registrable Securities Beneficially Owned by it in the Registration Statement to
which a Piggyback Registration Notice relates, by submitting a written request
(a “Piggyback Registration Request”) to the Company within fifteen 12
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre015.jpg]
(15) days after the date of such Piggyback Registration Notice, specifying the
number of Registrable Securities that such Stockholder intends to dispose of
pursuant to such Registration Statement, and the intended method of disposition
thereof. The Company shall use its reasonable best efforts to effect the
registration under the Securities Act of all Registrable Securities that
Stockholders have requested, pursuant to timely submitted Piggyback Registration
Requests, to be included in the Registration Statement to which the underlying
Piggyback Registration Notice relates. (b) Withdrawal of Registration. If, at
any time after the Company provides a Piggyback Registration Notice and prior to
the effective date of any Registration Statement filed in connection therewith,
the Company shall determine for any reason not to register the Registrable
Securities to which such Piggyback Registration Notice relates, the Company may,
in its sole discretion, give the Requesting Holders written notice of such
determination and thereupon shall be relieved of its obligation to register any
Registrable Securities that the Requesting Holders requested to be registered
pursuant to a Piggyback Registration Request delivered in response to such
Piggyback Registration Notice. Each Stockholder shall be permitted to withdraw
all or any portion of the Registrable Securities of such Stockholder from a
Piggyback Registration at any time prior to the effective date of such Piggyback
Registration. (c) Priority. If a registration under this Section 3.2 involves an
underwritten offering and the managing underwriter(s) in its good faith judgment
advises the Company that the number of Registrable Securities requested to be
included in the Registration Statement by the Requesting Holders exceeds the
Underwriter’s Maximum Number, the Company shall be required to include in such
Registration Statement only such number of Registrable Securities as is equal to
the Underwriter’s Maximum Number and the Company and the Requesting Holders
shall participate in such offering in the following order of priority: (i)
First, the Company shall be entitled to include in such Registration Statement
the Registrable Securities that the Company proposes to offer and sell for its
own account in such registration and that does not exceed the Underwriter’s
Maximum Number. (ii) Second, the Company shall be obligated and required to
include in such Registration Statement that number of Registrable Securities
that the Requesting Holders have, collectively, requested to be included in such
offering, to the full extent of the remaining portion of the Underwriter’s
Maximum Number; provided, that if such number of Registrable Securities exceeds
the remaining portion of the Underwriter’s Maximum Number, the Registrable
Securities to be included in such offering shall be allocated among all of the
Requesting Holders, in proportion, as nearly as practicable, to the respective
number of Registrable Securities held by them on the date of the underlying
Piggyback Registration Notice. If any Requesting Holder would thus be entitled
to include more Registrable Securities than it requested to be registered, the
excess shall be allocated among other Requesting Holders pro rata in the manner
described in the preceding sentence. (iii) Third, the Company shall be entitled
to include in such Registration Statement that number of Registrable Securities
that the Company proposes to offer and sell for the account of any other Person,
to the full extent of any remaining portion of the Underwriter’s Maximum Number.
13 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre016.jpg]
(d) Not a Demand Registration. No registration of Registrable Securities
effected under this Section 3.2 shall relieve the Company of its obligation to
effect any registration of Registrable Securities pursuant to Section 3.1.
Section 3.3 Certain Information. In connection with any request for registration
pursuant to Section 3.1 or Section 3.2, each Selling Holder shall furnish to the
Company such information regarding itself, the Registrable Securities held by
it, and the intended method of disposition of such Registrable Securities as the
Company shall reasonably request, to the extent required to complete the filing
of such Registration Statement in accordance with applicable law (including the
Securities Act and any state securities or “blue sky” laws). Section 3.4
Expenses. Except as expressly provided otherwise in this Agreement, if the
Company is required to effect the registration of any Registrable Securities
pursuant to Section 3.1 or Section 3.2, the Company shall pay all Registration
Expenses with respect to such registration; provided, that each Selling Holder
shall bear its pro rata share, on the basis of the number of Registrable
Securities sold in such registration, of all underwriting discounts, selling
commissions and stock transfer taxes, and each such Selling Holder shall be
responsible for any fees and expenses of any persons retained by such Selling
Holder. Notwithstanding the foregoing, in the event that any registration of
Registrable Securities, as applicable, requested pursuant to Section 3.1 is
withdrawn or deemed withdrawn pursuant to Section 3.1(g) and the Initial
Requesting Holder(s) elects not to have such withdrawn registration counted as a
registration under Section 3.1, the Initial Requesting Holder(s) and each
Requesting Holder withdrawing all of its Registrable Securities shall pay (or
reimburse the Company for) its pro rata share (in proportion to the number of
Registrable Securities that it asked to be included in such withdrawn
registration) of the Registration Expenses incurred by the Company with respect
to such withdrawn registration. The immediately preceding sentence shall not
apply if such registration is withdrawn (i) as a result of information
concerning the occurrence of a material adverse change in the business or
financial condition of the Company that is made known to the Requesting Holders
after the date on which such registration was requested, (ii) if the revocation
of such Selling Holder’s request for registration is based on the Company’s
failure to comply in any material respect with its obligations hereunder or
(iii) if the registration is interfered with by any stop order, injunction or
other order or requirement of the SEC or other governmental agency or court for
any reason other than a misrepresentation or omission by any Requesting Holder;
provided, that if any such stop order, injunction, order or requirement is
issued or imposed as a result of any misrepresentation or omission by any
Requesting Holder(s), such Requesting Holder(s) (each, a “Responsible Requesting
Holder”) shall be solely responsible for paying (or reimbursing the Company for)
all of the Registration Expenses incurred by the Company with respect to such
withdrawn registration; provided, further, that if more than one (1) Responsible
Requesting Holder is responsible for such payment or reimbursement of
Registration Expenses, then each such Responsible Requesting Holder shall be
responsible for its pro rata share of such Registration Expenses (for each
Responsible Requesting Holder based on a fraction, the numerator of which is the
number of Registrable Securities that such Responsible Requesting Holder asked
to be included in such withdrawn registration and the denominator of which is
the aggregate number of Registrable Securities that all Responsible Requesting
Holder, collectively, asked to be included in such withdrawn registration).
Section 3.5 Registration and Qualification. 14 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre017.jpg]
(a) In the event that the Company is required to effect the registration of any
Registrable Securities pursuant to this Article III, the Company shall: (i) use
its reasonable best efforts to, as promptly as practicable, prepare, file and
cause to become effective and remain effective a Registration Statement relating
to such Registrable Securities; (ii) prepare and file with the SEC such
amendments (including post- effective amendments) and supplements to the
Registration Statement for such Registrable Securities and the prospectus used
in connection therewith as may be necessary to keep such Registration Statement
effective and to comply with the provisions of the Securities Act with respect
to the disposition of all such Registrable Securities until such time as all of
such Registrable Securities have been disposed of; provided, that the Company
shall, as far in advance as practicable but at least five (5) Business Days
prior to filing a Registration Statement or prospectus (or any amendment or
supplement thereto), furnish to each Selling Holder, for their review, copies of
such Registration Statement or prospectus (or amendment or supplement) as
proposed to be filed (including, upon the request of such Selling Holder,
documents to be incorporated by reference therein); provided, further, that each
Selling Holder may request reasonable changes to such Registration Statement,
prospectus, amendment or supplement (as the case may be) and the Company shall
be required to comply therewith to the extent necessary to lawfully complete
such filing or maintain the effectiveness of such Registration Statement; (iii)
furnish to each Selling Holder and each underwriter of such Registrable
Securities such number of conformed copies of such Registration Statement and
each amendment and supplement thereto (in each case including all exhibits),
such number of copies of the prospectus included in such Registration Statement
(including each preliminary prospectus and any summary prospectus), in
conformity with the requirements of the Securities Act, such documents as are
incorporated by reference in such Registration Statement or prospectus
(including any amendments or supplements thereto), and such other documents as
such Selling Holder or underwriter may reasonably request; (iv) promptly notify
each Selling Holder in writing of the effectiveness of the Registration
Statement and of any stop order issued or threatened by the SEC with respect
thereto, use its reasonable best efforts to prevent the entry of any such stop
order that is threatened and promptly remove any such stop order that has been
entered, and promptly notify each Selling Holder of such lifting or withdrawal
of any such stop order; (v) use its reasonable best efforts to (x) register or
qualify all Registrable Securities covered by such Registration Statement under
the securities or blue sky laws of such jurisdictions as may be reasonably
requested by any Selling Holder or underwriter of such Registrable Securities
and promptly notify the Selling Holders of the receipt of any notification with
respect to the suspension of the qualification of Registrable Securities for
sale or offer in any such jurisdiction and (y) obtain all appropriate
registrations, permits and consents in connection with such registrations and
qualifications, and do any and all other acts and things (including using
reasonable best efforts to promptly remove any such suspension) necessary or
advisable to enable the Selling Holders and underwriters to consummate the
disposition of such Registrable Securities in such jurisdictions; provided, that
the Company shall not be required to qualify to do business as 15
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre018.jpg]
a foreign corporation in any such jurisdiction where it is not so qualified, to
consent to general service of process in any such jurisdiction or to amend its
Governing Documents; (vi) in an underwritten offering, use its reasonable best
efforts to furnish to each underwriter of such Registrable Securities (x) an
opinion letter and negative assurance letter of counsel to the Company addressed
to each such underwriter and dated the date of the closing under the
Underwriting Agreement and (y) “cold comfort” letters dated the effective date
of the Registration Statement (and brought down to the date of closing under the
Underwriting Agreement) addressed to each underwriter and signed by the
independent public accountants who have certified the Company’s financial
statements included in such Registration Statement, in each such case covering
substantially the same matters as are customarily covered in such opinions and
cold comfort letters in connection with underwritten public offerings of
securities; (vii) not later than the effective date of the applicable
Registration Statement, (x) retain a transfer agent and registrar (if the
Company does not already have one), (y) obtain a CUSIP number for all
Registrable Securities included in such Registration Statement and (z) provide
the applicable transfer agent with printed certificates for the Registrable
Securities which are in a form eligible for deposit with The Depository Trust
Company or other applicable clearing agency; (viii) in the case of an
underwritten offering of such Registrable Securities cause its senior executive
officers to participate in such customary “road show” presentations as may be
reasonably requested by the managing underwriter, and to otherwise facilitate,
cooperate with, and participate in each proposed offering of Registrable
Securities pursuant to this Article III and customary selling efforts related
thereto; and (ix) otherwise use its reasonable best efforts to comply with all
applicable securities laws, including the Securities Act, the Exchange Act, and
state securities and “blue sky” laws. (b) In the event that the Company delivers
a prospectus covering Registrable Securities to the Selling Holders and such
prospectus is subsequently amended to comply with the requirements of the
Securities Act, the Company shall promptly notify each Selling Holder and may,
in its discretion, request that the Selling Holders cease making offers of
Registrable Securities and return to the Company all prospectuses in their
possession. In the event that the Company makes such a request each Selling
Holder shall immediately cease making such offers and shall promptly return all
such prospectuses. The Company shall promptly provide the Selling Holders with
revised prospectuses and each Selling Holder shall be free, following its
receipt of such revised prospectuses, to resume making offers of the Registrable
Securities. (c) In the event that the Company determines, in its sole
discretion, that it is advisable to suspend use of a prospectus included in a
Registration Statement due to pending material developments or other events that
have not yet been publicly disclosed and as to which the Company believes public
disclosure would be detrimental to the Company, the Company shall direct the
Selling Holders to discontinue sales of Registrable Securities pursuant to such
prospectus, and each Selling Holder shall immediately so discontinue, until such
Selling Holder has received copies of a supplemented or amended prospectus or
until such Selling Holder is 16 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre019.jpg]
advised in writing by the Company that the then-current prospectus may be used
and has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in such prospectus. The Company
shall promptly furnish to each Selling Holder copies of any such supplemented or
amended prospectuses or additional or supplemental filings, as the case may be.
Notwithstanding anything to the contrary in this Agreement, the Company shall
not exercise its rights under this Section 3.5(c) to suspend sales of
Registrable Securities for a period in excess of one hundred and thirty five
(135) days during any period of three hundred and sixty five (365) consecutive
days. Section 3.6 Underwriting; Due Diligence. In the event of an underwritten
offering of Registrable Securities pursuant to a registration requested under
this Article III, the Company shall, if requested by the underwriters for such
offering, enter into an underwriting agreement with such underwriters (an
“Underwriting Agreement”). Any such Underwriting Agreement shall contain such
representations, warranties and covenants by the Company and such other terms
and provisions as are customarily contained in underwriting agreements with
respect to secondary distributions, and shall include indemnification and
contribution provisions substantially to the effect and extent of those set
forth in Section 3.7, and agreements as to the provision of opinions of counsel
and accountants’ letters substantially to the effect and extent of those set
forth in Section 3.5(a)(vi). The Selling Holders on whose behalf such
Registrable Securities are to be distributed by the underwriters shall enter
into such Underwriting Agreement, which shall also contain such representations,
warranties and indemnities by the Selling Holders as are customarily provided by
selling stockholders in underwriting agreements with respect to secondary
distributions. With respect to any Underwriting Agreement: (i) all of the
conditions precedent to the obligations of the underwriters thereunder shall be
conditions precedent to the obligations of the Selling Holders and (ii) no
Selling Holder shall be required to make any representations or warranties to,
or agreements with, the Company or the underwriters, other than customary
representations, warranties or agreements generally made by selling stockholders
in similar offerings. Section 3.7 Indemnification and Contribution. (a) The
Company’s Indemnification Obligations. To the fullest extent permitted by law,
the Company agrees to indemnify and hold harmless each Selling Holder, its
Affiliates, and their respective directors, officers, members, managers,
partners, employees, stockholders, agents, advisors, investment managers and any
Person who “controls” such Selling Holder (within the meaning of Section 15 of
the Securities Act), from and against any and all losses, claims, damages and
liabilities, including any legal or other costs, fees and expenses reasonably
incurred in connection with defending or investigating any such action or claim
(collectively, “Losses”) insofar as such Losses are caused by (i) any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement or amendment thereto, any free writing prospectus, any
preliminary prospectus or prospectus (as amended or supplemented) relating to
the Registrable Securities, (ii) any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (iii) any violation by the Company of any
federal, state or common law rule or regulation applicable to the Company and
relating to action required of or inaction by the Company in connection with
such registration, except insofar as such Losses (x) relate to a transaction or
sale made by a Selling Holder in violation of Section 3.5(c) or (y) are caused
by any such untrue statement or omission or alleged untrue statement or omission
that is based upon and in conformity with information 17
WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre020.jpg]
relating to a Selling Holder which is furnished to the Company in writing by
such Selling Holder expressly for use therein; provided, that clause (y) shall
not apply to the extent that the Selling Holder has furnished in writing to the
Company prior to the filing of such Registration Statement, free writing
prospectus, preliminary prospectus, prospectus, amendment or supplement
information expressly for use in such document which information corrected or
made not misleading the information previously furnished to the Company by such
Selling Holder, and the Company failed to include such information therein. (b)
The Selling Holder’s Indemnification Obligations. To the fullest extent
permitted by law, each Selling Holder agrees to indemnify and hold harmless the
Company, all Affiliates of the Company, each of their respective directors,
officers, members, managers, partners, employees, stockholders, agents and
advisors and each Person, if any, who “controls” (within the meaning of Section
15 of the Securities Act) the Company, from and against any and all Losses
insofar as such Losses are caused by (i) any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or
amendment thereto, any free writing prospectus, preliminary prospectus or
prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto) relating to the Registrable Securities, or
(ii) caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but in each case only with reference to information relating to such
Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for use in such Registration Statement, free writing prospectus,
preliminary prospectus, prospectus, amendments or supplement; provided, that
such Selling Holder shall not be liable in any such case to the extent that it
has furnished in writing to the Company prior to the filing of any such
Registration Statement, free writing prospectus, preliminary prospectus,
prospectus, amendment or supplement information expressly for use in such
document which information corrected or made not misleading the information
previously furnished to the Company by such Selling Holder, and the Company
failed to include such information therein. Notwithstanding anything to the
contrary in this Section 3.7, each Selling Holder’s indemnification obligations
under this paragraph are several, and not joint and several, and shall not
exceed, with respect to any given registration of Registrable Securities
pursuant to this Article III, the amount of net proceeds received by such
Selling Holder in connection with the offering of its Registrable Securities
under such registration. (c) Each party that is entitled to indemnification
under paragraph (a) or (b) of this Section 3.7 shall, promptly after receipt of
notice of a claim or action against such indemnified party in respect of which
indemnity may be sought hereunder, notify the indemnifying party in writing of
the claim or action and the indemnifying party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such indemnified
party, and shall assume the payment of all fees and expenses; provided, that the
failure of any indemnified party to so notify the indemnifying party shall not
relieve the indemnifying party of its obligations hereunder except to the extent
that the indemnifying party is materially prejudiced by such failure to notify.
In any such action, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the sole expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) in the
reasonable judgment of such indemnified party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them, in which case the fees and expenses of such counsel
shall be at 18 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre021.jpg]
the sole expense of the indemnifying party; provided, that in the event that the
Company, as indemnifying party, is required to pay expenses of separate legal
counsel for any one (1) or more Selling Holders as indemnified party, a single
counsel shall be designated in writing to the Company by the Selling Holder with
the largest number of Registrable Securities included in such registration. All
such fees and expenses shall be reimbursed as they are incurred. The
indemnifying party shall not be liable for any settlement of any claim or action
effected without its written consent, which consent shall not be unreasonably
withheld or delayed, but if settled with such consent, or if there be a final
judgment for the plaintiff, the indemnifying party shall indemnify and hold
harmless such indemnified parties from and against any loss or liability (to the
extent stated above) by reason of such settlement or judgment. No indemnifying
party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened claim or action in respect of which
any indemnified party is or could have been a party and indemnity could have
been sought hereunder by such indemnified party, unless such settlement includes
an unconditional release of such indemnified party from all liability arising
out of such proceeding and imposes no obligations on such indemnified party
other than the payment of monetary damages (which damages will be paid by the
indemnifying party hereunder). (d) If the indemnification provided for in this
Section 3.7 shall for any reason be unavailable (other than in accordance with
its terms) to an indemnified party in respect of any Losses referred to therein,
then the indemnifying party shall, in lieu of indemnifying such indemnified
party, contribute to the amount paid or payable by the indemnified party as a
result of such Losses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and the indemnified
party on the other. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. Notwithstanding anything
to the contrary in this paragraph, (i) each Selling Holder’s contribution
obligations under this paragraph are several, and not joint and several, and
(ii) no indemnifying party (other than the Company) shall be required to
contribute any amount in excess of the amount by which the net proceeds received
by such indemnifying party from the sale of Registrable Securities in the
offering to which the Losses relate exceed the amount of any damages which such
indemnifying party has otherwise been required to pay by reason of such untrue
statement or omission. The parties to this Agreement agree that it would not be
just and equitable if contribution pursuant to this paragraph were determined by
pro rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in Section 3.7(c). No Person
who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) that results in Losses shall be entitled to
contribution with respect to such Losses from any Person who is not guilty of
such fraudulent misrepresentation. (e) Indemnification and contribution similar
to that specified in the preceding paragraphs of this Section 3.7 (with
appropriate modifications) shall be given by the Company, the Selling Holders
and the underwriters with respect to any required registration or other
qualification of Registrable Securities under any state law or regulation or
governmental authority. (f) The obligations of the parties under this Section
3.7 shall be in addition to any liability which any party may otherwise have to
any other party. If indemnification is available 19 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre022.jpg]
under this Section 3.7, the indemnifying parties shall indemnify each
indemnified party to the fullest extent permitted by applicable law and as
provided in paragraphs (a) and (b) hereof without regard to the relative fault
of said indemnifying parties or indemnified party. (g) The rights and
obligations of the Company and the Selling Holders under this Section 3.7 shall
survive the termination of this Agreement. Section 3.8 Rule 144 Information. The
Company hereby covenants and agrees it shall (a) file such periodic reports as
it is required to file under the Exchange Act, and other applicable laws or
rules, and thereafter shall timely file such information, documents and reports
as may be required or prescribed under Section 13 or 15(d) (whichever is
applicable) of the Exchange Act, and, (b) if the Company is not required to file
such reports during any period, it will upon the reasonable request of any
Stockholder make publicly available such information for so long as is necessary
to permit such Stockholder to sell Registrable Securities pursuant to Rule 144
or Regulation S under the Securities Act, take such further action as any
Stockholder may reasonably request, to the extent from time to time such action
is necessary to permit such Stockholder to sell Registrable Securities pursuant
to Rule 144 or Regulation S of the Securities Act, including without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 or Regulation S under the Securities Act. Section 3.9 Grant
of Additional Registration Rights. Except for the registration rights granted
pursuant to this Article III, the Company shall not grant any registration
rights with respect to shares of Common Stock to any other Person without the
prior written consent of the majority of the then outstanding shares of Common
Stock held by the Stockholder Groups unless such registration rights so granted
do not materially affect the rights of the Stockholder Groups under this
Agreement with respect to their priority in any Public Offering. Section 3.10
Holdback Agreement. The Company and each 5% Stockholder (whether or not such
Registrable Securities are included in a Registration Statement filed pursuant
to Section 3.1 or Section 3.2) agree, if requested (pursuant to a timely written
notice) by the lead or managing underwriter or underwriters in an underwritten
offering, not to effect any public sale or distribution of any of the
Registrable Securities, including a sale pursuant to Rule 144 (except as part of
such underwritten offering), for a customary period (which period shall be the
same for all applicable Stockholders and shall not be longer than one hundred
and eighty (180) days in the case of the Company’s first Public Offering and
ninety (90) days in the case of any other Public Offering, except to the extent
required by FINRA regulations or applicable law), as reasonably determined by
the lead or managing underwriter or underwriters in consultation with the
Stockholders, after the closing date of the underwritten offering made pursuant
to such Registration Statement; provided, that no 5% Stockholder shall be
subject to any such restrictions unless (a) all such restrictions shall have
been requested of, and shall be applicable to, all 5% Stockholders and (b) such
underwriter(s) shall have obtained written holdback agreements from the Company,
each executive officer of the Company and each other Person who has been granted
registration rights by the Company. No waiver of any such restrictions shall be
effective with respect to any Stockholder unless such waiver applies uniformly
to all such Stockholders. Notwithstanding anything contained in this Section
3.10, all obligations of the Stockholders under this Section 3.10 shall
terminate in the event that the Company or any underwriter terminates, releases
or waives, in whole or in part, the holdback agreements with respect to the
Company, any executive officer of 20 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre023.jpg]
the Company or any such other Person who has been granted registration rights by
the Company, unless such termination, release or waiver also applies
proportionally (based on their respective ownership of Registrable Securities
relative to the number of Registrable Securities held by such executive officer
or other Person) to each Stockholder. Section 3.11 Termination. All of the
Company’s obligations to register Registrable Securities under Section 3.1 and
Section 3.2 shall terminate on the date on which the Stockholders cease to
Beneficially Own any Registrable Securities. ARTICLE IV REPRESENTATIONS AND
WARRANTIES Each of the parties hereto hereby represents and warrants, solely
with respect to itself (and, in each case to the extent applicable in the case
of parties who are natural persons), to each other party that: Section 4.1
Existence; Authority; Enforceability. Such party has the power and authority to
enter into this Agreement and to carry out its obligations hereunder. Such party
is duly organized and validly existing under the laws of its jurisdiction of
organization, and the execution of this Agreement, and the performance of its
obligations hereunder, have been authorized, and no other act or proceeding on
its part is necessary to authorize the execution of this Agreement or the
performance of its obligations hereunder. This Agreement has been duly executed
by it and constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms except as the same may be affected by
bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable
principles relating to or limiting the rights of contracting parties generally.
Section 4.2 Absence of Conflicts. The execution and delivery by such party of
this Agreement and the performance of its obligations hereunder does not (a)
conflict with, or result in the breach of any provision of the constitutive
documents of such party; (b) result in any violation, breach, conflict, default
or event of default (or an event which with notice, lapse of time, or both,
would constitute a default or event of default), or give rise to any right of
acceleration or termination or any additional payment obligation, under the
terms of any contract, agreement or permit to which such party is a party or by
which such Party’s assets or operations are bound or affected; or (c) violate
any law applicable to such party, except, in the case of clause (b), as would
not have a material adverse effect on such party’s ability to perform its
obligations hereunder. Section 4.3 Consents. Other than as has already been
obtained, no consent, waiver, approval, authorization, exemption, registration,
license or declaration is required to be made or obtained by such party in
connection with the execution, delivery or performance of this Agreement, except
in each case, as would not have a material adverse effect on such party’s
ability to perform its obligations hereunder. 21 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre024.jpg]
ARTICLE V GENERAL Section 5.1 Assignment. The rights and obligations hereunder
shall not be assignable without the prior written consent of the other parties
hereto; provided, however, any party hereto, without the consent of any other
party, may assign, in whole or in part, any of its rights hereunder to any
Person who is an Affiliate of such party, if such assignee contemporaneously
enters into a Joinder Agreement in the form attached hereto as Annex A. Any
attempted assignment of rights or obligations in violation of this Section 5.1
shall be null and void. Section 5.2 Term and Effectiveness. (a) This Agreement
shall become effective immediately prior to the consummation of the Public
Listing. This Agreement shall automatically terminate if the Public Listing is
not consummated on or before the tenth (10th) Business Day following the date of
this Agreement. (b) Article II shall terminate as to any Nominating Stockholder
Group when such Nominating Stockholder Group no longer Beneficially Owns at
least ten percent (10%) of the then issued and outstanding shares of Common
Stock. (c) Subject to Section 5.2(b), this Agreement (other than this Article V)
shall terminate with respect to any Stockholder on the date such Stockholder no
longer holds Registrable Securities. (d) Notwithstanding anything contained
herein to the contrary, this Article V shall survive any termination of any
provisions of this Agreement. (e) The termination of any provision of this
Agreement shall not relieve any party from any liability for the breach of its
obligations under this Agreement prior to such termination. Section 5.3
Severability. If any term or other provision of this Agreement is held to be
invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions is not affected in any manner materially adverse to any party.
Upon a determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible. Section 5.4 Entire Agreement; Amendment. (a) This
Agreement sets forth the entire understanding and agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements
and understandings, including the Original Agreement, both oral and written,
between the parties with respect to the subject matter of this Agreement. This
Agreement or any provision thereof may 22 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre025.jpg]
only be amended, modified or supplemented, and no provision in this Agreement
may be waived, in whole or in part, by an instrument in writing signed by the
Stockholders holding a majority of the then issued and outstanding shares of
Common Stock, provided, however that (i) Article II may only be amended,
modified, supplemented or waived with the consent of each Nominating Stockholder
Group for so long as the Aggregate Ownership of such Nominating Stockholder
Group constitutes at least ten percent (10%) of the outstanding shares of Common
Stock, and (ii) the consent of a Stockholder will be required to effect any
amendment, modification, supplement or waiver to the Agreement that would
reasonably be expected to disproportionately affect such Stockholder that is
material and adverse to such Stockholder as compared to any other Stockholder.
(b) No waiver of any breach of any of the terms of this Agreement shall be
effective unless such waiver is expressly made in writing and executed and
delivered by the party against whom such waiver is claimed. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate or
be construed as a further or continuing waiver of such breach or as a waiver of
any other or subsequent breach. Except as otherwise expressly provided herein,
no failure on the part of any party to exercise, and no delay in exercising, any
right, power or remedy hereunder, or otherwise available in respect hereof at
law or in equity, shall operate as a waiver thereof, nor shall any single or
partial exercise of such right, power or remedy by such party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy.
(c) No waiver of a right under this Agreement shall be effective unless such
waiver is expressly made in writing and executed and delivered by the party
against whom such waiver is claimed. The waiver of a right under this Agreement
in a specified instance or in specified circumstances shall not operate or be
construed as a waiver of such right in other instances or circumstances. (d) Any
nomination or other consent or action under this Agreement exercisable by the
Mudrick Parties, and any waiver of a breach of, or waiver or consent to
modification of, any right of the Mudrick Parties under this Agreement, may be
exercised on their behalf by the Mudrick Entity; any nomination or consent right
or action under this Agreement exercisable by the GoldenTree Parties, and any
waiver of a breach of, or waiver or consent to modification of, any right of the
GoldenTree Parties under this Agreement, may be exercised on their behalf by the
GoldenTree Entity; any nomination or consent right or action under this
Agreement exercisable by the Paulson Parties, and any waiver of a breach of, or
waiver or consent to modification of, any right of the Paulson Parties under
this Agreement, may be exercised on their behalf by the Paulson Entity; any
consent right or action under this Agreement exercisable by the Cerberus
Parties, and any waiver of a breach of, or waiver or consent to modification of,
any right of the Cerberus Parties under this Agreement, may be exercised on
their behalf by the Cerberus Entity. Section 5.5 Counterparts. This Agreement
may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same
agreement. Section 5.6 Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware, without
giving effect to any choice of law or conflict 23 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre026.jpg]
of law provision or rule that would cause the application of the laws of any
jurisdiction other than the State of Delaware. Section 5.7 Waiver of Jury Trial;
Consent to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. Each party hereby irrevocably submits to the
exclusive jurisdiction of the federal courts located in the State of Delaware or
the Delaware Court of Chancery for the purpose of adjudicating any dispute
arising hereunder. Each party hereby irrevocably and unconditionally waives and
agrees not to plead or claim in any such court any objection to such
jurisdiction, whether on the grounds of hardship, inconvenient forum or
otherwise. Each party further agrees that service of any process, summons,
notice or document by U.S. registered mail to such party’s respective address
set forth in Section 5.9 shall be effective service of process for any action,
suit or proceeding with respect to any matters to which it has submitted to
jurisdiction in this Section 5.7. Section 5.8 Specific Enforcement. The parties
hereto acknowledge that the remedies at law of the other parties for a breach or
threatened breach of this Agreement would be inadequate and, in recognition of
this fact, any party to this Agreement, without posting any bond, and in
addition to all other remedies that may be available, shall be entitled to
equitable relief in the form of specific performance, a temporary restraining
order, a temporary or permanent injunction or any other equitable remedy that
may then be available. Section 5.9 Notices. All notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
transmission and electronic mail (“e-mail”) transmission, so long as a receipt
of such e-mail is requested and received by non-automated response). All such
notices, requests and other communications shall be delivered in person or sent
by facsimile, e-mail or nationally recognized overnight courier and shall be
deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any
such notice, request or communication shall be deemed to have been received on
the next succeeding Business Day in the place of receipt. All such notices,
requests and other communications to any party hereunder shall be given to such
party as follows: If to the Company, to: Thryv Holdings, Inc. 2200 W. Airfield
Drive P.O. Box 619810 DFW Airport, TX 75261 Attention: Lesley Bolger, Corporate
Secretary Facsimile: (877) 238-4973 E-mail: Lesley.Bolger@thryv.com with a copy
(which shall not constitute notice) to: 24 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre027.jpg]
Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Attention: Brian
Gingold Facsimile: (212) 310-8007 E-mail: Brian.Gingold@weil.com If to any
Stockholder: At such Person’s address for notice as set forth in the books and
records of the Company, or, as to each of the foregoing, at such other address
as shall be designated by a party in a written notice to other parties complying
as to delivery with the terms of this Section 5.9. All such notices, requests,
demands and other communications shall, when mailed, telegraphed or sent,
respectively, be effective (i) two (2) days after being deposited in the mail or
(ii) one (1) day after being deposited with the express overnight courier
service, respectively, addressed as aforesaid. Section 5.10 Binding Effect;
Third Party Beneficiaries. The provisions of this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
permitted successors and assigns. Except as provided in Section 5.13, no
provision of this Agreement is intended to confer any rights, benefits,
remedies, obligations or liabilities hereunder upon any Person other than the
parties hereto and their respective permitted successors and assigns. Section
5.11 Further Assurances. The parties hereto will sign such further documents,
cause such meetings to be held, resolutions passed, exercise their votes and do
and perform and cause to be done such further acts and things necessary, proper
or advisable in order to give full effect to this Agreement and every provision
hereof. Section 5.12 Table of Contents, Headings and Captions. The table of
contents, headings, subheadings and captions contained in this Agreement are
included for convenience of reference only, and in no way define, limit or
describe the scope of this Agreement or the intent of any provision hereof.
Section 5.13 No Recourse. This Agreement may only be enforced against, and any
claims or cause of action that may be based upon, arise out of or relate to this
Agreement, or the negotiation, execution or performance of this Agreement may
only be made against the entities that are expressly identified as parties
hereto and no past, present or future Affiliate, director, officer, employee,
incorporator, member, manager, partner, stockholder, controlling person,
fiduciary, agent, attorney or representative of any party hereto, or any past,
present or future Affiliate, director, officer, employee, incorporator, member,
manager, partner, stockholder, controlling person, fiduciary, agent, attorney or
representative of any of the foregoing shall have any liability for any
obligations or liabilities of the parties to this Agreement or for any claim
based on, in respect of, or by reason of, the transactions contemplated hereby.
[Remainder of page intentionally left blank] 25 WEIL:\97487965\11\40631.0007

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre028.jpg]
IN WITNESS WHEREOF, each of the parties hereto has caused this Stockholders
Agreement to be executed by its duly authorized officers as of the day and year
first above written. THRYV HOLDINGS, INC. By: __________________________ Name:
Joseph A. Walsh Title: President and Chief Executive Officer [SIGNATURE PAGE TO
AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre029.jpg]
Mudrick Parties Mudrick Capital Management, L.P. By: __________________________
Name: Glenn Springer Title: Chief Financial Officer [SIGNATURE PAGE TO AMENDED
AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre030.jpg]
MUDRICK DISTRESSED OPPORTUNITY FUND GLOBAL LP By: Mudrick GP, LLC, its General
Partner By: __________________________ Name: Glenn Springer Title: Chief
Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
(THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre031.jpg]
VERTO DIRECT OPPORTUNITY II LP By: Verto Direct Opportunity GP, LLC, its General
Partner By: __________________________ Name: Glenn Springer Title: Chief
Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
(THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre032.jpg]
BOSTON PATRIOT BATTERYMARCH ST LLC By: Mudrick Capital Management, L.P., its
Investment Manager By: __________________________ Name: Glenn Springer Title:
Chief Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre033.jpg]
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND II LP By: Mudrick Distressed
Opportunity Drawdown Fund II GP, LLC, its General Partner By:
__________________________ Name: Glenn Springer Title: Chief Financial Officer
[SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS,
INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre034.jpg]
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND LP By: Mudrick Distressed
Opportunity Drawdown Fund GP, LLC By: __________________________ Name: Glenn
Springer Title: Chief Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre035.jpg]
BLACKWELL PARTNERS LLC SERIES A By: Mudrick Capital Management, L.P., its
Investment Manager By: __________________________ Name: Glenn Springer Title:
Chief Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre036.jpg]
MERCER QIF FUND PLC By: Mudrick Capital Management, L.P., its Investment Manager
By: __________________________ Name: Glenn Springer Title: Chief Financial
Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV
HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre037.jpg]
TRUSTEES OF GRINNELL COLLEGE By: Mudrick Capital Management, its Investment
Manager By: __________________________ Name: Glenn Springer Title: Chief
Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
(THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre038.jpg]
P MUDRICK LTD By: Mudrick Capital Management, L.P., its Investment Manager By:
__________________________ Name: Glenn Springer Title: Chief Financial Officer
[SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS,
INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre039.jpg]
MUDRICK DISTRESSED OPPORTUNITY SPECIALTY FUND LP By: Mudrick GP, its General
Partner By: __________________________ Name: Glenn Springer Title: Chief
Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
(THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre040.jpg]
VERTO DIRECT OPPORTUNITY GP LLC By: __________________________ Name: Glenn
Springer Title: Chief Financial Officer [SIGNATURE PAGE TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre041.jpg]
GoldenTree Parties GoldenTree Asset Management LP By: __________________________
Name: Sasha Linney Title: Associate General Counsel [SIGNATURE PAGE TO AMENDED
AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre042.jpg]
GoldenTree 2004 Trust By: GoldenTree Asset Management, LP By: Name: Karen Weber
Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre043.jpg]
Crown Managed Accounts SPC – Crown/GT Segregated Portfolio By: GoldenTree Asset
Management, LP By: Name: Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE
TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre044.jpg]
GN3 SIP Limited By: GoldenTree Asset Management, LP By: Name: Karen Weber Title:
Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre045.jpg]
GoldenTree Distressed Master Fund 2014 Ltd By: GoldenTree Asset Management, LP
By: Name: Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND
RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre046.jpg]
GoldenTree Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P.
By: GoldenTree Asset Management, LP By: Name: Karen Weber Title: Director – Bank
Debt [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV
HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre047.jpg]
GoldenTree Master Fund, Ltd. By: GoldenTree Asset Management, LP By: Name: Karen
Weber Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre048.jpg]
GoldenTree V1 Master Fund, LP By: GoldenTree Asset Management, LP By: Name:
Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre049.jpg]
GT NM, LP By: GoldenTree Asset Management, LP By: Name: Karen Weber Title:
Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre050.jpg]
High Yield and Bank Loan Series Trust By: GoldenTree Asset Management, LP By:
Name: Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND
RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre051.jpg]
Louisiana State Employees’ Retirement System By: GoldenTree Asset Management, LP
By: Name: Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE TO AMENDED AND
RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre052.jpg]
San Bernardino County Employees’ Retirement Association By: GoldenTree Asset
Management, LP By: Name: Karen Weber Title: Director – Bank Debt [SIGNATURE PAGE
TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre053.jpg]
Paulson Parties Paulson & Co. Inc. By: __________________________ Name: Title:
[SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS,
INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre054.jpg]
Paulson Credit Opportunities Master LTD By: __________________________ Name:
Title: [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV
HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre055.jpg]
Paulson Credit Opportunities Master II LTD By: __________________________ Name:
Title: [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV
HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre056.jpg]
Cerberus Parties Cerberus Capital Management L.P. By: __________________________
Name: Michael F. Sanford Jr. Title: Senior Managing Director [SIGNATURE PAGE TO
AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre057.jpg]
Yosemite Sellers' Representative LLC By: __________________________ Name:
Michael F. Sanford Jr. Title: President [SIGNATURE PAGE TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre058.jpg]
Annex A FORM OF JOINDER AGREEMENT The undersigned is executing and delivering
this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as
of September 23, 2020 (as amended, restated, supplemented or otherwise modified
in accordance with the terms thereof, the “Stockholders Agreement”) by and among
(i) Thryv Holdings, Inc., a Delaware corporation (the “Company”), (ii) Mudrick
Capital Management, L.P., a Delaware limited partnership (the “Mudrick Entity”),
(iii) GoldenTree Asset Management LP, a Delaware limited partnership (the
“GoldenTree Entity”), (iv) Paulson & Co. Inc., a Delaware corporation (the
“Paulson Entity”), and (v) Cerberus Capital Management L.P., a Delaware limited
partnership (the “Cerberus Entity”) and each of the other Affiliates of the
foregoing that are signatories to the Agreement. Capitalized terms used but not
defined in this Joinder Agreement shall have the respective meanings ascribed to
such terms in the Stockholders Agreement. By executing and delivering this
Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts
and approves the Stockholders Agreement and agrees, effective commencing on the
date hereof and as a condition to the undersigned’s becoming the beneficial
owner and/or transferee of Company Securities, to become a party as a
Stockholder to, and to be bound by and comply with the provisions of, the
Stockholders Agreement applicable to the Stockholders in the same manner as if
the undersigned were an original signatory to the Stockholders Agreement. The
undersigned acknowledges and agrees that Article V of the Stockholders Agreement
is incorporated herein by reference, mutatis mutandis. [ANNEX A TO AMENDED AND
RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------

 
[thryv-arstockholdersagre059.jpg]
Accordingly, the undersigned has executed and delivered this Joinder Agreement
as of the _______ day of ______________, ______________. (Signature of
Transferee) (Print Name of Transferee) Address: Telephone: Facsimile: Email:
AGREED AND ACCEPTED as of the ____ day of ________, _________. THRYV HOLDINGS,
INC. By: Name: Title: [SIGNATURE PAGE TO JOINDER TO AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]

--------------------------------------------------------------------------------