Exhibit 10.1


 





 



 


REGISTRATION RIGHTS AGREEMENT


 


DOUBLEVERIFY HOLDINGS, INC. 


 


dated as of April 19, 2021


 





 



 






     


     


    

 


TABLE OF CONTENTS


 




	1.   Definitions and Interpretations	1
	(a)   Definitions	1
	(b)   Interpretations	5
	2.   Incidental Registrations	6
	(a)   Right to Include Registrable Securities	6
	(b)   Priority in Incidental Registrations	6
	3.   Registration on Request	7
	(a)   Request by the Demand Party	7
	(b)   Priority on Demand Registration	8
	(c)   Cancellation of a Demand Registration	8
	(d)   Limitations on Demand Registrations	8
	(e)   Postponements in Requested Registrations	8
	(f)   Short-Form Registrations	9
	(g)   Shelf Take-Downs	10
	(h)   No Notice in Block Sales	11
	(i)   Registration Statement Form	11
	(j)   Selection of Underwriters	11
	4.   Registration Procedures	12
	5.   Hedging Transactions	18
	6.   Indemnification	19
	(a)   Indemnification by the Company	19
	(b)   Indemnification by Holder of Registrable Securities	20
	(c)   Conduct of Indemnification Proceedings	20
	(d)   Contribution	21
	(e)   Deemed Underwriter	22
	(f)   Other Indemnification	22
	(g)   Non-Exclusivity	22
	(h)   Primacy of Indemnification	22
	7.   Registration Expenses	23
	8.   Rule 144	24
	9.   Certain Additional Agreements	24
	10.   Miscellaneous	24
	(a)   Termination	24
	(b)   Holdback Agreement	24
	(c)   Amendments and Waivers	25
	(d)   Successors, Assigns and Transferees	25
	(e)   Notices	25
	(f)   Further Assurances	27
	(g)   Other Registration Rights	27
	(h)   Entire Agreement; No Third Party Beneficiaries	27
	(i)   Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	27
	(j)   Severability	28
	(k)   Enforcement	28
	(l)   Titles and Subtitles	28
	(m)   No Recourse	28
	(n)   Counterparts; Facsimile Signatures	28


 


Schedule I — List of Stockholders


Exhibit A — Joinder Agreement


 






     


     


    

 


This REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is entered into as of April 19, 2021, by and among DoubleVerify Holdings, Inc., a Delaware corporation (the “Company”),
Providence VII U.S. Holdings L.P., a Delaware limited partnership (the “PEP Investor”), and the other stockholders
of the Company listed on Schedule I to this Agreement (such other stockholders, together with the PEP Investor, each, an “Investor”
and collectively, the “Investors”) and any Person who becomes a party hereto pursuant to Section 10(d). Capitalized
terms used herein shall have the meaning assigned to such terms in the text of this Agreement or in Section 1.


 


WHEREAS, the Company intends to undertake an underwritten
initial public offering of Common Stock (the “IPO”); and


 


WHEREAS, in connection with the IPO, and pursuant
to the Company’s obligations under that certain Amended and Restated Stockholders Agreement, dated as of November 18, 2020, by and
among the Company, the Investors and the other stockholders party thereto, the Company desires to provide the Holders with rights to registration
under the Securities Act of Registrable Securities, on the terms and subject to the conditions set forth herein.


 


NOW, THEREFORE, in consideration of the foregoing
recitals and of the mutual promises hereinafter set forth, the Parties agree as follows:


 


AGREEMENT


 





1.                 
Definitions and Interpretations.


 


(a)              
Definitions. As used in this Agreement, the following capitalized terms shall have the following respective meanings:


 


“Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such person
as of the date on which, or at any time during the period for which, the determination of affiliation is being made (including any investment
fund the primary investment advisor to which is such Person or an Affiliate thereof); provided, that for purposes of this Agreement,
no Holder shall be deemed an Affiliate of the Company or any of its Subsidiaries.


 


“Agreement” has the
meaning given to such term in the Preamble, as the same may be amended, supplemented or restated from time to time.


 


“Applicable Law” means
all applicable provisions of (i) constitutions, treaties, statutes, laws (including the common law), rules, regulations, ordinances,
codes or orders of any Governmental Entity, (ii) any consents or approvals of any Governmental Entity and (iii) any orders,
decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity.


 


“Automatic Shelf Registration
Statement” has the meaning given to such term in Section 3(f)(iii).


 






     


     


    

 


“Board” means the
board of directors of the Company.


 


“Business Day” means
any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Applicable Law to be closed in New
York City.


 


“Common Stock” means
the shares of common stock, par value $0.001 per share, of the Company.


 


“Company” has the
meaning given to such term in the Preamble.


 


“Company Lock-Up Period”
has the meaning given to such term in the Underwriting Agreement, to be dated April 20, 2021, by and among the Company, the PEP Investor,
the other stockholders of the Company listed in Schedule II thereto and Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as
representatives of the underwriters.


 


“control” (including
the terms “controlling”, “controlled by” and “under common control with”), with
respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct
or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor,
by contract or otherwise.


 


“Covered Person” has
the meaning given to such term in Section 6(a).


 


“Demand Follow-Up Notice”
has the meaning given to such term in Section 3(a).


 


“Demand Notice” has
the meaning given to such term in Section 3(a).


 


“Demand Registration”
has the meaning given to such term in Section 3(a).


 


“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated
thereunder.


 


“FINRA” means the
Financial Industry Regulatory Authority.


 


“Free Writing Prospectus”
has the meaning given to such term in Section 4(a).


 


“Governmental Entity”
means any federal, state, local or foreign court, legislative, executive or regulatory authority or agency.


 


“Holdback
Period” means, (i) with respect to a registered offering covered by this Agreement, ninety (90) days after and during the
ten (10) days before the effective date of the related Registration Statement or, in the case of a takedown from a Shelf
Registration Statement that is a Shelf Underwritten Offering, ninety (90) days after the date of the Prospectus supplement filed
with the SEC in connection with such takedown and during such prior period (not to exceed ten (10) days) as the Company has given
reasonable written notice to the Holder of Registrable Securities or (ii) such shorter period of time as may be negotiated in the
lock-up agreement for an Underwritten Offering.


 






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“Holder” means (i)
any of the Investors, (ii) any other Person entitled to incidental or piggyback registration rights hereunder upon entering into
a Joinder Agreement substantially in the form of Exhibit A hereto or (iii) any direct or indirect transferee of a Holder who has
acquired Registrable Securities from a Holder and who has entered into a Joinder Agreement substantially in the form of Exhibit A
hereto.


 


“Indemnified Party”
has the meaning given to such term in Section 6(c).


 


“Indemnifying Party”
has the meaning given to such term in Section 6(c).


 


“Indemnitors” has
the meaning given to such term in Section 6(h).


 


“Inspector” has the
meaning given to such term in Section 4(o).


 


“Investor” and “Investors”
have the meanings given to such terms in the Preamble.


 


“IPO” has the meaning
given to such term in the Recitals.


 


“Losses” has the meaning
given to such term in Section 6(a).


 


“Parties” means the
parties to this Agreement.


 


“PEP Investor” has
the meaning given to such term in the Preamble.


 


“Permitted Transferee”
means (i) with respect to any Holder, (x) an Affiliate (other than any “portfolio company” described below)
of such Holder and (y) in the case of a Holder that is a partnership, limited liability company or any foreign equivalent thereof,
any partner, member or foreign equivalent thereof of such Holder (provided that such Transfer is made in a pro rata distribution
in accordance with the applicable partnership agreement, limited liability company agreement or foreign equivalent thereof, as the case
may be); provided, however, that any such transferee shall agree in a writing in the form attached as Exhibit A hereto to
be bound by and to comply with all applicable provisions of this Agreement; provided, further, however, that in no
event shall (A) the Company or any of its Subsidiaries or (B) any “portfolio company” (as such term is customarily
used among institutional investors) of any Holder or any entity controlled by a portfolio company of any Holder constitute a “Permitted
Transferee”.


 


“Person” means any
individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, government or any
department or agency thereof or any other entity.


 






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“Prospectus” means
the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously
omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities
Act), as amended or supplemented by any prospectus supplement, relating to Registrable Securities, and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such prospectus.


 


“Records” has the
meaning given to such term in Section 4(o).


 


“Registrable Securities”
means any shares of Common Stock held by a Holder. As to any particular Registrable Securities, once issued such securities shall cease
to be Registrable Securities when (i) they are disposed of pursuant to an effective Registration Statement under the Securities
Act, (ii) they are able to be sold by their Holder without restriction as to volume or manner of sale pursuant to Rule 144 (or
other exemption from registration under the Securities Act), (iii) they shall have ceased to be outstanding, or (iv) they
have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee
of the securities.


 


“Registration Statement”
means any registration statement of the Company filed with the SEC under the Securities Act which covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including any Prospectus, Free Writing Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.


 


“Rule 144” means Rule
144 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
SEC.


 


“Rule 405” means Rule
405 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
SEC.


 


“SEC” means the U.S.
Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act.


 


“Securities Act” means
the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated thereunder.


 


“Shelf Registration Statement”
has the meaning given to such term in Section 3(f)(i).


 


“Shelf Underwritten Offering”
has the meaning given to such term in Section 3(g).


 


“Short-Form Registration”
has the meaning given to such term in Section 3(f)(i).


 






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“Subsidiary” means
(i) any corporation of which a majority of the securities entitled to vote generally in the election of directors thereof,
at the time as of which any determination is being made, are owned by another entity, either directly or indirectly and (ii) any
joint venture, general or limited partnership, limited liability company or other legal entity in which an entity is the record or beneficial
owner, directly or indirectly, of a majority of the voting interests or the general partner.


 


“Suspension Event”
has the meaning given to such term in Section 3(e).


 


“Take-Down Notice”
has the meaning given to such term in Section 3(g).


 


“Transfer” means,
directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily,
or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance,
hypothecation or similar disposition of, any shares of Common Stock beneficially owned by a Person or any interest in any shares of Common
Stock beneficially owned by a Person. In the event that any Holder that is a corporation, partnership, limited liability company or other
legal entity (other than an individual, trust or estate) ceases to be, directly or indirectly, controlled by the Person controlling such
Holder as of the date hereof or a Permitted Transferee thereof, such event shall be deemed to constitute a “Transfer” subject
to the restrictions on Transfer contained or referenced herein; provided, however that, with respect to any Investor or an Affiliate
thereof that is an investment fund, a change of control of the direct or indirect general partner or investment advisor of such investment
fund shall not constitute a Transfer.


 


“Underwritten Offering”
means an offering registered under the Securities Act in which shares of Common Stock are sold to one or more underwriters for reoffering
to the public.


 


“WKSI” has the meaning
given to such term in Section 3(f)(iii).


 


(b)              
Interpretations.  For purposes of this Agreement, unless otherwise noted:


 


(i)                
All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations
and forms, as amended from time to time or, to the extent replaced, the comparable successor laws, rules, regulations and forms thereto
in effect at the time.


 


(ii)             
All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references
to the comparable successor thereto.


 


(iii)           
All references to agreements and other contractual instruments shall be deemed to be references to such agreements or other instruments
as they may be amended, waived, supplemented or modified from time to time.


 


(iv)            
 All references to any amount of securities (including Registrable Securities) shall be deemed to be a reference to such amount
measured on an as-converted or as-exercised basis.


 






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2.                 
Incidental Registrations.


 


(a)              
Right to Include Registrable Securities. If at any time after termination of the Company Lock-Up Period, the Company determines
to register its Common Stock under the Securities Act (other than pursuant to an Automatic Shelf Registration Statement filed to effect
a block sale in accordance with Section 3(f)(iii) or a Registration Statement filed by the Company on Form S-4 or S-8 or any successor
or other forms promulgated for similar purposes or filed solely in connection with an exchange offer or any employee benefit or dividend
reinvestment plan), whether or not for sale for its own account, in a manner which would permit registration of Registrable Securities
for sale to the public under the Securities Act, it will, at each such time, give prompt written notice to all Holders of Registrable
Securities of its intention to do so and of such Holders’ rights under this Section 2. Upon the written request of any such
Holder made within five (5) Business Days after the receipt of any such notice (which request shall specify the number of Registrable
Securities intended to be disposed of by such Holder), the Company will use its reasonable best efforts to effect the registration under
the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders thereof, to the extent
required to permit the disposition of the Registrable Securities so to be registered; provided that (i) if, at any time
after giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement
filed in connection with such registration, the Company shall determine for any reason not to proceed with the proposed registration of
the securities to be sold by it, the Company may, at its election, give written notice of such determination to each Holder of Registrable
Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration
(but not from its obligation to pay the expenses in connection therewith) without prejudice to the rights of the PEP Investor and its
Affiliates that are Holders of Registrable Securities to request that such registration be effected as a registration under Section 3,
and (ii) if such registration involves an Underwritten Offering, all Holders of Registrable Securities requesting to be included
in the Company’s registration must sell their Registrable Securities to the underwriters selected by the Company on the same terms
and conditions as apply to the Company, with such differences, including any with respect to indemnification, as may be customary or appropriate
in combined primary and secondary offerings. The Company shall not be required to maintain the effectiveness of the Registration Statement
for a registration requested pursuant to this Section 2(a) beyond the earlier to occur of (x) one hundred eighty (180) days
after the effective date thereof and (y) consummation of the distribution by the Holders of the Registrable Securities included
in such Registration Statement.


 


(b)               Priority
in Incidental Registrations. The Company shall use reasonable efforts to cause the managing underwriter(s) of a proposed
Underwritten Offering to permit Holders of Registrable Securities who have requested to include Registrable Securities in such
offering to include in such offering all Registrable Securities so requested to be included on the same terms and conditions as any
other shares of capital stock, if any, of the Company included in the Underwritten Offering. Notwithstanding the foregoing, if the
managing underwriter(s) of such Underwritten Offering have informed the Company that in its reasonable view the total number or
dollar amount of securities that such Holders and the Company intend to include in such offering is such as to adversely affect the
success of such offering (including, without limitation, adversely affect the per share offering price), then there shall be
included in such Underwritten Offering the number or dollar amount of Registrable Securities that in the reasonable view of such
managing underwriter(s) can be sold without adversely affecting such offering, and such number of Registrable Securities shall be
allocated as follows, unless the underwriters require a different allocation:


 






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(i)                
first, all securities of the Company requested to be included by the Company in such registration; and


 


(ii)             
second, all securities of the Company requested to be included by Holders of Registrable Securities, pro rata among such
Holders on the basis of the percentage of Registrable Securities requested to be included in such registration by such Holders.


 


3.                 
Registration on Request.


 


(a)              
Request by the Demand Party. Subject to Section 3(d), at any time after termination of the Company Lock-Up Period,
the PEP Investor and its Affiliates that are Holders of Registrable Securities shall have the right to require the Company to register,
pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the number of Registrable
Securities requested to be registered by the PEP Investor and its Affiliates that are Holders of Registrable Securities pursuant to this
Agreement, in each case by delivering written notice to the Company (any such written notice, a “Demand Notice” and
any such registration, a “Demand Registration”). Subject to Section 3(d), following receipt of a Demand Notice
for a Demand Registration in accordance with this Section 3(a), the Company shall use its reasonable best efforts to file a Registration
Statement as promptly as practicable, but no later than thirty (30) days, and to cause such Registration Statement to be declared effective
under the Securities Act as promptly as practicable after the filing thereof.


 


No Demand Registration shall be deemed to have
occurred for purposes of the first sentence of the preceding paragraph if (i) the Registration Statement relating thereto (x)
does not become effective, (y) is not maintained effective for the period required pursuant to this Section 3, or (z)
the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar
order or requirement of the SEC during such period, (ii) more than 90% of the Registrable Securities requested by the demanding
Holder to be included in such registration are not so included pursuant to Section 3(b) or (iii) the conditions to closing
specified in any underwriting agreement, purchase agreement or similar agreement entered into in connection with the registration relating
to such request are not satisfied (other than as a result of a material default or breach thereunder by such demanding Holder or its Affiliates)
or otherwise waived by such demanding Holder.


 


Within three (3) Business Days after receipt by
the Company of a Demand Notice in accordance with this Section 3(a), the Company shall give written notice (the “Demand
Follow-Up Notice”) of such Demand Notice to all other Holders of Registrable Securities and shall, subject to the provisions
of Section 3(b) and Section 3(h) hereof, include in such registration all Registrable Securities with respect to which the Company
received written requests for inclusion therein within five (5) Business Days after such Demand Follow-Up Notice is given by the Company
to such Holders.


 






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All requests made pursuant to this Section 3
will specify the number of Registrable Securities to be registered and the intended method or methods of disposition thereof.


 


The Company shall be required to maintain the effectiveness
of the Registration Statement with respect to any Demand Registration for a period of at least one hundred eighty (180) days after the
effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually
been sold; provided, however, that such period shall be extended for a period of time equal to the period the Holder of
Registrable Securities refrains from selling any securities included in such Registration Statement at the request of the Company or an
underwriter of the Company pursuant to the provisions of this Agreement.


 


(b)               Priority
on Demand Registration. If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in an Underwritten
Offering, and the managing underwriter(s) advise the Holders of such securities that in its reasonable view the total number or dollar
amount of Registrable Securities proposed to be sold in such offering (including, without limitation, securities proposed to be included
by other Holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration
rights) is such as to adversely affect the success of such offering, then there shall be included in such Underwritten Offering the number
or dollar amount of Registrable Securities that in the reasonable view of such managing underwriter(s) can be sold without adversely
affecting such offering, and such number of Registrable Securities shall be allocated as follows, unless the underwriters require a different
allocation:


 


(i)                 first,
among all Holders of Registrable Securities, pro rata on the basis of the percentage of Registrable Securities requested to be
included in such Registration Statement by such Holders; and


 


(ii)                second,
the securities for which inclusion in such Demand Registration was requested by the Company.


 


(c)                Cancellation
of a Demand Registration. Each Holder that submitted a Demand Notice pursuant to a particular offering pursuant to this Section 3
shall have the right, prior to the effectiveness of the Registration Statement, to notify the Company that it or they, as the case may
be, have determined that the Registration Statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw such
Registration Statement.


 


(d)               Limitations on Demand Registrations. The PEP Investor and its Affiliates that are Holders of Registrable Securities shall,
collectively, be entitled to initiate an unlimited number of Demand Registrations, but no more than one (1) Demand Registration every
ninety (90) days.


 






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(e)                Postponements
in Requested Registrations. If the filing, initial effectiveness or continued use of a Registration Statement, including a Shelf
Registration Statement, with respect to a Demand Registration would require the Company to make a public disclosure of material non-public
information, which disclosure in the good faith judgment of the Board (after consultation with external legal counsel) (i) would
be required to be made in any Registration Statement so that such Registration Statement would not contain any untrue statement of material
fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading, (ii) would not be required to be made at such time but for the filing, effectiveness or
continued use of such Registration Statement and (iii) the Company has a bona fide business purpose for not disclosing publicly
(collectively, “Suspension Events”), then the Company may, upon giving prompt written notice of such action to the
Holders participating in such registration, delay the filing or initial effectiveness (but not the preparation) of, or suspend use of,
such Registration Statement; provided that the Company shall be permitted to do so once in any six (6)-month period for a period
not to exceed the earlier of (x) the termination of any such Suspension Event and (y) forty-five (45) days following notice
of any such Suspension Event. In the event that the Company exercises its rights under the preceding sentence, such Holders agree to
suspend, promptly upon receipt of the notice referred to above, the use of any Prospectus relating to such registration in connection
with any sale or offer to sell Registrable Securities. If the Company so postpones the filing of a Prospectus or the effectiveness of
a Registration Statement, the demanding Holder shall be entitled to withdraw such request and, if such request is withdrawn, such registration
request shall not count for the purposes of the limitations set forth in Section 3(d). The Company shall promptly give the Holders
requesting registration thereof pursuant to this Section 3 written notice of any postponement made in accordance with the preceding
sentence.


 


(f)                Short-Form
Registrations.


 


(i)                 The
Company shall use its reasonable best efforts to qualify for registration on Form S-3 or any comparable or successor form or forms
or any similar short-form registration (a “Short-Form Registration”), and, if requested by the PEP Investor or
its Affiliates that are Holders of Registrable Securities and available to the Company, such Short-Form Registration shall be a
 “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis of, the
Registrable Securities, pursuant to Rule 415 or otherwise (a “Shelf Registration Statement”). At any time after
termination of the Company Lock-Up Period, the PEP Investor and its Affiliates that are Holders of Registrable Securities shall be
entitled to request an unlimited number of Short-Form Registrations, if available to the Company, with respect to the Registrable
Securities held by the PEP Investor and its Affiliates that are Holders of Registrable Securities in addition to the other
registration rights provided in Section 2 and this Section 3. In no event shall the Company be obligated to effect any
shelf registration other than pursuant to a Short-Form Registration, subject to the immediately following sentence. If any Demand
Registration is proposed by the demanding Holder(s) to be a Short-Form Registration and an Underwritten Offering, and if the
managing underwriter(s) shall advise the Company and the demanding Holder(s) that, in its good faith opinion, it is of material
importance to the success of such proposed offering to file a registration statement on Form S-1 (or any successor or similar
registration statement) or to include in such registration statement information not required to be included in a Short-Form
Registration, then the Company shall file a registration statement on Form S-1 or supplement the Short-Form Registration as
reasonably requested by such managing underwriter(s).


 






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(ii)                Upon
filing any Short-Form Registration, the Company shall use its reasonable best efforts to keep such Short-Form Registration effective
with the SEC at all times and to re-file such Short-Form Registration upon its expiration, and to cooperate in any shelf take-down, whether
or not underwritten, by amending or supplementing any Prospectus related to such Short-Form Registration as may be reasonably requested
by the PEP Investor or its Affiliates that are Holders of Registrable Securities or as otherwise required, until such time as all Registrable
Securities that could be sold in such Short-Form Registration have been sold or are no longer Registrable Securities.


 


(iii)               To the extent the Company is a well-known seasoned issuer (as defined in Rule 405) (a “WKSI”) at the time any
Demand Notice for a Short-Form Registration is submitted to the Company and such Demand Notice requests that the Company file a Shelf
Registration Statement, the Company shall file an automatic shelf registration statement (as defined in Rule 405) on Form S-3 (an “Automatic
Shelf Registration Statement”) in accordance with the requirements of the Securities Act and the rules and regulations of the
SEC thereunder, which covers the number or class of Registrable Securities which are requested to be registered. If registering a number
of Registrable Securities, the Company shall pay the registration fee for all Registrable Securities to be registered pursuant to an Automatic
Shelf Registration Statement at the time of filing of the Automatic Shelf Registration Statement and shall not elect to pay any portion
of the registration fee on a deferred basis. The Company shall use its reasonable best efforts to remain a WKSI (and not to become an
ineligible issuer (as defined in Rule 405)) during the period during which any Automatic Shelf Registration Statement is effective. If
at any time following the filing of an Automatic Shelf Registration Statement when the Company is required to re-evaluate its WKSI status
the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to post-effectively amend the Automatic
Shelf Registration Statement to a Shelf Registration Statement on Form S-3 or file a new Shelf Registration Statement on Form S-3 or,
if such form is not available, Form S-1, have such Shelf Registration Statement declared effective by the SEC and keep such Registration
Statement effective during the period during which such Short-Form Registration is required to be kept effective in accordance with Section 3(f)(ii).


 


(g)               Shelf
Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities is effective, if the PEP Investor or
any of its Affiliates that are Holders of Registrable Securities delivers a notice to the Company (a “Take-Down Notice”)
stating that it intends to effect an Underwritten Offering of all or part of its Registrable Securities included by it on the Shelf Registration
Statement (a “Shelf Underwritten Offering”), then the Company shall amend or supplement the Shelf Registration Statement
as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking
into account the inclusion of Registrable Securities by any other Holders pursuant to Section 3(g)(i)). The PEP Investor and its
Affiliates that are Holders of Registrable Securities shall be entitled to request an unlimited number of shelf take-downs to effect
a Shelf Underwritten Offering, if available to the Company, with respect to the Registrable Securities held by the PEP Investor and its
Affiliates that are Holders of Registrable Securities in addition to the other registration rights provided in Section 2 and this
Section 3. In connection with any Shelf Underwritten Offering:


 






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(i)                 the
Company shall also deliver the Take-Down Notice to all other Holders with securities included on such Shelf Registration Statement (which
Take-Down Notice shall be held in confidence by such Holders until the offering is publicly disclosed) and permit each such Holder to
include its Registrable Securities included on the shelf registration statement in the Shelf Underwritten Offering if such Holder notifies
the proposing Holder and the Company within two (2) Business Days after distribution or dissemination (including via e-mail, if available)
of the Take-Down Notice to such Holder;


 


(ii)                in the event that the underwriter advises such requesting Holder and the Company that, in its reasonable view, the total number
or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering
(including, without limitation, adversely affect the per share offering price), then the underwriter may limit the number of shares which
would otherwise be included in such take-down offering in the same manner as described in Section 3(b) with respect to a limitation
of shares to be included in a registration; and


 


(iii)               If
at any time or from time to time, the PEP Investor or its Affiliates that are Holders of Registrable Securities desire to sell Registrable
Securities in an Underwritten Offering pursuant to a Shelf Underwritten Offering, the underwriters, including the managing underwriter,
shall be selected by the PEP Investor or its Affiliates that are Holders of Registrable Securities, as applicable, after consultation
with the Company.


 


(h)               No
Notice in Block Sales. Notwithstanding any other provision of this Agreement, if the PEP Investor or its Affiliates that are
Holders of Registrable Securities wish to engage in a block sale (including a block sale off of a Shelf Registration Statement or an
effective Automatic Shelf Registration Statement, or in connection with the registration of the PEP Investor’s or its
Affiliates’ Registrable Securities under an Automatic Shelf Registration Statement for purposes of effectuating a block sale),
then notwithstanding the foregoing or any other provisions hereunder (including without limitation Section 2 of this Agreement), no
other Holder shall be entitled to receive any notice of or have its Registrable Securities included in such block sale.


 


(i)                
Registration Statement Form. If any registration requested pursuant to this Section 3 which is proposed by the Company
to be effected by the filing of a Registration Statement on Form S-3 (or any successor or similar short-form registration statement) shall
be in connection with an underwritten public offering, and if the managing underwriter(s) shall advise the Company that, in its good faith
opinion, the use of another form of Registration Statement is of material importance to the success of such proposed offering or is otherwise
required by Applicable Law, then such registration shall be effected on such other form.


 






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(j)                 Selection
of Underwriters. If the PEP Investor or any of its Affiliates that are Holders of Registrable Securities intends that the Registrable
Securities requested to be covered by a Demand Registration requested by such demanding Holder shall be distributed by means of an Underwritten
Offering, such demanding Holder shall so advise the Company as a part of the Demand Notice, and the Company shall include such information
in the Notice sent by the Company to the other Holders with respect to such Demand Registration. In such event, the lead underwriter
to administer the offering shall be chosen by the demanding Holder, after consultation with the Company. If the offering is underwritten,
the right of any Holder to registration pursuant to this Section 3 will be conditioned upon such Holder’s participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting and each such Holder will (together
with the Company and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement
in customary form with the underwriter(s) selected for such underwriting (including, without limitation, pursuant to the terms of any
over-allotment or “green shoe” option requested by the managing underwriter(s)), provided that no Holder shall be
required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration,
and provided further that no such Person (other than the Company) shall be required to make any representations or warranties
other than those related to title and ownership of, and power and authority to transfer, shares and as to the accuracy and completeness
of statements made in a Registration Statement, Prospectus or other document in reliance upon, and in conformity with, information prepared
and furnished to the Company or the managing underwriter(s) by such Person pertaining exclusively to such Holder.


 


4.                  Registration
Procedures. If and whenever the Company is required to use its reasonable best efforts to effect the registration of any Registrable
Securities under the Securities Act as provided in Section 2 and Section 3, the Company shall effect such registration to permit
the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto
the Company shall cooperate in the sale of such Registrable Securities and shall, as soon as reasonably practicable:


 


(a)                prepare
and file, in each case as promptly as practicable, with the SEC a Registration Statement or Registration Statements on such form as
shall be available for the sale of the Registrable Securities by the Holders thereof or by the Company in accordance with the
intended method or methods of distribution thereof, make all required filings with FINRA, and, if such Registration Statement is not
automatically effective upon filing, use its reasonable best efforts to cause such Registration Statement to be declared effective
as soon as practicable and to remain effective as provided herein; provided, however, that before filing a Registration
Statement or Prospectus or any amendments or supplements thereto (including free writing prospectuses under Rule 433 (each a
 “Free Writing Prospectus”)) and, to the extent reasonably practicable, documents that would be incorporated by
reference or deemed to be incorporated by reference in a Registration Statement filed pursuant to a Demand Notice (other than a
Shelf Registration Statement), the Company shall furnish or otherwise make available to the Holders of the Registrable Securities
covered by such Registration Statement, their counsel and the managing underwriter(s), if any, copies of all such documents proposed
to be filed (including exhibits thereto), which documents will be subject to the reasonable review and comment of such counsel, and
such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such
counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and each
Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities
Act, including reasonable access to the Company’s books and records, officers, accountants and other advisors. The Company
shall not file any such Registration Statement or Prospectus, or any amendments or supplements thereto (including such documents
that, upon filing, would be incorporated or deemed incorporated by reference therein and including Free Writing Prospectuses) with
respect to a Demand Registration to which the demanding Holder (or their counsel) or the managing underwriter(s), if any, shall
reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, such filing is necessary to comply with
Applicable Law;


 






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(b)               prepare
and file with the SEC such amendments, including post-effective amendments, and supplements to such Registration Statement and the Prospectus
used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration
Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities
Act with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be
supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any
similar provisions then in force) under the Securities Act in each case, until such time as all of such securities have been disposed
of in accordance with the intended method or methods of disposition by the seller or sellers thereof set forth in such Registration Statement;


 


(c)                notify
each selling Holder of Registrable Securities, its counsel and the managing underwriter(s), if any, promptly after the Company
receives notice thereof (i) when a Prospectus or any Prospectus supplement or post-effective amendment or any Free Writing
Prospectus has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or
the initiation or threatening of any proceedings for that purpose, (iii) if at any time the Company has reason to believe
that the representations and warranties of the Company contained in any agreement (including any underwriting agreement)
contemplated by Section 4(n) below cease to be true and correct, (iv) of the receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of such Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (v) of the happening of any event that
makes any statement made in such Registration Statement or related Prospectus, Free Writing Prospectus, amendment or supplement
thereto, or any document incorporated or deemed to be incorporated therein by reference, as then in effect, untrue in any material
respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of
the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading (which notice shall notify the selling Holders
only of the occurrence of such an event and shall provide no additional information regarding such event to the extent such
information would constitute material non-public information);


 






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(d)               use
its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting
of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction
at the earliest date reasonably practical;


 


(e)                if
requested by the managing underwriter(s), if any, a Holder making a Demand Notice with respect to such offering or the Holders of a majority
of the then issued and outstanding Registrable Securities being sold in connection with an Underwritten Offering, promptly include in
a Prospectus supplement or post-effective amendment such information as the managing underwriter(s), if any, or such Holder or Holders,
as the case may be, may reasonably request in order to facilitate the disposition of the Registrable Securities in accordance with the
intended method or methods of distribution of such securities set forth in the Registration Statement and make all required filings of
such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received such request; provided,
however, that the Company shall not be required to take any actions under this Section 4(e) that are not, in the opinion
of counsel for the Company, in compliance with Applicable Law;


 


(f)                deliver
to each selling Holder of Registrable Securities, its counsel, and the underwriters, if any, without charge, as many copies of the
Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto (including any Free Writing
Prospectus) as such Persons may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities in accordance with the intended method or methods of disposition thereof; and the Company, subject to the last paragraph
of this Section 4, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the
selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any such amendment or supplement thereto;


 


(g)               prior
to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the selling
Holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification
(or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or blue
sky laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to use its reasonable
best efforts to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement
is required to be kept effective and to take any other action that may be necessary or advisable to enable such Holders of Registrable
Securities to consummate the disposition of such Registrable Securities in such jurisdiction in accordance with the intended method or
methods of disposition thereof; provided, however, that the Company will not be required to (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(g), (ii) subject
itself to taxation in any jurisdiction wherein it is not so subject or (iii) take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject (other than service of process in connection with such registration
or qualification or any sale of Registrable Securities in connection therewith);


 






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(h)               cooperate
with the selling Holders of Registrable Securities and the managing underwriter(s), if any, to facilitate the timely preparation and
delivery of certificates (not bearing any legends unless required under Applicable Law) representing Registrable Securities to be sold
after receiving written representations from each Holder of such Registrable Securities that the Registrable Securities represented by
the certificates so delivered by such Holder will be transferred, and enable such Registrable Securities to be in such denominations
and registered in such names as the managing underwriter(s), if any, or Holders may request at least two (2) Business Days prior to any
sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10) Business Days prior
to having to issue the securities;


 


(i)                 use
its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental agencies or authorities within the United States as may be necessary in light of the business or operations
of the Company to enable the seller or sellers thereof or the managing underwriter(s), if any, to consummate the disposition of such
Registrable Securities, in accordance with the intended method or methods thereof, except as may be required solely as a consequence
of the nature of such selling Holder’s business, in which case the Company will cooperate in all reasonable respects with the filing
of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller or sellers thereof or the
underwriters, if any, to consummate the disposition of such Registrable Securities in accordance with the intended method or methods
thereof;


 


(j)                 upon the occurrence of any event contemplated by Section 4(c)(v) above, promptly prepare a supplement or post-effective amendment
to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein
by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being
sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;


 


(k)                prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable
Securities;


 






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(l)                 provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of such
Registration Statement. In connection therewith, if required by the Company’s transfer agent, the Company will promptly after the
effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be
delivered to and maintained with such transfer agent, together with any other authorizations, certificates and directions required by
the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale
by the Holder or the underwriter or managing underwriter of an Underwritten Offering of Registrable Securities, if any, of such Registrable
Securities under the Registration Statement;


 


(m)               use
its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be listed on a national
securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, prior to the
effectiveness of such Registration Statement;


 


(n)               enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings) and
take all such other customary actions reasonably requested by a Holder submitting a Demand Notice with respect to such offering or the
Holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing
underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection, (i)
make such representations and warranties to the Holders of such Registrable Securities and the underwriters, if any, with respect to
the business of the Company and its Subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed
to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters
in Underwritten Offerings, and, if true, confirm the same if and when reasonably requested, (ii) use its reasonable best efforts
to furnish to the selling Holders of such Registrable Securities opinions of outside counsel (and/or internal counsel if acceptable to
the managing underwriter(s)) to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriter(s), if any), addressed to each of the underwriters, if any, covering the matters customarily
covered in opinions requested in Underwritten Offerings and such other matters as may be reasonably requested by such counsel and underwriters,
(iii) use its reasonable best efforts to obtain “cold comfort” letters and updates thereof from an independent registered
public accounting firm with respect to the Company (and, if necessary, any other independent certified public accountants of any Subsidiary
of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be,
included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed
to each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with Underwritten Offerings, (iv) if an underwriting agreement is entered into, the same
shall contain indemnification provisions and procedures that are customary for underwriting agreements in connection with Underwritten
Offerings except as otherwise agreed by the parties thereto and (v) in connection with any registration of an Underwritten Offering
of Registrable Securities hereunder, provide officers’ certificates and other customary closing documents. The above shall be done
at each closing under such underwriting or similar agreement, or as and to the extent required thereunder;


 






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(o)               upon
reasonable notice, make available for inspection by a representative of the selling Holders of Registrable Securities, the underwriters
participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling Holders
or underwriter(s) (collectively, the “Inspectors”) at the offices where normally kept, during reasonable business
hours, all financial and other records, pertinent corporate documents and properties of the Company and its Subsidiaries (collectively,
the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and
cause the officers, directors and employees of the Company and its Subsidiaries to supply all information in each case reasonably requested
by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; provided, however,
that any information and Records that are not generally publicly available at the time of delivery of such information shall be kept
confidential by the Inspectors unless (i) disclosure of such information or Records is required by court or administrative order,
(ii) disclosure of such information or Records, in the opinion of counsel to such Inspector, is required by Applicable Law or
applicable legal process, (iii) such information or Records become generally available to the public other than as a result of
a disclosure or failure to safeguard by such Inspector, (iv) such information or Records becomes available to such Inspector on
a non-confidential basis from a source other than the Company or (v) such information or Records is independently developed by
such Inspector. In the case of a proposed disclosure pursuant to (i) or (ii) above, such Inspector shall be required to give the Company
written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to
prevent or limit the proposed disclosure. Without limiting the foregoing, no such information shall be used by such Person as the basis
for any market transactions in securities of the Company or its Subsidiaries in violation of Applicable Law;


 


(p)               direct its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the
Registration Statement (including, without limitation, participation in such number of “road shows” as the underwriter(s)
reasonably request); provided that the Investors shall take into account the reasonable business requirements of the Company in
determining the scheduling and duration of any road show;


 


(q)               reasonably
cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA; and


 


(r)                otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first
day of the Company’s first full calendar quarter after the effective date of the Registration Statement, which earnings statement
will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.


 






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The Company may require each Holder of Registrable
Securities as to which any registration is being effected to furnish to the Company in writing such information required in connection
with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time,
reasonably request and the Company may exclude from such registration the Registrable Securities of any Holder who unreasonably fails
to furnish such information within a reasonable time after receiving such request.


 


The Company agrees not to file or make any amendment
to any Registration Statement with respect to any Registrable Securities, or any amendment of or supplement to the Prospectus or any Free
Writing Prospectus used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies such Holder
as the holder of any securities of the Company, without the consent of such Holder, such consent not to be unreasonably withheld or delayed,
unless and to the extent such disclosure is required by Applicable Law, in which case the Company shall provide prompt written notice
to such Holders prior to the filing of such amendment to any Registration Statement or amendment of or supplement to the Prospectus or
any Free Writing Prospectus.


 


If the Company files any Shelf Registration Statement
for the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall use its reasonable best
efforts to include in such registration statement such disclosures as may be required by Rule 430B under the Securities Act (referring
to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order
to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement
rather than a post-effective amendment.


 


Each Holder of Registrable
Securities agrees if such Holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section 4(c)(ii), 4(c)(iii), 4(c)(iv) and 4(c)(v)
hereof, such Holder will promptly discontinue disposition of such Registrable Securities covered by such Registration Statement or
Prospectus until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 4(j) hereof, or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed,
and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in
such Prospectus; provided, however, that the time periods under Section 3 with respect to the length of time that
the effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the Holder is
required to discontinue disposition of such securities.


 






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5.                  Hedging
Transactions. The Parties agree that the provisions of this Agreement relating to the registration, offer and sale of Registrable
Securities apply also to (i) any transaction which Transfers some or all of the economic risk of ownership of Registrable Securities,
including any forward contract, equity swap, put or call, put or call equivalent position, collar, margin loan, sale of exchangeable
security or similar transaction (including the registration, offer and sale under the Securities Act of Registrable Securities pledged
to the counterparty to such transaction or of securities of the same class as the underlying Registrable Securities by the counterparty
to such transaction in connection therewith), and that the counterparty to such transaction shall be selected in the sole discretion
of the Holders and (ii) any derivative transactions in which a broker-dealer, other financial institution or unaffiliated Person
may sell Registrable Securities covered by any Prospectus and the applicable prospectus supplement including short sale transactions
using Registrable Securities pledged by a Holder or borrowed from the Holder or others and Registrable Securities loaned, pledged or
hypothecated to any such party. The Prospectus shall permit, in connection with derivative transactions, a broker-dealer, other financial
institution or third party to sell shares of the Registrable Securities covered by such Prospectus and the applicable prospectus supplement,
including in short sale transactions.


 


6.                  Indemnification.


 


(a)                Indemnification
by the Company. The Company shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by
Applicable Law, each Holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus,
the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each
Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) each such Holder
and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling
person, each underwriter, if any, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) such underwriter (each such person being referred to herein as a “Covered Person”), from and
against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys’
fees and any legal or other fees or expenses incurred by such party in connection with any investigation or proceeding), expenses, judgments,
fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising out of or
based upon any untrue or alleged untrue statement of a material fact contained in any Prospectus, offering circular, or other document
(including any related Registration Statement, notification, or the like or Free Writing Prospectus or any amendment thereof or supplement
thereto or any document incorporated by reference therein) incident to any such registration, qualification, or compliance, or based
on 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 any violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule
or regulation thereunder applicable to the Company and relating to any action or inaction in connection with the related offering of
Registrable Securities, and will reimburse each such Covered Person for any legal and any other expenses reasonably incurred in connection
with investigating and defending or settling any such Loss, provided that the Company will not be liable in any such case to the
extent that any such Loss arises out of or is based on any untrue statement or omission by such Covered Person relating to such Covered
Person or its Affiliates (other than the Company or any of its Subsidiaries), but only to the extent, that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, Free
Writing Prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference therein, or other document
in reliance upon and in conformity with information furnished to the Company by such Covered Person with respect to such Covered Person
for use therein. It is agreed that the indemnity agreement contained in this Section 6(a) shall not apply to amounts paid in settlement
of any such Loss or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld).


 






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(b)               Indemnification
by Holder of Registrable Securities. As a condition to including any Registrable Securities in any Registration Statement filed
in accordance with Section 4 hereof, the Company shall have received an undertaking reasonably satisfactory to it from the
prospective seller of such Registrable Securities to indemnify, to the fullest extent permitted by Applicable Law, severally and not
jointly with any other Holders of Registrable Securities whose Registrable Securities are included in any such Registration
Statement, the Company, its directors and officers and each Person who controls (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act) the Company and all other prospective sellers, from and against all Losses
arising out of or based on any untrue or alleged untrue statement of a material fact contained in any such Registration Statement,
Prospectus, Free Writing Prospectus, offering circular, or other document, or 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, and will reimburse the
Company, such directors, controlling persons and prospective sellers for any legal or any other expenses reasonably incurred in
connection with investigating or defending any such Loss, in each case to the extent, but only to the extent, that such untrue
statement or omission is made in such Registration Statement, Prospectus, Free Writing Prospectus, offering circular, or other
document in reliance upon and in conformity with information furnished to the Company by such Holder with respect to such Holder for
inclusion in such Registration Statement, Prospectus, offering circular or other document; provided, however, that the
obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such Losses (or actions in respect
thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided, further,
that the liability of such Holder of Registrable Securities shall be limited to the net proceeds after underwriting commissions and
discounts (but before any taxes and expenses which may be payable by such Holder) received by such selling Holder from the sale of
Registrable Securities covered by such Registration Statement.


 


(c)                Conduct
of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “Indemnified Party”),
such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying Party”)
of any claim or of the commencement of any proceeding with respect to which such Indemnified Party seeks indemnification or contribution
pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the
Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by
such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly
after the receipt of written notice from such Indemnified Party of such claim or proceeding, to, unless in the Indemnified Party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume,
at the Indemnifying Party’s expense, the defense of any such claim or proceeding, with counsel reasonably satisfactory to such
Indemnified Party; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any
such claim or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses; or (ii) the Indemnifying
Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or proceeding or fails
to employ counsel reasonably satisfactory to such Indemnified Party; in which case the Indemnified Party shall have the right to employ
counsel and to assume the defense of such claim or proceeding at the Indemnifying Party’s expense; provided, further,
however, that the Indemnifying Party shall not, in connection with any one such claim or proceeding or separate but substantially
similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable
for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified
Parties, or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying
Party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld
or delayed). The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that (x) does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and
substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which such
Indemnified Party would be entitled to indemnification hereunder or (y) involves the imposition of equitable remedies or the imposition
of any obligations on the Indemnified Party or adversely affects such Indemnified Party other than as a result of financial obligations
for which such Indemnified Party would be entitled to indemnification hereunder.


 






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(d)               Contribution.
If the indemnification provided for in this Section 6 is unavailable to an Indemnified Party in respect of any Losses (other than
in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions,
statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made (or omitted) by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement
or omission.


 


The Parties agree that it would not be just and
equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section 6(d), an Indemnifying Party that is a selling Holder of Registrable Securities shall not be required to contribute
any amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required to pay pursuant to
Section 6(b) by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation.


 






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Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten
public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.


 


(e)                Deemed
Underwriter. To the extent that any of the Holders is, or would be expected to be, deemed to be an underwriter of Registrable Securities
pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that (i) the indemnification and
contribution provisions contained in this Section 6 shall be applicable to the benefit of such Holder in its role as deemed underwriter
in addition to its capacity as a Holder (so long as the amount for which any other Holder is or becomes responsible does not exceed the
amount for which such Holder would be responsible if the Holder were not deemed to be an underwriter of Registrable Securities) and (ii)
such Holder and its representatives shall be entitled to conduct the due diligence which would normally be conducted in connection with
an offering of securities registered under the Securities Act, including receipt of customary legal opinions and comfort letters.


 


(f)                Other
Indemnification. Indemnification similar to that specified in the preceding provisions of this Section 6 (with appropriate
modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or
other qualification of securities under any federal or state law or regulation or governmental authority other than the Securities
Act.


 


(g)               Non-Exclusivity.
The obligations of the Parties under this Section 6 shall be in addition to any liability which any party may otherwise have to
any other party.


 


(h)               Primacy
of Indemnification. The Company hereby acknowledges that the PEP Investor has certain rights to indemnification, advancement of expenses
and/or insurance provided by certain of its Affiliates (collectively, the “Indemnitors”). The Company hereby agrees
that (i) it is the indemnitor of first resort (i.e., its obligations to the PEP Investor are primary and any obligation of the
Indemnitors to advance expenses or to provide indemnification for the same Losses incurred by the PEP Investor are secondary to any such
obligation of the Company), (ii) that it shall be liable for the full amount of all Losses to the extent legally permitted and as required
by the terms of this Agreement and the articles and other organizational documents of the Company (or any other agreement between the
Company and the PEP Investor), without regard to any rights the PEP Investor may have against the Indemnitors, and (iii) it irrevocably
waives, relinquishes and releases the Indemnitors from any and all claims (x) against the Indemnitors for contribution, indemnification,
subrogation or any other recovery of any kind in respect thereof and (y) that the PEP Investor must seek indemnification from any Indemnitor
before the Company must perform its indemnification obligations under this Agreement.  No advancement or payment by the Indemnitors
on behalf of the PEP Investor with respect to any claim for which the PEP Investor has sought indemnification from the Company hereunder
shall affect the foregoing.  The Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery which the PEP Investor would have had against the Company if the Indemnitors had not advanced
or paid any amount to or on behalf of the PEP Investor.  The Company and the PEP Investor agree that the Indemnitors are express
third party beneficiaries of this Section 6.


 






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7.             Registration
Expenses. All reasonable fees and expenses incurred in the performance of or compliance with this Agreement by the Company
including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses with
respect to (A) filings required to be made with the SEC, all applicable securities exchanges and/or FINRA, including, without
limitation, any reasonable fees and disbursements of counsel for the underwriters in connection with any required review by FINRA
and (B) compliance with securities or blue sky laws, including, without limitation, any reasonable fees and disbursements of
counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities pursuant to
Section 4(g)), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of
Prospectuses is requested by the managing underwriter(s), if any, or by a Holder making a Demand Notice with respect to such
offering or the Holders of a majority of the Registrable Securities included in any Registration Statement), (iii) messenger,
telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) expenses
of the Company incurred in connection with any road show, (vi) fees and disbursements of all independent registered
public accounting firms referred to in Section 4(n) hereof (including, without limitation, the expenses of any “cold
comfort” letters required by this Agreement) and any other Persons, including special experts retained by the Company and
(vii) fees and disbursements of counsel for the PEP Investor and its Affiliates that are Holders of Registrable Securities if
any of them is participating in the offering (which counsel shall be selected by such participating Holders) shall be borne by the
Company whether or not any Registration Statement is filed or becomes effective. In addition, the Company shall pay its internal
expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be
registered on any securities exchange on which similar securities issued by the Company are then listed and rating agency fees and
the fees and expenses of any Person, including special experts, retained by the Company.


 


The Company shall not be required to pay (i)
fees and disbursements of any counsel retained by any Holder of Registrable Securities or by any underwriter (except as set forth above
in this Section 7), (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers,
dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with
respect to Registrable Securities sold by the Company), (iii) expenses (other than the Company’s internal expenses) in connection
with any Demand Registration begun pursuant to Section 3, the request of which has been subsequently withdrawn by the demanding Holder
unless (x) the withdrawal is based upon (A) any fact, circumstance, event, change, effect or occurrence that individually
or in the aggregate with all other facts or circumstances, events, changes, effects or occurrences has a material adverse effect on the
Company or (B) material adverse information concerning the Company that the Company had not publicly disclosed at least forty-eight
(48) hours prior to such registration request or that the Company had not otherwise notified, in writing, the demanding Holder of at the
time of such request or (y) such demanding Holder agrees to forfeit its right to one (1) Demand Registration during the ninety
(90)-day period following such withdrawal, or (iv) any other expenses of the Holders of Registrable Securities not specifically
required to be paid by the Company pursuant to the first paragraph of this Section 7.


 


8.            
Rule 144. The Company covenants that it will file the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder, to the extent required from time to time to enable Holders to
sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144. Upon the reasonable request of any Holder, the Company will deliver to such Holder a written statement as to whether it has
complied with such requirements and, if not, the specifics thereof.


 


9.             Certain
Additional Agreements. If any Registration Statement or comparable statement under state blue sky laws refers to any Holder by
name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (a) the
insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by
such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the
Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (b) in the event that such reference to such Holder by name or otherwise is not in
the judgment of the Company required by the Securities Act or any similar federal statute or any state blue sky or securities law
then in force, the deletion of the reference to such Holder.


 






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10.          
Miscellaneous.


 


(a)              
Termination. The provisions of this Agreement shall terminate upon the earliest to occur of (i) its termination by
the written agreement of all Parties or their respective successors in interest, (ii) with respect to a Holder, the date on which
all shares of Common Stock held by such Holder have ceased to be Registrable Securities, (iii) with respect to the Company, the
date on which all shares of Common Stock have ceased to be Registrable Securities and (iv) the dissolution, liquidation or winding
up of the Company. Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in this
Agreement. The provisions of Sections 6 and 7 shall survive any termination of this Agreement.


 


(b)              
Holdback Agreement. In consideration for the Company agreeing to its obligations under this Agreement, each Holder agrees
in connection with any registration of the Company’s securities (whether or not such Holder is participating in such registration)
upon the request of the Company and the underwriter(s) managing any Underwritten Offering of the Company’s securities, not to effect
(other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any
sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, or enter into
any swap or other arrangement that transfers to another Person any of the economic consequences of ownership of, any Registrable Securities,
any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities
of the Company without the prior written consent of the Company or such underwriters, as the case may be, during the Holdback Period.


 


If any registration pursuant to Section 3
of this Agreement shall be in connection with any underwritten public offering, the Company will not effect any public sale or distribution
of any common equity (or securities convertible into or exchangeable or exercisable for common equity) (other than a registration statement
(i) on Form S-4, Form S-8 or any successor forms promulgated for similar purposes or (ii) filed in connection with an exchange
offer or any employee benefit or dividend reinvestment plan) for its own account, during the Holdback Period.


 


Notwithstanding anything to the contrary set forth
in this Section 10(b), in connection with an Underwritten Offering that is a block sale, no Holder (other than Holders that are directors
or executive officers of the Company) shall be subject to a lock-up agreement, other than, if requested by the managing underwriter for
such offering, a Holder that is participating in such block sale.


 


(c)             
 Amendments and Waivers. This Agreement may be amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if any such amendment, action or omission to act, has received the written
consent of the Company and each of the PEP Investor and its Affiliates that are Holders of Registrable Securities, or if no such Holders
remain, the Holders of a majority of the Registrable Securities. The failure of any party to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and
every provision of this Agreement in accordance with its terms. Any Holder may waive (in writing) the benefit of any provision of this
Agreement with respect to itself for any purpose. Any such waiver shall constitute a waiver only with respect to the specific matter described
in such writing and shall in no way impair the rights of the Holder granting such waiver in any other respect or at any other time.


 


(d)              
Successors, Assigns and Transferees. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the Parties and their respective successors and assigns who agree in writing to be bound by the provisions of this Agreement. In addition,
and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit of Holders
shall also be for the benefit of and enforceable by any subsequent Holder of any Registrable Securities, subject to the provisions contained
herein. The rights of a Holder hereunder may be assigned (but only with all related obligations set forth below) in connection with a
Transfer of Registrable Securities effected in accordance with the terms of this Agreement to a Permitted Transferee of that Holder. Without
prejudice to any other or similar conditions imposed hereunder with respect to such Transfer, no assignment permitted under the terms
of this Section 10(d) will be effective unless and until the Permitted Transferee to which the assignment is being made, if not a Holder,
has delivered to the Company the executed Joinder Agreement in the form attached as Exhibit A hereto agreeing to be bound by, and
be party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 10(d) may not again Transfer
those rights to any other Permitted Transferee, other than as provided in this Section 10(d).


 






    24


     


    

 


(e)              
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
transmission) and e-mail transmission if confirmed by telephone or return e-mail (including automated return receipt) and shall be given:


 


if to the Company, to:


 


DoubleVerify Holdings, Inc.


233 Spring Street


New York, NY 10013


Attention: Andy Grimmig, Chief Legal
Officer


E-mail: andy.grimmig@doubleverify.com


 


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


 


Debevoise & Plimpton LLP

919 Third Avenue

New York, New York 10022

Attention: Morgan J. Hayes, Esq.


E-mail: mjhayes@debevoise.com

Fax: (212) 521-7483


 


if to the PEP Investor, to:


 


Providence VII U.S. Holdings L.P.


c/o Providence Equity Partners L.L.C.

50 Kennedy Plaza, 18th Floor

Providence, RI 02903

Attention: Davis Noell and Sarah Conde


E-mail: d.noell@provequity.com and s.conde@provequity.com

Fax: (212) 588-6700


 


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


 


Debevoise & Plimpton LLP

919 Third Avenue

New York, New York 10022

Attention: Morgan J. Hayes, Esq.


E-mail: mjhayes@debevoise.com

Fax: (212) 521-7483


 


if to Providence Public Master L.P., to:


 


Providence Public Master L.P.


c/o Providence Equity Partners L.L.C.

50 Kennedy Plaza, 18th Floor

Providence, RI 02903

Attention: Sarah Conde


E-mail: s.conde@provequity.com

  


or such other address, facsimile number or e-mail address as such party
may hereafter specify for the purpose by notice to the other Parties.


 






    25


     


    

 


If to any other Holder of Registrable Securities,
to the e-mail or physical address of such other Holder as shown in the stock record book of the Company. Each Holder shall provide the
Company with an updated e-mail address or physical address if such address changes by notice to the Company pursuant to this Section 10(e).
The e-mail address or physical address shown on the stock record books of the Company shall be presumed to be current for purposes of
giving any notice under this Agreement.


 


All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:30 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.


 


(f)               
Further Assurances. At any time or from time to time after the date hereof, the Parties agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action
as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby
and to otherwise carry out the intent of the Parties hereunder.


 


(g)              
Other Registration Rights. Without the approval of the PEP Investor, the Company shall not enter into any agreement granting
registration rights to any Person which are inconsistent with or violate the rights granted under this Agreement.


 


(h)              
Entire Agreement; No Third Party Beneficiaries. This Agreement (i) constitutes the entire agreement among the Parties
with respect to the subject matter of this Agreement and supersedes any prior discussions, correspondence, negotiation, proposed term
sheet, agreement, understanding or agreement and there are no agreements, understandings, representations or warranties between the Parties
other than those set forth or referred to in this Agreement and (ii) except as provided in Section 6 with respect to
an Indemnified Party, is not intended to confer in or on behalf of any Person not a party to this Agreement (and their successors and
assigns) any rights, benefits, causes of action or remedies with respect to the subject matter or any provision hereof.


 


(i)                
Governing Law; Jurisdiction and Forum; Waiver of Jury Trial.


 


(i)                
This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
executed and to be performed wholly within such State and without reference to the choice-of-law principles that would result in the application
of the laws of a different jurisdiction.


 


(ii)              Each
party to this Agreement irrevocably submits to the jurisdiction of the United States District Court for the Southern District of New
York or any court of the State of New York located in such district any suit, action or other proceeding arising out of or relating
to this Agreement, and hereby irrevocably agrees that all claims in respect of such suit, action or proceeding may be heard and
determined in such court. Each party to this Agreement hereby irrevocably waives, to the fullest extent that it may effectively do
so, the defense of an inconvenient forum to the maintenance of such suit, action or other proceeding. The Parties further agree, to
the extent permitted by Applicable Law, that final and unappealable judgment against any of them in any suit, action or other
proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States
by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment.


 


(iii)           
EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 






    26


     


    

 


(j)                
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination,
the Parties 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.


 


(k)              
Enforcement. Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of
the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition
to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary
restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically
the terms and provisions hereof.


 


(l)                
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only
and will not affect the meaning or interpretation of this Agreement.


 


(m)             
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 Parties
hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent,
attorney or representative of any Party hereto 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.


 


(n)               Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts (including via facsimile and electronic
transmission), each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may be
executed by facsimile signature(s).


 






    27


     


    

 


[Remainder of page left intentionally blank]


 






    28


     


    

 


IN WITNESS WHEREOF, each of the undersigned has
executed this Agreement or caused this Agreement to be duly executed on its behalf as of the date first written above.


 


	 	DOUBLEVERIFY HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Andy Grimmig
	 	 	Name: Andy Grimmig
	 	 	Title: Chief Legal Officer




 


[Signature Page to Registration Rights Agreement]


 






    


     


    

 


IN WITNESS WHEREOF, each of the undersigned has
executed this Agreement or caused this Agreement to be duly executed on its behalf as of the date first written above.


 


	 	PROVIDENCE VII U.S. HOLDINGS L.P.
	 	 	 
	 	By:	 Providence Equity GP VII-A L.P., its general partner
	 	 	 
	 	By:	 PEP VII-A International Ltd., its general partner
	 	 	 
	 	By:	/s/ R. Davis Noell
	 	 	Name: R. Davis Noell
	 	 	Title: Authorized Signatory




 


[Signature Page to Registration Rights Agreement]


 






    


     


    

 


IN WITNESS WHEREOF, each of the undersigned has
executed this Agreement or caused this Agreement to be duly executed on its behalf as of the date first written above.


 


	 	By:	 /s/ Adam Van Hyfte
	 	 	Name: Adam Van Hyfte
	 	 	 
	 	By:	/s/ Aki Arvo Johannes Snellman
	 	 	Name: Aki Arvo Johannes Snellman
	 	 	 
	 	By:	/s/ Alex Telzner
	 	 	Name: Alex Telzner
	 	 	 
	 	By:	/s/ Alexa Santiago
	 	 	Name: Alexa Santiago
	 	 	 
	 	By:	/s/ Alison Paulsson
	 	 	Name: Alison Paulsson
	 	 	 
	 	By:	 /s/ Alon Agmon
	 	 	Name: Alon Agmon
	 	 	 
	 	By:	/s/ Alyssa Schaefer
	 	 	Name: Alyssa Schaefer
	 	 	 
	 	By:	 /s/ Amir Zeenreich
	 	 	Name: Amir Zeenreich
	 	 	 
	 	By:	 /s/ Andrew E. Grimmig
	 	 	Name: Andrew E. Grimmig




 


[Signature Page to Registration Rights Agreement]


 






    


     


    

 



 


	 	By:	/s/ Anthony Spicciati
	 	 	Name: Anthony Spicciati




 


	 	By:	/s/ Bhavini Khullar
	 	 	Name: Bhavini Khullar




 


	 	BLUMBERG CAPITAL II, L.P.
	 	 
	 	By:	 /s/ Steve Gillan
	 	 	Name: Steve Gillan
	 	 	Title: COO/CFO




 


		By:	/s/ Brian Cotter
		 	Name:Brian Cotter




 


	 	By:	/s/ Camille Dupont
	 	 	Name: Camille Dupont




 


	 	By:	/s/ Carolina M. Hernandez
	 	 	Name: Carolina M. Hernandez




 


	 	By:	/s/ David Love
	 	 	Name: David Love




 


	 	By:	/s/ Diyuan Xue
	 	 	Name: Diyuan Xue




 


	 	By:	/s/ Dor Levy
	 	 	Name: Dor Levy




 


	 	By:	/s/ Elizabeth Frank
	 	 	Name: Elizabeth Frank




 


[Signature Page to Registration Rights Agreement]


 



     


     


    




 


	                           	By:	/s/ Gautam Babbar
	 	 	Name: Gautam Babbar




 


	                               	By: 	/s/ Harry Tavitian
	 	 	Name: Harry Tavitian



 


	 	HIGHLINE INVESTMENTS LLC
	 	 
	 	By:	HighSage Ventures LLC, its manager
	                                 	 
	 	By:	/s/ Jennifer Stier
	 	 	Name: Jennifer Stier
	 	 	Title: President



 


	                             	By: 	/s/ Ilya Gazman
	 	 	Name: Ilya Gazman



 


	 	By:	/s/ Jeffrey Dalo
	                             	 	Name: Jeffrey Dalo



 


	 	By:	/s/ Jennifer K. Ehninger
	                             	 	Name: Jennifer K. Ehninger



 


	 	By:	/s/ John Curtius
	                             	 	Name: John Curtius



 


	                             	By:	/s/ John McClunn
	 	 	Name: John McClunn



 


	                             	By:	/s/ Joseph Napoli
	 	 	Name: Joseph Napoli



 


	                             	By:	/s/ Junichi Wada
	 	 	Name: Junichi Wada



 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 


	 	By:	/s/ Karen Gross
	 	 	Name: Karen Gross



 


	 	By:	/s/ Keren Fleshler
	 	 	Name: Keren Fleshler



 


	 	By:	/s/ Komel Soin
	 	 	Name: Komel Soin



 


	 	By:	/s/ Kristin Pederson Gupta
	 	 	Name: Kristin Pederson Gupta



 


	 	KWIDNET HOLDINGS LLC    
	 	 
	 	By:	 HighSage Ventures LLC, its manager
	 	 
	 	By:	/s/ Jennifer Stier
	 	 	Name: Jennifer Stier
	 	 	Title: President




 


	 	LAURA B. DESMOND REVOCABLE TRUST
	 	 
	 	By:	/s/ Laura B. Desmond
	 	 	Name: Laura B. Desmond
	 	 	Title: Trustee




 


	 	By:	/s/ Marie Claude Beaudry
	 	 	Name: Marie Claude Beaudry




 


	 	By:	/s/ Mark Gandman
	 	 	Name: Mark Gandman




 


	 	By:	/s/ Mark Zagorski
	 	 	Name: Mark Zagorski







 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 


	 	MESIROW FINANCIAL PRIVATE EQUITY FUND VII-B, L.P.
	 	 
	                      	By:	Mesirow Financial Services, Inc., its general partner
	 	 
	                                  	By: 	/s/ Robert DeBolt
	 	 	Name: Robert DeBolt
	 	 	Title: Senior Managing Director



 


	 	MESIROW FINANCIAL PRIVATE EQUITY FUND VIII-A, L.P.
	                                  	 
	 	By:	Mesirow Financial Services, Inc., its general partner
	 	 
	 	By:	 /s/ Robert DeBolt
	 	 	Name: Robert DeBolt
	 	 	Title: Senior Managing Director



 


	                                   	By:	/s/ Michael Balcewicz
	 	 	Name: Michael Balcewicz




 





	 	By:	/s/ Michael Kassan
	                            	 	Name: Michael Kassan



 
[Signature Page to Registration Rights Agreement]


 






     


     


    

 


	 	THE NEUBERGER INVESTORS
	 	 
	 	By:	Neuberger Berman Investment Advisers LLC, as attorney-in-fact and on behalf of the Neuberger Investors
	 	 
	 	By:	 /s/ Marc Regenbaum
	 	 	Name: Marc Regenbaum
	 	 	Title: Managing Director



 


	 	By:	 /s/ Nicola Allais
	 	 	Name: Nicola Allais



 


	 	By:	/s/ Nisim Tal
	 	 	Name: Nisim Tal



 


	 	By:	/s/ Noa Kind
	 	 	Name: Noa Kind



 


	 	OAKSTONE VENTURES, INC.
	 	 
	 	By:	 /s/ Nirmal Bivek
	 	 	Name: Nirmal Bivek
	 	 	Title: Duly Authorized Signatory



 


	 	By:	/s/ Or Zamir
	 	 	Name: Or Zamir



 


	 	By:	/s/ Oren Netzer
	 	 	Name: Oren Netzer



 


	 	By:	/s/ Patrick Downey
	 	 	Name: Patrick Downey



 


[Signature Page to Registration
Rights Agreement] 


 



     


     


    








 


	 	By:	/s/ Petrus Pennanen
	 	 	Name: Petrus Pennanen




 


	 	By:	/s/ Pieter Mees
	 	 	Name: Pieter Mees




  


	 	PROVIDENCE BUTTERNUT CO-INVESTMENT L.P.
	 	 
	 	By:	/s/ Sarah N. Conde
	 	 	Name: Sarah N. Conde
	 	 	Title: Senior Legal Counsel & Chief
	 	 	          Compliance Officer




 


	 	PROVIDENCE PUBLIC MASTER L.P.
	 	 
	 	By: Providence Public GP L.L.C., its general partner
	 	 
	 	By:	/s/ Sarah N. Conde
	 	 	Name: Sarah N. Conde
	 	 	Title: Senior Legal Counsel & Chief
	 	 	          Compliance Officer




 


	 	By:	/s/ Raman Khanna
	 	 	Name: Raman Khanna




 





	 	By:	/s/ Ryan Bauer
	 	 	Name: Ryan Bauer




  


	 	By:	/s/ Sarah Moscicki
	 	 	Name: Sarah Moscicki




  


	 	By:	/s/ Sophia H. Yoo
	 	 	Name: Sophia H. Yoo




 


[Signature Page to Registration Rights Agreement]


 



     


     


    






 










	 	By:	/s/ Stanislav Beylis
	 	 	Name: Stanislav Beylis
	 	 	 
	 	By:	/s/ Susan Zemlyakova
	 	 	Name: Susan Zemlyakova
	 	 	 
	 	By:	/s/ Teri L. List
	 	 	Name: Teri L. List




  


	 	THE MCLAUGHLIN FAMILY TRUST
	 	 
	 	By:	/s/ Matthew McLaughlin
	 	 	Name: Matthew McLaughlin
	 	 	Title: Trustee




  


	 	THE OREN NETZER 2017 IRREVOCABLE TRUST F/B/O IDAN NETZER
	 	 
	 	By:	/s/ Shiri Netzer
	 	 	Name: Shiri Netzer
	 	 	Title: Trustee




 





	 	THE OREN NETZER 2017 IRREVOCABLE TRUST F/B/O ROY NETZER
	 	 
	 	By:	/s/ Shiri Netzer
	 	 	Name: Shiri Netzer
	 	 	Title: Trustee


 


[Signature Page to Registration Rights Agreement]


 









     


     


    

 


	 	THE OREN NETZER DECEMBER 2020 GRANTOR RETAINED ANNUITY TRUST
	 	 
	 	By:	/s/ Shiri Netzer
	 	 	Name: Shiri Netzer
	 	 	Title: Trustee




 


	 	THE OREN NETZER FAMILY TRUST
	 	 
	 	By:	/s/ Shiri Netzer
	 	 	Name: Shiri Netzer
	 	 	Title: Trustee


  


	 	TIGER GLOBAL INVESTMENTS, L.P.
	 	 
	 	By: Tiger Global Performance, LLC, its general partner
	 	 
	 	By:	/s/ Steven Boyd
	 	 	Name: Steven Boyd
	 	 	Title: General Counsel




 


	 	TIGER GLOBAL LONG OPPORTUNITIES MASTER FUND, L.P.
	 	 
	 	By: Tiger Global Management, LLC, its investment advisor
	 	 
	 	By:	/s/ Steven Boyd
	 	 	Name: Steven Boyd
	 	 	Title: General Counsel


  


[Signature Page to Registration Rights Agreement]


 



     


     


    




 


	 	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS XII, L.P.
	 	 
	 	By: Tiger Global PIP Performance XII, L.P., its general partner
	 	 
	 	By: Tiger Global PIP Management XII, Ltd., its general partner
	 	 
	 	By:	/s/ Steven Boyd
	 	 	Name: Steven Boyd
	 	 	Title: General Counsel


  


	 	By:	/s/ Vladimir Lyga
	 	 	Name: Vladimir Lyga
	 	 	 
	 	By:	/s/ Wayne Gattinella
	 	 	Name: Wayne Gattinella
	 	 	 
	 	By:	/s/ William Port
	 	 	Name: William Port
	 	 	 
	 	By:	/s/ Yigal Pinhasi
	 	 	Name: Yigal Pinhasi
	 	 	 
	 	By:	/s/ Zhenwei Yu
	 	 	Name: Zhenwei Yu




 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 





Schedule I


LIST OF STOCKHOLDERS


 


		1.	Adam Van Hyfte



 


		2.	Aki Snellman



 


		3.	Alex Telzner



 


		4.	Alexa Santiago



 


		5.	Alison Paulsson



 


		6.	Alon Agmon



 


		7.	Alyssa Schaefer



 


		8.	Amir Zeenreich



 


		9.	Andy Grimmig



 


		10.	Anthony Spicciati



 


		11.	Bhavini Khullar



 


		12.	Blumberg Capital II, L.P.



 


		13.	Brian Cotter



 


		14.	Camille Dupont



 


		15.	Carolina Hernandez (O’Brien)



 


		16.	David Love



 


		17.	Diyuan Xue



 


		18.	Dor Levy



 


		19.	Elizabeth Frank



 


		20.	Gautam Babbar



 


		21.	Harry Tavitian



 


		22.	Highline Investments LLC



 


		23.	Ilya Gazman



 






     


     


    

 








		24.	Jeffrey Dalo



 


		25.	Jennifer Ehninger



 


		26.	John Curtius



 


		27.	John McClunn



 


		28.	Joseph Napoli



 


		29.	Junichi Wada



 


		30.	Karen Gross



 


		31.	Keren Fleshler



 


		32.	Komel Soin



 


		33.	Kristin Gupta



 


		34.	Kwidnet Holdings LLC



 


		35.	Laura B. Desmond Revocable Trust



 


		36.	Marie Claude Beaudry



 


		37.	Mark Gandman



 


		38.	Mark Zagorski



 


		39.	Mesirow Financial Private Equity Fund VII-B, L.P.



 


		40.	Mesirow Financial Private Equity Fund VIII-A, L.P.



 


		41.	Michael Balcewicz



 


		42.	Michael Kassan



 


		43.	NB All Cap Alpha Master Fund Ltd.



 


		44.	Kantor Private Opportunities I LP (Acct No. NBJ048105)



 


		45.	Neuberger Berman Alternatives Funds – Neuberger Berman Long Short
Fund (9WJ8)



 


		46.	Neuberger Berman Equity Funds – Neuberger Berman Focus Fund (9W01)



 


		47.	Neuberger Berman Equity Funds – Neuberger Berman Guardian Fund (9W02)



 


		48.	Nicola Allais



 






     


     


    

 








		49.	Nisim Tal



 


		50.	Noa Kind



 


		51.	Oakstone Ventures, Inc. 



 


		52.	Or Zamir



 


		53.	Oren Netzer



 


		54.	Patrick Downey



 


		55.	Petrus Pennanen



 


		56.	Pieter Mees



 


		57.	Providence Butternut Co-Investment L.P.



 


		58.	Providence Public Master L.P.



 


		59.	Raman Khanna



 


		60.	Ryan Bauer



 


		61.	Sarah Moscicki



 


		62.	Sophia Yoo



 


		63.	Stanislav Beylis 



 


		64.	Susan Zemlyakova



 


		65.	Teri L. List



 


		66.	The McLaughlin Family Trust



 


		67.	The Oren Netzer 2017 Irrevocable Trust f/b/o Idan Netzer



 


		68.	The Oren Netzer 2017 Irrevocable Trust f/b/o Roy Netzer



 


		69.	The Oren Netzer December 2020 Grantor Retained Annuity Trust



 


		70.	The Oren Netzer Family Trust



 


		71.	Tiger Global Investments, L.P.



 


		72.	Tiger Global Long Opportunities Master Fund, L.P.



 


		73.	Tiger Global Private Investment Partners XII, L.P.



 






     


     


    

 





		74.	Vladi Lyga



 


		75.	Wayne Gattinella



 


		76.	William Port



 


		77.	Yigal Pinhasi



 


		78.	Zhenwei Yu



 






     


     


    







 


Exhibit A


 


JOINDER AGREEMENT


 


Reference is made to the Registration Rights Agreement,
dated as of April 19, 2021 (as amended from time to time, the “Registration Rights Agreement”), by and among DoubleVerify
Holdings, Inc., a Delaware corporation (the “Company”), and the other parties thereto. The undersigned agrees, by execution
hereof, to become a party to, and to be subject to the rights and obligations under the Registration Rights Agreement.


 


	[NAME]	 
	 	 
	By:		 
	 	Name:	 
	 	Title:	 




 


	Date:	 




 


	Address:	 




 


	 	Acknowledged by:
	 	 
	 	DOUBLEVERIFY HOLDINGS, INC.
	 	 
	 	By:	
	 	 	Name:
	 	 	Title: